[PART I—FINANCIAL INFORMATION](index=3&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) This section details the company's unaudited consolidated financial statements, management's analysis, market risk, and internal controls [Item 1. Financial Statements](index=3&type=section&id=Item%201.%20Financial%20Statements) Unaudited Q1 2023 consolidated financial statements show asset growth, liability reduction, and a decline in net earnings [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) The balance sheet reflects an increase in total assets, primarily real estate, and a decrease in total liabilities due to debt repayment Consolidated Balance Sheet Summary (in thousands) | Account | March 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Real estate, net | $1,378,460 | $1,347,070 | | Cash and cash equivalents | $22,067 | $8,713 | | Total assets | $1,615,124 | $1,562,295 | | **Liabilities & Equity** | | | | Borrowings under credit agreement | $0 | $70,000 | | Senior unsecured notes, net | $673,218 | $623,492 | | Total liabilities | $778,916 | $802,445 | | Total stockholders' equity | $836,208 | $759,850 | | Total liabilities and stockholders' equity | $1,615,124 | $1,562,295 | [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) The statement of operations reflects increased revenues from rental properties but a decline in net earnings due to reduced property disposition gains Consolidated Statement of Operations Summary (in thousands, except per share amounts) | Account | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Revenues from rental properties | $42,367 | $38,984 | | Total revenues | $43,020 | $39,321 | | Total operating expenses | $22,256 | $20,279 | | Gain on dispositions of real estate | $587 | $6,153 | | Operating income | $21,351 | $25,195 | | Net earnings | $14,082 | $18,749 | | Diluted earnings per common share | $0.28 | $0.39 | [Consolidated Statements of Cash Flows](index=5&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) The cash flow statement shows increased operating and financing cash flows, offset by higher cash usage in investing activities Consolidated Statement of Cash Flows Summary (in thousands) | Cash Flow Activity | Three Months Ended March 31, 2023 | Three Months Ended March 31, 2022 | | :--- | :--- | :--- | | Net cash flow provided by operating activities | $22,420 | $20,830 | | Net cash flow used in investing activities | ($49,884) | ($7,916) | | Net cash flow provided by financing activities | $39,730 | $19,316 | | Change in cash, cash equivalents and restricted cash | $12,266 | $32,230 | [Notes to Consolidated Financial Statements](index=6&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) These notes detail the company's net-lease REIT business, accounting policies, debt, environmental liabilities, and equity activities - Getty Realty operates as a net-lease REIT with a portfolio of **1,047 properties** across 39 states, primarily convenience and automotive retail sites[16](index=16&type=chunk)[17](index=17&type=chunk) - The company's top three tenants by revenue in Q1 2023 are ARKO Corp. (**16.0%**), Global Partners LP (**15.0%**), and APRO, LLC (**10.0%**)[58](index=58&type=chunk) - In Q1 2023, the company acquired **nine properties** for an aggregate of **$48.1 million**, primarily car washes and convenience stores[127](index=127&type=chunk) - The company settled **2,714,136 shares** under ATM forward sale agreements, generating **$83.0 million** in net proceeds during Q1 2023[116](index=116&type=chunk)[195](index=195&type=chunk) - As of March 31, 2023, **$23.0 million** has been accrued for environmental remediation obligations, covering known and estimated future liabilities[100](index=100&type=chunk)[211](index=211&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=25&type=section&id=Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20%28MD%26A%29) Management discusses Q1 2023 revenue growth, decreased net earnings, increased AFFO, and strong liquidity supporting its investment strategy - The company's investment strategy focuses on acquiring and developing single-tenant retail properties, with **$60.7 million** invested across **26 properties** in Q1 2023[147](index=147&type=chunk)[148](index=148&type=chunk) FFO and AFFO Reconciliation (in thousands) | Metric | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net earnings | $14,082 | $18,749 | | Funds from operations (FFO) | $24,445 | $23,262 | | Adjusted Funds from operations (AFFO) | $27,172 | $24,851 | | Diluted AFFO per share | $0.56 | $0.52 | - Q1 2023 rental income growth was primarily due to additional base rent from 2022 acquisitions, redevelopment rent commencements, and contractual increases[162](index=162&type=chunk) - As of March 31, 2023, the company maintained significant liquidity, including **$300.0 million** available under its Revolving Facility and expected proceeds of approximately **$146.9 million** from forward stock sales[176](index=176&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=38&type=section&id=Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure from its variable-rate revolving credit facility, with no outstanding borrowings as of March 31, 2023 - The company's primary market risk is interest rate exposure from its **$300.0 million** SOFR-based variable-rate revolving credit facility[220](index=220&type=chunk) - As of March 31, 2023, there were **no outstanding borrowings** under the variable-rate revolving credit facility[220](index=220&type=chunk) [Controls and Procedures](index=38&type=section&id=Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective, with no material changes to internal control over financial reporting in Q1 2023 - The CEO and CFO affirmed the effectiveness of the company's disclosure controls and procedures as of March 31, 2023[223](index=223&type=chunk) - No material changes occurred to internal control over financial reporting during Q1 2023[224](index=224&type=chunk) [PART II—OTHER INFORMATION](index=39&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) This section covers legal proceedings, risk factors, other disclosures, and exhibits filed with the Form 10-Q [Item 1. Legal Proceedings](index=39&type=section&id=Item%201.%20Legal%20Proceedings) No new material legal proceedings or developments in previously disclosed matters have occurred since the 2022 Annual Report on Form 10-K - No new material legal proceedings or developments in previously disclosed matters have occurred since the 2022 Annual Report on Form 10-K[226](index=226&type=chunk) [Item 1A. Risk Factors](index=39&type=section&id=Item%201A.%20Risk%20Factors) No material changes have occurred to the risk factors previously disclosed in the company's 2022 Annual Report on Form 10-K - No material changes have occurred to the risk factors disclosed in the company's 2022 Annual Report on Form 10-K[227](index=227&type=chunk) [Item 5. Other Information](index=39&type=section&id=Item%205.%20Other%20Information) No other information is reported under this item for the current period - There is no information to report under this item[228](index=228&type=chunk) [Item 6. Exhibits](index=40&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including agreements, confirmations, amendments, and officer certifications - Exhibits include agreements for the February 2023 ATM Program, follow-on offering, forward sale confirmations, and required CEO/CFO certifications[230](index=230&type=chunk)[232](index=232&type=chunk)

Getty Realty Corp. (NYSE:GTY) Q1 2023 Earnings Conference Call April 27, 2023 8:30 AM ET Company Participants Joshua Dicker - Executive Vice President, General Counsel and Secretary Christopher Constant - President and Chief Executive Officer Mark Olear - Chief Operating Officer Brian Dickman - Chief Financial Officer Conference Call Participants Farrell Grant - Bank of American Operator Good morning, ladies and gentlemen and welcome to Getty Realty’s Earnings Conference Call for the First Quarter 2023. Thi ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE FISCAL YEAR ENDED DECEMBER 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 COMMISSION FILE NUMBER 001-13777 GETTY REALTY CORP. (Exact name of registrant as specified in its charter) Maryland 11-3412575 (State or other jurisdiction of incorporation or organization) (I.R.S. employe ...

Getty Realty Corp. (NYSE:GTY) Q4 2022 Earnings Conference Call February 23, 2023 8:30 AM ET Company Participants Joshua Dicker - Executive Vice President, General Counsel and Secretary Christopher Constant - President and Chief Executive Officer Mark Olear - Chief Operating Officer Brian Dickman - Chief Financial Officer Conference Call Participants Brad Heffern - RBC Capital Markets Mitch Germain - JMP Securities LLC Operator Good morning, and welcome to Getty Realty’s Earnings Conference Call for the Four ...

Financial Data and Key Metrics Changes - Base rental income grew by 7.7% for the quarter [12] - Adjusted funds from operations (AFFO) increased by 6.7%, with AFFO per share rising to $0.54 [12][35] - Total revenues increased by 4.7% to $42 million for the quarter [35] - Year-to-date investment exceeded $80 million, with approximately $21 million invested in Q3 [12][23] - The company raised its 2022 AFFO guidance to a range of $2.12 to $2.13 per share [18][47] Business Line Data and Key Metrics Changes - The portfolio includes 1,013 net lease properties, with an overall occupancy rate of 99.6% [22] - The weighted average lease term was 8.6 years [22] - The initial cash yield for investment activity in Q3 was approximately 6.7% [25] - 84% of investments were from new sale-leaseback transactions, while 16% were from development funding [27] Market Data and Key Metrics Changes - 65% of annualized base rents come from the top 50 metropolitan statistical areas (MSAs) in the US [22] - The trailing 12-month tenant rent coverage ratio was 2.7 times [22] - The company is seeing upward pressure on cap rates, indicating a changing market environment [50][51] Company Strategy and Development Direction - The strategy emphasizes owning high-quality real estate and partnering with growing regional and national operators in convenience and automotive retail sectors [16] - The company aims to diversify its portfolio while remaining disciplined in an evolving marketplace [16] - The investment pipeline has increased to over $150 million, focusing on convenience stores, auto service centers, and car wash properties [13][30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position despite challenging macroeconomic conditions [20] - The company is open for business and actively sourcing investment opportunities [19] - The board approved a 4.9% increase in the quarterly dividend, reflecting growth prospects for 2023 [17] Other Important Information - The company ended the quarter with $625 million in total debt, with no floating rate debt exposure [39] - Environmental liabilities decreased significantly to $29.2 million, primarily due to the removal of unknown reserve liabilities [45] - The company continues to pursue dispositions of non-competitive properties to recycle capital [32] Q&A Session Summary Question: Trends in asset pricing and expected yields - Management noted upward pressure on cap rates, with forward commitments expected to be 20 basis points higher than year-to-date activity [50][51] Question: Characterization of the $150 million pipeline - The company continues to see good activity across all verticals, with a focus on maintaining diversity within retail automotive sectors [52] Question: Cadence of closing for the $150 million pipeline - About 55% of the pipeline is development funding, likely backend weighted, while 45% is regular sale-leaseback activity expected to close sooner [64] Question: Competitive environment for transactions - The competitive environment remains strong, with opportunities still available despite changing pricing dynamics [66][69]

C ONVENIENCE A UTOMOTIVE R ETAIL CORPORATE PROFILE OCTOBER 2022 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical facts. In some cases, forward-looking statement ...

Financial Data and Key Metrics Changes - Base rental income grew by 8.1% to $36.8 million for Q2 2022, while adjusted funds from operations (AFFO) increased by 8.3%, reaching $0.53 per share, a year-over-year increase of 1.9% from $0.52 per share in Q2 2021 [9][23][24] - Total revenues for Q2 2022 were $41.2 million, reflecting a year-over-year increase of 6.5% [24] - General and administrative costs rose to $5.3 million, an increase of $200,000 compared to Q2 2021 [25] Business Line Data and Key Metrics Changes - The company invested approximately $59 million in the first half of 2022, with over $50 million invested in Q2 alone [10] - The rent coverage ratio increased slightly to 2.7x, indicating strong tenant performance [13][15] Market Data and Key Metrics Changes - The convenience store sector experienced a record year in 2021, with foodservice sales and gross profits growing approximately 18% [12] - Loyalty programs in the convenience store sector have more than doubled to nearly 70% over the last two years, driving customer engagement [12] Company Strategy and Development Direction - The company continues to focus on high-quality real estate and partnerships with growing retail and national operators in the convenience and automotive retail sectors [11] - The investment strategy emphasizes sourcing opportunities in strong metropolitan markets while maintaining a disciplined approach [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to execute its investment strategy despite evolving market conditions [11] - The company maintains its 2022 AFFO guidance of $2.10 to $2.12 per share, reflecting completed transaction activity to date [31] Other Important Information - The company ended Q2 2022 with $625 million in total debt, with a weighted average interest rate of 4.1% and no debt maturities until 2025 [27][28] - Environmental liabilities decreased significantly to $29.5 million, down over $18 million from the end of 2021, primarily due to the removal of unknown reserve liabilities [30] Q&A Session Summary Question: What is the expected yield on the $125 million portfolio of development and acquisition properties? - Management indicated that the expected yields are above the 6.6% cap rate on year-to-date investments, with a range from 20 to 100 basis points premium [33][35][36] Question: How is the investment pipeline looking for near-term opportunities? - Management noted a consistent and growing pipeline, with a healthy number of opportunities across various asset classes [40] Question: Can you provide insights on the balance of environmental liabilities? - The balance at June 30 was $29.5 million, with about $10.6 million as known liabilities and the remainder as unknown reserve liabilities, which are expected to decrease further as look-back periods expire [42] Question: Why did the guidance not increase despite recent acquisitions? - Management clarified that the guidance includes completed transactions as of the call date, and the incremental activity did not significantly impact the range [44] Question: What is the split between convenience store and carwash transactions in the $125 million portfolio? - The majority of the $125 million is weighted towards carwash properties, approximately 75% to 80% [59]

Getty Realty Corp. (NYSE:GTY) Q1 2022 Results Conference Call April 28, 2022 8:30 AM ET Company Participants Joshua Dicker - EVP, General Counsel and Secretary Christopher Constant - CEO Mark Olear - EVP and COO Brian Dickman - EVP, CFO and Treasurer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Brad Heffern - RBC Capital Markets Sarah Barcomb - BTIG Joshua Dennerlein - Bank of America Wes Golladay - Baird Mitch Germain - JMP Securities John Massocca - Ladenburg Thalman Operator Good mo ...

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE APRIL 2022 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical facts. In some cases, forwar ...

Start Time: 08:30 January 1, 0000 9:05 AM ET Getty Realty Corp. (NYSE:GTY) Q4 2021 Earnings Conference Call February 24, 2022, 08:30 AM ET Company Participants Christopher Constant - President and CEO Mark Olear - EVP and COO Brian Dickman - EVP, CFO and Treasurer Joshua Dicker - EVP, General Counsel and Secretary Conference Call Participants Brad Heffern - RBC Capital Markets Todd Thomas - KeyBanc Capital Markets Wes Golladay - Robert W. Baird James Allen Villard - Ladenburg Thalmann Operator Good morning ...