– Reports $104 Million of Year-to-Date Investment Activity – – Increases 2024 Full Year Earnings Guidance – NEW YORK, July 24, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) ("Getty" or the "Company") announced today its financial and operating results for the quarter ended June 30, 2024. Second Quarter 2024 Highlights Net earnings: $0.30 per share Funds From Operations ("FFO"): $0.55 per share Adjusted Funds From Operations ("AFFO"): $0.58 per share Invested $61.7 million across 23 properties at a ...

If you cannot participate in the live event, a replay will be available on Thursday, July 25, 2024, beginning at 11:30 a.m. EDT through 11:59 p.m. EDT, Thursday, August 1, 2024. To access the replay, please dial 1-844- 512-2921, or 1-412-317-6671 for international participants, and reference pass code 13747423. Contact: Investor Relations (646) 349-0598 ir@gettyrealty.com NEW YORK, June 27, 2024 (GLOBE NEWSWIRE) -- Getty Realty Corp. (NYSE: GTY) will release its financial results for the second quarter ende ...

1 198 - i 1181 jax10289 Getty Realty's (NYSE:GTY) fundamentals and market price have diverged. Specifically, its AFFO/share has consistently grown at a healthy pace while its market price has fallen. Consequently, the stock has moved from fair value to materially undervalued. As it stands today, Getty is trading at an 8.3% implied cap rate and 11.5X AFFO multiple while having a clear runway of steady earnings growth. I believe the AFFO multiple substantially undervalues the company's reliability and growth, ...

Core Viewpoint - GTY Realty Corp. (GTY) is a triple-net lease REIT focusing on retail/service-oriented properties, particularly in the convenience-gas and automotive sectors, with a strong occupancy rate and solid weighted average lease term (WALT) but faces challenges due to high tenant concentration and upcoming debt maturities [4][16]. Group 1: Business Metrics - GTY has a weighted average annual rent escalation of 1.7%, which is on the higher end compared to peers like NNN at approximately 1.5% [2]. - The company's WALT is 9.2 years, with recent investments yielding a WALT of over 15 years for new acquisitions [7]. - GTY boasts a high occupancy rate of 99.7%, outperforming the median occupancy rate of 94.8% for S&P 500 REITs [7]. Group 2: Financial Health - GTY has a BBB- rated balance sheet with a coverage ratio of 3.9x and a weighted average debt maturity of 5.8 years [8]. - The company faces significant debt maturities in 2025, totaling $175 million, which constitutes nearly 22% of its total debt outstanding [8]. - GTY's AFFO per share growth from 2019 to 2023 was 5.6%, but its 2024 guidance suggests a modest growth of 2.2% [10]. Group 3: Tenant Concentration - Approximately 68.6% of GTY's annual base rent (ABR) comes from its top 10 tenants, indicating a high tenant concentration risk [9]. - This level of tenant concentration is significantly higher than peers like EPRT (19.1%), ADC (37%), and NTST (52.3%) [21]. Group 4: Dividend and Yield - GTY offers an attractive dividend yield of approximately 6.6%, with a dividend per share compound annual growth rate (CAGR) of 5.8% from 2019 to 2023 [11]. - However, upcoming debt maturities may negatively impact the company's financial situation and its ability to sustain dividend growth [11]. Group 5: Valuation - The forward-looking price-to-FFO multiple for GTY stands at 12.6x, which is lower than peers like NTST (14.2x), EPRT (14.7x), and ADC (15.1x) [23]. - Given the high AFFO payout ratio of 78.3%, GTY is considered riskier compared to its peers, which may limit its potential for multiple appreciation [23].

Core Insights - Getty Realty Corp. has published its 2024 Corporate Responsibility Report, emphasizing its commitment to environmental, social, and governance (ESG) practices [1][2] - The report was prepared with the assistance of Antea® Group and aligns with frameworks from the Sustainability Accounting Standards Board (SASB) and the Task Force on Climate-Related Financial Disclosures (TCFD) [1][2] Company Overview - Getty Realty Corp. is a publicly traded net lease REIT that focuses on the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate [3] - As of March 31, 2024, the company's portfolio consists of 1,108 freestanding properties located in 42 states and Washington, D.C. [3] ESG Commitment - The 2024 Corporate Responsibility Report reflects Getty's ongoing efforts to strengthen relationships with key stakeholders and enhance its ESG practices [2] - The company aims to engage with its team, tenants, and other stakeholders while improving its understanding of climate risks and environmental impacts related to its portfolio [2]

Core Viewpoint - Getty Realty has underperformed in the market despite stable business fundamentals, with a focus on maintaining a secure dividend yield and managing acquisition growth in a challenging financing environment [1][22]. Financial Performance - In Q1, Getty generated $0.57 in adjusted funds from operations (FFO), exceeding consensus estimates, with revenue increasing by 14% to $49 million [2]. - FFO per share increased by 1.8% year-over-year, but actual FFO rose by 15.9%, primarily due to a 13.4% increase in shares outstanding [2][4]. - The company has a 99.7% occupancy rate and an average tenant rent coverage of 2.6x, indicating strong cash flow resilience [4][8]. Business Model and Strategy - Getty Realty owns over 1,000 properties, primarily convenience and gas stores, and is diversifying into car washes and auto-service locations [3][10]. - The company has a weighted average lease term of 9.2 years, with most leases expiring in 2032 or later, providing cash flow certainty [7][8]. - Getty has a 1.7% annual rent escalator, which helps protect cash flow against inflation [5][6]. Investment Activity - In Q1, Getty invested $41 million in new properties, including 12 car washes and seven auto centers, with an initial cash yield of 7.7% [12]. - The company has $44 million under contract for additional properties, targeting a blended cap rate in the high 7% range [12][14]. - Getty's investment strategy has led to a significant increase in average acquired property size and rent [11]. Valuation and Market Position - Getty's shares currently have an 8% FFO yield, which is considered attractive compared to industry peers [19][22]. - The company trades at a discount to the sector, with a lower debt/assets ratio and a higher dividend yield, making it an appealing investment option [20][22]. - The target price for Getty is set at $31, reflecting a 5-8% discount to the sector, which is deemed reasonable given its size and associated risks [24].

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number: 001-13777 GETTY REALTY CORP. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation o ...

Getty Realty (GTY) came out with quarterly funds from operations (FFO) of $0.57 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.56 per share a year ago. These figures are adjusted for non-recurring items.A quarter ago, it was expected that this real estate investment trust would post FFO of $0.57 per share when it actually produced FFO of $0.57, delivering no surprise.Over the last four quarters, the company has surpassed consensus FFO estimates just once.Getty Realty, which ...

Exhibit 99.1 FOR IMMEDIATE RELEASE NEW YORK, NY, April 25, 2024 — Getty Realty Corp. (NYSE: GTY) ("Getty" or the "Company") announced today its financial and operating results for the quarter ended March 31, 2024. First Quarter 2024 Highlights "We are pleased with the Company's performance for the first quarter. Our healthy in-place portfolio delivered another quarter of consistent results, and we continued to execute on our strategic objectives to grow and diversify our portfolio through accretive acquisit ...

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, 2023 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 ...