Third Quarter 2026
Filed Oct 21, 2026Getty Realty Corp. announces third quarter 2026 results, completes more than $500 million of year-to-date investment activity, and increases 2026 full-year AFFO guidance.
Third-quarter rental-property revenue, operating income, net earnings, and AFFO increased from the prior-year period, supported by recent acquisitions and contractual rent increases. The Company increased the lower end of its AFFO guidance range, while funding investment activity with debt and equity capital.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Three Months Ended September 30, 2026 total revenuesGAAP | $62.99M | – | – |
| Nine Months Ended September 30, 2026 total revenuesGAAP | $179.9M | – | – |
| Three Months Ended September 30, 2026 revenues from rental propertiesGAAP | $62.27M | – | – |
| Nine Months Ended September 30, 2026 revenues from rental propertiesGAAP | $178.2M | – | – |
| Three Months Ended September 30, 2026 rental incomeGAAP | $60.81M | – | – |
| Nine Months Ended September 30, 2026 rental incomeGAAP | $174.5M | – | – |
| Three Months Ended September 30, 2026 base rental incomeGAAP | $59.3M | – | 13.8% |
| Nine Months Ended September 30, 2026 base rental incomeGAAP | $171.7M | – | 13.2% |
| Three Months Ended September 30, 2026 tenant reimbursement incomeGAAP | $1.46M | – | – |
| Nine Months Ended September 30, 2026 tenant reimbursement incomeGAAP | $3.70M | – | – |
| Three Months Ended September 30, 2026 interest on notes and mortgages receivableGAAP | $725K | – | – |
| Nine Months Ended September 30, 2026 interest on notes and mortgages receivableGAAP | $1.68M | – | – |
| Three Months Ended September 30, 2026 property costsGAAP | $2.22M | – | – |
| Nine Months Ended September 30, 2026 property costsGAAP | $6.25M | – | – |
| Three Months Ended September 30, 2026 environmental expensesGAAP | $320K | – | – |
| Nine Months Ended September 30, 2026 environmental expensesGAAP | −$6.89M | – | – |
| Three Months Ended September 30, 2026 general and administrative expensesGAAP | $8.33M | – | – |
| Nine Months Ended September 30, 2026 general and administrative expensesGAAP | $24.68M | – | – |
| Three Months Ended September 30, 2026 impairmentsGAAP | $373K | – | – |
| Nine Months Ended September 30, 2026 impairmentsGAAP | $4.35M | – | – |
| Three Months Ended September 30, 2026 depreciation and amortizationGAAP | $18.32M | – | – |
| Nine Months Ended September 30, 2026 depreciation and amortizationGAAP | $51.35M | – | – |
| Three Months Ended September 30, 2026 total operating expensesGAAP | $29.56M | – | – |
| Nine Months Ended September 30, 2026 total operating expensesGAAP | $79.75M | – | – |
| Three Months Ended September 30, 2026 gain on dispositions of real estateGAAP | $5.43M | – | – |
| Nine Months Ended September 30, 2026 gain on dispositions of real estateGAAP | $11.88M | – | – |
| Three Months Ended September 30, 2026 operating incomeGAAP | $38.86M | – | – |
| Nine Months Ended September 30, 2026 operating incomeGAAP | $112.0M | – | – |
| Three Months Ended September 30, 2026 interest expenseGAAP | −$13.44M | – | – |
| Nine Months Ended September 30, 2026 interest expenseGAAP | −$37.72M | – | – |
| Three Months Ended September 30, 2026 net earningsGAAP | $25.61M | – | – |
| Nine Months Ended September 30, 2026 net earningsGAAP | $74.82M | – | – |
| Three Months Ended September 30, 2026 diluted net earnings per common shareGAAP | $0.40 | – | – |
| Nine Months Ended September 30, 2026 diluted net earnings per common shareGAAP | $1.18 | – | – |
| Three Months Ended September 30, 2026 FFOnon-GAAP | $38.87M | – | – |
| Nine Months Ended September 30, 2026 FFOnon-GAAP | $118.6M | – | – |
| Three Months Ended September 30, 2026 diluted FFO per sharenon-GAAP | $0.61 | – | – |
| Nine Months Ended September 30, 2026 diluted FFO per sharenon-GAAP | $1.89 | – | – |
| Three Months Ended September 30, 2026 AFFOnon-GAAP | $41.15M | – | – |
| Nine Months Ended September 30, 2026 AFFOnon-GAAP | $119.0M | – | – |
| Three Months Ended September 30, 2026 diluted AFFO per sharenon-GAAP | $0.64 | – | – |
| Nine Months Ended September 30, 2026 diluted AFFO per sharenon-GAAP | $1.89 | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $8.83M | – | – |
| Credit Facility as of September 30, 2026GAAP | $200M | – | – |
| Senior Unsecured Notes, net as of September 30, 2026GAAP | $997.0M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Revenues from rental propertiesGrowth in base rental income was driven by incremental revenue from recently acquired properties and contractual rent increases for in-place leases, partially offset by property dispositions. | $62.27M | – | – |
Amounts quoted below without a unit are in thousands, as in the filing’s tables. Per-share figures are as printed.
2026 full year outlook
- NoteAFFO guidance: $2.53 to $2.54 per diluted share.
- NotePrior AFFO guidance range: $2.52 to $2.54 per diluted share.
- NoteOutlook includes completed transaction activity as of the date of this release, but does not include prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements).
What drove it
- The Company invested $297.4 million across 68 properties at a 6.9% initial cash yield during the quarter.
- Quarterly acquisitions included 53 properties for $286.0 million, comprising 42 convenience stores, nine auto service centers, and two drive-thru quick service restaurants.
- Incremental development funding was $11.3 million during the quarter.
- Subsequent to quarter end, the Company invested $46.3 million at a 7.6% initial cash yield, bringing year-to-date investment to $502.3 million at a 7.2% initial cash yield.
- As of October 21, 2026, the committed investment pipeline was more than $75 million for 29 convenience and automotive retail properties.
- The Company sold eight properties for gross proceeds of $11.6 million and recorded a gain of $3.4 million during the quarter.
Concerns
- General and administrative expenses increased due to non-recurring costs related to the departure of former executive officers and increased professional fees.
- Third-quarter interest expense was $(13,443) (in thousands), compared with $(11,450) (in thousands) in the prior-year period.
- The Company stated that environmental expenses vary from period to period and undue reliance should not be placed on the magnitude or direction of changes for any one period or comparison.
- The timing and amount of the committed investment pipeline depend on counterparties' completion schedules for development projects and certain business acquisitions.
What to watch
- Execution and timing of the more than $75 million committed investment pipeline for 29 properties.
- Settlement of approximately 1.5 million shares subject to outstanding forward sales agreements.
- Use of the new $200.0 million term loan and the ratings-based borrowing grid for the Term Loan and Revolver.
- Progress on four signed redevelopment projects, including two sites under construction and two sites pending recapture from the net lease portfolio.
- Delivery against 2026 AFFO guidance of $2.53 to $2.54 per diluted share.
Balance sheet and cash flow
- As of September 30, 2026, the Company had $1.2 billion of total indebtedness, including $1.0 billion of senior unsecured notes with a weighted average interest rate of 4.5% and a weighted average maturity of 5.5 years, and $200.0 million outstanding on the $450.0 million unsecured revolving credit facility.
- Subsequent to quarter end, the Company added a new $200.0 million senior unsecured term loan that matures October 16, 2028, subject to three twelve-month extensions exercisable at the Company's option, and bears interest at an effective rate of 5.03% based on the daily SOFR rate and the Company's BBB- credit rating at closing.
- Proceeds from the Term Loan were used to repay borrowings under the Revolver.
- During the quarter, the Company settled approximately 5.1 million shares subject to outstanding forward sale agreements for net proceeds of approximately $164.6 million and entered into new forward sale agreements for approximately 0.8 million shares for anticipated gross proceeds of $28.0 million.
- As of September 30, 2026, approximately 1.5 million shares remained subject to outstanding forward sales agreements, anticipated to raise gross proceeds of approximately $51.8 million.
Analysis
Getty reported third-quarter total revenues of $62,990 (in thousands), compared with $55,591 (in thousands) in the prior-year quarter. Revenues from rental properties were $62,265 (in thousands), while base rental income grew 13.8% to $59.3 million. Management attributed base-rent growth to incremental revenue from recently acquired properties and contractual rent increases on in-place leases, partly offset by property dispositions.
Operating income was $38,860 (in thousands), versus $34,751 (in thousands) a year earlier, and net earnings were $25,606 (in thousands), versus $23,348 (in thousands). Diluted net earnings per common share were unchanged at $0.40. FFO was $38,865 (in thousands), up from $38,697 (in thousands), but diluted FFO per share was $0.61 compared with $0.66. AFFO increased to $41,149 (in thousands) from $36,102 (in thousands), and diluted AFFO per share rose to $0.64 from $0.62.
The quarter included $297.4 million of investment across 68 properties at a 6.9% initial cash yield. The Company subsequently invested $46.3 million at a 7.6% initial cash yield, bringing year-to-date investment to $502.3 million at a 7.2% initial cash yield. Dispositions contributed a $5,433 (in thousands) gain on dispositions of real estate in the quarter, compared with $338 (in thousands) a year earlier. The Company also reported a committed investment pipeline of more than $75 million for 29 properties as of October 21, 2026.
Costs reflected several offsetting items. Property costs declined to $2,224 (in thousands) from $2,406 (in thousands), while general and administrative expenses increased to $8,327 (in thousands) from $6,441 (in thousands) due to former executive officer departure costs and higher professional fees. Environmental expense was $320 (in thousands) after $(3,356) (in thousands) in the prior-year quarter. The Company cautioned that environmental expenses can vary materially between periods.
Getty ended the quarter with $1.2 billion of total indebtedness and subsequently used a new $200.0 million term loan to repay Revolver borrowings. It also raised net proceeds of approximately $164.6 million through settlement of forward sale agreements during the quarter. The Company increased its 2026 AFFO guidance to $2.53 to $2.54 per diluted share from $2.52 to $2.54 per diluted share, while stating that the outlook excludes prospective acquisitions, dispositions, and capital-markets activity.
Management, verbatim
Getty has delivered strong results thus far in 2026, highlighted by a 5.0% increase in year-to-date AFFO per share, and more than $500 million of year-to-date investments.
Christopher J. Constant, President & Chief Executive Officer
Not in the filing
stated, not guessed- Operating cash flow was not reported.
- Free cash flow was not reported.
- Gross margin was not reported.
- Tax rate was not reported.
- Revenue guidance was not reported.
- Operating expense guidance was not reported.
- No prior outlook section from the previous release was provided, so no actual-versus-prior-guidance comparison is included.
- Share repurchase activity was not reported.
- Dividend declaration or dividend payment activity was not reported.
- Formal operating segment revenue disclosure was not reported.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.