Getty Realty Corp.

Q3 2026 AFFO per share was $0.64, up 3.2% year over year; nine-month AFFO per share was $1.89, up 5% year over year. In the quarter, Getty invested $297.4 million, including $286 million for 53 property acquisitions and $11.3 million of development funding, at a 6.9% initial cash yield; year-to-date investments totaled $502.3 million at a 7.2% initial cash yield. Annualized base rent increased 21% year over year, and management said year-to-date AFFO per share grew 5%. Net debt to EBITDA was 5.2x, or 5.0x including unsettled forward equity, fixed charge coverage was 4.1x, and total debt was $1.2 billion. Full-year 2026 AFFO per share guidance was tightened to $2.53-$2.54 from $2.52-$2.54.

Christopher Constant said this was the most productive year of his tenure, citing more than $500 million of year-to-date investments and the off-market $261 million Refuel transaction as proof of the company’s relationship-driven sourcing model. He emphasized disciplined capital allocation, saying Getty will only deploy capital when the spread is accretive and will remain focused on well-located assets in its core convenience and automotive retail sectors. His tone was confident and upbeat, but he repeatedly stressed selectivity as capital costs have risen and the market recalibrates.

Brian Dickman highlighted Q3 AFFO per share of $0.64 and said the company improved its G&A ratio to 8.2% in the quarter and 8.9% year to date, while still expecting full-year G&A growth below 2% and the G&A ratio below 9%. He said net debt to EBITDA was 5.2x, or 5.0x including unsettled forward equity, with $1.2 billion of debt outstanding and more than $500 million of total liquidity. He also noted the company settled about 5.1 million forward shares for about $165 million of net proceeds, entered into new forwards for about 800,000 shares, and closed a new $200 million unsecured term loan after quarter end to repay revolver borrowings. On guidance, he narrowed 2026 AFFO per share to $2.53-$2.54, citing the current run rate, higher short-term rates, timing of Refuel funding, and conservative assumptions around possible dead deal costs.

Analysts focused on the Refuel deal economics, pipeline pricing, capital recycling, and whether Getty would lean more heavily on dispositions or equity. Management said Refuel was a direct off-market transaction with a proven tenant and that the lower yield was justified by relationship depth, asset quality, and thoughtful structuring, including unitary leases and financing flexibility. They also said dispositions are becoming a more deliberate part of the capital plan, with properties in non-core redevelopment buckets and attractive Northeast locations seen as potential sale candidates. On pricing, management said counterparties have become more willing to reprice as rates move, and that Getty will remain selective if it cannot secure accretive spreads.