Getty Realty (GTY) Q4 2025 earnings summary

Executive summary

• Achieved strong rent and earnings growth in 2025, with AFFO per share up 3.8% to $2.43 and annualized base rent up nearly 12%, reaching the high end of guidance.

• Invested $269M at a 7.9% initial yield, acquiring 73 properties across QSRs, c-stores, auto service centers, and car washes.

• Portfolio remains 99.7% occupied with 9.9 years weighted average lease term and 99.9% YTD rent collections, benefiting from resilient tenant performance.

• Management transition: Mark Olear retiring, RJ Ryan promoted to Chief Investment Officer.

• Over $500M in liquidity and a robust $100M investment pipeline entering 2026.

Financial highlights

• AFFO per share for 2025 was $2.43 (up 3.8% YoY); Q4 AFFO per share was $0.63 (up 5% YoY).

• Net earnings for 2025 were $1.35 per share ($79.2M); FFO was $2.34 per share ($136.2M); AFFO was $141.4M.

• Rental income for 2025 was $206.5M; total revenue from rental properties was $219.6M.

• Dividends per share grew at a 4.9% CAGR since 2019, reaching $1.94 in 2025.

• G&A ratio (excluding certain costs) improved to 9.5% for 2025, with expectations to fall below 9% in 2026.

Outlook and guidance

• Reaffirmed 2026 AFFO per share guidance of $2.48–$2.50, based on current portfolio run rate and completed transactions.

• Approximately $100M of investments are under contract, expected to close over the next 3–12 months.

• Guidance excludes prospective acquisitions, dispositions, and capital markets activities.

• Earnings guidance typically increases as capital is deployed; since 2021, actual AFFO per share growth averaged 4.6%.