Getty Realty raises 2026 AFFO guidance to $2.53-$2.54 per share

Getty Realty Corp (GTY) raised its full-year 2026 adjusted funds from operations (AFFO) guidance to a range of $2.53 to $2.54 per share, up from a prior range of $2.52 to $2.54 per share. The company reported that its third-quarter 2026 AFFO rose 14.0% to $41.1 million, while year-to-date AFFO increased 14.5% to $119.0 million. On a per-share basis, Q3 2026 AFFO grew 3.2% to $0.64, and year-to-date AFFO per share climbed 5.0% to $1.89.

The guidance increase reflects investment activity executed through October 21, 2026, though it does not include prospective acquisitions, dispositions, or capital markets activities such as the settlement of outstanding forward sale agreements. Getty stated that it invested $502.3 million year to date at a 7.2% initial cash yield. These investments included the acquisition of 44 convenience stores, 41 auto service centers, 24 drive-thru quick-service restaurants, and six express tunnel car washes. The company noted that more than $75 million of additional investments remain under contract.

Getty’s balance sheet metrics indicate a net debt to EBITDA ratio of 5.2x, which the company calculated as 5.0x pro forma for unsettled forward equity. This pro forma adjustment accounts for the closing of a new $200 million term loan on October 16, 2026, with proceeds used to repay a $200 million revolver balance that was outstanding as of September 30, 2026. The company reported total liquidity of more than $500 million, comprising the $52 million forward equity and $450 million in revolver capacity. Getty stated it has no debt maturities until June 2028.

The portfolio consists of 1,269 properties located across 46 states, with an annualized base rent (ABR) of $254 million. The company reported a portfolio occupancy rate of 99.7% and a weighted average lease term (WALT) of 10.8 years. Tenant rent coverage stands at 2.5x, a figure Getty calculated one quarter in arrears based on trailing twelve-month financial information provided by tenants. The company noted that it does not independently verify this tenant-provided financial data.

Getty described its tenant base as including multi-store operators and national and regional brands with institutional credit quality. The company stated that more than 90% of its transactions are conducted directly with tenants, and 85% of its ABR is derived from unitary leases. The portfolio is characterized by nationwide high-density metro areas and strong retail corridors, with property types including convenience stores, express tunnel car washes, auto service centers, and drive-thru quick-service restaurants.