📰 What This Document Is 🗓️

This is an 8-K filing, which is a mandated SEC current report used to quickly inform the public about significant, material events that happened at a company. Since it's dated April 22, 2026, it serves as a press release detailing the results of the first quarter (Q1) of 2026, alongside updates on the company’s strategy and future plans.

👉 Why this matters: The filing signals strong year-over-year performance and shows the company is actively investing in growth and securing its future cash flow through strategic financing and lease management.

🏢 What The Company Does 🏪

Getty Realty Corp. (GTY) is a net lease REIT (Real Estate Investment Trust). In simple terms, a REIT owns and manages commercial properties—like strip malls, gas station locations, or auto centers—and generates income primarily by collecting rent from tenants.

👉 How they make money: They specialize in convenient and automotive retail real estate. They are focused on acquiring, financing, and developing single-tenant properties across 45 states, managing a large portfolio of 1,191 freestanding properties.

💰 Financial Performance Highlights 📈

The core financial results for Q1 2026 show significant year-over-year growth in profitability and investments. The company uses three key metrics to measure its success: Net Earnings, Funds From Operations (FFO), and Adjusted Funds From Operations (AFFO).

• Earnings Growth: Net earnings per share reached $0.43 in Q1 2026, which is a substantial increase compared to $0.25 per share in Q1 2025.
• Cash Flow Metrics: FFO per share climbed to $0.69 (up from $0.56 in Q1 2025), and AFFO per share reached $0.63 (up from $0.59 in Q1 2025).
  • Expert Tip: FFO and AFFO are non-GAAP measures, meaning they adjust traditional accounting rules to give investors a clearer picture of the cash flow generated by the core real estate business. AFFO is generally considered the most stable measure of core operating performance.
• Revenue Stream: Total revenues from rental properties were $57.39 million in Q1 2026, up from $51.71 million in Q1 2025. Specifically, base rental income grew 12.5% to $55.8 million (up from $49.6 million in Q1 2025), driven by new acquisitions and contract rent increases.

🚀 Portfolio Investments and Development 🏗️

The company is heavily focused on expanding its physical footprint, which involves both acquiring existing properties and funding new construction. This quarter, the company’s investment activity was significant.

• Q1 Investments: Getty invested $30.3 million across 29 properties in Q1 2026. This investment was based on an 8.0% initial cash yield, which is a strong indicator of the immediate income potential of the assets.
• Acquisition Details: The investment included acquiring 22 properties for $27.3 million (including 16 auto service centers and six drive-thru quick service restaurants), alongside $3.0 million in incremental development funding.
• Future Growth (Pipeline): The committed investment pipeline is robust, totaling more than $125.0 million. This pipeline involves the development and/or acquisition of 43 convenience and automotive retail properties.
  • What this means: Having a large committed pipeline means the company has already secured agreements for future growth, giving investors confidence in its near-term strategy.

🔄 Lease Management and Risk Mitigation 🛡️

A major focus for REITs is managing lease risk, or the chance that tenants will move out and the income stream will suddenly dry up. Getty was highly proactive in this area in Q1 2026.

• Lease Extensions: The company extended leases for five unitary leases, representing a total of $11.3 million of Annualized Base Rent (ABR)—which accounts for 5.0% of total ABR.
• Portfolio Stability: These efforts materially improved the portfolio's long-term stability:
  • The Weighted Average Lease Term (WALT) increased to more than 10.1 years.
  • The proportion of ABR expiring in 2027 decreased by more than 70% to 1.6% of total ABR.
  • Aggregate lease expirations for 2026 and 2027 dropped to approximately 2.5% of total ABR.
  • 👉 Why this matters: A higher WALT and lower expiration risk signal a very stable, predictable stream of rental income for years to come.

💰 Capital Markets and Funding Strength 💸

To support its large investment pipeline, Getty executed major moves in the capital markets, raising significant funds through equity and debt.

• Follow-on Stock Offering: The company raised gross proceeds of $129.9 million from a follow-on common stock offering. This sale was linked to forward sales agreements, which is a common way for REITs to raise cash while maximizing tax efficiency.
• Debt Management: Getty received $250.0 million from a private placement of senior unsecured notes. These funds were immediately used to repay amounts outstanding under the Company’s revolving credit facility.
• Outstanding Debt: As of March 31, 2026, the company had $1.0 billion in senior unsecured notes outstanding, with a weighted average interest rate of 4.5% and a weighted average maturity of 6.0 years.

📈 2026 Guidance and Strategic Outlook 🔮

Getty management provided an updated financial outlook and reiterated the strength of its investment opportunity set.

• Increased Guidance: Getty is increasing its full year 2026 AFFO guidance. The new range is $2.50 to $2.52 per diluted share, up from the prior range of $2.48 to $2.50 per diluted share.
• CEO Commentary: Christopher J. Constant, Getty’s President & CEO, stated, “Investment activity in the quarter reflected our efforts to continue diversifying our portfolio and, importantly, our opportunity set is as robust as we’ve seen in several quarters.”
  • Interpretation: The CEO emphasized that the company is highly focused on diversification and confidence in its opportunity pipeline, suggesting management sees strong future growth potential.
• Forward Strategy: The company stated that its 2026 business plan is supported by its efforts, which included enhancing its liquidity profile through the forward equity offering.

⚙️ The Financial Details and Definition of Terms 📚

Because the real estate industry uses specialized financial metrics, the filing includes detailed definitions for Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO).

• Purpose of Non-GAAP Measures: These measures are used by real estate companies to provide investors with a clearer view of cash flow performance by excluding items that are not reflective of the core business operations.
• Defining AFFO: AFFO is calculated by taking FFO and then further excluding certain items like stock-based compensation, environmental adjustments, and amortization of debt issuance costs.
  • 👉 Takeaway: For an investor, AFFO is considered the industry-standard measure because it aims to show the sustainable cash flow generation capability of the properties, which is more useful than GAAP net earnings for a REIT.

📞 Key Investor Contacts and Webcast Information 📅

The filing concludes with crucial information for investors wanting to follow up on the results or attend the follow-up call.

• Investor Relations Contact: Brian Dickman, Chief Financial Officer, can be reached at (646) 349-0598 or (646) 349-6000, or via email at [email protected].
• Upcoming Event: Getty will host a conference call and webcast on Thursday, April 23, 2026, at 8:30 a.m. EST.
• Webcast Access: Participants can access the call live, or a replay will be available on Thursday, May 7, 2026.

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🧠 The Analogy

Think of Getty Realty Corp. like being the manager of a massive, growing portfolio of neighborhood strip malls and auto shops. Instead of just counting the rent money (Net Earnings), which is like just looking at the cash in the drawer today, the company uses FFO and AFFO to figure out how much cash they will reliably bring in after they pay for everything that makes the lights stay on, the roofs stay fixed, and the properties stay profitable. Raising capital via new stock sales is like getting a big loan from investors to buy more malls—it's the fuel that drives the expansion.

🧩 Final Takeaway

Getty Realty is executing a clear growth strategy, significantly increasing its 2026 earnings guidance by capitalizing on robust investment opportunities. The combination of massive capital raises and proactive lease extensions indicates the company is highly liquid and well-positioned to expand its stable, high-yield retail real estate portfolio.