GETTY REALTY CORP /MD/

Listed Company

GTYCIK 0001052752NYSELarge AcceleratedReal EstateMarylandFY ends Dec 31

Period

FY 2025

Revenue

$221.73M

Net Income

$79.19M

Total Assets

$2.17B

Equity

$1.07B

Shares Out

60.47M

Op. Cash Flow

$127.45M

Business

Getty Realty Corp /MD/ is a publicly traded net lease real estate investment trust specializing in the acquisition, financing and development of convenience, automotive and other single-tenant retail real estate. It owns and leases freestanding convenience stores, express tunnel car washes, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), drive-thru quick service restaurants and automotive parts retail properties. The company is internally managed and focuses on property acquisition, development, redevelopment and portfolio management across its investment programs. Its portfolio includes more than 1,100 properties located in 42 states and Washington, D.C., leased primarily under long-term triple-net leases to national and regional operators.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenues from rental properties	220	199	181	164	154
Interest on notes and mortgages receivable	2	5	5	2	2
Total revenues	222	203	186	166	155
Property costs	9	15	24	22	22
Impairments	3	4	5	4	4
Environmental	2	585,000	1	−21	—
General and administrative	27	25	24	21	20
Depreciation and amortization	62	55	45	40	36
Total operating expenses	103	100	99	65	86
Gains on dispositions of real estate	8	6	5	16	17
Operating income	127	110	91	117	86
Other income, net	439,000	566,000	574,000	413,000	1
Interest expense	−46	−39	−32	−28	−25
Loss on termination of interest rate swaps	−2	—	—	—	—
Loss on extinguishment of debt	—	—	−43,000	—	—
Net earnings	79	71	60	90	63
Net Earnings (per share)	1.35	1.26	1.16	1.88	1.37
Net Earnings (per share)	1.35	1.25	1.15	1.88	1.37
Basic	56	54	50	47	45
Diluted	56	55	50	47	45
Unrealized gain (loss) on cash flow hedges	1	3	−4	—	—
Cash flow hedge income reclassified to interest expense	593,000	−531,000	−83,000	—	—
Total other comprehensive income (loss)	2	2	−4	—	—
Comprehensive income	81	73	56	90	63

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,051	944	868	802	772
Buildings and improvements	1,141	1,029	847	707	632
Lease intangible assets	209	171	142	—	—
Investment in direct financing leases, net	39	43	60	66	72
Construction in progress	73,000	96,000	426,000	578,000	693,000
Real estate held for use	2,440	2,187	1,918	1,576	1,477
Less accumulated depreciation and amortization	−406	−351	−308	−233	−209
Real estate held for use, net	2,034	1,837	1,610	1,343	1,267
Real estate held for sale, net	2	243,000	2	4	4
Real estate, net	2,036	1,837	1,613	1,421	1,271
Notes and mortgages receivable	19	29	112	34	15
Cash and cash equivalents	8	9	3	9	25
Restricted cash	4	4	2	3	2
Deferred rent receivable	70	62	54	50	47
Accounts receivable	2	3	5	4	4
Right-of-use assets - operating	10	12	15	18	21
Right-of-use assets - finance	60,000	107,000	174,000	277,000	379,000
Prepaid expenses and other assets	22	17	18	23	83
Total assets	2,173	1,974	1,822	1,562	1,467
Credit Facility	250	83	10	70	60
Term Loan, net	—	149	73	—	—
Senior Unsecured Notes, net	748	674	673	623	524
Environmental remediation obligations	16	21	22	23	48
Dividends payable	30	27	25	21	19
Lease liability - operating	11	14	16	20	23
Lease liability - finance	174,000	330,000	595,000	2	2
Accounts payable and accrued liabilities	46	45	47	44	46
Total liabilities	1,101	1,012	867	802	722
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value; 20,000,000 authorized; unissued	—	—	—	—	—
Common stock, $0.01 par value; 100,000,000 shares authorized; 59,815,921 and 55,027,144 shares issued and outstanding, respectively	598,000	550,000	540,000	467,000	467,000
Accumulated other comprehensive income (loss)	0	−2	−4	—	—
Additional paid-in capital	1,229	1,088	1,053	822	818
Dividends paid in excess of earnings	−158	−125	−94	−63	−74
Total stockholders equity	1,072	962	956	760	745
Total liabilities and stockholders equity	2,173	1,974	1,822	1,562	1,467

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net earnings	79	71	60	90	63
Gains on dispositions of real estate	−8	−6	−5	−16	−17
Deferred rent receivable	−9	−7	−4	−3	−3
Recovery of allowance for credit loss on notes and mortgages receivable and direct financing leases	−67,000	−177,000	−189,000	50,000	−132,000
Amortization of intangible market lease assets and liabilities	−3	−143,000	41,000	14,000	—
Amortization of investment in direct financing leases	5	6	6	5	5
Amortization of debt issuance costs	2	2	1	946,000	1
Accretion expense	300,000	400,000	600,000	1	2
Stock-based compensation expense	7	6	6	5	4
Accounts receivable	144,000	3	−1	−784,000	60,000
Prepaid expenses and other assets	−11	1	−2	−2	−997,000
Environmental remediation obligations	−8	−5	−6	−28	−6
Accounts payable and accrued liabilities	8	563,000	−471,000	−2	−554,000
Net cash flow provided by operating activities	127	131	105	93	87
Property acquisitions	−278	−290	−248	−137	−194
Capital expenditures	−429,000	−878,000	−309,000	—	−271,000
Addition to construction in progress, net	4,000	−1	−349,000	−56,000	−312,000
Proceeds from dispositions of real estate	14	13	11	24	25
Deposits for property acquisitions	7	−3	4	−8	3
Issuance of notes and mortgages receivable	−13	−23	−119	−19	−14
Collection of notes and mortgages receivable	28	105	42	2	11
Net cash flow used in investing activities	−242	−200	−311	−139	−170
Borrowings from Credit Facility	616	236	231	90	175
Repayments of Credit Facility	−449	−164	−291	−80	−140
Proceeds from Senior Unsecured Notes	125	—	125	100	—
Proceeds from Term Loan	—	75	75	—	—
Repayment of Term Loan	−150	—	—	—	—
Repayments of Senior Unsecured Notes	−50	—	−75	—	—
Payments of finance lease liability	−156,000	−265,000	−297,000	−487,000	−645,000
Payments of cash dividends	−109	−100	−87	−78	−71
Payments of debt issuance costs	−5	−145,000	−3	−611,000	−3
Security deposits received (refunded)	413,000	2	−547,000	823,000	−233,000
Payments in settlement of restricted stock units	−1	−1	−1	−496,000	−730,000
Proceeds from issuance of common stock, net - equity offering	114	−399,000	112	—	—
Proceeds from issuance of common stock, net - ATM Program	22	31	114	−207,000	92
Net cash flow provided by financing activities	114	78	199	31	52
Change in cash, cash equivalents and restricted cash	−837,000	8	−6	−15	−31
Interest	43	38	29	27	24
Income taxes	500,000	400,000	700,000	600,000	400,000
Environmental remediation obligations	3	4	6	4	5
Dividends declared but not yet paid	30	27	25	21	19
Issuance of notes and mortgages receivable related to property dispositions	5	0	—	1	428,000

Filings

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