$GTY

GETTY REALTY CORP /MD/

CIK:0001052752|SEC Filings

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenues:
Revenues from rental properties	$ 58,554	$ 52,724	$ 115,944	$ 104,430
Interest on notes and mortgages receivable	497	533	951	1,157
Total revenues	59,051	53,257	116,895	105,587
Operating expenses:
Property costs	2,020	2,443	4,031	4,425
Impairments	2,461	455	3,977	1,624
Environmental	337	5,341	(7,209)	5,457
General and administrative	7,297	6,794	16,353	13,720
Depreciation and amortization	16,760	14,917	33,033	30,958
Total operating expenses	28,875	29,950	50,185	56,184
Gains on dispositions of real estate	4,721	1,558	6,450	1,886
Operating income	34,897	24,865	73,160	51,289
Other income, net	(45)	53	335	147
Interest expense	(12,267)	(10,904)	(24,281)	(22,636)
Net earnings	$ 22,585	$ 14,014	$ 49,214	$ 28,800
Basic net earnings per common share:	$ 0.36	$ 0.24	$ 0.79	$ 0.49
Diluted net earnings per common share:	$ 0.36	$ 0.24	$ 0.79	$ 0.49
Weighted average common shares outstanding:
Basic	60,580	55,530	60,225	55,297
Diluted	60,739	55,606	60,353	55,443
Comprehensive income:
Net earnings	$ 22,585	$ 14,014	$ 49,214	$ 28,800
Unrealized gain (loss) on cash flow hedges		29		(490)
Cash flow hedge expense reclassified to interest expense		154		300
Total other comprehensive income (loss)	0	183	0	(190)
Comprehensive income	$ 22,585	$ 14,197	$ 49,214	$ 28,610

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 49,214	$ 28,800
Adjustments to reconcile net earnings to net cash flow provided by operating activities:
Depreciation and amortization expense	33,033	30,958
Impairments	3,977	1,624
Gains on dispositions of real estate	(6,450)	(1,886)
Deferred rent receivable	(4,345)	(4,350)
Amortization of intangible market lease assets and liabilities and lease incentives	673	240
Amortization of investment in direct financing leases	2,659	2,246
Amortization of debt issuance costs	799	1,768
Accretion expense	156	164
Stock-based compensation expense	2,727	3,403
Changes in assets and liabilities:
Accounts receivable	(744)	(46)
Prepaid expenses and other assets	(2,677)	(1,477)
Environmental remediation obligations	(8,906)	(1,764)
Accounts payable and accrued liabilities	4,674	3,732
Net cash flow provided by operating activities	74,790	63,412
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisitions	(150,794)	(87,228)
Capital expenditures	(93)	(228)
Addition to construction in progress	(52)	(2)
Proceeds from dispositions of real estate	11,044	3,373
Deposits for property acquisitions	20	6,878
Issuance of notes and mortgages receivable	(13,879)	(6,437)
Collection of notes and mortgages receivable	4,577	15,700
Net cash flow used in investing activities	(149,177)	(67,944)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings from Credit Facility	180,000	375,000
Repayments of Credit Facility	(357,000)	(282,500)
Proceeds from Senior Unsecured Notes	250,000	125,000
Repayment of Term Loan		(150,000)
Repayments of Senior Unsecured Notes		(50,000)
Payments of finance lease liability	(67)	(93)
Payments of cash dividends	(60,025)	(53,361)
Payments of debt issuance costs	(1,653)	(4,379)
Security deposits received (refunded)	57	294
Payments in settlement of restricted stock units	(146)	(1,165)
Proceeds from issuance of common stock, net - equity offering		32,763
Proceeds from issuance of common stock, net - ATM Program	59,712	10,942
Net cash flow provided by financing activities	70,878	2,501
Change in cash, cash equivalents and restricted cash	(3,509)	(2,031)
Cash, cash equivalents and restricted cash at beginning of period	12,780	13,617
Cash, cash equivalents and restricted cash at end of period	9,271	11,586
Supplemental disclosures of cash flow information Cash paid during the period for:
Interest	17,149	20,437
Income taxes	581	529
Environmental remediation obligations	1,209	1,537
Non-cash transactions
Dividends declared but not yet paid	30,934	27,393
Issuance of notes and mortgages receivable related to property dispositions	$ 448	$ 225

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Real Estate:
Land	$ 1,084,683	$ 1,050,611
Buildings and improvements	1,220,035	1,141,467
Lease intangible assets	228,269	209,184
Investment in direct financing leases, net	36,195	38,853
Construction in progress	108	73
Real estate held for use	2,569,290	2,440,188
Less accumulated depreciation and amortization	(428,593)	(405,908)
Real estate held for use, net	2,140,697	2,034,280
Real estate held for sale, net	2,517	1,896
Real estate, net	2,143,214	2,036,176
Notes and mortgages receivable	29,361	19,466
Cash and cash equivalents	4,848	8,361
Restricted cash	4,423	4,419
Deferred rent receivable	74,670	70,325
Accounts receivable	3,110	2,366
Right-of-use assets - operating	8,761	10,190
Right-of-use assets - finance	37	60
Prepaid expenses and other assets	22,799	22,005
Total assets	2,291,223	2,173,368
LIABILITIES AND STOCKHOLDERS' EQUITY:
Credit Facility	73,000	250,000
Senior Unsecured Notes, net	996,926	748,351
Environmental remediation obligations	8,399	15,928
Dividends payable	30,934	29,828
Lease liability - operating	9,734	11,300
Lease liability - finance	107	174
Accounts payable and accrued liabilities	49,619	45,658
Total liabilities	1,168,719	1,101,239
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 20,000,000 authorized; unissued
Common stock, $0.01 par value; 100,000,000 shares authorized; 61,932,369 and 59,815,921 shares issued and outstanding, respectively	619	598
Accumulated other comprehensive income (loss)	(0)	(0)
Additional paid-in capital	1,291,644	1,229,340
Dividends paid in excess of earnings	(169,759)	(157,809)
Total stockholders’ equity	1,122,504	1,072,129
Total liabilities and stockholders’ equity	$ 2,291,223	$ 2,173,368