Highlights

  • Getty shows 27.81% one-year basic EPS growth, a P/E of 17.15 and PEG of 0.00.
  • Third quarter net earnings were $25,606 thousand against $23,348 thousand a year earlier.
  • AFFO was $41,149 thousand against $36,102 thousand; diluted AFFO per share was $0.64.
  • Getty entered a $200.0 million term loan on October 16, 2026.

Basic earnings per share growth of 27.81% over one year, a trailing twelve-month P/E of 17.15 and a PEG of 0.00 on an expected basis define Getty Realty (NYSE:GTY) as an undervalued growth stock, with shares trading at USD 27.64 on October 28, 2026, down 1.43%. In its latest disclosures, the net lease real estate investment trust completed a follow-on equity offering in February, signed a purchase and sale agreement with Refuel Operating Company on September 22, and reported third quarter 2026 net earnings of $25,606 thousand on October 22.

Getty Realty is based in New York, New York, and incorporated in Maryland. It is a net lease REIT that acquires, finances and develops convenience, automotive and other single tenant retail real estate. At September 30, 2026, its portfolio of 1,269 properties across 46 states and Washington D.C. included convenience stores, express tunnel car washes, automotive service centers and drive-thru quick service restaurants. It leased 1,263 properties under triple-net leases, and the weighted average remaining lease term was 10.8 years.

Growth: Third Quarter Net Earnings, Rental Revenue and Investments

Net earnings were $25,606 thousand in the third quarter against $23,348 thousand a year earlier, and $74,820 thousand for the nine months against $52,148 thousand. Basic and diluted earnings per share were $0.40 against $0.40 for the quarter, and $1.18 against $0.89 for the nine months.

Revenues from rental properties were $62,265 thousand against $55,159 thousand. Getty attributed the rise in rental income primarily to base rent from recently acquired properties, completed redevelopments and contractual rent increases, partly offset by dispositions. Gains on dispositions of real estate were $5,433 thousand against $338 thousand. General and administrative expenses were $8,327 thousand against $6,441 thousand, which the company tied primarily to net non-recurring severance costs of $1.7 million.

During the nine months, Getty invested a total of $462.7 million, including 43 convenience stores and 39 auto service centers, against $135.7 million a year earlier.

Valuation: P/E of 17.15, PEG of 0.00 and AFFO Figures

The P/E ratio of 17.15 is measured on trailing twelve-month earnings, and the PEG ratio of 0.00 on an expected basis. Funds from operations (FFO), a non-GAAP measure, were $38,865 thousand in the quarter against $38,697 thousand, or $0.61 per diluted share against $0.66. Adjusted funds from operations (AFFO), also non-GAAP, were $41,149 thousand against $36,102 thousand, or $0.64 per diluted share against $0.62.

For the nine months, AFFO was $118,978 thousand against $103,866 thousand, or $1.89 per diluted share against $1.80.

Capital and Balance Sheet: Term Loan, Equity and Dividends

Total debt was $1,200,000 thousand at September 30, 2026, against $1,000,000 thousand at December 31, 2025. It included $200,000 thousand drawn on the credit facility, which matures in January 2029, and $250.0 million of 5.76% Series U notes due January 22, 2036. Availability under the credit facility was $250.0 million, and cash was $8.8 million.

On October 16, 2026, Getty amended its credit agreement to add a $200.0 million senior unsecured term loan maturing October 16, 2028, with three twelve-month extension options. The effective interest rate at closing was 5.03%.

Getty settled all 4.0 million shares from its February 2026 offering for net proceeds of $128.2 million, and 1.5 million shares remained under forward sale agreements for approximately $51.8 million of anticipated gross proceeds. Dividends declared were $0.485 per share for the quarter against $0.47. On the call, management said the board approved an increase in the quarterly dividend to $0.50 per share.

Disclosed Risks and Outlook

Interest expense was $13,443 thousand against $11,450 thousand, on higher average borrowings and rates. Getty accrued $5.0 million for certain legal matters, and said matters tied to its former Newark, New Jersey Terminal, the Lower Passaic River and MTBE litigations could cause a material adverse effect. The Lower Passaic settlement remains on appeal at the Third Circuit, and Getty said losses could exceed the amounts it has funded if circumstances change.

Management said on the call that rapidly rising interest rates and capital costs are affecting the transaction market, that it is repricing pipeline deals and may walk away from some, and that it will deploy capital only when expected spreads support earnings growth.

Getty tightened its 2026 AFFO guidance to $2.53 to $2.54 per share from $2.52 to $2.54, which management said reflects the in-place portfolio and excludes prospective investments or capital activities.