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Here are 1-2 brief analogies to describe Getty Realty (GTY):

• Realty Income for gas stations and convenience stores.
• National Retail Properties (NNN) for automotive service locations.

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• Commercial Property Leasing: Getty Realty provides the service of leasing its diverse portfolio of strategically located real estate properties to operators primarily in the motor fuel and convenience store industries.

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Getty Realty (GTY) primarily sells to other companies, specifically operators of convenience stores, gas stations, and other automotive properties. As a real estate investment trust (REIT), GTY leases its properties to these companies.

Based on their 2023 10-K filing, Getty Realty has a diversified tenant base with no single tenant accounting for more than 10% of its annualized contractual rent. Its major customers, comprising some of its largest tenants, include:

• EG America, LLC: A subsidiary of EG Group, a private company headquartered in the UK.
• 7-Eleven, Inc.: A subsidiary of Seven & i Holdings Co., Ltd. (TYO: 3382). While 7-Eleven, Inc. itself is not publicly traded in the U.S., its Japanese parent company is.
• Alimentation Couche-Tard Inc. (operating brands such as Couche-Tard and Circle K): TSX: ATD (Parent company listed on the Toronto Stock Exchange).
• Sunoco LP: NYSE: SUN.
• Parkland Corporation: TSX: PKI.
• Chevron U.S.A. Inc.: A subsidiary of Chevron Corporation (NYSE: CVX).

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The key risks to Getty Realty (GTY) are primarily related to its tenant base, financial structure, and long-term industry trends:

1. High Tenant Concentration: Getty Realty faces a significant risk due to its high tenant concentration, which could magnify the impact of any potential tenant issues on its financial performance.
2. Debt Maturities and Interest Rate Risk: The company has noticeable debt maturities upcoming in 2025 and 2026, which could necessitate refinancing at a higher cost, especially if a high-interest rate environment persists. Increases in interest rates directly affect the interest expense on its variable-rate borrowings. While recent debt issuances have aimed to bolster liquidity and extend debt maturity profiles, the inherent risk of refinancing at potentially higher costs remains a concern.
3. Shift Away from Gasoline-based Transport and EV Adoption: Getty Realty's business model is heavily focused on automotive-related properties, particularly convenience-gas and automotive sectors. The gradual shift away from gasoline-based transportation and the accelerating adoption of electric vehicles pose a long-term risk, as it could affect demand for traditional fuel sites and introduce uncertainty regarding future cash flows.

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The accelerating global transition to electric vehicles (EVs) poses a clear emerging threat to Getty Realty. As EV adoption increases and governments and automakers commit to phasing out internal combustion engine (ICE) vehicles, the long-term demand for gasoline is expected to decline significantly. Getty Realty's portfolio is heavily concentrated in properties leased to gas station and convenience store operators, whose core business relies on gasoline sales. A substantial decrease in gasoline demand directly threatens the profitability and viability of these tenant businesses, potentially leading to declining rental income, lease defaults, and reduced asset values for GTY's properties, which are specifically designed and optimized for gasoline sales. While some sites may be repurposed for EV charging or other uses, this often requires significant capital investment and may not yield equivalent rental income, fundamentally challenging the existing business model reliant on petroleum-based fuel sales.

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Getty Realty (GTY) specializes in the acquisition, financing, and development of convenience, automotive, and other single-tenant retail real estate across the United States. Its primary focus areas include convenience stores, gas stations, and car washes.

Addressable Markets:

• Gas Station Real Estate Market (U.S.): The market size for gas stations in the U.S. is projected to be approximately $121.0 billion in 2025. Another estimate valued the USA gas station market at $135 billion in 2023, driven by fuel demand and diversified services like convenience stores and EV charging infrastructure.
• Convenience Store Real Estate Market (U.S.): The market size for convenience stores in the U.S. is estimated at approximately $45.9 billion in 2025. There are roughly 150,000 convenience stores across the U.S., encompassing about 525 million square feet of real estate.
• Car Wash Real Estate Market (U.S.): The U.S. car wash and auto detailing industry is projected to generate approximately $20.7 billion in revenue in 2025. Other sources indicate the market for car wash services in the United States was valued at $18.18 billion in 2025.

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Getty Realty (GTY) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

• Strategic Property Acquisitions and Investments: Getty Realty consistently invests in acquiring new convenience and automotive retail properties, including convenience stores, car washes, auto service centers, and drive-thru quick service restaurants (QSRs). For instance, in the third quarter of 2025, the company invested $56.3 million across 29 properties, with an additional $103.4 million subsequent to the quarter end. It also has a committed investment pipeline of over $75.0 million for the development and/or acquisition of 22 convenience and automotive retail properties. This ongoing investment activity directly increases the company's rental income base. The company deployed $237 million year-to-date at an initial cash yield of 7.9%, acquiring 27 drive-thru quick-service restaurants, among other properties. They invested $209 million across 78 properties in 2024 at an 8.3% initial cash yield, diversifying across convenience stores, express tunnel car washes, auto service centers, and drive-thru QSRs.
• Built-in Rent Escalations: A significant portion of Getty Realty's lease agreements includes contractual annual rent escalations. Approximately 99.2% of their leases are subject to rent escalation, with an average annual rent escalation rate of about 1.8%. This provides a stable and predictable organic growth in rental revenue from its existing portfolio.
• Portfolio Diversification and Expansion: The company is actively diversifying its portfolio across various property types within the convenience and automotive retail sectors, such as car washes, auto service, and drive-thru QSRs, beyond its traditional convenience stores. This strategy allows Getty Realty to tap into new growth markets and reduce concentration risk, with a focus on acquiring strong real estate in the top 50 markets across the United States.
• Expansion with Existing and New Tenants: Getty Realty focuses on expanding its relationships with existing tenants and attracting new tenants to its portfolio. This approach leverages direct tenant relationships and underwriting expertise to identify new opportunities, contributing to a diversified tenant base and sustained occupancy rates. The company added 10 new tenants in 2025.
• Redevelopment and Revenue-Enhancing Capital Expenditures: The company undertakes redevelopment and revenue-enhancing capital expenditure projects. Since 2015, Getty Realty has completed 32 such projects, representing $22.3 million of incremental capital investment, which can lead to increased rental income from upgraded or expanded properties.

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Share Repurchases

• Information regarding significant share repurchase programs or dollar amounts of share repurchases made over the last 3-5 years for Getty Realty (GTY) is not readily available in the provided search results.

Share Issuance

• In Q3 2025, Getty Realty settled approximately 1.2 million shares of common stock, generating net proceeds of $32.5 million. The company also entered into new forward sale agreements for about 1 million shares, anticipating gross proceeds of $29 million.
• As of July 23, 2025, Getty Realty had approximately 3.9 million additional shares remaining from forward equity agreements that could raise about $118.8 million.
• In 2024, the company raised approximately $290 million of permanent capital.

Outbound Investments

• Year-to-date as of October 6, 2025, Getty Realty invested approximately $233 million in convenience and automotive retail assets, achieving a 7.9% initial cash yield.
• During Q3 2025, Getty deployed $56.3 million across 29 properties, including 15 drive-thru quick-service restaurants (QSRs), five car washes, and five convenience stores, at an initial cash yield of 8%.
• As of March 31, 2025, the company had a committed investment pipeline exceeding $110.0 million for the development and/or acquisition of 29 convenience and automotive retail properties, with funding expected over the subsequent 9-12 months.

Capital Expenditures

• Getty Realty's capital expenditures are primarily focused on the acquisition, financing, and development/redevelopment of convenience, automotive, and other single-tenant retail real estate.
• In Q1 2025, $1.1 million was provided for incremental development funding for the construction of two new-to-industry auto service centers.
• The company provided funding for the improvement of a convenience store in the New York City metropolitan area in Q1 2025, leading to increased rent and an extended lease term.