On this page of StockholderLetter.com we present the latest annual shareholder letter from GETTY REALTY CORP /MD/ — ticker symbol GTY. Reading current and past GTY letters to shareholders can bring important insights into the investment thesis.

 •  3/13/2025 Letter Continued (Full PDF)
 •  3/15/2023 GTY Stockholder Letter
 •  3/13/2024 GTY Stockholder Letter
 •  More "REITs" Category Stockholder Letters
 •  GTY Benford's Law Stock Score = 78

GTY Shareholder/Stockholder Letter Transcript:

2024
ANNUAL REPORT

C O N V E N I E N C E A U T O M O T I V E R E TA I L
Getty Realty Corp. (NYSE: GTY) is a publicly traded, net
lease REIT specializing in the acquisition,    nancing and
development of convenience, automotive and other single
tenant retail real estate. As of December 31, 2024, the
Company   s portfolio included 1,118 properties in 42 states
across the United States plus Washington, D.C.

Financial Highlights
(for the years ended December 31)
Number of Properties
2024
2023
2022
1,118
1,093
1,039
Total Revenues

203,391

185,846

165,588
Adjusted Funds from Operations

130,793

115,808

102,487
Adjusted Funds from Operations Per Share

2.34

2.25

2.14
Dividends Per Share

1.82

1.74

1.66
$198M
10.2
Years WALT
Tenant Rent Coverage
99.7%
60%
68%
ABR
Occupied
GETTY REALTY 2024 Annual Report
Top 50 MSA
2.6X
Corner Locations
1


Portfolio Composition
12/31/24
12/31/19
82%
64%
$117 ABR
21%
$190 ABR
15%
6%
1%
<1%
1%
<1%
<1%
<1%
+ Car Wash in 2019
8%
+ Auto Service in 2021
+ Drive Thru QSR in 2023
Convenience Stores
Auto Service Centers
Auto Parts & Other
Express Tunnel Car Wash
Drive Thru QSRs
Legacy Gas & Repair
Successfully Pursuing Our Diversi   cation Strategy
We are now approximately    ve years into executing
our broadened convenience and automotive retail
investment strategy, which has resulted in growing
our annualized base rent (ABR) by approximately
70%, or 11.1% average annual growth. At the same
time, we have diversi   ed our rental streams, with
28% of ABR coming from non-convenience and gas
properties, compared to only 3% before we began
executing on this strategy; and we have added 35
new tenants to our portfolio as we cultivate new
relationships to support our growth and mitigate risks
associated with tenant concentration. It is important
to note that our decision to diversify was not a pivot
away from our commitment to the convenience store
sector. Rather, our broader strategy is driven by a
desire to scale our business by acquiring real estate
with similar property attributes while expanding
to additional sectors that share similar operating
fundamentals. Our investment thesis continues
GETTY REALTY 2024 Annual Report
to be supported by the strong performance of the
industries in which we invest where our tenants are
(i) growing their branded retail networks in the U.S.;
(ii) bene   ting from favorable consumer spending
trends; (iii) providing essential and internet resistant
goods and services; and (iv) maintaining their track
record of performing across economic cycles. Long
term, our objective remains to build a balanced
portfolio of attractive convenience and automotive
retail assets.
Our growth in 2024 once again prioritized
diversi   cation as we acquired 31 express tunnel car
washes, 19 auto service centers, 17 convenience
stores, and four drive-thru quick service restaurants,
making 2024 one of the most balanced years of
growth in our history. We also diversi   ed our tenant
roster by adding seven new tenants to the portfolio
and expanding into more meaningful relationships
with nine existing tenants. Finally, we diversi   ed our
geographic footprint by expanding our presence in a
3



 3/13/2025 Letter Continued (Full PDF)