Getty Realty disposed of seven properties in the fourth quarter and saw its rent coverage ratio decline from 2.6x to 2.5x as fuel margins normalized in the convenience store portfolio. Occupancy remained at 99.7% with full rent collections, reinforcing overall tenant health despite the coverage dip.

The company reported a 12% increase in annualized base rent for 2025 and achieved 5% AFFO per share growth in Q4, driving a full-year AFFO gain of 3.8%. These results reflect strength in new leases and rent escalations across its convenience and non-fuel assets.

Getty Realty has $100 million of investments under contract—approximately 80% in auto service properties such as collision centers and oil change locations, with the balance in CNG, drive-throughs and car washes. Roughly 80% is earmarked for development funding over the next 12 months, with the rest closing as acquisitions within 60 to 90 days.

Non-fuel and non-convenience assets now represent 30% of annual base rent, reflecting a strategic diversification away from pure gas station exposure. The company incurred elevated legal and professional fees in 2025 that temporarily raised the G&A ratio, but these costs are deemed non-recurring.