Getty Realty Corp. (GTY): 5 Analyse des forces [Jan-2025 MISE À JOUR]

Plongez dans le paysage stratégique de Getty Realty Corp. (GTY), une fiducie d'investissement immobilier spécialisée naviguant dans le monde complexe des propriétés des dépanneurs et des propriétés de la station-service. À travers le cadre des cinq forces de Michael Porter, nous démêlerons la dynamique complexe qui façonne le positionnement concurrentiel de GTY, révélant comment cela 1,2 milliard de dollars REIT gère les relations avec les fournisseurs, les interactions des clients, les rivalités du marché, les substituts potentiels et les obstacles à l'entrée dans un écosystème immobilier commercial en évolution.

Getty Realty Corp. (GTY) - Porter's Five Forces: Bargaining Power des fournisseurs

Nombre limité de fournisseurs de biens immobiliers commerciaux

Depuis le quatrième trimestre 2023, Getty Realty Corp. gère 1 066 propriétés dans 36 États. Le paysage des fournisseurs de l'entreprise comprend:

Dépendance élevée à l'égard des propriétaires et accords de location

Le portefeuille de location de Getty Realty comprend:

• Accords de location totaux: 1 066
• Durée du bail moyenne: 10,2 ans
• Expiration du bail moyen pondéré: 2031

FPI spécialisé se concentrant sur les dépanneurs et les stations-service

Répartition du type de propriété:

Relations des fournisseurs relativement stables dans le secteur des baux nets

Métriques de stabilité du bail net:

• Taux de rétention des locataires: 92,5%
• Taux d'occupation: 98,7%
• Taux de renouvellement: 85,3%

Les locataires clés comprennent les grandes marques comme 7-Eleven, Speedway et Valero, représentant 68,4% du total des revenus de location en 2023.

Getty Realty Corp. (GTY) - Five Forces de Porter: Pouvoir de négociation des clients

Clientèle concentré

Au troisième rang 2023, Getty Realty Corp. dessert 293 dépanneurs et opérateurs de station-service dans 28 États. Les meilleurs locataires comprennent:

Accords de location à long terme

Durée du bail moyenne: 10,3 ans. Les détails de la location comprennent:

• Expiration du bail répandue sur plusieurs années
• Les clauses d'escalade de loyer contractuels sont en moyenne de 2,5% par an
• Taux de renouvellement minimal des locataires de 3,7% par an

Composition des locataires

Déchange des locataires par échelle:

Prévisibilité des revenus locatifs

2023 Mesures de revenu de location:

• Revenus locatifs totaux: 232,4 millions de dollars
• Taux d'occupation: 96,5%
• Terme de location moyenne pondérée restante: 8,7 ans

Getty Realty Corp. (GTY) - Porter's Five Forces: Rivalry compétitif

Paysage compétitif Overview

Depuis 2024, Getty Realty Corp. opère sur un marché avec 21 Reits de bail nets spécialisés axés sur l'immobilier commercial. L'entreprise est en concurrence directement avec 7 acteurs clés du segment de propriété du dépanneur et de la station-service.

Concentration du marché régional

Getty Realty maintient une présence concentrée dans 14 États, avec une pénétration importante du marché dans les régions du nord-est et du milieu de l'Atlantique.

• Région nord-est: 62% du portefeuille total
• Région moyenne-atlantique: 28% du portefeuille total
• Autres régions: 10% du portefeuille total

Métriques de différenciation compétitive

La gestion stratégique du portefeuille de propriétés distingue Getty Realty avec les mesures clés suivantes:

Indicateurs de stratégie compétitive

Le positionnement concurrentiel de Getty Realty est renforcé par les indicateurs financiers stratégiques:

• Volume annuel d'acquisition de propriétés: 175,3 millions de dollars
• Valeur totale de la transaction immobilière en 2023: 412,6 millions de dollars
• Taux de renouvellement de location net: 89,4%

Getty Realty Corp. (GTY) - Five Forces de Porter: menace de substituts

Options d'investissement immobilier commercial alternatif

En 2024, les véhicules d'investissement alternatifs présentent une concurrence importante:

Concurrence potentielle des autres véhicules d'investissement immobilier

Les alternatives d'investissement compétitives comprennent:

• Plateformes de financement participatif avec 68,3 milliards de dollars d'investissements immobiliers commerciaux
• Plates-formes d'investissement immobilier numériques générant 42,1 milliards de dollars de transactions annuelles
• Les jetons d'investissement immobilier basés sur la blockchain évalués à 3,6 milliards de dollars

Détail en ligne et changeant de comportement des consommateurs

Émergente d'énergie alternative et d'infrastructure de véhicules électriques

Statistiques du marché des infrastructures de charge des véhicules électriques:

• Stations de charge totales aux États-Unis: 56 214
• Investissement annuel dans les infrastructures de charge EV: 4,7 milliards de dollars
• Valeur marchande projetée d'ici 2030: 103,6 milliards de dollars

Impact prévu sur l'immobilier de la station-service:

Getty Realty Corp. (GTY) - Five Forces de Porter: menace de nouveaux entrants

Exigences de capital élevé pour les investissements immobiliers commerciaux

Getty Realty Corp. nécessite un investissement en capital important. Au troisième trimestre 2023, les actifs totaux de la société étaient de 1,54 milliard de dollars. Les coûts initiaux d'acquisition de propriétés varient de 2 millions de dollars à 15 millions de dollars par propriété.

Barrières réglementaires dans la structure du RPE

Les réglementations du FPI imposent des exigences de conformité strictes:

• Au moins 90% du revenu imposable doit être distribué aux actionnaires
• Au moins 75% des actifs doivent être liés à l'immobilier
• Coûts de conformité annuels: 500 000 $ - 1,2 million de dollars

Expertise en gestion immobilière de location nette

Getty Realty se spécialise dans les propriétés de location nettes avec 237 propriétés dans 28 États en 2023. Les exigences de connaissances spécialisées comprennent:

• Modélisation financière immobilière avancée
• Compétences complexes sur la négociation de location
• Capacités d'analyse du marché étendues

Relations de marché établies

Investissement initial pour le portefeuille immobilier

Exigences d'investissement typiques pour les nouveaux entrants du marché:

• Valeur du portefeuille minimum: 100 millions de dollars
• Exigence de capital initial: 25 millions de dollars - 50 millions de dollars
• Coûts de configuration opérationnels: 3 millions de dollars - 5 millions de dollars

Getty Realty Corp. (GTY) - Porter's Five Forces: Competitive rivalry

Rivalry is high in the single-tenant net lease retail REIT sector, competing with major investors for acquisitions. You see this competition in the deployment of capital; Getty Realty Corp. invested a total of $236.8 million year-to-date at an initial cash yield of 7.9% as of October 22, 2025.

Differentiation is a key factor; Getty Realty Corp. focuses on recession-resistant, non-discretionary convenience and automotive retail. This focus is reflected in the portfolio composition as of September 30, 2025, where convenience stores made up 62.7% of Annualized Base Rent (ABR), followed by express tunnel car washes at 20.5%.

The market is fragmented, but Getty Realty Corp. has scale with 1,160 freestanding properties across 44 states as of September 30, 2025. The base rental income for the nine months ended September 30, 2025, was $151.7 million.

Getty Realty Corp.'s strategy of direct tenant transactions (over 90%) reduces rivalry in sourcing deals. The company continues to build its pipeline, reporting a committed investment pipeline of more than $75.0 million for the development and/or acquisition of 22 convenience and automotive retail properties as of October 22, 2025.

Here's a quick look at the scale and recent activity:

The properties acquired in the third quarter of 2025 highlight the focus on specific subsectors:

• Acquisition of 24 properties for $51.8 million in Q3 2025.
• 15 of those acquisitions were drive thru quick service restaurants (QSRs).
• 5 of those acquisitions were convenience stores.
• Incremental development funding of $4.5 million for car washes and service centers.

Getty Realty Corp. (GTY) - Porter's Five Forces: Threat of substitutes

The threat of substitutes for Getty Realty Corp. (GTY) is generally considered low due to the nature of its underlying real estate assets. Unlike traditional retail, which faces intense substitution pressure from e-commerce, GTY's properties-gas stations, car washes, and auto service centers-are inherently resistant to online displacement. These are essential, physical services that require a brick-and-mortar presence. As of the third quarter of 2025, Getty Realty Corp.'s portfolio comprised 1,160 freestanding properties across 44 states, generating $210 million in annualized base rent.

The resilience of the portfolio is evident in its operating metrics. In the second quarter of 2025, the company maintained a 99.7% occupancy rate and achieved 99.9% year-to-date rent collections, demonstrating the essential nature of the tenant base.

The primary substitute for Getty Realty Corp.'s sale-leaseback model is direct ownership by the tenants themselves. When a tenant chooses to own the real estate under their gas station or auto service center rather than lease it from a REIT like Getty Realty Corp., that represents a direct substitution of the capital structure. However, Getty Realty Corp.'s focus on direct relationships helps mitigate this, as more than 90% of its transactions are direct with tenants, suggesting a strong, entrenched lease-based model.

For Getty Realty Corp.'s shareholders, alternative investment vehicles in the net lease space serve as substitutes for capital allocation. Investors seeking stable, income-producing real estate can look at larger, more diversified peers. For instance, as of late 2025, Realty Income Corporation (O) offered a dividend yield of around 5.7%, while W.P. Carey Inc. (WPC) was yielding approximately 5.40% (Trailing Twelve Months as of November 06, 2025). These alternatives compete for the same income-focused investor dollar.

The most significant long-term, defintely real substitute risk stems from the structural shift in the automotive sector toward electric vehicles (EVs). Getty Realty Corp. is uniquely exposed as the only U.S. publicly traded REIT specializing in this area. While the company has diversified, a substantial portion of its revenue remains tied to gasoline sales. An analysis from early 2025 indicated that Getty Realty Corp. generated around 70% of its Annualized Base Rent from convenience stores and gas stations. The growth of EVs directly threatens the core business model of fuel sales, even if the co-located convenience store business remains strong.

The speed of this transition is a key variable, though the trend is undeniable. In the top three states contributing to GTY's ABR (New York, Texas, and Virginia), year-over-year growth in new EV registrations in the counties where GTY owns properties showed growth exceeding 100% in some areas, indicating rapid adoption in their markets.

The composition of Getty Realty Corp.'s portfolio highlights where the substitution risk is concentrated:

• Convenience stores: 63.1% of the portfolio (Q2 2025)
• Express tunnel car washes: 20.5% of the portfolio (Q2 2025)
• Auto service centers: 6.0% of the portfolio (Q2 2025)
• The remaining percentage is composed of other automotive and single-tenant retail properties.

The company's mitigation strategy involves increasing exposure to less fuel-dependent assets. For example, in the first quarter of 2025, Getty Realty Corp. invested $10.9 million across six properties, including three drive-thru quick service restaurants (QSRs), one auto service center, and one express tunnel car wash. Furthermore, in the first nine months of 2025, the company invested $237 million, acquiring 27 QSRs, 22 convenience stores, 9 auto service centers, and 5 express tunnel car washes, showing a clear pivot toward auto service and QSRs over pure gas stations.

Getty Realty Corp. (GTY) - Porter's Five Forces: Threat of new entrants

You're looking at the barriers to entry in the net lease REIT space, specifically for convenience and automotive retail. Honestly, for a new player to step in and meaningfully challenge Getty Realty Corp., the hurdles are quite high, largely due to the scale and established operational advantages Getty has built.

The sheer size of Getty Realty Corp.'s existing footprint acts as a major deterrent. A new entrant would need massive capital just to approach parity in terms of asset count and geographic spread. As of September 30, 2025, Getty Realty Corp. manages a portfolio of 1,160 freestanding properties.

This scale is matched by a broad geographic reach, which creates operational complexity for newcomers. Getty Realty Corp.'s assets are spread across 44 states plus Washington, D.C.. Navigating the regulatory, zoning, and property management requirements across that many jurisdictions is a significant, costly undertaking that established players like Getty have already mastered.

Furthermore, the deal sourcing mechanism presents a relationship-based moat. Getty Realty Corp. has cultivated deep ties within its niche, evidenced by the fact that more than 90% of its transactions come directly from tenants. This direct sourcing bypasses competitive brokerage fees and often secures off-market deals, which new entrants, lacking these established relationships, would struggle to access.

Finally, new entrants would face immediate pressure to match Getty Realty Corp.'s acquisition economics. The company has demonstrated an ability to deploy capital accretively. Year-to-date in 2025, Getty Realty Corp. invested $236.8 million across its pipeline at an initial cash yield of 7.9%. Competing with that yield, especially when factoring in the cost of capital for a new, unproven entity, is tough.

Here's a quick look at the key structural barriers facing potential competitors:

The barriers to entry are definitely structural, rooted in capital, relationships, and operational complexity. You can see this reflected in the disciplined nature of Getty Realty Corp.'s investment activity, which relies on these established advantages.

Consider the operational complexity involved in simply managing the portfolio size:

• Managing 1,160 assets requires significant, specialized infrastructure.
• Operating across 44 states demands expertise in diverse state-level regulations.
• Maintaining more than 90% direct tenant sourcing requires years of relationship building.
• Deploying capital at a 7.9% initial cash yield demands deep sector knowledge.

Finance: draft a sensitivity analysis on the impact of a 50-basis-point drop in acquisition yield for the 2026 pipeline by Friday.