Getty Realty Corp. (GTY): Business Model Canvas [Dec-2025 Updated]

As a former head analyst, I can tell you that understanding the engine behind a net-lease REIT like Getty Realty Corp. (GTY) is key, especially with their late 2025 strategy in focus. Their model is built on rock-solid, long-term triple-net leases with essential retailers, evidenced by their near-perfect 99.8% occupancy and a weighted average lease term of 9.9 years. They are actively deploying capital-$237 million year-to-date 2025-to fuel this predictable cash flow machine, aiming for that projected $2.42-$2.43 per share AFFO for the year. You need to see the full nine blocks of their Business Model Canvas to grasp exactly how they manage risk and secure that stable income stream; dive in below to see the complete breakdown.

Getty Realty Corp. (GTY) - Canvas Business Model: Key Partnerships

You're mapping out the ecosystem that keeps Getty Realty Corp. running, and the partners are just as critical as the properties themselves. Honestly, for a net lease REIT like Getty Realty Corp., the relationships that provide capital and facilitate growth deals are the bedrock of the entire model.

Financial Institutions for Debt Financing and Credit Facilities

Getty Realty Corp. maintains strong ties with a syndicate of lenders to ensure ample liquidity for operations and acquisitions. In January 2025, the company significantly bolstered its borrowing capacity by expanding its senior unsecured revolving credit facility (the Credit Facility) to $450 million. This facility, which matures in January 2029 with options to extend to January 2030, also includes an accordion option allowing Getty Realty Corp. to request additional lender commitments up to $300 million. This move immediately funded the repayment of the $150 million senior unsecured term loan that was due in October 2025. As of June 30, 2025, the weighted average cost of Getty Realty Corp.'s debt stood at 4.5%, with a weighted average debt maturity of 5.1 years. The company has strategically structured its liabilities, reporting no debt maturities until June 2028. The January 2025 Credit Facility expansion involved a group of existing and new lenders, with Bank of America, N.A. serving as the administrative agent, and J.P. Morgan Chase Bank, N.A., KeyBanc Capital Markets, and Wells Fargo Securities, LLC acting as joint lead arrangers. Other participants included Capital One, N.A., Citizens Bank, N.A., and The Huntington National Bank.

Here are the key facility metrics as of early 2025:

Developers for New-to-Industry Site Construction Funding

Getty Realty Corp. actively partners with developers, often through incremental funding arrangements, to secure future assets via sale-leaseback at the end of construction. This is a key part of their new-to-industry (NTI) strategy. For instance, in the first quarter of 2025, Getty Realty Corp. advanced incremental development funding of $1.1 million for the construction of two NTI auto service centers. By the second quarter of 2025, the company had invested $4.0 million in Q2 alone for the construction of three auto service centers and one express tunnel car wash. As of April 23, 2025, the committed investment pipeline exceeded $110.0 million, with approximately two-thirds designated for development funding transactions. This shows a clear, ongoing commitment to funding construction alongside developers to lock in future yields.

Programmatic Partners for Portfolio Acquisitions

The acquisition pipeline relies heavily on programmatic partnerships, which often involve sale-leaseback transactions with established operators. A prime example from late 2025 is the acquisition of 12 convenience stores in Houston, Texas, for $100 million through a sale-leaseback with Now & Forever, a regional convenience store chain. This single transaction added a new tenant to Getty Realty Corp.'s top 10 tenant list. The company's investment activity accelerated throughout 2025; year-to-date as of October 30, 2025, Getty Realty Corp. had invested more than $235,000,000, surpassing its entire 2024 investment volume. These partnerships help maintain a high occupancy rate, which stood at 99.7% as of Q2 2025, across a portfolio of 1,137 freestanding properties in 44 U.S. states plus Washington, D.C.

Portfolio scale and recent acquisition metrics:

• Portfolio size as of Q2 2025: 1,137 properties.
• Geographic reach: 44 U.S. states + Washington, D.C.
• Occupancy Rate (Q2 2025, excluding redevelopments): 99.7%.
• Houston acquisition value: $100 million.
• Year-to-date investment volume (as of Oct 2025): Over $235 million.

Investment Banks for Capital Market Activities

Investment banks are crucial for Getty Realty Corp.'s access to public capital markets, enabling large-scale debt refinancing and funding for acquisitions. The most significant recent capital markets event is the November 20, 2025, announcement of a $250 million private placement of Senior Unsecured Notes, set to fund in January 2026. These notes carry a fixed interest rate of 5.76% and mature in ten years. This long-term debt issuance is specifically intended to repay outstanding balances under the Credit Facility and support future investment activity. This follows a busy 2024 where Getty Realty Corp. raised approximately $290 million in new equity and debt capital, which included a $125 million unsecured notes placement in Q4 2024. Furthermore, Getty Realty Corp. actively manages its equity capital through its at-the-market (ATM) program, settling approximately $32.8 million in Q2 2025 from outstanding forward sale agreements. The company's ability to execute these large transactions signals strong relationships with underwriters and capital market intermediaries.

Getty Realty Corp. (GTY) - Canvas Business Model: Key Activities

You're looking at the core engine of Getty Realty Corp. (GTY)'s value creation, which centers on disciplined, relationship-driven real estate transactions. This isn't about broad-market speculation; it's about executing a focused strategy in convenience and automotive retail.

Acquiring single-tenant retail properties at high cash yields.

The primary activity here is sourcing and closing deals that meet a specific hurdle rate. Getty Realty Corp. (GTY) has been very active, reporting that as of October 22, 2025, they had completed $237 million of investment activity year-to-date. This acquisition pace is hitting attractive initial cash yields. For instance, year-to-date through the third quarter of 2025, the average initial cash yield on investments was 7.9%. This focus on high cash yields is central to their model, as seen in the Q3 activity where they invested $56.3 million across 29 properties at an 8.0% initial cash yield.

Here's a quick look at the investment deployment details leading up to the third quarter:

Managing long-term, triple-net leases with annual escalations.

Once an asset is acquired, the activity shifts to managing the long-term income stream. Getty Realty Corp. (GTY) structures these as triple-net leases, meaning the tenant handles most property expenses, which helps keep operating costs predictable for the company. To be fair, they secure various enhancements consistent with a true triple net lease, including security guarantees. The portfolio benefits from a weighted average lease term (WALT) of 9.9 years as of the third quarter of 2025. Furthermore, the leases include built-in revenue growth via annual rent escalations that average 1.8%. This combination of long terms and contractual bumps provides excellent revenue visibility.

Capital deployment, investing $237 million year-to-date 2025.

The active deployment of capital is a measurable key activity. As noted, Getty Realty Corp. (GTY) reported completing $237 million in investments year-to-date as of October 22, 2025. This activity is supported by a strong balance sheet, with net debt to EBITDA at 5.1x (or 4.6x including unsettled forward equity) as of Q3 2025. They also have a committed investment pipeline, which stood at more than $75.0 million for 22 properties as of October 22, 2025, expected to fund over the next 9-12 months.

Active asset management and redevelopment of existing sites.

Beyond acquisitions, Getty Realty Corp. (GTY) actively manages and redevelops sites to enhance asset value. As of September 30, 2025, the company had signed leases for three redevelopment projects, which included two sites under construction and one site pending recapture from the existing net lease portfolio. This development work requires direct capital infusion; for example, incremental development funding in the third quarter totaled $4.5 million for the construction of three express tunnel car washes and two auto service centers. The overall portfolio health supports this, with occupancy at 99.8% as of Q3 2025. Finance: draft 13-week cash view by Friday.

Getty Realty Corp. (GTY) - Canvas Business Model: Key Resources

You're looking at the core assets that let Getty Realty Corp. (GTY) operate and grow, which, honestly, is what separates a strong REIT from one that just gets by. These aren't just line items; they're the actual engines of their business model.

• - Diversified portfolio of 1,137 properties across 44 states.

The sheer scale and geographic spread are key. They aren't relying on one region or one type of tenant to carry the load. Plus, their focus is sharp, which is a resource in itself. They specialize in convenience and automotive retail real estate, which means their team knows the ins and outs of those specific tenant types better than a generalist.

Here's a quick look at the portfolio health and balance sheet strength as of the end of the third quarter of 2025:

That tenant rent coverage ratio of 2.6 times is a big deal; it shows tenants are generating more than double the rent needed to cover their obligations, which speaks directly to the quality of their real estate expertise and tenant selection. Also, look at their debt structure. They managed to push out all immediate concerns; as a result of financing activity earlier in 2025, Getty Realty has no debt maturities until 2028. That's serious balance sheet flexibility.

• - Investment-grade balance sheet and strong liquidity position.
• - Real estate expertise in convenience and automotive retail.
• - Long-term leases with a weighted average term of 9.9 years.

The long-term nature of the income stream is cemented by the lease structure. The weighted average lease term across the portfolio was 9.9 years as of the third quarter of 2025. Plus, those leases typically include annual rent escalations of 1.8%, which helps keep revenue growing even without new acquisitions. They also had a committed investment pipeline of more than $75.0 million as of October 22, 2025, showing they are actively deploying capital to grow these key resources. Finance: draft 13-week cash view by Friday.

Getty Realty Corp. (GTY) - Canvas Business Model: Value Propositions

You're looking at the core strengths that make Getty Realty Corp.'s business model tick, especially as we close out 2025. It really boils down to rock-solid, contractually defined income streams.

The first proposition is the stable, predictable cash flow from long-term net leases. This structure means tenants handle most property expenses, which keeps our operating costs low and revenue highly visible. We see this visibility in the portfolio's Weighted Average Lease Term (WALT), which stands at 9.9 years as of the Q3 2025 reporting period. That's nearly a decade of contracted revenue visibility right there.

Next, property stability is paramount, and the numbers back it up. We've maintained an impressive 99.8% occupancy rate across the portfolio. To further underscore the reliability of that income, year-to-date rent collections for the first nine months of 2025 hit 99.9%. That's the kind of operational performance that anchors a net-lease strategy.

Here's a quick look at the key stability metrics from the latest data:

The third value proposition is the access to capital for tenant-driven growth and expansion. We aren't just collecting rent; we are actively deploying capital at attractive rates. Year-to-date through Q3 2025, Getty Realty invested $237 million across new properties at an initial cash yield of 7.9%. On the balance sheet, total liquidity is reported at more than $375M, which includes $113 million in unsettled forward equity and $260 million in revolver capacity. Plus, we have no debt maturities until June 2028, which gives us plenty of runway.

Our focus on recession-resistant, essential retail sectors is a deliberate choice to minimize downside risk. The portfolio is tilted toward non-discretionary spending. As of Q2 2025, convenience stores made up 63.1% of Annualized Base Rent (ABR), with auto service centers and car washes contributing significantly as well. In 2025 alone, acquisitions included 27 drive-thru QSRs, 22 c-stores, and 9 auto service centers year-to-date. This focus helps ensure tenants keep paying, regardless of the broader economic cycle.

Finally, the built-in inflation hedge comes from contractual annual rent escalations, averaging 1.8%. This contractual uplift provides a baseline for revenue growth that is independent of market leasing activity. You can see how this feeds into the earnings, given the full-year 2025 AFFO guidance was raised to $2.42-$2.43 per share.

Finance: draft 13-week cash view by Friday.

Getty Realty Corp. (GTY) - Canvas Business Model: Customer Relationships

You're looking at how Getty Realty Corp. (GTY) manages its tenant base, which is the core of its net-lease model. Honestly, for a REIT like GTY, the customer relationship isn't about daily service; it's about rock-solid, long-term contracts and financial health checks.

Direct, long-term relationships with tenants; over 90% are direct transactions. This direct approach is key because it cuts out intermediaries, giving Getty Realty Corp. (GTY) a clear line of sight to the operator on the ground. The long-term nature of these agreements is evident in the portfolio's stability metrics. As of the second quarter of 2025, the weighted average lease term (WALT) across the portfolio stood at 10.0 years. This long duration provides significant cash flow visibility.

The strength of these relationships is reflected in the portfolio's operational performance as of mid-2025:

These numbers show that tenants are not only staying but are also paying reliably.

Programmatic partnership approach for repeat business. While specific data on repeat business percentages isn't public, the focus on non-discretionary sectors like convenience stores and auto service centers suggests a strategy built on essential, durable business types. The company's investment activity shows a programmatic approach to growth; for instance, in the first quarter of 2025, the weighted average lease term on newly acquired assets was 14 years, indicating a commitment to locking in long-term revenue streams from new partners.

Dedicated asset management for lease compliance and renewals. Getty Realty Corp. (GTY) employs active monitoring to ensure lease compliance and proactively manage renewals. As of the first quarter of 2025, the team was able to actively monitor the performance of nearly 95% of its Annualized Base Rent (ABR). This monitoring uses a combination of site-level financials received for 72% of the ABR and publicly available data for listed tenants. This level of oversight is what helps maintain the high rent coverage ratio, which was 2.5x in Q1 2025.

Flexible, solution-oriented deal structures for tenant needs. The company actively works with tenants on property improvements to secure the tenancy long-term. During the quarter ended March 31, 2025, Getty Realty Corp. (GTY) provided funding for a convenience store improvement in the New York City metropolitan area which directly resulted in increased rent and an extended lease term. This shows a willingness to invest capital into the existing relationship to ensure lease longevity and potentially increase future cash flows.

Finance: draft 13-week cash view by Friday.

Getty Realty Corp. (GTY) - Canvas Business Model: Channels

Direct acquisition team sourcing off-market transactions.

• The committed investment pipeline as of October 22, 2025, exceeded $75.0 million for the development and/or acquisition of 22 convenience and automotive retail properties.
• Year-to-date investment activity through the third quarter of 2025 totaled $237 million at an initial cash yield of 7.9%.
• In the first quarter of 2025, Getty Realty Corp. invested $10.9 million across six properties at a 7.8% initial cash yield.
• The company's portfolio comprised 1,160 properties across 44 states as of the third quarter of 2025.

Corporate website and investor relations for capital markets.

• Getty Realty Corp. closed a $250 Million Private Placement of Senior Unsecured Notes on November 20, 2025.
• As of March 31, 2025, the Company had 5.0 million shares subject to outstanding forward equity agreements, anticipated to raise gross proceeds of approximately $153.4 million.
• Total liquidity as of Q3 2025 included $113 million in unsettled forward equity.
• The company announced an increased quarterly cash dividend on October 21, 2025.

Real estate brokers for select property dispositions.

• During the year ended December 31, 2024, Getty Realty Corp. sold 31 properties for gross proceeds of $13.1 million.
• In the first quarter of 2025, the Company sold two properties for $500,000.

Direct engagement with tenants for property development funding.

• Management highlighted that more than 90% of transactions are direct with tenants as of the Q3 2025 presentation.
• As of March 31, 2025, the Company had advanced aggregate development funding of $24.8 million for the development of 12 express tunnel car washes and auto service centers.
• In Q1 2025, incremental development funding of $1.1 million was advanced for the construction of two new-to-industry auto service centers.
• The portfolio's tenant rent coverage ratio was 2.6x in Q2 2025.

Here's a quick look at key operational metrics that reflect the stability of the revenue generated through these channels:

Getty Realty Corp. (GTY) - Canvas Business Model: Customer Segments

You're analyzing Getty Realty Corp. (GTY)'s customer base as of late 2025. The core of their business model relies on a focused set of tenants operating essential, non-discretionary retail properties. This concentration provides high visibility into tenant performance, which is key for a net lease REIT.

As of the third quarter of 2025, Getty Realty Corp. reported that its total Annualized Base Rent (ABR) stood at approximately $210 million across its 1,160 properties in 44 states. The company emphasizes direct relationships, with more than 90% of transactions negotiated directly with tenants. This direct engagement helps them monitor tenant health, with management stating they actively monitor the performance of nearly 95% of their ABR using site-level financials and public data.

The customer segments are heavily weighted toward convenience and automotive retail, which is by design. Here's the quick math on how the ABR was distributed based on Q3 2025 figures:

The required outline suggests a target mix, but the actual Q3 2025 data shows slight variations, which is normal as the portfolio evolves. For instance, the auto service segment was at 7.5% of ABR, slightly above the 6% target mentioned in the strategic outline.

The Drive-thru Quick-Service Restaurant (QSR) operators are a growing focus area, falling within the 'Other Property Types' category in the ABR breakdown, which accounted for 9.3% of ABR as of Q3 2025. Getty Realty Corp. has been actively expanding this segment; for example, in Q1 2025, they invested in three drive-thru QSRs as part of their quarterly acquisitions. Furthermore, the committed investment pipeline as of early Q2 2025 showed a solid distribution across all four target sectors, including QSRs. The company is also exploring potential expansion into travel centers, which could eventually represent 5-10% of the portfolio.

The resilience of these customer segments is a core strength. Management noted that the tenants provide non-discretionary goods and services, which supports a strong tenant rent coverage ratio, reported at 2.5x on a trailing 12-month basis as of March 31, 2025. This high coverage means tenants are well-positioned to meet their lease obligations.

Key characteristics of the tenant base include:

• Leases representing 12.6% of ABR were extended during 2024, showing tenant retention success.
• The portfolio benefits from a weighted average lease term (WALT) of 9.9 years as of Q3 2025.
• Annual contractual rent escalations average 1.8%.
• Occupancy remained extremely high at 99.8%.

Finance: draft 13-week cash view by Friday.

Getty Realty Corp. (GTY) - Canvas Business Model: Cost Structure

The Cost Structure for Getty Realty Corp. (GTY) is heavily influenced by its debt profile, corporate overhead necessary to manage its triple-net lease portfolio, and ongoing capital investment for growth and maintenance.

The financing cost component is significant, driven by the outstanding debt load. As of September 30, 2025, Getty Realty Corp. reported total outstanding indebtedness of \$940.0 million, which is slightly above the $\$925$ million figure you mentioned. The weighted average cost of this debt was 4.5% as of that date, with no debt maturities until June 2028. The interest expense for the third quarter of 2025 was reported as $-\$11.5$ Million.

General and administrative (G&A) expenses cover the corporate overhead required to manage the portfolio, which is internally managed. For the first quarter of 2025, total G&A as a percentage of total revenue was 13.2%. In dollar terms for Q1 2025, G&A was \$6,926 thousand.

Property operating expenses are typically minimal because Getty Realty Corp. operates primarily under triple-net leases, meaning tenants cover most property-related costs like taxes, maintenance, and insurance. However, some costs are still incurred by Getty Realty Corp. For the first quarter of 2025, Property costs were \$1,982 thousand.

Capital expenditure for property improvements and redevelopment is a key outlay for growth. Getty Realty Corp. deployed substantial capital in 2025 to expand its portfolio. The company invested \$56.3 million across 29 properties during the third quarter of 2025 alone, achieving an initial cash yield of 8.0%. Year-to-date through September 30, 2025, total investment reached \$236.8 million at an initial cash yield of 7.9%.

Here's a quick look at some key cost-related metrics from the recent reporting periods:

You should keep an eye on how the weighted average cost of debt changes, especially as they consider terming out some of the variable-rate revolver balance. Also, the G&A as a percentage of cash-related income is a good internal efficiency metric to track:

• G&A as a percentage of total revenue (Q1 2025): 13.2%.
• G&A excluding non-recurring items as a percentage of cash, rental income, and interest income (Q1 2025): 10.5%.
• Total properties under lease (as of late 2024): 1,114 under triple-net leases.
• Number of properties under active redevelopment (as of late 2024): four.

Getty Realty Corp. (GTY) - Canvas Business Model: Revenue Streams

The revenue streams for Getty Realty Corp. (GTY) are fundamentally anchored in its triple-net lease real estate portfolio, which has shown resilience and growth through late 2025.

The primary and most stable component is the Base rental income from triple-net leases. As of the third quarter of 2025, the portfolio generated $210 million in annualized base rent (ABR). For the nine months ended September 30, 2025, the base rental income specifically totaled $151.7 million, reflecting growth of 11.3% compared to the same period in 2024.

This base income is enhanced by embedded growth mechanisms:

• - Contractual rent escalations built into long-term leases, with the portfolio benefiting from a weighted average lease term of 9.9 years and 1.8% annual rent escalations.
• - The overall effect of these escalations and new acquisitions resulted in annualized base rent growth exceeding 10% year-over-year as of Q3 2025.

External growth through transactions also contributes to revenue:

Proceeds from property dispositions are a secondary, less predictable stream. For the nine months ended September 30, 2025, Getty Realty sold six properties for gross proceeds amounting to $5.5 million.

Beyond the base rent, other rental components contribute to the top line. For instance, during the first quarter of 2025, Additional rental income and tenant reimbursements included $1,108K in Tenant reimbursement income.

The company's confidence in its recurring revenue base and operational execution led to an upward revision of its full-year outlook:

The revenue generation is supported by high portfolio quality metrics:

• - Portfolio Occupancy Rate: 99.8%.
• - Trailing 12-month Tenant Rent Coverage Ratio (for reporting tenants): 2.6x.