Getty Realty Corp. Provides 2023 Business Update

Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) today provided an update on the Company’s fourth quarter and full year 2023 business activities. The Company also provided its initial full year 2024 earnings guidance.

2023 Highlights

• Invested approximately $326 million in convenience and automotive retail assets, a record year of investment activity for the Company, including approximately $61 million in the fourth quarter.
• Committed investment pipeline of approximately $75 million, as of December 31, 2023, for the development and acquisition of 43 convenience stores, express tunnel car washes, and auto service centers.
• Raised $295 million of new equity and debt capital, including $25 million of forward equity through the Company’s at-the-market ("ATM") equity program in the fourth quarter, along with a previously announced $150 million unsecured term loan.
• Committed capital totaling more than $107 million, as of December 31, 2023, including $32.5 million of outstanding forward equity and $75 million of proceeds from the delayed draw component of the previously announced unsecured term loan.

“We had very productive year in 2023, achieving record investment volumes and successfully accessing the capital markets to accretively fund our investments,” stated Christopher J. Constant, Getty’s President and Chief Executive Officer. “We continued to scale and diversify our portfolio through a variety of sale leaseback and development funding transactions, which also provide the foundation for steady earnings and dividend growth. As we move into 2024, we will remain thoughtful and disciplined as we execute on our investment strategy and navigate the evolving transaction and capital markets.”

Portfolio Activities

Acquisitions

In 2023, the Company acquired fee simple interests in 66 convenience and automotive retail properties for approximately $247 million (net of previously advanced development funding amounts), including 16 properties for approximately $31 million in the fourth quarter (net of previously advanced development funding amounts).

Acquisitions included 38 express tunnel car washes, 13 auto service centers, 12 convenience stores, and 3 drive-thru quick service restaurants.

Development Funding

In 2023, the Company advanced total funding of approximately $79 million for the development of new-to-industry express tunnel car washes, convenience stores, and auto service centers, including approximately $30 million in the fourth quarter.