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- **Revenue Growth**: 10% Q3 AFFO per share increase to $0.62, driven by $236.8 million in strategic investments.
- **Dividend Expansion**: 3.2% dividend hike to $0.485, supported by 12-year streak of capital return.
- **Balance Sheet Strength**: 5.1x debt-to-EBITDA, $375 million liquidity, and no near-term debt maturities.
- **Strategic Shifts**: 70%+ of Q3 acquisitions in QSRs and travel centers, targeting fragmented $50B+ convenience retail market.
- **Risk Mitigation**: 8.8% G&A ratio and 2.6x tenant rent coverage ensure operational resilience.

**【CEO Summary Section】**
- Q3 2025 revenue growth driven by 10% increase in quarterly AFFO per share to $0.62, exceeding expectations.
- $236.8 million in year-to-date investments, including 12-unit travel center transaction with Now & Forever in Houston.
- 3.2% dividend increase to $0.485 per share, marking 12th consecutive year of growth.
- Expansion into drive-thru QSRs and travel centers, with 15 out of 24 Q3 acquisitions in the QSR sector.

**【CFO Financial Commentary】**
- GAAP net income of $420 million, with Non-GAAP EPS of $1.08, reflecting strong cost control (G&A ratio improved to 8.8%).
- Balance sheet strength: net debt-to-EBITDA of 5.1x, with $375 million liquidity and no debt maturities until 2028.
- AFFO guidance updated to $2.42-$2.43 for 2025, driven by $75 million committed investment pipeline.

**【Q&A Key Highlights】**
- Travel center strategy: 5,000+ U.S. locations, with top 3 operators owning only 30%, creating consolidation opportunities.
- Environmental liability reserves reduced by $23 million, reflecting tenant assumption of legacy site risks.
- 2026 pipeline includes $100 million+ in forward equity settlements and revolver utilization, with focus on accretive sale-leasebacks.
- Tenant health: 2.6x rent coverage ratio across 73% of ABR, with no material bad debt issues in 2025.

Getty Realty Corp. (GTY) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

GTY

GTY fundamentals

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