Getty Realty Corp Hikes Dividend for 12th Straight Year
With a deal to end the war in Iran on the table and oil prices down, American’s are hoping lower gas prices are on the horizon, especially with the summer driving season just around the corner.
More Americans hitting the road is just what Getty Realty Corp (NYSE:GTY) is banking on.
Getty Realty Corp is the leading publicly traded U.S. REIT that specializes in the ownership, leasing and financing of convenience store, gasoline station properties, and other single tenant retail real estate (car wash, auto service, auto parts). (Source: “Corporate Profile, April 2026, “Getty Realty Corp, last accessed April 22, 2026.)
Getty’s $2.5 billion portfolio includes 1,191 properties located in 45 states and Washington, D.C. The majority of its properties (63%) is made up of convenience and gas stations, followed by car washes (20%), and legacy gas & auto repair services (7.0%),
With a 99.7% occupancy rate, the company’s essential e-commerce and recession resistant retail businesses come with 1.8% annual base rent (ABR) escalations.
The company’s active acquisition strategy helps diversify its tenant, property type, and geographic reach. In 2022 Realty Income invested $157.5 million in new properties, a record $326.3 million in 2023, $209 million in 2024, and approximately $269 million in 2025.
Strong Year Over Year Earnings Growth
For the first quarter ended March 31, 2026, Getty Realty Corp announced that net earnings jumped 80% on an annual basis to $26.6 million, or $0.43 per share. (Source: “Getty Realty Corp. Announces First Quarter 2026 Results,” Getty Realty Corp., April 22, 2025.)
Funds From Operations (FFO) were up 35% at $42.7 million, or $0.69 per share, while Adjusted FFO climbed 15% to $38.8 million, or $0.63 per share. For the quarter ended March 31, 2026, base rental income grew 12.5% to $55.8 million.
During the quarter the company invested $30.3 million across 29 properties at an 8.0% initial cash yield. As of April 22, it has a committed investment pipeline of more than $125.0 million for the development and/or acquisition of 43 convenience and automotive retail properties.
Commenting on the results, Christopher J. Constant, President and CEO said, “Getty had a productive first quarter highlighted by strong year-over-year earnings growth and an increase to our full year 2026 earnings guidance”
2026 Business Guidance
Looking ahead to 2026, management increased its AFFO guidance to a range of $2.50 to $2.52 per diluted share, up from previous guidance range of $2.48 to $2.50 per share.
Increased Dividend for 12 Consecutive Years
Getty Realty’s high occupancy rate, rental incomes, and strong rent coverage ratios, and customer diversification across property type, geography, and tenant helps it provide investors with a reliable, growing ultra-high yield dividend: 12-years and counting.
This makes Getty Realty a Dividend Contender. That is, any NYSE or Nasdaq listed company that has raised its annual dividend for between 10 and 24 consecutive years. The next level is the Dividend Aristocrats; S&P 500 companies that have raised their dividends for at least 25 years.
Back in October 2025, Getty Realty’s board of directors increased is quarterly payout by 3.2% to $0.485 per share. It has maintained its payout at that level since then. This translates into an annual distribution of $1.94 per share, or approximately 6.0% on an annual basis.
Shareholders are used to being on the receiving end of solid annual dividend increases. Since 2019, AFFO has increased at a compound annual growth rate (CAGR) of 5.1% while dividends per share have expanded at a CAGR of 4.9%.
If history is any indicator, the company will announce another increase to its dividend payout in just a few months.
GTY Shares Outpacing S&P 500 in 2026
GTY shares entered 2026 on a bullish note and continued to rip higher following the war in Iran. On July 7, GTY stock hit a record high of $34.91. It continues to hover near that level, putting GTY stock up:
- 26% over the last six months
- 31% year to date
- 35% on an annual basis
Wall Street expects GTY stock to hit fresh highs over the coming quarters with analyst’s providing a 12-month share price high of $37.00 per share.
Chart courtesy of StockCharts.com
The Lowdown on Getty Realty Corp
Getty Realty is a specialty REIT operating in an industry that has proven itself to be resistant to recessions and even pandemics. From 2019 to 2025, AFFO per share has increased at a CAGR of 5.1% with dividends rising at a CAGR of 4.9%. Occupancy rates have been above 99%, with rent collections near 100%.
This has allowed Getty Realty to not just provide a big dividend, but to also increase its payout for the last 13 consecutive years. This is probably one good reason why 434 institutions hold 93.7% of all outstanding shares. Some of the biggest holders include Blackrock Inc, Vanguard Group Inc, State Street Corporation, and Charles Schwab Investment Management, Inc. (Source: “Holders,” Yahoo! Finance, last accessed June 15, 2026.)