Getty Realty's Shocking Vote: What This Means for Stockholders and CEO Growth Plans!

In a significant move to bolster its leadership and financial performance, Getty Realty Corporation (NYSE: GTY) recently held its 2026 annual meeting of stockholders virtually. During the meeting, shareholders re-elected the board of directors, approved an advisory “say-on-pay” proposal, and ratified PricewaterhouseCoopers LLP as the company’s independent auditor for the upcoming fiscal year.

Chief Executive Officer Christopher Constant opened the meeting by introducing the slate of directors, which included Chairman Howard Safenowitz and other key members of management, among them Milton Cooper, Philip Coviello, Evelyn Infurna, and Mary Lou Malanoski. Notably, Joshua Dicker, the company’s Executive Vice President, General Counsel, and Secretary, served as the Inspector of Elections, reporting preliminary voting results that were subject to final confirmation.

According to Dicker, all nominated directors received the affirmative vote of a plurality of the total votes cast. The advisory vote on executive compensation garnered a majority of support, with the board pledging to give this stockholder feedback due consideration. Additionally, stockholders approved the ratification of PricewaterhouseCoopers as the independent auditor for the year ending December 31, 2026.

Constant highlighted the company’s robust investment activity in 2025, which included underwriting a record $7 billion of real estate and deploying $270 million, showcasing an initial cash yield of 7.9%. This strategic approach resulted in approximately a 12% increase in annualized base rent and a 3.8% growth in adjusted funds from operations (AFFO) per share, alongside a higher recurring dividend for shareholders.

In a bid to enhance liquidity and diversify its portfolio, Getty Realty raised nearly $300 million through long-term debt and permanent equity capital in 2025. Actions included expanding its revolving credit facility to $450 million and issuing $250 million in 10-year senior unsecured notes at a fixed interest rate of 5.76%. The company also completed a $130 million forward equity offering in February 2026.

Today, Getty Realty boasts a portfolio of nearly 1,200 properties across 45 states, achieving an impressive occupancy rate of 99.7%. Notably, over 30% of base rent now emanates from non-convenience assets, indicative of the company's strategic pivot from traditional convenience store properties.

Constant elaborated on the investment strategy that underpins Getty’s growth, highlighting key developments such as:

• A $100 million sale-leaseback transaction covering 12 assets in the Houston, Texas market with the community store chain Now & Forever.
• Initial investments in the collision center sector, committing to fund up to $82.5 million for the construction of up to 11 new collision centers with a leading operator in the field.
• A record investment year in drive-through quick-service restaurants, totaling nearly $40 million across 28 properties, which accounted for around 15% of closed investment volume.
• Strategic partnerships targeting investments in travel centers for certain existing tenants.
• A transaction-sourcing strategy that saw more than 90% of investments negotiated directly with tenants, resulting in the addition of 13 new tenants.

Looking ahead, Constant expressed optimism about the year’s start, noting that underwriting activities are already surpassing last year’s pace, with a significant pipeline of opportunities in various stages of negotiation. The company's liquidity remains strong, with over $170 million of unsold forward equity and an undrawn $450 million revolver.

Despite the absence of stockholder questions during the meeting, the company appears well-positioned to navigate future challenges and capitalize on emerging opportunities in the real estate investment trust sector. As a publicly traded REIT founded in 1981 and listed on the New York Stock Exchange since 2005, Getty Realty continues to specialize in the acquisition, ownership, and leasing of service station and convenience retail properties, a niche that provides stable income through long-term, triple-net leases.

As shareholders and market observers await the final vote report, which will be included in a Form 8-K filing with the Securities and Exchange Commission, the strategies and outcomes discussed during the meeting illustrate Getty Realty's commitment to growth and innovation in an evolving marketplace.