Getty Realty Corp. acquired 32 properties across the country for about $140
million so far this year, including portfolios of convenience stores, gas
stations, and car washes, the company told analysts during its third-quarter
earnings call yesterday.

"We benefited from the stability of our triple-net lease rents and our active
an accretive acquisition program. As a result, our third-quarter revenues from
rental properties increased by more than 4% to $37.2 million, and our AFFO
(adjusted funds from operations) per share by more than 9% to $0.47 per
share,"said Christopher Constant, Getty's president and CEO. "The success of
our acquisition strategy year-to-date has been a key contributor to our
earnings growth, including transactions that closed just after the third
quarter ended."Getty's latest focus has been car wash properties. Before the
third quarter ended Sept. 30, the company said it had paid $36.1 million for
nine properties, and in October the company paid $36.6 million to acquire eight
more properties.

Most of its completed third-quarter acquisitions were from a sale-leaseback
transaction in the San Antonio market with a subsidiary of car wash chain Go
Car Wash. Getty also closed on the purchase or two newly constructed car washes
in North Carolina and Ohio, subject to a 15-year, triple-net lease with Zips
Car Wash. It also acquired two car washes in the Kansas City and San Antonio
market areas that were added to the 15-year, triple-net lease with Go Car Wash.

In October, Getty also said it had completed a sale-leaseback with petroleum
marketer Fikes Wholesale Inc., of Temple, Texas, for $28.6 million. The
convenience store sites, which spread across the state, have an average lot
size of 2.7 acres and average store size of more than 5,300 square feet.

Constant said the third-quarter performance of c-stores, gas stations and other
automotive assets in its portfolio was "strong." Getty collected 98% of its
rent and mortgage payments and agreed to a "small" number of short-term
deferrals for rent and mortgage payments. It also received "substantially
all"of the deferred rent and mortgage payments that were due to be repaid
during the third quarter.

Looking ahead, Constant said the collections rate remains at 98% in October and
Getty continues to collect "substantially all" of the COVID-19-related rent and
mortgage deferrals due this month.

"Although uncertainty remains regarding the forward impact of COVID-19 to the
broader economy, we are encouraged by the strength exhibited by our tenants and
assets since the beginning of the pandemic," he said. "We will continue to be
vigilant in monitoring the health of our tenants as we believe the severity of
the COVID-19 pandemic on the U.S. economy will continue to impact consumer and
retail activity generally and therefore could negatively affect Getty's rent
collections and financial results." Constant said operations remain
"stressed"as tenants continue to adjust to ongoing health and safety
challenges, but they have "performed well during this difficult time."

"Nationally, fuel volumes continue to recover and are now down 17% year over
year compared to the 50% decline we saw at the height of the pandemic impact
during the second quarter. Fuel margins remain elevated on a national basis
from comparable periods in 2019, meaning that on average, operators are making
more money on a cents-per-gallon basis," he said. "The net impact of fuel gross
profit remains highly regional, with certain of our tenants experiencing
year-over-year declines and others reporting increases in annual fuel gross
profit." However, the convenience store side of the business has "generally
performed well across the board" during the pandemic, Constant said. Most
Getty's c-store tenants report financial results are "slightly ahead" of those
of last year.

--Reporting by Donna Harris,dharris@opisnet.com; Editing by Barbara Chuck,
bchuck@opisnet.com


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