Getty Realty is a net lease REIT that owns single-tenant retail properties in the convenience and automotive sectors. Getty owns 1,174 properties across 44 states, leased almost entirely on a triple-net basis to operators of convenience stores, express tunnel car washes, automotive service centers, and drive-thru quick service restaurants. Under triple-net leases, tenants pay all property-level costs — taxes, maintenance, insurance — so Getty collects rent with minimal operating expenses, running the entire company with just 31 employees. Getty grows its portfolio primarily through sale-leaseback transactions, acquiring properties directly from operators who then lease them back under long-term triple-net leases. Getty also provides development funding for new construction, acquiring the completed asset via sale-leaseback at project completion. More than 90% of deals in 2025 were directly negotiated with operators, bypassing brokers. In-place leases include rent escalations averaging roughly 1.8% annually. Getty targets acquisitions at initial cash yields in the high-7% to low-8% range against an all-in cost of capital in the mid-to-high 6% range. Roughly 70% of annualized base rent comes from convenience stores and gas properties, with the remaining 30% from car washes, auto service, and QSRs — a mix that has diversified significantly since 2019, when non-convenience properties were less than 3% of ABR. Getty is structured as a REIT and distributes at least 90% of taxable income to shareholders.