DEF 14A: Getty Realty Corp. Announces 2024 Annual Meeting of Stockholders

Getty Realty Corp. will hold its 2024 Annual Meeting of Stockholders virtually on April 25, 2024, to elect directors, approve executive compensation, and ratify the appointment of its independent accounting firm.

Summary

• Getty Realty Corp. is holding its 2024 Annual Meeting of Stockholders on April 25, 2024, in a virtual format.
• Stockholders of record as of March 6, 2024, are entitled to vote.
• The meeting will address the election of six directors, an advisory vote on executive compensation, and the ratification of PricewaterhouseCoopers LLP as the independent accounting firm for the year ending December 31, 2024.
• Proxy materials were made available online starting March 14, 2024.
• In 2023, Getty Realty invested over $325 million in acquisitions and development funding, including 54 operating properties and 14 under-construction car washes.
• The company raised over $295 million in new debt and equity capital and maintained a BBBFitch rating.
• The company's AFFO per share increased, supporting a dividend increase to an annualized rate of $1.80 per share.
• The company is focused on environmental, social, and governance (ESG) initiatives, including tenant engagement, climate risk assessment, and Scope 3 greenhouse gas emissions evaluation.

Sentiment

Score: 7

Explanation: The document presents a positive outlook with a focus on growth, strategic investments, and ESG initiatives, suggesting a moderately optimistic sentiment.

Positives

• Getty Realty Corp. maintained a positive earnings trajectory in 2023, as measured by Adjusted Funds From Operations (AFFO) per share.
• The company achieved a record of more than $325 million in aggregate investments in 2023.
• Getty Realty Corp. increased its dividend by 4.7% to an annualized rate of $1.80 per share.
• The company raised more than $295 million of new debt and equity capital and maintained strong credit metrics.
• Getty Realty Corp. is actively engaged in ESG initiatives, including tenant engagement and climate risk assessment.

Risks

• The document mentions the importance of cybersecurity and data protection, indicating a potential risk in these areas.
• The company acknowledges the importance of environmental compliance and the potential for environmental risks at its properties.
• The document discusses climate-related risks and the need for assessment and mitigation strategies.

Future Outlook

The company aims to generate sustained earnings growth and cash dividends to common stockholders over the long term without negatively altering its risk profile.

Management Comments

• The company seeks to grow and enhance its portfolio through accretive investments and active asset management.
• The company places a premium on establishing long-term relationships with tenants and regularly seeks to form new relationships.
• The company is committed to maintaining an investment grade credit profile, including low-to-moderate leverage, ample liquidity and access to capital, and a flexible, unencumbered balance sheet.

Industry Context

The company focuses on freestanding retail properties tied to convenience and automobility, which are considered essential businesses and relatively e-commerce and recession-resistant.

Comparison to Industry Standards

• The document mentions Kimco Realty Corporation, a NYSE-listed REIT, where Milton Cooper serves as Executive Chairman, suggesting a comparison point in terms of REIT industry leadership and experience.
• The company's peer group includes Agree Realty Corporation, EPR Properties, Essential Properties Realty Trust, Four Corners Properties Trust, NETSTREIT Corp, and One Liberty Properties, indicating comparable companies in the single-tenant net lease retail property sector.

Corporate Governance

Stakeholder Impact

• Shareholders: The company aims to generate sustained earnings growth and cash dividends.
• Employees: The company is committed to providing a safe and healthy workplace and fostering a diverse and inclusive work environment.
• Tenants: The company is enhancing engagement and collaboration with tenants to address energy efficiency and carbon reduction opportunities.
• Communities: The company supports individual volunteerism and provides team members with work schedule flexibility to support causes and organizations that are meaningful to them.

Next Steps

• Stockholders are encouraged to read the proxy statement and complete a proxy card for their shares.
• Stockholders can vote via the internet, telephone, mail, or virtually in-person at the Annual Meeting.
• The company will continue to engage with tenants to address energy efficiency and carbon reduction opportunities.
• The company will conduct a climate risk assessment and evaluate Scope 3 greenhouse gas emissions.

Key Dates

Keywords

annual meeting, proxy statement, directors, executive compensation, PricewaterhouseCoopers, ESG, corporate governance, Getty Realty