Getty Realty (GTY) 10-Q 27 Apr 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	Apr. 27, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Trading Symbol	GTY
Entity Registrant Name	GETTY REALTY CORP.
Entity Central Index Key	0001052752
Entity Current Reporting Status	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		49,493,599
Entity File Number	001-13777
Entity Tax Identification Number	11-3412575
Entity Address, Address Line One	292 Madison Avenue
Entity Address, Address Line Two	9th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10017-6318
City Area Code	646
Local Phone Number	349-6000
Entity Incorporation, State or Country Code	MD
Title of 12(b) Security	Common Stock
Security Exchange Name	NYSE
Document Quarterly Report	true
Document Transition Report	false
Entity Interactive Data Current	Yes

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Real estate:
Land	$ 812,198,000	$ 802,010,000
Buildings and improvements	740,105,000	707,352,000
Investment in direct financing leases, net	64,760,000	66,185,000
Construction in progress	515,000	578,000
Real estate held for use	1,617,578,000	1,576,125,000
Less accumulated depreciation and amortization	(241,686,000)	(232,812,000)
Real estate held for use, net	1,375,892,000	1,343,313,000
Real estate held for sale, net	2,568,000	3,757,000
Real estate, net	1,378,460,000	1,347,070,000
Notes and mortgages receivable	46,797,000	34,313,000
Cash and cash equivalents	22,067,000	8,713,000
Restricted cash	1,448,000	2,536,000
Deferred rent receivable	51,585,000	50,391,000
Accounts receivable	4,189,000	4,247,000
Right-of-use assets - operating	17,316,000	18,193,000
Right-of-use assets - finance	251,000	277,000
Prepaid expenses and other assets, net	93,011,000	96,555,000
Total assets	1,615,124,000	1,562,295,000
LIABILITIES AND STOCKHOLDERS’ EQUITY
Borrowings under credit agreement		70,000,000
Senior unsecured notes, net	673,218,000	623,492,000
Environmental remediation obligations	23,020,000	23,155,000
Dividends payable	20,969,000	20,576,000
Lease liability - operating	19,024,000	19,959,000
Lease liability - finance	1,439,000	1,518,000
Accounts payable and accrued liabilities	41,246,000	43,745,000
Total liabilities	778,916,000	802,445,000
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value; 20,000,000 shares authorized; unissued
Common stock, $0.01 par value; 100,000,000 shares authorized; 49,493,173 and 46,734,790 shares issued and outstanding, respectively	495,000	467,000
Additional paid-in capital	905,557,000	822,340,000
Dividends paid in excess of earnings	(69,844,000)	(62,957,000)
Total stockholders’ equity	836,208,000	759,850,000
Total liabilities and stockholders’ equity	$ 1,615,124,000	$ 1,562,295,000

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement Of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	20,000,000	20,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	49,493,173	46,734,790
Common stock, shares outstanding	49,493,173	46,734,790

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Revenues:
Revenues from rental properties	$ 42,367,000	$ 38,984,000
Interest on notes and mortgages receivable	653,000	337,000
Total revenues	43,020,000	39,321,000
Operating expenses:
Property costs	4,700,000	4,626,000
Impairments	522,000	1,038,000
Environmental	321,000	(141,000)
General and administrative	6,285,000	5,128,000
Depreciation and amortization	10,428,000	9,628,000
Total operating expenses	22,256,000	20,279,000
Gain on dispositions of real estate	587,000	6,153,000
Operating income	21,351,000	25,195,000
Other income, net	288,000	91,000
Interest expense	(7,514,000)	(6,537,000)
Loss on extinguishment of debt	(43,000)
Net earnings	$ 14,082,000	$ 18,749,000
Basic earnings per common share:
Net earnings	$ 0.29	$ 0.39
Diluted earnings per common share:
Net earnings	$ 0.28	$ 0.39
Weighted average common shares outstanding:
Basic	46,989	46,721
Diluted	47,571	46,742

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net earnings	$ 14,082,000	$ 18,749,000
Adjustments to reconcile net earnings to net cash flow provided by operating activities:
Depreciation and amortization expense	10,428,000	9,628,000
Impairment charges	522,000	1,038,000
Gain on dispositions of real estate	(587,000)	(6,153,000)
Loss on extinguishment of debt	43,000
Deferred rent receivable	(1,194,000)	(704,000)
Amortization of above-market and below-market leases	25,000	9,000
Amortization of investment in direct financing leases	1,426,000	1,271,000
Amortization of debt issuance costs	255,000	229,000
Accretion expense	158,000	444,000
Stock-based compensation	1,275,000	1,084,000
Changes in assets and liabilities:
Accounts receivable	46,000	720,000
Prepaid expenses and other assets	(1,598,000)	(595,000)
Environmental remediation obligations	(973,000)	(1,790,000)
Accounts payable and accrued liabilities	(1,488,000)	(3,100,000)
Net cash flow provided by operating activities	22,420,000	20,830,000
CASH FLOWS FROM INVESTING ACTIVITIES:
Property acquisitions	(48,095,000)	(7,037,000)
Capital expenditures	(141,000)
Addition to construction in progress	(99,000)	(13,000)
Proceeds from dispositions of real estate	2,639,000	10,369,000
Deposits for property acquisitions	7,830,000	(10,170,000)
Issuance of notes and mortgages receivable	(16,583,000)	(1,673,000)
Collection of notes and mortgages receivable	4,565,000	608,000
Net cash flow used in investing activities	(49,884,000)	(7,916,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under credit agreement	20,000,000	15,000,000
Repayments under credit agreement	(90,000,000)	(75,000,000)
Proceeds from senior unsecured notes	125,000,000	100,000,000
Repayments under senior unsecured notes	(75,043,000)
Payment of debt issuance costs	(414,000)	(588,000)
Payment of finance lease obligations	(79,000)	(112,000)
Security deposits refunded	(1,128,000)	(11,000)
Payments of cash dividends	(20,562,000)	(19,451,000)
Payments in settlement of restricted stock units	(1,002,000)	(496,000)
Net cash flow provided by financing activities	39,730,000	19,316,000
Change in cash, cash equivalents and restricted cash	12,266,000	32,230,000
Cash, cash equivalents and restricted cash at beginning of period	11,249,000	26,461,000
Cash, cash equivalents and restricted cash at end of period	23,515,000	58,691,000
Supplemental disclosures of cash flow information Cash paid during the period for:
Interest	7,371,000	6,074,000
Income taxes	404,000	0
Environmental remediation obligations	918,000	969,000
Non-cash transactions:
Dividends declared but not yet paid	20,969,000	19,618,000
ATM Program [Member]
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net	$ 82,958,000	$ (26,000)

Description of Business

Description of Business	3 Months Ended
	Mar. 31, 2023
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Description of Business	NOTE 1. — DESCRIPTION OF BUSINESS Getty Realty Corp. (“Getty Realty”) (NYSE: GTY), a Maryland corporation, is a publicly traded, net lease real estate investment trust (“REIT”) specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. Our predecessor was founded in 1955 and our common stock was listed on the New York Stock Exchange (“NYSE”) in 1997. Unless otherwise expressly stated or the context otherwise requires, the “Company,” “we,” “us,” and “our” as used herein refer to Getty Realty and its owned and controlled subsidiaries. Our portfolio includes convenience stores, car wash properties, automotive service centers (gasoline and repair, oil and maintenance, tire and battery, and collision), automotive parts retailers, and certain other freestanding retail properties, including drive-thru quick service restaurants. Our 1,047 properties a s of March 31, 2023 are located in 39 states and Washington, D.C., and our tenants operate under a variety of national and regional retail brands. We are internally managed by our management team, which has extensive experience acquiring, owning and managing convenience, automotive and other single tenant retail real estate, and our company is headquartered in New York, New York.

Accounting Policies

Accounting Policies	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Accounting Policies	NOTE 2. — ACCOUNTING POLICIES Basis of Presentation The consolidated financial statements include the accounts of Getty Realty Corp. and its wholly owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We do not distinguish our principal business or our operations on a geographical basis for purposes of measuring performance. We manage and evaluate our operations as a single segment. All significant intercompany accounts and transactions have been eliminated. Unaudited, Interim Consolidated Financial Statements The consolidated financial statements are unaudited but, in our opinion, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the periods presented. These statements should be read in conjunction with the consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022 . Use of Estimates, Judgments and Assumptions The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported. Estimates, judgments and assumptions underlying the accompanying consolidated financial statements include, but are not limited to, real estate, receivables, deferred rent receivable, direct financing leases, depreciation and amortization, impairment of long-lived assets, environmental remediation costs, environmental remediation obligations, litigation, accrued liabilities, income taxes and the allocation of the purchase price of properties acquired to the assets acquired and liabilities assumed. Application of these estimates and assumptions requires exercise of judgment as to future uncertainties and, as a result, actual results could differ materially from these estimates. Real Estate Real estate assets are stated at cost less accumulated depreciation and amortization. For acquisitions of real estate, we estimate the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant” and identified intangible assets and liabilities (consisting of leasehold interests, above-market and below-market leases, in-place leases and tenant relationships) and assumed debt. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as prepaid rent receivables or prepaid rent liabilities, respectively. Fair value is determined based on an exit price approach, which contemplates the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions used are property and geographic specific and may include, among other things, capitalization rates, market rental rates and EBITDA to rent coverage ratios. We expense transaction costs associated with business combinations in the period incurred. Acquisitions of real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition costs are capitalized and allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. For additional information regarding property acquisitions, see Note 11 – Property Acquisitions. We capitalize direct costs, including costs such as construction costs and professional services, and indirect costs associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use. We evaluate the held for sale classification of our real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. When real estate assets are sold or retired, the cost and related accumulated depreciation and amortization is eliminated from the respective accounts and any gain or loss is credited or charged to income. We evaluate real estate sale transactions where we provide seller financing to determine sale and gain recognition in accordance with GAAP. Expenditures for maintenance and repairs are charged to income when incurred. Direct Financing Leases Income under direct financing leases is included in revenues from rental properties and is recognized over the lease terms using the effective interest rate method which produces a constant periodic rate of return on the net investments in the leased properties. The investments in direct financing leases are increased for interest income earned and amortized over the life of the leases and reduced by the receipt of lease payments. We consider direct financing leases to be past-due or delinquent when a contractually required payment is not remitted in accordance with the provisions of the underlying agreement. On June 16, 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments (“ASU 2016-13”). The accounting standard became effective for us and was adopted on January 1, 2020. For additional information regarding our direct financing leases, see Note 3 - Leases. We review our direct financing leases each reporting period to determine whether there were any indicators that the value of our net investments in direct financing leases may be impaired and adjust the allowance for any estimated changes in the credit loss with the resulting change recorded through our consolidated statement of operations. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. There were no indicators for impairments of any of our direct financing leases during the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 , we did no t record any additional allowance for credit losses. When we enter into a contract to sell properties that are recorded as direct financing leases, we evaluate whether we believe that it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the property’s holding period is reduced, we may adjust an allowance for credit losses to reflect the change in the estimate of the undiscounted future rents. Accordingly, the net investment balance is written down to fair value. Notes and Mortgages Receivable Notes and mortgages receivable consists of loans originated by us in conjunction with property dispositions and funding provided to tenants in conjunction with property acquisitions and capital improvements. Notes and mortgages receivable are recorded at stated principal amounts. The ASU 2016-13 became effective for us and was adopted on January 1, 2020. We estimated our credit loss reserve for our notes and mortgages receivable using the weighted average remaining maturity (“WARM”) method, which has been identified as an acceptable loss-rate method for estimating credit loss reserves in the FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to our notes and mortgages portfolio over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We applied the WARM method for our notes and mortgages portfolio, which share similar risk characteristics. Application of the WARM method to estimate a credit loss reserve requires significant judgment, including (i) the historical loan loss reference data, (ii) the expected timing and amount of loan repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we used our historical loan performance since the launch of our loan origination business in 2013. As of March 31, 2023 and December 31, 2022 , the allowance for credit losses on notes and mortgages receivable was $ 278,000 . We also originate construction loans for the construction of income-producing properties which we expect to purchase via sale-leaseback transactions at the end of the construction period. During the three months ended March 31, 2023 , we funded $ 8,505,000 , including accrued interest, and, as of March 31, 2023 , had outstanding $ 29,989,000 of such construction loans, including accrued interest. Our construction loans generally provide for funding only during the construction period, which is typically nine to twelve months, although our policy is to consider construction periods as long as 24 months. Funds are disbursed based on inspections in accordance with a schedule reflecting the completion of portions of the projects. We also review and inspect each property before disbursement of funds during the term of the construction loan. At the end of the construction period, the construction loans will be repaid with the proceeds from the sale of the properties. In addition, we may acquire real estate assets under construction through sale-leaseback transactions and commit to provide additional funding to our tenants during the construction period to complete the properties. These transactions do not meet the criteria for sale-leaseback accounting and are accounted for as finance receivables. Accordingly, initial investments and all subsequent fundings made during the construction period are recorded within notes and mortgages receivable on our consolidated balance sheets, and rental payments resulting from these investments are recorded within interest on mortgages and notes receivable on the consolidated statements of operations. At the end of construction period, we will recognize the purchase of the assets, remove the finance receivables from the balance sheet, and begin to record rental income from the operating leases. During the three months ended March 31, 2023 , we funded $ 8,543,000 of such investments and, as of March 31, 2023, had a total of $ 8,543,000 of such investments recorded in notes and mortgages receivable. Revenue Recognition and Deferred Rent Receivable Lease payments from operating leases are recognized on a straight-line basis over the term of the leases. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms is recorded as deferred rent receivable on our consolidated balance sheets. We review our accounts receivable, including its deferred rent receivable, related to base rents, straight-line rents, tenant reimbursements and other revenues for collectability. Our evaluation of collectability primarily consists of reviewing past due account balances and considers such factors as the credit quality of our tenant, historical trends of the tenant, changes in tenant payment terms, current economic trends , and other facts and circumstances related to the applicable tenants . In addition, with respect to tenants in bankruptcy, we estimate the probable recovery through bankruptcy claims. If a tenant’s accounts receivable balance is considered uncollectable, we will write off the related receivable balances and cease to recognize lease income, including straight-line rent unless cash is received. If the collectability assessment subsequently changes to probable, any difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date, is recognized as a current-period adjustment to revenues from rental properties. Our reported net earnings are directly affected by our estimate of the collectability of our accounts receivable. The present value of the difference between the fair market rent and the contractual rent for above-market and below-market leases at the time properties are acquired is amortized into revenues from rental properties over the remaining terms of the in-place leases. Lease termination fees are recognized as other income when earned upon the termination of a tenant’s lease and relinquishment of space in which we have no further obligation to the tenant. The sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property. Impairment of Long-Lived Assets Assets are written down to fair value when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Assets held for disposal are written down to fair value less estimated disposition costs. We recorded impairment charges aggregating $ 522,000 and $ 1,038,000 for the three months ended March 31, 2023 and 2022, respectively, including charges aggregating $ 146,000 and $ 62,000 , respectively, that were related to properties that were previously disposed of by us. Our estimated fair values, as they relate to property carrying values, were primarily based upon estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids, for which we do not have access to the unobservable inputs used to determine these estimated fair values, and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence (this method was used to determine $ 0 and $ 694,000 of impairments recognized during the three months ended March 31, 2023 and 2022, respectively). During the three months ended March 31, 2023 and 2022, impairment charges aggregating $ 522,000 and $ 344,000 , respectively, resulted from the accumulation of asset retirement costs at certain properties due to changes in estimates associated with our estimated environmental liabilities, which increased the carrying values of these properties in excess of their fair values. The estimated fair value of real estate is based on the price that would be received from the sale of the property in an orderly transaction between market participants at the measurement date. In general, we consider multiple internal valuation techniques when measuring the fair value of a property, all of which are based on unobservable inputs and assumptions that are classified within Level 3 of the Fair Value Hierarchy. These unobservable inputs include assumed holding periods ranging up to 15 years, assumed average rent increases of 2.0 % annually, income capitalized at a rate of 8.0 % and cash flows discounted at a rate of 7.0 %. These assessments have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental rates and operating expenses that could differ materially from actual results in future periods. Where properties held for use have been identified as having a potential for sale, additional judgments are required related to the determination as to the appropriate period over which the projected undiscounted cash flows should include the operating cash flows and the amount included as the estimated residual value. This requires significant judgment. In some cases, the results of whether impairment is indicated are sensitive to changes in assumptions input into the estimates, including the holding period until expected sale. Fair Value of Financial Instruments All of our financial instruments are reflected in the accompanying consolidated balance sheets at amounts which, in our estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those separately disclosed in the notes below. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates of fair value that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported using a hierarchy (the “Fair Value Hierarchy”) that prioritizes the inputs to valuation techniques used to measure the fair value. The Fair Value Hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the Fair Value Hierarchy are as follows: “Level 1” – inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; “Level 2” – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and “Level 3” – inputs that are unobservable. Certain types of assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required or elected to be marked-to-market and reported at fair value every reporting period are valued on a recurring basis. Other assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are valued on a non-recurring basis. Environmental Remediation Obligations We record the fair value of a liability for an environmental remediation obligation as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. Environmental remediation obligations are estimated based on the level and impact of contamination at each property. The accrued liability is the aggregate of our estimate of the fair value of cost for each component of the liability. The accrued liability is net of estimated recoveries from state underground storage tank (“UST”) remediation funds considering estimated recovery rates developed from prior experience with the funds. Net environmental liabilities are currently measured based on their expected future cash flows which have been adjusted for inflation and discounted to present value. We accrue for environmental liabilities that we believe are allocable to other potentially responsible parties if it becomes probable that the other parties will not pay their environmental remediation obligations. For additional information regarding environmental obligations, see Note 6 – Environmental Obligations. Income Taxes We file a federal income tax return on which we consolidate our tax items and the tax items of our subsidiaries that are pass-through entities. Effective January 1, 2001, we elected to qualify, and believe that we are operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax on qualifying REIT income, provided that distributions to our stockholders equal at least the amount of our taxable income as defined under the Internal Revenue Code. We accrue for uncertain tax matters when appropriate. The accrual for uncertain tax positions is adjusted as circumstances change and as the uncertainties become more clearly defined, such as when audits are settled or exposures expire. Tax returns for the years 2019, 2020 and 2021, and tax returns which will be filed for the year ended 2022, remain open to examination by federal and state tax jurisdictions under the respective statutes of limitations . New Accounting Pronouncements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. We adopted ASU 2020-04 during 2022 and the adoption of ASU 2020-04 did not have a material impact on our consolidated financial statements.

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Leases	NOTE 3. — LEASES As Lessor As of March 31, 2023 , our portfolio included 1,047 properties of which we owned 1,007 properties and leased 40 properties from third-party landlords. These 1,047 properties are located in 39 states across the United States and Washington, D.C. Substantially all of our properties are leased on a triple-net basis to convenience store retailers, petroleum distributors, car wash operators and other automotive-related and retail tenants. Our tenants either operate their businesses at our properties directly or, in the case of certain convenience stores and gasoline and repair stations, sublet our properties and supply fuel to third parties who operate the businesses. Our triple-net lease tenants are responsible for the payment of all taxes, maintenance, repairs, insurance and other operating expenses relating to our properties, and are also responsible for environmental contamination occurring during the terms of their leases and in certain cases also for environmental contamination that existed before their leases commenced. For additional information regarding environmental obligations, see Note 6 – Environmental Obligations. The majority of our tenants’ financial results depend on convenience store sales, the sale of refined petroleum products and/or the sale of automotive services and parts. As a result, our tenants’ financial results can be dependent on the performance of the convenience retail, petroleum marketing, and automobile maintenance industries, each of which are highly competitive and can be subject to variability. During the terms of our leases, we monitor the credit quality of our triple-net lease tenants by reviewing their published credit rating, if available, reviewing publicly available financial statements, or reviewing financial or other operating statements which are delivered to us pursuant to applicable lease agreements, monitoring news reports regarding our tenants and their respective businesses, and monitoring the timeliness of lease payments and the performance of other financial covenants under their leases. Pursuant to lease accounting standards, for leases in which we are the lessor, we (i) retained the classification of our historical leases as we were not required to reassess classification upon adoption of the new standard, (ii) expense indirect leasing costs in connection with new or extended tenant leases, the recognition of which would have been deferred under prior accounting guidance and (iii) aggregate revenue from our lease components and non-lease components (comprised of tenant reimbursements) into revenue from rental properties. Revenues from Rental Properties Revenues from rental properties were $ 42,367,000 and $ 38,984,000 for the three months ended March 31, 2023 and 2022, respectively. Base rental income, including additional income, included in revenues from rental properties was $ 39,045,000 and $ 36,425,000 for the three months ended March 31, 2023 and 2022, respectively. In accordance with GAAP, we recognize rental revenue in amounts that vary from the base rental amount contractually due from tenants during the periods presented. Revenues from rental properties include (i) non-cash adjustments recorded for deferred rental revenue due to the recognition of rental income on a straight-line basis over the current lease term, (ii) the net amortization of above-market and below-market leases, (iii) rental income recorded under direct financing leases using the effective interest method which produces a constant periodic rate of return on the net investments in the leased properties and (iv) the amortization of deferred lease incentives (collectively, “Revenue Recognition Adjustments”). Revenue Recognition Adjustments included in revenues from rental properties resulted in a reduction in revenue of $ 257,000 and $ 576,000 for the three months ended March 31, 2023 and 2022, respectively. Tenant reimbursements, which are also included in revenues from rental properties and which consist of real estate taxes and other municipal charges paid by us and reimbursed by our tenants pursuant to the terms of triple-net lease agreements, were $ 3,579,000 and $ 3,135,000 for the three months ended March 31, 2023 and 2022, respectively. Investment in Direct Financing Leases The components of investment in direct financing leases, net as of March 31, 2023 and December 31, 2022 are as follows (in thousands): March 31, December 31, Lease payments receivable $ 82,050 $ 85,336 Unguaranteed residual value 13,928 13,928 Unearned Income ( 30,323 ) ( 32,184 ) Allowance for credit losses ( 895 ) ( 895 ) Total $ 64,760 $ 66,185 In accordance with ASU 2016-13, as of March 31, 2023 and December 31, 2022 , we had recorded an allowance for credit losses of $ 895,000 on investment in direct financing leases. Minimum Rents Due As of March 31, 2023, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands): Operating Direct 2023 $ 108,532 $ 13,271 2024 144,122 13,404 2025 144,341 12,865 2026 135,811 10,142 2027 128,707 10,378 Thereafter 789,591 21,990 Total $ 1,451,104 $ 82,050 As Lessee For leases in which we are the lessee, lease accounting standards require leases with durations greater than twelve months to be recognized on our consolidated balance sheets. We elected the package of transition provisions available for expired or existing contracts, which allowed us to carry forward our historical assessments of (i) whether contracts are or contain leases, (ii) lease classification and (iii) initial direct costs. As of January 1, 2019, we recognized operating lease right-of-use assets of $ 25,561,000 (net of deferred rent expense) and operating lease liabilities of $ 26,087,000 , both of which were presented on our consolidated financial statements. The right-of-use assets and lease liabilities are carried at the present value of the remaining expected future lease payments. When available, we use the rate implicit in the lease to discount lease payments to present value; however, our current leases did not provide a readily determinable implicit rate. Therefore, we estimated our incremental borrowing rate to discount the lease payments based on information available and considered factors such as interest rates available to us on a fully collateralized basis and terms of the leases. ASU 2016-02 did not have a material impact on our consolidated balance sheets or on our consolidated statements of operations. The most significant impact was the recognition of right-of-use assets and lease liabilities for operating leases, while our accounting for finance leases remained substantially unchanged. The following presents the lease-related assets and liabilities (in thousands): March 31, Assets Right-of-use assets - operating $ 17,316 Right-of-use assets - finance 251 Total lease assets $ 17,567 Liabilities Lease liability - operating $ 19,024 Lease liability - finance 1,439 Total lease liabilities $ 20,463 The following presents the weighted average lease terms and discount rates of our leases: Weighted-average remaining lease term (years) Operating leases 7.2 Finance leases 5.4 Weighted-average discount rate Operating leases (a) 4.70 % Finance leases 16.70 % (a) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019. The following presents our total lease costs (in thousands): For the Three Months 2023 Operating lease cost $ 858 Finance lease cost Amortization of leased assets 79 Interest on lease liabilities 74 Short-term lease cost — Total lease cost $ 1,011 The following presents supplemental cash flow information related to our leases (in thousands): For the Three Months 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 915 Operating cash flows for finance leases 74 Financing cash flows for finance leases 79 As of March 31, 2023, scheduled lease liabilities mature as follows (in thousands): Operating Direct 2023 $ 2,651 $ 561 2024 3,403 502 2025 3,025 331 2026 2,882 340 2027 2,469 204 Thereafter 8,676 160 Total lease payments 23,106 2,098 Less: amount representing interest ( 4,082 ) ( 659 ) Present value of lease payments $ 19,024 $ 1,439 Major Tenants As of March 31, 2023 and 2022, we had three significant tenants by revenue: 2023 2022 Number of Properties % of Total Number of Properties % of Total ARKO Corp. (NASDAQ: ARKO) 150 16.0 % 128 15.0 % Global Partners LP (NYSE: GLP) 150 15.0 % 150 15.0 % APRO, LLC (d/b/a United Oil) 77 10.0 % 78 12.0 % Getty Petroleum Marketing Inc. Getty Petroleum Marketing Inc. (“Marketing”) was our largest tenant from 1997 until 2012 under a unitary triple-net master lease that was terminated in April 2012 as a consequence of Marketing’s bankruptcy, at which time we either sold or re-leased these properties. As of March 31, 2023 , 328 of the properties we own or lease were previously leased to Marketing, of which 300 properties are subject to long-term triple-net leases with petroleum distributors across 12 separate portfolios and 23 properties are leased as single unit triple-net leases (an additional three properties are under redevelopment and two are vacant). The portfolio leases covering properties previously leased to Marketing are unitary triple-net lease agreements with an average remaining lease term of approximately 5.0 years and multiple renewal terms. Rent is scheduled to increase at varying intervals during both the initial and renewal terms of these leases. Several of the leases provide for additional rent based on the aggregate volume of fuel sold. In addition, the majority of the portfolio leases require the tenants to invest capital in our properties, substantially all of which is related to the replacement of USTs that are owned by our tenants. As of March 31, 2023 , we have a remaining commitment to fund up to $ 6,529,000 in the aggregate with our tenants for our portion of such capital improvements. Our commitment provides us with the option to either reimburse our tenants or to offset rent when these capital expenditures are made. This deferred expense is recognized on a straight-line basis as a reduction of rental revenue in our consolidated statements of operations over the life of the various leases. As part of the triple-net leases for properties previously leased to Marketing, we transferred title of the USTs to our tenants, and the obligation to pay for the retirement and decommissioning or removal of USTs at the end of their useful lives, or earlier if circumstances warranted, was fully or partially transferred to our new tenants. We remain contingently liable for this obligation in the event that our tenants do not satisfy their responsibilities. Accordingly, through March 31, 2023 , we have removed $ 13,813,000 of asset retirement obligations and $ 10,808,000 of net asset retirement costs related to USTs from our balance sheet. The cumulative change of $ 842,000 (net of accumulated amortization of $ 2,163,000 ) is recorded as deferred rental revenue and will be recognized on a straight-line basis as additional revenues from rental properties over the terms of the various leases.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingencies	NOTE 4. — COMMITMENT S AND CONTINGENCIES Credit Risk In order to minimize our exposure to credit risk associated with financial instruments, we place our temporary cash investments, if any, with high credit quality institutions. Temporary cash investments, if any, are currently held in an overnight bank time deposit with JPMorgan Chase Bank, N.A. and these balances, at times, may exceed federally insurable limits. Legal Proceedings We are involved in various legal proceedings and claims which arise in the ordinary course of our business. As of March 31, 2023 and December 31, 2022 , we had accrued $ 0 and $ 285,000 , respectively, for certain of these matters which we believe were appropriate based on information then currently available. We are unable to estimate ranges in excess of the amount accrued with any certainty for these matters. It is possible that our assumptions regarding the ultimate allocation method and share of responsibility that we used to allocate environmental liabilities may change, which may result in our providing an accrual, or adjustments to the amounts recorded, for environmental litigation accruals. Matters related to our former Newark, New Jersey Terminal and the Lower Passaic River, and our methyl tertiary butyl ether (a fuel derived from methanol, commonly referred to as “MTBE”) litigations in the states of Pennsylvania and Maryland, in particular, could cause a material adverse effect on our business, financial condition, results of operations, liquidity, ability to pay dividends or stock price. Matters related to our former Newark, New Jersey Terminal and the Lower Passaic River In 2004, the United States Environmental Protection Agency (“EPA”) issued General Notice Letters (“GNL”) to over 100 entities, including us, alleging that they are potentially responsible parties (“PRPs”) with respect to a 17-mile stretch of the Passaic River from Dundee Dam to the Newark Bay and its tributaries (the Lower Passaic River Study Area or “LPRSA”). The LPRSA is part of the Diamond Alkali Superfund Site (“Superfund Site”) that includes the former Diamond Shamrock Corporation manufacturing facility located at 80-120 Lister Ave. in Newark, New Jersey (the “Diamond Shamrock Facility”), the LPRSA, and the Newark Bay Study Area (i.e., Newark Bay and portions of surrounding rivers and channels). One of the GNL recipients is Occidental Chemical Corporation (“Occidental”), the predecessor to the former owner/operator of the Diamond Shamrock Facility responsible for the discharge of 2,3,8,8-TCDD (“dioxin”) and other hazardous substances. In May 2007, over 70 GNL recipients, including us, entered into an Administrative Settlement Agreement and Order on Consent (“AOC”) with the EPA to perform a Remedial Investigation and Feasibility Study (“RI/FS”) for the LPRSA to address investigation and evaluation of alternative remedial actions with respect to alleged damages to the entire 17-mile LPRSA, which EPA has designated Operable Unit 4 or “OU4”. Many of the parties to the AOC, including us, are also members of a Cooperating Parties Group (“CPG”). In 2015, the CPG submitted a draft RI/FS to EPA setting forth various alternatives for remediating the LPRSA. In October 2018, the EPA issued a letter directing the CPG to prepare a streamlined feasibility study for just the upper 9-miles of the LPRSA based on an iterative approach using adaptive management strategies. On December 4, 2020, the CPG submitted a Final Draft Interim Remedy Feasibility Study (“IR/FS”) to the EPA which identified various targeted dredge and cap alternatives for the upper 9-miles of the LPRSA. On September 28, 2021, the EPA issued a Record of Decision (“ROD”) for the upper 9-mile IR/FS (“Upper 9-mile IR ROD”) consisting of dredging and capping to control sediment sources of dioxin and PCBs at an estimated cost of $ 441,000,000 . In addition to the RI/FS activities, in June 2012, certain members of the CPG entered into an Administrative Settlement Agreement and Order on Consent (“10.9 AOC”) with the EPA to perform certain remediation activities, including removal and capping of sediments at the river mile 10.9 area and certain testing, which remedial work has been completed. Concurrent with the CPG’s work on the RI/FS, on April 11, 2014, the EPA issued a draft Focused Feasibility Study (“FFS”) with proposed remedial alternatives to remediate the lower 8.3-miles of the LPRSA. On March 4, 2016, the EPA issued a ROD for the lower 8.3-miles (“Lower 8-mile ROD”) selecting a remedy that involves bank-to-bank dredging and installing an engineered cap with an estimated cost of $ 1,380,000,000 . On March 31, 2016, the EPA issued a “Notice of Potential Liability and Commencement of Negotiations for Remedial Design” (“Notice”) to more than 100 PRPs, including us, which informed the recipients that the EPA intends to seek an Administrative Order on Consent and Settlement Agreement with Occidental (who the EPA considers the primary contributor of dioxin and other pesticides generated from the production of Agent Orange at its Diamond Shamrock Facility and a discharger of other contaminants of concern (“COCs”) to the Superfund Site) requiring Occidental to prepare the remedial design of the remedy selected in the Lower 8-mile ROD. The EPA has designated the lower 8.3 miles of the LPRSA as Operable Unit 2 or “OU2”, which is geographically subsumed within OU4. On September 30, 2016, Occidental entered into an agreement with the EPA to perform the remedial design for OU2. By letter dated March 30, 2017, the EPA advised the recipients of the Notice that it would be entering into cash out settlements with certain PRPs who the EPA stated did not discharge any of the eight hazardous substances identified as a COC in the Lower 8-mile ROD to resolve their alleged liability for OU2. Cash out settlements were finalized in 2018 and 2021 with a total of 21 PRPs. EPA’s March 30, 2017 Letter also stated that other parties who did not discharge dioxins, furans or polychlorinated biphenyls (which are considered the COCs posing the greatest risk to the river) may also be eligible for cash out settlements, and that the EPA would begin a process for identifying such other PRPs for negotiation of future cash out settlements and to initiate negotiations with Occidental and other major PRPs for the implementation and funding of the OU2 remedy. In August 2017, the EPA appointed an independent third-party allocation expert to conduct a confidential allocation proceeding that would assign non-binding shares of responsibility to PRPs identified by EPA for cash out settlements. Most of the PRPs identified by EPA, including the Company, participated in the allocation process. Occidental did not participate in the allocation proceedings, but filed a complaint on June 30, 2018, listing over 120 defendants, including us, in the United States District Court for the District of New Jersey seeking cost recovery and contribution under the Comprehensive Environmental Response, Compensation, and Liability Act for response costs incurred and to be incurred relating to the LPRSA, including the investigation, design, and anticipated implementation of the OU2 remedy (the “Occidental Lawsuit”). We continue to defend the claims asserted in the Occidental Lawsuit individually and in coordination with a group of several other named defendants known as the “Small Parties Group” or “SPG” consistent with our defenses in the related proceedings. On December 20, 2022, the parties filed an uncontested motion to stay the Occidental Lawsuit proceedings for six months while the court considers a proposed consent decree, discussed below, which, if approved, would bar the claims asserted against us for past and/or future response costs relating to the LPRSA, including the OU2 remedy. The allocator issued a final Allocation Recommendation Report in December 2020, which was based upon an allocation methodology approved by EPA that contains associated allocation shares for each of the parties invited to participate in the allocation, including Occidental - who the allocator concluded was responsible for more than 99% of the costs to implement the OU2 remedy. As a result of the allocation process, the EPA and 85 parties (the “Settling Parties”), including us, began settlement negotiations and reached an agreement on a cash-out settlement to resolve their alleged liability for the remediation of the entire LPRSA. The EPA concluded that the Settling Parties, individually and collectively, were responsible for only a minor share of the response costs incurred and to be incurred at or in connection with implementing the OU2 and OU4 remedies for the entire 17-mile Lower Passaic River. In December 2022, the EPA and the Settling Parties finalized their agreement in a proposed consent decree (“CD”), pursuant to which and without admitting liability, the Settling Parties agree to pay EPA the collective sum of $ 150,000,000 in exchange for contribution protection from claims by non-settling PRPs (including Occidental) for the matters addressed in the CD and the issuance of a notice of completion by EPA of both the 2007 RI/FS AOC and the 10.9 AOC, upon completion of certain defined tasks in the CD. All 85 Settling Parties contributed an agreed upon share of the settlement amount, which are subject to a confidentiality agreement. Our settlement contribution is in line with our legal reserves previously established and transferred to an escrow account based on likelihoods reasonably known to us at this time. On December 16, 2022, the United States filed an action in the New Jersey District Court against the Settling Defendants which included lodging of the proposed CD to resolve claims against the Settling Parties for costs associated with cleaning up the LPRSA. This action (the “CD Action”) is subject to public comment and court approval. On December 22, 2022, the EPA published a notice of lodging of the proposed CD in the Federal Register, opening a 45-day public comment period, which was subsequently extended to 90-days. On December 23, 2022, Occidental filed a motion to intervene in the CD Action contending that it intends to challenge the proposed CD and seek to preserve its contribution claims against the Settling Parties in the pending Occidental Lawsuit. If the CD Action is approved in its current form, our alleged liability to the EPA as well as any non-settling parties, including Occidental, for the remediation of the entire 17-mile Lower Passaic River and its tributaries will be resolved. In the event the District Court does not approve the proposed CD, based on currently known facts and circumstances, including, among other factors, the EPA’s conclusion that we are individually and collectively with numerous other parties only responsible for a minor share of the response costs incurred or to be incurred in connection with the LPRSA, our relative participation in the costs related to the 2007 AOC and 10.9 AOC, our belief that there was not any use or discharge of dioxins, furans or polychlorinated biphenyls in connection with our former petroleum storage operations at our former Newark, New Jersey Terminal, and that there are numerous other parties who will likely bear the costs of remediation and/or damages, we do not believe that resolution of the Lower Passaic River proceedings as relates to us is reasonably likely to have a material impact on our results of operations. Nevertheless, if the proposed CD is not approved by the District Court in its current form, performance of the EPA’s selected remedies for the LPRSA may be subject to future negotiation, potential enforcement proceedings and/or possible litigation and, on this basis, our ultimate liability in the pending and possible future proceedings pertaining to the LPRSA remains uncertain and subject to contingencies which cannot be predicted and the outcome of which are not yet known. The Company has established an estimated legal reserve and transferred funds to an escrow account based on likelihoods reasonably known to us at this time, however it is possible that circumstances may change and losses related to the Lower Passaic River proceedings could exceed the amounts we have accrued. MTBE Litigation – State of Pennsylvania On July 7, 2014, our subsidiary, Getty Properties Corp., was served with a complaint filed by the Commonwealth of Pennsylvania (the “State”) in the Court of Common Pleas, Philadelphia County relating to alleged statewide MTBE contamination in Pennsylvania. The named plaintiff is the State, by and through (then) Pennsylvania Attorney General Kathleen G. Kane (as Trustee of the waters of the State), the Pennsylvania Insurance Department (which governs and administers the Underground Storage Tank Indemnification Fund), the Pennsylvania Department of Environmental Protection (vested with the authority to protect the environment) and the Pennsylvania Underground Storage Tank Indemnification Fund. The complaint names us and more than 50 other petroleum refiners, manufacturers, distributors and retailers of MTBE or gasoline containing MTBE who are alleged to have distributed, stored and sold MTBE gasoline in Pennsylvania. The complaint seeks compensation for natural resource damages and for injuries sustained as a result of “defendants’ unfair and deceptive trade practices and act in the marketing of MTBE and gasoline containing MTBE.” The plaintiffs also seek to recover costs paid or incurred by the State to detect, treat and remediate MTBE from public and private water wells and groundwater. The plaintiffs assert causes of action against all defendants based on multiple theories, including strict liability – defective design; strict liability – failure to warn; public nuisance; negligence; trespass; and violation of consumer protection law. The case was filed in the Court of Common Pleas, Philadelphia County, but was removed by defendants to the United States District Court for the Eastern District of Pennsylvania and then transferred to the United States District Court for the Southern District of New York so that it may be managed as part of the ongoing MTBE MDL proceedings. In November 2015, plaintiffs filed a Second Amended Complaint naming additional defendants and adding factual allegations against the defendants. We joined with other defendants in the filing of a motion to dismiss the claims against us, which was granted in part and denied in part. We are vigorously defending the claims made against us. Our ultimate liability in this proceeding is uncertain and subject to numerous contingencies which cannot be predicted and the outcome of which are not yet known. MTBE Litigation – State of Maryland On December 17, 2017, the State of Maryland, by and through the Attorney General on behalf of the Maryland Department of Environment and the Maryland Department of Health (the “State of Maryland”), filed a complaint in the Circuit Court for Baltimore City related to alleged statewide MTBE contamination in Maryland. The complaint was served upon us on January 19, 2018. The complaint names us and more than 60 other defendants. The complaint seeks compensation for natural resource damages and for injuries sustained as a result of the defendants’ unfair and deceptive trade practices in the marketing of MTBE and gasoline containing MTBE. The plaintiffs also seek to recover costs paid or incurred by the State of Maryland to detect, investigate, treat and remediate MTBE from public and private water wells and groundwater, punitive damages and the award of attorneys’ fees and litigation costs. The plaintiffs assert causes of action against all defendants based on multiple theories, including strict liability – defective design; strict liability – failure to warn; strict liability for abnormally dangerous activity; public nuisance; negligence; trespass; and violations of Titles 4, 7 and 9 of the Maryland Environmental Code. On February 14, 2018, defendants removed the case to the United States District Court for the District of Maryland. We are vigorously defending the claims made against us. Our ultimate liability, if any, in this proceeding is uncertain and subject to numerous contingencies which cannot be predicted and the outcome of which are not yet known.

Debt

Debt	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Debt	NOTE 5. — DEBT The amounts outstanding under our credit agreement and our senior unsecured notes are as follows (in thousands): Maturity Interest March 31, December 31, Revolving Facility October 2025 — $ — $ 70,000 Series B Notes June 2023 — — 75,000 Series C Notes February 2025 4.75 % 50,000 50,000 Series D-E Notes June 2028 5.47 % 100,000 100,000 Series F-H Notes September 2029 3.52 % 125,000 125,000 Series I-K Notes November 2030 3.43 % 175,000 175,000 Series L-N Notes February 2032 3.45 % 100,000 100,000 Series O-Q Notes January 2033 3.65 % 125,000 — Total debt 675,000 695,000 Unamortized debt issuance costs, net (a) ( 3,704 ) ( 3,545 ) Total debt, net $ 671,296 $ 691,455 (a) Unamortized debt issuance costs related to the Revolving Facility were $ 1,922 and $ 2,036 as of March 31, 2023 and December 31, 2022 , respectively, and are included in prepaid expenses and other assets on our consolidated balance sheets. Credit Agreement In October 2021, the Company entered into a second amended and restated credit agreement (as amended, the “Second Restated Credit Agreement”). The Second Restated Credit Agreement provides for an unsecured revolving credit facility (the “Revolving Facility”) in an aggregate principal amount of $ 300,000,000 and includes an accordion feature to increase the revolving commitments or add one or more tranches of term loans up to an additional aggregate amount not to exceed $ 300,000,000 , subject to certain conditions, including one or more new or existing lenders agreeing to provide commitments for such increased amount and that no default or event of default shall have occurred and be continuing under the terms of the Revolving Facility. The Revolving Facility matures October 27, 2025 , subject to two six-month extensions (for a total of 12 months) exercisable at the Company's option. The Company's exercise of an extension option is subject to the absence of any default under the Second Restated Credit Agreement and the Company's compliance with certain conditions, including the payment of extension fees to the Lenders under the Revolving Facility and that no default or event of default shall have occurred and be continuing under the terms of the Revolving Facility. In December 2022, the Company entered into the First Amendment to the Second Restated Credit Agreement to transition the applicable interest rates and default rate thereunder from LIBOR-based rates to SOFR-based rates. Borrowings under the Revolving Facility bear interest at a rate equal to the sum of a SOFR rate plus a margin of 1.30 % to 1.90 % or the sum of a base rate plus a margin of 0.30 % to 0.90 % based on the Company’s consolidated total indebtedness to total asset value ratio at the end of each quarterly reporting period. The per annum rate of the unused line fee on the undrawn funds under the Revolving Facility is 0.15 % to 0.25 % based on the Company’s daily unused portion of the available Revolving Facility. Senior Unsecured Notes In February 2022, the Company entered into a sixth amended and restated note purchase and guarantee agreement with The Prudential Insurance Company of America and certain of its affiliates (collectively, “Prudential”) (the "Sixth Amended and Restated Prudential Agreement") pursuant to which, in January 2023, the Company issued $ 80,000,000 of 3.65 % Series Q Guaranteed Senior Notes due January 20, 2033 (the “Series Q Notes”) to Prudential and used the proceeds to repay the $ 75,000,000 of 5.35 % Series B Guaranteed Senior Notes due June 2, 2023 (the “Series B Notes”) outstanding under its fifth amended and restated note purchase and guarantee agreement with Prudential (the "Fifth Amended and Restated Prudential Agreement"). The other senior unsecured notes outstanding under the Fifth Amended and Restated Prudential Agreement, including (i) $ 50,000,000 of 4.75 % Series C Guaranteed Senior Notes due February 25, 2025 (the “Series C Notes”), (ii) $ 50,000,000 of 5.47 % Series D Guaranteed Senior Notes due June 21, 2028 (the “Series D Notes”), (iii) $ 50,000,000 of 3.52 % Series F Guaranteed Senior Notes due September 12, 2029 (the “Series F Notes”) and (iv) $ 100,000,000 of 3.43 % Series I Guaranteed Senior Notes due November 25, 2030 (the “Series I Notes”), remain outstanding under the Sixth Amended and Restated Prudential Agreement. In February 2022, the Company entered into a second amended and restated note purchase and guarantee agreement with American General Life Insurance Company and certain of its affiliates (collectively, “AIG”) (the “Second Amended and Restated AIG Agreement”) pursuant to which it issued $ 55,000,000 of 3.45 % Series L Guaranteed Senior Notes due February 22, 2032 (the “Series L Notes”) to AIG. The other senior unsecured notes outstanding under the Company's first amended and restated note purchase and guarantee agreement with AIG (the “First Amended and Restated AIG Agreement”), including (i) $ 50,000,000 of 3.52 % Series G Guaranteed Senior Notes due September 12, 2029 (the “Series G Notes”) and (ii) $ 50,000,000 of 3.43 % Series J Guaranteed Senior Notes due November 25, 2030 (the “Series J Notes”), remain outstanding under the Second Amended and Restated AIG Agreement. In February 2022, the Company entered into a second amended and restated note purchase and guarantee agreement with Massachusetts Mutual Life Insurance Company and certain of its affiliates (collectively, “MassMutual”) (the “Second Amended and Restated MassMutual Agreement”) pursuant to which it issued $ 20,000,000 of 3.45 % Series M Guaranteed Senior Notes due February 22, 2032 (the “Series M Notes”) and, in January 2023, $ 20,000,000 of 3.65 % Series O Guaranteed Senior Notes due January 20, 2033 (the “Series O Notes”) to MassMutual. The other senior unsecured notes outstanding under the Company's first amended and restated note purchase and guarantee agreement with MassMutual (the “First Amended and Restated MassMutual Agreement”), including (i) $ 25,000,000 of 3.52 % Series H Guaranteed Senior Notes due September 12, 2029 (the “Series H Notes”) and (ii) $ 25,000,000 of 3.43 % Series K Guaranteed Senior Notes due November 25, 2030 (the “Series K Notes”), remain outstanding under the Second Amended and Restated MassMutual Agreement. In February 2022, the Company entered into a note purchase and guarantee agreement with New York Life Insurance Company and certain of its affiliates (collectively, “New York Life”) (the “New York Life Agreement”) pursuant to which it issued $ 25,000,000 of 3.45 % Series N Guaranteed Senior Notes due February 22, 2032 (the “Series N Notes”) and, in January 2023, $ 25,000,000 of 3.65 % Series P Guaranteed Senior Notes due January 20, 2033 (the “Series P Notes”) to New York Life. On June 21, 2018, the Company entered into a note purchase and guarantee agreement with MetLife and certain of its affiliates (collectively, "MetLife") (the “MetLife Agreement”) pursuant to which it issued $ 50,000,000 of 5.47 % Series E Guaranteed Senior Notes due June 21, 2028 (the “Series E Notes”) to MetLife. The funded and outstanding Series C Notes, Series D Notes, Series E Notes, Series F Note, Series G Notes, Series H Notes, Series I Notes, Series J Notes, Series K Notes, Series L Notes, Series M Notes, Series N Notes, Series O Notes, Series P Notes, and Series Q Notes are collectively referred to the "senior unsecured notes" Covenants The Second Restated Credit Agreement and our senior unsecured notes contain customary financial covenants such as leverage, coverage ratios and minimum tangible net worth, as well as limitations on restricted payments, which may limit our ability to incur additional debt or pay dividends. The Second Restated Credit Agreement and our senior unsecured notes also contain customary events of default, including cross defaults to each other, change of control and failure to maintain REIT status (provided that the senior unsecured notes require a mandatory offer to prepay the notes upon a change in control in lieu of a change of control event of default). Any event of default, if not cured or waived in a timely manner, would increase by 200 basis points ( 2.00 %) the interest rate we pay under the Second Restated Credit Agreement and our senior unsecured notes, and could result in the acceleration of our indebtedness under the Second Restated Credit Agreement and our senior unsecured notes. We may be prohibited from drawing funds under the Revolving Facility if there is any event or condition that constitutes an event of default under the Second Restated Credit Agreement or that, with the giving of any notice, the passage of time, or both, would be an event of default under the Second Restated Credit Agreement. As of March 31, 2023, we are in compliance with all of the material terms of the Second Restated Credit Agreement and our senior unsecured notes, including the various financial covenants described herein. Debt Maturities As of March 31, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Revolving Senior Total 2023 — — — 2024 — — — 2025 (a) — 50,000 50,000 2026 — — — 2027 — — — Thereafter — 625,000 625,000 Total $ — $ 675,000 $ 675,000 (a) The Revolving Facility matures in October 2025 . Subject to the terms of the Second Restated Credit Agreement and our continued compliance with its provisions, we have the option to extend the term of the Revolving Facility for two six month periods to October 2026 .

Environmental Obligations

Environmental Obligations	3 Months Ended
	Mar. 31, 2023
Environmental Remediation Obligations [Abstract]
Environmental Obligations	NOTE 6. — ENVIRONMENTAL OBLIGATIONS We are subject to numerous federal, state and local laws and regulations, including matters relating to the protection of the environment such as the remediation of known contamination and the retirement and decommissioning or removal of long-lived assets including buildings containing hazardous materials, USTs and other equipment. Environmental costs are principally attributable to remediation costs which are incurred for, among other things, removing USTs, excavation of contaminated soil and water, installing, operating, maintaining and decommissioning remediation systems, monitoring contamination and governmental agency compliance reporting required in connection with contaminated properties. We enter into leases and various other agreements which contractually allocate responsibility between the parties for known and unknown environmental liabilities at or relating to the subject properties. We are contingently liable for these environmental obligations in the event that our tenant does not satisfy them, and we are required to accrue for environmental liabilities that we believe are allocable to others under our leases if we determine that it is probable that our tenant will not meet its environmental obligations. It is possible that our assumptions regarding the ultimate allocation method and share of responsibility that we used to allocate environmental liabilities may change, which may result in material adjustments to the amounts recorded for environmental litigation accruals and environmental remediation liabilities. We assess whether to accrue for environmental liabilities based upon relevant factors including our tenants’ histories of paying for such obligations, our assessment of their financial capability, and their intent to pay for such obligations. However, there can be no assurance that our assessments are correct or that our tenants who have paid their obligations in the past will continue to do so. As the property owner, we may ultimately be responsible for the payment of environmental liabilities if our tenant fails to pay them. The estimated future costs for known environmental remediation requirements are accrued when it is probable that a liability has been incurred and a reasonable estimate of fair value can be made. The accrued liability is the aggregate of our estimate of the fair value of cost for each component of the liability, net of estimated recoveries from state UST remediation funds considering estimated recovery rates developed from prior experience with the funds. For substantially all of our triple-net leases, our tenants are contractually responsible for compliance with environmental laws and regulations, removal of USTs at the end of their lease term (the cost of which is mainly the responsibility of our tenant, but in certain cases partially paid for by us) and remediation of any environmental contamination that arises during the term of their tenancy. In addition, for substantially all of our triple-net leases, our tenants are contractually responsible for known environmental contamination that existed at the commencement of the lease and for preexisting unknown environmental contamination that is discovered during the term of the lease. For the subset of our triple-net leases which cover properties previously leased to Marketing (substantially all of which commenced in 2012), the allocation of responsibility differs from our other triple-net leases as it relates to preexisting known and unknown contamination. Under the terms of our leases covering properties previously leased to Marketing, we agreed to be responsible for environmental contamination that was known at the time the lease commenced, and for unknown environmental contamination which existed prior to commencement of the lease and which is discovered (other than as a result of a voluntary site investigation) during the first 10 years of the lease term (or a shorter period for a minority of such leases) (a “Lookback Period”). Similarly, for certain properties previously leased to Marketing which we have sold, we have agreed to be responsible for environmental contamination that was known at the time of the sale and for unknown environmental contamination which existed prior to the sale and which is discovered (other than as a result of a voluntary site investigation) within 5 years of the closing (also, a “Lookback Period”). Substantially all of these Lookback Periods have now expired, therefore responsibility for all newly discovered contamination at these properties, even if it relates to periods prior to commencement of the lease or sale, is the contractual responsibility of our tenant or buyer, as the case may be. Based on the expiration of the Lookback Periods, together with other factors which have significantly mitigated our potential liability for preexisting environmental obligations, including the absence of any contractual obligations relating to properties which have been sold, quantifiable trends associated with types and ages of USTs at issue, expectations regarding future UST replacements, and historical trends and expectations regarding discovery of preexisting unknown environmental contamination and/or attempted pursuit of the Company therefor, we concluded that there is no material continued risk of having to satisfy contractual obligations relating to preexisting unknown environmental contamination at certain properties. Accordingly, as of December 31, 2022, we had removed $ 23,543,000 of unknown reserve liabilities which had previously been accrued for these properties. There were no additional removals of unknown reserve liabilities for three months ended March 31, 2023. We continue to anticipate that our tenants under leases where the Lookback Periods have expired will replace USTs in the years ahead as these USTs near the end of their expected useful lives. At many of these properties the USTs in use are fabricated with older generation materials and technologies and we believe it is prudent to expect that upon their removal preexisting unknown environmental contamination will be identified. Although contractually these tenants are now responsible for preexisting unknown environmental contamination that is discovered during UST replacements, because the applicable Lookback Periods have expired before the end of the initial term of these leases, together with other relevant factors, we believe there remains continued risk that we will be responsible for remediation of preexisting environmental contamination associated with future UST removals at certain properties. Accordingly, we believe it is appropriate at this time to maintain $ 11,133,000 of unknown reserve liabilities for certain properties with respect to which the Lookback Periods have expired as of March 31, 2023. In the course of UST removals and replacements at certain properties previously leased to Marketing where we retained responsibility for preexisting unknown environmental contamination until expiration of the applicable Lookback Period, environmental contamination has been and continues to be discovered. As a result, we developed an estimate of fair value for the prospective future environmental liability resulting from preexisting unknown environmental contamination and accrued for these estimated costs. These estimates are based primarily upon quantifiable trends which we believe allow us to make reasonable estimates of fair value for the future costs of environmental remediation resulting from the anticipated removal and replacement of USTs. Our accrual of this liability represents our estimate of the fair value of the cost for each component of the liability, net of estimated recoveries from state UST remediation funds considering estimated recovery rates developed from prior experience. In arriving at our accrual, we analyzed the ages and expected useful lives of USTs at properties where we would be responsible for preexisting unknown environmental contamination and we projected a cost to closure for remediation of such contamination. We measure our environmental remediation liabilities at fair value based on expected future net cash flows, adjusted for inflation (using a range of 2.0 % to 2.75 %), and then discount them to present value (using a range of 4.0 % to 7.0 %). We adjust our environmental remediation liabilities quarterly to reflect changes in projected expenditures, changes in present value due to the passage of time and reductions in estimated liabilities as a result of actual expenditures incurred during each quarter. As of March 31, 2023 , we had accrued a total of $ 23,020,000 for our prospective environmental remediation obligations. This accrual consisted of (a) $ 10,633,000 of known reserve liabilities which was our estimate of reasonably estimable environmental remediation liability, including obligations to remove USTs for which we are responsible, net of estimated recoveries, and (b) $ 12,387,000 of unknown reserve liabilities, which was our estimate of future environmental liabilities related to preexisting unknown contamination. As of December 31, 2022 , we had accrued a total of $ 23,155,000 for our prospective environmental remediation obligations. This accrual consisted of (a) $ 10,797,000 of known reserve liabilities and (b) $ 12,358,000 of unknown reserve liabilities. Environmental liabilities are accreted for the change in present value due to the passage of time and, accordingly, $ 158,000 and $ 444,000 of net accretion expense was recorded for the three months ended March 31, 2023 and 2022, respectively, which is included in environmental expenses. In addition, during the three months ended March 31, 2023 and 2022 , we recorded credits to environmental expenses aggregating $ 57,000 and $ 821,000 , respectively, where decreases in estimated remediation costs exceeded the depreciated carrying value of previously capitalized asset retirement costs. Environmental expenses also include project management fees, legal fees and environmental litigation accruals. For the three months ended March 31, 2023 and 2022 , changes in environmental estimates aggregating, $ 21,000 and $ 40,000 , respectively, were related to properties that were previously disposed of by us. During the three months ended March 31, 2023 and 2022 , we increased the carrying values of certain of our properties by $ 682,000 and $ 526,000 , respectively, due to changes in estimated environmental remediation costs. The recognition and subsequent changes in estimates in environmental liabilities and the increase or decrease in carrying values of the properties are non-cash transactions which do not appear on our consolidated statements of cash flows. Capitalized asset retirement costs are being depreciated over the estimated remaining life of the UST, a 10 -year period if the increase in carrying value is related to environmental remediation obligations or such shorter period if circumstances warrant, such as the remaining lease term for properties we lease from others. Depreciation and amortization expense related to capitalized asset retirement costs in our consolidated statements of operations for the three months ended March 31, 2023 and 2022 was $ 754,000 and $ 1,002,000 , respectively. Capitalized asset retirement costs were $ 33,361,000 (consisting of $ 24,890,000 of known environmental liabilities and $ 8,471,000 of reserves for future environmental liabilities related to preexisting unknown contamination) as of March 31, 2023 , and $ 33,213,000 (consisting of $ 24,742,000 of known environmental liabilities and $ 8,471,000 of reserves for future environmental liabilities related to preexisting unknown contamination) as of December 31, 2022 . We recorded impairment charges aggregating $ 522,000 and $ 344,000 for the three months ended March 31, 2023 and 2022, respectively, for capitalized asset retirement costs. Environmental exposures are difficult to assess and estimate for numerous reasons, including the amount of data available upon initial assessment of contamination, alternative treatment methods that may be applied, location of the property which subjects it to differing local laws and regulations and their interpretations, changes in costs associated with environmental remediation services and equipment, the availability of state UST remediation funds and the possibility of existing legal claims giving rise to allocation of responsibilities to others, as well as the time it takes to remediate contamination and receive regulatory approval. In developing our liability for estimated environmental remediation obligations on a property by property basis, we consider, among other things, laws and regulations, assessments of contamination and surrounding geology, quality of information available, currently available technologies for treatment, alternative methods of remediation and prior experience. Environmental accruals are based on estimates derived upon facts known to us at this time, which are subject to significant change as circumstances change, and as environmental contingencies become more clearly defined and reasonably estimable. Any changes to our estimates or our assumptions that form the basis of our estimates may result in our providing an accrual, or adjustments to the amounts recorded, for environmental remediation liabilities. In July 2012, we purchased a 10 -year pollution legal liability insurance policy covering substantially all of our properties at that time for discovery of preexisting unknown environmental liabilities and for new environmental events. The policy had a $ 50,000,000 aggregate limit and was subject to various self-insured retentions and other conditions and limitations. This policy expired in July 2022, although claims made prior to such expiration remain subject to coverage. In September 2022, we purchased a 5-year pollution legal liability insurance policy to cover a subset of our properties which we believe present the greatest risk for discovery of preexisting unknown environmental liabilities and for new environmental events. The policy has a $ 25,000,000 in aggregate limit and is subject to various self-insured retentions and other conditions and limitations. Our intention in purchasing this policy was to obtain protection for certain properties which we believe have the greatest risk of significant environmental events. In light of the uncertainties associated with environmental expenditure contingencies, we are unable to estimate ranges in excess of the amount accrued with any certainty; however, we believe that it is possible that the fair value of future actual net expenditures could be substantially higher than amounts currently recorded by us. Adjustments to accrued liabilities for environmental remediation obligations will be reflected in our consolidated financial statements as they become probable and a reasonable estimate of fair value can be made.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Stockholders' Equity	NOTE 7. — STOCKHOLDERS’ EQUITY A summary of the changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share amounts): Common Stock Additional Dividends Shares Amount Capital Of Earnings Total BALANCE, DECEMBER 31, 2022 46,735 $ 467 $ 822,340 $ ( 62,957 ) $ 759,850 Net earnings 14,082 14,082 Dividends declared — $ 0.43 per share ( 20,969 ) ( 20,969 ) Shares issued pursuant to ATM Program, net 2,714 28 82,930 — 82,958 Shares issued pursuant to dividend reinvestment — — 15 — 15 Stock-based compensation/settlements 44 — 272 — 272 BALANCE, MARCH 31, 2023 49,493 $ 495 $ 905,557 $ ( 69,844 ) $ 836,208 BALANCE, DECEMBER 31, 2021 46,716 $ 467 $ 818,209 $ ( 73,568 ) $ 745,108 Net earnings 18,749 18,749 Dividends declared — $ 0.41 per share ( 19,618 ) ( 19,618 ) Shares issued pursuant to ATM Program, net — — ( 26 ) — ( 26 ) Shares issued pursuant to dividend reinvestment — — 16 — 16 Stock-based compensation/settlements 16 — 588 — 588 BALANCE, MARCH 31, 2022 46,732 $ 467 $ 818,787 $ ( 74,437 ) $ 744,817 On March 1, 2023, our Board of Directors granted 253,075 restricted stock units (“RSU” or “RSUs”), under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. On March 1, 2022, our Board of Directors granted 238,850 RSUs under our Amended and Restated 2004 Omnibus Incentive Compensation Plan. Common Stocking Offering In February 2023, the Company completed a follow-on public offering of 3,450,000 shares of common stock, including the full exercise of the underwriters’ option to purchase 450,000 shares, in connection with forward sales agreements (the "February 2023 Forward Offering"). Upon settlement, the February 2023 Forward Offering is anticipated to raise total gross proceeds of approximately $ 112,505,000 . The Company expects to settle the forward sale agreements in full within 12 months via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. ATM Programs In February 2021, we established an at-the-market equity offering program (the “2021 ATM Program”), pursuant to which we were able to issue and sell shares of our common stock with an aggregate sales price of up to $ 250,000,000 through a consortium of banks acting as agents. The 2021 ATM Program was terminated in February 2023. In February 2023, we established an at-the-market equity offering program (the “ATM Program”), pursuant to which we are able to issue and sell shares of our common stock with an aggregate sales price of up to $ 350,000,000 through a consortium of banks acting as our sales agents or acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. Sales of the shares of common stock may be made, as needed, from time to time in at-the-market offerings as defined in Rule 415 of the Securities Act, including by means of ordinary brokers’ transactions on the New York Stock Exchange or otherwise at market prices prevailing at the time of sale, at prices related to prevailing market prices or as otherwise agreed to with the applicable agent. The use of a forward sale agreement allows us to lock in a share price on the sale of shares at the time the forward sales agreement becomes effective, but defer receiving the proceeds from the sale of shares until a later date. To account for the forward sale agreements, we consider the accounting guidance governing financial instruments and derivatives. To date, we have concluded that our forward sale agreements are not liabilities as they do not embody obligations to repurchase our shares nor do they embody obligations to issue a variable number of shares for which the monetary value are predominantly fixed, varying with something other than the fair value of the shares, or varying inversely in relation to our shares. We also evaluated whether the agreements meet the derivatives and hedging guidance scope exception to be accounted for as equity instruments. We concluded that the agreements are classifiable as equity contracts based on the following assessments: (i) none of the agreements’ exercise contingencies are based on observable markets or indices besides those related to the market for the Company’s own stock price and operations; and (ii) none of the settlement provisions precluded the agreements from being indexed to its own stock. We also consider the potential dilution resulting from the forward sale agreements on the earnings per share calculations. We use the treasury stock method to determine the dilution resulting from the forward sale agreements during the period of time prior to settlement. ATM Direct Issuances During the three months ended March 31, 2023 and 2022, no shares of common stock were issued under the ATM Program or the 2021 ATM Program. Future sales, if any, will depend on a variety of factors to be determined by us from time to time, including among others, market conditions, the trading price of our common stock, determinations by us of the appropriate sources of funding for us and potential uses of funding available to us. ATM Forward Sale Agreements During the three months ended March 31, 2023 and 2022, the Company did no t enter into any forward sale agreements under the A TM Program or the 2021 ATM Program. During the three months ended March 31, 2023, the Company settled 2,714,136 shares of common stock subject to forward sale agreements under the 2021 ATM Program for net proceeds of $ 82,958,000 after deducting fees and expenses and making certain other adjustments as provided in the equity distribution agreement. As of March 31, 2023, 1,007,230 shares remain subject to forward sale agreements under the 2021 ATM Program which, upon settlement, are anticipated to raise total gross proceeds of approximately $ 32,175,000 . The Company expects to settle the forward sale agreements in full within 12 months of the respective agreement dates via physical delivery of the outstanding shares of common stock in exchange for cash proceeds. Dividends For the three months ended March 31, 2023 , we paid regular quarterly dividends of $ 20,576,000 or $ 0.43 per share. For the three months ended March 31, 2022 , we paid regular quarterly dividends of $ 19,467,000 or $ 0.41 per share. Dividend Reinvestment Plan Our dividend reinvestment plan provides our common stockholders with a convenient and economical method of acquiring additional shares of common stock by reinvesting all or a portion of their dividend distributions. During the three months ended March 31, 2023 and 2022 , we issued 431 and 504 shares of common stock, respectively, under the dividend reinvestment plan and received proceeds of $ 15,000 and $ 16,000 , respectively. Stock-Based Compensation Compensation cost for our stock-based compensation plans using the fair value method was $ 1,275,000 and $ 1,084,000 for the three months ended March 31, 2023 and 2022 , respectively, and is included in general and administrative expense in our consolidated statements of operations.

Earnings Per Common Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Earnings Per Common Share	NOTE 8. — EARNINGS PER COMMON SHARE Basic and diluted earnings per common share gives effect, utilizing the two-class method, to the potential dilution from the issuance of shares of our common stock in settlement of RSUs which provide for non-forfeitable dividend equivalents equal to the dividends declared per common share. Basic and diluted earnings per common share is computed by dividing net earnings less dividend equivalents attributable to RSUs by the weighted average number of common shares outstanding during the period. The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (in thousands except per share data): For the Three Months 2023 2022 Net earnings $ 14,082 $ 18,749 Less earnings attributable to RSUs outstanding ( 547 ) ( 458 ) Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation 13,535 18,291 Weighted average common shares outstanding: Basic 46,989 46,721 Incremental shares from stock-based compensation 72 21 Incremental shares from ATM Program forward agreements 426 — Incremental shares from the February 2023 Forward Offering 84 — Diluted 47,571 46,742 Basic earnings per common share $ 0.29 $ 0.39 Diluted earnings per common share $ 0.28 $ 0.39

Fair Value Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Fair Value Measurements	NOTE 9. — FAIR VALUE MEASUREMENTS Debt Instruments As of March 31, 2023 and December 31, 2022, the carrying value of the borrowings under the Restated Credit Agreement approximated fair value. As of March 31, 2023 and December 31, 2022 , the fair value of the borrowings under our senior unsecured notes was $ 576,200,000 and $ 541,000,000 , respectively. The fair value of the borrowings outstanding as of March 31, 2023 and December 31, 2022 was determined using a discounted cash flow technique that incorporates a market interest yield curve with adjustments for duration, risk profile and borrowings outstanding, which are based on unobservable inputs within Level 3 of the Fair Value Hierarchy. Supplemental Retirement Plan We have mutual fund assets that are measured at fair value on a recurring basis using Level 1 inputs. We have a Supplemental Retirement Plan for executives. The amounts held in trust under the Supplemental Retirement Plan using Level 2 inputs may be used to satisfy claims of general creditors in the event of our or any of our subsidiaries’ bankruptcy. We have liability to the executives participating in the Supplemental Retirement Plan for the participant account balances equal to the aggregate of the amount invested at the executives’ direction and the income earned in such mutual funds. The following summarizes as of March 31, 2023, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Mutual funds $ 1,387 $ — $ — $ 1,387 Liabilities: Deferred compensation $ — $ 1,387 $ — $ 1,387 The following summarizes as of December 31, 2022, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Mutual funds $ 1,208 $ — $ — $ 1,208 Liabilities: Deferred compensation $ — $ 1,208 $ — $ 1,208 Real Estate Assets We have certain real estate assets that are measured at fair value on a non-recurring basis using Level 3 inputs as of March 31, 2023 and December 31, 2022 , of $ 0 and $ 1,833,000 , where impairment charges have been recorded. Due to the subjectivity inherent in the internal valuation techniques used in estimating fair value, the amounts realized from the sale of such assets may vary significantly from these estimates.

Assets Held For Sale

Assets Held For Sale	3 Months Ended
	Mar. 31, 2023
Discontinued Operations And Disposal Groups [Abstract]
Assets Held For Sale	NOTE 10. — ASSETS HELD FOR SALE We evaluate the held for sale classification of our real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. As of March 31, 2023 , three properties met the criteria to be classified as held for sale. Real estate held for sale consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Land $ 1,505 $ 2,707 Buildings and improvements 1,423 2,103 2,928 4,810 Accumulated depreciation and amortization ( 360 ) ( 1,053 ) Real estate held for sale, net $ 2,568 $ 3,757 During the three months ended March 31, 2023 , we sold three properties, resulting in an aggregate gain of $ 587,000 , which is included in gains on dispositions of real estate in our consolidated statements of operations.

Property Acquisitions

Property Acquisitions	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Property Acquisitions	NOTE 11. — PROPERTY ACQUISITIONS 2023 During the three months ended March 31, 2023 , the Company acquired fee simple interests in nine properties for an aggregate purchase price of $ 48,095,000 as follows: Purchase Price Allocation Asset Type Properties Purchase Land Buildings & In-Place Above Market Below Market Car wash properties 8 $ 42,672 $ 9,220 $ 29,222 $ 4,787 $ — $ ( 557 ) Convenience stores 1 5,423 1,492 3,319 612 — — 9 $ 48,095 $ 10,712 $ 32,541 $ 5,399 $ — $ ( 557 ) In addition, as part of a larger sale-leaseback transaction that included seven of the car wash properties referenced above, the Company acquired four car wash properties that were under construction for $ 8,543,000 and committed to provide additional funding to our tenant during the construction period to complete the properties. These four properties did not meet the criteria for sale-leaseback accounting and are accounted for as finance receivables. Accordingly, this initial investment and all subsequent fundings made during the construction period are recorded within notes and mortgages receivable on our consolidated balance sheets, and rental payments resulting from these investments are recorded within interest on mortgages and notes receivable on the consolidated statements of operations. At the end of construction period, the Company will recognize the purchase of the assets, remove the finance receivables from the balance sheet, and begin to record rental income from the operating leases. This transaction also includes provisions that require the Company upon the achievement of certain defined operating hurdles by the tenant within a defined period of time, to pay additional amounts to the tenant. At present, it is currently not probable or reasonably estimable that the Company will have to make any payments. 2022 During the three months ended March 31, 2022 , the Company acquired fee simple interests in two properties for an aggregate purchase price of $ 7,037,000 as follows: Purchase Price Allocation Asset Type Properties Purchase Land Buildings & In-Place Above Market Below Market Convenience stores 2 $ 7,037 $ 4,464 $ 2,023 $ 550 $ — $ — 2 $ 7,037 $ 4,464 $ 2,023 $ 550 $ — $ —

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	NOTE 12. — SUBSEQUENT EVENTS In preparing our unaudited consolidated financial statements, we have evaluated events and transactions occurring after March 31, 2023, for recognition or disclosure purposes. Based on this evaluation, there were no significant subsequent events from March 31, 2023 , through the date the financial statements were issued.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The consolidated financial statements include the accounts of Getty Realty Corp. and its wholly owned subsidiaries. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). We do not distinguish our principal business or our operations on a geographical basis for purposes of measuring performance. We manage and evaluate our operations as a single segment. All significant intercompany accounts and transactions have been eliminated.
Unaudited, Interim Consolidated Financial Statements	Unaudited, Interim Consolidated Financial Statements The consolidated financial statements are unaudited but, in our opinion, reflect all adjustments (consisting of normal recurring accruals) necessary for a fair statement of the results for the periods presented. These statements should be read in conjunction with the consolidated financial statements and related notes in our Annual Report on Form 10-K for the year ended December 31, 2022 .
Use of Estimates, Judgments and Assumptions	Use of Estimates, Judgments and Assumptions The consolidated financial statements have been prepared in conformity with GAAP, which requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported. Estimates, judgments and assumptions underlying the accompanying consolidated financial statements include, but are not limited to, real estate, receivables, deferred rent receivable, direct financing leases, depreciation and amortization, impairment of long-lived assets, environmental remediation costs, environmental remediation obligations, litigation, accrued liabilities, income taxes and the allocation of the purchase price of properties acquired to the assets acquired and liabilities assumed. Application of these estimates and assumptions requires exercise of judgment as to future uncertainties and, as a result, actual results could differ materially from these estimates.
Real Estate	Real Estate Real estate assets are stated at cost less accumulated depreciation and amortization. For acquisitions of real estate, we estimate the fair value of acquired tangible assets (consisting of land, buildings and improvements) “as if vacant” and identified intangible assets and liabilities (consisting of leasehold interests, above-market and below-market leases, in-place leases and tenant relationships) and assumed debt. Based on these estimates, we allocate the estimated fair value to the applicable assets and liabilities. When we enter into sale-leaseback transactions with above- or below-market leases, the intangibles will be accounted for as prepaid rent receivables or prepaid rent liabilities, respectively. Fair value is determined based on an exit price approach, which contemplates the price that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assumptions used are property and geographic specific and may include, among other things, capitalization rates, market rental rates and EBITDA to rent coverage ratios. We expense transaction costs associated with business combinations in the period incurred. Acquisitions of real estate which do not meet the definition of a business are accounted for as asset acquisitions. The accounting model for asset acquisitions is similar to the accounting model for business combinations except that the acquisition costs are capitalized and allocated to the individual assets acquired and liabilities assumed on a relative fair value basis. For additional information regarding property acquisitions, see Note 11 – Property Acquisitions. We capitalize direct costs, including costs such as construction costs and professional services, and indirect costs associated with the development and construction of real estate assets while substantive activities are ongoing to prepare the assets for their intended use. The capitalization period begins when development activities are underway and ends when it is determined that the asset is substantially complete and ready for its intended use. We evaluate the held for sale classification of our real estate as of the end of each quarter. Assets that are classified as held for sale are recorded at the lower of their carrying amount or fair value less costs to sell. When real estate assets are sold or retired, the cost and related accumulated depreciation and amortization is eliminated from the respective accounts and any gain or loss is credited or charged to income. We evaluate real estate sale transactions where we provide seller financing to determine sale and gain recognition in accordance with GAAP. Expenditures for maintenance and repairs are charged to income when incurred.
Direct Financing Leases	Direct Financing Leases Income under direct financing leases is included in revenues from rental properties and is recognized over the lease terms using the effective interest rate method which produces a constant periodic rate of return on the net investments in the leased properties. The investments in direct financing leases are increased for interest income earned and amortized over the life of the leases and reduced by the receipt of lease payments. We consider direct financing leases to be past-due or delinquent when a contractually required payment is not remitted in accordance with the provisions of the underlying agreement. On June 16, 2016, the Financial Accounting Standards Board (the “FASB”) issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurements of Credit Losses on Financial Instruments (“ASU 2016-13”). The accounting standard became effective for us and was adopted on January 1, 2020. For additional information regarding our direct financing leases, see Note 3 - Leases. We review our direct financing leases each reporting period to determine whether there were any indicators that the value of our net investments in direct financing leases may be impaired and adjust the allowance for any estimated changes in the credit loss with the resulting change recorded through our consolidated statement of operations. When determining a possible impairment, we take into consideration the collectability of direct financing lease receivables for which a reserve would be required. In addition, we determine whether there has been a permanent decline in the current estimate of the residual value of the property. There were no indicators for impairments of any of our direct financing leases during the three months ended March 31, 2023 and 2022. For the three months ended March 31, 2023 , we did no t record any additional allowance for credit losses. When we enter into a contract to sell properties that are recorded as direct financing leases, we evaluate whether we believe that it is probable that the disposition will occur. If we determine that the disposition is probable and therefore the property’s holding period is reduced, we may adjust an allowance for credit losses to reflect the change in the estimate of the undiscounted future rents. Accordingly, the net investment balance is written down to fair value.
Notes and Mortgages Receivable	Notes and Mortgages Receivable Notes and mortgages receivable consists of loans originated by us in conjunction with property dispositions and funding provided to tenants in conjunction with property acquisitions and capital improvements. Notes and mortgages receivable are recorded at stated principal amounts. The ASU 2016-13 became effective for us and was adopted on January 1, 2020. We estimated our credit loss reserve for our notes and mortgages receivable using the weighted average remaining maturity (“WARM”) method, which has been identified as an acceptable loss-rate method for estimating credit loss reserves in the FASB Staff Q&A Topic 326, No. 1. The WARM method requires us to reference historic loan loss data across a comparable data set and apply such loss rate to our notes and mortgages portfolio over its expected remaining term, taking into consideration expected economic conditions over the relevant timeframe. We applied the WARM method for our notes and mortgages portfolio, which share similar risk characteristics. Application of the WARM method to estimate a credit loss reserve requires significant judgment, including (i) the historical loan loss reference data, (ii) the expected timing and amount of loan repayments, and (iii) the current credit quality of our portfolio and our expectations of performance and market conditions over the relevant time period. To estimate the historic loan losses relevant to our portfolio, we used our historical loan performance since the launch of our loan origination business in 2013. As of March 31, 2023 and December 31, 2022 , the allowance for credit losses on notes and mortgages receivable was $ 278,000 . We also originate construction loans for the construction of income-producing properties which we expect to purchase via sale-leaseback transactions at the end of the construction period. During the three months ended March 31, 2023 , we funded $ 8,505,000 , including accrued interest, and, as of March 31, 2023 , had outstanding $ 29,989,000 of such construction loans, including accrued interest. Our construction loans generally provide for funding only during the construction period, which is typically nine to twelve months, although our policy is to consider construction periods as long as 24 months. Funds are disbursed based on inspections in accordance with a schedule reflecting the completion of portions of the projects. We also review and inspect each property before disbursement of funds during the term of the construction loan. At the end of the construction period, the construction loans will be repaid with the proceeds from the sale of the properties. In addition, we may acquire real estate assets under construction through sale-leaseback transactions and commit to provide additional funding to our tenants during the construction period to complete the properties. These transactions do not meet the criteria for sale-leaseback accounting and are accounted for as finance receivables. Accordingly, initial investments and all subsequent fundings made during the construction period are recorded within notes and mortgages receivable on our consolidated balance sheets, and rental payments resulting from these investments are recorded within interest on mortgages and notes receivable on the consolidated statements of operations. At the end of construction period, we will recognize the purchase of the assets, remove the finance receivables from the balance sheet, and begin to record rental income from the operating leases. During the three months ended March 31, 2023 , we funded $ 8,543,000 of such investments and, as of March 31, 2023, had a total of $ 8,543,000 of such investments recorded in notes and mortgages receivable.
Revenue Recognition and Deferred Rent Receivable	Revenue Recognition and Deferred Rent Receivable Lease payments from operating leases are recognized on a straight-line basis over the term of the leases. The cumulative difference between lease revenue recognized under this method and the contractual lease payment terms is recorded as deferred rent receivable on our consolidated balance sheets. We review our accounts receivable, including its deferred rent receivable, related to base rents, straight-line rents, tenant reimbursements and other revenues for collectability. Our evaluation of collectability primarily consists of reviewing past due account balances and considers such factors as the credit quality of our tenant, historical trends of the tenant, changes in tenant payment terms, current economic trends , and other facts and circumstances related to the applicable tenants . In addition, with respect to tenants in bankruptcy, we estimate the probable recovery through bankruptcy claims. If a tenant’s accounts receivable balance is considered uncollectable, we will write off the related receivable balances and cease to recognize lease income, including straight-line rent unless cash is received. If the collectability assessment subsequently changes to probable, any difference between the lease income that would have been recognized if collectability had always been assessed as probable and the lease income recognized to date, is recognized as a current-period adjustment to revenues from rental properties. Our reported net earnings are directly affected by our estimate of the collectability of our accounts receivable. The present value of the difference between the fair market rent and the contractual rent for above-market and below-market leases at the time properties are acquired is amortized into revenues from rental properties over the remaining terms of the in-place leases. Lease termination fees are recognized as other income when earned upon the termination of a tenant’s lease and relinquishment of space in which we have no further obligation to the tenant. The sales of nonfinancial assets, such as real estate, are to be recognized when control of the asset transfers to the buyer, which will occur when the buyer has the ability to direct the use of or obtain substantially all of the remaining benefits from the asset. This generally occurs when the transaction closes and consideration is exchanged for control of the property.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Assets are written down to fair value when events and circumstances indicate that the assets might be impaired and the projected undiscounted cash flows estimated to be generated by those assets are less than the carrying amount of those assets. Assets held for disposal are written down to fair value less estimated disposition costs. We recorded impairment charges aggregating $ 522,000 and $ 1,038,000 for the three months ended March 31, 2023 and 2022, respectively, including charges aggregating $ 146,000 and $ 62,000 , respectively, that were related to properties that were previously disposed of by us. Our estimated fair values, as they relate to property carrying values, were primarily based upon estimated sales prices from third-party offers based on signed contracts, letters of intent or indicative bids, for which we do not have access to the unobservable inputs used to determine these estimated fair values, and/or consideration of the amount that currently would be required to replace the asset, as adjusted for obsolescence (this method was used to determine $ 0 and $ 694,000 of impairments recognized during the three months ended March 31, 2023 and 2022, respectively). During the three months ended March 31, 2023 and 2022, impairment charges aggregating $ 522,000 and $ 344,000 , respectively, resulted from the accumulation of asset retirement costs at certain properties due to changes in estimates associated with our estimated environmental liabilities, which increased the carrying values of these properties in excess of their fair values. The estimated fair value of real estate is based on the price that would be received from the sale of the property in an orderly transaction between market participants at the measurement date. In general, we consider multiple internal valuation techniques when measuring the fair value of a property, all of which are based on unobservable inputs and assumptions that are classified within Level 3 of the Fair Value Hierarchy. These unobservable inputs include assumed holding periods ranging up to 15 years, assumed average rent increases of 2.0 % annually, income capitalized at a rate of 8.0 % and cash flows discounted at a rate of 7.0 %. These assessments have a direct impact on our net income because recording an impairment loss results in an immediate negative adjustment to net income. The evaluation of anticipated cash flows is highly subjective and is based in part on assumptions regarding future rental rates and operating expenses that could differ materially from actual results in future periods. Where properties held for use have been identified as having a potential for sale, additional judgments are required related to the determination as to the appropriate period over which the projected undiscounted cash flows should include the operating cash flows and the amount included as the estimated residual value. This requires significant judgment. In some cases, the results of whether impairment is indicated are sensitive to changes in assumptions input into the estimates, including the holding period until expected sale.
Fair Value of Financial Instruments	Fair Value of Financial Instruments All of our financial instruments are reflected in the accompanying consolidated balance sheets at amounts which, in our estimation based upon an interpretation of available market information and valuation methodologies, reasonably approximate their fair values, except those separately disclosed in the notes below. The preparation of consolidated financial statements in accordance with GAAP requires management to make estimates of fair value that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the period reported using a hierarchy (the “Fair Value Hierarchy”) that prioritizes the inputs to valuation techniques used to measure the fair value. The Fair Value Hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The levels of the Fair Value Hierarchy are as follows: “Level 1” – inputs that reflect unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date; “Level 2” – inputs other than quoted prices that are observable for the asset or liability either directly or indirectly, including inputs in markets that are not considered to be active; and “Level 3” – inputs that are unobservable. Certain types of assets and liabilities are recorded at fair value either on a recurring or non-recurring basis. Assets required or elected to be marked-to-market and reported at fair value every reporting period are valued on a recurring basis. Other assets not required to be recorded at fair value every period may be recorded at fair value if a specific provision or other impairment is recorded within the period to mark the carrying value of the asset to market as of the reporting date. Such assets are valued on a non-recurring basis.
Environmental Remediation Obligations	Environmental Remediation Obligations We record the fair value of a liability for an environmental remediation obligation as an asset and liability when there is a legal obligation associated with the retirement of a tangible long-lived asset and the liability can be reasonably estimated. Environmental remediation obligations are estimated based on the level and impact of contamination at each property. The accrued liability is the aggregate of our estimate of the fair value of cost for each component of the liability. The accrued liability is net of estimated recoveries from state underground storage tank (“UST”) remediation funds considering estimated recovery rates developed from prior experience with the funds. Net environmental liabilities are currently measured based on their expected future cash flows which have been adjusted for inflation and discounted to present value. We accrue for environmental liabilities that we believe are allocable to other potentially responsible parties if it becomes probable that the other parties will not pay their environmental remediation obligations. For additional information regarding environmental obligations, see Note 6 – Environmental Obligations.
Income Taxes	Income Taxes We file a federal income tax return on which we consolidate our tax items and the tax items of our subsidiaries that are pass-through entities. Effective January 1, 2001, we elected to qualify, and believe that we are operating so as to qualify, as a REIT for federal income tax purposes. Accordingly, we generally will not be subject to federal income tax on qualifying REIT income, provided that distributions to our stockholders equal at least the amount of our taxable income as defined under the Internal Revenue Code. We accrue for uncertain tax matters when appropriate. The accrual for uncertain tax positions is adjusted as circumstances change and as the uncertainties become more clearly defined, such as when audits are settled or exposures expire. Tax returns for the years 2019, 2020 and 2021, and tax returns which will be filed for the year ended 2022, remain open to examination by federal and state tax jurisdictions under the respective statutes of limitations .
New Accounting Pronouncements	New Accounting Pronouncements On March 12, 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”). ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 provides optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. We adopted ASU 2020-04 during 2022 and the adoption of ASU 2020-04 did not have a material impact on our consolidated financial statements.

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
Leases [Abstract]
Schedule of Components of Investment in Direct Financing Leases, Net	The components of investment in direct financing leases, net as of March 31, 2023 and December 31, 2022 are as follows (in thousands): March 31, December 31, Lease payments receivable $ 82,050 $ 85,336 Unguaranteed residual value 13,928 13,928 Unearned Income ( 30,323 ) ( 32,184 ) Allowance for credit losses ( 895 ) ( 895 ) Total $ 64,760 $ 66,185
Future Contractual Annual Rentals Receivable	As of March 31, 2023, future contractual annual rentals receivable from our tenants, which have terms in excess of one year are as follows (in thousands): Operating Direct 2023 $ 108,532 $ 13,271 2024 144,122 13,404 2025 144,341 12,865 2026 135,811 10,142 2027 128,707 10,378 Thereafter 789,591 21,990 Total $ 1,451,104 $ 82,050
Schedule of Lease-related Assets and Liabilities	The following presents the lease-related assets and liabilities (in thousands): March 31, Assets Right-of-use assets - operating $ 17,316 Right-of-use assets - finance 251 Total lease assets $ 17,567 Liabilities Lease liability - operating $ 19,024 Lease liability - finance 1,439 Total lease liabilities $ 20,463
Summary of Weighted-average Remaining Lease Terms and Discount Rates	The following presents the weighted average lease terms and discount rates of our leases: Weighted-average remaining lease term (years) Operating leases 7.2 Finance leases 5.4 Weighted-average discount rate Operating leases (a) 4.70 % Finance leases 16.70 % (a) Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.
Schedule of Information Related to Lease Costs for Finance and Operating Leases	The following presents our total lease costs (in thousands): For the Three Months 2023 Operating lease cost $ 858 Finance lease cost Amortization of leased assets 79 Interest on lease liabilities 74 Short-term lease cost — Total lease cost $ 1,011
Schedule of Supplemental Cash Flow Information Related to Leases	The following presents supplemental cash flow information related to our leases (in thousands): For the Three Months 2023 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows for operating leases $ 915 Operating cash flows for finance leases 74 Financing cash flows for finance leases 79
Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities	As of March 31, 2023, scheduled lease liabilities mature as follows (in thousands): Operating Direct 2023 $ 2,651 $ 561 2024 3,403 502 2025 3,025 331 2026 2,882 340 2027 2,469 204 Thereafter 8,676 160 Total lease payments 23,106 2,098 Less: amount representing interest ( 4,082 ) ( 659 ) Present value of lease payments $ 19,024 $ 1,439
Schedule of Significant Tenants by Revenue	As of March 31, 2023 and 2022, we had three significant tenants by revenue: 2023 2022 Number of Properties % of Total Number of Properties % of Total ARKO Corp. (NASDAQ: ARKO) 150 16.0 % 128 15.0 % Global Partners LP (NYSE: GLP) 150 15.0 % 150 15.0 % APRO, LLC (d/b/a United Oil) 77 10.0 % 78 12.0 %

Debt (Tables)

Debt (Tables)	3 Months Ended
	Mar. 31, 2023
Debt Disclosure [Abstract]
Schedule of Maturity Amounts Outstanding Under Credit Agreement and Senior Unsecured Notes	The amounts outstanding under our credit agreement and our senior unsecured notes are as follows (in thousands): Maturity Interest March 31, December 31, Revolving Facility October 2025 — $ — $ 70,000 Series B Notes June 2023 — — 75,000 Series C Notes February 2025 4.75 % 50,000 50,000 Series D-E Notes June 2028 5.47 % 100,000 100,000 Series F-H Notes September 2029 3.52 % 125,000 125,000 Series I-K Notes November 2030 3.43 % 175,000 175,000 Series L-N Notes February 2032 3.45 % 100,000 100,000 Series O-Q Notes January 2033 3.65 % 125,000 — Total debt 675,000 695,000 Unamortized debt issuance costs, net (a) ( 3,704 ) ( 3,545 ) Total debt, net $ 671,296 $ 691,455 (a) Unamortized debt issuance costs related to the Revolving Facility were $ 1,922 and $ 2,036 as of March 31, 2023 and December 31, 2022 , respectively, and are included in prepaid expenses and other assets on our consolidated balance sheets.
Summary of Scheduled Debt Maturities, Including Balloon Payments	As of March 31, 2023, scheduled debt maturities, including balloon payments, are as follows (in thousands): Revolving Senior Total 2023 — — — 2024 — — — 2025 (a) — 50,000 50,000 2026 — — — 2027 — — — Thereafter — 625,000 625,000 Total $ — $ 675,000 $ 675,000 (a) The Revolving Facility matures in October 2025 . Subject to the terms of the Second Restated Credit Agreement and our continued compliance with its provisions, we have the option to extend the term of the Revolving Facility for two six month periods to October 2026 .

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Equity [Abstract]
Summary of Changes in Stockholders' Equity	A summary of the changes in stockholders’ equity for the three months ended March 31, 2023 and 2022 is as follows (in thousands except per share amounts): Common Stock Additional Dividends Shares Amount Capital Of Earnings Total BALANCE, DECEMBER 31, 2022 46,735 $ 467 $ 822,340 $ ( 62,957 ) $ 759,850 Net earnings 14,082 14,082 Dividends declared — $ 0.43 per share ( 20,969 ) ( 20,969 ) Shares issued pursuant to ATM Program, net 2,714 28 82,930 — 82,958 Shares issued pursuant to dividend reinvestment — — 15 — 15 Stock-based compensation/settlements 44 — 272 — 272 BALANCE, MARCH 31, 2023 49,493 $ 495 $ 905,557 $ ( 69,844 ) $ 836,208 BALANCE, DECEMBER 31, 2021 46,716 $ 467 $ 818,209 $ ( 73,568 ) $ 745,108 Net earnings 18,749 18,749 Dividends declared — $ 0.41 per share ( 19,618 ) ( 19,618 ) Shares issued pursuant to ATM Program, net — — ( 26 ) — ( 26 ) Shares issued pursuant to dividend reinvestment — — 16 — 16 Stock-based compensation/settlements 16 — 588 — 588 BALANCE, MARCH 31, 2022 46,732 $ 467 $ 818,787 $ ( 74,437 ) $ 744,817

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2023
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings Per Common Share	The following table is a reconciliation of the numerator and denominator used in the computation of basic and diluted earnings per common share using the two-class method (in thousands except per share data): For the Three Months 2023 2022 Net earnings $ 14,082 $ 18,749 Less earnings attributable to RSUs outstanding ( 547 ) ( 458 ) Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation 13,535 18,291 Weighted average common shares outstanding: Basic 46,989 46,721 Incremental shares from stock-based compensation 72 21 Incremental shares from ATM Program forward agreements 426 — Incremental shares from the February 2023 Forward Offering 84 — Diluted 47,571 46,742 Basic earnings per common share $ 0.29 $ 0.39 Diluted earnings per common share $ 0.28 $ 0.39

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value Disclosures [Abstract]
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis	The following summarizes as of March 31, 2023, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Mutual funds $ 1,387 $ — $ — $ 1,387 Liabilities: Deferred compensation $ — $ 1,387 $ — $ 1,387 The following summarizes as of December 31, 2022, our assets and liabilities measured at fair value on a recurring basis by level within the Fair Value Hierarchy (in thousands): Level 1 Level 2 Level 3 Total Assets: Mutual funds $ 1,208 $ — $ — $ 1,208 Liabilities: Deferred compensation $ — $ 1,208 $ — $ 1,208

Assets Held For Sale (Tables)

Assets Held For Sale (Tables)	3 Months Ended
	Mar. 31, 2023
Discontinued Operations And Disposal Groups [Abstract]
Summary of Real Estate Held for Sale	Real estate held for sale consisted of the following as of March 31, 2023 and December 31, 2022 (in thousands): March 31, December 31, Land $ 1,505 $ 2,707 Buildings and improvements 1,423 2,103 2,928 4,810 Accumulated depreciation and amortization ( 360 ) ( 1,053 ) Real estate held for sale, net $ 2,568 $ 3,757

Property Acquisitions (Tables)

Property Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2023
Business Combinations [Abstract]
Purchase price allocation	During the three months ended March 31, 2023 , the Company acquired fee simple interests in nine properties for an aggregate purchase price of $ 48,095,000 as follows: Purchase Price Allocation Asset Type Properties Purchase Land Buildings & In-Place Above Market Below Market Car wash properties 8 $ 42,672 $ 9,220 $ 29,222 $ 4,787 $ — $ ( 557 ) Convenience stores 1 5,423 1,492 3,319 612 — — 9 $ 48,095 $ 10,712 $ 32,541 $ 5,399 $ — $ ( 557 ) During the three months ended March 31, 2022 , the Company acquired fee simple interests in two properties for an aggregate purchase price of $ 7,037,000 as follows: Purchase Price Allocation Asset Type Properties Purchase Land Buildings & In-Place Above Market Below Market Convenience stores 2 $ 7,037 $ 4,464 $ 2,023 $ 550 $ — $ — 2 $ 7,037 $ 4,464 $ 2,023 $ 550 $ — $ —

Description of Business - Addit

Description of Business - Additional Information (Detail)	Mar. 31, 2023 Property State
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Number of properties in portfolio | Property	1,047
Number of states in which our properties are located | State	39

Accounting Policies - Additiona

Accounting Policies - Additional Information (Detail) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairments	$ 522,000	$ 1,038,000
Notes and mortgages receivable	46,797,000		$ 34,313,000
Aggregate purchase price of properties acquired during the period	48,095,000	7,037,000
Direct Financing Leases Financing Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairments	$ 0	0
Level 3 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Assumed annual average rent increases for unobservable inputs	2%
Measurement Input Cap Rate [Member] | Level 3 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Real estate fair value, measurement input	8%
Measurement Input Discount Rate [Member] | Level 3 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Real estate fair value, measurement input	7%
Properties [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairments	$ 146,000	62,000
Estimated Sale Price Method [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairments	0	694,000
Accumulation of Asset Retirement Cost Method [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Impairments	522,000	$ 344,000
Accounting Standards Update 2016-13 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Proceeds from construction loans	8,505,000
Aggregate purchase price of properties acquired during the period	8,543,000
Accounting Standards Update 2016-13 [Member] | Direct Financing Leases Financing Receivable [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional allowance for credit losses	0
Accounting Standards Update 2016-13 [Member] | Construction Loans [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Notes and mortgages receivable	29,989,000
Accounting Standards Update 2016-13 [Member] | Notes And Mortgages Receivable
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Additional allowance for credit losses	278,000
Aggregate purchase price of properties acquired during the period	$ 8,543,000
Maximum [Member] | Measurement Input Expected Term [Member] | Level 3 [Member]
Organization Consolidation And Presentation Of Financial Statements [Line Items]
Assumed holding periods for unobservable inputs	15 years

Leases - Additional Information

Leases - Additional Information (Detail)	3 Months Ended		12 Months Ended
	Mar. 31, 2023 USD ($) Property State	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($)	Jan. 01, 2019 USD ($)
Leases [Line Items]
Number of properties in portfolio | Property	1,047
Number of states in which our properties are located | State	39
Revenues from rental properties	$ 42,367,000	$ 38,984,000
Rental income contractually due from tenants in revenues from rental properties included in continuing operations	39,045,000	36,425,000
Revenue recognition adjustments included in revenues from rental properties in continuing operations	257,000	576,000
Real Estate Taxes and other municipal charges paid then reimbursed by tenants included in revenues and expenses	3,579,000	$ 3,135,000
Operating lease liabilities	19,024,000		$ 19,959,000
Operating lease right of use assets	17,316,000		18,193,000
Accounting Standards Update 2016-02 [Member]
Leases [Line Items]
Operating lease liabilities				$ 26,087,000
Operating lease right of use assets				$ 25,561,000
Accounting Standards Update 2016-13 [Member]
Leases [Line Items]
Net Investment in direct financing lease, additional allowance for credit losses	$ 895,000		$ 895,000
Third Party Landlords [Member]
Leases [Line Items]
Number of properties leased | Property	40
Owned Properties [Member]
Leases [Line Items]
Number of properties | Property	1,007

Leases - Schedule of Components

Leases - Schedule of Components of Investment in Direct Financing Leases, Net (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Leases [Abstract]
Net Investments in direct financing lease, lease payments receivable	$ 82,050	$ 85,336
Net Investment in direct financing lease, unguaranteed residual value	13,928	13,928
Net Investment in direct financing lease, unearned income	(30,323)	(32,184)
Net Investment in direct financing lease, allowance for credit losses	(895)	(895)
Total	$ 64,760	$ 66,185

Leases - Future Contractual Ann

Leases - Future Contractual Annual Rentals Receivable (Detail) $ in Thousands	Mar. 31, 2023 USD ($)
Operating leases
2023	$ 108,532
2024	144,122
2025	144,341
2026	135,811
2027	128,707
Thereafter	789,591
Total	1,451,104
Direct financing leases
2023	13,271
2024	13,404
2025	12,865
2026	10,142
2027	10,378
Thereafter	21,990
Total	$ 82,050

Leases - Schedule of Lease-rela

Leases - Schedule of Lease-related Assets and Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets
Right-of-use assets - operating	$ 17,316	$ 18,193
Right-of-use assets - finance	251	277
Total lease assets	17,567
Liabilities
Lease liability - operating	19,024	19,959
Lease liability - finance	1,439	$ 1,518
Total lease liabilities	$ 20,463

Leases - Summary of Weighted-av

Leases - Summary of Weighted-average Remaining Lease Terms and Discount Rates (Detail)	Mar. 31, 2023
Weighted-average remaining lease term (years)
Operating leases	7 years 2 months 12 days
Finance leases	5 years 4 months 24 days
Weighted-average discount rate
Operating leases	4.70%	[1]
Finance leases	16.70%
[1] Upon adoption of the new lease standard, discount rates used for existing leases were established at January 1, 2019.

Leases - Schedule of Informatio

Leases - Schedule of Information Related to Lease Costs for Finance and Operating Leases (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Lease Cost [Abstract]
Operating lease cost	$ 858
Finance lease cost
Amortization of leased assets	79
Interest on lease liabilities	74
Total lease cost	$ 1,011

Leases - Schedule of Supplement

Leases - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$ 915
Operating cash flows for finance leases	74
Financing cash flows for finance leases	$ 79	$ 112

Leases - Schedule of Reconciles

Leases - Schedule of Reconciles the Undiscounted Cash Flows for Direct Financing Lease Liabilities and Operating Lease Liabilities (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Finance Lease Liability And Operating Lease Liability Maturity [Abstract]
2023	$ 2,651
2024	3,403
2025	3,025
2026	2,882
2027	2,469
Thereafter	8,676
Total lease payments	23,106
Less: amount representing interest	(4,082)
Operating lease liabilities	19,024	$ 19,959
2023	561
2024	502
2025	331
2026	340
2027	204
Thereafter	160
Total lease payments	2,098
Less: amount representing interest	(659)
Present value of lease payments	$ 1,439	$ 1,518

Leases - Schedule of Significan

Leases - Schedule of Significant Tenants by Revenue (Detail) - Property	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Subsidiaries of ARKO Corp. (NASDAQ: ARKO) [Member]
Leases [Line Items]
Number of properties	150	128
Subsidiaries of ARKO Corp. (NASDAQ: ARKO) [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Leases [Line Items]
% of Total Revenues	16%	15%
Subsidiaries of Global Partners LP (NYSE GLP) [Member]
Leases [Line Items]
Number of properties	150	150
Subsidiaries of Global Partners LP (NYSE GLP) [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Leases [Line Items]
% of Total Revenues	15%	15%
Apro, LLC (d/b/a United Oil) [Member]
Leases [Line Items]
Number of properties	77	78
Apro, LLC (d/b/a United Oil) [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member]
Leases [Line Items]
% of Total Revenues	10%	12%

Leases - Getty Petroleum Market

Leases - Getty Petroleum Marketing Inc. - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Property Portfolio
Leases [Line Items]
Number of leased properties subject to long-term triple-net leases | Property	300
Number of long-term triple-net leases during the period | Portfolio	12
Number of leased properties as single unit triple net leases | Portfolio	23
Number of properties under redevelopment | Property	3
Number of properties vacant | Property	2
Maximum lease commitment for capital expenditure	$ 6,529,000
Unitary triple-net lease agreements average remaining lease	5 years
USTs [Member]
Leases [Line Items]
Asset retirement obligations removed from balance sheet	$ 13,813,000
Net asset retirement costs related to USTs removed from balance sheet	10,808,000
Deferred rental revenue	842,000
Deferred rental revenue accumulated amortization	$ 2,163,000
Getty Petroleum Marketing Inc [Member]
Leases [Line Items]
Number of properties previously leased | Property	328

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail)

1 Months Ended

3 Months Ended

12 Months Ended

Sep. 28, 2021 USD ($)

Dec. 31, 2020 Party

Jun. 30, 2018 Defendant

Dec. 17, 2017 Defendant

Mar. 04, 2016 USD ($)

Jul. 07, 2014 Defendant

May 31, 2007 Defendant

Mar. 31, 2023 USD ($) Party

Dec. 31, 2022 USD ($)

Dec. 31, 2004 Entity

Dec. 31, 2021 Party

Dec. 31, 2018 Party

Mar. 31, 2016 Party

Loss Contingencies [Line Items]

Accrued legal matters | $

$ 0

$ 285,000

Description of allocation methodology approved by EPA

allocation methodology approved by EPA that contains associated allocation shares for each of the parties invited to participate in the allocation, including Occidental - who the allocator concluded was responsible for more than 99% of the costs to implement the OU2 remedy.

Number of settling parties | Party

85

85

Occidental Chemical Corporation [Member]

Loss Contingencies [Line Items]

Number of defendants under complaint | Defendant

120

EPA [Member]

Loss Contingencies [Line Items]

Number of potentially responsible parties | Party

21

21

100

Amount agreed by settling parties to EPA | $

$ 150,000,000

8 Mile Stretch of Lower Passaic River [Member]

Loss Contingencies [Line Items]

Cost estimate for remediating Lower Passaic River | $

$ 1,380,000,000

Upper 9-mile IR ROD [Member]

Loss Contingencies [Line Items]

Estimated cost of dredging and capping to control sediment sources of dioxin and PCBs | $

$ 441,000,000

Minimum [Member] | 17 Mile Stretch of Lower Passaic River [Member] | EPA [Member]

Loss Contingencies [Line Items]

Number of entities to which general notice letters issued | Entity

100

Lower Passaic River [Member] | Minimum [Member] | 17 Mile Stretch of Lower Passaic River [Member]

Loss Contingencies [Line Items]

Parties to perform a remedial investigation and feasibility study | Defendant

70

MTBE [Member] | Minimum [Member] | PA [Member]

Loss Contingencies [Line Items]

Number of defendants in the MTBE complaint | Defendant

50

MTBE [Member] | Minimum [Member] | MARYLAND [Member]

Loss Contingencies [Line Items]

Number of defendants in the MTBE complaint | Defendant

60

Debt - Schedule of Maturity Amo

Debt - Schedule of Maturity Amounts Outstanding Under Credit Agreement and Senior Unsecured Notes (Detail) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Borrowings under credit agreement, outstanding amount		$ 70,000
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 673,218	623,492
Total	675,000	695,000
Unamortized debt issuance costs, net	(3,704)	(3,545)
Total debt, net	$ 671,296	$ 691,455
Revolving Facility [Member]
Line of Credit Facility [Line Items]
Maturity Date	Oct. 27, 2025	Oct. 27, 2025
Borrowings under credit agreement, outstanding amount		$ 70,000
Series B Notes Maturing in June 2023 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jun. 02, 2023	Jun. 02, 2023
Borrowings under note purchase and guarantee agreement, outstanding amount		$ 75,000
Series C Notes Maturing in February 2025 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Feb. 25, 2025	Feb. 25, 2025
Interest Rate	4.75%	4.75%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 50,000	$ 50,000
Series D-E Notes Maturing in June 2028 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jun. 21, 2028	Jun. 21, 2028
Interest Rate	5.47%	5.47%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 100,000	$ 100,000
Series F-H Notes Maturing in September 2029 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Sep. 12, 2029	Sep. 12, 2029
Interest Rate	3.52%	3.52%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 125,000	$ 125,000
Series I-K Notes Maturing in November 2030 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Nov. 25, 2030	Nov. 25, 2030
Interest Rate	3.43%	3.43%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 175,000	$ 175,000
Series L-N Notes Maturing in February 2032 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Feb. 22, 2032	Feb. 22, 2032
Interest Rate	3.45%	3.45%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 100,000	$ 100,000
Series O-Q Notes Maturing in January 2033 [Member]
Line of Credit Facility [Line Items]
Maturity Date	Jan. 20, 2033	Jan. 20, 2033
Interest Rate	3.65%	3.65%
Borrowings under note purchase and guarantee agreement, outstanding amount	$ 125,000

Debt - Schedule of Maturity A_2

Debt - Schedule of Maturity Amounts Outstanding Under Credit Agreement and Senior Unsecured Notes (Parenthetical) (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 3,704	$ 3,545
Revolving Facility [Member] | Prepaid Expenses and Other Assets [Member]
Line of Credit Facility [Line Items]
Unamortized debt issuance costs	$ 1,922	$ 2,036

Debt - Additional Information (

Debt - Additional Information (Detail) - USD ($)		1 Months Ended			3 Months Ended	12 Months Ended
	Jun. 21, 2018	Dec. 31, 2022	Feb. 28, 2022	Oct. 31, 2021	Mar. 31, 2023	Dec. 31, 2022
Fifth Amended and Restated Prudential Agreement [Member]
Credit and Loan Agreement [Line Items]
Amount of rate increase in case of default					2%
First Amended and Restated AIG Agreement [Member] | Series G Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 50,000,000
Senior unsecured note purchase agreement, maturity date			Sep. 12, 2029
Interest rate on agreement			3.52%
First Amended and Restated AIG Agreement [Member] | Series J Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 50,000,000
Senior unsecured note purchase agreement, maturity date			Nov. 25, 2030
Interest rate on agreement			3.43%
First Amended and Restated AIG Agreement [Member] | Series L Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 55,000,000
Senior unsecured note purchase agreement, maturity date			Feb. 22, 2032
Interest rate on agreement			3.45%
First Amended and Restated MassMutual Agreement [Member] | Series H Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 25,000,000
Senior unsecured note purchase agreement, maturity date			Sep. 12, 2029
Interest rate on agreement			3.52%
First Amended and Restated MassMutual Agreement [Member] | Series K Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 25,000,000
Senior unsecured note purchase agreement, maturity date			Nov. 25, 2030
Interest rate on agreement			3.43%
First Amended and Restated MassMutual Agreement [Member] | Series M Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 20,000,000
Senior unsecured note purchase agreement, maturity date			Feb. 22, 2032
Interest rate on agreement			3.45%
First Amended and Restated MassMutual Agreement [Member] | Series O Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 20,000,000
Senior unsecured note purchase agreement, maturity date			Jan. 20, 2033
Interest rate on agreement			3.65%
Sixth Amended And Restated Prudential Agreement [Member] | Series B Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 75,000,000
Senior unsecured note purchase agreement, maturity date			Jun. 02, 2023
Interest rate on agreement			5.35%
Sixth Amended And Restated Prudential Agreement [Member] | Series C Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 50,000,000
Senior unsecured note purchase agreement, maturity date			Feb. 25, 2025
Interest rate on agreement			4.75%
Sixth Amended And Restated Prudential Agreement [Member] | Series D Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 50,000,000
Senior unsecured note purchase agreement, maturity date			Jun. 21, 2028
Interest rate on agreement			5.47%
Sixth Amended And Restated Prudential Agreement [Member] | Series F Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 50,000,000
Senior unsecured note purchase agreement, maturity date			Sep. 12, 2029
Interest rate on agreement			3.52%
Sixth Amended And Restated Prudential Agreement [Member] | Series I Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 100,000,000
Senior unsecured note purchase agreement, maturity date			Nov. 25, 2030
Interest rate on agreement			3.43%
Sixth Amended And Restated Prudential Agreement [Member] | Series Q Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 80,000,000
Senior unsecured note purchase agreement, maturity date			Jan. 20, 2033
Interest rate on agreement			3.65%
New York Life Agreement [Member] | Series N Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 25,000,000
Senior unsecured note purchase agreement, maturity date			Feb. 22, 2032
Interest rate on agreement			3.45%
New York Life Agreement [Member] | Series P Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount			$ 25,000,000
Senior unsecured note purchase agreement, maturity date			Jan. 20, 2033
Interest rate on agreement			3.65%
Met Life Agreement [Member] | Series E Notes [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount	$ 50,000,000
Senior unsecured note purchase agreement, maturity date	Jun. 21, 2028
Interest rate on agreement	5.47%
Revolving Facility [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount				$ 300,000,000
Line of credit facility, maturity date				Oct. 27, 2025
Line of credit facility, extension term					two six-month extensions (for a total of 12 months)
Senior unsecured note purchase agreement, maturity date					Oct. 27, 2025	Oct. 27, 2025
Revolving Facility [Member] | Maximum [Member]
Credit and Loan Agreement [Line Items]
Aggregate principal amount				$ 300,000,000
Annual commitment fee on undrawn funds		0.25%
Revolving Facility [Member] | Maximum [Member] | Base Rate [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		1.90%
Revolving Facility [Member] | Maximum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		0.90%
Revolving Facility [Member] | Minimum [Member]
Credit and Loan Agreement [Line Items]
Annual commitment fee on undrawn funds		0.15%
Revolving Facility [Member] | Minimum [Member] | Base Rate [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		1.30%
Revolving Facility [Member] | Minimum [Member] | LIBOR [Member]
Credit and Loan Agreement [Line Items]
Credit agreement margin on borrowing base rate		0.30%

Debt - Summary of Scheduled Deb

Debt - Summary of Scheduled Debt Maturities, Including Balloon Payments (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
2025	$ 50,000
Thereafter	625,000
Total	675,000	$ 695,000
Senior Unsecured Notes [Member]
Debt Instrument [Line Items]
2025	50,000
Thereafter	625,000
Total	$ 675,000

Debt - Summary of Scheduled D_2

Debt - Summary of Scheduled Debt Maturities, Including Balloon Payments (Parenthetical) (Detail) - Revolving Facility [Member]	3 Months Ended
	Mar. 31, 2023
Debt Instrument [Line Items]
Credit facility agreement, maturity date	Oct. 27, 2025
Revolving facility optional extension period	6 months
Credit facility agreement, optional extended maturity date	Oct. 31, 2026

Environmental Obligations - Add

Environmental Obligations - Additional Information (Detail) - USD ($)	1 Months Ended		3 Months Ended		12 Months Ended
	Sep. 30, 2022	Jul. 31, 2012	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Other Commitments [Line Items]
Remediation agreement of lease			we agreed to be responsible for environmental contamination that was known at the time the lease commenced, and for unknown environmental contamination which existed prior to commencement of the lease and which is discovered (other than as a result of a voluntary site investigation) during the first 10 years of the lease term (or a shorter period for a minority of such leases) (a “Lookback Period”).
The maximum number of years during lease term during which contamination is discovered that the Company may be responsible for			10 years
Lookback Period			5 years
Unknown reserve liabilities removed			$ 0		$ 23,543,000
Amount of credits to environmental expenses			57,000	$ 821,000
Unknown reserve liabilities			11,133,000
Environmental remediation obligations			23,020,000		23,155,000
Accretion expense			158,000	444,000
Changes in environmental estimates			21,000	40,000
Increase in carrying value of property			$ 682,000	526,000
Estimated maximum remaining useful life of underground storage tanks used to calculate depreciation of capitalized asset retirement costs		10 years	10 years
Depreciation and amortization expense for capitalized asset retirement costs			$ 754,000	1,002,000
Capitalized asset retirement costs			33,361,000		33,213,000
Impairments			522,000	1,038,000
Pollution legal liability insurance policy duration	5 years
Pollution legal liability insurance policy aggregate limit		$ 50,000,000	25,000,000
Capitalized Asset Retirement Costs [Member]
Other Commitments [Line Items]
Impairments			522,000	$ 344,000
Reasonably Estimable Environmental Remediation Obligation [Member]
Other Commitments [Line Items]
Environmental remediation obligation known reserve liabilities			10,633,000		10,797,000
Future Environmental Liabilities for Preexisting Unknown Contamination [Member]
Other Commitments [Line Items]
Environmental remediation obligation unknown reserve liabilities			12,387,000		12,358,000
Capitalized asset retirement costs			8,471,000		8,471,000
Known Environmental Liabilities [Member]
Other Commitments [Line Items]
Capitalized asset retirement costs			$ 24,890,000		$ 24,742,000
Minimum [Member]
Other Commitments [Line Items]
Environmental remediation liabilities discount rate			4%
Environmental remediation liability inflation rate adjustment			2%
Maximum [Member]
Other Commitments [Line Items]
Environmental remediation liabilities discount rate			7%
Environmental remediation liability inflation rate adjustment			2.75%

Stockholders' Equity - Summary

Stockholders' Equity - Summary of Changes in Stockholders' Equity (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Shareholders Equity [Line Items]
Beginning balance, value	$ 759,850	$ 745,108
Net earnings	14,082	18,749
Dividends declared	(20,969)	(19,618)
Shares issued pursuant to dividend reinvestment, value	$ 15	$ 16
Shares issued pursuant to dividend reinvestment, shares	431	504
Stock-based compensation/settlements, value	$ 272	$ 588
Ending balance, value	836,208	744,817
ATM Program [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to ATM Program, net, value	82,958	(26)
Common Stock [Member]
Shareholders Equity [Line Items]
Beginning balance, value	$ 467	$ 467
Beginning balance, shares	46,735,000	46,716,000
Stock-based compensation/settlements, shares	44,000	16,000
Ending balance, value	$ 495	$ 467
Ending balance, share	49,493,000	46,732,000
Common Stock [Member] | ATM Program [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to ATM Program, net, value	$ 28
Shares issued pursuant to ATM Program, net, shares	2,714,000
Additional Paid-in-Capital [Member]
Shareholders Equity [Line Items]
Beginning balance, value	$ 822,340	$ 818,209
Shares issued pursuant to dividend reinvestment, value	15	16
Stock-based compensation/settlements, value	272	588
Ending balance, value	905,557	818,787
Additional Paid-in-Capital [Member] | ATM Program [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to ATM Program, net, value	82,930	(26)
Dividends Paid in Excess of Earnings [Member]
Shareholders Equity [Line Items]
Beginning balance, value	(62,957)	(73,568)
Net earnings	14,082	18,749
Dividends declared	(20,969)	(19,618)
Ending balance, value	$ (69,844)	$ (74,437)

Stockholders' Equity - Summar_2

Stockholders' Equity - Summary of Changes in Stockholders' Equity (Parenthetical) (Detail) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity [Abstract]
Dividends declared per share	$ 0.43	$ 0.41

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($)			1 Months Ended		3 Months Ended
	Mar. 01, 2023	Mar. 01, 2022	Feb. 28, 2023	Feb. 28, 2021	Mar. 31, 2023	Mar. 31, 2022
Shareholders Equity [Line Items]
Payment of regular quarterly dividend					$ 20,576,000	$ 19,467,000
Regular quarterly dividends paid per share					$ 0.43	$ 0.41
Shares issued pursuant to dividend reinvestment, shares					431	504
Proceeds from issuance of common stock under the dividend reinvestment plan					$ 15,000	$ 16,000
Stock based compensation expense					1,275,000	$ 1,084,000
February 2023 Forward Offering [Member]
Shareholders Equity [Line Items]
Proceeds from issuance of common stock			$ 112,505,000
Follow-on Public Offering [Member] | Common Stock [Member] | February 2023 Forward Offering [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to Offering/Program net, shares			3,450,000
Underwriters' Option to Purchase [Member] | Common Stock [Member] | February 2023 Forward Offering [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to Offering/Program net, shares			450,000
2021 ATM Program [Member]
Shareholders Equity [Line Items]
Proceeds from issuance of common stock					$ 82,958,000
Number of shares allowed for sale under forward provisions					0	0
Remaining number of shares subject to forward sale agreements					1,007,230
Increase in gross proceeds					$ 32,175,000
Number of shares settled under forward provisions					2,714,136
2021 ATM Program [Member] | Common Stock [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to Offering/Program net, shares					0	0
2021 ATM Program [Member] | Maximum [Member]
Shareholders Equity [Line Items]
Aggregate sales price				$ 250,000,000
ATM Program [Member]
Shareholders Equity [Line Items]
Proceeds from issuance of common stock					$ 82,958,000	$ (26,000)
ATM Program [Member] | Common Stock [Member]
Shareholders Equity [Line Items]
Shares issued pursuant to Offering/Program net, shares					2,714,000
ATM Program [Member] | Maximum [Member]
Shareholders Equity [Line Items]
Aggregate sales price			$ 350,000,000
Amended and Restated 2004 Omnibus Incentive Compensation Plan [Member] | Restricted Stock Units [Member]
Shareholders Equity [Line Items]
Granted, Number of RSUs Outstanding	253,075	238,850

Earnings Per Common Share - Com

Earnings Per Common Share - Computation of Basic and Diluted Earnings Per Common Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net earnings	$ 14,082	$ 18,749
Less earnings attributable to RSUs outstanding	(547)	(458)
Net earnings attributable to common stockholders used in basic and diluted earnings per share calculation	$ 13,535	$ 18,291
Basic	46,989	46,721
Incremental shares from stock-based compensation	72	21
Incremental shares from ATM Program forward agreements	426
Incremental shares from the February 2023 Forward Offering	84
Diluted	47,571	46,742
Basic earnings per common share	$ 0.29	$ 0.39
Diluted earnings per common share	$ 0.28	$ 0.39

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Detail) - Level 3 [Member] - Fair Value, Measurements, Nonrecurring [Member] - USD ($)	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Impaired real estate assets measured at fair value	$ 0	$ 1,833,000
Senior Unsecured Notes [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of borrowings under senior unsecured notes	$ 576,200,000	$ 541,000,000

Fair Value Measurements - Sched

Fair Value Measurements - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	$ 1,387	$ 1,208
Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	1,387	1,208
Level 1 [Member] | Mutual Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of assets	1,387	1,208
Level 2 [Member] | Deferred Compensation [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value of liabilities	$ 1,387	$ 1,208

Assets Held For Sale - Addition

Assets Held For Sale - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Property
Discontinued Operations And Disposal Groups [Abstract]
Number of properties held for sale	3
Number of properties sold	3
Gain from disposal of properties | $	$ 587,000

Assets Held For Sale - Summary

Assets Held For Sale - Summary of Real Estate Held for Sale (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Summary Of Real Estate Held For Sale [Line Items]
Real estate held for sale at cost	$ 2,928	$ 4,810
Accumulated depreciation and amortization	(360)	(1,053)
Real estate held for sale, net	2,568	3,757
Land [Member]
Summary Of Real Estate Held For Sale [Line Items]
Real estate held for sale at cost	1,505	2,707
Buildings and Improvements [Member]
Summary Of Real Estate Held For Sale [Line Items]
Real estate held for sale at cost	$ 1,423	$ 2,103

Property Acquisitions - Additio

Property Acquisitions - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Property	Mar. 31, 2022 USD ($) Property
Business Acquisition [Line Items]
Number of real estate properties, fee simple	9	2
Aggregate purchase price of properties acquired during the period | $	$ 48,095,000	$ 7,037,000
Car Wash Properties [Member]
Business Acquisition [Line Items]
Number of real estate properties, fee simple	7
Car Wash Properties Under Construction [Member]
Business Acquisition [Line Items]
Number of real estate properties, fee simple	4
Aggregate purchase price of properties acquired during the period | $	$ 8,543,000

Property Acquisitions - Summary

Property Acquisitions - Summary of Purchase Price Allocation (Detail)	3 Months Ended
	Mar. 31, 2023 USD ($) Property	Mar. 31, 2022 USD ($) Property
Business Acquisition [Line Items]
Number of properties | Property	9	2
Payments to Acquire Commercial Real Estate	$ 48,095,000	$ 7,037,000
Car Wash Properties [Member]
Business Acquisition [Line Items]
Number of properties | Property	7
Properties Acquired In Separate Transactions [Member]
Business Acquisition [Line Items]
Number of properties | Property	9	2
Payments to Acquire Commercial Real Estate	$ 48,095	$ 7,037
Purchase price allocated to land	10,712	4,464
Purchase price allocated to buildings and improvements	32,541	2,023
Purchase price allocated to in-place leases	5,399	$ 550
Purchase price allocated to below market leases/prepaid rent liability	$ (557)
Properties Acquired In Separate Transactions [Member] | Car Wash Properties [Member]
Business Acquisition [Line Items]
Number of properties | Property	8
Payments to Acquire Commercial Real Estate	$ 42,672
Purchase price allocated to land	9,220
Purchase price allocated to buildings and improvements	29,222
Purchase price allocated to in-place leases	4,787
Purchase price allocated to below market leases/prepaid rent liability	$ (557)
Properties Acquired In Separate Transactions [Member] | Convenience Stores [Member]
Business Acquisition [Line Items]
Number of properties | Property	1	2
Payments to Acquire Commercial Real Estate	$ 5,423	$ 7,037
Purchase price allocated to land	1,492	4,464
Purchase price allocated to buildings and improvements	3,319	2,023
Purchase price allocated to in-place leases	$ 612	$ 550