Core Insights - Companies with a strong history of dividend payments and increases are attractive to income-focused investors, with Exxon Mobil, Getty Realty, and Tyson Foods being notable examples [1] Exxon Mobil - Exxon Mobil Corp. has increased its dividends for 43 consecutive years, with the latest quarterly payout raised from $0.99 to $1.03 per share, resulting in an annual figure of $4.12 per share [3] - The current dividend yield for Exxon Mobil is 3.60% [3] - As of June 30, Exxon Mobil's annual revenue was $329.38 billion, and for Q3 2025, it reported revenues of $85.29 billion and EPS of $1.88, both exceeding expectations [3] Getty Realty - Getty Realty Corp. has raised its dividends for 12 consecutive years, with the most recent increase from $0.47 to $0.485 per share, equating to an annual figure of $1.94 per share [5] - The current dividend yield for Getty Realty is 7.07% [5] - As of September 30, Getty Realty's annual revenue was $214.19 million, and for Q3 2025, it reported revenues of $55.59 million and EPS of $0.62, both above consensus estimates [6] Tyson Foods - Tyson Foods has increased its dividends for 12 consecutive years, with the latest quarterly payout raised from $0.49 to $0.50 per share, resulting in an annual figure of $2 per share [8] - The current dividend yield for Tyson Foods is 3.89% [8]

Group 1 - The analyst has over 10 years of experience researching more than 1000 companies across various sectors including commodities and technology [1] - The focus has shifted from writing a blog to creating a value investing-focused YouTube channel, where hundreds of companies have been researched [1] - The analyst expresses a particular interest in metals and mining stocks, while also being comfortable with other industries such as consumer discretionary, REITs, and utilities [1]

Core Viewpoint - Volvo Cars reported a 2% decrease in car sales for October, selling 60,455 units compared to the same period last year [1] Company Summary - Volvo Cars sold a total of 60,455 cars in October [1] - This figure represents a 2% decline in sales compared to October of the previous year [1] Industry Summary - The automotive industry is experiencing fluctuations in sales, as indicated by Volvo's recent performance [1]

Core Insights - Getty Realty Corp. is a real estate investment trust focused on acquiring, financing, and developing single-tenant retail properties, particularly in the convenience and automotive sectors [1] Historical Performance - The stock price of Getty Realty was approximately $16.97 per share 10 years ago, and an investment of $10,000 would have allowed the purchase of about 589 shares, which would now be valued at $28.52 per share, resulting in a value of $16,806 from price appreciation alone [2] - Over the past decade, Getty Realty has paid approximately $16.26 in dividends per share, leading to a total of $9,582 earned from dividends for the same investment [3] - The total value of a $10,000 investment in Getty Realty over 10 years would be $26,388, representing a total return of 163.88%, which is significantly lower than the S&P 500's total return of 291.90% during the same period [4] Future Outlook - Analysts have a consensus rating of "Neutral" for Getty Realty, with a price target of $32.78, indicating a potential upside of nearly 15% from the current stock price [5] - The CEO highlighted the company's disciplined investment strategy and the reliability of rental income from its tenants, noting that the company has deployed $237 million at attractive yields year-to-date, reflecting healthy portfolio metrics [7]

Property Portfolio and Investment - As of September 30, 2025, the company owned a portfolio of 1,160 properties, including 1,130 owned and 30 leased from third-party landlords[155]. - The company has a weighted average remaining lease term of 9.9 years, with 1,156 properties leased under triple-net leases[157]. - During the nine months ended September 30, 2025, the company invested $135.7 million across 61 properties, including 27 drive-thru quick service restaurants and nine auto service centers[163]. - The company completed 34 redevelopment projects since 2015, enhancing property values through redevelopment[165]. - The investment strategy includes pursuing sale leaseback transactions and financing opportunities to diversify the portfolio[162]. - The company has two properties under active redevelopment and others in feasibility planning stages[166]. Financial Performance - Net earnings for Q3 2025 were $23,348,000, an increase of 52.1% compared to $15,335,000 in Q3 2024[173]. - Funds from operations (FFO) for Q3 2025 were $38,697,000, up 23.2% from $31,441,000 in Q3 2024[173]. - Adjusted funds from operations (AFFO) for Q3 2025 were $36,102,000, representing a 8.8% increase from $33,161,000 in Q3 2024[173]. - Revenues from rental properties for Q3 2025 totaled $55,159,000, a rise of 9.2% from $50,494,000 in Q3 2024[175]. - Revenues from rental properties for the nine months ended September 30, 2025, were $159,589,000, an increase of 9% from $146,430,000 in the same period of 2024[187]. Costs and Expenses - Total property costs decreased to $2,406,000 in Q3 2025, down 38.7% from $3,927,000 in Q3 2024[179]. - Interest expense increased to $11,450,000 in Q3 2025, reflecting a rise of 13.9% from $10,052,000 in Q3 2024[174]. - Impairments for the nine months ended September 30, 2025, were $2,271,000, a slight decrease from $2,467,000 in the same period of 2024[187]. - The company experienced a decrease in tenant reimbursement income by $1,231,000 due to changes in tenant payment structures for real estate taxes[177]. - Rental income for the nine months ended September 30, 2025, was $152.3 million, a decrease of $15.2 million (9.9%) compared to $137.1 million in 2024[188]. - Total revenues from rental properties decreased by $13.2 million (8.3%) to $146.4 million in 2025 from $159.6 million in 2024[188]. - Tenant reimbursement income fell by $4.5 million (107.8%) to $8.7 million in 2025 from $4.2 million in 2024, primarily due to a decrease in reimbursable real estate taxes[190]. - Property operating expenses decreased by $4.8 million (43.0%) to $6.4 million in 2025 from $11.2 million in 2024[192]. Cash Flow and Financing - Net cash flow provided by operating activities was $93.9 million in 2025, a slight decrease of $0.4 million (0.4%) from $94.3 million in 2024[203]. - Net cash flow used in investing activities decreased by $5.3 million (4.2%) to $120.7 million in 2025 from $126.0 million in 2024[205]. - The company had $260.0 million available under its Credit Facility as of September 30, 2025[202]. - The company anticipates generating approximately $113.1 million in gross proceeds from 3.7 million shares of common stock subject to forward sales agreements[202]. - Interest expense increased due to higher average borrowings and interest rates during the nine months ended September 30, 2025[199]. - The company issued $20.0 million of 3.45% Series M Guaranteed Senior Notes due February 22, 2032 and $20.0 million of 3.65% Series O Guaranteed Senior Notes due January 20, 2033 to MassMutual[217]. - As of September 30, 2025, total debt outstanding is $940.0 million, with a net total debt of $934.594 million after unamortized debt issuance costs[220]. - Regular quarterly dividends paid to stockholders for the nine months ended September 30, 2025 were $80.8 million, or $1.41 per share[232]. - The company completed a follow-on public offering of 4.0 million shares of common stock, realizing net proceeds of $65.3 million after fees and expenses[221]. - The company established an at-the-market equity offering program with an aggregate sales price of up to $350.0 million[222]. - The anticipated gross proceeds from remaining forward sales agreements are approximately $51.9 million[221]. - The company has $190.0 million under a Credit Facility maturing in January 2029 with an interest rate of 6.04%[220]. - The Series D-E Notes due June 2028 total $100.0 million with an interest rate of 5.47%[220]. - The company expects to settle outstanding forward sales agreements typically within 12 months of the respective agreement dates[228]. Environmental Liabilities - The company is subject to environmental liabilities and must accrue for these liabilities based on tenant compliance and financial capability[237]. - As of September 30, 2025, the company removed $4.1 million of unknown reserve liabilities, totaling $28.3 million removed since the beginning of the Lookback Periods[242]. - The company maintains $7.7 million of unknown reserve liabilities for certain properties where Lookback Periods have expired, reflecting ongoing risks associated with future UST removals[243]. - Total accrued environmental remediation obligations as of September 30, 2025, amounted to $16.5 million, consisting of $8.8 million of known reserve liabilities and $7.7 million of unknown reserve liabilities[245]. - The company recorded net accretion expenses of $0.2 million and $0.3 million for the nine months ended September 30, 2025 and 2024, respectively[246]. - Capitalized asset retirement costs were $29.5 million as of September 30, 2025, down from $33.2 million as of December 31, 2024[248]. - The company has a $25.0 million pollution legal liability insurance policy in place for properties with the highest risk of environmental liabilities[250]. Interest Rate Impact - An increase in market interest rates of 1.0% for 2025 would decrease the company's net income and cash flows by approximately $0.3 million[255]. - The effective interest rate for borrowings under the Credit Facility was 6.13% as of September 30, 2025, after accounting for interest rate swaps[254]. - The company had $190.0 million outstanding under the Credit Facility as of September 30, 2025, with $150.0 million subject to interest rate swaps[254]. - Temporary cash investments are currently held in an overnight bank time deposit with JPMorgan Chase Bank, N.A., which may exceed federally insurable limits[256].

Financial Data and Key Metrics Changes - Getty Realty Corp. reported a year-over-year growth of over 10% in annualized base rent and a 5.1% increase in quarterly AFFO per share [5][6] - AFFO per share for Q3 2025 was $0.62, reflecting a 5.1% increase compared to Q3 2024, while year-to-date AFFO per share was $1.80, up 3.5% from the prior year [18][19] - The company increased its full-year 2025 AFFO per share guidance to a range of $2.42 to $2.43 from the previous guidance of $2.40 to $2.41 [22] Business Line Data and Key Metrics Changes - The company invested over $235 million year-to-date, surpassing its full-year activity in 2024, with significant investments in the drive-through quick service restaurant (QSR) segment [7][8] - The leased portfolio included 1,156 net-leased properties with an occupancy rate of 99.8% and a weighted average lease term of 9.9 years [14] - The trailing 12-month tenant rent coverage ratio remained consistent at 2.6 times, indicating stable performance across the portfolio [7][14] Market Data and Key Metrics Changes - 61% of annualized base rent comes from the top 50 metropolitan statistical areas (MSAs), and 77% from the top 100 MSAs [14] - The company has diversified its tenant base by transacting with 10 new tenants in 2025 [8] Company Strategy and Development Direction - Getty Realty Corp. aims to acquire well-located convenience and automotive retail properties leased to growing regional and national operators, leveraging its underwriting expertise [11] - The company is focused on expanding its investment thesis and enhancing its knowledge of the convenience store sector, particularly in travel centers [10][12] - The board approved a 3.2% increase in the recurring quarterly dividend to $0.485 per share, marking the 12th consecutive year of dividend growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's platform and its ability to deliver strong financial results despite market disruptions [11] - The company remains focused on balancing capital return to shareholders through dividends while retaining free cash flow for growth [22] - Management noted that the current economic pressures favor the quick service restaurant sector, which aligns with the company's investment strategy [25] Other Important Information - The company has a committed investment pipeline of over $75 million, which can be funded without raising additional capital [8] - The weighted average cost of debt was reported at 4.5%, with no debt maturities until 2028 [19][20] Q&A Session Summary Question: Thoughts on the health of the middle to lower-end consumer regarding QSR acquisitions - Management noted that the quick service restaurant concept aligns well with macroeconomic pressures, offering affordable price points and convenience [25] Question: Details on environmental expense adjustments - Management explained that adjustments were made due to alleviated risks from environmental contamination at legacy sites, with no significant concerns moving forward [26] Question: Timeline for the Now & Forever acquisition - The acquisition process took less than six months, with prior relationship building in the Houston market [29] Question: Funding plan for upcoming transactions - Management indicated that funding would come from existing liquidity, including forward equity settlements and cash flow generation [31] Question: Sources of debt and pricing - Management highlighted the potential to term out revolver balances, with current pricing for new debt in the high fives [35] Question: Dividend increase rationale - The board's decision to retain more cash internally was based on the need for capital to support growth and scale the business [36] Question: Sourcing future travel center transactions - Management emphasized relationship building and market presence as key strategies for sourcing future acquisitions in the travel center sector [40][41] Question: Update on bad debt and guidance - Management reported no significant rent collection issues this year, with typical bad debt levels factored into updated guidance [43] Question: Requests to substitute assets in master leases - Management indicated it is too early to assess specific requests, but expects most profitable leases to remain in the portfolio long-term [48] Question: Underwriting differences for travel centers - Management noted that travel centers have a different risk profile, with a focus on total value and broader service offerings [52]

Financial Data and Key Metrics Changes - Getty Realty reported over 10% year-over-year growth in annualized base rent and a 5.1% increase in quarterly AFFO per share for Q3 2025 [5][6] - AFFO per share for Q3 2025 was $0.62, a 5.1% increase compared to Q3 2024, and for the nine months ended September 30, AFFO per share was $1.80, up 3.5% year-over-year [18][19] - The company increased its full-year 2025 AFFO per share guidance to a range of $2.42-$2.43 from the previous guidance of $2.40-$2.41 [22] Business Line Data and Key Metrics Changes - The company invested over $235 million year-to-date, exceeding its full-year activity in 2024, with a focus on drive-through QSR segment, acquiring more than 25 properties [7][8] - The leased portfolio included 1,156 net-leased properties with an occupancy rate of 99.8% and a weighted average lease term of 9.9 years [14] - The trailing 12-month tenant rent coverage ratio was consistent at 2.6x, reflecting steady performance from the convenience store portfolio [7][14] Market Data and Key Metrics Changes - 61% of annualized base rent comes from the top 50 MSAs, and 77% from the top 100 MSAs, indicating a strong market presence [14] - The company has diversified its tenant base by transacting with 10 new tenants in 2025 [8] Company Strategy and Development Direction - Getty Realty is focused on acquiring well-located convenience and automotive retail properties leased to growing regional and national operators [11] - The company aims to leverage its underwriting expertise and real estate selection to support investment decisions and mitigate credit risks [11] - The board approved a 3.2% increase in the recurring quarterly dividend to $0.485 per share, marking the 12th consecutive year of dividend growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the platform built over the years, highlighting the ability to deliver strong financial results amid market disruptions [11] - The company remains focused on scaling its operations and retaining capital for growth while balancing shareholder returns through dividends [22] Other Important Information - The company has a committed investment pipeline of over $75 million under contract, which can be funded without raising additional capital [8][21] - The weighted average cost of debt was 4.5%, with no debt maturities until 2028, indicating a strong balance sheet [19][20] Q&A Session Summary Question: Thoughts on the health of the middle to lower-end consumer regarding drive-through QSRs - Management noted gaining momentum in the quick service restaurant sector, which aligns with macroeconomic pressures and consumer preferences [25] Question: Details on environmental expense adjustments - Management clarified that adjustments were due to alleviated risks at legacy sites, resulting in the removal of certain reserves [26] Question: Timeline for engagement with Now & Forever acquisition - The acquisition process took less than six months, with varying timelines for different transactions based on relationship building [28][29] Question: Funding plan for upcoming transactions - Management discussed typical funding sources, including forward equity and revolver availability, to manage leverage [30][31] Question: Sources of debt and pricing - Management indicated that the private placement market would likely be the best source for new debt, with current pricing in the high fives [35] Question: Dividend increase rationale - The board's decision to retain more cash internally was to support growth and scale the business while still aligning dividend growth with earnings [36] Question: Sourcing future travel center transactions - Management emphasized relationship building and market presence as key to sourcing future acquisitions in the travel center sector [40][41] Question: Update on bad debt - Management reported no significant rent collection issues this year, maintaining a typical bad debt level [43] Question: Tenant health and lease substitutions - Management noted it is too early to assess requests for asset substitutions in master leases, expecting most properties to remain long-term [48] Question: Underwriting differences for travel centers - Management highlighted that travel centers have a different risk profile, with a focus on total value and broader service offerings [52] Question: Impact of cap rate discussions - Management indicated no significant movement in cap rates recently, suggesting a longer-term shift may be needed to see impacts [58] Question: Car wash industry performance - Management reported positive trends in car wash rent coverage, with new builds stabilizing ahead of schedule [61][62]

Financial Data and Key Metrics Changes - Getty Realty reported over 10% year-over-year growth in annualized base rent and a 5.1% increase in quarterly AFFO per share [6][18] - AFFO per share for Q3 2025 was $0.62, reflecting a 5.1% increase compared to Q3 2024 [18] - For the nine months ended September 30, AFFO per share was $1.80, an increase of 3.5% compared to the prior year period [18] Business Line Data and Key Metrics Changes - The company invested more than $235 million year-to-date, exceeding full-year activity in 2024, with a focus on drive-thru QSR segment [8][10] - The portfolio included 1,156 net leased properties with an occupancy rate of 99.8% and a weighted average lease term of 9.9 years [13] - The trailing twelve-month tenant rent coverage ratio was consistent at 2.6 times [15] Market Data and Key Metrics Changes - 61% of annualized base rent came from the top 50 MSAs, and 77% from the top 100 MSAs [13] - The company has diversified its tenant base by transacting with 10 new tenants in 2025 [8] Company Strategy and Development Direction - Getty Realty aims to acquire well-located convenience and automotive retail properties leased to growing regional and national operators [11] - The company is focused on leveraging its underwriting expertise and real estate selection to support investment decisions and mitigate credit risks [11] - The Board approved a 3.2% increase in the recurring quarterly dividend to $0.485 per share, marking the twelfth consecutive year of dividend growth [12] Management's Comments on Operating Environment and Future Outlook - Management expressed excitement about the platform built over the years, highlighting the ability to deliver strong financial results amid market disruptions [11] - The company is increasing its full-year 2025 AFFO per share guidance to a range of $2.42 to $2.43, up from the previous guidance of $2.40 to $2.41 [22] Other Important Information - The company has no debt maturities until 2028, with a weighted average debt maturity of 4.8 years and a weighted average cost of debt at 4.5% [20] - At quarter end, the company had approximately $375 million in total liquidity, including unsettled forward equity and cash on the balance sheet [21] Q&A Session Summary Question: Thoughts on the health of middle to lower-end consumers regarding drive-thru QSRs - Management noted gaining momentum in the quick-service restaurant sector, which aligns with macroeconomic pressures and offers quality food at competitive price points [24][25] Question: Details on 3Q's environmental expense adjustments - Management explained that previous environmental risks have been alleviated, leading to the removal of certain reserves on the balance sheet [26][27] Question: Engagement timeline with Now and Forever acquisition - The transaction took less than six months, but relationship building can vary from months to years depending on the operator [30][31] Question: Funding plan for upcoming transactions - Management indicated that they typically fund investment activity on the line and settle forward equity towards the end of the quarter to manage leverage [32][33] Question: Update on bad debt and guidance - There have been no rent collection issues this year, with typical bad debt levels around 15 basis points [47] Question: Uptick in requests to substitute assets in master leases - Management stated there has not been an uptick in such requests at this time, with expectations for most profitable leases to remain in the portfolio long-term [49] Question: Underwriting differences for travel centers - Management highlighted that travel centers have a different risk profile, with larger land components and a focus on attracting both professional and recreational drivers [54][56]

Financial Data and Key Metrics Changes - Getty Realty Corp. reported a year-over-year growth of over 10% in annualized base rent and a 5.1% increase in quarterly AFFO per share for Q3 2025 [5][6] - AFFO per share for Q3 2025 was $0.62, reflecting a 5.1% increase compared to Q3 2024, while year-to-date AFFO per share was $1.80, up 3.5% from the prior year [18][19] - The company achieved a trailing 12-month tenant rent coverage ratio of 2.6 times, consistent with previous periods [6][13] Business Line Data and Key Metrics Changes - The company invested over $235 million year-to-date, surpassing its full-year activity in 2024, with significant acquisitions in the drive-through quick service restaurant (QSR) segment [6][7] - In Q3 2025, Getty Realty acquired 15 drive-through QSRs for $18.4 million, five convenience stores for $19.4 million, and two express tunnel car washes for $11.1 million [14][16] Market Data and Key Metrics Changes - The portfolio included 1,156 net-leased properties with an occupancy rate of 99.8% and a weighted average lease term of 9.9 years [13] - 61% of annualized base rent came from the top 50 metropolitan statistical areas (MSAs), and 77% from the top 100 MSAs [13] Company Strategy and Development Direction - The company is focused on acquiring well-located convenience and automotive retail properties leased to growing regional and national operators, leveraging its underwriting expertise [11][12] - Getty Realty aims to diversify its tenant base and expand its investment activities, particularly in the convenience store and automotive retail sectors [6][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's platform and its ability to deliver strong financial results despite market disruptions [11] - The company increased its full-year 2025 AFFO per share guidance to a range of $2.42 to $2.43, up from the previous guidance of $2.40 to $2.41 [21] Other Important Information - The board approved a 3.2% increase in the recurring quarterly dividend to $0.485 per share, marking the 12th consecutive year of dividend growth [12] - The company has a strong capital position with over $375 million in total liquidity at quarter-end, including unsettled forward equity and cash [20] Q&A Session Summary Question: Thoughts on the health of the middle to lower-end consumer regarding drive-through QSRs - Management noted gaining momentum in the quick service restaurant sector, aligning with macroeconomic pressures and consumer preferences [25] Question: Details on environmental expense adjustments - Management explained that adjustments were due to alleviated risks at legacy sites, resulting in the removal of certain reserves [26] Question: Timeline for engagement with Now & Forever acquisition - The acquisition process took less than six months, with varying timelines for different transactions based on relationship building [27] Question: Funding plan for upcoming transactions - Management discussed typical funding sources, including forward equity and revolver availability, to manage leverage [28] Question: Best source of debt and pricing - Management indicated that private placement markets would likely be the source for new debt, with current pricing around 5.9% for a new 10-year [32] Question: Dividend increase rationale - The board's decision to retain more cash internally was based on the need for capital to support growth and scale the business [33] Question: Sourcing travel center transactions - Management highlighted relationship building and market presence as key strategies for sourcing travel center acquisitions [35] Question: Update on bad debt - Management reported no significant rent collection issues this year, with typical bad debt levels [38] Question: Requests to substitute assets in master leases - Management indicated it is too early to assess requests for asset substitutions, expecting most profitable leases to remain [40] Question: Underwriting differences for travel centers - Management noted that travel centers have a different risk profile, with a focus on total value and broader service offerings [44]

C O N V E N I E N C E A U T O M O T I V E R E T A I L CORPORATE PROFILE and SUPPLEMENTAL INFORMATION OCTOBER 2025 SAFE HARBOR STATEMENTS Forward Looking Statements Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historic ...