Beyond FFO, we have increased the diversification of our portfolio across geography, asset type, operator, borrower, manager, and payer source, as well as achieving continual improvement in our already strong EBITDAR rent coverage. We ended the year having again grown our market cap by 61% to $8.2 billion. I cannot help but take a moment to thank our shareholders, our board, our operators, our capital and strategic partners, and our entire team for their dedication and hard work. We simply could not have pr ...

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO increased 42.7% over the prior quarter to $104.1 million, and normalized FAD increased 38.7% to $103 million [16] - On a per-share basis, normalized FFO increased $0.07, or 17.5%, to $0.47 per share, and normalized FAD increased $0.05, or 12.2%, to $0.46 per share [16] - For the full year, normalized FFO per share increased $0.26, or 17.3%, to $1.76 per share, and normalized FAD increased $0.22, or 14.3%, to $1.76 per share [16] Business Line Data and Key Metrics Changes - In Q4, approximately $562 million of investments were completed, including the first SHOP deal involving three communities in Texas with 270 assisted living and memory care units [12] - The blended stabilized yield on Q4 investments was 8.8% [12] - Since year-end, another approximately $215 million of investments were closed, including 6 skilled nursing facilities and 2 care homes in the UK [13] Market Data and Key Metrics Changes - The investment pipeline remains strong at approximately $500 million, with about half in UK care homes, a third in skilled nursing, and the remainder in a small SHOP deal and loans [14] - The competition in the SHOP segment is noted to be the most intense, with cap rates compressing as investors seek exposure to operating trends [14][35] Company Strategy and Development Direction - The company aims to be a unique healthcare REIT focused on disciplined investments in assets and operators that can significantly impact senior housing and care [11] - The strategic push into the UK care home market and the expansion of SHOP capabilities are key growth engines for the company [10][15] - The company is committed to maintaining a strong balance sheet while pursuing external growth opportunities [19][60] Management's Comments on Operating Environment and Future Outlook - The skilled nursing operating environment is described as stable and supportive, with operators eager to return to growth mode [9][25] - Management expresses confidence in achieving substantial growth in 2026, supported by a deeper and more capable team and new market opportunities [10][42] - The company anticipates a year-over-year increase in normalized FFO per share guidance for fiscal year 2026 of $1.90-$1.95, representing a 9.4% increase [18] Other Important Information - The company sold 6.5 million shares on a forward basis at an average price of $37.30, generating gross proceeds of approximately $242.5 million [17] - The company maintains low leverage with net debt to EBITDA of 0.7 times and a fixed charge coverage ratio of 10.5 times as of year-end [19] Q&A Session Summary Question: Guidance and expectations for the pipeline going forward - Management indicated that they are seeing consistent inbound interest in SHOP deals and are evaluating both large and small opportunities [22][23] Question: Sustainability of coverage levels in skilled nursing facilities - Management believes the skilled nursing environment is currently strong, with operators ready to grow and occupancy levels providing room for improvement [25] Question: Focus of data analytic hires - The data science team is primarily focused on enhancing SHOP capabilities but will impact the entire organization [30] Question: Details on the investment pipeline - The pipeline consists of approximately half UK care homes, a third US skilled nursing, and a mix of SHOP and other deals [34] Question: Competitive landscape in property types - SHOP is noted as the most competitive segment, with significant capital pursuing deals [35] Question: Future funding strategies - Management plans to balance between equity issuances and utilizing balance sheet capacity as opportunities arise [59]

Financial Data and Key Metrics Changes - For Q4 2025, normalized FFO increased by 42.7% over the prior quarter to $104.1 million, while normalized FAD increased by 38.7% to $103 million [15] - On a per-share basis, normalized FFO increased by $0.07, or 17.5%, to $0.47 per share, and normalized FAD increased by $0.05, or 12.2%, to $0.46 per share [15] - For the full year, normalized FFO per share increased by $0.26, or 17.3%, to $1.76 per share, and normalized FAD increased by $0.22, or 14.3%, to $1.76 per share [15] Business Line Data and Key Metrics Changes - In Q4, the company completed approximately $562 million of investments, including its first SHOP deal, which involved three communities in Texas totaling 270 assisted living and memory care units [11] - The blended stabilized yield on Q4 investments was 8.8% [11] - Since year-end, the company has closed on approximately $215 million of investments, including six skilled nursing facilities and two care homes in the UK [12] Market Data and Key Metrics Changes - The investment pipeline remains strong at approximately $500 million, with about half in UK care homes, a third in skilled nursing, and the remainder in a combination of SHOP deals and loans [12][35] - The skilled nursing operating environment is stable and largely supportive across most states, with the senior housing environment in both the U.S. and U.K. also stable and gaining strength [8] Company Strategy and Development Direction - The company aims to be a unique healthcare REIT focused on disciplined investments in assets and operators that can significantly impact senior housing and care [10] - The company has doubled its team and added capabilities in areas like tax and data science to support long-term growth [6] - The strategic push into the UK care home market and the SHOP segment is seen as a significant growth opportunity [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the skilled nursing environment, noting improvements in labor conditions and regulatory frameworks [25] - The company anticipates a substantial year of external growth, supported by a strong balance sheet and access to capital [9][19] - Initial guidance for fiscal year 2026 indicates normalized FFO per share of $1.90-$1.95, representing a year-over-year increase of 9.4% [17] Other Important Information - The company sold 6.5 million shares on a forward basis at an average price of $37.30, generating gross proceeds of approximately $242.5 million [16] - The company maintains low leverage with net debt to EBITDA of 0.7 times and a fixed charge coverage ratio of 10.5 times [19] Q&A Session Summary Question: Guidance and expectations for the pipeline going forward - Management indicated that they are seeing consistent inbound interest in SHOP deals and are open to both large and small opportunities [22][23] Question: Sustainability of coverage levels in skilled nursing facilities - Management believes the skilled nursing environment is strong, with operators eager to grow and occupancy levels providing room for improvement [25][26] Question: Focus of data analytic hires - The data science team is primarily focused on enhancing SHOP capabilities but will impact the entire organization [31] Question: Details on the investment pipeline - The pipeline consists of approximately half UK care homes, a third US skilled nursing, and the remainder in SHOP and loans [35] Question: Competitive landscape in property types - SHOP is noted as the most competitive segment, with significant capital pursuing deals [36] Question: Future funding strategies - Management plans to balance between equity issuances and utilizing balance sheet capacity as opportunities arise [60][61] Question: Underwriting criteria within SHOP - The company continues to seek low double-digit IRR and evaluates each deal's path to achieving that, despite cap rate compression [59]

Financial Data and Key Metrics Changes - Fully diluted FFO per share excluding non-recurring items grew to $0.65 from $0.64 [6] - Fully diluted FAD per share excluding non-recurring items increased to $0.70 from $0.67 [6] - Total liquidity is approximately $681 million [7] - Debt to annualized adjusted EBITDA for real estate is 4.3 times [7] - Annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times [7] - Full year 2025 guidance for core FFO per share is between $2.65 and $2.69 [8] Business Line Data and Key Metrics Changes - SHOP portfolio now totals $176 million in gross book value through the conversion of 13 properties from triple net leases [3] - SHOP NOI for 2025 is projected in the range of $9.4 million to $10.3 million [10] - Revenue from market-based rent resets is expected to be $5.1 million, up from guidance of $4.4 million [11][12] - The company expects to collect approximately $8.3 million of GAAP rent from properties currently under sale [12] Market Data and Key Metrics Changes - The Anthem portfolio is currently 81% occupied [9] - The company expects occupancy to improve as it enters the key selling season [46] - The occupancy for the SHOP portfolio is projected at 85% for 2025 [25] Company Strategy and Development Direction - The company is focused on growth through the RIDEA strategy and expanding its SHOP portfolio [13] - The investment pipeline stands at $300 million, with approximately 50% representing RIDEA opportunities [4] - The company aims to complement its RIDEA strategy with investments in traditional and structured finance transactions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, emphasizing a strong investment pipeline and strategic partnerships [5][14] - The company is optimistic about occupancy recovery in the Anthem portfolio and expects continued improvement [46] - Management highlighted the importance of operator diversification and maintaining a balanced portfolio [30] Other Important Information - The company appointed a new Chief Investment Officer, enhancing its leadership team [4] - The company has no plans to convert any properties in its triple net portfolio at this time, focusing instead on organic growth [36] Q&A Session Summary Question: Guidance regarding ALG's asset purchase option and financing - Management indicated that ALG is still working on financing in a volatile rate environment, but guidance assumes they will continue to pay full rent [17] Question: Details on the lease termination payment to New Perspective - The lease termination payment was made to reward New Perspective for value creation and to facilitate growth in the SHOP portfolio [20] Question: Future SHOP conversions from triple net leases - Management noted that while there may be opportunities for some conversions, the focus is primarily on external growth through SHOP [21] Question: SHOP asset NOI projections and growth - The projected SHOP NOI for 2025 is $15.2 million, reflecting growth from occupancy improvements [26] Question: Performance of the Anthem portfolio - Management acknowledged a dip in occupancy due to clinical discharges but expects recovery as the key selling season begins [46] Question: Financial performance of ALG and rent deferrals - No rent deferrals were given this quarter, and ALG's occupancy has increased due to improved lead generation [57] Question: Other leases with market-based resets - Management confirmed that there are 14 properties with market-based resets, which are expected to increase as occupancy improves [60]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an increase of 11.2% compared to $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, marking a 3.5% increase from the previous year's quarterly result [17][23] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty remains committed to a disciplined acquisition strategy, focusing on high-density metro areas and creditworthy operators under long-term leases [11] - The company aims to increase its investment pipeline, which currently exceeds $110 million, with a focus on development funding transactions [10][15] - The strategic focus includes diversifying into new sectors such as quick-service restaurants (QSR) while maintaining a small percentage of the overall portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainty affecting transaction and capital markets but expressed confidence in sourcing opportunities that align with their investment thesis [10][23] - The company reaffirmed its AFFO per share guidance for 2025, anticipating a range of $2.38 to $2.41 [23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a weighted average cost of debt at 4.5% [21][22] - The company has received all rent due through April 2025 from Zips, which filed for bankruptcy in February [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months from signing to completion [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity is still needed as the year progresses [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of ZiPS to be completed by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: What impact have tariffs had on the existing tenant base? - Management stated that the impact of tariffs is still uncertain, but discussions with tenants are ongoing to assess potential effects [41] Question: What is the credit profile of new car wash tenants? - Management confirmed that the new tenants are established operators familiar with the markets of the properties [49][50] Question: How does the outcome of the ZiPS situation compare to underwriting new investments? - Management expressed confidence in their underwriting process, stating that the recovery from the ZiPS event does not alter their approach to future investments [80][82]