Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent growth of nearly 12% in 2025, with AFFO per share increasing by 5% for Q4 and 3.8% for the full year, reaching the high end of the increased earnings guidance [6][21] - For Q4 2025, AFFO per share was $0.63, FFO was $0.64, and net income was $0.45 per share [21] - The full year 2025 results showed AFFO per share at $20.43, FFO at $20.34, and net income at $1.35 per share, reflecting a 3.8% increase compared to 2024 [21] Business Line Data and Key Metrics Changes - The company invested approximately $270 million in 2025, achieving an initial cash yield of 7.9% [7] - Significant investments included a $100 million sale-leaseback for a convenience store portfolio and $82.5 million for the construction of collision centers [9][10] - The portfolio included 1,169 net lease properties with a 99.7% occupancy rate and a weighted average lease term of 9.9 years [14] Market Data and Key Metrics Changes - Over 75% of 2025 investment activity was concentrated in top 100 markets across the U.S., with increased exposure to cities like Atlanta, Dallas, and Houston [10] - The company underwrote a record $6.8 billion of potential investments, with 54% focused on non-convenience store properties [16] Company Strategy and Development Direction - Getty Realty aims to diversify its portfolio, with nearly 30% of annual base rent now derived from non-convenience and gas properties [20] - The company is focused on maintaining a healthy investment pipeline, currently consisting of approximately $100 million of investments under contract [11] - The management transition is set to occur with RJ Ryan succeeding Mark Olear as Chief Investment Officer, indicating a continuity in strategic direction [12][13] Management Comments on Operating Environment and Future Outlook - Management expressed optimism about the investment pipeline and the potential for increased investment volume in 2026 due to improved cost of capital [30][31] - The company is confident in the health of its portfolio, with full occupancy and strong rent collections [55] - Management noted that the current guidance does not include prospective investment activities, indicating potential for future growth [47][26] Other Important Information - The company reported a net debt to EBITDA ratio of 5.1 times, well within the target leverage range [23] - Fixed charge coverage for the period was 3.8 times, indicating strong financial health [23] Q&A Session Summary Question: Can you provide more detail on the $100 million investment pipeline? - Management indicated that about 80% of the pipeline is focused on auto service properties, with the majority being development funding [29] Question: Do you think you can do more investment volume this year relative to last year? - Management expressed optimism, noting that they are off to a great start with significant opportunities already under consideration [30][31] Question: Can you speak about the cadence of the $100 million pipeline? - Management clarified that about 20% of the pipeline consists of regular acquisitions expected to close within 60-90 days, while development funding will be deployed over the next 12 months [35] Question: What is driving the increased emphasis on potential sales? - Management highlighted active sourcing of opportunities and a more active selling pool in the market as key drivers [40] Question: Can you speak about the dip in coverage? - Management explained that the dip was primarily due to rounding and historical high fuel margins dropping off, with overall tenant health remaining strong [53][55] Question: Can you provide color on the dispositions made in Q4? - Management noted that some properties were sold back to existing tenants for tactical reasons, while others were opportunistic sales [61]

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 FEBRUARY 2026 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 histori ...

Financial Performance - Q3 2025 Adjusted Funds From Operations (AFFO) increased by 8.7% to $36.1 million[10] - Q3 2025 AFFO per share increased by 5.1% to $0.62[10] - Year-to-date (YTD) AFFO increased by 7.3% to $103.9 million[14] - YTD AFFO per share increased by 3.4% to $1.80[14] Portfolio Metrics - The company invested $237 million at a 7.9% initial cash yield YTD[14] - The portfolio has a weighted average lease term (WALT) of 9.9 years[14] - The portfolio is 99.8% occupied[14] - Rent collections YTD stand at 99.9%[14] - Tenant rent coverage is 2.6x[14] Capital Structure and Liquidity - Net debt to EBITDA is 5.1x (4.6x pro forma for unsettled forward equity)[14] - The company has more than $375 million in total liquidity, including $5 million in cash, $113 million in unsettled forward equity, and $260 million in revolver capacity[14] - 84% of Annual Base Rent (ABR) is derived from unitary leases[20]

Financial Performance - Q2 2025 Adjusted Funds From Operations (AFFO) increased by 5.6% to $34 million[9] - Q2 2025 AFFO per share increased by 1.7% to $0.59[9] - Year-to-date (YTD) AFFO increased by 6.6% to $67.8 million[12] - YTD AFFO per share increased by 3.5% to $1.19[12] - Increased FY2025 AFFO guidance to $2.40 - $2.41 per share from $2.38 - $2.41 per share[9] Portfolio Metrics - Invested $95.5 million at an 8.1% initial cash yield YTD[9] - Portfolio occupancy is 99.7%[12] - Weighted average lease term (WALT) is 10.0 years[12, 44, 109] - Tenant rent coverage is 2.6x[12, 17, 44, 114] - 99.9% YTD rent collections[12] Investment and Capital Structure - More than $90 million of investments are under contract, with the majority expected to close in 6-9 months[9] - Total liquidity exceeds $400 million, including $7 million in cash, $119 million in unsettled forward equity, and $275 million in revolver capacity[12] - Net debt to EBITDA is 5.2x (4.6x pro forma for unsettled forward equity)[12]