Core Viewpoint - Getty Realty reported strong performance in 2025, driven by stable rental income, acquisitions, and significant rent growth, with a focus on diversifying its portfolio and expanding into new sectors [3][5][20]. Financial Performance - In Q4 2025, Getty reported AFFO per share of $0.63, FFO of $0.64, and net income of $0.45, while for the full year, AFFO per share was $20.43, FFO per share was $20.34, and net income was $1.35 [2]. - Annualized base rent increased by nearly 12% in 2025, with portfolio occupancy at approximately 99.7% [3][5]. - Adjusted funds from operations (AFFO) per share rose 5% year-over-year in Q4 and 3.8% for the full year, aligning with the high end of the company's earnings guidance [3][5]. Investment Activity - Getty invested approximately $270 million in 2025 at an initial cash yield of 7.9%, focusing on collision repair, travel centers, and drive-through quick service restaurants (QSRs) [4][7]. - Notable transactions included a $100 million sale-leaseback for a convenience store portfolio and a commitment of up to $82.5 million for new collision centers [7][8]. - The company underwrote a record $6.8 billion of potential investments in 2025, with 54% focused on non-convenience store properties [8][9]. Portfolio and Diversification - The portfolio consists of 1,169 net lease properties, with 61% of annualized base rent coming from the top 50 metropolitan statistical areas (MSAs) [5][13]. - The company has added 49 new tenants since the start of its current strategy, with nearly 30% of annual base rent now derived from non-convenience and gas properties [13]. Balance Sheet and Guidance - As of year-end 2025, net debt to EBITDA was approximately 5.1x, with a pro forma senior unsecured notes total of $1 billion and no maturities until 2028 [4][14]. - The company reaffirmed its 2026 AFFO guidance of $20.48 to $20.50 per share, reflecting the current run rate of the in-place portfolio [16]. Leadership Transition - A leadership transition is underway, with RJ Ryan set to become Chief Investment Officer following Mark Olear's retirement, credited for expanding Getty's investable universe and refining underwriting processes [19].