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Good morning, and welcome to the Getty Realty first quarter 2026 earnings call. This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel, and Secretary of the company, will read a safe harbor statement and provide information about non-GAAP financial measures. Please go ahead, sir.

Thank you, operator. I would like to thank you all for joining us for Getty Realty's first quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended March 31, 2026. The Form 8-K and earnings release are available in the investor relations section of our website at gettyrealty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements. These statements reflect management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2026 guidance and may include statements made by management, including those regarding the company's future financial performance, future operations or investment plans, and opportunities.

We caution you that such statements reflect our best judgment based on factors currently known to us, and that actual events or results could differ materially. I refer you to the company's annual report on Form 10-K for the year ended December 31, 2025, as well as any subsequent filings with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. You should not place undue reliance on forward-looking statements, which reflect our view only as of today. The company undertakes no duty to update any forward-looking statements that may be made during this call.

Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of adjusted funds from operations, or AFFO, and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer.

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the first quarter of 2026. Joining us on the call today are Brian Dickman, our Chief Financial Officer, and RJ Ryan, our Chief Investment Officer. I will lead off today's call by providing highlights of Getty's first quarter financial performance and investment activity. RJ will then discuss our portfolio and investments in greater detail, and Brian will provide additional information regarding our earnings, balance sheet, and 2026 AFFO per share guidance. I am pleased to report that Getty is off to a strong start in 2026, highlighted by a 13.1% year-over-year increase in our annualized base rent, a 6.8% increase in our AFFO per share, and an increase to our full year 2026 earnings guidance.

The foundation for this growth is our in-place portfolio, which is essentially fully occupied, achieved 100% rent collections, and continues to demonstrate stable rent coverage. Despite volatility driven by current geopolitical events, our tenants and their businesses have once again proved their resilience and ability to perform during rapidly changing operating conditions. Building on that foundation is the impact of the capital we deployed in 2025 and year to date. We are seeing the benefits of investments we've made in our platform to accelerate growth, including a larger investment team, new technologies, and improved processes. We expect to capitalize on constructive transaction markets for convenience and automotive retail properties throughout the year. Year to date, we have invested more than $34 million at an initial cash yield of 8%.

Beyond that, beyond what we have closed, we have approximately $125 million of investments under contract, as well as a pipeline of transactions under signed non-binding letters of intent that is in excess of the pipeline, which was disclosed at the time of our recent equity offer. This pipeline is supported by a robust capital position as our recent capital markets activities have provided us with significant liquidity and attractive cost of capital to fund our 2026 business plans. We currently have more than $170 million of unsettled forward equity, and our $450 million revolver is completely undrawn. When we look at the spectrum of opportunities under contract and in our pipeline, we are confident that we can deploy this capital accretively as we move through the year.

As we think about the rest of 2026 and beyond, I take great comfort in the quality of our portfolio, including its proven durability and ongoing diversification. I have no doubt that the platform we've built can drive disciplined growth as we continue to lean into our expertise in sourcing, underwriting, and closing investments in our core convenience and automotive retail sectors. We remain committed to our disciplined underwriting approach, which prioritizes owning real estate in high density or growing metro areas with excellent access and visibility in retail markets and which is leased to creditworthy operators under our long-term triple net leases. The sectors we invest in are large and fragmented and benefit from prevailing consumer trends for demand, convenience, speed, and service.

As these industries continue to consolidate and become more institutional, we believe our direct sale-leaseback approach and deep relationships in our target segments uniquely positions Getty to grow with both established and emerging retailers. With that, I'll let RJ discuss our portfolio and investment activities.

Thank you, Chris. At quarter end, our lease portfolio included 1,186 net lease properties and two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.7%, and our weighted average lease term was 10.1 years. Our net lease portfolio spans 45 states plus Washington, D.C., with 61% of our annualized base rent coming from top 50 MSAs and 77% coming from top 100 MSAs. Our rents continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.5x. Turning to our investment activities. For the quarter, we invested $30.3 million across 29 properties at an initial cash yield of 8%. The weighted average lease term on acquired assets for the quarter was 8.8 years.

Highlights for this quarter's investments include the acquisition of 22 properties for $27.3 million, including 16 auto service centers and six drive-thru quick service restaurants, and $3 million of incremental development funding for the construction of multiple new auto service centers and drive-thru quick service restaurants. Subsequent to quarter end, we invested an additional $4.1 million, bringing our year-to-date total investments to $34.4 million at an 8% initial cash yield. Our year-to-date activity included the acquisition of several existing net leases that we view as a complement to our core sale-leaseback business. This drove a shorter weighted average lease term than our typical investment activity, but also led to us adding 11 new tenants to the portfolio and executing granular acquisitions with an average $1.2 million purchase price.

Looking ahead, as Chris mentioned, we currently have approximately $125 million of investments under contract and a significant pipeline of investments under signed letters of intent. These transactions are spread across our four convenience and automotive retail sectors and are predominantly relationship sale-leasebacks and development funding opportunities with new 15-20-year lease terms. The initial cash yields for these investment opportunities are in the mid- to high-7% area. Moving to our asset management activities. As previously announced, we extended five unitary leases totaling $11.3 million of ABR, or 5% of total ABR, during the first quarter. The net benefit of these lease extensions was an increase to our weighted average lease term and a significant reduction in ABR expiring in 2027. In addition, we sold two properties during the quarter for gross proceeds of $3.7 million.

With that, I will turn the call over to Brian to discuss our financial results.

Thanks, RJ. Good morning, everyone. For the first quarter of 2026, we reported AFFO per share of $0.63, a 6.8% increase over Q1 2025. FFO and net income for the quarter were $0.69 and $0.43 per share, respectively. A more detailed description of our quarterly results can be found in our earnings release, and our corporate presentation contains additional information regarding our earnings and dividend per share growth over the last several years. Starting with some color on G&A expenses. Management focuses on the ratio of G&A, excluding stock-based compensation and non-recurring retirement costs, to cash rental and interest income. That ratio was 9.2% for the quarter ended March 31st, 2026, a 130 basis point improvement over the same period in 2025.

As we mentioned on our last call, we expect G&A growth to be less than 2% in 2026 and for our G&A ratio to fall below 9% as we focus on controlling expenses and continuing to scale the company. Moving to the balance sheet and liquidity. As of March 31st, net debt to EBITDA was 5.1x or 4.2x, including the impact of unsettled forward equity, both of which compare favorably to our target leverage of 4.5x-5.5x. Fixed charge coverage for the quarter was 4x. During the first quarter, we received $250 million from our previously announced unsecured notes issuance and used the proceeds to repay the borrowings under our revolving credit facility. We ended the quarter with $1 billion of total unsecured notes outstanding, with a weighted average interest rate of 4.5% and a weighted average maturity of six years.

We have full borrowing capacity under our $450 million revolving credit facility and no debt maturities until June 2028. In February, driven by our growing investment pipeline and the strong performance of our stock to start the year, we raised $130 million of new common equity in an overnight offering. Those shares were sold on a forward basis, and we currently have a total of 5.5 million shares subject to outstanding forward sales agreements, which, upon settlement, are anticipated to raise gross proceeds of approximately $171.5 million. As Chris mentioned, we are in a very strong capital position with more than $625 million of total liquidity and have more than sufficient capital to fund our under contract pipeline and additional investments as we continue to source new opportunities.

With respect to our earnings outlook, as a result of our year-to-date activities, we are increasing our full year 2026 AFFO per share guidance to a range of $2.50-$2.52 from the prior range of $2.48-$2.50. As a reminder, our guidance reflects the current run rate from our in-place portfolio with certain expense and credit loss variability and does not include any prospective investments or capital markets activities. We think this approach remains appropriate for our business and look forward to updating everyone on the positive impact that our investment program has on our earnings as we move through the year. With that, I'll ask the operator to open the call for questions.

Thank you. Ladies and gentlemen, we will now be conducting a question and answer session. If you would like to ask a question, please press star and then one on your telephone. A confirmation tone will indicate your line is in the question queue. You may press star and then two if you would like to remove yourself from the question queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Again, if you would like to ask a question, please press star and then one now. The first question we have comes from Mitch Germain of Citizens JMP. Please go ahead.

Thank you, and congrats on the quarter. Chris, what do you think is driving the increased momentum in the investment pipeline? Obviously, I know you've made some investments in people. Is it more sellers rationalizing what their pricing expectations are? Is there anything you can point out to?

I think it's a little bit of all the above, right? Obviously, with more deal makers at Getty, right, there's more business development activity. As the portfolio's grown, we obviously have more relationships that we can tap into. I do think there's an element of your businesses are growing. The theme around consolidation certainly continues in all the sectors we invest in. As folks are looking at their capital needs, I do think the sale-leaseback market is becoming more attractive. It's a complement in certain cases to their other capital sources like debt or even equity. I think it's a mix, Mitch, but what I would say is that most of our conversations are around growth and folks are constructive, right, in terms of what the current pricing dynamic looks like across the sectors. We certainly feel that in our portfolio and in our pipeline.

I think that's why you hear the positive tone in our language, in the script and in the quarter.

Are you becoming any more selective with regards to what sectors you're allocating capital to? Or are you open for business across everything that you're investing in?

Because we're focused investors, right? I think by nature, that makes us sort of selective. Within the four sectors that we invest in, again, we're equally excited about all four of them. The broader pipeline under contract and what's behind that includes numerous opportunities across all of those verticals.

Great. Last one for me. Brian, you talked about scalability of the platform. Can you highlight maybe some of the things that you guys have accomplished to get a little more efficient?

Yeah. I think you've heard both Chris and RJ and even in past calls, Mark talk about some of the things we've been doing around technology, around process improvement. Certainly, I think those things are having an impact. Also, I think we all understand that net lease platforms are inherently very scalable. We've been investing in the platform for a number of years, and combined with some of the market dynamics Chris went through, we're just, I think, really starting to bear the fruit of those efforts.

Congrats.

Thanks, Mitch.

Thank you. The next question we have comes from Upal Rana of KeyBanc Capital Markets. Please go ahead.

Great. Thank you. Chris, with the pipeline growing, I'm just curious on what you're seeing out there in terms of larger portfolio deals.

Yeah. I think, obviously when we closed this quarter was more granular in terms of maybe some more individual asset acquisitions, but the broader pipeline and the opportunities that we're underwriting has a mix of what I would call mid-size to larger portfolios. Again, it just goes back to what I said on the earlier question, which is our operators are looking to continue to grow and consolidate. That kind of mid-market M&A transaction or a larger portfolio, certainly feels like there's a component for sale-leaseback financing to help get those deals done.

Okay, great. Brian, on your cost of capital has materially improved this year, and you have nearly $170 in the forward equity and also the revolver. Just want to get your thoughts and your strategy on use of capital as we go through 2026 and maybe any additional appetite to raise even more capital?

Yeah. Thanks, Upal. Fair certainly observations and not lost on us, the cost of capital. I would say that our strategy, as it were, around capital raising, capital allocation, really hasn't changed, right? We're going to maintain leverage in that 4.5x-5.5x range. We're going to look to keep the pipeline, at least partially funded, so that we know we have some certainty around that cost of capital. I think those fundamental components haven't changed. As you look to this year, I think you'll see us draw on the revolver after debt piece and settle that equity again to maintain leverage.

As far as additional equity behind that or beyond that, I think as always, it's going to be a combination of the pipeline, the magnitude of that pipeline, where those deals are being priced, and then where the stock is trading, where our cost of capital is. I guess it's kind of a long-winded way of saying I don't see any change in strategy. I think if you look over the last several years, that's how we've executed, and I would anticipate us doing the same thing throughout this year and beyond.

Okay, great. Thank you.

The next question we have comes from Michael Goldsmith of UBS. Please go ahead.

Good morning. Thanks a lot for taking my question. Can you just talk a little bit about bad debt? Are you seeing any challenges within the portfolio? Then also can you update us on how bad debt is baked into your 2026 guidance and if that changed since the start of the year? Thanks.

Yeah. Hey, Michael, it's Brian. I'll touch on that. Working backwards, we use about 25 basis points assumption for credit loss. We didn't experience any of that in the first quarter. I would say that is also conservative relative to looking back over longer periods of time. That continues to be what's baked into the guidance on a go forward. The portfolio itself quite healthy. There's nothing that rises to a level of a watch list for us, and there's nothing that we're anticipating in the near medium term that gives us any significant concerns around credit loss in the portfolio. As we know, these are non-discretionary defensive essential type businesses. Obviously, there's a lot of geopolitical and macro noise, but as we sit here today, the tenants continue to perform, their businesses continue to perform.

While we do think it's prudent to have an assumption in our guidance for credit loss, there's nothing imminent that gives us any concern as I said.

Thanks for that, Brian. Just to follow up, I think this was touched on some of the other net lease earnings calls, but 7-Eleven closing some stores and more of the smaller locations, but just wanted to get a sense of how that, if any way, kind of influences your portfolio or how you're thinking about your portfolio, and how to be positioned in the C-store space going forward. Thanks.

Sure. I'll start and maybe RJ will just add a few comments here. 7-Eleven is a tenant of ours, but they're not in our top 20. On a broader scale, Michael, this is a trend that we've been talking about with investors for years. The C-store is getting larger. It's getting more complex. The importance of food, beverage, and brand to drive customer visits inside the store, this is not a new trend. With a portfolio the size of 7-Eleven's, of course, they have stores that are smaller, and they're focused on the larger store to compete with other brands that may be even slightly ahead of where they are. From our standpoint, given that we've been around the C-store business for a very long time, this is very consistent with what our tenants are doing.

If you look at the acquisition activity that we closed in C-store last year, I think our big transaction in the fourth quarter, the average store size was either 7,000 or 8,000 sq ft. That is what the modern C-store looks like. Heavy food, importance of brand, loyalty programs. Of course, they do still sell fuel, right? They do still sell traditional merchandise, but it's far more than just the old line C-store. The other thing I'd say is we do have some of the older assets that were part of the legacy business. Those are the leases that got renewed this quarter, right? Again, still profitable. When you have a really well located, maybe slightly smaller store, those still make money for our tenants. We're really pleased to get those leases extended and that our tenants want us to stay there.

I echo what Chris says. 7-Eleven did announce those closures. Again, I would highlight they also announced about a third of those closures numerically as planned reopening or new stores in that larger format. I think it's a reflection not only of the industry, but frankly with Getty's investment strategy and what we've executed on certainly over the last several years, if not beyond, and how our portfolio's evolved, and it just shows the evolution of the C&G space and where we and others are focused.

Thank you very much. Good luck in the second quarter.

Thanks, Michael.

Thank you. Just a reminder, if you would like to ask a question, please press star and then one now. The next question we have comes from Brad Heffern of RBC Capital Markets. Please go ahead.

Yeah. Hey, good morning, everyone. Question about the war and gas prices. I know most of the C-store margin is inside the store, but sometimes they do struggle to pass on higher gas prices right away, or maybe customers have less money to spend inside the store. There can be a working capital draw too. I'm just curious, do you think there will be any net impact on your tenants from this, or do you think that they'll be able to withstand it?

Yeah, it's a great question and one that we've gotten in a lot of our meetings recently. I think going into the war, I think the nice part about our business on the fuel side is that we were starting at retail fuel prices that were less than $3 a gallon nationally. We also entered the year at probably fuel margins on average that were north of $0.40, even maybe $0.45. That's not a historical record high, but that's a very healthy number. You're right. Typically, our tenants have struggled to pass on 100% of the increase where there's been a rapid movement up in oil. What I would tell you is that if you look at some of the national data, almost all of that increase has been passed on. If margins were in that high 40s, they're still nationally above $0.40.

What does happen on the backside of that is when the price of oil does come down, typically our tenants are able to maybe widen out their margin a little bit or hold retail pricing. I think to date, Brad, the fuel margin, the fuel side of the business continues to be healthy. I think the conversations we've had with tenants are more about the duration of this, the health of the consumer continuing to drive traffic in-store. We're having those conversations on a regular basis with tenants, and again, what you see in our portfolio is, the C-store business is still highly profitable. The gas piece is still highly profitable, and again, tenants are just trying to drive traffic in the store for the higher margin side of their business.

Okay, got it. Thank you for that. Brian, on the guidance, you obviously closed acquisitions in the first quarter. It doesn't seem like enough to make the guide go up by 1%. Can you walk through what drove that? I'm assuming part of it was the equity raise, but anything else you would call out?

Yes. There's really two components. The equity in and of itself wouldn't have impacted the first quarter. You do have the impact of the investment activity. You also have the, I guess, actualization of whatever was assumed around the credit loss and expense variability that we speak to as driving the variability in the range. Again, we had no credit loss in the first quarter. Expenses generally came in at or below budget. I think it's really the combination of those two things, the just actual performance against what was forecasted plus the investment activity. Then also, candidly, Brad, sometimes when you're dealing in hundreds here and dealing in pennies, sometimes the rounding also will get you. It may not have been a full two pennies, but certainly on the round, that's where it came out for us.

Okay, got it. Thank you.

Thank you. The next question we have comes from Wesley Golladay of Baird. Please go ahead.

Hey, good morning, everyone. When you look at the cap rates, I think you're guiding to mid- to high-7s. It's a little bit lower. Just wondering if that was versus what you've done in the last few quarters. Is that primarily just due to a mix, whether it's fewer developments or just different categories in the pipeline?

Yeah, I think it's all the above. Obviously, with the equity that we raised, there are a lot more transactions just broadly speaking in the market that are maybe in and around that seven and a half. This allows us to grab some of those deals, again, maintain that healthy spread that we're looking for, plus blend those with the deals that are in the high sevens approaching eight. I think that's why maybe you saw our pipeline go up and why you saw us talk about some of the activity behind that. Do you want to add to that, RJ?

No. I think that's the range we've been operating in and around for quite some time. To Chris's point, I expect to still be quite active in that mid to high seven range. We do have an opportunity to kind of expand our activity on the lower end and still blend in that mid to high seven range. We feel pretty confident in our ability to do so.

Okay, thanks for that. Just one housekeeping question. What are you looking at for G&A for the full year?

Should be right around $20 million, Wes, plus, minus.

Okay. Thank you very much.

Sorry, that's on the cash G&A number. Just to be clear, I think we're at 5.2 in the quarter. First and second quarter tend to be a little elevated over the second half of the year. That $20 million range would be the cash G&A number.

Okay. Thank you very much.

Thank you. The next question we have comes from Jana Galan of Bank of America. Please go ahead.

Thank you. Good morning, and congrats on the first quarter. Can you broadly break down how much of the $125 million pipeline is acquisitions and how much is development funding? If you can remind us, developments, is that typically kind of like a three, four or four quarter construction timeline?

Hi, Jana, it's RJ. The $125 million pipeline is, and it echoes what we said in our call about 60 days ago. It is tilted towards the development funding, which is generally that three to 12-month time horizon. We have added additional, more traditional sale-leaseback, acquisition-leaseback type transactions. The pipeline itself, as it sits, is skewed more towards that development funding.

Thank you.

Thank you. The final question we have comes from Michael Gorman of BTIG. Please go ahead.

Yeah, thanks. Good morning. Just a quick one from me. Obviously, rent coverage remained pretty strong in the quarter versus the fourth quarter of last year, but there were some kind of noticeable moves within the different buckets that you break out in the presentation. Anything specific to point out there in terms of tenant trends, moving between those different categories? Or anything in particular that you're seeing on the consumer side that may be driving some of those moves between the different buckets that you break out? Thanks.

Hey, Mike, it's Brian. The short answer is no. One thing I would just highlight, we are on a three-month lag. So the data we're looking at is through 12/31, so it would not have captured the first quarter performance. Although Chris referenced some of the conversations and anecdotal type of information we're getting from tenants, such that we're not expecting significant changes in Q1 either. Back to the data that you were referencing. No, when we look at it at a slightly more granular level, look at it by lease, look at it by property type, very consistent results versus the prior quarter. Sometimes, a tenant or a lease will just flip on one side or the other of where the break points are. We actually see that quite a bit.

A tenant that's around 2.5x might be 2.41 and 2.6 the next. You do see that more than you might expect around some of those break points. From the high-level perspective, very similar, very consistent, very stable quarter-over-quarter across all four property types.

Great. Thank you very much.

Thank you. At this stage, there are no further questions. I would like to turn the floor back over to Christopher Constant for closing comments. Please go ahead, sir.

Thank you, operator, and thanks to everybody for participating on our call this morning. We're really pleased with the start of the year, and we look forward to getting back on the phone with everybody when we report our second quarter in July.

Thank you. Ladies and gentlemen, that then concludes today's conference. Thank you for joining us. You may now disconnect your lines.

Good morning, and welcome to the Getty Realty Corp. fourth quarter 2025 earnings call. This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel, and Secretary of the company, will read a Safe Harbor statement and provide information about the non-GAAP financial measures. Please go ahead, Mr. Dicker. Thank you, operator. I would like to

Thank you all for joining us for Getty Realty Corp.’s fourth quarter and year-end earnings conference call. Yesterday afternoon, the company released financial and operating results for the quarter and year ended December 31, 2025. The Form 8-Ks and earnings release are available in the Investor section of our website at gettyrealty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements. These statements reflect management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2026 guidance and may include statements made by management, including those regarding the company's future operations, future financial performance, or investment plans and opportunities. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. I refer you to the company's Annual Report on Form 10-K for the year ended December 31, 2024, as well as any subsequent filings made with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today. You should not place undue reliance on forward-looking statements, which reflect our view only as of today. The company undertakes no duty to update any forward-looking statements that may be made during this call. Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of adjusted funds from operations, or AFFO, and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer. Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the fourth quarter and year-end 2025. Joining us on the call today are Mark O’Lear, our Chief Investment Officer and Chief Operating Officer, Brian Dickman, our Chief Financial Officer, and RJ Ryan, our Senior Vice President of Acquisitions. As previously announced, RJ will succeed Mark as Chief Investment Officer upon Mark's retirement at the end of this month. I will lead off today's call by providing highlights of Getty Realty Corp.’s 2025 financial performance and investment activity. Mark and RJ will then discuss our portfolio and investments in greater detail, and Brian will provide additional information regarding our earnings, balance sheet, and 2026 AFFO per share guidance. I am pleased to report that the combination of stable rental income from our in-place portfolio and strong yields from acquisitions produced strong rent and earnings growth for the fourth quarter and full year 2025. Getty's annualized base rent grew by nearly 12% in 2025, while AFFO per share was up 5% for the fourth quarter and 3.8% for the full year, which was the high end of our increased earnings guidance. Our in-place portfolio continues to provide a solid foundation for our business with essentially full occupancy and rent collections and stable rent coverage. Our tenants continue to benefit from consumer trends that drive performance at convenience and automotive retail properties, namely demand for convenience, speed, and do-it-for-me services, and their businesses have proven resilient as they have historically. Turning to our growth initiatives, for the year, we invested approximately $270,000,000 at an initial cash yield of 7.9%. I would like to highlight a few accomplishments for the year, which demonstrate the effective execution of our strategy to accretively grow and further diversify our portfolio. First, the $100,000,000 sale-leaseback we closed in October for a 12-property convenience store portfolio in Houston, Texas. These assets are leased to Now and Forever, a growing regional convenience store chain with a dominant market position in densely populated Houston submarkets. Over the last five years, we have acquired more than 60 properties generating nearly $25,000,000 of ABR in Texas, which is now our largest state exposure, including more than 25 properties generating over $14,000,000 of ABR in Houston, which is now our second-largest market after New York City. Second, we made a significant commitment to the collision repair sector when we agreed to provide up to $82.5 million of development funding for the construction of 11 new-to-industry collision centers for a top-three operator in the sector. We expect a number of these sites to open in 2026 and look forward to building on our momentum in this subsector of automotive service. We also completed our first travel center investments with existing and new tenants who have expanded their store networks by building or acquiring large-format C-stores and travel centers. We view investing in travel centers as a natural extension of our buy box, and in 2025, we acquired four travel centers for $47,100,000.

Additional 2025 highlights include

A record year of investments for drive-thru quick-service restaurants, where deliberate resource allocation and targeted sourcing efforts resulted in Getty investing nearly $40,000,000 across 28 properties, representing approximately 15% of our investment activity for the year. We also continue to allocate capital to dense and growing markets. During the year, more than 75% of our 2025 investment activity was in top 100 markets around the U.S., and we increased exposure to a number of attractive metro areas, including Atlanta, Dallas, Houston, Las Vegas, Memphis, and San Antonio. We also demonstrated the consistency of our relationship-based sale-leaseback acquisition strategy during the year by directly negotiating transactions with tenants that drove more than 90% of our closed transactions in 2025, which helped us add 13 new tenants to our portfolio during the year. Finally, our ability to maintain a healthy investment pipeline, which currently consists of approximately $100,000,000 of investments under contract, most of which we expect to fund by 2026. Sticking with our pipeline, including our opportunities that are in various stages of underwriting and negotiating, our investment team continues to do an excellent job sourcing investment opportunities that fit our well-defined strategy, meet our stringent underwriting criteria, and generate consistent earnings growth. Our collective ability to execute period after period regardless of market conditions is a testament to the platform and culture we have established at Getty Realty Corp. As we think about 2026 and beyond, we continue to be excited about our strategy, the sectors we invest in, our people, and the platform we have built. We believe we are on a path to accelerate our growth trajectory as we expand our relationships, extend our underwriting to new opportunities, and further refine our processes with the help of data-driven analysis to enhance our investment decisions. I would like to close with some comments on our upcoming management transition. As previously announced, Mark O’Lear is retiring in February. During his time at Getty Realty Corp., Mark broadened our investable universe, redefined our underwriting approach, and created a redevelopment program that has seen us complete more than 30 value-add projects. I want to congratulate Mark on a successful 40-year career and thank you for being my partner for the past decade plus at Getty Realty Corp. We will miss having him here on a daily basis. I am equally excited to announce that RJ Ryan, our current SVP of Acquisitions, will be promoted to the position of Chief Investment Officer. RJ has been with Getty Realty Corp. for nearly a decade, has led our acquisitions team since 2018, and is ready to take on additional leadership responsibilities as our CIO. I hope you all enjoy getting to know RJ better as he plays a more visible role with the investor community. With that, I will turn the call over to Mark. Thank you, Chris. I appreciate the kind words and would like to thank everyone at Getty Realty Corp. It has been an honor to lead the company's real estate efforts for the past decade. RJ is more than ready for his new role, and I am confident that Getty Realty Corp. will be successful at continuing to execute its growth plans. Turning back to the business, at year-end, our lease portfolio included 1,169 net leased properties and two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.7%, and our weighted average lease term was 9.9 years. Our portfolio spans 44 states plus Washington, DC, with 61% of our annualized base rent coming from top 50 MSAs and 77% coming from top 100 MSAs. We have performance insight into 95% of our ABR through site-level financial reporting or financials derived from public reporting companies. Our rents for properties where we receive site-level reporting continue to be well covered with a trailing twelve-month rent coverage ratio of 2.5x. Turning to our investment activities, I will let RJ take you through our results. Thanks, Mark. Good morning, everyone. For the year, we underwrote a record $6,800,000,000 of potential investments. Consistent with our objective to diversify our portfolio within our target sectors, 54% of our underwriting was focused on non-convenience store properties including auto service centers, primarily collision centers and oil change locations, drive-thru quick-service restaurants, and express tunnel car washes. We had a strong fourth quarter in which we invested $135,400,000 across 26 properties at an initial cash yield of 7.9%. The weighted average lease term on acquired assets for the quarter was 15 years. Highlights of this quarter's investments include the acquisition of the 12-property $100,000,000 sale-leaseback we completed with Now and Forever in October, two additional convenience stores for $18,700,000, which included a travel center and a New York City property that we previously leased, six auto service centers for $9,900,000, of which $1,400,000 was previously funded, two express tunnel car wash properties for $10,900,000, of which $7,400,000 was previously funded. We also advanced incremental development funding in the amount of $3,600,000 for the construction of new-to-industry collision centers, oil change locations, and drive-thru QSRs. These assets are either already owned by the company and are under construction or will be acquired via sale-leaseback transactions at the end of the projects’ respective construction periods. For the year, Getty Realty Corp. invested $268,800,000, which included the acquisition of 73 properties for $278,300,000, of which $23,100,000 was previously funded, and incremental development funding of $13,600,000. The weighted average initial yield on our investments was 7.9% for the year, and the weighted average lease term for the acquired assets was 15.8 years. Subsequent to year-end, we invested an additional $8,700,000 for the acquisition or development of four drive-thru QSRs and four auto service centers. Beyond our disclosed pipeline of approximately $100,000,000 of investments under contract, the majority of which we expect to fund in 2026 at initial cash yields in the high 7% area, we continue to source actionable opportunities across our investable universe. These are all properties that will be added into our portfolio and accretive to earnings as we look to further scale and diversify our business. Thank you, RJ. As my final prepared remarks, I am pleased to say that as a result of our investment activity over the last several years, Getty Realty Corp. currently has the most diversified portfolio in terms of tenants, sectors, and geographies in the company's history. Since the onset of our current investment strategy, which emphasizes both growth and diversification, we have added 49 new tenants to our portfolio and diversified our annual rent streams, with nearly 30% of our annual base rent now derived from non-convenience and gas properties. With that, I turn the call over to Brian. Thanks, Mark. RJ, good morning, everybody.

Yesterday, we reported AFFO per share of $0.63 for Q4 2025, an increase of 5% over Q4 2024. FFO and net income for the quarter were $0.64 and $0.45 per share, respectively. For the full year 2025, AFFO per share was $2.43, an increase of 3.8% compared to the full year 2024. FFO and net income for 2025 were $2.34 and $1.35 per share, respectively. A more detailed description of our quarterly and annual results can be found in our earnings release. Our corporate profile contains additional information regarding Getty Realty Corp.’s earnings and dividend per share growth over the last several years. Starting with some color on G&A expenses, management focuses on the ratio of G&A excluding stock-based compensation and nonrecurring retirement costs to cash rental and interest income. That ratio was 9.5% for the full year 2025, a 10 basis point improvement over 2024. Both the year and fourth quarter included elevated legal and professional fees, both transaction-related and other, that we generally consider nonrecurring. Absent those charges, we would have achieved a more significant reduction in this ratio. In 2026, we expect G&A growth to be less than 2% and for our G&A ratio to fall below 9% as we focus on controlling expenses and continuing to scale the company. Moving to the balance sheet and liquidity, as of December 31, net debt to EBITDA was 5.1x, or 4.8x including unsettled forward equity, both metrics well within our target leverage range of 4.5x to 5.5x. Fixed charge coverage for the period was 3.8x. During the fourth quarter, as previously announced, we closed on $250,000,000 of new unsecured notes. Those notes funded in January, and we used the proceeds to repay borrowings under our $450,000,000 revolving credit facility. Pro forma for the notes transaction, we have $1,000,000,000 of senior unsecured notes outstanding with a weighted average interest rate of 4.5% and a weighted average maturity of 6.2 years, as well as full borrowing capacity under our revolver. We have no debt maturities until 2028. Turning to equity capital markets, during the fourth quarter, we settled approximately 2,100,000 shares of common stock for net proceeds of approximately $59,100,000 and entered into a new forward sale agreement to sell approximately 400,000 shares for anticipated gross proceeds of approximately $12,700,000. As of December 31, we had approximately 2,100,000 shares of common stock subject to outstanding forward sale agreements which, upon settlement, are anticipated to raise gross proceeds of approximately $62,600,000. We continue to be in a strong capital position and, pro forma for the notes transaction, have more than $500,000,000 of total liquidity including unsettled forward equity, availability on our revolver, and cash on the balance sheet. We have sufficient capital to fund our committed investment pipeline plus incremental investment activity as we look forward to 2026. With respect to guidance, we are reaffirming the AFFO per share range of $2.48 to $2.50 that we introduced earlier this year. As a reminder, our guidance reflects the current run rate from our in-place portfolio with certain expense and credit loss variability and does not include prospective investment or capital activities. We think this approach remains appropriate for our business, but note that historically, over the last five years, we have averaged more than $200,000,000 of annual investments and added approximately 250 basis points of AFFO per share growth beyond the midpoint of our initial guidance range. Pages 8 and 10 of our corporate profile highlight our earnings results and investment activity over the last several years, and page 22 illustrates the difference between our actual results and our initial guidance since 2021. We look forward to updating the market on the positive impact that our investment program has on our earnings as we move through the year. With that, I will ask the operator to open the call for questions.

Thank you. We will now conduct a question-and-answer session. If you would like to ask a question, please press 1 on your telephone keypad. You may press 2 to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. Once again, that is 1 at this time. One moment while we poll for the first question. The first question comes from Upal Rana with KeyBanc Capital Markets. Please proceed.

Great. Could you provide a little more detail on the $100,000,000 investment pipeline you mentioned in the release? Any types of assets or any timing there on funding that you can provide?

Yeah. Hey, Upal. It is Brian. Happy to do so. About 80% of that, if you are looking at property types, about 80% of that is auto service, both collision centers and oil change locations, followed by C-store, drive-thrus, and car wash in that order, making up the remaining 20%. And then from a transaction type perspective, about 80% of that is development funding. That is sort of the long end of that deployment range that we put out, and the balance is regular acquisitions that are more in the, you know, call it 60-day, you know, 60–90 day type time frame from a closing perspective.

Okay. Great. That was helpful. And given the improved share price and cost of capital relative to last year, do you think you can do more investment volume this year relative to last year?

Well, I will just say that I think we are off to a great start. Right? Obviously, it is a couple of weeks into the year to have $100,000,000 under contract.

We are really enthused by the pipeline we have. Behind that, that is in various stages of negotiation and underwriting. I think we are already north of 25% of our last year's underwriting volume sitting here today in early February. Certainly, the improved cost of capital is helpful. We are looking at investments and looking at our available opportunities in the capital markets. So I think I would say we are off to a great start. We are optimistic.

And I think the team has done a great job all around in bringing great opportunities in for us to evaluate, and we look forward to adding a lot of that to our company as we move through the year.

Okay. Great. Thank you.

The next question comes from Mitch Germain with Citizens. Please proceed.

Thank you. Just the cadence of that $100,000,000, the way to think about it, it is mostly going to hit a little bit each quarter. Is that the way to think about it?

Mitch, it is Brian. That is what I was just alluding to. Again, think you have, call it, 20% of that that is regular acquisitions that are, call it, average 60 days, so kind of 30–90 days. That is the front end of that deployment range, kind of the three-month area. Development funding gets deployed over time. We expect the majority of that to be deployed over the next twelve months. The cadence is really dictated more by the tenants, their development schedules, when they submit for reimbursement. But assume that that gets deployed throughout the year, which should give you a little bit more visibility. But candidly, we do not always have that until the reimbursement requests start coming in. And then I would just add, maybe to reiterate or reemphasize what Chris said, that is simply what we have under contract. There is a fairly sizable pipeline behind that. As we have seen in past years, there are deals that from a public disclosure standpoint never make it into our pipeline, so to speak. Now and Forever was a great example. When initially reported, that deal was not under contract, and it closed before we reported the next quarter. So I say that just to highlight again that that is what is under contract today. That is the timing that we are looking at with respect to deployment for the $100,000,000, but there is quite a bit of deal activity behind that, certainly some of which we would expect to hit this year as well.

Great. And then to that point, obviously, Chris mentioned how about 25% of that, I will call it $7,000,000,000 you underwrote last year, has already been kind of under consideration. I am curious, Chris, what do you think is driving that increased emphasis to potentially sell here?

Yeah. Hey. It is Mark.

Hi, Mark.

A lot of things right now. The team continues to do a great job sourcing opportunities both with new

Potential tenants and managing

With our existing tenant base. We continue to talk about diversity across all the asset classes that we trade in. So we introduced a bigger buy box

A few years ago, and we are seeing the momentum and the results of that.

You know, the ability for us to both transact at the different ranges of

The cap rates that are out there in the market

You know, allow us to source opportunities.

You know, we are sensing, Chris used the word, an optimistic tone around the market. The buyer pool seems more active coming out of the year.

I am sorry. The seller pool seems more active coming out of the year. So it is a combination of a lot of things. So it is just more

More of the same around the efforts to develop business across all our asset classes and across the geographies and with routine tenants. You know, routine business with our existing tenants, I would say.

So

Great. Last one for me. Arco priced an IPO last night. Should we think about this as a potential credit-enhancing event?

Yeah. You know, so

In conversations with them, and I think one of their primary motivations was allowing investors to see both pieces of their business independently, the retail assets and the wholesale business.

Yep. The use of proceeds, as stated, was to pay down debt. So as a landlord, we certainly appreciate that. I do think that is a credit enhancement.

Gives folks more visibility into the various pieces of their business. What I have said before, I will just say again. Arco has been a tenant of ours for almost twenty years at this point.

You know?

Fantastic operator.

He has got a defined strategy that he is working through. We have got five leases with him that we can see site-level

Information on, and we are comfortable with

How all those leases are performing. So

I am thrilled for Ari that he got his deal done, and certainly, I think from an investment standpoint, or if you are focused on maybe the fuel side or on the retail side, it does give you the ability to see those businesses and how each one operates independently.

Great. Good luck in 2026. And, Mark, wishing you the best.

Thank you.

The next question comes from Michael Gorman with Bank of America.

Thank you. Good morning.

Brian, just following up on your comments on the exclusion of

Prospective investment activity in the initial guide, I wanted to clarify if the current guide includes the $8,700,000 of additional acquisitions subsequent to quarter-end. And then how much of that $100,000,000 pipeline is in the current initial guidance?

Yes. Go ahead, Michael. The $8,700,000 is in there. So it is a point-in-time run rate, usually at the day of the release or the day before. So that is in there. And then by definition or by approach as it currently stands, none of the $100,000,000 would be in that guidance number.

Thank you. And then maybe for Chris, as you kind of balance the portfolio with maintaining your niche and expertise, what do you think now with 30% of ABR from non-convenience and gas is the right balance, or are you looking to increase from there?

Well, what I would say is, Mark mentioned that now 30% of our rent comes from

Non-convenience and gas asset classes, and that is basically over the last six years at this point, or five and a half years. During that time period, we have made significant investments in the C-store sector, including Now and Forever, and there were some larger deals that we did in 2024 in the sector. So we still like all the— I think what you are seeing, though, is on balance, the underwriting has gone from maybe $4,000,000,000 to almost $7,000,000,000 as we develop relationships in these other verticals, which do take some time, given how we like to transact with portfolio sale-leasebacks.

You are starting to see the strategy really take off.

You know, whether it is the QSR work we did this year, we have done a lot in the car wash business. So we do not have defined limits or category limits within those asset classes, but I think you can expect to see the business become more diverse just naturally as we develop relationships, have more resources focused on

Not only C-store, but some of the other verticals.

So I think we are really happy with how the business has

Expanded and become more diversified and gotten larger, but there are no hard targets in any asset class to answer your question specifically.

Thank you.

The next question comes from Michael Goldsmith with UBS. Please proceed.

Yes. Justin on for Michael. Thanks for taking the question. Maybe just two quick ones for me. We have seen other net lease REITs increase exposure to C-stores. Do you expect your cap rates of 7.9% to hold firm

And then secondly, Getty sold seven properties in 4Q. Can you provide some color as to why these were candidates to be disposed of? Thanks. Yeah. I will take the first one, which is the competitive landscape. And we have been in the sector for a long time in the C-store.

The other REITs that you are referring to that are investing in C-stores have either been buying them for a long time, and we have been competing against them,

And continuing to

Add attractive properties to our balance sheet, or they are newer

Entrants, and the sector itself has grown. So I feel very comfortable about the way Getty Realty Corp. transacts and our ability to source and close investments at accretive spreads for us.

The competition is not a new dynamic in this asset class.

Whether it is just the way people are referring to C-stores or just talking about it on their phone calls. I do not want to comment too much on that. Do you want to take the disposals?

The disposals?

Yeah. Well, Brad, do you want to take the disposals?

I would just say quickly on the disposals, as Brian said, it was seven properties. You know, we are always evaluating the portfolio for different opportunities. Three or four of those actually went back to existing tenants. That happens periodically where we will sell assets to a tenant. Sometimes, it is a CapEx dynamic in terms of who wants to ultimately invest in those properties. In this case, it is a very small portfolio, but it was a very low, like, low-single-digit cap rate. Just the way that operator valued the portfolio, it was opportunistic for us. And then the others were just, you know, an asset here and there that for, you know, tactical reasons or otherwise, we just thought it made sense to dispose of. So no, I would not say there are any universal trends or anything that drove it. Just an opportunistic deal and a couple of tactical dispositions.

Great. Thank you.

Thank you.

At this time, there are no further questions in queue. I would like to turn the call back to management for closing

Excellent. Thank you, operator, and

Thank you all for joining us for our fourth quarter

Year-end 2025 call. We look forward to getting back on with everybody in April when we report the 2026.

Thank you, ladies and gentlemen. This does conclude today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.