Getty Realty Corporation · NYSE:GTY
Getty Realty — Q4 2025 Earnings Presentation
37 slides from Getty Realty's earnings presentation, Feb 12, 2026
Slide 1: Convenience Automotive Retail Corporate Profile and Supplemental Information February 2026
CONVENIENCE AUTOMOTIVE RETAIL CORPORATE PROFILE and SUPPLEMENTAL INFORMATION FEBRUARY 2026
Slide 2: Safe Harbor Statements
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 strateg
Slide 3: Table of Contents
TABLE OF CONTENTS CORPORATE PROFILE SUPPLEMENTAL INFORMATION Business Update Page 4 Top Tenants Page 28 Company 5 Top Markets 29 Portfolio 11 Lease Expirations 30 Balance Sheet and Other 20 Rent Escalations 31 Definitions 24 Rent Coverage 32 Redevelopment Activity 33 Debt and Credit Metrics 34 Reven
Slide 4: Business Update: Strong Finish to 2025, Well Positioned for 2026
BUSINESS UPDATE: STRONG FINISH TO 2025, WELL POSITIONED FOR 2026 o Invested $269 million at a 7.9% initial cash yield in FY2025 INVESTMENT o Acquired 28 drive-thru QSRs, 24 c-stores, 14 auto service centers, and 6 express tunnel car washes ACTIVITY o Approximately $100 million of investments under c
Slide 5: Company
Slide 6: One of the Nation's Largest Owners of Freestanding Convenience and Automotive Retail Properties
ONE OF THE NATION’S LARGEST OWNERS OF FREESTANDING CONVENIENCE AND AUTOMOTIVE RETAIL PROPERTIES 1,174 44 $221M Properties States ABR PROPERTY TYPES LOCATIONS TENANTS Convenience Stores Nationwide Multi Store Operators Express Tunnel Car Washes High Density Metro Areas National and Regional Brands Au
Slide 7: Experts in Originating, Underwriting, and Executing Real Estate Transactions
EXPERTS IN ORIGINATING, UNDERWRITING, AND EXECUTING REAL ESTATE TRANSACTIONS IN OUR TARGETED RETAIL SECTORS INVESTMENT FOCUS TENANT RELATIONSHIPS o Highly fragmented retail sectors o Direct dialogue with growing retailers o Durable consumer business models o Align with tenant “buy & build” strategie
Slide 8: Growing Earnings and Dividends Per Share, While Maintaining Portfolio Stability
GROWING EARNINGS AND DIVIDENDS PER SHARE, WHILE MAINTAINING PORTFOLIO STABILITY… AFFO PER SHARE DIVIDENDS PER SHARE $2.43 $1.90 $2.34 $1.82 $2.25 $1.74 $2.14 $1.66 $2.08 $1.58 $1.50 $1.94 $1.42 $1.80 2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025 OCCUPANCY RENT COLLECTIONS TEN
Slide 9: Diversifying Across Property Type, Geography and Tenant
…AND DIVERSIFYING ACROSS PROPERTY TYPE, GEOGRAPHY AND TENANT PROPERTY TYPE (% ABR) December 31, 2019 December 31, 2025 <1% 1% 3% Convenience Stores + Car Wash 7% <1% 15% in 2019 <1% Express Tunnel Car Washes 6% <1% 945 Sites 1,174 Sites Auto Service Centers $117M $221M ABR + Auto Service 64% Drive T
Slide 10: Demonstrated Capital Allocation and Balance Sheet Management Capabilities
DEMONSTRATED CAPITAL ALLOCATION AND BALANCE SHEET MANAGEMENT CAPABILITIES CAPITAL RAISED ($M) (1)(2) CAPITAL DEPLOYED ($M) $309 $327 $63M unsettled $294 ~$100M assets 8.3% forward equity under contract $269 $252 $200 $209 7.9% 7.2% $159 $149 $145 $158 7.3% $120 $92 7.0% $86 6.8% 6.7% 2019 2020 2021
Slide 11: Portfolio
Slide 12: Freestanding Retail Properties Offering Essential Goods and Services
FREESTANDING RETAIL PROPERTIES OFFERING ESSENTIAL GOODS AND SERVICES CONVENIENCE & AUTOMOTIVE RETAIL REAL ESTATE PROPERTY TYPES PROPERTY ATTRIBUTES o Convenience Stores o New builds / latest prototypes o Express Tunnel Car Washes o Easy access o Auto Service Centers o High visibility – Collision Rep
Slide 13: National Footprint with Concentrations in High Density Metropolitan Areas
NATIONAL FOOTPRINT WITH CONCENTRATIONS IN HIGH DENSITY METROPOLITAN AREAS 1,174 44 61% 69% FREESTANDING STATES TOP 50 MSAs CORNER MARKET SPOTLIGHT: DALLAS (TX) PROPERTIES LOCATIONS MSA Rank: 4 Population: 8.3 million 2020-24 Population Growth: 9.3% (1) GTY ABR (1.6% of total) $2.4M $0.9M $0.3M C-Sto
Slide 14: Growing Convenience Retailers and Automotive Service Providers
GROWING CONVENIENCE RETAILERS AND AUTOMOTIVE SERVICE PROVIDERS TENANT PROFILE CREDIT ENHANCEMENTS MULTI-STORE OPERATORS SECTOR SELECTION $221 MILLION ABR o Scale and purchasing power o Essential retail businesses o Strong credit profiles o E-commerce and recession resistant 99.7% OCCUPIED o Growth o
Slide 15: Representative Investment: Convenience Stores
REPRESENTATIVE INVESTMENT: CONVENIENCE STORES INVESTMENT SUMMARY Transaction Type: Sale Leaseback # of Properties: 12 Transaction Value: $100.0 million Location: Houston (TX) Lease Term: 15.0 years Rent Escalation: 10% / 5 years UW Rent Coverage (1): 2.3x INVESTMENT HIGHLIGHTS TENANT PROFILE Cohes
Slide 16: Representative Investment: Express Tunnel Car Washes
REPRESENTATIVE INVESTMENT: EXPRESS TUNNEL CAR WASHES INVESTMENT SUMMARY Transaction Type: Sale Leaseback # of Properties: 2 Transaction Value: $11.1 million Location: Dallas (TX) Lease Term: 20.0 years Rent Escalation: 2.0% annual UW Rent Coverage (1): 2.7x INVESTMENT HIGHLIGHTS TENANT PROFILE Lar
Slide 17: Representative Investment: Auto Service Centers
REPRESENTATIVE INVESTMENT: AUTO SERVICE CENTERS INVESTMENT SUMMARY Transaction Type: Development Funding # of Properties: Up to 11 Transaction Value: Up to $82.5 million Location: Various Lease Term: 15.0 years Rent Escalation: 2.0% annual UW Rent Coverage (1): 2.5x INVESTMENT HIGHLIGHTS TENANT PROF
Slide 18: Representative Investment: Drive Thru Quick Service Restaurants
REPRESENTATIVE INVESTMENT: DRIVE THRU QUICK SERVICE RESTAURANTS INVESTMENT SUMMARY Transaction Type: Sale Leaseback # of Properties: 14 Transaction Value: $17.7 million Location: Georgia, South Carolina Lease Term: 20.0 years Rent Escalations: 10% / 5 years UW Rent Coverage (1): 2.2x INVESTMENT HIGH
Slide 19: Completed Redevelopment Projects Totaling $24.0 Million at 15% Incremental Yields
COMPLETED 34 REDEVELOPMENT PROJECTS TOTALING $24.0 MILLION AT 15% INCREMENTAL YIELDS PROPERTY TYPE: Auto Service DEVELOPMENT TYPE: Ground Lease TOTAL INVESTMENT: $1.2 million INCREMENTAL YIELD: 11.4% LOCATION: Philadelphia (PA) PROPERTY TYPE: Drive Thru Retail DEVELOPMENT TYPE: Ground Lease TOTAL IN
Slide 20: Balance Sheet and Other
Slide 21: Ample Liquidity and Flexible Capital Structure Support Portfolio Growth Objectives
AMPLE LIQUIDITY AND FLEXIBLE CAPITAL STRUCTURE SUPPORT PORTFOLIO GROWTH OBJECTIVES ACCESS TO CAPITAL BBB- 5.1x 36% 35% o $8 million cash o $63 million unsettled forward equity FITCH NET DEBT DEBT TO TOTAL DEBT TO TOTAL o $450 million Revolver capacity (1) RATED TO EBITDA ASSET VALUE CAPITALIZATION C
Slide 22: Accretive Investment Activity Drives Earnings Growth Throughout the Year
ACCRETIVE INVESTMENT ACTIVITY DRIVES EARNINGS GROWTH THROUGHOUT THE YEAR o Getty provides earnings guidance excluding prospective investment activity o Earnings guidance typically increases throughout the year as capital is deployed and transactions close o Since 2021, annual AFFO per share growth h
Slide 23: Commitment to Good Corporate Citizenship and Business Practices
COMMITMENT TO GOOD CORPORATE CITIZENSHIP AND BUSINESS PRACTICES THAT SERVE ALL STAKEHOLDERS ENVIRONMENTAL STEWARDSHIP SOCIAL RESPONSIBILITY CORPORATE GOVERNANCE o We place a high priority on the protection o We believe that our people are the o We are dedicated to maintaining high of our assets and
Slide 24: Definitions
CONVENIENCE AUTOMOTIVE RETAIL DEFINITIONS
Slide 25: Non-GAAP Financial Measures
NON-GAAP FINANCIAL MEASURES Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO). In addition The Company believes that FFO and AFFO are helpful to analysts and investors in to measurements defined by accounting principles generally accepted in the United measuring the Company’s per
Slide 26: Other Metrics and Definitions
OTHER METRICS AND DEFINITIONS Annual Base Rent (ABR). Contractually specified annual base rent in effect Incremental Yield. For redevelopment projects, the amount of incremental for all leases that have commenced as of the date noted, including those rent generated by the redeveloped property divide
Slide 27: Supplemental Information
CONVENIENCE AUTOMOTIVE RETAIL SUPPLEMENTAL INFORMATION
Slide 28: Top Tenants
TOP TENANTS TOP 20 TENANTS # Tenant Sector $ ABR % of ABR # Tenant Sector $ ABR % of ABR 1 ARKO C-Store $ 25.2 11.4% 11 Casey’s General Stores C-Store $ 6.1 2.7% 2 Global Partners C-Store 22.4 10.1 12 Capitol Petroleum C-Store 5.4 2.4 3 United Pacific C-Store 17.6 8.0 13 Main Street Auto Auto Servic
Slide 29: Top Markets
TOP MARKETS TOP 20 METRO AREAS TOP 20 STATES # Metro Area $ ABR % of ABR # State $ ABR % of ABR 1 New York / New Jersey $ 27.4 12.4% 1 Texas $ 37.1 16.8% 2 Houston 14.6 6.6 2 New York 32.7 14.8 3 Washington D.C. 13.3 6.0 3 South Carolina 11.1 5.0 4 Boston 9.0 4.1 4 Virginia 10.8 4.9 5 Columbia (SC)
Slide 30: Lease Expirations
LEASE EXPIRATIONS LEASE EXPIRATION SCHEDULE (% of ABR) o 99.7% occupied o 9.9 years WALT 48.4% 8.6% 9.3% 5.7% 5.7% 5.2% 5.3% 4.1% 2.8% 3.8% 1.1% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ 30
Slide 31: Rent Escalations
RENT ESCALATIONS RENT ESCALATIONS (% of ABR) o 99.2% subject to rent escalation 65.7% o 1.8% annualized rent escalation rate 26.7% 6.4% 0.2% 0.2% 0.8% Annual Every 3 or 4 Years Every 5 Years Every 3 Years Every 5 Years None Fixed = 92.6% CPI = 6.6% 31
Slide 32: Rent Coverage
RENT COVERAGE RENT COVERAGE (% of ABR) o 74% site level reporting requirements o 2.5x tenant rent coverage 19.6% 20.1% 17.8% 12.9% 13.3% 9.7% 5.9% 0.3% 0.4% < 1.00x 1.00x - 1.49x 1.50x - 1.99x 2.00x - 2.49x 2.50x - 2.99x > 3.00x Not Yet Public Company No Reporting Available (1) Reporting Site level
Slide 33: Redevelopment Activity
REDEVELOPMENT ACTIVITY IN-PROGRESS REDEVELOPMENTS ($000s) Anticipated Total Investment as of Market Property Type Investment (1) 12/31/2025 Expected Completion New York/New Jersey Auto Service $ 381 $ 189 2026 New York/New Jersey Auto Service 548 84 2027 New York/New Jersey Auto Service 434 34 2027
Slide 34: Debt and Credit Metrics
DEBT AND CREDIT METRICS REVOLVER (1) CAPITALIZATION AND LEVERAGE Capacity / Drawn: $450.0 / $0.0 Market value of common equity $ 1,840.0 Pricing: Adj. SOFR + 130 bps Total debt outstanding 1,000.0 Maturity: January 2029 Total capitalization $ 2,840.0 Extensions: Two 6-month Less: cash (8.4) Enterpri
Slide 35: Revenues from Rental Properties and Property Costs
REVENUES FROM RENTAL PROPERTIES AND PROPERTY COSTS REVENUES FROM RENTAL PROPERTIES $ in thousands Three Months Ended Dec em ber 31, Twelv e Months Ended Dec em ber 31, 2025 2024 2025 2024 Rental Income Base rent (1) $ 54,828 $ 48,659 $ 206,494 $ 185,002 Additional rent (2) 166 320 805 1,122 Deferred
Slide 36: FFO and AFFO Reconciliation
FFO AND AFFO RECONCILIATION RECONCILIATION OF NET EARNINGS TO FFO AND AFFO $ in thousands, except per share amounts Three Months Ended Dec em ber 31, Twelv e Months Ended Dec em ber 31, 2025 2024 2025 2024 Net earnings $ 27,044 $ 22,295 $ 79,192 $ 71,064 Depreciation and amortization of real estate
Slide 37: Getty Realty Corp. Contact
CONVENIENCE AUTOMOTIVE RETAIL Getty Realty Corp. 292 Madison Avenue 9th Floor New York, NY 10017 646-349-6000