Getty Realty CorporationNYSE: GTY

Q3 2026 Earnings Call Presentation

· Issued by Getty Realty Corporation

Summary by 6ix AI

Getty Realty, an owner of freestanding convenience and automotive retail properties, reported third-quarter 2026 adjusted funds from operations (AFFO, an earnings measure used by real estate companies) of $41.1 million, up 14.0%, and $0.64 per share, up 3.2%. It raised its full-year 2026 AFFO guidance to $2.53-$2.54 per share from $2.52-$2.54 per share.

Key details

  • Year to date, AFFO rose 14.5% to $119.0 million and AFFO per share rose 5.0% to $1.89.
  • Year to date, Getty Realty invested $502.3 million at a 7.2% initial cash yield, acquiring 44 convenience stores, 41 auto service centers, 24 drive-thru quick-service restaurants and six express tunnel car washes.
  • Net debt was 5.2x EBITDA (earnings before interest, taxes, depreciation and amortization), or 5.0x pro forma for unsettled forward equity (shares agreed to be sold but not yet settled). There are no debt maturities until June 2028.
  • Pro forma for the closing of a new $200 million term loan on October 16, 2026, with proceeds used to repay the $200 million revolving credit balance as of September 30, 2026, total liquidity was more than $500 million, including $52 million of forward equity and $450 million of revolving credit capacity.
  • The portfolio has 1,269 properties in 46 states with $254 million of annualized base rent, is 99.7% occupied, has a 10.8-year weighted average remaining lease term and 2.5x tenant rent coverage.

What’s still pending

  • The full-year 2026 AFFO guidance of $2.53-$2.54 per share is a forecast.
  • More than $75 million of investments are under contract.
  • $52 million of forward equity remains unsettled.
  • The redevelopment pipeline includes four projects totaling about $2.2 million of new investment, with estimated completions scheduled for 2026-29.

6ix AI wrote this summary from the release below and checked it against the release.

On 6ix: 6ix.com/news/getty-realty-q3-2026-earnings-call-presentation

Getty Realty's next earnings callGetty Realty (NYSE:GTY) Q3 2026 Earnings Call · Oct 22, 2026 at 8:30 AM EDTRegister

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

OCTOBER 2026

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

35

Revenues from Rental Properties and Property Costs

3

36

Reconciliation of Net Earnings to FFO and AFFO

BUSINESS UPDATE:

RECORD INVESTMENTS DRIVE PORTFOLIO AND EARNINGS GROWTH

INVESTMENT ACTIVITY

  • Invested $502.3 million at a 7.2% initial cash yield year to date

  • Acquired 44 c-stores, 41 auto service centers, 24 drive-thru QSRs, and six express tunnel car washes

  • More than $75 million of investments under contract

    EARNINGS

  • Q3 2026 AFFO ▲ 14.0% to $41.1 million | YTD AFFO ▲ 14.5% to $119.0 million

  • Q3 2026 AFFO per share ▲ 3.2% to $0.64 | YTD AFFO per share ▲ 5.0% to $1.89

  • Increased FY2026 AFFO guidance to $2.53- $2.54 per share from $2.52 - $2.54 per share (1)

    BALANCE SHEET

  • 5.2x net debt / EBITDA (5.0x pro forma for unsettled forward equity)

  • More than $500M of total liquidity, including $52M forward equity and $450M Revolver capacity (2)

  • No debt maturities until June 2028

    PORTFOLIO

  • 99.7% occupied

  • 10.8 years WALT

  • 2.5x tenant rent coverage (3)

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ONE OF THE NATION'S LARGEST OWNERS OF FREESTANDING CONVENIENCE AND AUTOMOTIVE RETAIL PROPERTIES

1,269

Properties

46

States

$254M

ABR

PROPERTY TYPES

LOCATIONS

TENANTS

Convenience Stores Express Tunnel Car Washes Auto Service Centers

Drive Thru QSRs

Nationwide

High Density Metro Areas Strong Retail Corridors Market Dominant Sites

Multi Store Operators National and Regional Brands

Mature and Emerging Platforms Institutional Credit Quality

6

Note:ABR=annuilazedbaserent.

EXPERTS IN ORIGINATING, UNDERWRITING, AND EXECUTING REAL ESTATE TRANSACTIONS IN OUR TARGETED RETAIL SECTORS

INVESTMENT FOCUS

TENANT RELATIONSHIPS

  • Highly fragmented retail sectors

  • Durable consumer business models

  • Emphasis on convenience and service

  • Direct dialogue with growing retailers

  • Align with tenant "buy & build" strategies

  • Repeat and referral business

    Convenience & Automotive Retail Real Estate

    > 90% of transactions direct with tenants (1)

    UNDERWRITING EXPERTISE

    LEASE STRUCTURING

    • Real estate attributes

    • Site level financial analysis

    • Tenant credit analysis

    • Unitary, triple net leases

    • Site level financial reporting

    • Annual rent escalations

99.7% occupancy

2.5x tenant rent coverage

85% of ABR derived from 71 unitary leases

Deep Sector Knowledge

Proprietary Insights & Deal Flow

Superior Asset Performance

7

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GROWING EARNINGS AND DIVIDENDS PER SHARE, WHILE MAINTAINING PORTFOLIO STABILITY…

AFFO PER SHARE

DIVIDENDS PER SHARE

$2.43

$2.34

$2.25

$2.08

$2.14

$1.94

$1.80

$1.90

$1.82

$1.74

$1.66

$1.58

$1.50

$1.42

2019 2020 2021 2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025

OCCUPANCY

RENT COLLECTIONS

TENANT RENT COVERAGE (1)

99.0%

99.3% 99.5% 99.8% 99.8% 99.7% 99.7% 99.7%

98.0% 99.2% 100% 99.9% 100% 100% 99.9% 99.9%

2.7x 2.6x 2.7x 2.7x 2.6x 2.6x 2.5x

2.2x

8

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…AND DIVERSIFYING ACROSS PROPERTY TYPE, GEOGRAPHY AND TENANT

PROPERTY TYPE (% ABR)

December 31, 2019 September 30, 2026

<

+ Car Wash in 2019

1%

<1%

1%

<1%

15%

945 Sites

$117M ABR

82%

+ Auto Service in 2021

+ Drive Thru QSR in 2023

Convenience Stores

<1%

4% 7%

8%

1,269 Sites

$254M

63%

19%

ABR

Express Tunnel Car Washes

Auto Service Centers

Drive Thru QSRs

Auto Parts & Other

Legacy Gas & Repair

TOP 10 MARKETS (% ABR)

TOP 10 TENANTS (% ABR)

82%

62%

Entered 13 new states

42%

Added 67 new tenants

58%

12/31/2019 9/30/2026

Top 3 Top 5 Top 10

12/31/2019 9/30/2026

9

Top 3 Top 5 Top 10

TBU

DEMONSTRATED CAPITAL ALLOCATION AND BALANCE SHEET MANAGEMENT CAPABILITIES

CAPITAL RAISED ($M) (1)(2)

CAPITAL DEPLOYED ($M)

$52M unsettled forward equity

$294

$309

$252

$145

$159

$92

$120

$502

> $75M assets under contract

7.9%

$327

8.3%

7.2%

$269

7.2%

$149

7.0%

$200

$158

7.3%

$209

$86

6.7%

6.8%

$442

2019 2020 2021 2022 2023 2024 2025 2026

YTD

2019 2020 2021 2022 2023 2024 2025 2026

YTD

Common Equity Unsecured Debt Dispositions

Acquisitions Development Funding

Initial Cash Yield

CAPITAL STRUCTURE SUMMARY

5.2x

37%

$3,082M

Unsecured Debt

Common Equity

1,200

1,882

BBB-

NET DEBT TO EBITDA

DEBT TO TOTAL ASSET VALUE

4.1x

39%

FITCH RATED

DEBT TO TOTAL CAPITALIZATION

FIXED CHARGE COVERAGE

10

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FREESTANDING RETAIL PROPERTIES OFFERING ESSENTIAL GOODS AND SERVICES

CONVENIENCE & AUTOMOTIVE RETAIL REAL ESTATE

PROPERTY TYPES

  • Convenience Stores

  • Express Tunnel Car Washes

  • Auto Service Centers

    • Collision Repair

    • Oil & Maintenance

    • Tire & Battery

  • Drive Thru QSRs

PROPERTY ATTRIBUTES

  • New builds / latest prototypes

  • Easy access

  • High visibility

  • Strong traffic counts

  • Complimentary retail

  • Market dominant sites

    12

  • Alternate use potential

    PORTFOLIO COMPOSITION (% ABR)

    63.2%

    18.9%

    0.4%

    3.5%

    6.5% 7.5%

    Convenience Stores Express Tunnel Car Washes Auto Service Centers Legacy Gas & Repair

    Drive Thru QSRs

    Auto Parts & Other

    MSA Rank: 40

    Population: 1.6 million

    2020-25 Population Growth: 12.5%(1)

    GTY ABR (1.6% of total)

    $3.5M $0.3M $0.2M

    C-Store

    Car Wash Auto Service

    MARKET SPOTLIGHT: RALEIGH (NC)

    NATIONAL FOOTPRINT WITH CONCENTRATIONS IN HIGH DENSITY METROPOLITAN AREAS

    1,269

    46

    58%

    68%

    % of ABR

    16%

    0%

    MARKET SPOTLIGHT: DALLAS (TX)

    FREESTANDING PROPERTIES

    STATES

    TOP 50 MSAs

    CORNER LOCATIONS

    MSA Rank: 4

    Population: 8.5 million

    2020-25 Population Growth: 11.0%(1)

    GTY ABR (1.5% of total)

    $2.4M $0.9M $0.4M

    C-Store

    Car Wash Auto Service

    13

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GROWING CONVENIENCE RETAILERS AND AUTOMOTIVE SERVICE PROVIDERS

TENANT PROFILE

CREDIT ENHANCEMENTS

$254 MILLION ABR

99.7% OCCUPIED

10.8 YEARS WALT

85% UNITARY LEASES (1)

1.8% ANNUAL RENT ESCALATIONS

77% SITE LEVEL

REPORTING (1)

2.5x TENANT RENT COVERAGE (2)

MULTI-STORE OPERATORS

  • Scale and purchasing power

  • Strong credit profiles

  • Growth orientation

    NATIONAL AND REGIONAL BRANDS

  • Market brand recognition

  • Loyalty or membership programs

  • Concentrated store networks

    MATURE AND EMERGING PLATFORMS

  • Experienced management teams

  • Technology and data strategies

  • Founder and/or institutional ownership

    SECTOR SELECTION

  • Essential retail businesses

  • E-commerce and recession resistant

  • Emphasis on convenience and service

    SITE SELECTION

  • Store level profitability

  • Strong real estate attributes

  • Favorable market dynamics

    LEASE STRUCTURE

  • Unitary leases

  • Financial reporting requirements

  • Environmental indemnification

    Note:WALT=weightedaverageremainingleaseterm.

    14

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REPRESENTATIVE INVESTMENT: CONVENIENCE STORES

INVESTMENT SUMMARY

Transaction Type: Sale Leaseback

# of Properties: 41

Transaction Value: $260.9 million

Location: SC, NC, TX, MS

Lease Term: 20.0 years

Rent Escalation: 10% / 5 years UW Rent Coverage (1): 2.3x

INVESTMENT HIGHLIGHTS

TENANT PROFILE

  • Scaled portfolio with store networks in several growth markets across four states

  • Modern, large-format convenience stores averaging nearly 5,000 SF and 2.5 acres per site

  • Significant food offerings, including grab-and-go snacks, proprietary hot food service and/or branded QSRs

  • Four new unitary net leases with site level financial reporting

    Refuel is one of the largest regional convenience retail platforms in the country operating more than 250 locations under the Refuel and Double Quick brands across the Southeastern U.S.

    Year Founded: 2008

    Store Count: 250+

    Locations: SC, NC, TX, MS, AR

    15

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REPRESENTATIVE INVESTMENT: EXPRESS TUNNEL CAR WASHES

INVESTMENT SUMMARY

Transaction Type: Sale Leaseback

# of Properties: 6

Transaction Value: $49.4 million

Location: Anchorage (AK)

Lease Term: 20.0 years

Rent Escalation: 2.0% annual UW Rent Coverage (1): 2.8x

INVESTMENT HIGHLIGHTS

TENANT PROFILE

  • Dominant express tunnel car wash operation in optimal market for car washes

  • Cohesive network of large, highly-visible sites, averaging

    1.7 acres and 163' tunnel lengths

  • Two locations include large format convenience stores operated by a leading convenience retailer in Alaska

  • New unitary lease with site-level financial reporting

    Sudzy Salmon is Alaska's premier express tunnel car wash, operating six high-performing locations across the Anchorage metro area with a seventh development ready site. The company combines modern design with operational excellence and a deep local presence.

    Year Founded: 2023

    Store Count: 6

    Locations: Anchorage

    16

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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 PROFILE

  • New construction, state-of-the-art facilities developed as infill locations in top 100 markets

  • Minimum 20K SF buildings and 2 acre parcels with service capacity for 22 vehicles or more

  • New relationship with premier, high growth operator

  • New unitary lease with site level financial reporting

    Crash Champions is the third-largest operator of collision repair centers in the U.S., with a nationwide network of locations providing professional vehicle repair services using standardized processes and modern technology.

    Year Founded: 1999

    Store Count: 650+

    Locations: 38 states

    17

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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 HIGHLIGHTS

BRAND PROFILE (2)

  • Sites located in major retail corridors with leading national brands in immediate vicinity

  • All top 100 markets, including 40% in dense Atlanta metro area, 6th largest MSA

  • Drive-thru only sites with dual lanes and pick-up windows align with modern mobile consumer

  • New unitary net lease with site level financial reporting

Checkers Drive-In Restaurants is an American fast food double drive thru chain. The company operates Checkers and Rally's restaurants which specialize in hamburgers, hot dogs, french fries, and milkshakes.

Year Founded: 1986

Store Count: ~800

Locations: 28 states

18

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19

COMPLETED 35 REDEVELOPMENT PROJECTS TOTALING $25.0 MILLION AT 15% INCREMENTAL YIELDS

Auto Service Ground Lease

$0.4 million 17.9%

NYC Metro

PROPERTY TYPE: DEVELOPMENT TYPE: TOTAL INVESTMENT: INCREMENTAL YIELD:

LOCATION:

Auto Service Ground Lease

$1.2 million 11.5%

Philadelphia (PA)

PROPERTY TYPE: DEVELOPMENT TYPE: TOTAL INVESTMENT: INCREMENTAL YIELD:

LOCATION:

CURRENT PIPELINE INCLUDES FOUR PROJECTS TOTALING ~$2.2 MILLION OF NEW INVESTMENT WITH ESTIMATED COMPLETIONS SCHEDULED FOR 2026-29

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