Getty Realty : Q1 2026 Earnings Call Presentation

Published: 2026-04-22 16:44:45 ET GTY

Published on 04/22/2026 at 04:44 pm EDT

CORPORATE PROFILE

SUPPLEMENTAL INFORMATION

Business Update

Page

Top Tenants

Page

Company

Top Markets

Portfolio

Lease Expirations

Balance Sheet and Other

Rent Escalations

Definitions

Rent Coverage

Redevelopment Activity

Debt and Credit Metrics

Revenues from Rental Properties and Property Costs

Reconciliation of Net Earnings to FFO and AFFO

BUSINESS UPDATE: PRIMED TO ACCELERATE GROWTH

INVESTMENT ACTIVITY

Invested $34.4 million at an 8.0% initial cash yield YTD in 2026

Acquired 17 auto service centers and six drive-thru QSRs

More than $125 million of investments under contract; majority expected to close over 12 months (1)

EARNINGS

Q1 2026 AFFO ▲ 15.3% to $39.0 million | Q1 2026 AFFO per share ▲ 6.8% to $0.63

Increased FY2026 AFFO guidance to $2.50- $2.52 per share from $2.48 - $2.50 per share (2)

BALANCE SHEET

5.1x net debt / EBITDA (4.2x pro forma for unsettled forward equity)

More than $625M of total liquidity, including $172M forward equity and $450M Revolver capacity

No debt maturities until June 2028

PORTFOLIO

Extended leases totaling $11.3 million, or 5.0% of ABR, in Q1 1026

99.7% occupied | 10.1 years WALT

100.0% YTD rent collections | 2.5x tenant rent coverage (3)

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

1,191

Properties

States

$225M

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

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 64 unitary leases

Deep Sector Knowledge

Proprietary Insights & Deal Flow

Superior Asset Performance

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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% 100%

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

2.1x 2.1x

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…AND DIVERSIFYING ACROSS PROPERTY TYPE, GEOGRAPHY AND TENANT

PROPERTY TYPE (% ABR)

December 31, 2019 March 31, 2026

+ Car Wash in 2019

<1%

15%

945 Sites

$117M ABR

82%

+ Auto Service in 2021

+ Drive Thru QSR in 2023

<1%

1,191 Sites

$225M ABR

63%

20%

TOP 10 MARKETS (% ABR)

TOP 10 TENANTS (% ABR)

82%

62%

Entered 12 new states

45%

Added 60 new tenants

60%

12/31/2019 3/31/2026

DEMONSTRATED CAPITAL ALLOCATION AND BALANCE SHEET MANAGEMENT CAPABILITIES

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

CAPITAL DEPLOYED ($M)

$172M unsettled forward equity

$294

$309

$252

$145

$159

$92

$120

$134

~$125M assets under contract

$327

$269

$200

$209

$149 $158

$86

$34

2019 2020 2021 2022 2023 2024 2025 2026

CAPITAL STRUCTURE SUMMARY

5.1x

36%

$3,064M

Unsecured Debt

Common Equity

1,000

2,064

BBB-

NET DEBT TO EBITDA

DEBT TO TOTAL ASSET VALUE

4.0x

33%

FITCH RATED

DEBT TO TOTAL CAPITALIZATION

FIXED CHARGE COVERAGE

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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

Alternate use potential

PORTFOLIO COMPOSITION (% ABR)

63.1%

19.5%

0.7%

2.9%

6.6% 7.2%

Convenience Stores Express Tunnel Car Washes Legacy Gas & Repair

Auto Service Centers Drive Thru QSRs

Auto Parts & Other

MSA Rank: 4

Population: 8.5 million

2020-25 Population Growth: 11.0%(1)

GTY ABR (1.6% of total)

$2.4M $0.9M $0.3M

C-Store

Car Wash Auto Service

MARKET SPOTLIGHT: DALLAS (TX)

NATIONAL FOOTPRINT WITH CONCENTRATIONS IN HIGH DENSITY METROPOLITAN AREAS

1,191

61%

68%

% of ABR

17%

MARKET SPOTLIGHT: RICHMOND (VA)

FREESTANDING PROPERTIES

STATES

TOP 50 MSAs

CORNER LOCATIONS

MSA Rank: 44

Population: 1.4 million

2020-25 Population Growth: 5.7% (1)

GTY ABR (1.6% of total)

$2.4M $1.1M $0.2M

C-Store

Car Wash Auto Service

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GROWING CONVENIENCE RETAILERS AND AUTOMOTIVE SERVICE PROVIDERS

TENANT PROFILE

CREDIT ENHANCEMENTS

$225 MILLION ABR

99.7% OCCUPIED

10.1 YEARS WALT

85% UNITARY LEASES (1)

1.8% ANNUAL RENT ESCALATIONS

74% SITE LEVEL

REPORTING (1)

2.5x TENANT RENT COVERAGE

Scale and purchasing power

Strong credit profiles

Growth orientation

Market brand recognition

Loyalty or membership programs

Concentrated store networks

Experienced management teams

Technology and data strategies

Founder and/or institutional ownership

Essential retail businesses

E-commerce and recession resistant

Emphasis on convenience and service

Store level profitability

Strong real estate attributes

Favorable market dynamics

Unitary leases

Financial reporting requirements

Environmental indemnification

Note:WALT=weightedaverageremainingleaseterm.

PercentageoftotalABR.

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

Cohesive network of properties located in Houston metro, 5th largest MSA in the country

Sites located on prominent corners along major retail corridors with strong visibility and access

Large average store size of ~8,500K SF

New unitary net lease + site level financing reporting

Now & Forever is a family owned and operated chain of convenience stores and travel centers located throughout Houston (TX).

Year Founded: 2005

Store Count: 25

Locations: Houston (TX)

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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

Large, modern facilities located in 4th largest MSA

Strong site and market attributes, including access, retail synergies and population density

New relationship with growing operator transacting with a REIT for the first time

New unitary lease + site-level financial reporting

Raceway Car Wash operates a growing network of express tunnel car washes providing efficient, tech-enabled wash services through a standardized operating platform and an easy-to-use membership program.

Year Founded: 2008

Store Count: 46

Locations: Arizona, California, Nevada, Texas

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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 + 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

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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

TENANT PROFILE

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 + site level financing 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

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COMPLETED 34 REDEVELOPMENT PROJECTS TOTALING $24.0 MILLION AT 15% INCREMENTAL YIELDS

Auto Service Ground Lease

$1.2 million 11.5%

Philadelphia (PA)

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

LOCATION:

Drive Thru Retail Ground Lease

$0.7 million 8.4%

Boston (MA)

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

LOCATION:

CURRENT PIPELINE INCLUDES FOUR PROJECTS TOTALING ~$1.9 MILLION OF NEW INVESTMENT WITH ESTIMATED COMPLETIONS SCHEDULED FOR 2026-28

Disclaimer

Getty Realty Corporation published this content on April 22, 2026, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on April 22, 2026 at 20:42 UTC.