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DATE

Thursday, April 23, 2026 at 8:30 a.m. ET

CALL PARTICIPANTS

  • Chief Executive Officer — Christopher J. Constant
  • Chief Financial Officer — Brian Dickman
  • Chief Investment Officer — RJ Ryan
  • General Counsel & Corporate Secretary — Joshua Dicker

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TAKEAWAYS

  • Annualized Base Rent -- annualized base rent increased 13.1% year over year.
  • Adjusted Funds From Operations (AFFO) Per Share -- $0.63 for the quarter, up 6.8% year over year.
  • Full-Year 2026 AFFO Guidance -- Raised to a range of $2.50 to $2.52 per share, up from $2.48 to $2.50.
  • Net Lease Portfolio Size -- 1,186 properties under lease, with an additional two active redevelopment sites.
  • Occupancy Rate -- 99.7%, excluding redevelopment sites.
  • Weighted Average Lease Term -- 10.1 years for the portfolio; 8.8 years for assets acquired during the quarter.
  • Tenant Rent Coverage Ratio -- 2.5x trailing twelve months.
  • Year-to-Date Investment -- $34.4 million at an initial cash yield of 8%.
  • Investments Under Contract -- Approximately $125 million, with a pipeline exceeding that disclosed at the previous equity offering.
  • Initial Cash Yields (Pipeline) -- Mid- to high-7% range for new investment opportunities.
  • Unsettled Forward Equity -- More than $170 million, expected to raise gross proceeds of approximately $171.5 million from 5.5 million shares upon settlement.
  • Revolving Credit Facility -- $450 million capacity, completely undrawn at quarter end.
  • Total Liquidity -- Exceeded $625 million at the end of the quarter.
  • Net Debt to EBITDA -- 5.1x, or 4.2x including unsettled forward equity.
  • Fixed Charge Coverage -- 4x for the quarter.
  • Unsecured Notes -- $1 billion outstanding, with a 4.5% weighted average interest rate and six years weighted average maturity.
  • Lease Extensions -- Five unitary leases extended, totaling $11.3 million annualized base rent and reducing 2027 lease expirations.
  • Property Sales -- Two properties sold for $3.7 million.
  • G&A Ratio -- 9.2% of cash rental and interest income, a 130-basis-point improvement year over year.
  • Projected G&A Growth -- Expected to be less than 2% for full-year 2026.
  • Cash G&A Guidance -- Approximately $20 million for the year, with first and second quarters expected to be slightly above this run rate and moderating in later quarters.
  • Portfolio Concentration -- 61% of annualized base rent from top-50 MSAs and 77% from top-100 MSAs.
  • New Tenant Addition -- 11 new tenants added to the portfolio through granular acquisitions averaging $1.2 million in purchase price.
  • Development Funding in Pipeline -- Pipeline tilted toward development funding, typically occurring over three to twelve months.
  • Credit Loss Assumption -- AFFO guidance includes a credit loss assumption of 25 basis points, though no credit loss was experienced in the first quarter.

SUMMARY

Getty Realty (GTY +1.66%) expanded its net lease portfolio to 1,186 properties, maintaining near-full occupancy and stable tenant coverage. The company invested over $34 million year to date and has $125 million under contract, supported by more than $625 million in liquidity and an undrawn $450 million revolver. Management raised full-year 2026 AFFO per share guidance, citing no credit loss in the first quarter and improved expense controls. Five unitary leases were extended, reducing 2027 expirations, and 11 new tenants were added through granular acquisitions. The investment pipeline is weighted toward development funding, with initial cash yields in the mid- to high-7% range.

  • Management noted the investment pipeline is more heavily weighted toward development funding rather than traditional acquisitions, with development projects typically requiring three to twelve months to complete.
  • RJ Ryan said, "Our rents continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.5x."
  • Brian Dickman stated, "We have full borrowing capacity under our $450 million revolving credit facility and no debt maturities until June 2028."
  • Christopher Constant commented, "7-Eleven is a tenant of ours, but they are not in our top 20."
  • Brian Dickman provided, "There is nothing that rises to the level of a watch list for us, and there is nothing that we are anticipating in the near to medium term that gives us any significant concerns around credit loss in the portfolio."
  • Assets acquired in the quarter had an 8.8-year average lease term, which is below the portfolio average, due to a shift toward smaller, granular deals.

INDUSTRY GLOSSARY

  • MSA: Metropolitan Statistical Area, a geographic region with a relatively high population density used for statistical purposes by federal agencies.
  • Sale-Leaseback: A transaction in which the owner sells a property and simultaneously leases it back from the buyer, typically as a way to free up capital.
  • Triple-Net Lease: A lease agreement where the tenant is responsible for property taxes, insurance, and maintenance in addition to rent.
  • Unitary Lease: A lease structure that covers multiple properties under a single agreement.

Full Conference Call Transcript

Joshua Dicker: Thank you, operator. I would like to thank you all for joining us for Getty Realty Corp.'s first quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended 03/31/2026. The Form 8-Ks and earnings release are available in the Investor Relations section of our site at gettyrealty.com. Certain statements made during this call are not based on historical information and may be 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 12/31/2025 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 statement 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.

Christopher Constant: Thank you, Joshua Dicker. Good morning, everyone, and welcome to our earnings call for 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 Realty Corp.'s first quarter financial performance and investment activity, RJ Ryan will then discuss our portfolio and investments in greater detail, and Brian Dickman will provide additional information regarding our earnings, balance sheet, and 2026 AFFO per share guidance.

I am pleased to report that Getty Realty Corp. 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 have made in our platform to accelerate growth, including a larger investment team, new technologies, and improved processes. And 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 what we have closed, we have approximately $125 million of investments under contract, as well as a pipeline of transactions under signed nonbinding letters of intent that is in excess of the pipeline which was disclosed at the time of our recent equity offering.

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 have 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 a long-term triple-net lease. 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 deeper relationships in our target segments uniquely position Getty Realty Corp. to grow with both established and emerging retailers. With that, I will let RJ Ryan discuss our portfolio and investment activities.

RJ Ryan: Thank you, Christopher Constant. At quarter end, our lease portfolio included 1,186 net lease properties and two active redevelopment sites. Excluding the active redevelopment, 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 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 Christopher Constant 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- to 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 Dickman to discuss our financial results.

Brian Dickman: Thanks, RJ Ryan. Good morning, everyone. For 2026 Q1, 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 nonrecurring retirement costs, to cash rental and interest income. That ratio was 9.2% for the quarter ended 03/31/2026, 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 03/31/2026, net debt to EBITDA was 5.1x, or 4.2x including the impact of unsettled forward equity, both of which compared favorably to our target leverage of 4.5x to 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 Christopher Constant 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 to $2.52 from the prior range of $2.48 to $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 will ask the operator to open the call for questions.

Operator: Thank you. Ladies and gentlemen, we will now be conducting a question-and-answer session. You may press star then 2 if you would like to remove yourself from the question queue. Please press star then 1. The first question we have comes from Mitch Germain of Citizens Bank. Please go ahead.

Mitch Germain: Thank you, and congrats on the quarter. Christopher Constant, what do you think is driving the increased momentum in the investment pipeline? You know, obviously, I know you have made some investments in people. Is it more, you know, sellers kind of rationalizing what their pricing expectations are? Is there anything you can point to?

Christopher Constant: I think it is a little bit all of the above. Right? Obviously, with more dealmakers at Getty Realty Corp., there is more business development activity. As the portfolio has grown, we obviously have more relationships that we can tap into. But I do think there is an element of businesses are growing. The theme around consolidation certainly continues in all the sectors we invest in. And as folks are looking at their capital needs, I do think the sale-leaseback market is becoming more attractive, and it is a complement in certain cases to their other capital sources like debt or even equity. So I think it is a mix.

What I would say is that most of our conversations are around growth, and folks are constructive in terms of what the current price dynamic looks like across the sectors. We certainly feel that in our portfolio and in our pipeline, and I think that is why you hear some of the positive tone in our language in the script and in the quarter.

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

Christopher Constant: We are focused investors. So I think by nature, that makes us somewhat selective. But within the four sectors that we invest in, we are equally excited about all four of them. The broader pipeline under contract, and what is behind that, includes numerous opportunities across all of those verticals.

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

Brian Dickman: Yeah. I think you have heard both Christopher Constant and RJ Ryan, and even past calls, Mark Olear, talk about the things we have been doing around technology and process improvement. So certainly, I think those things are having an impact. But also, I think we all understand that net lease platforms are inherently very scalable. We have been investing in the platform for a number of years, and combined with some of the market dynamics Christopher Constant went through, we are just, I think, really starting to bear the fruit of those efforts.

Mitch Germain: Congrats.

Operator: The next question we have comes from Upal Rana of KeyBanc Capital Markets.

Upal Rana: Great. Thank you. Christopher Constant, with the pipeline growing, I am just curious what you are seeing out there in terms of larger portfolio deals?

Christopher Constant: Yes. I mean, I think obviously what 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 are underwriting has a mix of what I would call midsize to larger portfolios. And again, I just go back to what I said on the earlier question, which is our operators are looking to continue to grow and consolidate. And that kind of mid-market M&A transaction or a larger portfolio certainly feels like there is a component for sale-leaseback financing to help get those deals done.

Upal Rana: Okay. Great. And then, Brian Dickman, your cost of capital has not materially improved this year, and you have nearly $170 million in the forward equity and also the revolver. So I want to get your thoughts on your strategy on use of capital as we go through 2026 and maybe any additional appetite to raise even more capital?

Brian Dickman: Yeah. Thanks, Upal Rana. Fair observations and not lost on us on cost of capital, but I would say that our strategy, as it were, around capital raising and capital allocation really has not changed. We are going to maintain leverage in that 4.5x to 5.5x range. We are going to look to keep the pipeline at least partially funded so that we know we have some certainty around that cost of capital. So I think those fundamental components have not changed. As you look to this year, I think you will see us draw on the revolver for the debt piece and settle that equity again to maintain leverage.

And then as far as additional equity beyond that, I think as always, it is 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. But I do not see any change in strategy. I think if you look over the last several years, that is how we have executed, and I would anticipate us doing the same thing throughout this year and beyond.

Upal Rana: Okay. Great. Thank you.

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

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

Brian Dickman: Michael Goldsmith, I will touch on that. Working backwards, we use about a 25-basis-point assumption for credit loss. We did not experience any of that in the first quarter. I would say that is also conservative relative to looking back over longer periods of time. So that continues to be what is baked into the guidance on a go-forward basis. And then the portfolio itself is quite healthy. There is nothing that rises to the level of a watch list for us, and there is nothing that we are anticipating in the near to medium term that gives us any significant concerns around credit loss in the portfolio. As we know, these are nondiscretionary, defensive, essential-type businesses.

Obviously, there is a lot of geopolitical and macro noise, but as we sit here today, the tenants continue to perform. The businesses continue to perform. And while we do think it is prudent to have an assumption in our guidance for credit loss, there is nothing imminent that gives us any concern, as I said.

Michael Goldsmith: Thanks for that, Brian Dickman. And I think this was touched on some of the other net lease earnings calls, but 7-Eleven closing some stores — more of the smaller locations — just wanted to get a sense of how that, if any way, influences your portfolio or how you are thinking about your portfolio and how to be positioned in the c-store space going forward? Thanks.

Christopher Constant: Sure. I will start, and maybe RJ Ryan wants to add a few comments here. 7-Eleven is a tenant of ours, but they are not in our top 20. On a broader scale, this is a trend that we have been talking about with investors for years. The c-store is getting larger. It is 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 are 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 have been around the 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 square feet. That is what the modern c-store looks like: heavy food, importance of brand, loyalty programs, and, of course, they do still sell fuel and traditional merchandise, but it is far more than just the old-line c-store.

The other thing I would 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. They are still profitable. When you have a really well-located, maybe slightly smaller store, those still make money for our tenants. We were really pleased to get those leases extended, and our tenants wanted to stay there.

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

Michael Goldsmith: Thank you very much. Good luck in the second quarter. Thanks, Brian Dickman.

Operator: Thank you. The next question we have comes from Brad Heffern of RBC Capital Markets.

Brad Heffern: Yes. 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 am just curious: Do you think there will be any net impact on your tenants from this? Or do you think they will be able to withstand it?

Christopher Constant: It is a great question and one that we have gotten in a lot of our meetings recently. Going into the year, 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 fuel margins on average that were north of $0.40 to maybe $0.45. That is not a historical record high, but that is a very healthy number. And you are right, typically our tenants have struggled to pass on 100% of the increase where there has 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. So if margins were in the high $0.40s, they are still nationally above $0.40. And then what does happen on the backside 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. So to date, tenants continue to see the fuel margin — the fuel side of the business — remain healthy. Conversations we have had with tenants are more about the duration of this, the health of the consumer, and continuing to drive traffic in the store.

We are having 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 tenants are just trying to drive traffic in the store for the higher-margin side of their business.

Brad Heffern: Okay. Got it. Thank you for that. And then, Brian Dickman, on the guidance, you obviously closed acquisitions in the first quarter. It does not seem like enough to make the guide go up by 1%. So can you walk through what drove that? I am assuming part of it was the equity raise, but anything else you would call out?

Brian Dickman: Yes. There are really two components. The equity in and of itself would not have impacted the first quarter. You do have the impact of the investment activity. You also have the 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. So it is really the combination of those two things — the actual performance against what was forecasted plus the investment activity. And then also, candidly, sometimes when you are dealing in hundreds here and dealing in pennies, the rounding also will get you.

So it may not have been a full two pennies, but on the round, that is where it came out for us.

Brad Heffern: Okay. Got it. Thank you.

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

Wes Golladay: When you look at the cap rates, I think you are guiding to mid to high 7s. It is a little bit lower versus what you have done in the last few quarters. Is that primarily just due to a mix where there are fewer developments or just different categories in the pipeline?

Christopher Constant: I think it is all of the above. Obviously, with the equity that we raised, there are a lot more transactions, broadly speaking, in the market that are maybe in and around that 7.5%. This allows us to grab some of those deals, maintain that healthy spread that we are looking for, and blend those with the deals that are in high 7s approaching 8%. I think that is why you saw our pipeline go up and why we still talk about some of the activity behind that. Do you want to add to that, RJ Ryan?

RJ Ryan: Yeah. That is the range we have been operating in and around for quite some time. To Christopher Constant’s point, I expect us to still be quite active in that mid to high 7% range. But we do have an opportunity to expand our activity on the lower end and still blend in that mid to high 7% range. We feel pretty confident in our ability to do so.

Wes Golladay: Okay. Thanks for that. And just one housekeeping question. What are you looking at for G&A for the full year?

Brian Dickman: It should be right around $20 million, Wes Golladay. Plus or minus.

Wes Golladay: Okay. Thank you very much.

Brian Dickman: And that is on the cash G&A number. Just to be clear, I think we are at 5.2% for the quarter. First and second quarter tend to be a little elevated. It moderates over the second half of the year. So that $20 million range would be the cash G&A number.

Wes Golladay: Okay. Thank you very much.

Operator: The next question we have comes from Jenna Gallen of Bank of America. Please go ahead. Thank you. Good morning, and congrats on the first quarter.

Jenna Gallen: 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 a three-, four-, five-quarter construction timeline?

RJ Ryan: Hi, Jenna Gallen. It is RJ Ryan. The $125 million pipeline is — and it echoes what we said on our last call about 60 days ago — tilted towards the development funding, which is generally that three- to 12-month time horizon.

Christopher Constant: We have added additional more traditional sale-leaseback, acquisition-leaseback type transactions, but the pipeline itself, as it sits, is skewed more towards that development funding.

Operator: Thank you.

Jenna Gallen: Thank you.

Operator: The final question we have comes from Michael Gorman of BTIG. Please go ahead.

Michael Gorman: 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 noticeable moves within the different buckets 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 are seeing on the consumer side that may be driving some of those moves between the different buckets that you break out? Thanks.

Brian Dickman: Hey, Michael Gorman. The short answer is no. One thing I would just highlight: we are on a three-month lag. So the data we are looking at is through 12/31/2025. It would not have captured the first quarter performance, although Christopher Constant referenced some of the conversations and anecdotal information we are getting from tenants such that we are not expecting significant changes in Q1 either. Back to the data you were referencing, when we look at it at a slightly more granular level — by lease, by property type — we see very, very consistent results versus the prior quarter.

Sometimes, a tenant or a lease will just split on one side or the other of where the breakpoints are, and we actually see that quite a bit. A tenant that is around 2.5x might be 2.4x one period and 2.6x the next, and you do see that more than you might expect around some of those breakpoints. But from the high-level perspective, it is very similar, very consistent, very stable quarter over quarter across all four property types.

Michael Gorman: Great. Thank you very much. Thank you.

Operator: 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.

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

Unknown Speaker: Thank you.

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