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DATE

Thursday, Oct. 22, 2026

CALL PARTICIPANTS

• Executive Vice President, General Counsel, and Secretary - Joshua Dicker
• Chief Executive Officer - Christopher Constant
• Chief Financial Officer - Brian Dickman
• Chief Investment Officer - RJ Ryan

TAKEAWAYS

• Base Rental Income -- $59.3 million, increasing 13.8% year over year driven primarily by incremental revenue from recently acquired properties and contractual rent increases.
• AFFO per Share -- $0.64, representing 3.2% growth year over year, while year-to-date AFFO per share rose 5% to $1.89.
• Year-to-Date Total Investments -- $502.3 million, completed at a 7.2% initial cash yield and representing the company's most productive investment year to date.
• Refuel Transaction -- $261 million, involving the off-market acquisition of 41 modern format convenience stores across five states at a 6.9% initial cash yield.
• Q3 Investment Activity -- $297.4 million, encompassing 53 properties and $11.3 million in incremental development funding at an aggregate 6.9% initial cash yield.
• Post-Quarter Investment Activity -- $46.3 million, invested at a 7.6% initial cash yield subsequent to Sept. 30, 2026.
• Investment Pipeline -- $75 million, consisting of 29 properties under contract for development or acquisition with expected initial cash yields in the 8% range.
• Full Year Guidance -- $2.53 to $2.54 per share, representing a tightening of the 2026 AFFO outlook from the prior range of $2.52 to $2.54 per share.
• Quarterly Dividend -- $0.50 per share, reflecting a 3.1% increase and marking the 13th consecutive year of dividend growth.
• G&A Expense Ratio -- 8.2%, improving by 60 basis points year over year as a percentage of cash rental and interest income.
• Net Debt to EBITDA -- 5.2x, which decreases to 5.0x when including unsettled forward equity, remaining within the company's target range of 4.5x to 5.5x.
• Total Indebtedness -- $1.2 billion, including $1 billion in senior unsecured notes and $200 million drawn on the revolving credit facility as of quarter end.
• Senior Unsecured Notes -- $1 billion, carrying a weighted average interest rate of 4.5% and a weighted average maturity of 5.5 years.
• New Term Loan -- $200 million, bearing an effective interest rate of 5.03% and used to repay the outstanding balance on the company's revolving credit facility.
• Total Liquidity -- Over $500 million, comprised of revolver capacity and approximately $52 million in anticipated gross proceeds from unsettled forward equity sales.
• Portfolio Occupancy -- 99.7%, excluding two active redevelopment sites, with a weighted average lease term of 10.8 years.
• MSA Concentration -- 58% of annualized base rent, derived from the top 50 metropolitan statistical areas (MSAs), while 74% originates from the top 100 MSAs.
• Rent Coverage Ratio -- 2.5x, remaining stable on a trailing 12-month basis across the convenience store and car wash segments.
• Disposition Activity -- $11.6 million, generated from the sale of eight properties in the third quarter to partially fund new investment activity.
• Free Cash Flow Run Rate -- $40 million to $50 million, providing an estimated $165 million in leverage-neutral buying power when combined with incremental debt.
• Site-Level Reporting Visibility -- 77%, representing the percentage of annualized base rent that requires site-level financial reporting from tenants.
• Interest on Notes Receivable -- $725,000, increasing from $432,000 in the prior year due to a higher average balance of notes and mortgages receivable.

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RISKS

• Dickman warned of potential dead deal costs and deal fallout, stating, "we may see some fallout, as RJ alluded to. If we can't get a meeting of the minds, there may be some deals that we do walk from," in the context of recent repricing negotiations.
• Constant noted the impact of rising rates, stating, "the rapid increase in interest rates and broader capital costs are having an impact on the transaction market for commercial properties in our target sectors."

SUMMARY

Getty Realty Corp. (GTY +3.57%) reported its most productive investment year to date, completing over $500 million in acquisitions through the first nine months of 2026. Management highlighted the closing of a $261 million sale-leaseback with Refuel, an existing tenant, which added 41 large-format convenience stores in growth markets across the southeastern United States and Texas. The company reported adjusted funds from operations growth and raised the midpoint of its full-year earnings guidance while maintaining a disciplined approach to capital allocation and asset repricing in response to shifting interest rate conditions. The board approved a dividend increase for the 13th consecutive year, supported by over $500 million in available liquidity and a balance sheet with no debt maturities until 2028.

• Management emphasized the value of relationship-based sourcing for major transactions. Constant stated, "This was an off-market deal that we negotiated directly with Refuel, a convenience retail operator that we have been cultivating a relationship with since 2019."
• The company is actively repricing its investment pipeline to maintain spreads as capital costs rise. Ryan noted that "the movement in interest rates and capital costs in general over the last 60 to 90 days has been really rapid," necessitating constructive dialogue with counterparties.
• A programmatic disposition strategy is being enhanced to support capital recycling. Dickman indicated that the company is "advancing or enhancing sort of our disposition platform to get that to be more programmatic" to fund new investments accretively.
• Strategic focus remains on modern, large-format convenience assets that offer proprietary food services. Ryan described the Refuel sites as the "epitome of kind of the modern C-store and platform," averaging nearly 5,000 square feet and 2.5 acres per site.
• The company reported stable portfolio performance with high occupancy and healthy tenant financials. Ryan noted that trailing 12-month rent coverage was 2.5 times, which "reflects the resilience of our tenants and the businesses they operate."

INDUSTRY GLOSSARY

• ABR (Annualized Base Rent): The annualized amount of contractual rent owed by tenants under lease agreements.
• AFFO (Adjusted Funds From Operations): A non-GAAP financial measure used by REITs that adjusts FFO for recurring capital expenditures and other non-cash items.
• FFO (Funds From Operations): A standard performance measure for REITs that excludes depreciation and gains or losses from property sales.
• MSA (Metropolitan Statistical Area): A geographical region with a high population density at its core and close economic ties throughout the area.
• QSR (Quick Service Restaurant): A specific type of restaurant that offers fast food cuisine and has minimal table service.
• REIT (Real Estate Investment Trust): A company that owns, operates, or finances income-producing real estate.
• Sale-Leaseback: A transaction in which the owner of a property sells it to an investor and then leases it back for its own business operations.
• SOFR (Secured Overnight Financing Rate): A benchmark interest rate for dollar-denominated derivatives and loans.
• Unitary Lease: A lease agreement that treats multiple properties as a single indivisible unit for legal and financial purposes.
• WALT (Weighted Average Lease Term): The remaining duration of all leases in a portfolio, weighted by the amount of rent each lease generates.

Full Conference Call Transcript

Operator: Good morning, and welcome to Getty Realty third 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, Mr. Dicker.

Joshua Dicker: Thank you, operator. I would like to thank you all for joining us for Getty Realty's third quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended September 30, 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 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, 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.

Christopher Constant: Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the third 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 quarterly 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. Getty is having the most productive year of my tenure, with more than $500 million of year-to-date investments, highlighted by our recently closed $261 million sale-leaseback transaction with Refuel.

We have long said that one of Getty's advantages is the relationships we have in our target sectors, and this transaction is a clear demonstration of that. This was an off-market deal that we negotiated directly with Refuel, a convenience retail operator that we have been cultivating a relationship with since 2019, and who has been a tenant of Getty's since 2021. Refuel is a leading operator in the convenience store sector, known for its premium brand, growing platform, and high-quality real estate, all of which align well with our underwriting criteria.

They are one of the largest regional convenience store platforms in the country, operating approximately 250 locations under the Refuel and Double Quick brands across five states in the southeastern U.S. We worked closely with the Refuel management team to size the portfolio and ultimately acquired 41 locations. These assets are spread across several growth markets, including Raleigh-Durham in North Carolina, Charleston and Myrtle Beach in South Carolina, Austin and San Antonio in Texas, and the Greater Jackson Metro Area in Mississippi. All of these locations are modern, large format convenience stores that include proprietary hot food offerings and/or branded quick-service restaurants, and average nearly 5,000 sq ft and 2.5 acres per site.

Even as capital costs have shifted since we priced the transaction, the initial cash yield reflects the quality of the real estate and the operator, as well as the opportunity to complete the transaction outside of a competitive process. Importantly, we funded a substantial portion of the transaction with capital raised earlier in the year at lower costs, which allowed us to generate a positive initial investment spread. We were also able to identify capital recycling opportunities within our existing portfolio that allow us to capture outsized value for certain properties and accretively redeploy the proceeds into the regional portfolio.

Again, I will say that we are thrilled to increase our exposure with a stronger operator in Refuel and to own these large, modern convenience store assets in some of the best markets across the U.S. In addition to the Refuel transaction, we have invested more than $240 million across a diverse set of convenience and automotive retail assets year-to-date, including collision centers, drive-through QSRs, oil change facilities, express tunnel car washes, and other large format convenience stores. This activity has helped drive a 21% year-over-year increase in our annualized base rent, 5% growth in our year-to-date AFFO per share, and another increase in our full year 2026 earnings guidance range.

These results demonstrate the effectiveness of our platform and our ability to consistently source relationship-based sale-leasebacks in our core convenience and automotive retail real estate sectors. But our ability to source opportunities must be matched by disciplined capital allocation. We will deploy capital only when expected investment spreads support earnings growth and create long-term value for our shareholders. As we look at the spectrum of opportunities beyond what we have under contract, it is clear that the rapid increase in interest rates and broader capital costs are having an impact on the transaction market for commercial properties in our target sectors.

We think it is important that we remain positioned to serve our tenant base and capture the opportunities that will inevitably surface as the market recalibrates. While we are real estate investors at our core, operators in our target sectors also view us as a financing source. Our capital helps them invest in their businesses, grow their store networks, and manage their balance sheets, and we want to continue supporting these efforts. That said, we intend to remain disciplined in our underwriting and approach to capital allocation. We will continue to prioritize owning well-located properties with strong access and visibility in densely populated or growing metro areas. We will structure leases that require site-level financial reporting and other landlord protections.

We will continue to be thoughtful about how we raise and deploy capital to ensure we are doing so in an accretive manner. The long-term health of our portfolio is paramount, and we remain confident in the quality, durability, and ongoing diversification of our asset base, as well as the tenants that occupy our real estate who provide essential goods and services to the mobile consumer. We believe that we have built a differentiated platform that can drive disciplined growth as we continue to lean into our focused investment strategy and our core convenience in automotive retail sectors.

Finally, I'm pleased to report that our Board of Directors approved an increase of 3.1% in our recurring quarterly dividend to $0.50 per share. This represents the 13th straight year we have grown the dividend alongside our earnings. With that, I will let RJ discuss our portfolio and investment activities.

RJ Ryan: Thank you, Chris. At quarter end, our lease portfolio included 1,263 properties in two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.7%, and our weighted average lease term has increased to 10.8 years. Our portfolio spans 46 states plus Washington, D.C., with 58% of our ABR coming from the top 50 MSAs and 74% coming from top 100 MSAs. For the quarter, we invested $297.4 million, which included the acquisition of 53 properties for $286 million and incremental development funding of $11.3 million. The initial cash yield on these investments was 6.9%. The weighted average lease term on acquired assets for the quarter was 19.5 years.

Beyond the Refuel transaction, we also acquired 12 additional properties for $25.2 million at an 8% initial cash yield, including one travel center, several auto service centers, and a couple of drive-through QSRs that all represented repeat business with existing tenants. Subsequent to quarter end, we invested an additional $46.3 million at a 7.6% initial cash yield, bringing our year-to-date total investments to $502.3 million at a 7.2% initial cash yield. Looking ahead, the majority of the $75 million of investments under contract are auto service centers and drive-through QSRs. About half of the pipeline is comprised of development funding transactions, with the balance being regular way acquisitions. Initial cash yields for this opportunity set are in the 8% area.

With respect to other investments that we are evaluating, we are having constructive discussions with counterparties regarding asset pricing. While we typically see a lag between changes in capital costs and transaction yields, we are encouraged by the dialogue thus far, including successfully repricing certain deals. We expect opportunities to remain available in our target convenience and automotive retail sectors, but we will proceed selectively and pursue only those investments that meet our underwriting and return criteria. Moving to dispositions, during the third quarter, we sold eight properties for gross proceeds of $11.6 million, and year-to-date, we've disposed of 14 properties for gross proceeds of $23.5 million.

We have several additional properties in various stages of the disposition process, and we are tracking to generate the proceeds we've targeted to partially fund the Refuel transaction and potentially other investment activity. With respect to our asset management activities, as we have grown and become increasingly diversified, we have continued to evolve our approach to monitoring tenant credit, site-level performance, and other indicators of portfolio risk. Ultimately, our goal is to develop a framework that can scale with our growing asset base and allow us to provide incremental and standardized views of portfolio risk.

Approximately 77% of our ABR requires site-level financial reporting from tenants, and we have visibility into an additional 17.5% of ABR that is derived from public reporting companies. Overall, the portfolio continues to operate at essentially full occupancy and exhibits stable rent coverage, which reflects the resilience of our tenants and the businesses they operate. Trailing 12-month rent coverage was 2.5 times, consistent with recent periods, and both convenience store and car wash coverage were in line with that level. As always, we will continue to monitor certain leases with near-term lease expirations, lower rent coverage, and other situations that may arise in the normal course.

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

Brian Dickman: Thanks, RJ. Good morning, everyone. Starting with headline earnings, AFFO per share was $0.64 in Q3 2026 and $1.89 for the first nine months of the year, representing growth of 3.2% and 5% respectively over the prior year period. A more detailed description of our quarterly and year-to-date 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. Moving to 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 8.2% for Q3 2026 and 8.9% for the first nine months of the year, representing improvements of 60 basis points and 85 basis points respectively as compared to the prior year periods. We continue to expect G&A growth to be less than 2% and our G&A ratio to be below 9% for the full year 2026 as we continue to benefit from efforts to scale the company. Turning to the balance sheet and liquidity, as of September 30th, net debt to EBITDA was 5.2x, or 5x including unsettled forward equity, which is within our stated target leverage range of 4.5x-5.5x. Fixed charge coverage for the quarter was 4.1x.

We ended the quarter with $1.2 billion total debt outstanding, including $1 billion of senior unsecured notes with a weighted average interest rate of 4.5% and a weighted average maturity of 5.5 years, and $200 million drawn on our $450 million revolver credit facility. We have no debt maturities until 2028. After quarter end, we closed on a new $200 million unsecured term loan and used the proceeds to repay the balance on our revolver. The term loan has an initial term of two years with three 12-month extension options and bears interest at an effective rate of 5.03% based on our BBB- credit rating.

During the quarter, we settled approximately 5.1 million shares of common stock subject to outstanding forward sale agreements for net proceeds of approximately $165 million. We also entered into new forward sale agreements to sell approximately 800,000 shares of common stock for anticipated gross proceeds of $28 million. In total, we currently have 1.5 million shares of common stock subject to outstanding forward sale agreements, which upon settlement, are anticipated to raise gross proceeds of approximately $52 million.

We have more than $500 million of total liquidity at quarter end, including unsettled forward equity and revolver capacity, which provides sufficient capital to fund our under contract pipeline and pursue additional investments that meet our underwriting and return criteria as discussed by both Chris and RJ. With respect to our earnings outlook as a result of our year-to-date investment activity, we are tightening our full year 2026 AFFO per share guidance to a range of $2.53-$2.54 from our prior guidance of $2.52-$2.54. 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 activities.

With that, I'll ask the operator to open the call for questions.

Operator: Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like 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. Our first question will come from Mitch Germain with Citizens JMP.

Mitch Germain: Thanks, guys. Congrats on the quarter. I know the yields on the Refuel deal came in a little bit lower relative to what you've been completing on more of your regular way acquisitions. Can you just talk a little bit about kind of weighing the economics versus the quality of the tenant and maybe the lease structure and how you view the overall deal and how it fits.

Christopher Constant: Yeah, I'll start and then RJ can maybe go into some of the details, Mitch. First off, as I mentioned, Refuel's been a tenant of ours for more than five years. We have assets with them in a couple of markets across the South that we expanded on as part of this deal. As far as I know, we're their only institutional landlord. This was a directly negotiated transaction where we worked with them to pick a portfolio, size the transaction overall. Again, I'll just say that we feel great about how the transaction came to us, the relationship we have with Refuel, the alignment that we have from a geographic focus, the large modern format convenience stores.

Just internally here at Getty, I'd say I'm thrilled with how thoughtful we were around the structuring, the unitary leases, the financing that we've discussed. Overall, just again, I think as I mentioned, we're really happy with the deal. We feel really good about having Refuel as one of our top tenants, and we're thrilled to own the assets long term.

RJ Ryan: Hey, Mitch, it's RJ. As Chris said in his prepared remarks, this is direct off market with a proven partner. These are large format stores at nearly 5,000 sq ft on 2.5 acres of site. I think what really stands out to us about the assets and the operator is Refuel is focused on the C-store. Very consistent branding, high-quality food offerings. Many of the sites had complementary QSRs with drive-throughs as part of the facility. All those assets in really good markets are backed by a growing regionally dominant operator.

If you were to ask me what the ideal asset and tenant looks like in 2026 for Getty, these Refuel sites are the epitome of kind of the modern C-store and platform, and really is one of the reasons we are so bullish on the package.

Mitch Germain: Great. That's super helpful. Are dispositions going to be a part of your strategy or growing part of your strategy on a forward basis?

Brian Dickman: Hey, Mitch, it's Brian. I think there's probably maybe two ways to answer that. Clearly, we've been a little bit more explicit about capital recycling as it relates to the Refuel transaction. Chris just mentioned that was part of the, what we believe was a thoughtful capital structure for that deal. The opportunity to mine our portfolio for some assets that could generate outsized value creation, and be redeployed accretively. That's one piece of it. Again, I think we've been pretty clear, pretty explicit about. I think on a go forward, we're always evaluating, as I think most of net lease platforms are capital sources relative to where we can deploy that capital.

We've demonstrated over the last several years our ability to be timely and opportunistic around equity offerings, around debt offerings, using forwards, using the ATM, using delayed draws to manage the match funding of that capital. I think dispositions are something that we absolutely will be looking at. We've spent some time this year advancing or enhancing sort of our disposition platform to get that to be more programmatic, in the way that our acquisition platform has grown into over the last several years. I guess it's a long way of saying I think it's part of the equation, but it'll be dependent on other factors, other capital sources, and where we can deploy capital as well.

Mitch Germain: Thanks, guys.

Operator: Our next question will come from Upal Rana with KeyBanc Capital Markets.

Upal Rana: Great. Thank you. Chris, maybe if you could talk a little bit about the strategy in the current environment. You mentioned staying disciplined, not changing underwriting metrics, and seeing the ability to reprice investments. I want to get your thoughts relative to your current liquidity and leverage levels, what the current strategy is.

Christopher Constant: Yeah. That's a great question. Thank you. I think as I've mentioned on a couple of calls or in other meetings this year, going into 2026 and at certain parts earlier in the year when we had the cost of capital, we took advantage of that, raised funds aggressively. When you combine that with the people we have here at Getty, the improvements we made and processes and systems, we leaned in on the acquisition side, and I think the $500 million year-to-date kind of reflects that. As we sit here today, you look at our pipeline, which is now $75 million, maybe slightly smaller than it's been in prior quarters. I don't necessarily think that's a bad thing, right?

We're reacting to changing market conditions. As RJ mentioned, there's been some repricing of transactions. We're going to just remain disciplined with underwriting, disciplined with locking in accretive spreads. We're really going to take it transaction by transaction, and just keep focusing on adding the highest quality assets Getty can in its target sectors to our portfolio.

Upal Rana: Okay, great. That was helpful. Then maybe a question for RJ. You mentioned seeing investments in the 8% range and you're having some constructive conversations with tenants to reprice. Could you talk a little bit more about those conversations and any details on deal economics that could change due to these repricings?

RJ Ryan: Sure. The movement in interest rates and capital costs in general over the last 60 to 90 days has been really rapid. Generally, when moves like this take place over longer time horizons, cap rates tend to lag. Obviously, the last 60, 90 days have been unique. I think what we're seeing is partners are aware of what's transpiring broadly and far more willing to engage and be constructive than certainly what we've seen in the past. I think part of the success that we've had in restructuring or renegotiating deals recently is just the very nature that the types of deals that we do and the partnerships we build.

The vast majority of our deal flow is direct with our counterparties. So we're constantly speaking to them throughout the deal life cycle. What we offer them is a tool to help them grow. But that direct connectivity is really what allows our deal team to be transparent real-time. I think we're able to share, educate our partners on what's happening in the broader market and what's happening with our cost of capital as well. What we found recently, really in all stages of deals in our pipeline, is a willingness for counterparties to adjust and move with us as the market moves.

Look, if we can't find agreement on how best to move forward, we'll either collectively punt or delay the transaction or part ways on that specific deal. But all in all, I've been really pleased with how the team has been able to adjust and keep many, if not most of the deals, really over the last 60, 90 days moving forward.

Upal Rana: Okay, great. That was helpful. Thank you so much.

Operator: Moving next to Jana Galan with Bank of America.

Jana Galan: Thank you. Good morning, and congrats on a very busy quarter and year. Maybe a question for Brian on the different ways you evaluated funding the Refuel transaction and maybe talking to the term loan and pricing around that.

Brian Dickman: Yeah. Absolutely, Jana. Thanks for the comments. We look at any transaction a few different ways. But one of the ways we always start with is looking at spot cost of capital. This was a transaction that was agreed to, that was priced back right around the end of May, so call it mid-second quarter. As Chris alluded to, obviously, the environment was a little bit different there. On that basis, it was accretive at the time, but maybe not at the levels that we look to achieve on a regular basis.

A big part of it was some of the dispositions that we talked about, not a huge contributor in terms of dollar amount, but at the types of cap rates that some of those assets have sold and some of the ones in the pipeline we think will sell added quite a bit to that investment spread. With respect to the debt, it was a combination of things. Obviously, a shorter-term loan is going to have a lower interest rate. Yes, we certainly acknowledge that's a positive contributor to the spread. But there was other rationale, particularly around balance sheet flexibility, that we thought made a lot of sense to go with a shorter term, fully pre-payable loan.

We have some other debt coming due in 2028. We'll likely be recasting our revolver in 2028. That matures in January 2029. It just gives us some optionality at that time as we're looking at our capital structure, private placements, which we've done a lot of in the past. Are we looking at the public bond market at that time? So again, emphasizing the flexibility, and if those options don't seem appealing at the time, we do have the three extension options available to us, which would largely make this a five-year loan into 2031, where we have no other debt maturity. So we felt that fit very well also. So there was an economic benefit to going shorter term.

But I'd say as big, if not even more of a driver of choosing that path, was the flexibility it affords us around the balance sheet as we get out a couple of years.

Jana Galan: Great. Thank you.

Operator: And moving on to Rob Stevenson with Huntington.

Rob Stevenson: Good morning, guys. Brian, what type of annual run rate of free cash flow are you generating post the now increased dividend on an annual basis heading into 2027?

Brian Dickman: Yeah. Thanks for asking, Rob. It's something, obviously, as we've been growing the company that's been increasing. I'd say call it $40 million to $50 million at this point. So take the midpoint, about $45 million, which on a relative basis for our size and our typical investment activity notwithstanding this year, can be a nice contributor to funding sources.

Rob Stevenson: Okay. Given where you sit from a leverage perspective, how are you thinking about your desirability given your incremental cost of leverage, given the new debt, et cetera, to go over the next call it three to six months if your equity doesn't rebound? Because I assume that you guys aren't enthused about raising equity at $27 and below at this point.

Brian Dickman: Not enthused would be an appropriate characterization of that, Rob. Maybe I will take a jump up and just a little bit high level. If you look at the $50 million of equity for round numbers, let's say $50 million of free cash flow. Again, that is going to be more over a four or five-quarter period and lever that up. But that gives you, call it $165 million of leverage-neutral buying power, just to use some round numbers against that $75 million under contract pipeline.

So that is what allows us to say with confidence that we have ample funding capacity, ample capital available to fund the pipeline, plus some additional opportunities as they arise, and that would be on a leverage-neutral basis. I think beyond that, you start looking at where are the other capital sources? Where is equity at those times? Where is our disposition program, which we were talking about a little bit? And then where is the market on the deployment of that capital? I think we all know we are spread investors.

As the transaction market starts to adjust, if we can generate the appropriate spreads and get the right yields, even at these capital costs, that may make sense for us to do. Alternatively, as we have been talking a lot about on this call, we are going to be disciplined with allocation. If we cannot do that, we will be very selective and do the deals that make the most sense. If volume floats as a result, deal volume, that is, that is okay. We are an earnings growth-focused shop, spread investing-focused shop. Volume, as you have seen from us over the years, will tend to be a variable relative to the right deals that are available to us.

Rob Stevenson: Okay. The other question from me is, I think history has borne out that the 1031 buyers are usually less price sensitive than typical buyers. But when you guys think about the dispositions that you guys want to do, the other sort of pocket that we have been hearing more about lately is the bonus depreciation pool. How big of a buying pool is that from your perspective? Is it meaningful? Are there likely to be players in that space for the assets that you want to sell, or is it more likely just to be the sort of typical 1031 stuff towards the end of the year here?

RJ Ryan: This is RJ. I think you hit the nail on the head that historically 1031 has been that, I don't know what's the right word, a premium buyer. But certainly as the bonus depreciation laws have kind of codified, that is becoming a bigger part of our universe, the net lease universe. And certainly I think Getty is uniquely positioned where the majority of assets that we own are prime targets for that type of buyer. We've engaged with buyers on that front over the years, and I do think it is one that continues to grow and certainly part of our strategy as we think about dispositions both now and on a go-forward basis.

Rob Stevenson: Okay. Thanks, guys. Appreciate the time.

RJ Ryan: Thank you.

Operator: Our next question will come from Alex Fagan with Baird.

Alex Fagan: Hey. Thanks for taking my question. First one for me is on the pipeline, are you noticing any skew towards development or sale-leaseback or just fee simple acquisitions or any particular sectors within your target range?

RJ Ryan: This is RJ. I think I've talked about it in past quarters that I feel like sale-leaseback has been coming more in vogue over the last, call it three to six quarters. I think that trend continues. I do continue to see balance. Folks continue want to grow ground up. But I think both our partners and we are focused on being discerning on those development deals as costs rise that they're the right ones. So it remains a part of our pipeline and a part of our strategy. But I think I highlight that I think sale-leaseback and that more traditional transaction Refuel's a prime example is continuing to become a stronger part of our pipeline.

Brian Dickman: Alex, I would just add specific to some of the metrics we put out today, that $75 million pipeline, if it's not obvious are deals that were struck in a slightly different time period, right? Those are all deals under contract. Some of those are development funding deals that we've had under contract for some time, some of the acquisitions maybe more recently. But all sort of backwards looking versus what we've been talking about the current environment. I think, RJ, don't put words in your mouth, but probably a little TBD, right? How tenants are going to react to the broader environment, macro environment around how they're thinking of new store growth, whether that's ground up or acquisitions.

Just to reiterate RJ's point, the key takeaway is that we're positioned to support those tenants in either structure. We end up with fee simple ownership of an asset under long-term lease either way, and that's really what we're after.

Alex Fagan: Yeah, no, that's very helpful. I guess secondly for me, does the willingness from your partners to adjust their pricing expectations say something about their own exposure to floating rate debt, and in the current environment, does that make your capital more attractive given their alternatives?

RJ Ryan: That could be a fair assumption. I think our tenants are exploring a lot of different ways to manage their balance sheet. I think the products that we offer over the last year or so, I just answered it earlier, are continuing to become more and more attractive. I do not necessarily think the current market changes that desire for them to continue to partner with us, and we've got a couple different avenues that we can partner with them, to aid their growth, manage their balance sheet.

Alex Fagan: Thank you. That's it for me.

Operator: We'll go next to Brad Heffern with RBC Capital Markets.

Brad Heffern: Yeah. Thanks. Morning, everybody. You talked about the cap rate around 8% for the pipeline. That is about 40 basis points or so higher than the recently closed deals. I am just thinking to match where the 10-year bond yields have gone, that probably needs to be something like 100 to get to the same economics you had in sort of pre-rising rates. Do you have any visibility on getting to a number like that or confidence in getting to that? Does the 8% that you are seeing now, is that representative of what we should expect in the next few months?

RJ Ryan: Hey, Brad, it is RJ. Obviously with less 60 to 90 days, things have moved quickly. Our engagement with our partners kind of vary depending on the deal and certainly where that deal is in its life cycle. I think what you are alluding to is kind of the future, and those are, I think being, I do not know the right word, born in the newer environment. Certainly pricing and pricing adjustments are part of the conversation on day one. With specificity where it is headed, one, I am not sure I can predict that.

But we do take it deal by deal, and we certainly are looking at all the factors, our own cost of capital, our own need to have accretive investments with really every transaction, and certainly I would expect cap rates to keep walking up in the current conditions.

Brad Heffern: Okay, got it. Then Brian, on the guidance, can you just go through any pushes and pulls there? Obviously, you have Refuel for a quarter, so that is presumably a positive, but is there anything else that changed that is either helping or hurting?

Brian Dickman: Given our methodology, Brad, run rate, I'd say the short answer would be no, in terms of material, one time or other. But for the assumptions that do have some variability to it, obviously, with rates having ticked up, short-term rates in particular, any balances on the revolver that are subject to we use a forward curve in our model, as you can expect. So rates have ticked up a little bit there. This may not get exactly to your question, but just the timing of funding Refuel, we took down a little bit more equity in the third quarter than we would have had some of the disposition proceeds that we're circling up now been available then.

So that's kind of a small drag in the near term. And then we were maybe a little bit conservative, I would say, around potential dead deal costs. That's one of the other areas where there's some variability. We've obviously spent a lot of time here talking about the transaction market and conversations around repricing and renegotiating. You've heard that we've had some success, which we feel good about, but didn't want to get too aggressive around that assumption, just because we may see some fallout, as RJ alluded to. If we can't get a meeting of the minds, there may be some deals that we do walk from.

But beyond that, I'd say typical sort of guidance from us and maybe those items drove the tightening versus an increase on both ends.

Brad Heffern: Yeah. Okay. Thank you.

Operator: Moving on to Michael Goldsmith with UBS.

Michael Goldsmith: Good morning. Thanks a lot for taking my questions. First, just given the evolving environment, how are you thinking about diversifying the portfolio? Presumably QSRs may be trading at a little bit compressed cap rates relative to your cost of capital now, but just trying to get a sense of how does your diversification goals change in an environment like this?

Christopher Constant: Yeah. I'd say broadly speaking, we still really like the four sectors that we focus on, right? I would really think we're looking at what's the right transaction for Getty within each sector. One of the areas that's not lost on us is that this is the second year in a row that we've done a large C-store portfolio, right? Which might be impeding some of our diversification goals by sector. But again, I just come back to what I said before, which is we're really focused on adding the right assets in the right markets with the right tenant to the portfolio, and we think that size and scale right now may trump some of our overall diversification goals.

But Michael, really, we're a focused investor. We're in four primary convenience and automotive retail sectors. We like the areas we invest in. We're happy with the businesses that our tenants operate, and the essential services that they provide and we'll take it deal by deal.

Michael Goldsmith: Got it. Maybe along the same lines and following up on the question on capital recycling earlier, but as you think about your portfolio, where are there potential pockets where you think you could dispose where maybe the market is valuing the properties more than you are, or there's opportunities to get some compressed cap rate sales so that you can fund continued growth? Just trying to understand where in the portfolio you have opportunities to recycle. Thanks.

Christopher Constant: Yeah. I would just point to two broad areas. First is some of the properties that we've redeveloped into what I would call is non-core assets for Getty. On one hand, we're really happy that we're able to redevelop properties and reinvest in assets. But today, if it's not part of our core convenience and automotive strategies, I think there's some real opportunity to extract value there. Then we do have a number of properties that are located in highly attractive markets, particularly in the Northeast. And there are folks that are looking at those as maybe alternative use values that would be on a cap rate basis, priced very aggressively.

Michael Goldsmith: Thank you very much. Good luck in the fourth quarter.

Christopher Constant: Thanks, Michael.

Operator: We'll go next to Akhil Guntupalli with JPMorgan.

Akhil Guntupalli: Good morning. This is Akhil from JPMorgan. First, can you talk about how the fuel margins are trending? I know that the fuel margin data you provide has a quarter lag. Can you also tell us what are you hearing from tenants more recently?

Christopher Constant: Yeah. I think we mentioned this on the last call. Nationally, fuel margins continue to be in that low $0.40 range, which is, again, not a record but is a very healthy number. One of the potential shifts that's happening right now in 2026 is I would think that the gross profit made on fuel is offsetting or more than offsetting any softness that we're seeing from our tenants who are maybe looking at retail visits inside the store being flattish as opposed to the prior decade where all the growth has been really around in-store visits. Again, coverage in the portfolio is stable. I think fuel is a larger contributor in 2026 than it has been in prior years.

Longer term, I think we'd expect to see the trend continue where the growth inside the C-store and the diversification of products sold and branding will continue to be the majority of the emphasis for our tenants from a growth perspective. But today, fuel is performing quite well.

Akhil Guntupalli: Thank you. Second question from my side. This quarter, I believe you reported a 10 basis points credit loss. I know it's a really small amount, but could you clarify whether this was driven primarily by a single tenant exposure or by a broader mix of smaller tenant losses?

Brian Dickman: Hey, Akhil. It's Brian. I do not know of any realized credit losses. You may be referring to the sort of rounding collection number. We have been at 100%. I think it's 99.9%. Frankly, I think it probably rounds up to 100%. I would say that's just regular way collections in terms of operating a large portfolio. But no realized credit losses, if we're talking about the same thing.

Akhil Guntupalli: Oh, yeah. Got it. Thank you for taking my questions. Yeah.

Operator: This now concludes our question and answer session. I would like to turn the floor back over to Christopher Constant for closing comments.

Christopher Constant: Great. Thank you, operator. Thank you, everyone, for joining us for our call for the third quarter. We look forward to getting back on with everybody in February when we report the fourth quarter and year-end results for 2026. We really appreciate your interest in Getty Realty.

Operator: Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. You may disconnect your lines and have a wonderful day.