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CORPORATE PROFILE andSUPPLEMENTAL INFORMATIONCO N V E N I E N C E AU T O M O T I V E RE T A I L OCTOBER 2026
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SAFE HARBOR STATEMENTSForward Looking StatementsCertain statements in this presentation constitute “forward-looking statements” within the meaning of the federal securities laws. Forward-looking statements are statementsthat relate to management’s expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historicalfacts. In some cases, forward-looking statements can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,”“anticipates,” “believes,” “estimates,” “predicts,” or “potential.” Such forward-looking statements reflect current views with respect to the matters referred to and are based oncertain assumptions and involve known and unknown risks, uncertainties and other important factors, many of which are beyond the Company’s control, that could cause theactual results, performance, or achievements of the Company to differ materially from any future results, performance, or achievement implied by such forward-lookingstatements.While forward-looking statements reflect the Company’s good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Unknown orunpredictable factors could have material adverse effects on the Company’s business, financial condition, liquidity, results of operations and prospects. Except as required underthe federal securities laws and the rules and regulations of the SEC, the Company does not undertake any obligation to release publicly any revisions to the forward-lookingstatements to reflect events or circumstances after the date of this presentation or to reflect the occurrence of unanticipated events. For a further discussion of factors that couldcause the Company’s future results to differ materially from any forward-looking statements, see the Company’s Annual Report on Form 10-K for the year ended December 31,2025 and the Company’s other filings with the SEC, including, in particular, the section entitled “Risk Factors” contained therein. In light of these risks, uncertainties, assumptionsand factors, there can be no assurance that the results and events contemplated by the forward-looking statements contained in this presentation will, in fact, transpire.Moreover, because the Company operates in a very competitive and rapidly changing environment, new risks are likely to emerge from time to time. Given these risks anduncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results.Non-GAAP Financial MeasuresThis presentation includes non-GAAP financial measures Funds From Operations (“FFO”) and Adjusted Funds From Operations (“AFFO”), which the Company uses assupplemental measures of its performance. Please refer to the Definitions and Reconciliations section of this presentation for additional information and complete reconciliationsbetween each of these non-GAAP financial measures and the most directly comparable GAAP financial measure.The Company believes that FFO and AFFO are helpful to investors in measuring its performance because both FFO and AFFO exclude various items included in GAAP netearnings that do not relate to, or are not indicative of, the Company’s core operating performance. The Company pays particular attention to AFFO, a supplemental non-GAAPperformance measure, as the Company believes it best represents its core operating performance and allows analysts and investors to better assess the Company’s coreoperating performance. Further, the Company believes that AFFO is useful in comparing the sustainability of the Company’s core operating performance with the sustainability ofthe core operating performance of other real estate companies.OtherCertain information contained herein has been prepared from public and non-public sources believed to be reliable. However, the Company has not independently verified certainof the information contained herein and does not make any representation or warranty as to the accuracy or completeness of the information contained in this presentation.Unless otherwise noted in this presentation, financial data is for the quarter ended September 30, 2026, and portfolio data is as of September 30, 2026.2
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TABLE OF CONTENTSCORPORATE PROFILEPage 4 Business Update5Company11Portfolio20Balance Sheet and Other24Definitions 3 SUPPLEMENTAL INFORMATIONPage 28 Top Tenants29 Top Markets30Lease Expirations31Rent Escalations32Rent Coverage33Redevelopment Activity34Debt and Credit Metrics35Revenues from Rental Propertiesand Property Costs36Reconciliation of Net Earningsto FFO and AFFO
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4 INVESTMENTACTIVITY PORTFOLIOo99.7% occupiedo10.8 years WALTo2.5x tenant rent coverage (3) BALANCESHEET EARNINGSoInvested $502.3 million at a 7.2% initial cash yield year to dateoAcquired 44 c-stores, 41 auto service centers, 24 drive-thru QSRs, and six express tunnel car washesoMore than $75 million of investments under contracto5.2x net debt / EBITDA (5.0x pro forma for unsettled forward equity)oMore than $500M of total liquidity, including $52M forward equity and $450M Revolver capacity (2)oNo debt maturities until June 2028oQ3 2026 AFFO ▲14.0% to $41.1 million | YTD AFFO ▲14.5% to $119.0 millionoQ3 2026 AFFO per share ▲3.2% to $0.64 | YTD AFFO per share ▲5.0% to $1.89oIncreased FY2026 AFFO guidance to $2.53- $2.54 per share from $2.52 - $2.54 per share (1)1) Includes completed transaction activity as of October 21, 2026, but does not include prospective acquisitions, dispositions, or capital markets activities (including the settlement of outstanding forward sale agreements).2) Pro forma for closing of new $200M Term Loan on October 16, 2026, with proceeds used to repay $200M Revolver balance as of September 30, 2026.3) Site-level rent coverage calculated one quarter in arrears based on trailing twelve month financial information provided by tenants. The Company does not independently verify financial information provided by tenants. BUSINESS UPDATE:RECORD INVESTMENTS DRIVE PORTFOLIO AND EARNINGS GROWTH
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6 1,269Properties 46States $254MABR Multi Store OperatorsNational and Regional BrandsMature and Emerging PlatformsInstitutional Credit QualityTENANTS NationwideHigh Density Metro AreasStrong Retail CorridorsMarket Dominant SitesLOCATIONS Convenience StoresExpress Tunnel Car WashesAuto Service CentersDrive Thru QSRsPROPERTY TYPES Note: ABR = annualized base rent. ONE OF THE NATION’S LARGEST OWNERS OF FREESTANDINGCONVENIENCE AND AUTOMOTIVE RETAIL PROPERTIES
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7 TENANT RELATIONSHIPSoDirect dialogue with growing retailersoAlign with tenant “buy & build” strategiesoRepeat and referral business > 90% of transactionsdirect with tenants (1)LEASE STRUCTURINGoUnitary, triple net leasesoSite level financial reportingoAnnual rent escalations 85% of ABR derivedfrom 71 unitary leases INVESTMENT FOCUSoHighly fragmented retail sectorsoDurable consumer business modelsoEmphasis on convenience and service Convenience & AutomotiveRetail Real EstateUNDERWRITING EXPERTISEoReal estate attributesoSite level financial analysisoTenant credit analysis 99.7% occupancy2.5x tenant rent coverageDeep Sector Knowledge Proprietary Insights & Deal Flow Superior Asset Performance EXPERTSIN ORIGINATING, UNDERWRITING, AND EXECUTINGREAL ESTATE TRANSACTIONS IN OUR TARGETED RETAIL SECTORS 1) Reflects transactions whereby Getty negotiated new leases directly with tenants vs. acquiring existing, in-place leases from a third party.
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$1.80 $1.94 $2.08 $2.14 $2.25 $2.34 $2.43 2019 2020 2021 2022 2023 2024 2025 8 AFFO PER SHAREDIVIDENDS PER SHARE$1.42 $1.50 $1.58 $1.66 $1.74 $1.82 $1.90 2019 2020 2021 2022 2023 2024 2025OCCUPANCY99.0%99.3%99.5%99.8% 99.8%99.7% 99.7% 99.7%RENT COLLECTIONSTENANT RENT COVERAGE (1)2.2x2.7x2.6x2.7x 2.7x2.6x 2.6x2.5x GROWING EARNINGS AND DIVIDENDS PER SHARE,WHILE MAINTAINING PORTFOLIO STABILITY… 1) Site-level rent coverage is calculated one quarter in arrears based on trailing twelve month financial information provided by tenants. The Company does not independently verify financial information provided by tenants.98.0%99.2%100% 99.9% 100% 100% 99.9% 99.9%
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9 …AND DIVERSIFYING ACROSS PROPERTYTYPE, GEOGRAPHY AND TENANT TOP 10 MARKETS (% ABR)TOP 10 TENANTS (% ABR)62%42%12/31/2019 9/30/2026Top 3Top 5Top 1082%58%12/31/2019 9/30/2026Top 3Top 5Top 10 Entered13 new states Added67 new tenants PROPERTY TYPE (% ABR)82%<1%<1%<1%1%15% 945 Sites$117MABRDecember 31, 2019September 30, 202663%19%8%4%<1%7% 1,269 Sites$254MABRConvenience StoresExpress Tunnel Car WashesAuto Service CentersDrive Thru QSRsAuto Parts & OtherLegacy Gas & Repair + Car Washin 2019+ Drive Thru QSRin 2023 + Auto Servicein 2021
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10 DEMONSTRATED CAPITAL ALLOCATION ANDBALANCE SHEET MANAGEMENT CAPABILITIESCAPITAL RAISED ($M) (1)(2)CAPITAL DEPLOYED ($M)$92$145$120$294$309$252$159$4422019 2020 2021 2022 2023 2024 2025 2026YTDCommon EquityUnsecured DebtDispositions $52M unsettledforward equity CAPITAL STRUCTURE SUMMARYBBB-FITCHRATED 4.1xFIXED CHARGE COVERAGE 5.2xNET DEBTTO EBITDA 37%DEBT TO TOTALASSET VALUE 39%DEBT TO TOTAL CAPITALIZATIONNote: Summary Capital Structure and Debt to Total Capitalization are based on market value of common equity as of October 19, 2026.1) For forward equity and delayed draw debt, reflects period in which transaction closed, not period in which transaction was settled and proceeds were funded.2) Debt capital shown is net of any maturing debt that was refinanced with a portion of the proceeds raised. $86$149$200$158$327$209$269$5022019 2020 2021 2022 2023 2024 2025 2026YTDAcquisitionsDevelopment Funding > $75M assetsunder contractTBU 1,8821,200UnsecuredDebtCommonEquity$3,082M7.2%7.0%6.7%6.8%7.3%8.3%7.9%7.2%Initial Cash Yield
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12 FREESTANDING RETAIL PROPERTIESOFFERING ESSENTIAL GOODS AND SERVICESCONVENIENCE & AUTOMOTIVE RETAIL REAL ESTATEPROPERTY TYPES oConvenience StoresoExpress Tunnel Car WashesoAuto Service Centers–Collision Repair–Oil & Maintenance–Tire & BatteryoDrive Thru QSRsPROPERTY ATTRIBUTES oNew builds / latest prototypesoEasy accessoHigh visibilityoStrong traffic countsoComplimentary retail oMarket dominant sitesoAlternate use potential PORTFOLIO COMPOSITION (% ABR)63.2%18.9%7.5%6.5%3.5%0.4%Convenience StoresExpress Tunnel Car WashesAuto Service CentersLegacy Gas & RepairDrive Thru QSRsAuto Parts & Other
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13 NATIONAL FOOTPRINT WITH CONCENTRATIONSIN HIGH DENSITY METROPOLITAN AREAS 1,269FREESTANDINGPROPERTIES 46STATES 68%CORNER LOCATIONS 58%TOP 50 MSAs % of ABR16% 0% 1) Estimated population growth from April 1, 2020 to July 1, 2025 per the U.S. Census Bureau. The total United States population grew 3.1% over the same period.MSA Rank: 4 Population: 8.5 million2020-25 Population Growth: 11.0%(1)GTY ABR (1.5% of total)$2.4M $0.9M $0.4MC-Store Car Wash Auto ServiceMARKET SPOTLIGHT: DALLAS (TX) MSA Rank: 40 Population: 1.6 million2020-25 Population Growth: 12.5%(1)GTY ABR (1.6% of total)$3.5M $0.3M $0.2MC-Store Car Wash Auto ServiceMARKET SPOTLIGHT: RALEIGH (NC)
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14 GROWING CONVENIENCE RETAILERSAND AUTOMOTIVE SERVICE PROVIDERSTENANT PROFILEMULTI-STORE OPERATORS oScale and purchasing poweroStrong credit profilesoGrowth orientationNATIONAL AND REGIONAL BRANDS oMarket brand recognitionoLoyalty or membership programsoConcentrated store networksMATURE AND EMERGING PLATFORMS oExperienced management teamsoTechnology and data strategiesoFounder and/or institutional ownership CREDIT ENHANCEMENTSSECTOR SELECTION oEssential retail businessesoE-commerce and recession resistantoEmphasis on convenience and serviceSITE SELECTION oStore level profitabilityoStrong real estate attributesoFavorable market dynamicsLEASE STRUCTURE oUnitary leasesoFinancial reporting requirementsoEnvironmental indemnification $254 MILLION ABR10.8 YEARS WALT 99.7% OCCUPIED 2.5x TENANT RENT COVERAGE (2) 85% UNITARY LEASES (1) 77% SITE LEVEL REPORTING (1) 1.8% ANNUAL RENT ESCALATIONS Note: WALT = weighted average remaining lease term.1) Percentage of total ABR.2) Site-level rent coverage calculated one quarter in arrears based on trailing twelve month financial information provided by tenants. The Company does not independently verify financial information provided by tenants.
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15 REPRESENTATIVE INVESTMENT:CONVENIENCE STORES Refuel is one of the largest regional convenience retailplatforms in the country operating more than 250locations under the Refuel and Double Quick brandsacross the Southeastern U.S.Year Founded: 2008Store Count: 250+Locations: SC, NC, TX, MS, AR INVESTMENT SUMMARYINVESTMENT HIGHLIGHTSTransaction Type: Sale Leaseback# of Properties: 41Transaction Value: $260.9 millionLocation: SC, NC, TX, MSLease Term: 20.0 yearsRent Escalation: 10% / 5 yearsUW Rent Coverage (1): 2.3xTENANT PROFILEScaled portfolio with store networks in several growth markets across four statesModern, large-format convenience stores averaging nearly 5,000 SF and 2.5 acres per siteSignificant food offerings, including grab-and-go snacks, proprietary hot food service and/or branded QSRsFour new unitary net leases with site level financial reporting1) Reflects underwritten site level EBITDAR divided by year 1 rent.
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16 INVESTMENT SUMMARYINVESTMENT HIGHLIGHTSTransaction Type: Sale Leaseback# of Properties: 6Transaction Value: $49.4 millionLocation: Anchorage (AK)Lease Term: 20.0 yearsRent Escalation: 2.0% annualUW Rent Coverage (1): 2.8xTENANT PROFILESudzy Salmon is Alaska’s premier express tunnel carwash, operating six high-performing locations across theAnchorage metro area with a seventh development readysite. The company combines modern design withoperational excellence and a deep local presence.Year Founded: 2023Store Count: 6Locations: Anchorage REPRESENTATIVE INVESTMENT:EXPRESS TUNNEL CAR WASHES 1) Reflects underwritten site level EBITDAR divided by year 1 rent.Dominant express tunnel car wash operation in optimal market for car washesCohesive network of large, highly-visible sites, averaging 1.7 acres and 163’ tunnel lengthsTwo locations include large format convenience stores operated by a leading convenience retailer in AlaskaNew unitary lease with site-level financial reporting
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17 INVESTMENT SUMMARYINVESTMENT HIGHLIGHTSTransaction Type: Development Funding# of Properties: Up to 11Transaction Value: Up to $82.5 millionLocation: VariousLease Term: 15.0 yearsRent Escalation: 2.0% annualUW Rent Coverage (1): 2.5xTENANT PROFILENew construction, state-of-the-art facilities developed as infill locations in top 100 marketsMinimum 20K SF buildings and 2 acre parcels with service capacity for 22 vehicles or moreNew relationship with premier, high growth operatorNew unitary lease with site level financial reportingCrash Champions is the third-largest operator of collisionrepair centers in the U.S., with a nationwide network oflocations providing professional vehicle repair servicesusing standardized processes and modern technology.Year Founded: 1999Store Count: 650+Locations: 38 states REPRESENTATIVE INVESTMENT:AUTO SERVICE CENTERS 1) Reflects underwritten site level EBITDAR divided by year 1 rent.
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18 INVESTMENT SUMMARYINVESTMENT HIGHLIGHTSTransaction Type: Sale Leaseback# of Properties: 14Transaction Value: $17.7 millionLocation: Georgia, South CarolinaLease Term: 20.0 yearsRent Escalations: 10% / 5 yearsUW Rent Coverage (1): 2.2xBRAND PROFILE (2)Sites located in major retail corridors with leading national brands in immediate vicinityAll top 100 markets, including 40% in dense Atlanta metro area, 6th largest MSADrive-thru only sites with dual lanes and pick-up windows align with modern mobile consumerNew unitary net lease with site level financial reportingCheckers Drive-In Restaurants is an American fast fooddouble drive thru chain. The company operates Checkersand Rally's restaurants which specialize in hamburgers,hot dogs, french fries, and milkshakes.Year Founded: 1986Store Count: ~800Locations: 28 states REPRESENTATIVE INVESTMENT:DRIVE THRU QUICK SERVICE RESTAURANTS 1) Reflects underwritten site level EBITDAR divided by year 1 rent.2) The Company’s tenant is All American QSR LLC, a multi-unit Checkers and Rally’s franchisee.
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19 CURRENT PIPELINE INCLUDES FOUR PROJECTS TOTALING ~$2.2 MILLION OFNEW INVESTMENT WITH ESTIMATED COMPLETIONS SCHEDULED FOR 2026-29 COMPLETED 35 REDEVELOPMENT PROJECTSTOTALING $25.0 MILLION AT 15% INCREMENTAL YIELDSPROPERTY TYPE: Auto ServiceDEVELOPMENT TYPE: Ground LeaseTOTAL INVESTMENT: $0.4 millionINCREMENTAL YIELD: 17.9%LOCATION: NYC Metro PROPERTY TYPE: Auto ServiceDEVELOPMENT TYPE: Ground LeaseTOTAL INVESTMENT: $1.2 millionINCREMENTAL YIELD: 11.5%LOCATION: Philadelphia (PA)
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21 ACCESS TO CAPITAL o$9 million casho$52 million unsettled forward equityo$450 million Revolver capacity (1)CAPITAL STRUCTURE oLow to moderate leverageo100% unencumbered assetsoLong-term, fixed-rate debtoWell-laddered debt maturities 37%DEBT TO TOTALASSET VALUE 5.2xNET DEBTTO EBITDABBB-FITCHRATED 39%DEBT TO TOTAL CAPITALIZATION 4.9 yearsWTD. AVG.DEBT MATURITY(1) 4.6%WTD. AVG.DEBT COST (1) 4.1xFIXED CHARGE COVERAGE $100 $175 $175 $175 $125 $250 $200 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036Unsecured NotesTerm Loan (2)$450M Revolver (3) CAPITAL STRUCTURE (1)DEBT MATURITY SCHEDULE ($M) (1) AMPLE LIQUIDITY AND FLEXIBLE CAPITAL STRUCTURESUPPORT PORTFOLIO GROWTH OBJECTIVES Note: Debt to Total Capitalization and Capital Structure are based on market value of common equity as of October 19, 2026.1) Pro forma for closing of new $200M Term Loan on October 16, 2026, with proceeds used to repay $200M Revolver balance as of September 30, 2026.2) The Term Loan matures in October 2028; the Company has the option to extend the Term Loan for three twelve-month periods to October 2031.3) The Revolver matures in January 2029; the Company has the option to extend the Revolver for two six-month periods to January 2029. 1,882 1,000 200 -$450M RevolverTerm LoanUnsecured NotesCommon Equity$3,082 million
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22 AFFO PER SHARE GROWTH: INITIAL GUIDANCE VS. ACTUAL RESULTS Note: All figures are shown as and calculated against the midpoint of earnings guidance ranges.1) The Company updated its definition of AFFO beginning in 2022 to better conform to market practice. 2021 data has been restated to reflect this update. ACCRETIVE INVESTMENT ACTIVITY DRIVESEARNINGS GROWTH THROUGHOUT THE YEARoGetty provides earnings guidance excluding prospective investment activityoEarnings guidance typically increases throughout the year as capital is deployed and transactions closeoSince 2021, annual AFFO per share growth has averaged 4.6% vs. 2.1% implied by initial guidance 0.0%2.0%4.0%6.0%8.0%2021 2022 2023 2024 2025 2026EInitial GuidanceActual ResultsActual Results4.6% average actual growthInitial Guidance2.1% averageimplied growthRevised Guidance
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23 SEE OUR LATEST CORPORATE RESPONSIBILITY REPORT AT WWW.GETTYREALTY.COM/CORPORATE-RESPONSIBILITY ENVIRONMENTAL STEWARDSHIPCORPORATE GOVERNANCEoWe place a high priority on the protection of our assets and the environmentoOur team includes environmental experts who conduct extensive due diligenceoWe perform climate-related risk assessments of prospective and existing investments to identify the physical risk profile of our propertiesoOur tenants are responsible for the environmental impact of their operations, and are required to maintain insurance and comply with applicable regulationsoWe conduct annual outreach surveys to understand how our tenants respond to environmental compliance, sustainability initiatives, and plans to address climate-related risks SOCIAL RESPONSIBILITYoWe believe that our people are the foundation of our successoWe aim to foster an inclusive work environmentoOur employee benefits include robust healthcare, commuter, profit sharing and wellness programsoOur headquarters adheres to health and safety best practicesoWe promote and fund professional development opportunitiesoOur Getty Gives program facilitates charitable giving and volunteerismoWe maintain a Culture Committee to enhance our team experience and create opportunities for team engagement oWe are dedicated to maintaining high standards for corporate governance predicated on integrity and transparencyoOur Board is comprised of 83% independent directors, including an independent ChairmanoWe are committed to maintaining a diversity of backgrounds and perspectives on our BoardoWe hold annual elections for all directorsoOur Board maintains a significant equity investment in our CompanyoWe have implemented a cybersecurity risk management program intended to protect the confidentiality, integrity, and availability of our critical systems and information COMMITMENT TO GOOD CORPORATE CITIZENSHIP ANDBUSINESS PRACTICES THAT SERVE ALL STAKEHOLDERS
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CO N V E N I E N C EAU T O M O T I V ERE T A I L DEFINITIONS
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25 Funds from Operations (FFO) and Adjusted Funds from Operations (AFFO).In additionto measurements defined by accounting principles generally accepted in the UnitedStates of America (“GAAP”), the Company also focuses on Funds From Operations(“FFO”) and Adjusted Funds From Operations (“AFFO”) to measure its performance.FFO and AFFO are generally considered by analysts and investors to be appropriatesupplemental non-GAAP measures of the performance of REITs. FFO and AFFO arenot in accordance with, or a substitute for, measures prepared in accordance withGAAP. In addition, FFO and AFFO are not based on any comprehensive set ofaccounting rules or principles. Neither FFO nor AFFO represent cash generated fromoperating activities calculated in accordance with GAAP and therefore thesemeasures should not be considered an alternative for GAAP net earnings or as ameasure of liquidity. These measures should only be used to evaluate the Company’sperformance in conjunction with corresponding GAAP measures.FFO is defined by the National Association of Real Estate Investment Trusts(“NAREIT”) as GAAP net earnings before (i) depreciation and amortization of realestate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairmentcharges, and (iv) the cumulative effect of accounting changes.The Company defines AFFO as FFO excluding (i) certain revenue recognitionadjustments (defined below), (ii) certain environmental adjustments (defined below),(iii) stock-based compensation, (iv) amortization of debt issuance costs, and (v) othernon-cash and/or unusual items that are not reflective of the Company’s core operatingperformance.Other REITs may use definitions of FFO and/or AFFO that are different than theCompany’s and, accordingly, may not be comparable. The Company believes that FFO and AFFO are helpful to analysts and investors inmeasuring the Company’s performance because both FFO and AFFO exclude variousitems included in GAAP net earnings that do not relate to, or are not indicative of, thecore operating performance of the Company’s portfolio. Specifically, FFO excludesitems such as depreciation and amortizations of real estate assets, gains or losses ondispositions of real estate assets, and impairment charges. With respect to AFFO,the Company further excludes the impact of (i) deferred rental revenue (straight-linerent), the net amortization of above-market and below-market leases, adjustmentsrecorded for the recognition of rental income from direct financing leases, and theamortization of deferred lease incentives (collectively, “Revenue RecognitionAdjustments”), (ii) environmental accretion expenses, environmental litigationaccruals, insurance reimbursements, legal settlements and judgments, and changesin environmental remediation estimates (collectively, “Environmental Adjustments”),(iii) stock-based compensation expense; (iv) amortization of debt issuance costs and(v) other items, which may include allowances for credit losses on notes andmortgages receivable and direct financing leases, losses on extinguishment of debt,retirement and severance costs, and other items that do not impact the Company’srecurring cash flow and which are not indicative of its core operating performance.The Company pays particular attention to AFFO which it believes provides the mostuseful depiction of the core operating performance of its portfolio. By providing AFFO,the Company believes it is presenting information that assists analysts and investorsin their assessment of the Company’s core operating performance, as well as thesustainability of its core operating performance with the sustainability of the coreoperating performance of other real estate companies. For a tabular reconciliation ofFFO and AFFO to GAAP net earnings, see the table captioned “Reconciliation of NetEarnings to Funds From Operations and Adjusted Funds From Operations” includedherein. NON-GAAP FINANCIAL MEASURES
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26 Annual Base Rent (ABR).Contractually specified annual base rent in effectfor all leases that have commenced as of the date noted, including thoseaccounted for as direct financing leases.Annual Rent Escalations.Weighted average contractual rent increases peryear under the terms of in-place leases, weighted by ABR.Credit Agreements.Refers to (i) the amended and restated credit agreementgoverning the Revolver and (ii) the amended and restated note purchase andguarantee agreements governing the Company’s senior unsecured notes.Debt to Total Asset Value.The ratio of (a) Consolidated Total Indebtedness to(b) Total Asset Value, each as defined in the Credit Agreements.Debt to Total Capitalization.The ratio of (a) total outstanding debt, includingunsecured notes and amounts drawn on the Revolver, to (b) the sum of totaloutstanding debt and the market value of the Company’s common stock asof the date noted.Fixed Charge Coverage.The ratio of (a) EBITDAR to (b) fixed charges, asdefined and described, respectively, in the Credit Agreements.Incremental Yield.For redevelopment projects, the amount of incrementalrent generated by the redeveloped property divided by the capital investmentrequired to complete the project. Net Debt to EBITDA.The ratio of (a) total outstanding debt, includingunsecured notes and amounts drawn on the Revolver, minus cash andequivalents, to (b) EBITDA, as defined in the Credit Agreements.MSAs.Core Based Statistical Areas as defined by United States Office ofManagement and Budget. The Company uses MSAs to define thegeographic markets in which it operates.Revolver.The Company’s $450M unsecured revolving credit facility. TheRevolver has an initial maturity in January 2029 and two six-month extensionsat the Company’s option.Term Loan.The Company’s $200M unsecured term loan facility. The TermLoan has an initial maturity in October 2028 and three twelve-monthextensions at the Company’s option.Tenant Rent Coverage.Site-level rent coverage calculated one quarter inarrears based on trailing twelve month financial information provided bytenants. The Company does not independently verify financial informationprovided by tenants.Weighted Average Lease Term (WALT).The remaining lease term of all in-place leases as of the date noted, weighted by ABR. OTHER METRICS AND DEFINITIONS
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SUPPLEMENTAL INFORMATIONCO N V E N I E N C EAU T O M O T I V ERE T A I L
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28 % of ABR$ ABRSectorTenant# 2.8%$ 7.2C-StoreCrossAmerica112.4%6.2C-StoreCasey’s General Stores122.0%5.0Auto ServiceMain Street Auto131.9%4.9C-StoreLV Petroleum141.8%4.6Car WashSplash Car Wash151.7%4.4C-StoreDiamond Jubilee161.6%4.1C-StoreSunoco171.6%4.0C-StoreCapitol Petroleum181.4%3.6Car WashSudzy Salmon191.2%3.0C-StoreBP2077.0%$ 195.7TOTAL TOP 20 TOP TENANTSTOP 20 TENANTS% of ABR$ ABRSectorTenant# 10.2%$ 25.8C-StoreARKO1 9.0%22.8C-StoreGlobal Partners2 7.7%19.6C-StoreRefuel3 6.9%17.6C-StoreUnited Pacific4 6.0%15.3Car WashGO Car Wash5 4.9%12.4C-StoreCPD Energy6 4.1%10.3Car WashTidal Wave Auto Spa7 3.9%9.8C-StoreNouria Energy8 3.0%7.8C-StoreNow & Forever9 2.9%7.3C-StoreApplegreen1058.6%$ 148.7TOTAL TOP 10
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29 % of ABR$ ABRMetro Area# 11.9%$ 28.2New York / New Jersey1 6.2%14.4Houston2 5.8%13.7Washington D.C.3 4.1%9.6Boston4 3.3%8.3Columbia (SC)5 3.2%7.5Las Vegas6 2.5%7.4San Antonio 7 2.1%6.0Austin8 2.4%5.6Kansas City9 2.3%5.5Phoenix102.3%5.3Denver112.1%5.0Anchorage121.8%4.3Poughkeepsie (NY)131.8%4.0Raleigh141.6%3.7Dallas151.6%3.7Richmond (VA)161.5%3.6Worcester (MA) 171.3%3.1Charlotte181.0%2.6Charleston (SC)191.0%2.5Los Angeles2059.8%$ 144.0TOTAL TOP MARKETSTOP 20 STATESTOP 20 METRO AREAS% of ABR$ ABRState# 16.3%$ 41.4Texas1 13.2%33.5New York2 7.1%18.0South Carolina3 6.3%16.1North Carolina4 4.9%12.5Virginia5 4.1%10.5Massachusetts6 3.7%9.4California7 3.5%9.0Maryland8 3.0%7.6Nevada9 3.0%7.6Colorado102.9%7.5Connecticut112.7%6.9Arizona122.6%6.5New Hampshire 132.2%5.6Florida142.0%5.0Alaska151.9%4.7Georgia161.8%4.6Ohio171.6%4.1Missouri181.5%3.9Mississippi171.4%3.7Arkansas1885.7%$ 218.1TOTALNote: highlighted markets are top 50 MSAs.
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300.2%1.5%3.4%3.9%2.7%5.2%7.6%3.4%4.6%7.9%59.6% 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036+ o99.7% occupiedo10.8 years WALTLEASE EXPIRATIONSLEASE EXPIRATION SCHEDULE (% of ABR)
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62.5%0.2%31.6%4.7%0.2%0.8%Annual Every 3 or 4 Years Every 5 Years Every 3 Years Every 5 Years None31Fixed = 94.3%CPI = 4.9% o99.2% subject to rent escalationo1.8% annualized rent escalation rateRENT ESCALATIONSRENT ESCALATIONS (% of ABR)
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321.2%2.1%15.2%6.9%20.9%7.9%23.0%17.5%5.4%< 1.00x 1.00x - 1.49x 1.50x - 1.99x 2.00x - 2.49x 2.50x - 2.99x > 3.00x Not Available(1)Public CompanyReportingNo Reporting o77% site level reporting requirementso2.5x TTM rent coverage Site level reportingNote: Site level rent coverage is calculated one quarter in arrears based on trailing twelve month financial information provided by tenants.1) Tenants subject to site level reporting requirements, but TTM financial information is not available due to hold period, operating period (in the case of new-to-industry properties), tenant non-compliance, or some other reason. RENT COVERAGERENT COVERAGE (% of ABR)
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33 Expected CompletionInvestment as of 9/30/2026Anticipated Total Investment (1)Property TypeMarket2026$ 187$ 525QSRWaco, TX202781454Auto ServiceNew York/New Jersey2027165579Auto ServiceNew York/New Jersey202959603Auto ServiceNew York/New Jersey$ 492$ 2,161Total Active Projects Note: There can be no assurance that redevelopment projects will be completed according to the anticipated investment amounts or timeframes presented, or at all.1) Total investment includes development costs, termination/recapture fees, leasing commissions and other costs, as applicable. REDEVELOPMENT ACTIVITYRECENT RENT COMMENCEMENTS ($000s)IN-PROGRESS REDEVELOPMENTS ($000s)Rent CommencementIncrementalRental IncomeTotalInvestment (1)Property TypeMarketQ2 2026$ 68$ 383Auto ServiceNew York/New JerseyQ3 20251351,169Auto ServicePhiladelphia, PAQ3 20241362,106QSRProvidence, RIQ4 20231081,162Auto PartsBrooklyn, NY$ 447$ 4,820Total Rent Commencements
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34 Fixed RateAmountMaturity5.47%$ 100.0June 20284.09%175.0September 20293.43%175.0November 20304.41%175.0February 20323.65%125.0January 20335.76%250.0January 20364.53%$ 1,000.0Wtd. Avg. / Total $ 3,389.2Total Asset Value1,245.4Total Consolidated Indebtedness227.5EBITDAActualCovenant37%60%Maximum Consolidated Leverage4.1x1.5xMinimum Fixed Charge Coverage $ 1,882.0Market value of common equity1,200.0Total debt outstanding$ 3,082.0Total capitalization(8.8)Less: cash$ 3,073.3Enterprise value39%Total debt to enterprise value5.2xNet debt / EBITDA Note: Dollars in millions. Market value of common equity as of October 19, 2026.1) Pro forma for closing of new $200M Term Loan on October 16, 2026, with proceeds used to repay $200M Revolver balance as of September 30, 2026. DEBT AND CREDIT METRICSUNSECURED CREDIT FACILITIES (1)UNSECURED NOTESCREDIT AGREEMENT METRICS & COVENANTS CAPITALIZATION AND LEVERAGEEBITDA RECONCILIATION RevolverTerm Loan$450.0 / $0.0$200.0 / $200.0Capacity / drawnSOFR + 125 bpsSOFR + 115 bpsPricingJanuary 2029October 2028MaturityTwo 6-monthThree 12-monthExtensionsNet earnings 25.6$ Interest expense 13.4 Income taxes 0.1 Depreciation and amortization of real estate assets 18.3 Gain on dispositions of real estate (5.4) Impairments 0.4 EBITDAre 52.5$ Revenue recognition adjustments (1.5) Adjustment for current quarter acquisitions 4.2 Retirement and severance cost adjustment 1.7 EBITDA 56.9$ x 4Annualized EBITDA 227.5$
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351) Includes minimum base rental payments due under operating and direct financing leases.2) Includes variable rental payments from percentage rents, fuel volume, and other ancillary sources, as applicable. REVENUES FROM RENTAL PROPERTIES AND PROPERTY COSTSREVENUES FROM RENTAL PROPERTIESPROPERTY COSTS$ in thousandsThree Months Ended September 30,Nine Months Ended September 30,2026 2025 2026 2025Rental IncomeBase rent (1) 59,318$ 52,068$ 171,729$ 151,668$ Additional rent (2) 30 193 309 637 Deferred rental revenue (straight-line rent)3,068 2,557 7,414 6,906 Amortization of intangible market lease assets and liabilities59 85 178 253 Amortization of investments in direct financing leases (1,407) (1,190) (4,066) (3,436) Amortization of lease incentives (261) (236) (1,053) (644) Total rental income60,807$ 53,477$ 174,511$ 155,384$ Tenant reimbursement income 1,458 1,682 3,698 4,205 Total revenue from rental properties62,265$ 55,159$ 178,209$ 159,589$ $ in thousandsThree Months Ended September 30,Nine Months Ended September 30,2026202520262025Property Operating ExpensesReimbusable expenses 1,458$ 1,682$ 3,698$ 4,205$ Rent expense489 509 1,363 1,551 Other non-reimbursable expenses224 60 749 605 Total property operating expenses 2,171$ 2,251$ 5,810$ 6,361$ Leasing and Redvelopment ExpensesProfessional fees41$ 124$ 369$ 409$ Demolition costs12 10 76 10 Project write-offs - 21 - 51 Total leasing and redevelopment expenses 53$ 155$ 445$ 470$ Total property costs2,224$ 2,406$ 6,255$ 6,831$
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361) Dividends paid and undistributed earnings allocated, if any, to unvested restricted stockholders are deducted from FFO and AFFO for the computation of per share amounts. See the Company’s earnings release 8-K filed on October 21, 2026 for additional information. FFO AND AFFO RECONCILIATIONRECONCILIATION OF NET EARNINGS TO FFO AND AFFO$ in thousands, except per share amountsThree Months Ended September 30,Nine Months Ended September 30,2026202520262025Net earnings25,606$ 23,348$ 74,820$ 52,148$ Depreciation and amortization of real estate assets18,319 15,040 51,352 45,998 Gain on dispositions of real estate(5,433) (338) (11,883) (2,224) Impairments373 647 4,350 2,271 Funds from operations (FFO)38,865$ 38,697$ 118,639$ 98,193$ Non-Cash Revenue Recognition AdjustmentsDeferred rental revenue (straight-line rent) (3,068) (2,557) (7,413) (6,906) Amortization of intangible market lease assets and liabilities (59) (85) (178) (253) Amortization of investments in direct financing leases1,407 1,190 4,066 3,436 Amortization of lease incentives261 236 1,053 644 Total revenue recognition adjustments(1,459) (1,216) (2,472) (3,079) Non-Cash and/or Non-Recurring Environmental AdjustmentsAccretion expense67 74 223 238 Changes in environmental estimates (30) (4,155) (7,757) (4,382) Environmental litigation accruals - 550 (25) 5,616 Insurance reimbursements (80) - (86) (43) Total environmental adjustments (43) (3,531) (7,645) 1,429 Other Non-Cash and/or Non-Recurring AdjustmentsStock-based compensation expense1,529 1,789 4,256 5,192 Amortization of debt issuance costs407 363 1,206 2,131 Retirement and severance costs1,850 - 4,994 - Adjusted funds from operations (AFFO) 41,149$ 36,102$ 118,978$ 103,866$ Diluted Per Share AmountsNet earnings 0.40$ 0.40$ 1.18$ 0.89$ FFO (1)0.61 0.66 1.89 1.70 AFFO (1)0.64 0.62 1.89 1.80 Diluted weighted average common shares outstanding62,569 56,757 61,129 55,906
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Getty Realty Corp.292 Madison Avenue9thFloorNew York, NY 10017646-349-6000CO N V E N I E N C EAU T O M O T I V ERE T A I L