Getty Realty Fourth Quarter 2025 Earnings Call - Accretive deployment: ~$270M at 7.9% initial yield with $100M pipeline

Operator: Good morning, and welcome to the Getty Realty fourth quarter 2025 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 the non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker, Executive Vice President, General Counsel, and Secretary, Getty Realty: Thank you, operator. I would like to thank you all for joining us for Getty Realty’s fourth quarter and year-end earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter and year ended December 31, 2025. 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, 2024, as well as any subsequent filings made 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, Chief Executive Officer, Getty Realty: Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the fourth quarter and year-end 2025. Joining us on the call today are Mark Olear, our Chief Investment Officer and Chief Operating Officer, Brian Dickman, our Chief Financial Officer, and RJ Ryan, our Senior Vice President of Acquisitions. As previously announced, RJ will succeed Mark as Chief Investment Officer upon Mark’s retirement at the end of this month. I will lead off today’s call by providing highlights of Getty’s 2025 financial performance and investment activity. Mark and 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.

I am pleased to report that the combination of stable rental income from our in-place portfolio and strong yields from acquisitions produced strong rent and earnings growth for the fourth quarter and full year 2025. Getty’s annualized base rent grew by nearly 12% in 2025, while AFFO per share was up 5% for the fourth quarter and 3.8% for the full year, which was the high end of our increased earnings guidance. Our in-place portfolio continues to provide a solid foundation for our business, with essentially full occupancy and rent collections and stable rent coverage. Our tenants continue to benefit from consumer trends that drive performance at convenience and automotive retail properties, namely demand for convenience, speed, and do it for me services, and their businesses have proven resilient as they have historically.

Turning to our growth initiatives, for the year, we invested approximately $270 million at an initial cash yield of 7.9%. I would like to highlight a few accomplishments for the year, which demonstrate the effective execution of our strategy to accretively grow and further diversify our portfolio. First, the $100 million sale-leaseback we closed in October for a 12-property convenience store portfolio in Houston, Texas. These assets are leased to Now and Forever, a growing regional convenience store chain with a dominant market position in densely populated Houston submarkets. Over the last 5 years, we have acquired more than 60 properties, generating nearly $25 million of ABR in Texas, which is now our largest state exposure, including more than 25 properties, generating over $14 million of ABR in Houston, which is now our second-largest market after New York City.

Second, we made a significant commitment to the collision repair sector when we agreed to provide up to $82.5 million of development funding for the construction of 11 new-to-industry collision centers for a top three operator in the sector. We expect a number of these sites to open in 2026 and look forward to building on our momentum in this subsector of automotive services. We also completed our first travel center investments with existing and new tenants who have expanded their store networks by building or acquiring large format C-stores and travel centers. We view investing in travel centers as a natural extension of our buy box, and in 2025, we acquired 4 travel centers for $47.1 million.

Additional 2025 highlights include a record year of investments for drive-through quick service restaurants, where deliberate resource allocation and targeted sourcing efforts resulted in Getty investing nearly $40 million across 28 properties, representing approximately 15% of our investment activity for the year. We also continued to allocate capital to dense and growing markets during the year. More than 75% of our 2025 investment activity was in top 100 markets around the U.S., and we increased exposure to a number of attractive metro areas, including Atlanta, Dallas, Houston, Las Vegas, Memphis and San Antonio. We also demonstrated the consistency of our relationship-based sale-leaseback acquisition strategy during the year by directly negotiating transactions with tenants that drive more than 90% of our closed transactions in 2025, which helped us add 13 new tenants to our portfolio during the year.

Finally, our ability to maintain a healthy investment pipeline, which currently consists of approximately $100 million of investments under contract, most of which we expect to fund by the end of 2026. Sticking with our pipeline, including opportunities that are in various stages of underwriting and negotiating, our investment team continues to do an excellent job sourcing investment opportunities that fit our well-defined strategy, meet our stringent underwriting criteria, and generate consistent earnings growth. Our collective ability to execute period after period, regardless of market conditions, is a testament to the platform and culture we’ve established at Getty. As we think about 2026 and beyond, we continue to be excited about our strategy, the sectors we invest in, our people, and the platform we’ve built.

We believe we are on a path to accelerate our growth trajectory as we expand our relationships, extend our underwriting to new opportunities, and further refine our processes with the help of data-driven analysis to enhance our investment decisions. I’d like to close with some comments on our upcoming management transition. As previously announced, Mark Olear is retiring at the end of February. During his time at Getty, Mark broadened our investable universe, redefined our underwriting approach, and created a redevelopment program that has seen us complete more than 30 value add projects. I want to congratulate Mark on a successful 40-year career, and thank him for being my partner for the past decade plus at Getty. We will miss having him here on a daily basis.

I am equally excited to announce that RJ Ryan, our current SVP of Acquisitions, will be promoted to the position of Chief Investment Officer. RJ has been with Getty for nearly a decade, has led our acquisitions team since 2018, and is ready to take on additional leadership responsibilities as our CIO. I hope you all enjoy getting to know RJ better as he plays a more visible role with the investment community. With that, I’ll turn the call over to Mark.

Mark Olear, Chief Investment Officer and Chief Operating Officer, Getty Realty: Thank you, Chris. I appreciate the kind words and would like to thank everyone at Getty. It’s been an honor to lead the company’s real estate efforts for the past decade. RJ is more than ready for his new role, and I’m confident that Getty will be successful in continuing to execute its growth plans. Turning back to the business, at year-end, our lease portfolio included 1,169 net lease properties and 2 active redevelopment sites. Excluding the active redevelopments, occupancy was 99.7%, and our weighted average lease term was 9.9 years. Our portfolio spans 44 states plus Washington, D.C., with 61% of our annualized base rent coming from top 50 MSAs, and 77% coming from top 100 MSAs.

We have performance insight into approximately 95% of our ABR through site level financial reporting or financials derived from public reporting companies. Our rents for properties where we receive site level reporting continue to be well covered, with a trailing twelve-month rent coverage ratio of 2.5 times. Turning to our investment activities, I will let RJ take you through our results.

RJ Ryan, Senior Vice President of Acquisitions, Getty Realty: Thanks, Mark. Good morning, everyone. For the year, we underwrote a record $6.8 billion of potential investments. Consistent with our objective to diversify our portfolio within our target sectors, 54% of our underwriting was focused on non-convenience store properties, including auto service centers, primarily collision centers and oil change locations, drive-through quick service restaurants, and express tunnel car washes. We had a strong fourth quarter, in which we invested $135.4 million across 26 properties at an initial cash yield of 7.9%. The weighted average lease term on acquired assets for the quarter was 15 years.

Highlights of this quarter’s investments include the acquisition of the 12-property, $100 million sale-leaseback we completed with Now and Forever in October, two additional convenience stores for $18.7 million, which included a travel center and a New York City property that we previously leased. Six auto service centers for $9.9 million, of which $1.4 million was previously funded. Two express tunnel car wash properties for $10.9 million, of which $7.4 million was previously funded. We also advanced incremental development funding in the amount of $3.6 million for the construction of new-to-industry collision centers, oil change locations, and quick, and drive-through QSRs. These assets are either already owned by the company and are under construction or will be acquired via sale-leaseback transactions at the end of the project’s respective construction periods.

For the year, Getty invested $268.8 million, which included the acquisition of 73 properties for $278.3 million, of which $23.1 million was previously funded, and incremental development funding of $13.6 million. The weighted average initial yield on our investments was 7.9% for the year, and the weighted average lease term for the acquired assets was 15.8 years.... Subsequent to year-end, we invested an additional $8.7 million for the acquisition or development of 4 drive-thru QSRs and 4 auto service centers. Beyond our disclosed pipeline of approximately $100 million of investments under contract, the majority of which we expect to fund in 2026 at initial cash yields in the high 7% area, we continue to source actionable opportunities across our investable universe.

These are all properties that will be additive to our portfolio and accretive to earnings as we look to further scale and diversify our business.

Mark Olear, Chief Investment Officer and Chief Operating Officer, Getty Realty: Thank you, RJ. As my final prepared remarks, I am pleased to say that as a result of our investment activity over the last several years, Getty currently has the most diversified portfolio in terms of tenants, sectors, and geographies in the company’s history. Since the onset of our current investment strategy, which emphasizes both growth and diversification, we have added 49 new tenants to our portfolio and diversified our annual rent streams, with nearly 30% of our annual base rent now derived from non-convenience and gas properties. With that, I turn the call over to Brian.

Brian Dickman, Chief Financial Officer, Getty Realty: Thanks, Mark. RJ, good morning, everybody. Yesterday, we reported AFFO per share of $0.63 for Q4 2025, an increase of 5% over Q4 2024. FFO and net income for the quarter were $0.64 and $0.45 per share, respectively. For the full year 2025, AFFO per share was $20.43, an increase of 3.8% compared to the full year 2024. FFO and net income for 2025 were $20.34, $1.35 per share, respectively. A more detailed description of our quarterly and annual results can be found in our earnings release, and our corporate profile contains additional information regarding Getty’s 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 non-recurring retirement costs, to cash rental and interest income. That ratio was 9.5% for the full year 2025, a 10 basis point improvement over 2024. Both the year and fourth quarter included elevated legal and professional fees, both transaction-related and other, that we generally consider non-recurring. Absent those charges, we would have achieved a more significant reduction in this ratio. In 2026, we expect G&A growth to be less than 2% 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 December 31, net debt to EBITDA was 5.1 times or 4.8 times, including unsettled forward equity, both metrics well within our target leverage range of 4.5-5.5 times. Fixed charge coverage for the period was 3.8 times. During the fourth quarter, as previously announced, we closed on $250 million of new unsecured notes. Those notes funded in January, and we used the proceeds to repay borrowings under our $450 million revolving credit facility.

Pro forma for the notes transaction, we have $1 billion of senior unsecured notes outstanding, with a weighted average interest rate of 4.5% and a weighted average maturity of 6.2 years, as well as full borrowing capacity under our revolver. We have no debt maturities until 2028. Turning to equity capital markets, during the fourth quarter, we settled approximately 2.1 million shares of common stock for net proceeds of approximately $59.1 million and entered into new forward sale agreements to sell approximately 400,000 shares for anticipated gross proceeds of approximately $12.7 million. As of December 31, we had approximately 2.1 million shares of common stock subject to outstanding forward sale agreements, which, upon settlement, are anticipated to raise gross proceeds of approximately $62.6 million.

We continue to be in a strong capital position, and pro forma for the notes transaction, have more than $500 million of total liquidity, including unsettled forward equity, availability on our revolver, and cash on the balance sheet. We have sufficient capital to fund our committed investment pipeline, plus incremental investment activity as we look forward to 2026. With respect to guidance, we are reaffirming the AFFO per share range of $20.48-$20.50 that we introduced earlier this year. 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 prospective investment or capital activities.

We think this approach remains appropriate for our business, but note that historically, over the last five years, we have averaged more than $200 million of annual investments and added approximately 250 basis points of AFFO per share growth beyond the midpoint of our initial guidance range. Pages 8 and 10 of our corporate profile highlight our earnings results and investment activity over the last several years, and page 22 illustrates the difference between our actual results and our initial guidance since 2021. We look forward to updating the market on the positive impact that our investment program has on our earnings as we move through the year. With that, I’ll ask the operator to open the call for questions.

RJ Ryan, Senior Vice President of Acquisitions, Getty Realty: Thank you. We will now conduct 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 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. Once again, that’s star one at this time. One moment while we poll for the first question. The first question comes from Upal Rana with KeyBanc Capital Markets. Please proceed.

Brian Dickman, Chief Financial Officer, Getty Realty0: ... Great. Thank you. Could you provide a little more detail on the $100 million investment pipeline mentioned in the release? Any types of assets or any timing there on funding that you can provide?

Brian Dickman, Chief Financial Officer, Getty Realty: Yeah. Hey, folks, Brian, happy to do so. About 80% of that, if you’re looking at property types, about 80% of that is auto service, more collision centers and oil change locations, followed by C&G, drive-thrus and car wash, in that order, making up the remaining 20%. And then from a transaction type perspective, about 80% of that is development funding. That’s sort of the long end of that deployment range that we put out, and the balance is regular way acquisitions that are more in the, you know, call it 60-day, you know, 60-90-day type timeframe from a closing perspective.

Brian Dickman, Chief Financial Officer, Getty Realty0: Okay, great. That was helpful. And given the improved share price and cost of capital relative to last year, do you think you can do more investment volume this year relative to last year?

Christopher Constant, Chief Executive Officer, Getty Realty: Well, I’ll just say is I think we’re off to a great start, right? Obviously, it’s a couple weeks into the year. To have $100 million under contract is great for Getty. We’re really enthused by the pipeline we have behind that, right? That’s in various stages of negotiation, underwriting. I think we’re already north of 25% of our last year’s underwriting volume sitting here today in early February. Certainly the improved cost of capital is helpful when looking at investments and looking at our available opportunities in the capital markets. So, I think I would say we’re off to a great start. We’re optimistic. And I think the team’s done a great job all around in bringing great opportunities in for us to evaluate.

We look forward to adding a lot of that to our company as we move through the year.

Brian Dickman, Chief Financial Officer, Getty Realty0: Great. Thank you.

Operator: The next question comes from Mitch Germain with Citizens. Please proceed.

Mitch Germain, Analyst, Citizens: Thank you. Just the cadence of that $100 million, the way to think about it, it’s mostly kind of just gonna hit on a, you know, a little bit each quarter. Is that the way to think about it?

Brian Dickman, Chief Financial Officer, Getty Realty: Yeah. Hey, Mitch, it’s Brian. That’s what I was just alluding to. Again, I think you have, you know, call it, you know, 20% of that that is regular way acquisitions that you’re on average 60 days, so kind of 30-90 days. That’s the front end of that deployment range, kind of the 3-month area. You know, development funding gets deployed over time. We expect the majority of that to be deployed over the next 12 months. The cadence is really dictated more by the tenants, their development schedules, when they submit for reimbursement, but assume that that gets deployed throughout the year, which should give you a little bit more visibility. But, you know, candidly, we don’t always have that until the reimbursement requests start coming in.

And then I would just add, and maybe to reiterate or reemphasize what Chris said, you know, that’s simply what we have under contract, right? There’s a fairly, you know, sizable pipeline behind that. As we’ve seen in past years, there are deals that, from a public disclosure standpoint, never make it into our pipeline, so to speak. Now and Forever was a great example. You know, when we initially reported, you know, that deal wasn’t under contract, and it closed before we reported the next quarter. So, I say that just to, you know, highlight again, that that’s what’s under contract today. That’s the timing that we’re looking at with respect to deployment for the $100 million, but there’s quite a bit of deal activity behind that.

You know, that’s certainly, some of which we would expect to hit this year as well.

Mitch Germain, Analyst, Citizens: Great. And then to that point, obviously, Chris mentioned how about 25% of that, I’ll call it $7 billion, that you underwrote last year, has already been kind of under consideration. I’m curious, you know, Chris, what do you think is driving that increased emphasis to potentially sell here?

Christopher Constant, Chief Executive Officer, Getty Realty: Yeah. Hey, it’s Mark. So, like-

Mitch Germain, Analyst, Citizens: Mark.

Christopher Constant, Chief Executive Officer, Getty Realty: A lot of things right now. You know, the team continues to do a great job sourcing opportunities, both with new potential tenants and managing relationships with our existing tenant base. We continue to talk about diversity across all of the asset classes that we trade in. So we, you know, we introduced the bigger buy box a few years ago, and we’re seeing the momentum and the results of that. You know, the ability for us to both transact at the different ranges of the cap rates that are out there in the market, you know, allow us to source opportunities. You know, we’re sensing, Chris used the word, you know, an optimistic tone around the market. The buyer pool seems more active coming out of the year.

I’m sorry, the selling pool seems more active coming out of the year. So it’s a combination of a lot of things. So it’s just, you know, more, more of the same around the efforts to develop business, across all our asset classes and across the geographies and with repeat tenants, you know, repeat business with our existing tenants, I should say so.

Mitch Germain, Analyst, Citizens: Great. Last one for me. ARCO priced an IPO last night. You know, should we think about this as a potential credit-enhancing event?

Christopher Constant, Chief Executive Officer, Getty Realty: Yeah. You know, so in conversations with them, and I think their one of the primary motivations was allowing investors to see both pieces of their business independently, right? The retail assets and the wholesale business. You know, the use of proceeds as stated was to pay down debt. So as a landlord, we certainly appreciate that. I do think that’s a credit enhancement. Gives folks more visibility into the various pieces of their business. What I’ve said before is, well, I’ll, I’ll just say again, ARCO’s been a tenant of ours for almost 20 years at this point. You know, fantastic operator. He’s got a defined strategy that he’s working through.

We’ve got five leases with him that we can see site-level information on, and we’re comfortable with how all those leases are performing. So, I’m thrilled for Ari that he got his deal done. And, you know, certainly, you know, I think from an investment standpoint or if you’re focused on maybe the fuel side or on the retail side, it does give you the ability to see those businesses and how each one operates independently.

Brian Dickman, Chief Financial Officer, Getty Realty0: Great. Good luck in 2026, and Mark, wishing you the best.

Christopher Constant, Chief Executive Officer, Getty Realty: Thank you.

Operator: The next question comes from Jana Galan with Bank of America. Please proceed.

Jana Galan, Analyst, Bank of America: Thank you. Good morning. Brian, just following up on your comments on the exclusion of prospective investment activity in the initial guide, I wanted to clarify if the current guide includes kind of the $9 million of additional acquisitions subsequent to quarter end, and then, how much of that $100 million pipeline is in the current initial guidance?

Brian Dickman, Chief Financial Officer, Getty Realty: Yeah. The $8.7 million is in there, so it’s a point in time, you know, run rate, excuse me, usually as the day of the release, the day before. So that’s in there. And then by definition or by approach, as it currently stands, none of the $100 million would be in that guidance number.

Jana Galan, Analyst, Bank of America: Thank you. And then maybe for Chris, as you kind of balance portfolio diversification with kind of maintaining your niche and expertise, you know, do you think now at 30% of ABR from non-convenience and gas is the right balance, or are you looking to increase from there?

Christopher Constant, Chief Executive Officer, Getty Realty: Well, what I’d say is, you know, Mark mentioned that now 30% of our rent comes from non-convenience and gas asset classes, and that’s basically over the last 6 years at this point, or 5.5 years. During that time period, we’ve made significant investments in the C-store sector, including Now and Forever, and there were some larger deals that we did in 2024 in the C-store sector. So, we still like all the sectors. I think what you’re seeing, though, is on balance, the underwriting has gone from maybe $4 billion to almost $7 billion as we develop relationships in these other verticals, which do take some time, right? Given how we like to transact with portfolio sale-leasebacks.

Like, you’re starting to see the strategy really take off, you know, whether it’s the QSR work we did this year, you know, we had done a lot in the car wash business. So, we don’t have any defined limits or category limits within those asset classes, but I think you can expect to see the business become more diversified just naturally as we develop relationships, have more resources focused on not only C&G, but some of the other verticals. So I think we’re really happy with how the business has expanded and become more diversified and gotten larger. But there’s no hard targets in any asset class, to answer your question specifically.

Jana Galan, Analyst, Bank of America: Thank you.

Operator: The next question comes from Alex Fijan with Baird. Please proceed.

Alex Fijan, Analyst, Baird: Hey, thanks for taking the question. First for me, can you speak about the dip in coverage? Was that just with the redevelopments and new developments coming in, or is there anything else?

Christopher Constant, Chief Executive Officer, Getty Realty: Yeah. So about 70% of that, of our coverage number that we report is from convenience stores, right? Just given the fact that some of our newer activity, right, hasn’t made its way into the calculation yet. The dip was really a rounding issue right around the 2.5 number, right? To go down from 2.6 to 2.5. Behind that, what rolled off was the third quarter of 2024, which was a historically high fuel margin quarter for the C-store sector. I think margins within our portfolio were approaching $0.50 a gallon. They’re still over $0.40, which is still a fantastic number, but not at that historic level. So that’s why you saw that. There’s nothing behind that. Car washes were stable, our other asset classes were stable.

Performance inside the C-store is still great, but you’re just seeing margins maybe come back off of that historic high, which was the quarter that dropped off.

Alex Fijan, Analyst, Baird: Okay. Yeah, that makes sense. Then can you speak maybe on overall tenant health and if you’re seeing a broadening of demand for development opportunities, either by tenant or category?

Christopher Constant, Chief Executive Officer, Getty Realty: I mean, I think generally with a portfolio that’s 99.7% occupied with full rent collections, the coverage we just talked about, we feel good about the health of the portfolio. Your second question is around development opportunities, and I think this goes a little bit to the transaction market as well. We’ve got healthy tenants that are operating and growing and consolidating sectors. And as tenants are more willing to transact, one of the avenues for transacting is new store development, and that’s why we created the development funding program. You know, the large deal that’s sitting out there in auto service, which is a development funding deal, is a perfect illustration of that, right?

That’s a deal that was done last year, and a lot of that funding will be done, excuse me, funded in 2026. And there’s others that are like that, just at different levels of volume. So, we’re for the sectors we like, for tenants that we like, Getty’s happy to perform sale-leasebacks, we’re happy to fund developments, and if there are certain transactions that have a combination of both of those products, that’s great for us as well.

Brian Dickman, Chief Financial Officer, Getty Realty: ... Mm-hmm. Well, thank you. That’s it for me.

Operator: Once again, ladies and gentlemen, to ask a question, please press star one on your telephone keypad. The next question comes from Michael Goldsmith with UBS. Please proceed.

Michael Goldsmith, Analyst, UBS: Yeah, Justin, this is Michael. Thanks for taking the question. Maybe just two quick ones for me. We’ve seen other net lease REITs increase exposure to C stores. Do you expect your cap rates of 7.9% to hold firm? And then secondly, Getty sold 7 properties in 4Q. Can you provide some color as to why these were candidates to be disposed of? Thanks.

Christopher Constant, Chief Executive Officer, Getty Realty: Yeah. I, I’ll take the first one, which is the comp, the competitive landscape, right? And, and we’ve been in this sector for a long time in the C store. The, the other REITs that you’re referring to that are investing in C stores have either been buying them for a long time, right? And we’ve been competing against them, and continuing to add attractive properties to our balance sheet. Or, or they’re, they’re newer entrants, and the sector itself has grown. So I feel very comfortable about the way Getty transacts and our ability to source, close investments at accretive spreads for us. The competition is not a new dynamic in, in this asset class, whether it’s just the way people are referring to C stores or, or just talking about on their phone calls.

I don’t want to comment too much on that. Do you want to take the dispo?

Brian Dickman, Chief Financial Officer, Getty Realty: I’m sorry?

Christopher Constant, Chief Executive Officer, Getty Realty: The dispo.

Brian Dickman, Chief Financial Officer, Getty Realty: Yeah.

Christopher Constant, Chief Executive Officer, Getty Realty: Well, Brian, you want to take the dispo?

Brian Dickman, Chief Financial Officer, Getty Realty: Yeah. I would just say quickly on the dispositions, it’s Brian, like you said, it was 7 properties. You know, we’re always evaluating the portfolio for different opportunities. Three or four of those actually went back to existing tenants. That happens periodically, where we’ll sell assets to a tenant. Sometimes it’s a CapEx dynamic in terms of who wants to ultimately invest in those properties. In this case, it’s a very small portfolio, but it was a very low, like, low single-digit cap rate. Just the way that operator valued the portfolio, it was opportunistic for us. And then the others were just, you know, an asset here and there that for, you know, tactical reasons or otherwise, we just thought it made sense to dispose of.

So no, I wouldn’t say there’s any universal trends or anything that drove it, just an opportunistic deal and a couple of tactical dispositions.

Michael Goldsmith, Analyst, UBS: Great. Thank you.

Operator: Thank you. At this time, there are no further questions in queue. I would like to turn the call back to management for closing.

Christopher Constant, Chief Executive Officer, Getty Realty: Excellent. Thank you, operator, and thank you all for joining us for our fourth quarter and year-end 2025 call. We look forward to getting back on with everybody in April, when we report the first quarter of 2026.

Operator: Thank you, ladies and gentlemen. This does conclude today’s teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a great day.