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Here are 1-3 brief analogies for Getty Realty (GTY):

• The Public Storage for gas station and convenience store properties.
• The Prologis for gas station and convenience store properties.

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• Real Estate Leasing: Getty Realty leases convenience store and gasoline station properties to operators, generating rental income.
• Real Estate Financing: The company provides financing options specifically for convenience store and gasoline station properties.

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Major Customers of Getty Realty (GTY)

• BP Products North America Inc. (Symbol: BP)
• Speedway LLC (at the time, a subsidiary of Marathon Petroleum Corporation, Symbol: MPC; subsequently acquired by 7-Eleven, a subsidiary of Seven & i Holdings Co., Ltd.)
• Alimentation Couche-Tard Inc. (Symbol: ATD.B on TSX)
• Chestnut Petroleum Distributors, Inc. (private company)
• Exxon Mobil Corporation (Symbol: XOM)

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Christopher J. Constant President and Chief Executive Officer

Mr. Constant has served as President and Chief Executive Officer of Getty Realty Corp. since January 2016. He joined the company in November 2010 as Director of Planning and Corporate Development and subsequently held roles as Treasurer, Vice President, and Chief Financial Officer before becoming CEO. Prior to joining Getty, Mr. Constant was a Vice President in the corporate finance department of Morgan Joseph & Co. Inc., and began his career in the corporate finance department at ING Barings.

Brian R. Dickman Executive Vice President, Chief Financial Officer and Treasurer

Mr. Dickman was appointed Executive Vice President, Chief Financial Officer, and Treasurer in December 2020. Before joining Getty Realty, he served as Executive Vice President and Chief Financial Officer of Seritage Growth Properties (NYSE: SRG) and, prior to that, as Chief Financial Officer and Secretary of Agree Realty (NYSE: ADC). Mr. Dickman's earlier career includes work as a real estate investment banker, starting at Lehman Brothers in 2005, and in corporate finance at Intel Corporation beginning in 1998.

Mark J. Olear Executive Vice President and Chief Operating Officer

Mr. Olear has served as Executive Vice President since May 2014 and Chief Operating Officer since May 2015. He was also Chief Investment Officer since May 2014 and is set to retire in February 2026. Before joining Getty, Mr. Olear accumulated over 30 years of experience in real estate acquisitions, development, and construction, holding notable positions such as Senior Director-Real Estate with Home Depot and Senior Vice President Real Estate with TD Bank.

Joshua Dicker Executive Vice President, General Counsel and Secretary

Mr. Dicker has been Executive Vice President since February 2017 and General Counsel and Secretary since February 2008, having joined Getty in February 2008. Prior to his tenure at Getty, he was a partner in the law firm Arent Fox LLP, where he specialized in corporate and transactional matters.

RJ Ryan Senior Vice President, Acquisitions

Mr. Ryan has served as Senior Vice President of Acquisitions since February 2023. He joined Getty in March 2016 as Director of Real Estate and progressed through various roles. Prior to Getty, he was Vice President of Asset Management for Marx Realty and also held several positions at Macerich.

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Here are the key risks to Getty Realty (GTY):

1. Shift to Electric Vehicles (EVs) and Declining Gasoline Demand: Getty Realty specializes in real estate for convenience stores and gasoline stations, making it highly vulnerable to the accelerating transition to electric vehicles. As EV adoption increases, the demand for traditional gasoline is projected to decline, potentially rendering a significant portion of the company's core assets less profitable or obsolete over the long term. Analysts project that a substantial number of gas stations could become unprofitable by 2035 if they do not adapt to this shift. This fundamental change in transportation directly impacts the revenue generation capabilities of the properties Getty Realty owns, leases, and finances.
2. High Tenant Concentration: A significant risk for Getty Realty is its high tenant concentration, which magnifies the potential impact of financial difficulties or bankruptcies of its major tenants on GTY's overall financial performance and stability. Issues with a few key tenants could disproportionately affect rental income and occupancy rates across its portfolio.
3. Debt Maturities and Rising Interest Rates: Getty Realty faces upcoming debt maturities, particularly in 2025 and 2026, which could necessitate refinancing at potentially higher costs, especially in a sustained high-interest rate environment. Elevated borrowing costs stemming from rising interest rates can make it more expensive for REITs like Getty Realty to finance new acquisitions or developments and refinance existing debt, impacting cash flow and dividend potential.

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The clear emerging threat to Getty Realty is the accelerating transition to Electric Vehicles (EVs). As the adoption of EVs increases, the demand for traditional gasoline will decrease, potentially rendering many gasoline station properties obsolete or significantly less profitable over time. This fundamental shift in automotive technology directly impacts the primary business of Getty Realty's tenants and the underlying value of its specialized real estate assets.

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The addressable market for Getty Realty (GTY), which specializes in the ownership, leasing, and financing of convenience store and gasoline station properties, is represented by the total sales of the U.S. convenience store industry.

The U.S. convenience store industry generated total sales of $837.4 billion in 2024. This figure includes $335.5 billion from in-store sales and $501.9 billion from motor fuel sales. Approximately 151,975 convenience stores operate in the United States, with 122,620 of these stores also selling motor fuels. Convenience stores account for an estimated 80% of all fuel purchased by consumers in the United States.

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Getty Realty (GTY) is expected to drive future revenue growth over the next 2-3 years through a combination of strategic acquisitions, contractual rent escalations, property redevelopments, and targeted diversification of its real estate portfolio.

1. Strategic Acquisitions and Robust Investment Pipeline: Getty Realty consistently emphasizes its disciplined capital deployment through accretive acquisitions. The company has a strong track record of significant investment activity, including approximately $270 million deployed in 2025 at an initial cash yield of 7.9%. Looking ahead, Getty has a committed investment pipeline of approximately $100 million for the development and/or acquisition of 36 convenience and automotive retail properties, with the majority expected to be funded in 2026 at attractive initial cash yields in the high 7% area.

2. Contractual Rent Escalations: A significant portion of Getty Realty's revenue growth is driven by built-in rent escalations within its long-term triple-net leases. Approximately 99.2% of its leases include annual rent escalations, with a weighted average rate of around 1.7% to 1.8%. This provides a stable and predictable component of revenue growth, as evidenced by the nearly 12% increase in annualized base rent in 2025. The company recently extended lease terms for five unitary leases, representing 5% of its total annual base rent as of December 31, 2025, further securing future rental income.

3. Redevelopment and Repositioning of Properties: Getty actively pursues redevelopment and repositioning strategies to convert existing sites into higher-value retail uses, such as modern car washes or quick-service restaurants (QSRs). This strategy drives higher rents and enhances long-term property value. Rent commencements from completed redevelopments contributed to base rental income growth in 2023 and 2024. The company has a continuous pipeline of redevelopment projects in various stages of planning and construction.

4. Portfolio Diversification: Getty Realty is strategically expanding beyond traditional convenience and gas properties into other essential service-oriented retail sectors. Recent investments have included a more significant focus on drive-thru QSRs, collision repair centers, and travel centers. For example, in 2025, Getty entered the collision repair sector with up to $82.5 million of development funding for 11 centers and acquired four travel centers for $47.1 million. This diversification strategy aims to enhance the portfolio's resilience and tap into new growth avenues, with nearly 30% of its annual base rent now derived from non-convenience and gas properties.

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Share Issuance

• In February 2026, Getty Realty priced a public offering of 4 million shares of common stock for approximately $131 million in gross proceeds, with an option for underwriters to purchase an additional 600,000 shares. These shares were sold on a forward basis in connection with forward sale agreements, with settlement expected within approximately one year.
• During the fourth quarter of 2025, the company settled approximately 2.1 million shares of common stock for net proceeds of about $59.2 million.
• As of December 31, 2025, approximately 2.1 million shares of common stock were subject to outstanding forward equity agreements, anticipated to raise gross proceeds of about $62.6 million upon settlement.

Outbound Investments & Capital Expenditures

• For the full year 2025, Getty Realty invested approximately $268.8 million at a 7.9% initial cash yield in convenience and automotive retail assets, which included the acquisition of 73 properties.
• In the fourth quarter of 2025, the company invested $135.4 million, including the acquisition of 22 properties and $3.6 million in incremental development funding for properties such as collision centers, oil change locations, and drive-thru quick service restaurants.
• As of February 11, 2026, Getty Realty had a committed investment pipeline of approximately $100.0 million for the development and/or acquisition of 36 convenience and automotive retail properties, with the majority expected to be funded over the subsequent 3-12 months. This pipeline reflects a diversified focus that includes collision centers, travel centers, and drive-thru quick-service restaurants.