Getty Realty (GTY) investor relations material

Executive summary

• Annualized base rent grew 9.9% to $204M in Q2 2025, with AFFO per share up 1.7% year-over-year to $0.59 and YTD AFFO of $67.8M.

• Year-to-date investment activity reached $95.5M at an 8.1% initial cash yield, with over $90M in investments under contract expected to close in 6–9 months.

• Portfolio expanded to 1,137 properties across 44 states and D.C., with 99.7% occupancy, 10.0 years weighted average lease term, and 2.6x tenant rent coverage.

• FY2025 AFFO guidance raised to $2.40–$2.41 per share, reflecting investment activity and portfolio repositioning.

• Nearly 100% rent collections and stable rent coverage support reliable cash rental income.

Financial highlights

• AFFO per share increased 1.7% year-over-year to $0.59 in Q2 2025; YTD AFFO per share was $1.19.

• Rental income for Q2 2025 was $51.3M, up from $45.7M in Q2 2024; six-month rental income reached $101.9M.

• Net earnings for the six months ended June 30, 2025, were $28.8M, down from $33.4M year-over-year, mainly due to higher interest and operating costs.

• FFO per diluted share was $1.08 and AFFO per diluted share was $1.19 for the six months ended June 30, 2025.

• Over $400M in total liquidity at quarter end, with no debt maturities until 2028.

Outlook and guidance

• 2025 AFFO per share guidance raised to $2.40–$2.41, reflecting YTD investment activity and portfolio repositioning.

• Guidance excludes prospective acquisitions, dispositions, or capital markets activities not completed as of the release date.

• Majority of $90M+ investment pipeline expected to close in next 6–9 months at high 7% initial cash yields.

• Management expects to meet short-term liquidity needs through operating cash flow, available credit, and equity proceeds.

• No material changes to risk factors or forward-looking statements since the last annual report.