Getty Realty : Q3 2023 Earnings Call Presentation

C O N V E N I E N C E A U T O M O T I V E R E T A I L

CORPORATE PROFILE

OCTOBER 2023

SAFE HARBOR STATEMENTS

Forward Looking Statements

Certain statements in this presentation constitute "forward-looking statements" within the meaning of the federal securities laws. Forward-looking statements are statements that relate to management's expectations or beliefs, future plans and strategies, future financial performance and similar expressions concerning matters that are not historical facts. 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 on certain assumptions and involve known and unknown risks, uncertainties and other important factors, many of which are beyond the Company's control, that could cause the actual results, performance, or achievements of the Company to differ materially from any future results, performance, or achievement implied by such forward-looking statements.

While forward-looking statements reflect the Company's good faith beliefs, assumptions and expectations, they are not guarantees of future performance. Unknown or unpredictable factors could have material adverse effects on our business, financial condition, liquidity, results of operations and prospects. Except as required under the 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-looking statements 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 could cause 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, 2022 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, assumptions and 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 and uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements as a prediction of future results.

Unless otherwise noted in this presentation, all financial data is for the quarter and year ended September 30, 2023, and all portfolio data is as of September 30, 2023.

Non-GAAP Financial Measures

This presentation includes non-GAAP financial measures Funds From Operations ("FFO") and Adjusted Funds From Operations ("AFFO"), which the Company uses as supplemental measures of its performance. Please refer to the Definitions and Reconciliations section of this presentation for additional information and complete reconciliations between 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 net earnings 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-GAAP performance measure, as the Company believes it best represents its core operating performance and allows analysts and investors to better assess the Company's core operating performance. Further, the Company believes that AFFO is useful in comparing the sustainability of the Company's core operating performance with the sustainability of the core operating performance of other real estate companies.

Other

The information contained herein has been prepared from public and non-public sources believed to be reliable. However, the Company has not independently verified certain of 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.

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TABLE OF CONTENTS

Corporate Profile

Company	Page 4
Portfolio	9
Capabilities	15
Corporate	21
Supplemental Information	25
Definitions and Reconciliations	32

3

GETTY AT A GLANCE

NET LEASE REIT SPECIALIZING IN CONVENIENCE

AND AUTOMOTIVE RETAIL REAL ESTATE

$2.1 billion	1,080
Properties
Enterprise
40
Value
States + DC

• O N V E N I E N C E

• U T O M O T I V E

R E T A I L

BBB-

Fitch

Rated

WE INVEST IN FREESTANDING, SINGLE TENANT PROPERTIES WHERE CONSUMERS SPEND MONEY IN THEIR CARS OR ON THEIR CARS

Note: Enterprise Value based on market value of common equity as of October 23, 2023 and net debt as of September 30, 2023. Portfolio data as of September 30, 2023.

5

INVESTMENT HIGHLIGHTS

STABLE PORTFOLIO OF ESSENTIAL USE ASSETS WITH ATTRACTIVE GROWTH OPPORTUNITIES

PORTFOLIO SNAPSHOT

99.7% OCCUPIED

69% CORNER LOCATIONS

61% TOP 50 MSAs

9.0 YEARS WALT

2.7x TENANT RENT COVERAGE

FINANCIAL SNAPSHOT

$168 MILLION ABR

1.7% ANNUAL RENT ESCALATIONS

5.0x NET DEBT/

EBITDA

4.0x FIXED CHARGE COVERAGE

6.8% DIVIDEND YIELD

Durable Rental Income

• Essential, e-commerce and recession resistant, retail businesses
• Established national and regional tenants operating multi-store platforms

Incremental Investment Opportunities

• Fragmented sectors and institutional capital flows driving transaction activity
• Sale leaseback and development funding aligns with tenant "buy & build" strategies

Versatile Real Estate in Major Markets

• Freestanding properties on corner locations in high density metro areas
• Emphasis on accessibility, population trends and potential for alternate use

Well Positioned Balance Sheet

• Ample liquidity, moderate leverage, unencumbered assets
• Facilitates growth, mitigates risk and maximizes flexibility

Note: Portfolio Snapshot as of September 30, 2023. Financial Snapshot as of September 30, 2023, except Dividend Yield as of October 23, 2023.	6
ABR = annual base rent. WALT = weighted average lease term.

Q3 2023 UPDATE

STEADY EXECUTION DRIVING PORTFOLIO DIVERSIFICATION,

BALANCE SHEET STRENGTH AND EARNINGS GROWTH

INVESTMENT

ACTIVITY

BALANCE

SHEET

• Invested $269.0M YTD through October 25, 2023
• • Acquired 34 properties for $168.6M (net of $17.1M prior development funding)
  • • 20 car washes, 10 c-stores, three drive-thru QSRs, and one auto service center
  • Acquired 16 under construction car washes for $46.4M
  • • Committed to provide additional funding to complete the projects
  • Advanced development funding totaling $54.0M for new-to-industry properties
• As of October 25, 2023, more than $95.0 million under contract; expected to be deployed in 6-9 months (1)
• 5.0x net debt / EBITDA
• $48M unsettled forward equity and $225M Revolver capacity
• New $150M senior unsecured term loan subsequent to quarter end
• • $75M funded at close; proceeds used to repay amounts outstanding under Revolver
  • $75M delayed draw funding for up to 180 days after close

EARNINGS	o Q3	2023 AFFO ▲ 14.0% to $29.4M	|	YTD 2023 AFFO ▲ 11.9% to $85.1M
o Q3	2023 AFFO/share ▲ 5.6% to $0.57	|	YTD 2023 AFFO/share ▲ 5.7% to $1.68
	o 99.7% occupied
PORTFOLIO	o Full, normalized rent collections
	o 2.7x tenant rent coverage

Note: Portfolio and Balance Sheet data as of September 30, 2023.
1) While the Company has fully executed agreements for each transaction, the timing and amount of each investment is ultimately dependent on its counterparties and the	7
schedules under which they are able to complete development projects and certain business acquisitions for which the Company is providing sale leaseback financing.

BUSINESS PLAN EXECUTION

EXPANDING OUR PLATFORM, GROWING OUR PORTFOLIO AND INCREASING PROFITABILITY

PLATFORM CAPABILITIES

• Expanding investment opportunities
• Improving access to and cost of capital

Broadened Investment Strategy

• Targeting assets across the full spectrum of Convenience and Automotive Retail real estate
• Complementing core sale leaseback activity with development funding, acquisition of existing leases and redevelopment of owned properties

Capital Enhancements

• Upsized ATM program to $350 million
• BBB- investment grade rating with stable outlook from Fitch

PORTFOLIO GROWTH*

• Entering new geographic markets
• Enhancing portfolio composition

Acquired 393 properties

for $1.1 billion

Added 18 states to national footprint

and 49 new tenant relationships

Average Acquired Property

	 2016	2016 	Change
Sq. Ft.	2,230	3,666	▲ 64%
Acres	0.78	1.35	▲ 73%
Rent	$134K	$191K	▲ 43%

Completed 28 redevelopments

at 17% incremental yields

PROFITABILITY

• Increasing profit margins
• Growing AFFO and dividends per share

AFFO Margin

61.9%

45.8%

FY2015FY2022

AFFO per Share

$2.14

$1.50

FY2015FY2022

Dividends per Share

$1.66

$1.15

FY2015FY2022

* Portfolio Growth reflects activity from January 1, 2016 through September 30, 2023.

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REAL ESTATE

FREESTANDING PROPERTIES OFFERING ESSENTIAL

GOODS AND SERVICES TIED TO CONVENIENCE & AUTOMOBILITY

CONVENIENCE & AUTOMOTIVE RETAIL REAL ESTATE

RETAIL SECTORS		REAL ESTATE ATTRIBUTES
o Convenience & Gas	o 3,000 - 5,000 SF buildings
o Car Wash		o 1 - 2 acre sites
o Auto Service		o Corner locations
-	Tire & Battery		o Signalized intersections
-	Oil & Maintenance	o High traffic counts
o Auto Parts		o Strong retail corridors
o Drive Thru Retail		o Alternate use potential
	PORTFOLIO COMPOSITION
	68.5%		Convenience & Gas
			Car Wash
			Legacy Gas & Repair
			Auto Service
			Drive Thru Retail
0.7%	9.8%	16.8%	Auto Parts & Other
1.1%
3.1%
	Note: Portfolio Composition based on ABR as of September 30, 2023.	10