Company Invests Approximately $269 Million in 2025 for Multiple Acquisitions

In 2025, the Company invested approximately $269 million at a 7.9% initial cash yield, including the acquisition of 26 drive-thru quick service restaurants, 25 convenience stores, 12 express tunnel car washes, and 10 auto service centers. For the quarter ended December 31, 2025, the Company invested approximately $135 million at a 7.9% initial cash yield, including the acquisition of 15 convenience stores, six auto service centers, and two express tunnel car washes. As of December 31, 2025, the Company had a committed investment pipeline of more than $75 million for the development and acquisition of 28 convenience and automotive retail assets. The Company expects to fund the majority of this investment activity, which includes multiple transactions with 12 different tenants, over approximately the next 3-12 months. While the Company has fully executed agreements for each transaction, the timing and amount of each investment is dependent on its counterparties and the schedules under which they complete certain development projects and business acquisitions for which the Company is providing development funding and/or sale leaseback financing. As previously announced, in November 2025, the Company closed the private placement of $250 million of senior unsecured notes priced at a fixed rate of 5.76% and maturing January 22, 2036. The Notes will fund on January 22, 2026 and proceeds will be used to repay all amounts outstanding under the Company's $450 million unsecured revolving credit facility. During the quarter ended December 31, 2025, the Company settled approximately 2.1 million shares of common stock for net proceeds of approximately $59 million, and entered into new forward sale agreements to sell approximately 0.4 million shares of common stock for anticipated gross proceeds of approximately $13 million. As of December 31, 2025, the Company had a total of approximately 2.1 million shares subject to outstanding forward sales agreements, which upon settlement are anticipated to raise gross proceeds of approximately $63 million.