GTY - Earnings call transcript Q4 2020

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Operator

Good morning, everyone, and welcome to Getty Realty's Earnings Conference Call for the Fourth Quarter 2020. This call is being recorded. After the presentation, there will be an opportunity to ask question. 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 our non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

the Company this of materially a that based the These year would may detailed Getty thank quarterly December expressed are filed subject XXXX statements and year-end in made I of gettyrealty.com. response any also risks and Examples expectations in December their not you course Realty's such operations, call. results results Relations afternoon, and reports call could our forward questions, based actual constitute the and I other on joining all based earnings and of statements to and forward-looking XX, made Company's include operator. or results section performance, differ guidance, known implied our statements actual in future Company's and us, available Yesterday XX-Q, and forward-looking for financial in redevelopment those may the future on events, response to beliefs, statements in COVID-XX the that to caution you factors X-K statements for SEC today. Certain the us to fourth current events described and the more in management actual Company's other the release XXXX. XXXX, you, XX, are financial The on including like uncertainties regarding could quarter company or materially at and information annual report you to acquisition best forward-looking made historical on for cause conference judgment made the opportunities. include for refer for subsequent differ to the materially. or our Form those our cause that We remarks of Thank plans management's looking XX-K the with the statements. its from pandemic, by reflect earnings ended ended discussion are are differ released that statements statements. and website trends, factors Form Form currently the and to filings quarter could results Investor to and on from the

measures, place reconciliation to Officer. Executive on discussion Christopher date statements, refer of funds including view this update please a earnings AFFO, from measures may over adjusted You should that, and for earnings. to not no forward-looking to the our turn undertakes reflect the in only or With duty be statements our release forward-looking the of reliance The Also, call let undue our use which non-GAAP any of financial Company Constant, our me hereof. to made as definition of operations, that of our our of call. those net course Chief

Christopher Constant

results Good quarter our full you, on XXXX to a like in enjoying to closed XXXX XXXX Operating pandemic, welcome Josh Chief more are new but the Dickman, our today's Thank year Mark and significant post each today in objectives, year Josh. him the discuss the with welcome which the touch and Getty aspect out and begin on and and call the I'll fourth overview full performance, Brian for providing our come. COVID-XX Financial to years working everyone, Officer; for formally and of quarter, context morning, we'll then on earnings I've officially our ongoing update to joined forward call years, our morning. contributions our with to productive all Brian business Chief are We and and Olear, of to I'd XXXX to call the accomplishments. Brian our portfolio phone Officer. Mark and our With saw fourth me many pass business in and his we highly Brian look detail. December, everyone on quarter by Company strategic this of an him Getty at known Call. financial

we for great in properties our prospects, that of quarter satisfaction which by year, these to occupancy was the properties, by COVID-XX, of year. possible the monthly of look normal our Company of well flexible with for we we'd In I'm with a per funds us During value the the fourth demonstrate upon by investment high acquired extraordinary share, forth efforts rent pipeline countless increased for results XXXX to stability from quarter six our revenues challenges collections beyond. and you Getty result maintained completed can for success strong and projects. as portfolio; sheet combined and that year, growth. and and to X% for on report grew operations towards triple-net proud team and report year, lease continued say net our rents results adjusted the consider be both entire stable brought XX X% the pleased our from growing which the the The were X.X% growth due the this platform. believe redevelopment XX% the to portfolio, this the results When balance the rental and year. and continue only these by position I reflect our our and and, I quarter put growth

throughout we other lines of growth deferred the assets a small and another the portfolio rent XXXX of gas saw operating collections, entered which automotive with stores, mortgage quarter. strong collect in We to collected and year. stations our performance rent increase produced rate collection Getty. deferrals, balance of of we expect this and We XX.X%, quarter COVID-related at to due Our and all convenience fourth substantially that to us rent were

rent experiencing leasing In addition, to we transactions with collections. number and quarter, where several will the difficulties serve small stabilize in disposition assets which Getty completed the of were

COVID-XX exhibited by assets encouraged the pandemic. strength the of and the uncertainty tenants the we although beginning our remains to of ahead, are broader since Looking forward by impact economy, regarding the

we We U.S. impact will through the activity COVID-XX retail consumer continue the vigilant economy tenants, of the our and to the believe as severity in of continue the will on at to be and first monitoring pandemic execution half and QX and year performance. financial results. could of least rent XXXX was therefore XXXX, Getty's driver the Company's affect The important of negatively collections of the strategy an acquisition full health

numerous for XX significant million; the the acquired for Company's prior acquired for merchandise quarter, well and the country we acquisition food, convenience represents washes. as Getty offer traditional fuel, high-quality the year, properties growth which For in consumers $XX.X in These assets of million, properties car $XXX and which the activity both as located are markets across year. include XX stores, and, over portfolios

our of we with bringing as third We our redevelopment also X. program AutoZone, completed total of completed continued to project year momentum our the projects the for

closing completing our strategy, of the since value in redevelopment our on we further the projects estate We of inception XX the real portfolio. in are demonstrating hold

also the under ended as program sheet placement a we our excellent debt issued balance successfully in of X.X% $XX private $XXX condition during ATM we year. in million equity million, XXXX Our and issued approximately December,

Getty to be has revolver a X less Our undrawn, is leverage with completely plans. almost that continues growth fund times; its significant and, capacity to than

automotive about feel our largely convenience enter businesses Internet-resistant. of essential The XXXX, X,XXX and nearly we and portfolio are store properties. we As other encouraged industry

from U.S., which to in come of rents, well the be continue top covered. Our XX the MSAs XX%

coverage COVID-related fact, the stable In ended despite XXXX challenges, a ratio and at remained our year rent X.Xx. throughout healthy

stopping we whether and will staples go. it's to which getting mobile are service. portfolio wash These it's snacks, high individual. demand the to for the years driving needs built And around consumer that Our continue today be continuing be in do was serving car your items, we store of needs for or so, and fuel, to believe getting car the convenience meals, for

our including through serve than Our quality to executing which team in assets, management, in-place other our the and stores the accretive initiatives, asset value portfolio growth redevelopments. active mobile is portfolio consumer, enhancing unlocking selective more continued and our on focused embedded maximizing acquisitions automotive our our through of ever

execute focuses high-quality these on estate objectives. acquiring targeted We are country in real in successfully metropolitan strategy, and our confident across markets continually on our investment the to in ability strategic which

growth move and and portfolio beyond. and through investment that, remainder XXXX I call over focus our should driving we to additional turn of in activities. With driving Our the value shareholder the will to discuss result Olear as on approach Mark

Mark Olear

Thank you, Chris.

During store convenience underwriting we grew of as and other transactions on XXXX, Getty's to potential added focus opportunities. automotive resources

process. For $X.X we year, Convenience store which our of approximately of represented other XX% total. screen XX% initial represented automotive opportunities and opportunities, the the met billion reviewed

mobile to mentioned, automotive-related spending. and remain portfolio store As to merchandise food, assets terms traditional industry, in which consumers fuel, offers our both convenience other growing with of are we that committed tied and Chris the highly consumer

These of as Going characteristics located transaction, view in review have of anticipate feet, as our highlights for that forward, term highly excess the average we the the complementary a throughout underwriting investment X.X To to lot of Getty and underwriting XX-year and million, similar. both growing full-service our square acres have businesses activities, store size we with platform we be lease today's They $XX.X subject few of areas Texas. very fourth all store. to reflect the car assets average quarter, in with acquired southern operators a store multiple convenience CEFSCO properties state attributes stores, an XX leading October, high-quality assets. the independent convenience properties $XX.X In a of of of and triple-net size in renewal for the we unitary acquired and and one sale-leaseback wash store United convenience options. all million invested modern convenience we completed In an the six base are of States. which X,XXX the the

Our in acquisition rate with initial cap range. our historical yield line cash is

four assets $XX.X Go acquired and in Car Wash we for million Car individual addition, in In wash Wash transactions Zips the car with aggregate.

we year, million. for XX $XXX the acquired For properties

on year return for the initial X.X%. acquisitions average weighted Our was

Finally, the strongly through of remains are to for progress the year investments, Overall, team was opportunities the and additional continue we that this term volume as lease we underwriting for years. the busy year. XX.X weighted properties and feel we growth acquired initial sourcing potential underwriting produce acquisition our will average

net future other for will will store We new-to-industry sectors expect funding construction. acquisitions and automotive and focused of acquisition convenience our on remain properties, we lease and that direct activity pursue sale-leasebacks, the that

tenants in partnering high-quality classes. strong target to we Finally, of our asset estate remain our core and underwriting committed acquiring with principles real

one redevelopment for to inception $X.X are since sites to platform, Moving quarter, XX total and we in returned in completed our the of portfolio, approximately projects program. the our completed commencement projects bringing the for XXXX In million rent fourth year, back progress. we lease our the in to both six project and net redevelopment which invested our

return a with more on our on project we million, in October, rent AutoZone we commenced to New a $X.X in project, Jersey, invested in generate of and XX%. investment Specifically, than expect this

In leases are lease letters six subject redevelopment recaptured we quarter terms four XX the projects, current leases properties, signed with active currently which which the to projects which triple-net ended include of intent, signed or not from tenant. have yet been of and

within commencement completing during We expect XXXX, with several three rent remainder to years. the have sites at

spending market these On excess of acquisition in $X.X redevelopment these we funds side, million of We million. the will project in will Company these XX that pipeline investment estimate projects the invested capital our incremental approximately the the in redevelopments Getty we require returns projects in to total invest and can generate where today. have $X.X by

continue X% remain unlevered found detailed XX%. over on of pipeline, our opportunities and be and greater portfolio current than XX which possibly XX% Pages XX to please portfolio, our our investor five presentation, information and between program We of more years, the evolving on refer redevelopment optimizing our website. anticipate can to targeted of next committed redevelopment yields the For with to redevelopment

sold terms Turning the approximately tenants XXXX, vacant or we of lease by realizing returned sold XX to properties dispositions. to million. We agreements. the properties of proceeds during us These were $X for

the impact these dispositions net minimal. expect We will financial of be

XX In we year, addition, exited from leased which the previously we during properties, landlords. third-party

store convenience As now properties. ended not annualized made of that Washington, no rent selectively longer net base the plus or property comes as is and have seven portfolio XXX where MSAs. year six of our we ahead, dispose We properties have is XX determination D.C., with we and redevelopment the net result sites from look to states will location vacant competitive continue the The leased XX% does redevelopment potential. top we the our national a active properties, XX is

years, over X.X increased results. Our active weighted occupancy, average With overall to lease approximately our is excluding XX.X%. term that, and to Dickman turn I'd to the our Brian discuss redevelopments, financial call

Brian Dickman

was the to start a Mark, earnings. yesterday's of and excited Hopefully, believe of we rest Josh here morning, I interacting I'm be see I'll with and of everyone's Company's forward Thanks, the of going best XX% everyone. all share operating forward. impacted Mark, and for which with share release. the share with and you, look Chris, the the the fourth was Both performance, good per increases fourth in chance to periods recap Getty AFFO, and team, representing Company's respectively. per per to had legal settlement reflects quarter for and nonrecurring share for were core FFO year. the year-over-year the $X.XX $X.XX by full for per favor. full $X.XX $X.XX a the quarter year, X%,

fourth $XXX.X on representing completion notes the respectively. for rent revenues the fourth leases in receivables, and all were full Rental projects activity, $XX.X redevelopment of total Our quarter X.X% reimbursements which million mortgages tenant X.X% Acquisition the increases quarter growth in $XXX.X escalators income. income, excludes million for grew in year, and X.X%, the million our and interest X.X% and year-over-year year in to and million. full and contributed to the to rental the our $XX.X of

expense although fourth decreases quarter versus expense due third-party full to the the the and both versus and quarter certain quarter expenses expenses, the the and costs to and expenses be fees year, primarily number side, for subject in and were including primarily XXXX. Environmental periods, in variable. of redevelopments. are decreased a fourth in increased credits related to prior in to and amounts benefited reduction employee-related professional rent expenses we from the fees. and property full full both in both Environmental G&A and in the On year other noncash in increased fourth professional property to highly due year estimates adjustments compensation stock-based continue year increases a legal

in million settlement nonrecurring mentioned, litigation we the the a of result of $XX.X as previously a a had matter. quarter, As fourth of benefit

additional For tomorrow. to refer information, be filed XX-K, our please which will

markets balance activities. the and capital our to sheet Turning

During the companies. the insurance We repay X.XX% were X% the facility. million at outstanding fourth full $XXX under retire which the XX-year at via to placements in under new Series notes early quarter, coming of to unsecured our life borrowings A we direct notes, private our XXXX million credit issued due used $XXX three proceeds and

a and $XX.X included As equity our million We average we at were this in the charge, a million which also is incurred of during $XX.XX GAAP net $X.X earnings at with market result program transaction, debt raising price an FFO. extinguishment per active quarter, the of share.

the For fund share, an the of per full year, we raised leverage $XX.X at million maintain ATM helped to our and through average low profile. which $XX.XX growth price our

XX, million including As facility of and long-term fixed credit under of had debt total we million, of $XX unsecured our rate million outstanding outstanding December $XXX notes. $XXX

and our average X.X maturity the of weighted years. X.X% cost Our borrowing weighted was debt average is

asset X.X market to In debt-to-EBITDA addition, and total total capitalization debt was our total our was debt XX%, net our total to times. XX%, value was

XXXX extension of which at in next year matures option than but X-year March of election. until has debt our maturities no June a have other facility, our We credit

As we With ended needs, about to conservative, XXXX. $X.X from capital we the and at committed to a capital well-laddered ahead down our and million and maintaining million, environmental end our was look $XX.X of which year remain structure. respect we liability, flexible quarter the think

million, $X.X spending million full and quarter fourth the net remediation and respectively. approximately $X.X was year, environmental For

$X.XX Finally, to guidance per we are range share $X.XX introducing our at XXXX a AFFO share. of per

which XXXX that full activities, includes this operating but Specific of costs Our investment impact Chris. properties impact of expectation to could back include forego or potential capital and additional expectation pursuing raising XXXX. not I our that date, increase, With call assume which the not for rent activity and capital redevelopment acquisitions recapture guidance will to in transaction acquisitions ultimately year when will we year our markets active our we continue our expectations generally for the remain activities guidance the does we result any otherwise to turn our that for remainder that, deals expenses will in completed. will redevelopments, and factors

Christopher Constant

open Brian. for the remarks, Thanks, call let prepared so to That questions. our operator the ask me concludes

Operator

will Anthony Please question time, be JP this a Our with state Paolone question. At we Morgan. question-and-answer [Operator first from is session. Instructions] your conducting

Anthony Paolone

to Thanks tenant, helps with that just curious with if call. mentioned Arco, that and mandate? being objectives whether Mark, the your tenants, first all, a deal. have think, their of I and changes and listing Brian, question source largest morning with growth welcome, My you potentially good anything they is partnering maybe had do their growth a for you

a So of I'm this. any in if just has that wondering role

Christopher Constant

And to is talk four performance an certainly can give the mid-XXXXs. been relationship another you They've I'll them think, talk side leases public, we acquisitive. tenant and a their quarter-to-quarter We've underwriting where maybe perspective. management Getty's from with to I'll today. my about them is perspective, that's I had Arco asset regular basis. and business. the very Mark on a let We their with helpful that growth But credit since very somebody Yes. having see got certainly,

Mark Olear

Yes, look be be and they them, real underwriting aware business make said. And portfolio. our and in And with of been them. looking of opportunity. contact at. We Chris on been but all most constantly not they view the good with both a shared a they seem at a a tenants to we're estate and I'll the very echo active, things just us they've We're might similar remaining what to partner, happy They've -- constant great in program partner. of that current have only growth our with

Anthony Paolone

kind run solid on I a about amount could mean, pipeline? the or pace. if you large $XX But flow, of the did can bit more not quarter. talk keep that You rate any in can comment if yields? deal you're seeing a a of whether maybe you you It's million

Mark Olear

in can mentioned opportunity the Yes. focused beginning out running about I the a pandemic, was flow. of the the on their we the coming of midst specifically last early throughout as the certainly year, pause, year. through year on as our the end bit talk of noticeable tenants rebound There the calls of coming quarterly to of stage but was this a business and

flow underwriting excited we've pretty our on the that in the asset that classes criteria about summarized here meet deal we today. we're initial call the So opportunities of

will for pipeline opportunities So activity we're and generate through to continue that underwriting this pace stay that year. to encouraged of the on us

Anthony Paolone

EPS. yields might you where whether remind just and of consistent market? with historical there's us your not You in Can much kind or the said those be change been

Mark Olear

So a as the our the automotive. the definitely through the that class, in other runoff a quote with and performed we interest both our slight market, the essential X% some to But pricing always open and again, remained the having There's have, coming is lot high assets around movement in opportunities low seen and so range those is mid- way. gas activity activity not of been There's and businesses. range. had the Xs of asset pandemic in strongly convenience out we coming

is the put development certainly which doing opportunities the great with the hopefully relationships sponsors, type marketing generating maintaining pricing job some both activity, a up be we're team business our not to balance Our marketed, and the of as would broadly deals. that versus where broadly might deal growing ramped new it's tenants,

Operator

Todd is Markets. with KeyBanc question from Capital And next our Thomas

Todd Thomas

the you saw for the follow said on a split we think in XX% C-stores other acquisitions bit curious, that I relative How forward? that of going automotive future should to up XXXX, wanted year's XX%. mix to Just think and commentary you about investments, flow to deal comprised was the little there,

Brian Dickman

that's the be what clear, to that just underwrote right, XX%-XX% Well, the mentioned, year. lit we for Yes. Mark

of XX-XX the And right, view both We in opportunities we the many probably what Getty. for prefer look completed we more year, as categories that, acquired to automotive in those actually it as was you at as looking other at our the can we If be to where inverse target of was sort categories. markets. both of important obviously,

perspective. guys don't to know to add if that. So that's my I want you

Mark Olear

the strategic automotive. other pure our convenience to broadened gas two about include expand we underwriting years to ago Again, outside Yes. of

Getty's we've expect that automotive the pipeline. component but new extremely sourcing inroads that quickly other opportunities category. to grow it's to -- a only It continue underwriting lifecycle, I the up not So But initiative. that would a a made in grow pipeline, it relatively said ramped will of as and the significant

to So all of the relationships kind you both asset as opportunities, growth we pie, in grow classes. and maintain new hope of say, new a both with those

Todd Thomas

think around Chris, then you And it's built the been noted, car right, driving. portfolio, I

through or larger to of is it's think reopen automotive there we the there sort an or to front make on do assets? about reopen gain As leverage opportunity in our and the stores, nature investment 'XX, opportunity, is way the something whether for sort these an C to of strategic

Christopher Constant

everyone's to always right, plans, and We're of as done. once can single set back at our of that to the certainly out, is -- especially get vaccinated obviously we But big opportunities, portfolio as possible. consumer, current feel right, There's sort small. normal and of acquire we've get right, much continue is looking itching to like to assets

we have continue something going in on. to just it. sheet think we've to goes we'll But actually got our if opportunities asset new is But If comes our just pipeline capacity larger presents opportunities. underwrite the to we So and itself to types the our it it's manage the the evaluate certainly that that we to way, beneficial year do plan today, balance as us. to to again, be think

Todd Thomas

you uptick a sort activity or the activity overall? transaction and within of expect investment Do to see of an space flurry

Christopher Constant

segments healthier the Todd, seeing the obviously landscape years, over right, over more years. of net there's The of convenience been been couple last more lease one and of the has that, interest. store been retail We've the

been there's So coming competition more certainly in.

so think we've the new may So to basket", portfolio I XXX% and now term investors we always we a see we know some has that, essential, that asset and competition our And other there's underwrite almost sort been the on I of businesses. right, phrase, you perspective, classes, opportunities bring those But competition. flock is from been deals. opportunities to is other you'll to And real more in, so estate close public of focused have think able think "essential investors right? institutional our there. stream see competition there. essential The a think successfully continue steady automotive of been

more we're executing our what's what bring can focused So on we in and in. and pipeline underwrite

Todd Thomas

Brian. And cash just for you last regarding the question balances, balance here the Is sit expect funding is by to of to a the that sheet be year? year-end? of higher down for that sort cash do acquisitions? Brian, whittled expected with and balance the first source throughout Or

Brian Dickman

No, I possible. think manage as as you'll us that see efficiently

of you quarter, be the in end ATM. at end year, time on at which, dividends. And to the cash active we of with moments We'll the the operations the small hand. from utilize said, continue the as revolver, had of a we will after We the utilize end cash we'll year. Sometimes get but realized those a balance

a of think sources from to see the is perspective. but the I cost cash place operations balance capital sitting and certainly, to So you'll us, suite sheet from us cost available start on a of use good perspective, full cash

Operator

Thalmann. comes [Operator Instructions] next John Massocca from with Our question Ladenburg

John Massocca

and to Brian. the welcome morning Good call,

relative between I the to midsize Getty? kind how As opportunity look acquisition that into larger portfolios today, does portfolios deals, I these bifurcate some of out size of mean, you've pipeline one-off done recently, of you set the the maybe maybe guess

Brian Dickman

portfolios. So the be it's weighted towards midsize to mostly going

supplement opportunities those. and the what just $X program But pipeline, but get real the will scour we those a estate deals. brokerage kind or the it's We of million deals if XX range, in ignore called one-off returns, marketed continue like fill the not to hard million we our and those deals, bite-size to like to the $X being the to with

geographic you larger deals, the So buckets aware midsize We're future portfolio should just we're development set by portfolio said to opportunity of, I relationships mined I as and of transactions. being pipeline to both new grow team. we're focused The trying on continue are just opportunities summarized, say. but marketed. those mid-sized kind institutional of think both generate and I deals our deals, our for deals, the kind our work business tenant to on And midsize the the before, diversity

John Massocca

And all same versus have one of as about compression of much been other? they buckets? three more rates, pretty cap maybe in those there've buckets trended Or think you the the those in

Brian Dickman

the what a the general last of that of the And just feels shift see shift, been John, no think last think is able years. of our I there's for I to of sector do of a downward, over we've looking kind it's Getty You yes, to the certainly what I within I Mark spot. to right? low market earlier in last we've over that don't been from mean, looking quoted it buy is can in over from mid-Xs terms a Xs, today, couple That's change kind to like at we're for. what -- right? I dramatic able That's been been think there's tightening perspective steady what of think our sweet there's couple years. but I still four Again, kind five mean, the years.

John Massocca

terms cetera. kind pretty And and that in seems of that things bucket, Are opportunity is of auto it the over just guess, targeted then, tire, completed it that's much last like investment two been area? other car what's years, the like years? dealerships could I of in Or car set maybe automotive get? how three potentially primarily wide washes mean, parts, consisted et I

Mark Olear

auto of as of we X and pursuing similar acre attribute to criteria what just They're own estate we in and already been generators influence, operation comfortable we've types That's today. X dealerships tire wash, lots. of retail the other The other the underwriting and the They're or do centers. to set always automotive battery, around which convenience-driven. it collision opportunity not our set are been to the of kind that centers car and or that mentioned reference. leads working I are lube think real certainly I that They're on. is of we traffic, very change, what kind of classes owning. high and as We've part oil

C-store, property may a us car great be a piece it Although great for to battery also center, wash, of to and it great great acquire has it. to tire be want

So generators. proximity it those to to other attributes of convenience, traffic have underlying has visibility,

of automotive. we would consider So that's kind verticals that other the

John Massocca

does maybe the or then, public, side And in to flip I you that potentially Applegreen going all, at opportunity of terms the mean, Arco that the impact anything going either set extent? disclosure, guys private, of

Christopher Constant

leases, flow a we disclosed what steady but get newer they're of that. those them. tenants our all that good in Arco certainly portfolios our investor how with to one kind certainly trying nice to we presentation. our We In it's but our that's got know that public in coverage site we We'll reporting, With dialogue, get certainly get Applegreen, right, of bigger and that level today, with information. reporting, their and being having miss control we had of execute obviously we've can't we

So we'll our adjust private, monitor go and to as all ability, of we'll best the people public accordingly. or our of portfolio

Operator

question with is Dennerlein next Bank from Our America. of Josh

Josh Dennerlein

interesting locations, could it adding well-positioned C-stores, kind So those EV automotive a chargers Any it like of to be you an seems own a locations. lot lot opportunity? of of discussions about

Christopher Constant

that today store thought C-stores very right? the We the but renovation changes general product of to be business, our desire properties, of mix sure tenants tenants lot in and tenants, Absolutely, of our invest all infrastructure that product they're conversation our changing business or to a So, tenants, today, that is to concrete certainly to our certainly we, changing the got to and of our store. adapt needs. to support their properties from requires a strategy consumer or there's or that the The business, done. remain needs, needs We're in meet what mix and changes right their through and to change, how chargers right, The we aware or we their Josh, convenience in lot around Getty more consumers' to the And to either supportive adapts time competitive. fuel sure on and we in the in a to properties point shop to make our they into where can't everybody, all through a we've the to time add the needs going of make our C-store obviously own. redevelopment study time, businesses or and funding competitive talk about also charging properties consumer be improvements anything can to to assets. the corners

Josh Dennerlein

because it a EV imagine gas would at takes bit up I interesting, longer to station. than the seems a little fill charge It

it drives it guys. people I box wait Thanks. sales in Chris. from the longer, me appreciate but thoughts, maybe So That's the that extra yeah,

Operator

would Ladies reached end turn the for like and have Constant remarks. and gentlemen, closing of session, to we call over question-and-answer I the Chris back to the

Christopher Constant

operator. Thank Great. you,

appreciate the to participating look on our in QX for Just when getting XXXX, thank I forward everybody want everybody updating April. forward today. call progress the in phone throughout our report to in your look to We Getty. late interest we back and earnings on

Operator

conference. today's concludes This

have and participation, you time. Thank You may your your lines this for day, a guys. great disconnect at

Getty Realty (GTY) 24 Feb 212020 Q4 Earnings call transcript