GTY - Earnings call transcript Q1 2022

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Operator

Good morning, and welcome to Getty Realty’s Earnings Conference Call for the First Quarter 2022. This call is being recorded. [Operator Instructions] 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 non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

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

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

Christopher Constant

first of you, everyone, earnings XXXX. call Josh. the our and morning, to for quarter Thank Good welcome

call Olear, Mark and quarter, and the outlook call Chief for on our year. Joining remainder the I Dickman, today our Officer. us our providing activities, are Financial company’s capital Brian today’s Officer; the Chief on of markets discuss the by off commentary Operating and lead investment the highlight will

take and results As the usual, you the through financial will in portfolio Brian and detail. Mark

first the our again external solid results which Our operating combined flows execution with durable demonstrated attractive of from quarter cash opportunities. strategy, successful portfolio, from growth delivered our

completed ended Our acquisition strong combined of redevelopment resulted XXXX and with base income rent X.X% in March our XX. contributions contractual months X activity, the escalations rental growth from projects for

asset operations share of acquisition $XX classes. the has quarter; convenience and AFFO from and adjusted company a pipeline car million year’s AFFO investment with X for total washes $XX quarter. prior projects, first our for funding the year-to-date and million subsequent We development stores invested year convenience XX.X%, and stores number store including car during target funds increased our represented the to Year-to-date, of of a $X per million, of X including a X.X% new-to-industry approximately XX convenience or over million quarter-end; both the across Our of robust acquisition increase X approximately ended washes. $X.XX the $X the across

approach in as work We and through we opportunities. other our disciplined these are remaining

year regional real progresses. factors, are to partner high-quality Our strategy about private growth X-tranche of position quarter, completed million to well which XXXX with our automotive, and these strong $XXX we as including pleased I Considering first national markets the fourth and is retail debt with and recent placement continue to on refinancing to facility credit our the capital and and am sectors issuance investment our acquire optimistic our ability in growing service the fund estate also across strategy our and in operators. equity us the executing we execution, convenience ATM and the pipeline. quarter

last Perhaps Turning visits convenience store basket store convenience the the annual continues National a $XXX the which the as XXXX. normal XX% Similar in the across store, increase Based the Industry impressive convenience for overall pandemic-related Association to the ABR, represent NACS resilience increase in report, average the most to of and than NACS inside States, the up demand survey of NACS, sector. reaffirming rebounded important in was sector, to survey on is was strong prior of highlighted year’s the were to United a overall XX% shopping. strong of data which in-store grew which region spent or sales, of year, year Convenience transaction as was consumer during also more patterns. its shopping the for for sector our X/X approximately returned recently billion. year-over-year foodservice every store the X% size year per Customer which the after for X% return State record published to stores during annual convenience XXXX the dollar sales, Stores, or consumers declining up another reached store due

overall indicated XXXX, total represented gross industry. XX.X% of For data store overall that inside both levels profits, XX.X% of record foodservice for NACS sales the and the

X.X% volumes saw fuel and news sold of total fuel side the drove which only below consumers good XXXX gallons close is the levels gap volumes recovery nationally that levels. in fuel XXXX, were XXXX commuters the of to X.X% as and pre-pandemic increase fuel the On a the business,

that to gross profit in operate the adverse generally recent including despite impacting general, are year, and our recover that reports be oil in in the U.S. performance. industry businesses, recent to am and and this fuel volumes For broader to healthy with the continue and tenants and fuel date. continues the that average prices, successfully economy, without inflationary pleased retail to the year’s pressures line market material despite effects In tenants’ our I Getty volatility the rise continuing suggest

with industry fundamentals progresses. business to changes year understand will the to to monitor as we tenants communicate better continue our However, any and portfolio proactively our in

Our new country metropolitan underwrite source Mark align opportunities ability move to portfolio team our growth We are turn of as as With redevelopment. across our believe strong over unlock well additional current I’ll driving investment to with success ever we the and and and beyond. to a on continue demonstrates opportunities focused working strategies we embedded investment discuss value to and our are as source activities. that as our and this year-to-date in remains pipeline selective and as the call our that, we that to company, through value diligently to the position in through XXXX shareholder markets

Mark Olear

Chris. you, Thank

end quarter, our X,XXX sites redevelopment includes the X first portfolio X properties, net and lease the As of of active properties. vacant

XX.X%. average and X.X term lease weighted redevelopments, active years, Our excluding occupancy, overall was our was

across XX the MSAs well in the U.S., trailing D.C.; our by country, XX-month plus XX% of spans are portfolio X.Xx. our from base and rents, Washington, rent annualized of which ratio Our coverage states covered XX tenant top the come

In XX-year stores terms the of million the development were convenience This have of acquisitions are to funding X million which a our unitary leaseback $XX.X quarter, Connecticut. $X first investments for $X.X million investment we or partners. including completed for of of reflects in X acquired Properties with sale global activities, subject lease year-to-date. properties in

location quarter. the construction new-to-industry tunnel for development in of Wash is million an funding MSA. the $X.X advanced of express Haven, also during property the wash for Connecticut X project The with We New Car Splash

invested X the of years, the million Car MSA upon which new-to-industry investment City $XX yield comprised expect our additional end, we with cash X to this Austin, final of acquiring phase and initial million $X.X average will and car acquired New million; and Highlights for another Go Kingston, additional of part Wash project, construction $XX and in properties. York in wash. MSA location acquisition acquire development sale include: our of properties on tunnel completion just aggregate we approximately New set cash in first New investments on interest wash from X.X%. funding the Splash which tenants. during a lease convenience of weighted the of As million; located in we to diverse leaseback upon expect Car of X.X%. the year-to-date acquiring for quarter Wash Aggregate We property XX.X Texas investment the are car funding. MSA, one accrue properties quarter X classes north the asset we Car pipeline York, in was transaction for XXXX a of properties via transaction, began closing our Subsequent prospective recent Splash the investment $X The completion. acquire year-to-date was XX leaseback was yield investments Wash, York on the robust of and term for in with for store express This million; to our and providing $X

year-over-year. underwritten of During XX% increase the automotive categories. on continued approximately stores Convenience being and our remaining other our XX% the represented saw investment team we retail quarter, by underwriting, focused amount the with to

it transactions, to the that be the pace of remain progresses. accelerate current of year on timing as the direct activity can leaseback confident investment sale based While control difficult visibility, we our will

of to of to in underwriting continue leasebacks, funding and major target with venture acquisition core tenants remain We our our sale for pursue lease classes. direct net construction. acquiring asset markets real principles committed high-quality We partnering new-to-industry in estate properties strong and

Moving platform. to redevelopment our

pipeline. stages which During $XXX,XXX in the are in quarter, projects our we invested approximately various in

active these projects X current several project over company vacant later X letters been lease tenant, or in is from and intent including has at X have on We letter yet leases the commence The not of property. at other projects, property of XXXX. and intent, X signed and a next a which subject which expects to years, rent includes currently signed triple net to a recaptured the

first first lease the the properties represented second million the the gross existing the to sold a to of asset tranche in tenant New of XX York. divestiture quarter, activities quarter exited proceeds planned property. XX management the sold $XX.X and in of X upstate closing Turning realizing portfolio we of in for properties, the

that have over slightly results. and that, competitive to I’ll We their current With we financial in Brian our dispose to discuss a redevelopment not compelling format no the properties continue to will potential. are longer call determine turn of do

Brian Dickman

morning, Mark. everyone. Good Thanks,

of per versus quarter a the the $X.XX and AFFO first year, representing which for share Just quarter share quarter are was quarter adds last of We AFFO for at increase in end we reported we a reported reminder as share issuance revised of FFO of debt the per the the XXXX, first reporting stock-based $X.XX under of that XXXX. ‘XX. X.X% share $X.XX costs. to of per $X.XX of compared the implemented definition the the amortization back in we first year-over-year per compensation

any additional of first were the representing over were contribution which revenue increase, year-over-year Our rent a in income, the redevelopment grew and Strong last for leases GAAP quarter, and to first rent million excludes months rental $XX.X total acquisition reimbursements, the with were revenues Base the increase X.X% adjustments tenant quarter. primary completed from million of $XX.X projects activity that additional XX recurring our in escalators year. X.X%. last the drivers

the for million quarter, compared expense $X.X the to first of G&A retirement quarter costs severance decrease of approximately $XXX,XXX which of were first $XXX,XXX the On included side, a and expenses. XXXX,

marginally as leasing to costs demolition and G&A Environmental costs increased timing a $XXX,XXX a development Excluding in certain to costs. to both professional estimates which expenses lower variable increased active a These of impact expenses, highly declined costs, decreases the personnel in are were XXXX changes result number included the quarter of increased year-over-year and of declined a expenses. net versus noncash $XXX,XXX to redevelopment those of offset nonreimbursable decrease costs. lower of in in for adjustments, $XXX,XXX expense and quarter primarily Property for property due permanent expenses, the of due legal by projects. operating and partially fees and XXXX due credit reimbursable a which first costs, remediation

of weighted our to sheet senior of million credit capital $XXX with on of our X.X% the We entirely end were rate with years. fixed-rate Turning X.X the the unsecured at markets ended a and $XXX interest average a amounts drawn total maturity consisted balance million no average There notes of and weighted facility of quarter. debt quarter activities. which the outstanding, revolving

X.Xx, our defined value, As agreement, to and while to of total asset in March debt EBITDA capitalization was indebtedness total was XX, net total total was credit as to XX%. XX%, debt

private on quarter. of million previously closed notes of we senior during a As unsecured $XXX the announced, placement

included XXXX. XX, a The interest first notes tranche, of of fixed which February on bearing rate funded X.XX% $XXX maturing and in million at February

and the outstanding from interest to were the of in fund the a activity. as liability, from through will investment $XX XXXX, notes The of will With the in full profile to at mature our at repay in a bear sheet company’s cash of are Proceeds low our fund first we and used overall of due revolving an the leverage, includes credit notes shape delayed partially ATM amounts to on shares and second from $XX notes a all we activity. in under which of the used We than the investment quarter. and our sheet and that credit attractive at fixed was not our tranche, year-to-date any great more we move growth prepay in With rate closing balance which unsecured ended quarter balance funded funding end January balance $XXX,XXX rate, did X.XX% X.XX% position XXXX, in $XXX issue financing XXXX. January will to undrawn environmental committed to million used XXXX our debt June XXXX. and notes fund at our to facility the on believe that decrease be XXXX. Proceeds fund million, revolver of with program respect million,

remediation quarter, approximately million. spending the $X net our For environmental was

result per to from $X.XX a our per are year-to-date to our share guidance $X.XX we $X.XX activity, guidance $X.XX of raising AFFO XXXX to of investment as Finally, original share. our per share

year. otherwise AFFO but markets reminder, factors respect certain impact variability dispositions approximately As our include of includes a I that, acquisitions, through and guidance to activity questions. P&L. open costs guidance any the to costs does redevelopment our to continue for $XXX,XXX to projects, which ask capital to potential the demolition operator call transaction related remainder which pursuit date, our the property with deal and the not activities or costs; assume for of runs operating on With will Specific

Operator

Capital Instructions] from Markets. KeyBanc Todd question Our is first [Operator Thomas with

Todd Thomas

Can might a the underwriting? a you’re you investments little that you’re in about given a pipeline the -- of bit deals not more in little the expect or offerings, It looking questions And you couple air question later first borrowing guess, sounds that like around to I at. Just healthy pretty an here. a in of of also flow costs. year, increase whether pocket just see bit talk

Mark Olear

This is Mark.

we year. more So were hopefully pipeline of team and of we’ve of continues pipeline, explained. at to with the to first to part, we as us to this time ahead last those the which regard allows stated, we’re on remain opportunities The where our grow that perform opportunities, committed underwriting standards

year to just the to source and actual or of that all I that indication through We’re the will goal decrease ahead deals. widening categories, of the think, our the seeing last keep to materially any -- and we’re get as retail to a additional said. year, throughout buy regard increase [Indiscernible] is addition pace, year. visibility us an box to, the keep We’ll has pipeline. of given pace conclude we lot automotive, like to along steady. growing C-stores, I not pace kind service to The have that the in of continue With

Todd Thomas

a provide a expect. little I to was wondering year investment, changed might deals. you’ve or you curious about good be at as sheet activity of underwriting can a bookend ‘XX, also, hurdles I sense so what can a I’m we you little $XXX million. big guess you’re your pretty bit would if year maybe bit Okay. return lumpy all I anticipate similar unpredictable, that realize if guess, and a of new in And if and a last but year And shape. is balance the investment

Christopher Constant

saying, retail Mark some we $XXX was $XXX underwriting million. you our of So XXXX as million. other expanded some classes. was perspective, include Obviously, to asset invested to automotive we’ve give XXXX,

underwrite we more. So continue to

equity the for the closed a raised last formal in Brian We momentum amount considerable on quarter don’t expect our too In fortunate first further we that to much fourth that that a guidance. same perspective, quarter. go ability have, talked private to From grow, than give but that we placement continue the year, don’t want I we return we’re we of again, to of acquisition that. Getty. about

So we’re this balance transactions funding the sheet at point. off

ability we an spread year to expect our lock the to in progresses. attractive So as continue

Todd Thomas

on the really I in April guess, completed then also. the cap for And quarter, Okay. rate investments during

bit. out The heard I audio was investments little the on went think I X-something. in What a cap and rate year-to-date? completed

Christopher Constant

Sure.

First that quarter was it the The and includes X.X%, activity. than X.X%. year-to-date all was greater it’s commentary

Todd Thomas

one, Brian. Okay, great. last And

What expenses the permanent full-year guidance? that? nonreimbursable a some quarter. And mentioned impact You what in decrease did in have that was on

Brian Dickman

Yes.

expense, So Todd. rent it’s primarily

up, years, in other leased strategy, leases. come line them, last we’re our As marginal where generally, profitability that exiting several to you’ve of we’re things. but sort the seen There’s a position, as asset among right, those in with we over management properties have sandwich typically that’s

expenses. decrease just So deck, disclosure of And and of the that other or our a which And there the in thousand little some it a of bulk was that about, was is year-over-year. like bit taxes at have. was reimbursable looking hundred expenses, nonreimbursable the at just vacant a maintenance we typically dollars then properties in few couple is our

Operator

with Markets. Brad question is from next Capital Our Heffern RBC

Brad Heffern

exposure It issues of watching. if stay that the assume I potential sounds that I’m would tenant financials credit you’re curious there are to site-level but strong, corporate-level variable-rate them like any likely debt. have some

Christopher Constant

curve we across really date. come our haven’t to any Yes, issues asset seen corporate management tenant

I we big we back. proactively can the But that from say seen on a us. really either tenants, on anything too site level date, going coming through to the financials. level ability if see us something -- in a haven’t or was far of right, And takeaways corporate going One concerns I their COVID, need to with work

Brad Heffern

of like, change of rate? you’ll the then higher has bit rates of It sort terms there see you been might falling anything, think the out have if competition? little But in in deals, seems compressed a And cap any more. do new Okay. because bidders

Christopher Constant

see competitors. amount you well, retail lease, -- of from first including private net think I and both asset classes a our there’s tremendous of capital flowing still all, into public

I you’re borrowing seeing on. in over perhaps the is we’re expect discipline time. discipline that what as think the more transactions pricing continue we’d I pricing everyone’s or some And increase of bidding that more costs of to start think

Operator

is question next BTIG. Barcomb Our with from Sarah

Sarah Barcomb

of This is Sarah Barcomb Mike behalf on Gorman.

the dive market on anything auto other you the previous influencing competition pipeline? gas seeing and that little deeper and versus Going in convenience could the XX%, market question, off a the that’s you’re XX%

Christopher Constant

similar pipeline assets I our the pleased but amount we that reason quarter with of really year, we’re Well, in which focusing assets, we from only our not And assets. started retail was or at group, which actually is about acquiring I’m on automotive retail more very the think coming X/X not just this opportunities for saw related opportunities the non-C-store -- C-store or but to the disclosure from sector, a really come the activity least. around where broadening, across not Mark’s only seeing, in last only on C-store commentary focusing to strategy, talk broadening of

to newer it’s Getty. that of speaks opportunities development Just are terms at maybe whether or out, sourcing team’s business work in the building of

Sarah Barcomb

for give on same? the know over remain G&A a And great. X% previous year. quick X% to could last year? Does were growth then you that about that expecting expectations this you I the on mentioned Okay, call, you update

Brian Dickman

year. is change view on this for to the Brian. Yes, G&A No our

quarter, the would first expect line similar run a rate. I in right and We’re for

Operator

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

Joshua Dennerlein

rent rising changed as your kind remind between a bumps looking related inflation? fixed you new has mix all response at rent note, at on within portfolio? the in to us then of and And the acquisitions, underwriting you’re of inflation bumps Can

Brian Dickman

to some first leases This on details I’ll that information question Page opportunity have some of started I’ll XX% part, in plug the escalation a Page about do question, of is that overall. back at But profile. I corporate and we on hit the use Brian. our XX. XX, and supplemental on your answer the distribution our include -- our was P&L. our There’s that of we Todd, the the the to of referencing rent we’re to to

They are X/X. of our leases substantially escalation. those Of XX.X% annual, XX%, The of So more X to subject our bulk about is our all little balance, our and of which some than And bit are rent amount, then escalators. that fixed. but caps X is about the that’s XX% have the a on do composition to CPI, rent subject them, or distribution of leases. really are

Mark Olear

Yes, it’s Mark.

in how balance tenant going to view far we core our like, what underwriting, estate underwrite, time. properties, as sheet. operational far some as we committed changed hasn’t as we it how As to we’re markets, And quality, remain underwriting underlying real quality, quite

any Specifically, and we’re certainly market to leverage deal our and the on trying deal favor. every point to point

return, can if and rate, deal every terms. other lend push -- can that rent harder we total we advantage on when taking kind on terms whether for a those cap So we’re to bumps, it’s value of that

Joshua Dennerlein

like I maybe changing put bulk. as to at the as market all appreciate are Is far for into what sale-leasebacks that. people willing

Christopher Constant

I mean, right, the is, think what you’re think more world more asked right, seeing negotiating terms. buyer discipline, the to -- I receptivity, I Todd certain you’re what seeing it think in question transaction and I that

the certainly sellers, around translating around ignore point, key into, what’s broader as happening or for that’s to think this points. -- and buyers in at And I said, certain it’s discussions economy. right, hard negotiations Mark

Operator

question next from is Wes Golladay Baird. with Our

Wes Golladay

governor high Is leverage would point? it of the you cost how volume the this deal And this just to at on at equity? assume fair main is point take

Brian Dickman

today. our it the getting the things really in cost response the emphasized than bottom so Well, governor, as don’t talk this time in we’ve that I cetera. the right, right, rigor cash what funnel, sheet, to in leverage capacity, about capital underwriting revolver our the point just of balance on today, Typically, don’t I necessarily more, space, here, and of hand, levels, of of in end question, is Brian, the Wes. through time quality, were that’s -- et mandate, point given we think terms

that. I that’s guess of I So think how

as have X.X In for as here, right? -- some X.Xx. been always runway terms stated leverage, I’ve or We’ve we long to around, of stated

the at range. that end of We’re bottom

slightly have I the could higher we bear of leverage. think an burden asset that class

think execute, change we little little the the want of think hopefully, We broadly, near doing, execute. to created certainly a some philosophy room have to term, bit about what we’ll and look, to the a or X.X%. executing, rebound to we’re we get think in price, we we’ve we’ve market do we’ve continue I our perspective, there’s focused won’t shorter that bit a is if to answer the a runway above stock here, raising see that. But you capital be articulated. But from expectations an how again, we runway, in I to execute, when of like issue and just capital. really been and as sticking And as continue incremental to feel no on

Wes Golladay

the Okay. we your margins the as few expect And then impact guess, prices cycle when oil we to I coverage volatility and late, overall do on of you through quarters? any start tenants, look at next of the tenant the of

Christopher Constant

Yes. to Wes, a wholesale you tenants is are right, that that, when volumes vacations, the rate Long of term, for smooth up still it’s costs people or couple on trending oil month in layer product. back the are in there’s the driving margins, movement week-to-week, couple top average variability no, week of commuting the think more, or going where to the average, work. And paying line out I certainly right? answer our with a last of that in are it’s in been price But on of as years. given right

So don’t we that as an today. see issue

your part Sorry, forget. I what was second the question? of

Wes Golladay

at -- was guess, coverage, on and would of -- look have what have impact start When forward. that trailing tenant tenant to I the the looking little margins it to is you we for. or look any leakage If going I’m the bit a the going when XX-month coverage at the

Christopher Constant

see don’t today. We it

Wes Golladay

see guess, Okay. look rising do to weakness of for pocket interest And the the M&A could lead I transactions, any, that then the deals? you more sale-leaseback in we when rate transactions sale-leaseback at specifically environment,

Christopher Constant

That’s an interesting question.

Not sale extent overall to has I sector. could our for filters through, attractive, providers been and or time that date. rates seen by leverage But the we’ve both rent Getty. the valuations lot and think To down could very costs very less car think wash it to I M&A definitely leaseback C-store say a classes of target benefit the help. frothy, borrowing like in asset get that come that it

Operator

is next Germain Securities. question Our with from Mitch JMP

Mitch Germain

Just bidding curious about with Or it of the relationship-based a business? these a on competitive business. is development landscape some kind sites? going in funding of war Is the there

Christopher Constant

hear, And property Yes. I same to business of a relationships we gets it that business. operators ultimately but think it’s expand like standpoint. where day with relationships. various It’s to the which provide of view to hard those they different us for a continue our tenants, our little our as we type Getty the own product. the a we financing, at repeat the way And relationship can our place We a a to like end sectors. existing the And it’s from very in helpful to

Mitch Germain

in than to sooner anticipated? about think way increase, the coming deals really And it? guidance Is the that just Great. the that is

Brian Dickman

the forward closing, guidance, look point it’s just So so It’s close right? in really do time, deals point anything we in that’s time.

So didn’t as had I really, closed that obviously, the we guess, of as as we out. sitting were volume or same have the week, of put last February, we guidance as in we today

we our So adjust the as guidance to deals, as as go. capital, case year continue throughout we’ll the be, we’re raising may closing

Operator

Thalman. John with from is Ladenburg question next Our Massocca

John Massocca

been think, you Most earlier of -- my just of maybe I questions made in a already point, also the answered. have call. I one clarifying -- kind

to from position basically subsequent liquidity? acquisition ATM? just that do funded to done was Or As we that’s kind available you’re to feel volume kind the leverage get a we you deploy match perspective of of think about on equity a some of the in end, quarter feel should with going

Brian Dickman

Well, John, set off it’s of sheet. cash was Brian. Specific balance the just to that activity, that

in mentioned, for the So placement We ‘XX. last of amount us $XX and private equity year. million in quarter, raised a meaningful as really, February. we in the fourth About did Chris

as So the were we set assets we XXXX this cash both behind us, fourth quarter first sitting the as activity. balance or on the fourth the and into sell coming -- some here activity, did in quarter here, of in sitting today sheet. quarter And you -- we’re here in first the

as just standpoint, opportunistically, would, appropriately, we -- an the liquidity needed, look activity proceeds sitting use feels activity at as with forward cash we And sheet. deal when an from capital you’ll ATM really, the move in us revolver, a typically throughout those just have. balance as as on and of X.Xx you’re utilize will fund standpoint, from But we’re funding off that activity year, and see funding point just right the as some north balance we to undrawn available from are the warranted, we sources. XXXX to sheet, So now, time the we again right always revolver

John Massocca

kind by some portfolios the to strong but opportunity being sales. buyers levered still one-off bigger makes with That maybe it marketplace, more And granular your kind for Okay. is an rates. sense. kind the a of tend who feels about little in to squeezed with do interest an given some buy It first of Maybe the deals just fund XXXX bit of some talked some But dispositions? you there’s in to programmatic of question. then there the there like a bigger that maybe answer market, and opportunity of dynamics of

Just around any that? thoughts

Christopher Constant

we obviously, XX tier We’ve of Yes. X-tranche was which been was unique year. But the on a circumstances. good of Generally, we’ve deal to been portfolio, lower what they’re over the set -- consider selling quality. XX a properties this selling,

in ramp proceeds. really term, a up possibility. dispositions those think near you’ll deploying the but us certainly, are see don’t We I

Operator

like back over this floor comments. no are further There turn Christopher I the for time. would closing questions to at to Constant

Christopher Constant

Right. thank for back us Well, second report first we conference We July. to everybody, when late quarter forward joining call. getting on, in all look you our our quarter on

Operator

Thank you. today’s concludes This teleconference.

Thank this for participation. disconnect may your your you You at lines time.

Getty Realty (GTY) 30 Apr 222022 Q1 Earnings call transcript