GTY - Earnings call transcript Q2 2022

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Operator

Good morning, and welcome to Getty Realty's earnings conference call for the second quarter 2022. This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to the starting of 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

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

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

Christopher Constant

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

Olear, Joining off I Financial Mark on some call providing us lead sector. the the Operating commentary our activities offer store Chief by observations on will are on our and Dickman, perspective Officer. results operating for call Chief environment convenience quarter's Brian the the financial and and Officer investment today today's and

through Mark will financial portfolio, results. Brian usual, take our discuss then you will As our and

strategy as our stable from sectors. our automotive quarter growth portfolio demonstrated existing both the retail and and in of the investments successful flows second again cash Our convenience execution results from our

income X.X%. quarter, grew rental our the For base

share including the company grew funds more year, approximately AFFO adjusted or the X.X% quarter. from second the the of million, in our increased first million operations, than Our and $X.XX. $XX AFFO, per half to invested In $XX

next store in year with the quarter new million convenience industry so. for more over the and of properties ended sectors, or of development also and We which we commitments close wash to car acquisition and expect $XXX the fund primarily than the

XXXX. debt activity that with in X.XX% will be fund placement private positioned capacity, well to funded of this notes including are investment cash January We and the

classes asset build in remain navigate to continue disciplined target an evolving and of our our across marketplace. We our as pipeline we approach all

across as the high-quality year and Our retail we With only to strategy XXXX. convenience of year partnering sector, industry real our are to with operators executing national the the of discussing quarter, our highlighted and to continues store growing last a we opportunity expertise investment ability in Report, National the continue our emphasize confident progresses. automotive overall and convenience in relationships, regard retail had on Association set, underwriting Stores the estate State and Convenience when strategy record sectors. With Industry as the

seen report, Now a few we've stand the full out. themes that

focus experience. product continue First, expanded customer and operators multistore store and engagement primarily a on and to due offerings larger to grow share, take market

the Second, of the years, one business the customer programs over than basket driving visit. sizes in leading per almost the larger XX% to of doubled and loyalty X more is factors which in use C-store has sector last

volumes a profit continued gross fuel profits, the Third, for be to healthy with average And XX% both rebound and XXXX performance. and in line saw significant fuel year. markets, sales recover continued and oil generally despite years foodservice approximately gross grew continued volatility the which in to in recent finally,

to services, our customers themes just to highlighted. our access offer X.Xx Their to quarter. We we year-to-date And to this they our growth redevelopments. investment strategy information and all success believe We the retailers majority produce by and they as easy coverage active as to will operators we look counts, fuel, embedded or and the purchases. turn goods general, strong as In in Mark the sheet, and which rent tenants, positioned we based very company businesses to are is continue to as ever ability and liquidity. the underwrite ability the consumer portfolio diversification of to selective a environment we be diligently markets and they continue portfolio investment I creating scale investment we big-box discuss and our are pipeline perform receiving call current metropolitan evidenced by with growing that through discussions and opportunities XX new as low Getty demonstrates strong positioned balance supports slight to demonstrate XXX of C-store our that, providing various or top food our thrive market ratio that activity. opportunities in to on our tenants and for top unlock continue environments. a to have asset source results well value align tenants focused on believe of institutional The source and compete with the remain With and course earnings Focusing U.S. car quick operators to leverage are over management and our of move grocers, beyond. portfolio, washes with the through that through our increase I shareholder in beverages, as strong XXXX essential car store vast value in online and and cannot current continue the portfolio that tenants our wash our ample on replicated

Mark Olear

Thank you, Chris.

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

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

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

areas. New MSA for funding store planning new which properties in including and New X $X.X located $X.X properties, $XX.X of and convenience million, investments These our the are the metropolitan in Splash terms XX York in million XXXX, one and with investments are which York metropolitan of located or Magnolia include for area acquiring MSA, the Car reflects Newburgh, second with the car additional approximately development acquisition Wash industry X million, from Florida, X Car acquisitions Carwash. of In Car acquiring million first including $X.X initial activities, of Jacksonville, Express for half $XX.X properties Highlights Charleston, the in property MSA in Go New on convenience New on South York, properties, the leaseback quarter. acquiring for of investment of and development for million properties Carolina carwash Wash of Go Connecticut we $XX.X transaction providing this of in San construction $X.X Tunnel in million, properties closing from Haven, our Wash, City X Antonio X quarter's carwash million, X Austin, stores completed in Texas wash

we interest our create As the will of investment the on these transactions, phase funding part construction during of project.

sale-leaseback We upon expect property completion the transaction of to acquire via funding. final

lease cash yield Our aggregate quarter the acquired on on yield X.X%. the X.X%. years, of was approximately was second average term our weighted properties the was approximately year-to-date and initial cash investments aggregate initial XX.X Year-to-date, investments our

amount is have we and Chris on and of fully the acquisitions. complete able where commitments fund development closed or the we to Looking It next ultimately and under to is are these average funding the our so while timing business year-to-date. projects have investment transaction, schedules and expectation ahead for the our referenced, which agreements acquisitions each close and we will will months executed developments yields regarding they each that throughout counterparties the in that excess dependent XX transactions that the be be acquisitions certain

a starting we into of transactions to quarter and expansion the not volume automotive a continue potential retail 'XX quarter, movement material rates other during XX%. opportunities stores we our representing in did the cap side the through with favor continue investment we for asking representing underwrote as buy see underwrite We the variety of balance the XXXX. underwritten We the and XX% sectors continued but of are potential of in to transition to convenience see convenience expect of the and

classes our While we operators partnering on in metropolitan can the transactions major acquire visibility, our that can timing asset to in difficult high-quality we're of predict, markets. institutional current target with direct continue estate to sale-leaseback based real be confident

during our various in to in are redevelopment Moving stages invested platform, we in projects approximately the quarter our which $XXX,XXX pipeline.

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

quarter, realizing $X.X million to of Turning for activities X second property sold proceeds the gross our property. leased X to we management connected asset

are over have and our current that that either to valuations balance to to properties continue compelling in results. which to may I'll we longer do recycle We of to discuss determined have sheet. their capital that, Brian will Chris format, allow disposition no or our turn redevelopment we us potential, not financial manage competitive compelling have pursue believe With

Brian Dickman

quarter morning, a year-over-year of representing XXXX. per $X.XX of X.X% AFFO second share we Good Last the reported Mark. reported quarter for XXXX, increase everyone. per of $X.XX second share in Thanks, of night, we the the versus

income including For the net a per noncash $X.XX discuss shortly. environmental significant adjustment quarter, and share, FFO will respectively, $X.XX were we and which

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

and are of costs leasing our work demolition to related expenses, partially quarter permanent in $XX.X highly redevelopment the expense property lower offset the X quarter variable to personnel $XXX,XXX unknown costs to reduction second the the development compared noncash costs. These adjustments, primarily have second an in by G&A to $XXX,XXX estimates of environmental million XXXX, expense Property over a quarter declined quarter, XX due versus of active operating liabilities. $X.X credit for which of at in side, the months. a higher past rent properties due we expenses, in exited due related due primarily expense to XXXX to were of estimates of increase reductions declined of and leased Environmental to were a reduction certain increases including an On projects. as million to in a second number the XXXX for costs

to the of these reserve properties. pre-existing during Specifically, that we which removed had no for of certain accrued environmental $XX.X there previously continued having Accordingly, material to contamination we risk million quarter at been satisfy liabilities obligations relating unknown concluded unknown properties. is contractual

of Turning years. total our capital of ended quarter average consisting and entirely notes activities, and with of million with average we markets to interest a sheet outstanding, the weighted rate senior X.X unsecured a $XXX balance the weighted debt X.X% maturity of

we credit revolving we debt having placement the maturity XXXX. which maturities with quarter no facility, other in debt rate million end. February, $XXX addressed floating have our XXXX no have private We than exposure until was unsecured our completed undrawn And notes at

As was and X.Xx, of total agreement our capitalization calculated to June while indebtedness was total credit XX%. total XX, XX%, net asset debt total debt-to-EBITDA pursuant value to to was

With the ample $XXX acquisition to an to ranges. on quarter, commitments ATM fund balance our contract. we capital not at attractive any line these leverage program. did revolver $XX an Pro the balance and debt XXXX previously remain low we sheet, million funding forma in our liquidity development cash transactions, For of expect strong, have have we for and including committed leverage, under sufficient under sheet our with million we issue of rate, financing undrawn shares and stated

accretive responsibility reserve quarter, net to sources, investment-grade With primarily respect for $XX.X primary quarter. up expired was funding more liability, the the an million equity, we I of XXXX. periods from unknown properties where These which of significant debt ensure remediation clean The were including defined the renewal our driver unknown for of approximately described a spending environmental end liabilities contamination legacy quarter reduction look-back earlier. ended $X.X the to As we second while the million, environmental we which our pre-existing maintaining profile. reserves proceeds our was as incremental investment was pipeline million. we're environmental In capital the evaluate all than in during the of and of retained common to $XX.X manner transactions our million at decrease $XX credit disposition evolves, will

is company XXXX which share. maintaining quarter, the guidance provided last the Finally, $X.XX $X.XX to AFFO we per was

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

Operator

[Operator Instructions].

Our Thomas from Todd the comes with first of question KeyBanc. line

Todd Thomas

a think yields Mark I investments. on million guess interest I the and around you of look can given acquisition the sort asset Chris, of properties, color? premium that I you $XXX yield just development little Maybe and expected in year, like? more is bit rate that the above year-to-date pricing What's portfolio you uncertainty in or guess, the X.X% bookend over there's rates next embedded are just indicated spread provide on said the pricing? that cap the that

Christopher Constant

year-to-date. we've is, Yes, back pursuing year. sure. that put X.X% at Again, that X multiple of of at half the we're we million range. in give I'd everything the up What the make both say of months deployed It's north existing specific of year, expect a $XXX where transactions is little million. the pipeline, deals in the There's for plus $XXX our hard committed a we've out over what the first capital to

Todd Thomas

you XX that help any points, sort is to of basis kind -- look premium what insight that of just basis of just maybe up Just XXX point size give us Okay. might premium? sort additional like? Can there

Christopher Constant

board. Again, multiple it higher there's from so I the inside Yes. that, deals of to ranges XX Todd, bps across think

Todd Thomas

that these months to be Okay. be it could time, maybe Are is so 'XX? have of the certain And in timing, midyear completion. properties that 'XX? perhaps there you sort all around be the upon for terms timeframe, expected XX then Or roughly in to of acquired same delivered

Christopher Constant

-- some is this draw. the of that $XXX deals the the to there's I again, did, funding, complete as is it leaseback expect several make transactions which we final and reason we way the think million, upon No, development our sales up we again, phrased the

half start well. We expect some back investing $XXX in that to will 'XX 'XX the as definitely million in be of and

Brian Dickman

deployed over those time then The Todd, acquiring like will the deploying this one over pipeline saying, roughly balance acquisitions of total interest funding. the are that be that ultimately was is the course About so we'll capital, transaction funded accruing Brian. And the capital development be at properties and end. development again, are deals. funding of in XX% as that time that so and Chris of versus are

Todd Thomas

see it. that last and We hitting. or sounded portfolio about pace That's and quarter of just All then Got here funded of should healthy you as and ahead the feel Okay. pipeline see was ultimately I portfolio, this potential are I before guess the helpful. thinking acquired? we more And that sort additional right. do a pipeline opportunities? of think from there But XX-property million hits $XXX the flow about acquisitions sort investment next for expect beyond is investments near-term developments year really like it for pipeline. to these there how

Mark Olear

It's Mark.

the it's We're about kind where We it but quarter-to-quarter, activity consistent. the of continues lot Regarding opportunities. year-over-year around we inbound a see only of pipeline, the to grow. or been pretty are. pretty consistent Not happy

continue looking to all too looking we're grow stores, seeing. what we automotive various we we're but We've of not a and As other carwashes, within underwriting the pipeline, by we're lot the in experiences. encouraged got valuation, that a convenience diversity where mentioned, and at we're of our lot activity, stages only at

Todd Thomas

Okay.

on one the environmental last question balance liability. liability. curious the around you if any Just of I'm have visibility that

the liabilities sheet insights defined discuss think, that that you you I the environmental additional that any on of Can and are expired look-back the Brian, balance during balance mentioned periods that? there quarter. the were around

Brian Dickman

liabilities. known the $XX.X XX there's balance what's we That's of $XX.X face that, Within million. at of sheet. balance about the call was on Sure. The what June million

that we're and time. that dollars within it's deployed to that reductions, balance, as nothing that be over The million, And have contamination they Todd, this are unknown through reserve we'll continue bucket, working those that are magnitude. the quite have liabilities. $XX.X will of although similar represents defined, those So known

largest. periods as Again, magnitude quarter, look-back order of see million, the quite expire but throughout QX, this year, that not down this come million. in here quarter The another saw we'll second well. additional as we was But the $X $X primarily potentially

end towards that we we'll see As similar we this the get quarter. the saw year, of activities

Operator

comes of RBC Heffern Brad from with Markets. Our next question the Capital line

Bradley Heffern

Brian, a guidance. the on question

completed in the you $XX-plus some given just curious quarter, forward So acquisitions, there that there? factor offsetting I'm acquisitions why you of go normally up million quarter. given the didn't don't Is this sort include the guide during

Brian Dickman

closed. We as that we it on transactions had of Brad. and the incremental activity When an last No, as do perspective that didn't the the no out. completed and on including had a offset. call out of The that of XX%, activity we date release XX% range call, of impact $X transaction put just $X closed or upwards the about the put the million, already from quarter million was have quarter,

Bradley Heffern

Got just like you and are And that $XXX backdrop as of going on million, been in Okay. counterparties a up? thinking has curious, maybe funding. funding, just XX% It of I'm then is it. new there a said you big I to about pretty terms a development how number. the think change for seems development related source rates

Christopher Constant

out We Yes. throw XX%. didn't

classes, in it would There sale-leaseback by been with opportunities an I their up our funding, acquisition about conventional the small about change it and small pretty construction combination footprint. others is more are have clear had our across stores Again, do as are up, offering same existing more our to to thinking And been asset they where of acquisitions. chasing frothy tenants pricing. opened has they some partners for the in that view adjacent certain So as just prototype don't or And both to more of tenant to their a just new capital for they've Getty. really to a really as provider how asset certain us. change. cases, steadily being say got acquire development and and tenant it's to industry portfolios -- maybe And that It to classes. that What developing acquisition funding core new continue chains want comfortable financing sites. I opposed a transaction is our tenants what a has not development are

very we just it's to asset our that classes another been has I tenants tool can offer our think received. well that in partner

Bradley Heffern

Okay. Got it.

Brian, of $XXX And the sorry, thought million. that for something earlier figure? XX% What I just clarification, said was you about

Christopher Constant

we about the reported completed at when the we referencing, of guidance, first of were was about XX% earnings in we quarter, April. quarter that Brian by what completed the already time end talked second the our

Operator

Germain comes Our the JMP next Mitchell question Securities. of from with line

Mitchell Germain

$XXX right? How isn't represent? many lease transactions the unitary a does This it million, on

Christopher Constant

not it's ultimately unitary will development a half It's will there. sale lease. funds that a a tenants funding with within for typical dispersed a the say program, Yes, again, through leaseback sale-leaseback of And then and completed different I'd about at end funding combination which be dozen be our acquisitions.

Mitchell Germain

a perspective? leases these broader portfolio? that expected of to of greater think are And your it we from amount Should to have term relative

Christopher Constant

would The leaseback, our no, lease say in relatively be with line lease upon I term would the so terms. upon standard and kicks it in completion project sale

Mitchell Germain

And your the and potential environment obviously having impact construction on have going underwriting any labor that business? costs, does is development any your yield higher, and -- of the and given rate that

Mark Olear

Yes, it's Mark.

the side, like everyone the development with obviously on else. chain, forward as supply dealing the labor are material tenants far look, issues As costs,

risk. tenants can as we have a are that is by. so also. But deals, contemplate we buying basis, One overrides power some that time number the hedge have cost. on that these contingency have we so project not-to-exceed a collar, they of do do as property-by-property dealing allows cost mentioned, so a have And a we in hedge by protected that for assumes goes we're that some things, so each against do -- scale, -- Chris that good we they the in we're some the against underwriting And a with contingency, which against budget

Mitchell Germain

you thank much. very question, last Okay,

slow got likely granular there Is a how commitment about still appetite outstanding? bit? that kind you've $XXX If think your one-off knowing grow? things this is you to to your to -- it of strategy continue should Or million investment we

Christopher Constant

sourcing is team No, opportunities. over we expect grow. year Mark I'd this multiple continue a year. out are a to still our to fund there transactions -- new to there say appetite is and Again, his which

a It us if lease sale it unitary it's to allows raise leaseback. out think large over million certainly I figure how than were $XXX tenant little a different that capital time. single to

Operator

Instructions]. [Operator

Our from Joshua of Bank the America. next question comes Dennerlein line of with

Joshua Dennerlein

capital Just offering but I kind Is any that of taken on that of? you curious there quarter, of know for the kind additional care needs million. all $XXX needs? debt did the last forward are

Brian Dickman

Brian. it's Josh, is short The answer no.

again, just undrawn an think significant you of leverage revolver, If capacity. initial have funding, we we have

the million look repay to another You $XX during it of as of takes change, with using have free June previously million in net within we could still maturity, $XX million and of time so frame. $XX times, that's we're be you $XX that financing we've mentioned cash flow to a million this place a fund loan, ranges. have all it that million Again, you so next cash $XX that's January. that a proceeds few the $XX of million on the million $XXX our And call but generate net. debt of our permanent incremental more and When over perspective, stated year sheet, from balance this at and activity

take maybe we later million. the $XXX lion's offering. we sale a the ATM see it time some from beyond then If on side perspective, of go could is yields or be revolver so it's vis-a-vis things to as you me, using $XX excuse feel back a and But again, revolver investment and care of amount, on activity, debt cash permanent like million, those date significant at for we the of it this, a the right The it period equity on movement out leverage and maybe share of look larger you're taken side and part of balance capacity that. a that. out a debt there proceeds, term we equity proceeds, If you $XX just maybe small asset with the proceeds, million at

Joshua Dennerlein

think to maybe color, where cost today's the It relative there's your of kind you investment private of rates. and a seems then about do average? between maybe pieces spreads of in environment, for Thanks just cap Okay. capital Brian. And lot kind are of thinking like then moving just those historical

Brian Dickman

I'll skinnier, Brian. any start, they've question a that Josh. it's there's think gotten I don't little

all seeing in of positioned of it's the group right upon assets status in rest The again, environment that. impacting myself to to well the for feel that's costs too magnitude, business identify want is model sheet I the increases balance the current And order and on challenge and specifics capital the the Probably to the the are it's fund given get and to we're of our to incumbent in the but and important investments, and the investment, us. this maintain continue think we great capital costs, of don't I think source into upon of terms team have the capital to takeaway continue a that given it. invest we and But profile we incumbent And liquidity. front can accretively in us. we can that's invest Mark his balance sheet. and of opportunity we the the

Operator

from of line next Our the Thalmann. John comes with Massocca question Ladenburg

John Massocca

C-store of and split I the carwash what's know and roughly the of we've kind bit collection sliced of those a transactions maybe in just portfolios? million between of kind diced But already. $XXX speaking, quite

Christopher Constant

But the the is answer. in million with there. C-store. it's And This as number is don't carwash, right in XX% but some me, weighted exact towards development set again, balance of is it's predominantly funding, the XX%, say I'd carwash. acquisitions probably front distribution have although $XXX similar carwashes I of there are carwashes

John Massocca

then And kind of any closed sense. guidance? as Okay. them follow-on, of of makes That transactions yet in of then quarter-to-date? have kind any a And included are those

Christopher Constant

we $XXX not of No, any million that funded that. have night, last is as of

John Massocca

getting kind what cost of around that the some for you going inflation? it labor construction away months Okay. does of we've today the redevelopment still in the redevelopment light like side do from with of maybe was of then existing transaction, Does things can the maybe and on inflation of side Or X as And that is what things, kind the on maybe seen pipeline that construction look slow outlook portfolio? that ago? maybe

Christopher Constant

quarterly you've But I to don't forecast relationship, material It managing effect a exposure, basis. participate to Getty. building around supply excitement think as of before, with a said back to job that stay where the as and at the labor, great sourcing and appetite just it needs. think funding basis our day-to-day can and the steady working it future doing managing deal property has affect, projects that the kind are their maximum to we current the I grow And cost nonstop slows for grow it of We're with a actually to do have in tenants. Where working tenants ability deal that out of, bookends mentioned, properties continue on does you chain offering. maximum to continue we our who desire just I that the slowed it's a any with and to so are level forecast our the issues for managing it, them timing. all time in outlook on on we program. And with don't or question, the around your these on exposure doesn't, contact got,

Mark Olear

acquisition sort has market. of redevelopment just excess yields value-add, the been far to in add, And always the John, of the

think expanding pretty we're program as can still attractive and comfortable still from are standpoint. much yields we the because our that I as it that taking

John Massocca

given that of an there as Is that that time? any at would one have any in program amount Okay. one targeted kind time at in to reasonable you or program investment view

Christopher Constant

done looking need to a do that matching with our portfolio been sourcing attractive our about the XXX% us. might tenants, almost great for The program a their team a is own issue retailers tenants here as great expand. with there be who a access to With has But the in opportunities, not working a properties that well occupied don't there's then we're in candidate. always that in more think ability a in site our new these access for that's existing to job limitation is I retailer something us quite view portfolio a And I our working ability capital some them. that performing redevelopment where it assets. having to of portfolio. with finding and of businesses, has lot with always it's an of

Operator

in There for closing I'd management this are time. the further no questions to remarks. call hand queue to the at back like

Christopher Constant

XXXX. the call. Well, Great. everyone, for to third back we forward October us when thank you, our quarter quarter second We getting with everybody for on joining in of report our line look

Operator

today's this gentlemen, you and for Thank teleconference. your participation. does Ladies conclude

day. disconnect may this have at lines time, and wonderful You your a

Getty Realty (GTY) 29 Jul 222022 Q2 Earnings call transcript