GTY - Earnings call transcript Q1 2024

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Operator

Good morning, and welcome to Getty Realty's First Quarter 2024 Earnings Call. This call is being recorded. [Operator Instructions] Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel and Secretary for the company, will read the safe harbor statement and provide information about non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

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

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

Christopher Constant

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

remain we'll guidance. We how a our will thoughtful year-to-date discuss rate Brian Officer. markets our year. our in still and Mark investments momentum that on as us results The prefunded our the activity execute portfolio, Joining lease Chief made we we Chief to Operating today and of our investments financial building approximately our take growth in we and all I first are results across commentary deliver lead the invested successful overall call and even further our net the continue XX by the Olear, summarizing off on companies. activities, Officer; the productive Brian Dickman, earnings a on plus from and capital properties. financial call had last provide XXXX, $XX to these and XXXX our on today's Financial Mark through patient will combination disciplined in start you despite impacting uncertain and a headwinds will manner million positions strategy then continued in XXXX, us interest to environment. In quarter, activity investment

and retail drive-through investing convenience also to on business a centers auto washes, stores, We diversify by car across expressed classes, quick-service primary X continue including automotive convenience and our service asset restaurants. our

quarter XX.X% in manage portfolio growth quarterly in strong uptick the increase in from addition, weighted material in-place to of start and with net our to X.X% lease a by In our base result quarterly per AFFO last and income our performance year leases Getty of our rental excellent year a average X this resulted an maturities, share. the was team actively term unitary at which The near-term continued our at extending end.

and $XX ability than currently prior the will capital strength to growth portfolio, have we of advance to the our further which Looking well both of our ahead, Getty is for investment continues our rate more in-place and diversification at from opportunities, positioned to blended current close environment, in funded end, the source create markets a portfolio efforts. To which in X% contract and be fully value high shareholders committed pipeline our area, million transactions. that under a cap investment through

addition, steady flow a opportunities. and thanks our we the efforts redevelopment investments of are to team, In acquisition of evaluating potential

Our XXXX record margins target of National published retail rent sales sectors C-store maintain tenant the continue industry of annual ratios. showing coverage and a to the for Stores perform state and industry. Specific year their sector, well institutional of recently of was the healthy the another base report summary profit that Association and to Convenience

sectors. bid-ask to operators be selective a to as challenging the a with operations been execute market trust We be pleased benefit deal opportunities that to and target net prioritizing it in of sourcing in we're XXXX these focused adjust. Overall, being the properties flow able also steadily transaction challenge to persist, continue to our sectors from spreads many remains Pricing comes we'll we've new more but for we to relationships. when our and/or continues our transactions as Despite direct expect underwrite. lease acquisitions and strategy growth, year

that, investment first believe quarter investments rent over to we and in from in our earnings in-place well discuss generate made activities. a escalators throughout However, to closings our pipeline, to XXXX and as I'll portfolio, portfolio already completed those we path the growth committed additional the are in clear have turn income from which the expected our to Mark as from XXXX. With occur call

Mark Olear

Thank you, Chris.

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

term selected at X.X and redevelopments, the renewal to active and was our due to increased XX.X%, years Excluding lease average our both of investments weighted early new occupancy leases. the

of D.C. Washington, the from the plus XX coming rent from XX% states and our top annualized XXX MSAs. XX spans with MSAs top base coming XX% portfolio Our

ratio over well years, of with our trailing a are of has uncertainty. been coverage X X.Xx, resiliency despite XX-month Our rent tenant covered the demonstrating rents tenants' last consistent businesses which macroeconomic generally the

this quarter's investment $X.X for X store drive-through invested million, investment of in activities. We Highlights auto to approximately $X included to of million, start service community the located QSRs $XX as the first Turning productive X the acquisition year in Florida a quarter. for our million X million had properties quarter, markets new-to-industry funded were North Southeastern and was washes we Virginia concentrations funded center which first the for $X.X the XX with in various of was car in $XX.X $XX express million, quarter. in located Carolina the in tunnel which million, million throughout first located U.S. of $XX.X

assets acquired construction sale-leaseback We tunnel transactions project's in periods. development are the service new-to-industry either the for convenience and funding at of auto also car be or and owned the end stores, of under advanced incremental by XX via $X.X million the centers. These amount respective company already will express the construction are washes of construction

initial to current north of at the consistent initial continue new to our well performance. quarter X yield vintage our activity was older the is years. We on acquisitions express X.X% washes. tunnel currently for originations, acquired million we the $X.X cash average and as for yields yields pricing million transactions developments, Pipeline lease quarter, months acquisition we more some that $XX our quarter commitments have more store X deploy fund to to the which car the generally are than and X for average over the was investment the development of next and of and/or Subsequent invested end, XX For X%. properties convenience as than reflect weighted aggregate term expect majority with which of first

Moving to platform. our redevelopment

our We leases in footprint which the X with redevelopment from we our projects, invested portfolio. in pipeline. are retailers stages approximately seeing quarter, of various $XXX,XXX ended the and overlap quarter renewed for whose the expansion During are plans interest in signed with

the over few complete projects next continuously We expect to years.

Turning to asset property activities. We first million. sold the in for management $X.X X quarter

market overall assets the from electing pricing largely ahead, look As quarter as that later this improves conditions unchanged sellers with the prior we transaction to are are year. hold hope

will our the call opportunities our with several as move partners work opportunity the afford year. With that, relationships both as turn us well over believe Brian. we to I'll on we focused throughout new strategy existing to as tenant the However, transaction

Brian Dickman

Thanks, for XXXX. Mark. reported the share an $X.XX QX $X.XX representing everyone. we X.X% QX Last and Good versus were $X.XX reported morning, XXXX, of per in of $X.XX share, FFO per the and we quarter increase for respectively. per net income AFFO share night,

was year-over-year income, XXXX. quarter revenues total adjustments $XX reimbursements, escalators GAAP in revenue growth rent by increased the XX% million. by primarily were the Our rental at to rent our tenant as additional million, recurring XX.X% of $XX.X growth representing our completed This driven leases commencements excludes projects. recent rent first as any of for which and Base and quarter acquisition well activity versus redevelopment

to million the in the total compared year quarter prior million first G&A period. On in $X.X the was side, $X.X expense

primarily technology legal $X.X G&A G&A $X Excluding was fees compared to in XXXX. million noncash information QX due million Increase in stock-based expenses. was expenses, professional employee-related to and compensation,

the percentage lower Environmental to reimbursable compared quarter $X.X in a decrease anticipate of as we number base the revenue that company. Property $X.X as projects. $XX,XXX increases G&A in to for estimates continue and of of a period for and redevelopment to are continue credit to due adjustments million in and to moderate variable year the of costs XXXX. rent noncash expense and quarter will the highly expenses, as compared G&A scale of $XXX,XXX first due prior which were primarily a the demolition asset costs expense expenses, quarter will to our were an million We

of the a quarter outstanding. of well primarily This we and X.X% million Our X.X to $XXX weighted of ended million maturity with of continues consisted debt average weighted senior average unsecured a notes interest balance be of sheet positioned, and with total $XXX rate years.

million credit and facility. $XX outstanding a $XX rate loan X.X% had interest term unsecured also $XXX revolving on at unsecured million million drawn We our a

general unsettled the new loan approximately million committed forward partially including the XX%. credit used was quarter fund term the first total will pipeline. the available to be in as draw shares capitalization to of revolving facility. amounts $XX to to X equity these we approximately total equity, markets down into while no was capital million to asset remaining The of There on As X.Xx. Subsequent was repay investment sales and to all our would pipeline. be our end, under proceeds Taking investment credit our activity corporate drew proceeds purposes, have debt-to-EBITDA account total agreements. used our debt March to approximately we pursuant of stock Upon quarter, XX% anticipated settlement, agreement forward for calculated common million. Returning and balance was net value XX, outstanding $XX to and subject outstanding delayed are net total raise to gross X.Xx, currently shares debt-to-EBITDA indebtedness

fully Pro range equity As forma draw our these for proceeds forward are of outstanding support from sheet activity, and of balance remain the combination recent maintain of proceeds positioned Chris investments transactions well EBITDA. a to to our midpoint to target net sheet, balance cash X.X expect leverage and agreements. from we and mentioned, the capital growth on to the X.Xx funded our term these through near loan to debt continued

sources to the As quarter our investment credit environmental capital we're we an which ended in pipeline while end liability, $XXX,XXX continuing of to continue approximately million transactions evaluate evolves, investment-grade a to that reduction respect funding our we since the was to ensure accretive $XX.X of maintain XXXX. With will at our manner profile. all approximately

$X.X Our approximately was net environmental remediation spending for the quarter first million.

AFFO are we XXXX our share. $X.XX guidance of per Finally, $X.XX to reaffirming

As potential our impacting term date, the markets capital the assume transaction to $XX remainder deal respect which with the call costs P&L. With pursuit any anticipated of costs operator to includes year. otherwise variability open or to projects, certain including through the include ask the does guidance costs markets for draw, not for which dispositions and recent property loan expenses, a capital run and activity redevelopment activities of reminder, Primary outlook questions. demolition that, the factors acquisitions, operating our on I'll AFFO for timing our million

Operator

[Operator with Instructions] from is Bank America. Our first Joshua of Dennerlein question

Farrell Granath

a This I the markets of seeing want on what that make ask you're on to Farrell if in Granath opportunity. sale behalf leaseback is comments you Josh. few

Mark Olear

Yes, this is Mark.

new existing work relationships on of We maybe source a might long-term to last opportunities the the year. leaseback product considered at pace opportunities partners seeing try the more to That a capital. part that and as coming growth with previously their continuing It lot had a around activity So our active. expectations sale -- of and coming and than mix have is a also opportunity we match in remains underwriting of relationships not remain We're first of out the pricings and moderate of the year. new --

pipeline. into We're the a seeing, buyer So activity there we're it's in what is seller encouraged of and just line. by matter expectations pretty and coming

Farrell Granath

weighted Great. may And investment people do as about that back the for the macro? rest it think be when more thinking pacing half you even out start year, the of figuring

Christopher Constant

market the we've do or clarity back when think where mean, some economy headed, said while, certainty open better the around I transaction Yes. for is a we there's will up.

back expect make I you more of argument certainly half So to year, can think the opportunities. see this towards an that we do

Operator

is Markets. question Thomas with KeyBanc next Todd Our from Capital

Todd Thomas

maybe Brian in, way can Mark, too.

are talked being on yield you You the quarter, you X.X% do I need think, again on pipeline tenants and current see in or on of upside increasing you yields active out bit little is, X% rate current leasebacks, little that deals conversations investment in on do Or then more sale cost about to bit where more a you the sellers get your but see for the you the that having investments And priced the to yield to just Does indicated yields of investment capital relative regarding said. deployment? X%, based do a see capital? recently? given market cuts further yields being expectations potential just with you're rates and increasing interest those

Mark Olear

longer so about horizon. is Well, high is where development last X%. talk year could There a funding time the a yes, the from bit vintage weight to I there deals of little

with And cycle X% through we're the that opportunities that valuation to year range. generally and tenant conversations. partners, progresses. current relationships, with the previously, those existing we Again, total is new we opportunities The those -- it underwriting, of volume new up I had pipeline in match deals So than where more in we the be vintage X%, to in able priced that on as we'll in both the expect said, that weighted above most closer would our those this of around might you both been can say the be to relationships, but opportunities. as X% moderate transact

Brian Dickman

if a last to With Brian. closer and trying the love basis lot than the closer for cost. and can the I XXX to we think right, some respect north area. something have think capital I contract, deals spreads paper that really at sector. current at no spreads, in look basis been where are it's has change, The putting points a and XXX I Candidly been in to it's And really up that probably that's deals quoting of different achieve. point today, market you We'd Todd, of we hand, think current that's capital we're matched that. be the get to and that those cost are Mark get under to lower year of to

the quality that any that into us for accretive achieve not the low, if sense that lines also at basis, long doing paper So portfolio we as look not think spread. against we're But achieving that really directionally. we of spread put be when X% as to mid-X% we they're try bright red at will those out new to certainly to a we want maybe of and looking inhibit north you funding as cost on blended capital, putting match that we're otherwise deals. And make from deals spot

the this going little around provide basis color. that we're to But bit So to hopefully, be XXX we're X%. is achieve north which yes, looking market. for, of generally spreads of helps want area points that in to a

Todd Thomas

category considered a or C-store and new that's Yes, you're that segment? previously talking think some helpful. And tenants, to Okay. credits of just not you that had new I then within Is that sort new leasebacks. services that tenants sale the new there mentioned automotive are

Christopher Constant

previously past. new really conversations just either been tenants hadn't in say categories. balance entertained sale-leaseback financing it's not their sheet on It's the I'd that had or

they growth, at we're portfolio. sheet and manage and bring time to would can folks have certainly to love those certainly long of and continue their to those conversations the their known are who we've that finance tenants So thrilled how types balance for looking a into

Todd Thomas

you of just you 'XX example. whether detail 'XX bit looked Okay. there, And can a extended. which that little those extension lastly, you portfolio's Chris, then been bumped and were unitary there of and looking wall. annual bit on I in X% quite a might the terms more noneconomic then but It to little 'XX XX% in up thoughts expirations changes early, do But sort pertaining Any out touched on 'XX, early the X leases any meaningful. like which leases, is provide to have a know for to out, expirations. economic escalators, bump rather And those lease, the or it's and

Christopher Constant

Yes. Sure.

X properties investments in some So looking much X in wanted initial that particular term. XXXX. leases, longer to had was in maturity an instance, the a those -- and tenant make That that

that. get of So XX they that out additional part lease option, as some exercised went We an bumps rent years. early

lease. 'XX that renewal. that standard the And They're so bumps early just really renewal. happy with contractual then was And we're X expiration, in

term that really was So by XX just pushing years. out

have from that 'XX I'll focus do on petroleum leases maturities. maturity. lot We of the there's leases marketing because Getty -- a make that up Those mostly the assets. 'XX came that old

And work we those active -- those to have and are so to to going leases. an term. to dialogue closer portfolio have through the date. to healthy we as notice we're And We're expect get performing renewal their tenants properties long renew those. those we with certainly continue in Those

Operator

is next from Our JPMorgan. with Paolone question Anthony

Anthony Paolone

to what X or down to the think the X% versus it Or years that ZIP with rates margins like-for-like Just trying were been, what in X, back doing had numbers you spectrum Xs. to Is quality code? to cap seem to go I'm just get these going and the to up that do ago? about kind understand how say, of at quality be you have historically? into today

Christopher Constant

asked glad question. Yes. I'm actually that you

car with quality rents. this not coverages. are assets tenants time and markets, quality valuations the there the We continue auto our company, my these underwriting properties We're have their to we're attractive have to They the been right, that assets to to estate are that Real need in we've for finance that same for same the to same right? for stores, financing right? convenience them. pushing service, entire washes, changed, It's -- growth same buying tenant, grow ability that We're buying -- business. provide

Anthony Paolone

Okay.

So is this what implies that about seen terms point so of in the in -- back rate basically, cap of bps market? you've at this up XXX

Christopher Constant

than argue trough, XXX XXX little probably could to more but basis probably you a from Yes, it's actually the that, points.

Anthony Paolone

anything bit feel can But talked concern And Okay. along And X.X just lines, any talk what watch list? car are the some the pockets particularly on warrants it to you your underwrote? you like coverage then on washes you there maybe same the or like builds also in side, kind the how where then of can credit there? about. dig versus you Are you further doing, areas new

Christopher Constant

are These ahead. coverage Go ones.

Brian Dickman

Brian. it's Tony,

we're the ratio list, There's the is the consumer macro So given no. we're environment, making coverage with real I no just on understanding they're how watch our their environment, specific to list. in answer engaged and short general, operating that sure tenants, mean, tenants watch business.

a hearing talking broadly like we've as things cost definitely of margin slowed expansion, as excellence, speaking, well, been growth our operational about has are that, lot bit. as savings, tenants on We a focus just little down

So diligence, though say. I no kind tenants, way particular of regular that just beyond would

material not of did noticed move leases to one have the strata from rent see of the other, X.X. total, have that right impact coverage the ABR distribution other. in side amount have of in our on that as from with was deck, one the may but And the moving coverage You to the we around that from you an Xx immaterial a X really did

a there history are tenants obviously, within explains different C-stores bit washes their then a more more the car that. And some the underwriting. backdrop. ramped just performance, have have wash a and lot that again, any initial this sectors, So with if And I'd a lot little car new. be little economic the our on we say data, moderating trends. say the there's faster probably, is may I'd But of the given average, up and than

that good so positive. say tenants or continues whether years a our versus profitability not, X see. stabilization. trend that's net-net, the time seeing to X typically there that's for in we're year a some I'd X we'll And But look frame and Again,

Anthony Paolone

could if or Todd's as Any And question, just Okay. following sense I to one I today? those just whether of more sit up, 'XX the lease below above in, on expirations. market think, around your as sneak answer

Brian Dickman

Well, rent me. -- renewal from rents have a excuse contractual they have they perspective, contractual options,

relevant of really to rents are regardless not the decision. renewal where compared it's markets, So to

So the Chris' the what rent of renew their the there pursuant we profitability are be as and expectation profitability really that to given our existing and is to today, and contribution comment them tenant's we're would again be focused leases. these the that leases, look would at overall unitary they really a on would portfolios, was those that

Operator

Alex Our is from [ with next question Fagan Baird. ]

Unknown Analyst

takeouts? any in And First seeing one for so, if is, are you opportunities more which developer categories?

Mark Olear

have gotten our So some way. opportunities we come

asking been you're previously services. that difficult development had tenants used has a If about That business.

a So a like has business continue tenant been if growing merchant were pro really forma through deliver you developer of type total on. that to for the difficult program, to

conversations where other have development been a come on types us to I have entitlement had to for to in and targeted to within conversations asset previously going as had some used they've had portfolio. do to If of development classes So those question some is in tenants we of question. too. the We've answers sale-leaseback eventually funding our intended like of us from our we'd process. the source our explore that if the to have their hope who developers partner, our grow our had looking previously and about of tenant, product. midst us to a capital. develop they have come services Again, that We

Unknown Analyst

diversification effort, noticed, would I Getty's portfolio XX.X% of upper kind to. does. if at And is for guess second think, what Yes, of the car washes the bound, one me get it now? any, I of in Kind

Christopher Constant

Yes.

strategy portfolio. our more become diversification ultimate with goal balanced I just a the think has

XX% more. gas to and So we're of of point, out given balance the history rents. that one up looking the of stations XXX% C-stores or Certainly, made rents at business, where

across our of operators what and XXXX I first of now we're operations we're seeing developments we the over ramping and maybe all what And classes. up funded. focused point, car activity that to store some in in investing 'XX, in wash asset the on you earlier quarter more specifically Brian's saw the think with is

closings expect opportunities move XXXX. call see to So we what we as balanced through across balanced more I'll and underwriting

Operator

from next with is Germain Our question Mitch JMP. Citizens

Mitch Germain

I'm bumps with signing? terms of some lot maybe the just leasing curious, reporting I new maybe of know all in a on rent Is that structure lease in at call. in those you're this kind requirements at of of changed all the or of leases emphasis financial are you pushing terms

Christopher Constant

haven't months. rent Generally, the were we of last the inflation, think bumps. move XX move, to several lease terms changed over rates I see see to XX one first to start or ago cap probably And months started things when

rent aren't lease our Mitch, but of at are X% So were other plus X.X%, sort on out in that bottomed paper we're to today of terms, maybe bumps as really -- on changing. opposed putting the trough there

Mitch Germain

buy you your is And legacy type you Great. but where they're performing would be asset -- -- today cost with equity not that a that aligned still sales, today. that consider know to bunch assets emphasis of may is then I you're there I that potential of know some assets not be given well own may of completely any maybe the

additional could be So the down road? pursuing you dispositions any

Christopher Constant

it. aligned to portfolio that today being the coverages We align and And tenants not Austin, that We're of asset and forced in We're we type Texas. into of at in we with are Several leases well, having type reinvested the XX.X% consider that that right? future, and ago, rent occupied in look entertain New that the healthy should sales. York thought Upstate certainly would transaction assets fortunate all that performing sold time. quarters

so. be new portfolio the So numbers works, we portfolio But in the for if maybe of do expect the that all it And an the value. on we we certainly, it's if best we continue to could where of of set and more really when time, to would transaction look that. assets. a reinvest would transact work, And opportunistic at maybe

Operator

with is from BTIG. [Operator Instructions] Our next Gorman question Michael

Michael Gorman

Chris, looking or the about the these could at are are longer they're negotiation if get the the you're expectation I their deals new to from further alternatives was bit finding tenants sale-leaseback wondering Or you talk look there a new in just a relationships time a versus environment? to you that is little of expectations And some what side, perspective. that close? the if existing what market, to like market through process off? kind that the there financing and take like Are of current new

Christopher Constant

Yes.

we in conversation think the portfolio. think the we people some our a the obstacle -- you're often the for versus is opposed with basis value the to transact lease conversations, of the one-off newer to market I -- master and way is as unitary process But like pricing, XXXX always being where around portfolio one-off get first transactions. what could on the

X.X%. let's time. asset quarter X% So of plus. that somebody's willing probably, today that happening about number first to X% out start Mark transact a putting our There the are out in are deals was one-off still talked one with transactions range if are

that's retail a portfolio institutional where transaction. leaseback an to sale need opposed what to educate like a looks as think I to So we buyer

of transact a sense a time to that makes to taking there So as for that it to to take the whether and that to funding, such is risk leaseback provide is process some commitment and But that a educating be them one-off. to been I in the somebody, it's someone development transact portfolio opposed does where whether time. or sale-leaseback record takes it's it That sale our [ track that been think we've our hasn't part ] able before. through in

been Mike, those of bringing educating through time, portfolio. successful relationships forming tenants take sale haven't process the does into new at tenants really those the think and it kind So but and leaseback I that really before been we've

Michael Gorman

And just mentioned what color breakdown X Brian, kind leases. the bit a are? X quickly the in on bucket then properties or just things, us coverages the that of type portfolio of portfolio that as think based Can more when the thinking product you for where in about the types you you And property of Chris. on give coverage the and underwriting? the look little helpful, just the you're side about of kind thinking to That's about bucket, do X generally, you

Brian Dickman

an to. Mike. or backwards consistent at. we years Xx of we're there, off build, new underwriting happy a operating the a C-stores whether if depending really coverage, upwards formas and washes, with been to X.X, push there's looking on look Yes, will pro Xx, work We've car I'll history it's maybe over to

the where comes underwriting in. that's So

performance, a the I'd think we of be time. which bucket, ramping mix terms it the I say Xx X some of on referenced in would to last carwashes In call actual that a

things are dataset, that coming like stabilization carwash for is mentioned into which And I as after earlier XX XX typically, we months. more target the in So our months. bring

then a performing. definitely So portfolio the X. And that some is X time. They've long of are been in C-store for the to that a there's couple portfolios

north the for not way they dataset, that happen but drop in overall X mentioned, a As material dataset, south such I of of just average. last had were X to on changed our and this they

of car ramping it think So of as washes. a mix

of in a been much time. broader very but that portfolio for our performing long have C-store older some period And portfolios

Operator

Chris our session. I have for of to We question-and-answer like reached the would to over remarks. conference turn back end closing the

Christopher Constant

when in our you, on XXXX operator. of second being look We for everyone Thank forward results. Thank to getting this July report morning. quarter call back we you on the

Operator

today's conclude will This you. conference. Thank

may disconnect thank time, participation. for lines your your this You and you at

Getty Realty (GTY) 26 Apr 242024 Q1 Earnings call transcript