GTY - Earnings call transcript Q4 2024

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Operator

Good morning, and welcome to Getty Realty Fourth 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 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 Call. all joining for I Fourth thank Quarter for Realty's Conference and us would you Year-end Earnings Yesterday ended its the afternoon, released operating the for results financial quarter XX, December and year XXXX. and company are The in Relations at the website available Form our earnings of Investor and gettyrealty.com. X-K release section

and and of materially statements may in during from expectations are constitute management, events not made These company's or those statements that the and opportunities. described statements. made plans to future forward-looking statements our and uncertainties reflect forward-looking including and on statements. guidance subject historical operations, statements Examples actual regarding differ the Certain current cause based performance future this forward-looking XXXX call management's beliefs those by are may results include information could financial include and trends, to investment

results to refer ended report currently We XX-K year that December actual such on caution you for on that or factors differ reflect our based factors XXXX, company's us the could annual to and to well judgment those XX, made today. the or filings more other detailed actual any could with cause discussion implied best as of materially. subsequent any known differ and Form risks statements events you materially for forward-looking statements SEC results the the as from in a expressed that I

reflect duty as this our during that You should to be statements only which forward-looking undertakes reliance not any may view statements, call. undue today. forward-looking update The place of on company no made

adjusted from our use of over to release for our operations, earnings or call our those Executive discussion let Constant, the non-GAAP definition to reconciliation turn refer earnings. measures of our Chief including and to net With me of please our Christopher Also, AFFO, financial Officer. measures, funds that, of a

Christopher Constant

welcome XXXX. morning, Thank everyone, you, call year-end and and the fourth to quarter earnings Good our Josh. for

Operating Chief Dickman, Chief Olear, the are our on today call Officer; Joining Financial and Officer. Mark our us Brian

investment in call will effectively the automotive the will lead today's our portfolio, take strategies I guidance. then Brian through commentary investments provide and results details off executing will of and how financial are and and of by our on the Mark will our diversification you growth convenience and and financial activities sectors. retail discuss and results status further summarizing our we

In during I company. scaling again approach our we of respect produced of would successful that our and challenge embraced proud the and the disciplined consistent and as a another I'm year year challenging capital types both characterize our property earnings growth portfolio markets the performance our with markets. especially XXXX, of for as transaction to

automotive presence We advance and our deployed diversification capital continue invested business million sale-leaseback across prioritize portfolio assets, all raised capital direct $XXX convenience MSAs retail the our in $XXX priced to attractively our top while to in model. and continuing our high-quality target of sectors expanded We objectives. around million and of U.S.

growth and Our rents the increase. sector-leading revenue portfolio, earnings a in-place strong stable investment our successful produced with and dividend combined from activities,

Our performance Getty. fantastic by be our at continues driven team to

over of For annualized exceeded the $XXX approximately range our share per increase of XX.X% the its year, prior and reported represented the million year's $X.XX, Getty base and rent high grew by X% a AFFO to which end guidance result.

XX for of funding provided strength our the properties we development the activity new-to-industry by driven was performance acquired construction assets. of additional and investment as financial Our

relationships. strong added an transactions portfolio to who acquisitions U.S. and XX% are tenants existing of team transactions of XXXX the transactions, tenants across with and sale-leaseback X mix excellent additional did and the tenants emerging than our these platforms completed direct a We investments established More in of building job sourcing were with large new X high-growth

timely to Equally on execution markets. in investments locking the was in maturity accretive in XXXX equity we in both spreads providing were future long-term capital strategic important, debt XXXX yields, Getty $XXX drive and million effective able in only of and moves our treasury through significant notes fund notes and near-term our capital addressing to of in investments. in investment September advance upward

raised ATM also $XX We our in million the quarter. under fourth program

When Getty with XXXX for you well equity third combine offering, power quarter and very these transactions follow-on acquisitions. dry enters with our significant is capitalized

contract, number our various stages pipeline, opportunities supports including that investment of are of the plus position than under in acquisitions capital growing million more $XX Our assets in a process.

a We earnings, remain for strategy XXXX. as more In our fact, than in our confident after and we assets acquire the we we portfolio released convenience sectors automotive opportunities a for will million target in continued relationship-based automotive Getty that through generate signed retail $XX contract transaction to last night, sector. service move sale-leaseback

we approximately have time strategy. into increasing XX% is better X% XX to than main In rental the strategy new our and tenants been. general, I positioned broadening several XX% expanded we on we reason executing frame less within gas and grown embarked since ago. during By X stronger also approximately markets. retail investment to from the the our several and began our total by is of end non-convenience total ABR We've upon before and automotive properties Getty this than believe years diversification to geographic the roster income it's of sectors from ABR XXXX, for this focus while landscape, include added ever The convenience

with similar scale to acquiring operating where attributes, tenants decision Rather, business opportunities. to operating driven not away to we similar property I occupied our are share still would from fundamentals. pivot and continue our our by by that the to which retail desire a diversification which investment sectors sector, are dynamics real our in that diversify efforts by convenience compelling store estate committed growth emphasize are source was and we

road several demonstrated the growth recession-resistant companies is performance over increased areas service, metro generally high-density count consistent The in and located services, the access by are operating is the provide by the and typically supported consolidating sector reinforced in for convenience of complexity and with are automotive acquire and have retail trends businesses. speed advanced Tenants with populated consumer Internet age that sector the real vehicles on goods fragmented accelerating and past years. we essential underlying excellent largely And estate and visibility. and and and

our for We Mark and will the continuing our on value investment I sectors, on shareholders. positive discuss remain focused that, committed on to execute let to portfolio plans creating and With and activities. diversification our growth

Mark Olear

Chris. and Thank our year-end, redevelopment properties site. X,XXX lease active net At X you, portfolio leased included

lease redevelopment, years. was term Excluding and the XX.X%, XX.X occupancy weighted active was our average

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

a tenant Our rent trailing rents coverage X.Xx. well to of with ratio continue be XX-month covered

underwriting restaurants. of investment diversification, our quarter theme XX% properties on fourth a term for drive-thru lease Convenience our strong XX% represent had at centers, XX.X the $XX.X centers of tire which the car our X.X%. across year. activity. invested nonconvenience assets of property in acquired underwriting cash an We XX auto of service quick yield with and focused quarter oil to Turning initial tunnel and for the weighted We the underwrote was million we The years. change locations) remaining average stores washes, activities Continuing express collision gas types, portfolio (primarily billion on investments. $X.X potential was service of including and

for million, investments $X.X $XX.X of million XX $X.X for in and Las acquisition previously million located million, funded, was Carolina Highlights Carolina located was of and Vegas million, quick-serve express which wash of $X.X auto previously of South and quarter's this the service MSAs in drive-thru funded restaurant properties located in $X.X $XX X include for in tunnel X Rouge, Vermont Houston Louisiana stores the located million. car convenience Virginia for and X properties Baton which North

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

prioritize were across properties yield Getty X.X%. verticals. $XXX Convenience at year, initial the to stores industry an million XX% across target year's This invested volume, continued centers diversification were XX%, drive-thru represented the investment auto balanced convenience X%, most year For of car investment of washes activity automotive retail XX service strategy. QSRs cash our were making since express its expanded XX% and XXXX tunnel transaction company the

invested end, newly After Car the we in acquire Tunnel to Express Wash an additional York. New quarter $X million constructed

the XX have high than the to we to currently next last X commitments and million be developments average more $XX months we mentioned, million, Chris an including yield than more expect of the initial in which to night, $XX signed we or at fund X% over contract area. invested As acquisitions

financing transaction core was economic drove operators XXXX development the M&A tied net pace property types. for generally Overall, store slowdown and year our pipelines. the challenging new lease in to slowed in opportunities Broader industry their a of concerns market a

addition, did for between transaction sellers pricing. In and a buyers not the bid-ask contraction we meaningful see in spread

be To will in in to their a continues but and start sellers XXXX, the adjust generally more We a believe longer there transaction while higher will sale-leaseback that interest caution gap activity, growth, to need increase transactions. rates are impediment our been has pricing about modest optimistic for I be material of tenants time expectations.

we yields see in to of cap which modest said, which pushing achieved accretively. remains by can cap couple Regardless X%. was rate That headwinds, that opportunities compression portfolio investment rates a XXXX, portfolio expect source fit our job of to be and the X.X% financed attractive our we driven from transactions with larger do market

in over that of have source target years, demonstrates opportunity environments. across X rate can macroeconomic We and sectors range we our a which in last invested the interest billion Getty believe $X

our new strategy tenants, able that confident be prioritize direct we will and accretively relationship-based capital we XXXX. in to leverage we again repeat and business with remain As deploy

platform. Moving to our redevelopment

construction, year, for which MSA. Rhode signed year-end, oil are change $X.X in across X of the a million numerous we Province, projects the stages locations. all in development restaurant we invested new various permitting. and new-to-industry projects, for We had Island Chipotle At leases completed For of

rent Subsequent of lease. legacy to we modernization the which $XXX,XXX X-property our term gas year-end, base unitary incremental for properties one funded receive a extended and of of we'll repair tenant's and toward

over our the continuously few projects We to have next years. additional pipeline expect in in complete projects and stages various

reduced million asset XX, It's weighted the due management Continuing representing XX.X% approximately extension $XX as that ABR December our XXXX unitary of our ABR of maturities year year-end renewals as total the these noteworthy our total efforts, of to XXXX. X average at leases, lease approximately significant of increase X% and compared 'XX during the lease with term ABR. to was of to in

including million, me, For to ended of proceeds XXXX, I'll fourth XX we $X.X for in gross of turn disposed the the $XX properties gross properties for proceeds call -- million that, properties XX excuse approximately over With year of the Brian. quarter. X

Brian Dickman

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

and several For for per and presentation representing information reported we and the and can A of an was over be full last for of $X.XX income night's year increase additional years. $X.XX, share found X% year description earnings respectively. results release earnings AFFO detailed $X.XX share were our per the contains last net XXXX, dividend growth in our XXXX. quarterly $X.XX per regarding corporate our share, and FFO XXXX over more full the

XXXX. rent, increase December million we $XXX.X XXXX, over XX, base of XX.X% of was reported an XX, million, ABR, as December the of Annualized as or $XXX.X

as a cash And of retirement points XX year basis income percentage revenue G&A costs For rental and XXXX, basis as over severance XXXX. over a G&A, of was excluding compensation a improvement and and interest in income the full XXXX. improvement was XX.X%, X.X% stock-based total a XX total points XXXX, nonrecurring percentage

certain over adjusts have both Management which the control focuses and items metric for that it and we given less nonrecurring noncash second denominator. numerator the on in

moderate will company. further increases we dollar scale G&A the improve G&A ratios will that to continue anticipate and to continue We as

update sheet balance an to Moving on and liquidity. the

As of or was December taking X.Xx XX, into debt-to-EBITDA account X.Xx XXXX, equity. unsettled net forward

of coverage XX. a December Fixed going X.Xx debt leverage We of and EBITDA as well charge levels X.Xx target continue positioned to those net to X.Xx are maintain was forward. to healthy to

fund notes maturity investment quarter, near-term During announced, in activity. notes our $XXX of $XX to notes. as we new will on mature used notes The will which closed proceeds February million to as well previously the as repay of be only fourth this million later fund month, unsecured that is and

A this in set few was revolving weeks ago, we credit year. facility, of refinanced mature which our October to

$XXX term the and our additional facility we flexibility capacity XXXX the also XXXX, of October extended used that those million us XXXX, million million or ultimate term loan, to ourselves that while was to options. to of including $XXX increased January in transaction, maturity part January We the allowing giving borrowings. from the due $XXX near refinancing the extension As upsized in repay to with which address term to respect

continue June our like X.X that bank was I'd continued also into debt for debt weighted lenders X.X%, relationships. company's debt forma no maturities existing cost support our have until to Pro of The and lenders, cultivate maturity group to was to we're average we these expand to average transactions, and the XXXX. addition bring years. highlight weighted debt new as of able in we our our capital X

on of regular a quarter and inquiries. ATM We're also the during combination reverse active through program issuance our fourth

For forward all the shares, of million. on which will gross XXX,XXX basis, we quarter, sold proceeds a $XX.X generate

we approximately strong We unsettled year-end, had more raise just of facility. of At revolving million. year of of gross capital our $XXX.X with proceeds the a common the cash which anticipated XXXX and ended shares new to a in outstanding capacity than on million along stock agreements, are very and proceeds with proceeds $XXX position equity million forward total settlement to unsecured notes X.X $XX upon million forward unsecured subject and approximately discussed, credit we of

we $XX capital fund sufficient additional well million the as through under as than investments of have we now to activity as more XXXX. contract move have investment We

XX the operator of Wash on car our current bankruptcy approximately nearly Zips like close was rental last share I sites with was total on year-end. this obligations Zips, the total guidance, week. their recent on per of a to the tunnel to of that ABR express facilities. at with wash leased of has XXX million country is Getty commentary Before our $X.X representing or X.X% largest ABR AFFO XXXX fifth January some I'd filed Car Zips through in provide Zips color year.

reorganization, reject XX of the their leases, to open motion has locations our number motion discussions. filed X part Zips As of remains to plan heard This and outcome a a including has properties. to our be for yet of for

does work although, tenancy. are as to car sites point, with assumption Whether the adjustments operators, sites this us I operators remain said, the re-underwritten these we're wash had as operating different of to sites we with have initial and the We sites under open to X the that leased or remain through these conversations new returned Zips, several will other potential regarding outcome process. At are discussions to be and operators rent to Zips. possible our re-leased re-leased

share we of $X.XX of X $X.XX per per our from rent After a to considering to AFFO adjustments, the Zip potential revising guidance well $X.XX downtime potential range share. to our to guidance as re-lease $X.XX as are sites initial

year. points XX uncollectible adjustments for the revised included in continues to approximately that to that ZIPs. think loss at any tenant tied guidance is not This our is our or $XXX, of incorporated initial assumption any factor an beginning factor prudent to a rents loss for include and is to be in but guidance situation, basis or we specific Our addition

expenses, prospective release for Our earlier, as the of does as notes or including and markets with through XXXX guidance also deal assumptions settlement demolition the anticipated our of acquisitions, costs dispositions guidance well variability uncollectible repayment any rent, discussed of include includes our issuance certain costs impacting pursuit we run redevelopment the completed timing capital not to but agreements. that simultaneous and date factors our costs P&L. transaction of activity the include unsecured outstanding earnings respect activities, projects court the of for operating Primary as on property

questions. With ask the call for will that, to open the I operator

Operator

Mitch Germain question first The Citizens Instructions] JMP. from [Operator comes with

Mitch Germain

efforts trying developed? to -- more. that it to trying if requires sites bit have and on understand Is I'm recently little the situation are those ones your retenanting any I'm Zip just part? understand a just been capital the

Christopher Constant

Chris. So yes, this Mitch, is

So we in sites XXXX. acquired those

XX of XX brand think to new were industry the I locations.

there, early they estimates we of to time. require strategy potentially I much we've our portfolio they of tell we've diversification figure mentioned, some One our our a little of these think, used other revised had capital, or not Brian of partners is capital guidance is if but already at appropriate the releasing the discussions, range a It's as car whether in or think and do, how which benefits, wash about sites. in too this

given think tunnel is to express we be washes I the us. the re-leased state how to expect operating are and industry, be them properties once they do to And those this past new of and car

Mitch Germain

sense is obviously, growth other an probably having there you've reduce load, then with Is -- looking sheets, existing think gain their And ambitious part? sort operators. Great. your there you just to situations? obviously got situation a financial Zips anyone operators a plan. their debt concern one-off any discussions are your is balance on of took Is their do on here? you this that to Or of

Christopher Constant

kind our frequent that and more start I we let in fairly mean, focused right? the on on kind conversations basis. investors with having with team a mean, management given strategy, Zips' including of are I Yes. just of of general me lot I pride automotive business sectors, think, teams, ourselves we convenience a

we've sector, As of heavy in it a one operators, on these and experience businesses prioritized car of lot that subscription relates managing reliance growth, terms wash model. things the of the large to the is

to conversations, from don't Getty. conversations of with to lot a the want that Zips. Zips So away I think including we've speak had had I

roster. car we're comfortable with I But our think wash current

to on and continue that we're terms tunnel diving a express tenants adding like dialogue continuing their think and operate in we sector. we site performance sector, speaking basis corporate and to of comfortable a level the tenants, really on always the do like with we'll in into with selectively I

Mitch Germain

helpful. Great. That's super

me. one I think last for

a just think I mean, XXXX irrespective facility You're it's of pretty going into the significant with I $XXX liquidity. amount of million. credit capacity,

You've loan of million. term $XX got the

equity. You've unsettled the got

and of you debt to to envision working Maybe you factor talk if forward. try to probably you're at plan just the kind to capital mean, could how the going Brian, about of how I just the first related the acquisitions looking start use out? Maybe, about cadence are the in you talk going then equity? funding capital the

Brian Dickman

Mitch. to, be Look, with happy deploying how pipeline just we're right, in keep We capital. team raising Yes, deployment That the capital. like thoughtfulness. of pair went like the and we're in we're thoughtful, trying to Chris acquisition the general, our We helps through how obviously to about always our prefunded. capital. into that capital, giving about right, them of cost relatively visibility the

I So last that to been and expect think over several you we've with effective the execution continue similar fairly there. years, should

cadence, We from away of the the the it. think the hit $XX.X I repayment year drawn yes, end as the had you loan. million far on at revolver the As term of

We end the to here million proceeds us, at have come of the $XX month. will the available that net notes of those

use debt think and proceeds you constant, all to So else generally yes, I the speaking, revolver. those assume pay down can being we

down capacity revolver deploy pair that. that as and to as to And continue well year we take the to then throughout significant equity have with

Operator

with Farrell line of the next America. Bank comes question of The Granath from

Farrell Granath

of in basis want made to were to factor loss the And bad factoring I Zips. the changes guidance. you know go of in also to just to addition debt, points back terms XX the on I the

no properties this within that that the of the that the of scenario, guidance. so rest rejected you moving wondering the just for assumptions assuming are rent are And that worst-case that, I'm were year? are pieces X the

Brian Dickman

Yes. Happy to hit that, Farrell.

range are obviously and obviously. we So look, to a of there's don't discussions, too specific. These want outcomes, get live

those the quantify the our revised hit of feel to for is Chris you think guidance point best outcomes way appropriately I all. potential range captures it, we and the that is impact main

this outcomes, a there's we year within the mentioned say, recaptures, is share and remarks, AFFO range I again, rent. guidance there's a that sites in range significant that including majority prepared would still do reflected I recapture assumes these that that's What the numbers. fact we there's released, and are of they're that, of expect get within and though, But per that, there Zips. discussions a my as our downtime the a range rent that in But range of with of released

Farrell Granath

we And the on larger could you're about? is more that also little transaction more that versus transactions that if looking mentioned focus How has the portfolio occurred that the development Okay. you already did something leaseback bit that portfolio quarter-to-date. in sale come of a And get to do funding? of or color one-off

Christopher Constant

Yes.

the we deal that last I think you're referring signed night. to

development saying So through a sale-leaseback at Getty. been let relationship with our me transaction start we here that a just by have developing process business it's direct standard

very And to is I it's with do? on, strategy. we to this that's sale-leaseback is this with is on transaction our consistent think answer basis. The right? business transaction first expect Certainly, a continue question our tenant this your absolutely something direct This yes,

obviously various automotive we certainly sector. sectors this them like can or closed more business get at within do repeat with we So this then these the in transaction look tenant we would do do and to with

again, convenience the automotive broader But and I come would to strategies. just back

assets to of underwrite. a and lot and the have strategy. Portfolio butter sale-leaseback our transactions of opportunities growth bread are We

more business development we Getty be. can So the the here, more the that's more that more the direct, do, can successful we do will

Operator

Golladay next from Wes The comes question with Baird.

Wesley Golladay

is new leasebacks? it development Will tenant? there that be straight sale any with pipeline, opportunity that With

Christopher Constant

back a deals even transactions opposite. this year almost It sale-leaseback go all late total development heavy is years, $XX the XXXX of combination, was in really a the funding The earlier Yes. What's XXXX kind is or year, of Getty. Wes, funding. development lot and was was if out a interesting sale X over last leasebacks of for million 'XX. those you and closed

we're looking commentary, renewed in interest M&A, their store pipelines. seeing interest And mentioned grow renewed new he to I operators think Mark's in in

you're between funding So and to business definitely XXXX, roll as a of mix through sale-leaseback we I more year going see product. the this think the development

Brian Dickman

I And seeing pipeline the X would ranges add, X around funding that be -- pipeline say, capital deployed. to all months, to properties. of you is that's sale try timing for of provide Wes, be Brian. some can typically to will when the are, just you're the more leaseback, more sense this we that, going anticipate When acquisition existing you

When to more you going XX which months, that's is signed, with see in change development the doesn't we funding. what you can X more ranges this assume put was to out, that just and that contract be that,

through And again, Mark now commentary over so the the given you $XX-plus see the of that of deploy development that that this of million And the which and in contract, case, XX% -- Chris that in capital. is that's went can the funding that we'll earlier, is bulk development just under funding. and duration

Wesley Golladay

Okay.

one more makes sense. you on just go Zips. Okay. then for maybe And That

you looks just so high-level it in a basis basis I math like think some doing rate cap good million, and have pretty there. $X assumptions, around

confident I that kind baking will are wash so to you And maybe look what are re-leasing? from your And it car another you of go at timing thinking recovery when in, all of you're you mean, concept? pretty

Brian Dickman

Yes.

out going to any want get with on be rent. set and I the have and look, to and specific current -- don't here. the just expectations or to downtime of there. operator a So the evasive assumptions want too discussions don't Again, others lot on looking not we

to So said year. that as the rent. will they'll be that expect this a released majority be I We're on we of released we assuming and them recapture year this front, significant

those whether one go Zips, they It possible to of to one with all have they go multiple those. doesn't stay operators, they any Whether outcomes. whether operator, to be are

Wesley Golladay

confident your go based pretty discussions a at But time? on it's this early to going to wash car

Brian Dickman

Yes.

and returned the these new construction, our will we're had the them returned and dialogue And the years we've think our or get we constructive, X including us relationships to go -- going are assuming we're bulk assuming. old. to which to the given of said, to what get characterize XX Chris process, and date, As roughly right, of we're through us will as XX, that's

Operator

from question the Markets. Capital KeyBanc The Instructions] of next comes line [Operator Rana Upal with

Upal Rana

on Just a couple Zips.

If turn able operator, you find to space you lease how once the back similar would a get to the quickly you to were be around you?

Mark Olear

Mark. is This

units relatively new. said, X-year-old will were do -- operating -- as So range. Brian said, are to but and they're Most operate to quickly. back they current it's in them to somewhere over get a their in fluid units; surveys. are the operator situation, in an The they were of the or transfer pretty operations continue just Chris state equipment as We'll ready

Upal Rana

Okay. then Great. just too? you X other risk, Zips, could those locations like on feel with Or at that is have the maybe you be And do it the X?

Brian Dickman

Brian. it's -- So

I think we're operating under the assumption utilizing domain. those the public facts that are in

The tenant which ones profitable. rent rejected back. those look a and Zips, can X get was When you portfolio at in of coverages within as there were ones a draw was the range that with conclusions coverage, property weren't. XX we'll X individual assuming which remain and we're that, So will of we terms

assume to and it's those stores operating are think sufficient headroom of with profitability. that I our coverage stronger safe So

a But assuming re-leased. subject have, necessarily at So and as situations room but X and the is elsewhere, we're of not range having discussions. the through been X us these get to outcomes many there really here of in stay Getty, some of the they're

about I you this As think know, old. week a is

we our and share term impact that to we the information are us forward. And relative have So available as with move you of all guys. the to make expect to near facts utilizing that here we're additional assumptions in the

Upal Rana

the X.X% that some much cap 'XX, today, then on thought? could how about is where remarks, And large Great. maybe in do there. your the moderation you XX-year than think it's that guys given the Okay. given in weighted you are or from you at in so prepared than talked experienced last occur you But the rates moderation transactions maybe less

Christopher Constant

I -- we to the was so X.X% that about. you last year would just talked point

to, right, up pipeline, the I upper you range. at XX% X% If now the think we're look that's in the that

you for too a is tend -- want that you, we that. much there's meaningfully appetite use compress So where compression, much here to right, there's if of more not agree amount that not cap what's rates to modest good the beyond tenure with as to at Getty see given

that again, right? direct can finance I go and that sale-leaseback mean, we underwrite to opportunities our a it's and ahead for and being And accretively. portfolio our player, we're price job find and fit

Operator

Mitch follow-up of We have a the question with JMP. Citizens Germain line from

Mitch Germain

to of and I have back That might actual circle assumptions? what Zips months understand, able if do time. Is of how since in to little you expense the it's of Brian? did, talked to a pickup then apologize to the want and about are bit that assuming couple just model, them. I one obviously, recover trying an it, not being you're downtime, factored just you've I'm and you a got you're

Brian Dickman

Yes.

to there's down. what emphasize, again, domain we here, put long discussions, and really range, -- expectations so out right? situations, can don't we expect you be any have But to imagine a the these be specifically to And but we we're want Mitch, don't public recover how -- and about again, not expect in to in evasive I'll want we we live just and

stay Zips. periods more we re-lease of could We earlier larger noted, recapture could an in Again, theoretically and effort right? rent We longer with they have as could haircuts, take to them downtime rent.

per guidance. So our again, in share captured range that we AFFO

right way. the it about thinking you're yes, mechanically, But

up downtime, obviously then costs maintenance safe upon have receive would costs, real We adjustments re-leasing and that to we rent. obviously those again, picked time. other keep carrying get any rent property carry by and primarily taxes would tenants apparent estate warm. the And wouldn't secure at the and During any and cover to would become any

Operator

as hand to questions, like no further Ladies over comments. would conference and now Constant there I to gentlemen, for Christopher are closing the

Christopher Constant

you, Getty Thank operator, you, to getting to this XXXX results our we and grow forward report our for with of of thank joining quarter look everybody the end for back on to April. continuing at call. and when We forward us look everyone, first morning at

Operator

has of The Getty Thank now for conference Thank your you. you Realty participation. concluded.

lines. your may You now disconnect

Getty Realty (GTY) 13 Feb 252024 Q4 Earnings call transcript