Getty Realty Corporation

After the presentation, there will be an opportunity to ask questions. 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.

Thank you. I would like to thank you all for joining us for Getty Realty's second quarter earnings conference call. Yesterday afternoon, the company released its financial results for the quarter ended June 30, 2021. The Form 8K and earnings release are available in the investor relations section of our website at gettyrealty.com. Certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements. Statements are based on management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Examples of forward-looking statements include our 2021 guidance and may also include statements made by management in their remarks and in response to questions, including regarding the company's response to the COVID-19 pandemic, future company operations, and financial performance and the company's acquisition or redevelopment plans and opportunities. We caution you that such statements reflect our best judgment based on factors currently known to us and that actual events or results could differ materially. I refer you to the company's annual report on Form 10-K for the year ended December 31, 2020, our subsequent quarterly report on Form 10-Q, and our other filings made with the SEC for a more detailed discussion of the risks, and other factors that could cause actual results to differ materially from those expressed or applied in any forward-looking statements made today. You should not place undue reliance on forward-looking statements which reflect our view only as of the date hereof. The company undertakes no duty to update any forward-looking statements that may be made in the course of this call. Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of Adjusted Funds from Operations, or AFFO, and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer. Thank you, Josh.

Good morning, everyone, and welcome to our earnings call for the second quarter of 2021. With Josh and me on the call today are Mark O'Gear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer. I will begin today's call by providing an overview for the second quarter of 2021 and highlight the continued execution of our growth initiatives. And then we'll pass the call to Mark and Brian to discuss our portfolio and financial results in more detail. The net results of our stable in-place portfolio and the continued execution of our investment strategies was a 4.5% increase in total revenues, an almost 19% increase in adjusted funds from operations, and an 11.4% increase in AFFO per share. The company invested $44.1 million for the quarter and another $4.6 million just after quarter end, bringing our year-to-date total investment activity to $79 million in aggregate. The quarter was highlighted by the growing and steady pace of our investment activity and the convenience of automotive retail assets. We continue to successfully execute on our multiple investment strategies which include traditional sale leasebacks, creative acquisitions of net leased properties, and construction loans for new to industry assets. We also broadened our portfolio further during the quarter by adding both new geographies, as we added the state of Michigan, and new tenants, as we added both Valvoline and Mavis tires to our roster. The company also continues to benefit from the strong performance of target asset classes, as evidenced by our stable rent coverage of 2.6 times. Once again, Getty realized full normalized collections of our recurring rental income during the quarter, as well as the COVID-related deferments we agreed to in 2020, which were due this quarter. More broadly, industry data published this month by the National Association of Communion Stores further demonstrates the health of the overall communion store sector and another record year of profits in 2020, despite the COVID pandemic. As we enter the second half of the year, we are pleased that our year-to-date investment activity has positioned the company to raise our AFFO guidance at quarter end. Looking ahead, we are committed to maintaining our healthy portfolio through active asset management. In addition, our team continues to work diligently to source and underwrite new opportunities to invest in our target asset classes, including community stores, car washes, and automotive-related retail properties, and by unlocking embedded value through selected redevelopments. We remain encouraged by the growing opportunities in our investment pipelines. We are confident in our targeted investment approach, which prioritizes acquiring real estate in strong metropolitan markets across the We'll continue to drive additional shareholder value as we move through 2021 and beyond. Finally, I would like to formally welcome Evelyn Infern to our board of directors. Evelyn has a long track record of advising and investing in real estate companies and REITs, and I'm excited about the value she will bring to our company. I look forward to working with her for years to come. With that, I will turn the call over to Warren to discuss our portfolio and investment activities.