Getty Realty Corporation

Good morning and welcome to Getty Realty's Earnings Conference Call for the third quarter of 2021. This call is being recorded. 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, Operator. I would like to thank you all for joining us for Getty Realty's third quarter earnings conference call. Yesterday afternoon, the company released its financial results for the quarter ended September 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. These 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 and future company operations, future 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, and subsequent quarterly reports filed on Form 10-Q and our other filings made with the SEC for a more detailed detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied 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. Welcome to our earnings call for the third quarter of 2021. With Josh and me on the call today are Marco Lear, our Chief Operating Officer, and Brian Diffman, our Chief Financial Officer. I will lead off today's call by providing an overview of our performance for the third quarter of 2021 and highlight the company's investment and capital markets activities. And then I'll pass the call to Mark and Brian to discuss our portfolio and financial results in more detail. The net result of our well-positioned in-place portfolio and the continued execution of our active and accretive investment program was a 5.8% increase in total revenue a 13.2% increase in adjusted funds from operations, and a 6.4% increase in AFFO per share. The company benefited from the stability of its portfolio of convenience and automotive retail assets, which continued to perform well, meaning that we had another quarter of full rent collections, including all amounts owed to us as a result of our 2020 COVID-related rent deferments. The success of our investment strategy year-to-date has been a key contributor to our earnings growth. We invested $61.1 million in 25 properties during the quarter and another $8.8 million just after quarter end, bringing our year-to-date total investment activity to more than $144 million. This accelerated pace of investment activity was highlighted by our ability to bring new, high-quality tenants into our portfolio, including slash markets, Flash Car Wash, whose footprint spans the Northeast. We also continue to successfully execute on our multiple investment strategies, which include traditional set leasebacks, accretive acquisitions of net lease properties, and development funding for new industry assets. In addition, rent commenced on three redevelopment projects during the quarter, including our second and third projects with 7-Eleven for remodeled Baltimore, and Dallas-Fort Worth MSAs, bringing our completed project to 22 since the inception of our redevelopment program. We also announced yesterday that we successfully amended and extended our $300 million credit agreement, which now will mature in October 2025. The improved terms of our facility further validate the company's platform and strong performance over the last several years. When combined with our active ATM program, used to raise more than $50 million this year. In our strong balance sheet, we continue to have access to capital and the right credit profile to support our growth objectives. Given our performance year to date, I am pleased that our board approved an increase of 5.1% in our recurring quarterly dividend to $0.41 per share. This represents the eighth straight year with a dividend increase. Our board believes this annual increase is appropriate as it maintains a stable payout ratio This tied to the company's growth over the past year. Furthermore, we are again pleased that our year-to-date accretive investment activity has positioned the company to raise its 2021 AFFO per share guide. I want to reiterate our commitment to effectively executing on both new investment activity and the active asset management of our portfolio. Our teams continue to work diligently to source and underwrite new opportunities in stores, car washes, automotive-related retail properties, and strong metropolitan markets across the country, as well as to unlock embedded value through selective redevelopments. We believe our success year-to-date demonstrates our ability to source opportunities that align with our investment strategies and that will continue to drive additional shareholder value. With that, I will turn the call over to Mark to discuss our portfolio and investments.