Getty Realty Corporation

Good morning and welcome to Getty Realty's 3Q25 earnings call. 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 everyone for joining us for Getty Realty's third quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended September 30, 2025. The form 8K and our earnings release are available in the investor relations section of our website at gettyrealty.com. Certain statements made during this call are not based on historical information and may constitute forward-looking statements. These statements reflect 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 2025 guidance and may include statements made by management, including those regarding the company's future operations, future financial performance or investment 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, 2024, as well as our subsequent filings 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 today. The company undertakes no duty to update any forward-looking statements that may be made during 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 third quarter of 2025. Joining us on the call today are Mark O'Lear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer. I will lead off today's call by highlighting our quarterly financial results, tenant performance, and recent investment activity. Mark will then discuss our portfolio investments, and Brian will provide additional details on our earnings, balance sheet, and the increase in our 2025 ASFO per share guidance. Getty had another productive quarter, resulting in more than 10% year-over-year growth in our annualized base rents. and a 5.1% increase in our quarterly ASFO per share. This performance was supported by the continued help of our in-place portfolio of convenience and automotive retail properties, which is essentially fully occupied in producing both durable rental income and stable rent coverage. For the trailing 12 months, rent coverage for a tenant that reports site-level financials was consistent at 2.6 times. This reflects steady performance from our convenience store portfolio and a third consecutive quarter of increased rent coverage from our express tunnel car wash assets. The latter is being driven by the maturation of new to industry sites and our operators' continued focus on profitability. Turning to our growth initiatives, we are pleased with our year-to-date investment activity and the platform's ability to source relationship-based sale leasebacks at accretive investment spreads. Notably, year-to-date highlights include investing more than $235 million, which exceeds our full-year activity in 2024, expanding the breadth of our investment activity, in particular by gaining traction in the drive-through QSR segment, where we have acquired more than 25 properties across multiple transactions. We've also diversified our tenant base by transacting with 10 new tenants in 2025, And we continue to backfill our committed investment pipeline, which currently stands at more than $75 million under contract and can be funded without having to raise additional capital. In early October, we announced a $100 million 12-unit sale leaseback transaction in the Houston market with regional convenience store operator Now and Forever. This transaction is representative of how our platform capitalizes on our knowledge of the convenience store sector to identify established growth-oriented operators and enter into long-term unitary net leases that provide strong, reliable returns. Now and Forever is a privately owned regional community store chain with a cohesive network of sites located in densely populated Houston submarkets. Houston, as an aside, is a unique market, which is largely dominated by regional community store operators who have established best-in-class locations. While there are some national players, none have established a significant presence or major share of the market. As part of this transaction, we worked with Now and Forever to select a portfolio of approximately half of their locations. These stores average more than 8,500 square feet and include substantial food offerings, many featuring drive-through food and beverage windows. The Now and Forever portfolio also includes a large format convenience store, also referred to as a travel center. As we've mentioned previously, certain of our tenants have been exploring these large format stores that have all the consumer-facing attributes that we value, including a large selection of grocery and household items, multiple fresh and prepared food offerings, branded QSRs, large coffee and beverage presentations, seating inside the store and drive-thru lanes, and also generate additional visits and income from commercial drivers and the services they use. We've evaluated several travel center opportunities in 2025, and including the Now and Forever property, have acquired three assets year-to-date at an average purchase price of $11 million at yields consistent with our overall investment activity. We continue to enhance our knowledge of this growing subsector of the convenience store space while cultivating relationships with operators to partner with on future transactions. We expect to selectively add travel centers that meet our underwriting criteria to the portfolio going forward. In general, our acquisitions team continues to do an excellent job of identifying new investment opportunities that fit our portfolio and strategy. We have effectively broadened our investment universe while maintaining the distinctive advantages of our platform, including our broad network of operators, thorough underwriting process, and unmatched knowledge of the convenience and automotive retail sectors. As we think about the current state of our business, we continue to be excited about the platform we've been building here at Getty over the last several years. We've evolved significantly from our days as a Northeast gas station REIT by expanding our investment thesis, adding resources to our investment team, improving our access to capital, and demonstrating that we can consistently deliver strong financial results while maintaining an investment-grade credit profile. And we've achieved this during a period of market disruption uncertainty, and volatility in both the transaction and capital markets. Looking ahead, we remain focused on acquiring well-located convenience and automotive retail properties, leased to growing regional and national operators, and leveraging our underwriting expertise, real estate selection, and lease structuring capabilities to support our investment decisions and mitigate credit risks. Finally, I am pleased that our board approved an increase of 3.2% in our recurring quarterly dividend to 48.5 cents per share. This represents the 12th straight year we've grown the dividend alongside our earnings. With that, I will let Mark discuss our portfolio and investment activities.