Getty Realty Corporation

Good morning, and welcome to the Getty Realty first quarter 2026 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, sir.

Thank you, operator. I would like to thank you all for joining us for Getty Realty's first quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended March 31, 2026. The form 8K and 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 2026 guidance and may include statements made by management, including those regarding the company's future financial performance, future operations 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, 2025, as well as any 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 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 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 first quarter of 2026. Joining us on the call today are Brian Dickman, our Chief Financial Officer, and RJ Ryan, our Chief Investment Officer. I will lead off today's call by providing highlights of Getty's first quarter financial performance and investment activity. RJ will then discuss our portfolio and investments in greater detail, and Brian will provide additional information regarding our earnings, balance sheet, and 2026 ASFO per share guidance. I am pleased to report that Getty is off to a strong start in 2026, highlighted by a 13.1% year-over-year increase in our annualized base rent, a 6.8% increase in our ASFO per share, and an increase to our full-year 2026 earnings guidance. The foundation for this growth is our in-place portfolio, which is essentially fully occupied, achieved 100% rent collections, and continues to demonstrate stable rent coverage. Despite volatility driven by current geopolitical events, our tenants and their businesses have once again proved their resilience and ability to perform during rapidly changing operating conditions. Building on that foundation is the impact of the capital we deployed in 2025 and year-to-date. We are seeing the benefits of investments we've made in our platform to accelerate growth, including a larger investment team, new technologies, and improved processes. And we expect to capitalize on constructive transaction markets for convenience and automotive retail properties throughout the year. Year-to-date, we have invested more than $34 million at an initial cash yield of 8%. Beyond that, beyond what we have closed, We have approximately $125 million of investments under contract, as well as a pipeline of transactions under signed non-binding letters of intent that is in excess of the pipeline which was disclosed at the time of our recent equity offer. This pipeline is supported by a robust capital position as our recent capital markets activities have provided us with significant liquidity and attractive cost of capital to fund our 2026 business plan. We currently have more than $170 million of unsettled forward equity, and our $450 million revolver is completely undrawn. When we look at the spectrum of opportunities under contract and in our pipeline, we are confident that we can deploy this capital accretively as we move through the year. As we think about the rest of 2026 and beyond, I take great comfort in the quality of our portfolio, including its proven durability and ongoing diversification. I have no doubt that the platform we've built can drive disciplined growth as we continue to lean into our expertise in sourcing, underwriting, and closing investments in our core convenience and automotive retail sectors. We remain committed to our disciplined underwriting approach, which prioritizes owning real estate in high-density or growing metro areas, with excellent access and visibility in retail markets, and which is leased to creditworthy operators under a long-term triple net leasing. The sectors we invest in are large and fragmented and benefit from prevailing consumer demand, consumer trends for demand, convenience, speed, and service. As these industries continue to consolidate and become more institutional, we believe our direct selling-back approach and deeper relationships in our target segments uniquely positions Getty to grow with both established and emerging retailers. With that, I'll let RJ discuss our portfolio and investment activities.