Getty Realty Corporation

Good morning and welcome to Getty Realty's second 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, Mr. Dicker.

Thank you, Operator. 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 and operating results for the quarter ended June 30, 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 that 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, 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 duties 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 second 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 quarterly 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. Getty continues to differentiate itself through its focused investment strategy and relationship-driven sale-leaseback approach to deal origination. Our investment platform is producing consistent external growth while our in-place portfolio generates durable cash flows. Our results for the second quarter reflect both of these dynamics. as we increased our annualized base rent by 15%, grew our AFFO per share by 5.1%, and increased our full year of 2026 earnings guidance for the second time this year. The foundation of our results remains our in-place portfolio, which was largely constructed over the last decade through direct sale leaseback transactions featuring appropriate initial rents, Long initial lease terms and contractual rent escalators. The portfolio is essentially fully occupied, has an average remaining lease term of more than 10 years, and continues to produce stable rent coverage. Despite the economic volatility driven by geopolitical events, our tenants and their businesses have once again proven their resilience and ability to perform during rapidly changing operating conditions. Looking at our portfolio, based on site-level reporting we received from our convenience store tenants, fuel margins averaged 46 cents per gallon for the first quarter of 2026, which was an increase of more than 10% compared to fuel margins they reported in the first quarter of 2025. Equally important, the challenging macro conditions have not resulted in a material deterioration in consumer demand across our core categories. Public company operators have reported modest increases in same-store sales, and recent market-level data indicates continued year-over-year growth in both convenience-oriented retail sales and automotive service revenue. Turning to our investment activities, year-to-date we have deployed more than $172 million at an initial cash yield of 7.6%. Beyond what we have closed, we have approximately $95 million of investments under contract as well as a robust pipeline of transactions under signed non-binding letters of intent. The transaction market for convenience and automotive retail properties remains constructive and we continue to see an acceleration in the pace of our sourcing and underwriting, which we expect to translate into additional closings as we move through the balance of the year. We are also in an excellent capital position as our recent capital markets activities have provided us with significant liquidity and an attractive cost of capital to fund our 2026 business plan. We currently have more than 190 million of unsettled forward equity and significant capacity under our $450 million revolver. When we look at the spectrum of opportunities under contract and in our pipeline, we are confident that we can deploy this capital in a productive and a creative manner. As we think about our prospects for the rest of 2026 and beyond, I take comfort in the quality of our portfolio, including its proven durability and ongoing diversification. And I'm confident that the direct sale leaseback platform we've built can drive disciplined growth as we lean into our differentiated expertise in sourcing, underwriting, and closing investments, and our core convenience and automotive retail sectors. We remain committed to our disciplined underwriting approach, which prioritizes owning high-quality assets in densely populated or growing metro areas, with strong access, visibility, and retail synergies, which has leased to both established and emerging creditworthy operators. With that, I'll let RJ discuss our portfolio and investment activities.