Getty Realty Corporation

Good morning and welcome to Getty Realty third 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 third quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended September 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 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, 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 third 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 is having the most productive year of my tenure with more than $500 million of year-to-date investments highlighted by our recently closed $261 million sale leaseback transaction with Refuel. We have long said that one of Getty's advantages is the relationships we have in our target sectors and this transaction is a clear demonstration of that. This was an off-market deal that we negotiated directly with Refuel, a convenience retail operator that we have been cultivating a relationship with since 2019 and who has been a tenant of Getty's since 2021. Refuel is a leading operator in the convenience store sector known for its premium brand, growing platform and high quality real estate. all of which align well with our underwriting criteria. They are one of the largest regional convenience store platforms in the country, operating approximately 250 locations under the Refuel and Double Quick brands across five states in the southeastern U.S. We worked closely with the Refuel Management Team to size the portfolio and ultimately acquired 41 locations. These assets are spread across several growth markets including Raleigh-Durham in North Carolina, Charleston and Myrtle Beach in South Carolina, Austin and San Antonio in Texas, and the Greater Jackson metro area in Mississippi. All of these locations are modern large format convenience stores that include proprietary hot food offerings and or branded quick service restaurants and average nearly 5,000 square feet and two and a half acres per site. Even as capital costs have shifted since we priced the transaction, the initial cash yield reflects the quality of the real estate and the operator, as well as the opportunity to complete the transaction outside of a competitive process. Importantly, we funded a substantial portion of the transaction with capital raised earlier in the year at lower costs, which allowed us to generate a positive initial investment spread. We were also able to identify capital recycling opportunities within our existing portfolio that allow us to capture outsized value for certain properties and accretively redeploy the proceeds into the refuel portfolio. Again, I will say that we are thrilled to increase our exposure with a stronger operator of refuel and to own these large modern convenience store assets in some of the best markets across the U.S. In addition to the refill transaction, we've invested more than $240 million across a diverse set of convenience and automotive retail assets year to date, including collision centers, drive-through QSRs, oil change facilities, express tunnel car washes, and other large format convenience stores. This activity has helped drive a 21% year-over-year increase in our annualized base rent, 5% growth in our year-to-date AFFO per share, and another increase in our full-year 2026 earnings guidance range. These results demonstrate the effectiveness of our platform and our ability to consistently source relationship-based leasebacks in our core convenience and automotive retail real estate sectors. But our ability to source opportunities must be matched by disciplined capital allocation. We will deploy capital only when expected investment spreads As we look at the spectrum of opportunities beyond what we have under contract, it is clear that the rapid increase in interest rates and broader capital costs are having an impact on the transaction market for commercial properties in our target sectors. We think it is important that we remain positioned to serve our tenant base and capture the opportunities that will inevitably surface as the market recalibrates. While we are real estate investors at our core, operators in our target sectors also view us as a financing source. Our capital helps them invest in their businesses, grow their store networks, and manage their balance sheets. We want to continue supporting these efforts. That said, we intend to remain disciplined in our underwriting and approach to capital allocation. We will continue to prioritize owning well-located properties with strong access and visibility in densely populated or growing metro areas. We will structure leases that require site-level financial reporting and other landlord protections. And we will continue to be thoughtful about how we raise and deploy capital to ensure we are doing so in a creative manner. The long-term health of our portfolio is paramount, and we remain confident in the quality, durability, and ongoing diversification of our asset base, as well as the tenants that occupy our real estate who provide essential goods and services to the mobile consumer. We believe that we have built a differentiated platform that can drive disciplined growth as we continue to lean into our focused investment strategy and our core convenience and automotive retail sectors. Finally, I'm pleased to report that our board of directors approved an increase of 3.1% in our recurring quarterly dividend to 50 cents per share. This represents the 13th straight year we have grown the dividend alongside our earnings. With that, I will let RJ discuss our portfolio and investment activities. Thank you, Chris.