The following is a summary of the Getty Realty Corp. (GTY) Q3 2024 Earnings Call Transcript:
Financial Performance:
Getty Realty reported a 13.1% increase in annualized base rent from the prior year.
AFFO per share increased by 3.5% for the quarter and 3.6% year-to-date.
Raised full-year 2024 AFFO guidance due to strong financial results.
Business Progress:
Expanded portfolio with $148 million invested at an 8% initial cash yield focusing on convenience and automotive retail.
Added five new tenants and expanded relationships with nine existing tenants.
Successfully extended two significant unitary leases, contributing to a weighted average lease term increase to more than 10 years.
Raised over $245 million through common equity and unsecured debt to fund investments and refinance near-term maturities.
Opportunities:
Diverse investment in property types such as convenience stores, express tunnel car washes, auto service centers, and drive-thru QSRs reflects strength and strategic positioning.
The direct sale-leaseback model continues to enhance tenant relationships and optimize underwriting performance.
Risks:
Remaining uncertainties in the economy and upcoming elections may impact market conditions.
Material bid-ask spreads persist in the net lease properties sector, reflecting ongoing market volatility.
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