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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