Getty Realty Corp (GTY) 2024 Q2 法說會逐字稿

Good morning, and welcome to Getty Realty's Second Quarter 2024 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 our Safe Harbor statement and provide information about non-GAAP financial measures. Please go ahead.

早安，歡迎參加 Getty Realty 2024 年第二季財報電話會議。此通話正在錄音。演講結束後，將有機會提問。在開始通話之前。公司執行副總裁、總法律顧問兼秘書 Joshua Dicker 將閱讀我們的安全港聲明並提供有關非 GAAP 財務措施的資訊。請繼續。

Mr. Dicker.

迪克先生。

Thank you, operator.

謝謝你，接線生。

I would like to thank you all for joining us for Getty Realty's second quarter earnings conference Call. Yesterday, the company released its financial operating results for the quarter ended June 30th, 2024, Form 8-K and earnings release are available in the Investor Relations section of our website at Getty Realty.com.

我要感謝大家參加 Getty Realty 第二季財報電話會議。昨天，該公司發布了截至 2024 年 6 月 30 日的季度財務營運業績，表格 8-K 和收益發布可在我們網站 Getty Realty.com 的投資者關係部分取得。

Certain statements made in the course of 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 differ materially from those described in the forward-looking statements.

本次電話會議中所做的某些陳述並非基於歷史信息，可能構成前瞻性陳述。這些陳述反映了管理層目前的期望和信念，並受到趨勢、事件和不確定性的影響，可能導致實際結果與前瞻性陳述中描述的結果有重大差異。

Examples of forward-looking statements include our 2024 guidance and may include statements made by management including those regarding the Company's future operations, future financial performance or investment plans and offer opportunities.

前瞻性陳述的例子包括我們的 2024 年指導，並可能包括管理層所做的陳述，包括有關公司未來營運、未來財務表現或投資計劃和提供機會的陳述。

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. And, I refer you to the Company's annual report on Form 10-K for the year ended December 31st, 2023. For a more detailed discussion of the risks and other factors that could cause actual results to differ materially in those expressed or implied in any forward-looking statements made today.

我們提醒您，此類陳述反映了我們根據目前已知因素做出的最佳判斷，實際事件或結果可能存在重大差異。並且，請參閱本公司截至 2023 年 12 月 31 日止年度的 10-K 表格年度報告。更詳細地討論可能導致實際結果與今天所做的任何前瞻性陳述中明示或暗示的結果存在重大差異的風險和其他因素。

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, forward 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.

您不應過度依賴前瞻性陳述，這些陳述僅反映我們今天的觀點。該公司不承擔更新本次電話會議期間可能做出的任何前瞻性陳述的責任。另外，請參閱我們的收益發布、對我們使用非 GAAP 財務指標的前瞻性討論，包括我們對營運或 AFFO 調整後資金的定義以及我們對這些指標與淨利潤的調整。

With that, let me turn the call over to Christopher Constant, our Chief Executive Officer.

接下來，讓我將電話轉給我們的執行長 Christopher Constant。

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the second quarter of 2024. For joining us on the call today are Mark Olear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer.

謝謝你，喬許。大家早安，歡迎參加我們的 2024 年第二季財報電話會議。我們的營運長 Mark Olear 和財務長 Brian Dickman 參加了今天的電話會議。

I will lead off today's call by summarizing our financial results and year to date investment activities and we'll provide commentary on the continued resilience of our convenience store and car wash trend. Mark will then take you through our portfolio, and Brian will further discuss our financial results and guidance.

我將在今天的電話會議中總結我們的財務表現和今年迄今為止的投資活動，我們將對便利商店和洗車趨勢的持續彈性發表評論。然後，馬克將帶您了解我們的投資組合，布萊恩將進一步討論我們的財務表現和指導。

Last night, we reported a strong quarter, which was headlined by a 15% year-over-year increase in annualized base rent, a 3.6% increase year over year in our AFFO per share, more than $100 million year to date investments and an increase in our full year earnings guidance. Our investment activity in the quarter continues to demonstrate the benefits of our differentiated platform, including our deep network of industry relationships and underwriting expertise within the convenience and automotive retail sectors.

昨晚，我們報告了一個強勁的季度，其主要特點是年化基本租金同比增長 15%，每股 AFFO 同比增長 3.6%，年初至今的投資超過 1 億美元，以及提高我們的全年盈利指導。我們本季的投資活動繼續展示了我們差異化平台的優勢，包括我們在便利和汽車零售領域深厚的行業關係網絡和承保專業知識。

We completed nearly $62 million of investments in the second quarter across 23 properties that were diversified across our four primary convenience and automotive retail asset class being convenience stores, Express tunnel, car washes, auto service centers and drive-through, quick service restaurants.

第二季度，我們在23 個物業中完成了近6,200 萬美元的投資，這些物業在我們的四個主要便利和汽車零售資產類別中實現多元化，即便利商店、快速隧道、洗車場、汽車服務中心和得來速快餐店。

Consistent with prior years, approximately 90% of our investments year to date were direct transactions, and we added three new national names to our growing tenant roster while also expanding our relationships with six existing tenants.

與往年一樣，我們今年迄今約 90% 的投資都是直接交易，我們在不斷增長的租戶名單中增加了三個新的國家名稱，同時也擴大了與六個現有租戶的關係。

We continue to be well positioned to create value for shareholders throughout market cycles, both through the strength of our in-place portfolio, which delivers reliable rental income and our ability to source and close new investment opportunities that further advance our growth and portfolio diversification efforts. So,to that end, we currently have an investment pipeline of more than $53 million of assets under contract at a blended cap rate approaching the mid 8% area.

我們繼續處於有利位置，可以在整個市場週期為股東創造價值，既透過我們現有投資組合的實力，提供可靠的租金收入，又透過我們尋找和完成新投資機會的能力，進一步推動我們的成長和投資組合多元化努力。因此，為此，我們目前擁有超過 5,300 萬美元的合約資產投資管道，混合上限利率接近 8% 的中間區域。

In addition, thanks to the efforts of our investments team, we continue to underwrite a steady flow of potential acquisition opportunities to add to our pipeline. I'm quite pleased with our recent financial results and investment activity. In general, in light of market conditions over the last several quarters. And I want to again emphasize the consistent and thoughtful manner in which we approach our business.

此外，由於我們的投資團隊的努力，我們繼續承保源源不絕的潛在收購機會，以增加我們的管道。我對我們最近的財務表現和投資活動非常滿意。總體而言，根據過去幾季的市場狀況。我想再次強調我們處理業務的一致和深思熟慮的方式。

Our success is driven by our targeted investment strategy, our deep industry knowledge and relationships, our strict underwriting criteria and the strength of the game team that works tirelessly to manage our in-place portfolio and execute our growth strategy.

我們的成功得益於我們有針對性的投資策略、深厚的行業知識和關係、嚴格的承保標準以及遊戲團隊的實力，他們孜孜不倦地管理我們的現有投資組合併執行我們的成長策略。

We also continue to benefit from the strong fundamentals across our target retail sectors and the performance of our institutional tenants for maintaining healthy profit margins and rent coverage ratios.

我們也持續受益於目標零售業的強勁基本面以及機構租戶的表現，以維持健康的利潤率和租金覆蓋率。

With regard to the convenience store industry, the National Association of Convenience Stores recently published their state of the industry report for 2023. Overall, the report, which compiled survey data for convenience stores across every region of the United States demonstrated both the stability of the convenience store industry and the increasing importance of inside sales and foodservice.

關於便利商店產業，全國便利商店協會最近發布了2023年產業狀況報告。總體而言，該報告匯集了美國各地區便利商店的調查數據，證明了便利商店行業的穩定性以及內部銷售和餐飲服務日益增長的重要性。

For 2023, total inside store sales grew more than 8% to a record $328 billion. The standout figure from the report was a more than 10% increase in average monthly gross profit from foodservice sales.

2023 年，店內總銷售額成長超過 8%，達到創紀錄的 3,280 億美元。報告中最引人注目的數字是餐飲服務銷售的月均毛利潤增加了 10% 以上。

Other key highlights from the report were continued healthy fuel margins despite pulling back from record high levels in 2022, stable fuel volumes and slowing expense growth inside the store, which also contributed to the year-over-year increase in overall gross profitability. With respect to the carwash sector, the recent performance of our tenants further demonstrates the resiliency of the Express tunnel carwash business.

該報告的其他主要亮點是，儘管燃料利潤率從2022 年創紀錄的高位回落，但燃料利潤率仍然保持健康，燃料量穩定，店內費用增長放緩，這也促進了整體毛利潤率的同比增長。就洗車產業而言，近期租戶的表現進一步證明了快速隧道洗車業務的彈性。

We've been selective in adding carwash tenants to our portfolio over the last few years and have chosen to work with either top 20 national operators or companies that have a dominant regional market position. Based on the site level data getting overseas carwash coverage ratios increased for substantially all of our tenants with sites that have been operating our portfolio for at least one full year. The growth in revenues for this sector continues to be driven by unlimited wash membership.

過去幾年，我們一直有選擇性地將洗車場租戶添加到我們的投資組合中，並選擇與全國 20 強營運商或具有主導區域市場地位的公司合作。根據現場數據，我們的幾乎所有租戶的海外洗車覆蓋率均有所增加，這些租戶的場地已經運營我們的投資組合至少一整年。該行業收入的增長繼續受到無限洗會員資格的推動。

Before I turn the call over to Mark, I'll close by noting that despite the recent CPR report and subsequent run-up in net-lease REIT share prices. We expect continued challenges in the transaction and capital markets as we move through the remainder of 2024.

在我把電話轉給馬克之前，我最後要指出的是，儘管最近的 CPR 報告以及隨後淨租賃房地產投資信託基金股價的上漲。我們預計，在 2024 年剩餘時間裡，交易和資本市場將繼續面臨挑戰。

There is still considerable uncertainty with respect to interest rates, material bid-ask spreads between buyers and sellers, that led to a significant increase in for-sale inventory net leased assets. And, we are in a geopolitical environment that seems to surprise almost daily

利率、買賣雙方之間的重大買賣價差仍存在相當大的不確定性，導致待售存貨淨租賃資產大幅增加。而且，我們所處的地緣政治環境幾乎每天都令人驚訝

Nevertheless, as I said at the beginning of my remarks, we believe that Getty is well positioned to continue to execute and create value for our shareholders. Our in-place portfolio continues to generate reliable and growing rental income. Our balance sheet is in great shape with leverage in the middle of our target range and ample liquidity and the more than $100 million of investments closed year to date, plus the $53 million of investments we have under contract will drive additional earnings growth.

儘管如此，正如我在演講開始時所說的那樣，我們相信 Getty 處於有利位置，可以繼續為我們的股東執行任務並創造價值。我們的現有投資組合繼續產生可靠且不斷增長的租金收入。我們的資產負債表狀況良好，槓桿率處於目標範圍的中間，流動性充足，今年迄今已完成超過 1 億美元的投資，加上我們合約下的 5300 萬美元投資，將推動額外的盈利增長。

Meanwhile, as I've mentioned a number of times, our team here again continues to work hard to source new investment opportunities and actively manage our portfolio and balance that I will turn the call over to Mark to discuss our portfolio and investment activity.

同時，正如我多次提到的，我們的團隊再次繼續努力尋找新的投資機會並積極管理我們的投資組合和平衡，我將把電話轉給馬克討論我們的投資組合和投資活動。

Thank you, Chris. As of the end of the quarter, our lease portfolio included 1,119 net lease properties and two active redevelopment sites. Excluding active redevelopments. Occupancy was at 99.7% our weighted average lease term remained at 9.2 years. Our full our portfolio spans 42 states plus Washington D.C. 59% of our annualized base rent coming from the top 50 MSAs and 75% coming from the top 100 MSAs.

謝謝你，克里斯。截至本季末，我們的租賃投資組合包括 1,119 個淨租賃物業和兩個活躍的重建場地。不包括積極的重建。入住率為 99.7%，加權平均租賃期限維持在 9.2 年。我們的全部投資組合涵蓋 42 個州以及華盛頓特區。

Our rents are well covered with a trailing 12-month tenant rent coverage ratio of 2.6 times, which has generally been consistent over the last four to five years, demonstrating the resiliency of our tenants businesses despite macroeconomic volatility we've experienced in that timeframe.

我們的租金得到了很好的保障，過去12 個月的租戶租金覆蓋率為2.6 倍，這一數據在過去四到五年內基本上保持一致，這表明，儘管我們在此期間經歷了宏觀經濟波動，但我們的租戶業務仍具有彈性。

Turning to our investment activities, we had another strong quarter for sure getting invest $61.7 million across all of our target sectors and attractive MSAs around the country. Highlights of this quarter's investment include the acquisition of nine global service center properties located primarily in the Southeastern U.S. $26 million Seven express telecom carwashes located in various markets in the US for $30.2 million, of which $9.4 million was funded in previous quarters, One drive-through QSR in Missouri for $5.1 million and one convenience store located in Arkansas for $4.3 million.

談到我們的投資活動，我們又一個強勁的季度肯定會在我們的所有目標行業和全國各地有吸引力的 MSA 中獲得 6170 萬美元的投資。本季投資的亮點包括以2,600 萬美元收購主要位於美國東南部的9 個全球服務中心資產，以3,020 萬美元收購位於美國各個市場的7 個快速電信洗車場，其中940 萬美元是前幾季度的資金，一個驅動-密蘇裡州的 QSR 售價為 510 萬美元，阿肯色州的一家便利商店售價為 430 萬美元。

We also advanced incremental development funding in the amount of $5.5 million, construction of five new-to-industry convenience stores, express tunnel car washes and auto service centers. These assets are either already owned by the company and are under construction or will be acquired via sale leaseback transaction at the end of the projects with respect to the construction period.

我們也預付了550萬美元的增量開發資金，建造了5家新業便利商店、快速隧道洗車場和汽車服務中心。這些資產要么已歸公司所有並正在建設中，要么將在項目建設期結束時通過售後回租交易獲得。

For the quarter, the aggregate initial yield on our investment activity was 8.1% and the weighted average lease term for acquired properties has more than 14.5 years. Subsequent to quarter end, we invested $1.5 million towards the development and or acquisition of several express our car washes.

本季度，我們投資活動的總初始收益率為 8.1%，所收購房產的加權平均租賃期限超過 14.5 年。季度末後，我們投資了 150 萬美元用於開發和/或收購幾家快速洗車場。

The cumulative results of our investment activity year to date is gross investments of $103.8 million at an initial cash yield of 7.9% spread across our four target conditions. In addition, we currently have more than $53 million in acquisitions and development funding transactions under contract and average yields that are nearly 50 points wider than our year to date before. We expect the majority of these transactions to close of approximately next six months.

年初至今，我們投資活動的累積結果為總投資 1.038 億美元，初始現金收益率為 7.9%，涵蓋我們的四個目標條件。此外，我們目前根據合約進行了超過 5,300 萬美元的收購和開發融資交易，平均收益率比去年迄今高出近 50 個百分點。我們預計大部分交易將在未來六個月左右完成。

Moving to our redevelopment platform, during the quarter, we invested approximately 490,000 in projects for which are in various stages in our pipeline. We ended the quarter with three signed leases for redevelopment projects are seeing renewed interest, from retailers to expand whose expansion plans overlap with our footprint in our portfolio. As a result, we are expecting increased leasing activity over the next several quarters that will drive new development projects for the next few years.

轉向我們的再開發平台，本季我們對處於不同階段的專案投資了約 49 萬美元。本季結束時，我們簽署了三項重建項目的租約，零售商重新燃起了興趣，他們的擴張計劃與我們投資組合中的足跡重疊。因此，我們預計未來幾季的租賃活動將會增加，這將推動未來幾年的新開發案。

Turning to our asset management activities, we did not have any dispositions in the quarter, but did exit one lease property. Overall and notwithstanding the recent equity market activity for net lease rates, there has not been a lot of change in market sentiment across our asset sectors.

談到我們的資產管理活動，我們在本季沒有進行任何處置，但確實退出了一項租賃物業。整體而言，儘管近期淨租賃利率的股市活動活躍，但我們資產領域的市場情緒並未發生太大變化。

Seller expectations for lower cap rates persist and have resulted in an overall reduction in transaction volumes increase in the inventory of assets for sale. That said, our activity to date demonstrates that Getty can't source opportunities in our target sectors at higher cap rates to reflect our view of current market prices.

賣方對較低資本化率的預期持續存在，並導致待售資產庫存交易量整體減少。也就是說，我們迄今為止的活動表明蓋蒂無法以更高的資本化率在我們的目標產業中尋找機會來反映我們對當前市場價格的看法。

While we remain disciplined with respect to capital deployment, we continue to benefit from our relationship-based strategy which prioritizes direct business with new and repeat tenants. As Chris mentioned, we are underwriting a variety of potential investment opportunities, and we are confident that we will be able to accretively deploy capital as we move remove moves through the remainder of the year.

雖然我們在資本部署方面保持紀律，但我們繼續受益於我們基於關係的策略，該策略優先考慮與新租戶和回頭客的直接業務。正如克里斯所提到的，我們正在承保各種潛在的投資機會，我們有信心，隨著我們在今年剩餘時間裡進行搬遷，我們將能夠增加部署資本。

With that, I will turn the call over to Brian.

這樣，我會將電話轉給布萊恩。

Thanks, Mark. Good morning, everyone. Let me start with two sort of housekeeping items before we jump in. First my remarks this quarter will attempt to focus on information that is incremental to that, which is provided in our earnings release. Our release is relatively detailed that includes a fair amount of commentary on our financial results. So, I encourage everyone to read through it if you haven't already. And, second last night, we posted a refreshed corporate profile to our websites that's not a complete overhaul, but there is some new material in there and we made references from time to time so I wanted everyone to be aware that the presentation.

謝謝，馬克。大家早安。在我們開始之前，讓我先從兩種家務用品開始。首先，我本季的演講將嘗試重點關注我們的收益發布中提供的增量資訊。我們的發布相對詳細，其中包括對我們財務業績的大量評論。因此，如果您還沒有閱讀過，我鼓勵大家仔細閱讀。昨晚，我們在網站上發布了更新的公司簡介，這並不是徹底的修改，但其中有一些新材料，我們不時進行參考，所以我希望每個人都知道該演示文稿。

With that yesterday, we reported FFO per share of $0.58 for Q2 2024, representing an increase of 3.6% over Q2 2023. For the six months period ended June 30th, FFO per share was $1.15 up 2.7% compared to the prior year period. Importantly, we were able to increase our full year 2024 FFO guidance to a range of $2.30 to $2.32 per share, which implies growth at the midpoint of 2.7% over 2023.

昨天，我們報告 2024 年第二季的 FFO 為每股 0.58 美元，比 2023 年第二季成長 3.6%。截至 6 月 30 日的六個月期間，每股 FFO 為 1.15 美元，比去年同期成長 2.7%。重要的是，我們能夠將 2024 年全年 FFO 指引提高至每股 2.30 美元至 2.32 美元的範圍，這意味著 2023 年的中位數成長為 2.7%。

While that implied growth rate is inside of the mid-single digit growth we've delivered on average over the last several years. The trajectory is encouraging and we think reflects positively on our business model, given the challenging market conditions that have persisted for our sector.

雖然這個隱含成長率在我們過去幾年平均實現的中個位數成長範圍內。鑑於我們行業持續面臨的充滿挑戰的市場條件，這一軌跡令人鼓舞，我們認為這對我們的商業模式產生了積極的影響。

As a reminder, our guidance includes only transaction and capital markets activity that has occurred to date and does not otherwise assume any acquisitions, dispositions or capital markets activities for the remainder of 2024.

提醒一下，我們的指引僅包括迄今為止發生的交易和資本市場活動，並且不假設 2024 年剩餘時間內發生任何收購、處置或資本市場活動。

Primary factors impacting our outlook include variability with respect to certain operating expenses, deal pursuit costs and the timing of anticipated demolition costs for redevelopment projects, which run through property costs in our P&L.

影響我們前景的主要因素包括某些營運費用、交易追求成本以及重建項目預期拆除成本的時間安排，這些費用貫穿我們損益表中的房地產成本。

A summary of our earnings and dividend per share growth over the last five years, along with information illustrating the stability and increased diversification within our portfolio over that same timeframe can be found on pages 8 and 9 of the updated presentation i referenced earlier.

我之前提到的更新簡報的第 8 和第 9 頁可以找到我們過去五年的收益和每股股息成長的摘要，以及說明同一時間範圍內我們投資組合的穩定性和多元化程度的資訊。

A couple of other P&L related items that we focus on our annualized base rent or ABR and our G&A load. ABR as of June 30th, 2024 was $185,000, an increase of 15.6% over the $160 million we reported as of June 30th, 2023. While AFFO per share growth is our primary objective. Top line rental growth is a significant part of that something we've been able to accelerate over the last few years as we've enhanced our acquisitions platform.

其他幾個與損益相關的項目，我們將重點放在我們的年化基本租金或 ABR 以及我們的 G&A 負擔。截至 2024 年 6 月 30 日，ABR 為 185,000 美元，比我們截至 2023 年 6 月 30 日報告的 1.6 億美元增長了 15.6%。而 AFFO 每股成長是我們的首要目標。隨著我們增強收購平台，過去幾年我們能夠加速成長，頂線租金成長是其中的重要組成部分。

With respect to G&A, we typically look at two ratios, total G&A as a percentage of total revenue and G&A, excluding stock-based compensation and nonrecurring retirement severance costs, the G&A that flows through at a FFO, we look at that as a percentage of cash rental income and interest income.

關於 G&A，我們通常關注兩個比率，總 G&A 佔總收入的百分比，以及 G&A（不包括股票薪酬和非經常性退休遣散費），流經 FFO 的 G&A，我們將其視為百分比現金租金收入和利息收入。

For Q2 2024 for total G&A as a percentage of total revenue was 12.4%, down 80 basis points from 13.2% in Q2 2023, and what I'll call AFFOG G&A as a percentage of cash, rental income and interest income was 9.8% in Q2 2024, down 110 basis points from 10.9% in the prior year period. We continue to anticipate the G&A dollar amount increases will moderate and the G&A ratio, as we just discussed, will decrease as we continue to scale the company.

2024 年第二季度，總G&A 佔總收入的百分比為12.4%，比2023 年第二季度的13.2% 下降了80 個基點，我稱之為AFFOG G&A 佔現金、租金收入和利息收入的百分比為9.8 %。我們繼續預計，隨著我們繼續擴大公司規模，一般行政費用金額的成長將會放緩，正如我們剛才討論的那樣，一般行政費用比率將會下降。

Moving to some thoughts on the balance sheet and liquidity as of June 30th, 2024, net debt to EBITDA was 5.1 times or 4.9 times taking into account unsettled forward equity. Both metrics are right around the midpoint of our target range of 4.5 to 5.5 times, which is a level that we've been able to maintain for many years. Fixed charge coverage was a healthy 3.9 times as of June 30th.

關於截至 2024 年 6 月 30 日的資產負債表和流動性的一些想法，考慮到未結算的遠端權益，淨負債與 EBITDA 分別為 5.1 倍或 4.9 倍。這兩個指標都位於我們目標範圍 4.5 至 5.5 倍的中點附近，這是我們多年來一直保持的水平。截至 6 月 30 日，固定費用覆蓋率為健康的 3.9 倍。

Looking at access to capital and as of June 30th, we had more than $315 million of available liquidity, including approximately $36 billion of unsettled forward equity and more than $280 million of capacity on our unsecured revolving credit facility. Relative to our $53 million pipeline of acquisitions under contract with more than sufficient capital available to fund those transactions.

從資本取得情況來看，截至 6 月 30 日，我們擁有超過 3.15 億美元的可用流動資金，其中包括約 360 億美元的未結算遠期股本以及超過 2.8 億美元的無擔保循環信貸額度。相對於我們根據合約進行的價值 5300 萬美元的收購，我們擁有足夠的資本來為這些交易提供資金。

Some thoughts on debt maturities as we do have a few in 2025, starting with $50 million of unsecured notes at February. Those notes are currently at 4.75% and given the small notional amount, our thinking today is that we'll look to refinance that debt with either five or seven year private placement and add the amount to other maturities in those out years, simply utilize the revolver to repay that debt until we're in a position to do a new larger 10-year notes offering. In any case, we don't see any refinancing risk today, our pricing is likely to be at least a little bit higher than the current coupon will have a nominal impact on earnings due to the snowfall notional.

關於 2025 年債務到期的一些想法，從 2 月的 5,000 萬美元無擔保票據開始。這些票據目前的利率為4.75%，考慮到名目金額較小，我們今天的想法是，我們將尋求透過五年期或七年期私募為該債務再融資，並將該金額添加到這些年份的其他到期日中，只需利用償還債務，直到我們有能力發行新的、規模更大的 10 年期票據。無論如何，我們今天沒有看到任何再融資風險，我們的定價可能至少比目前的息票高一點，由於名義上的降雪，將對收益產生名義影響。

Now our revolving credit facility and term loan also mature in 2025, both in October, although both have extension options that can take the maturities out to October 2026. We'll work with our bank partners and evaluate our options with respect to both of those facilities. We have ample time to do so and as of today, don't anticipate any issues recasting the revolver or addressing the term loan upon maturity, whether that's in 2025 or 2026.

現在，我們的循環信貸便利和定期貸款也將於 2025 年到期，均在 10 月到期，儘管兩者都有延期選項，可以將到期期限延長至 2026 年 10 月。我們將與我們的銀行合作夥伴合作，評估我們對這兩個設施的選擇。我們有充足的時間來這樣做，從今天起，預計不會出現任何重鑄左輪手槍或解決定期貸款到期問題的問題，無論是 2025 年還是 2026 年。

In general, as we think about capital, we're committed to maintaining our target leverage levels and our investment grade credit profile and we'll continue to evaluate all capital sources to ensure that we're meeting those objectives as well as to ensure that we're funding investments in an accretive manner.

總的來說，當我們考慮資本時，我們致力於維持我們的目標槓桿水平和投資級信用狀況，我們將繼續評估所有資本來源，以確保我們實現這些目標並確保我們正在以增值的方式為投資提供資金。

In overview of our capital raising and deployment over the last five years, which we think highlights our capabilities as thoughtful capital allocators can be found on page 10 of that refreshed corporate profile.

關於我們過去五年的資本籌集和部署的概述，我們認為這突顯了我們作為深思熟慮的資本配置者的能力，可以在更新後的公司簡介的第 10 頁上找到。

With that, I will ask the operator to open the call for questions.

之後，我將要求接線員打開提問電話。

Thank you.

謝謝。

Ladies and gentlemen, we will now be conducting a question and answer session. If you would like to ask a question, please press star and one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star and two if you'd like to remove your question from the queue. For participants using speaker equipment it may be necessary to pick up your handset before pressing the star keys.

女士們、先生們，我們現在將進行問答環節。如果您想提問，請按電話鍵盤上的星號和一。確認音將表示您的線路已在問題佇列中。如果您想從佇列中刪除您的問題，可以按星號和二號。對於使用揚聲器裝置的與會者，可能需要在按星號鍵之前拿起聽筒。

Ladies and gentlemen, we will wait for a moment while we poll for questions. Our first question is from the line of Joshua Dennerlein with Bank of America. Please go ahead.

女士們先生們，我們將稍等片刻，然後進行投票提問。我們的第一個問題來自美國銀行的 Joshua Dennerlein。請繼續。

Hi, good morning. This is Farrell Granath on behalf of Josh. I just wanted to ask specifically about the pipeline that you're speaking about that you're seeing around the mid eight caps. And I was curious across your investment segments, where are you seeing that pricing?

嗨，早安。我是法雷爾·格拉納特，代表喬許。我只是想具體詢問您所談論的在中八上限周圍看到的管道。我對你們的投資領域很好奇，你們在哪裡看到這個定價的？

So the pipeline is very well distributed across all our asset classes. We've been able to maintain that pricing and align our view a lot of value with those sellers in and around that mid-8 range. I would say that if you had to put a range on across our assets, the quick service restaurants continue to be near to the bottom, that range and the other assets are pretty consistently. It's a more consistent across the assets, but the quick-service restaurants continue to demand a little higher value within those within those asset classes.

因此，管道在我們所有的資產類別中分佈得非常好。我們已經能夠維持這個定價，並將我們的觀點與 8 左右範圍內的賣家的許多價值保持一致。我想說，如果你必須對我們的資產進行一個範圍，那麼快餐店仍然接近底部，這個範圍和其他資產相當一致。各種資產的一致性更加一致，但快餐店繼續要求這些資產類別內的資產具有更高的價值。

Great. And are you seeing any increased competition, it may increased competition across and in the investment space.

偉大的。您是否看到競爭加劇，這可能會加劇投資領域的競爭。

I think the competitive landscape has remained generally the same over the last number of years. It's our reappears under-invested for space. Again, our investment team has been challenged with sourcing opportunities with our sellers and sellers that are repeat business that align with our opinion of value.

我認為過去幾年競爭格局基本上保持不變。這是我們再次出現的空間投資不足。我們的投資團隊再次面臨著向我們的賣家和重複業務的賣家尋找機會的挑戰，這些機會與我們的價值觀念一致。

And I think our pipeline, our pipeline growth in addition to the closings we've announced for the quarter, generating a higher pipeline from what we announced last quarter is a testament to those efforts.

我認為我們的管道、我們的管道增長以及我們宣布的本季的關閉，從我們上季度宣布的情況中產生了更高的管道，這證明了這些努力。

Great thank you so much.

非常感謝。

Thank you. Our next question is from the line of Brad Heffern with RBC Capital Markets. Please go ahead.

謝謝。我們的下一個問題來自加拿大皇家銀行資本市場的 Brad Heffern。請繼續。

Yeah. Hey, everybody, good morning thanks. For deals that you're pricing today out of the spreads, the cost of capital compared to what you would consider to be normal? And how much has that changed just given the rally over the past month?

是的。嘿，大家早上好，謝謝。對於您今天根據利差定價的交易，資金成本與您認為的正常水平相比如何？考慮到過去一個月的反彈，情況發生了多大變化？

Hey, Brad, it's Brian.

嘿，布萊德，我是布萊恩。

But, obviously very fluid on both fronts and that brought up in the equity prices is very,very fresh. I'd say about about two weeks of perhaps to the day, I'd say the things that we've closed on in that 100 basis point area that we've been articulating for the better part of the last several quarters.

但是，顯然這兩個方面都非常不穩定，而且股價帶來的變化非常非常新鮮。我會說大約兩週，也許直到今天，我會說我們在過去幾個季度的大部分時間裡一直在闡明的 100 個基點區域中已經結束的事情。

Some of the assets under contract that are closer to that mid-8 area are certainly wider. And that's probably how I would sum it up in terms of point in time, obviously seeing the run-up in the share price. We thought we would need to see it stabilize at those levels to really change any views that we had in terms of where we're deploying capital, could that lead to opportunities to increase a little bit of volume, perhaps some deals that are penciling today may pencil as that cost of capital flows through or I think more than likely and what you've heard from Chris and Mark, the efforts of the team to really push cap rates is, can we generate some higher investment spreads and drive earnings that way.

一些更接近 8 中部區域的合約資產肯定更寬。這也許就是我在時間點上總結的方式，顯然看到了股價的上漲。我們認為，我們需要看到它穩定在這些水平上，才能真正改變我們對資本部署方向的任何看法，這是否會帶來增加一點交易量的機會，也許是今天正在醞釀的一些交易可能會隨著資本成本的流動而下降，或者我認為很有可能，你從克里斯和馬克那裡聽到的，團隊為真正提高資本化率所做的努力是，我們能否產生一些更高的投資利差並以這種方式推動收益。

As a sector, we all typically talk about are certainly getting does your being at 100 to 150 basis point range on spread, and we've been operating at the lower end of that range for a while now. And, it would be certainly a nice development from our perspective, if we can push up towards the wider end. But specific to your question, I'd say close deals around that 100 basis point area deals under contract, a little bit wider than that. And we'll see what we can deliver going forward.

作為一個行業，我們通常談論的利差肯定是在 100 到 150 個基點範圍內，而我們已經在該範圍的下限運行了一段時間了。而且，從我們的角度來看，如果我們能夠朝著更廣泛的目標邁進，這無疑是一個很好的發展。但具體到你的問題，我想說的是，在合約下的 100 個基點區域交易附近完成交易，比這個範圍要寬一些。我們將看看未來能提供什麼。

Okay, got it.

好的，明白了。

And then on the 8% cap rates, I guess I'm a little surprised that the figures up so much from the year to date figure, is that some form of seller capitulation? And do you expect that that will ultimately end up being the peak, just given that your expectations for rates to go down have crystallized a little more?

然後關於 8% 的上限利率，我想我有點驚訝，這個數字比今年迄今為止的數字增長了這麼多，這是賣方投降的某種形式嗎？考慮到您對利率下降的預期已經更加具體化，您是否認為最終會達到高峰？

Yes, I think so 8.1% for the quarter and 7.9% year to date, i think the real driver of that is the first quarter, we had some development fundings that were coming to their end, right? And. all those deals just because they're typically priced 12 to 18 months ago, had some different cap rates as opposed to what a sale leaseback would be if we had signed in 2024 or even late 2023.

是的，我認為本季為 8.1%，年初至今為 7.9%，我認為真正的推動因素是第一季度，我們的一些開發資金即將到期，對吧？和。所有這些交易只是因為它們通常是在 12 到 18 個月前定價的，所以與我們在 2024 年甚至 2023 年末簽署的售後回租不同，它們的上限利率有所不同。

So I think that's what's really driving that. We've been consistently offering in the 8% range to 8% plus range for the balance of the year this year.

所以我認為這才是真正的推動因素。今年剩下的時間裡，我們一直提供 8% 至 8% 以上的折扣。

Okay. And, do you expect that to be the peak or do you think that there's more upside potentially?

好的。而且，您認為這會是頂峰還是還有更多潛在的上升空間？

I think our team is tasked with finding fantastic opportunities and done sourcing them and closing them at cap rates that create that spread that Brian has referenced.

我認為我們團隊的任務是尋找絕佳的機會，並完成採購它們並以創造布萊恩提到的價差的上限利率來完成它們。

Okay, thank you.

好的，謝謝。

Thank you. Our next question is from the line of Wes Golladay with Baird. Please go ahead.

謝謝。我們的下一個問題來自 Wes Golladay 和 Baird 的對話。請繼續。

Yes, good morning, everyone. Maybe a question for Brian, how are you thinking about the cost of equity versus the cost of debt? Would there be any, I guess, change in funding mix more equity or it would be an even balance for the deal?

是的，大家早安。也許有人問布萊恩，你如何看待股本成本與債務成本？我想，融資組合是否會有任何變化，更多的股權，或者交易會是平衡的平衡？

Really consistent, less than we have a 65-35 kind of baseline equity-to-debt capital funding model as it were. We historically haven't deviated much from that and we don't anticipate deviating much from that. Every once in a while you'll see situations like we saw, I guess now 18 months ago, where at the cost of equity and debt we're sort of on top of each other and we over-equitized the balance sheet a little bit at that time.

確實一致，比我們原來的 65-35 種基準股權債務資本融資模型要少。從歷史上看，我們並沒有偏離太多，而且我們預計不會偏離太多。每隔一段時間，你就會看到像我們所看到的情況，我想是 18 個月前，以股本和債務為代價，我們有點互相壓倒，而且我們的資產負債表有點過度資產化當時。

So we want to be thoughtful about how we're how we're raising capital where we're raising it. But from a general philosophy standpoint, I would say nothing has really changed and on, yes, as I said in my remarks, we're going to keep those leverage levels within that range, and we're going to trying to execute opportunistically or as needed to maximize the investment spreads. Pn the other side of what the guys are doing in terms of deploying the capital.

因此，我們要認真考慮如何在籌集資金的地方籌集資金。但從一般哲學的角度來看，我想說沒有什麼真正改變，是的，正如我在演講中所說，我們將把這些槓桿水平保持在這個範圍內，我們將嘗試機會主義地執行或根據需要最大化投資利差。另一方面，這些人在部署資本方面正在做什麼。

Okay. And then you mentioned you've been highly targeted on the car walking and the top 20 operators. Can you talk about how you're approaching the QSRs?

好的。然後您提到您一直高度關注汽車步行和前 20 名運營商。您能談談您是如何實現 QSR 的嗎？

Yes, I think certainly that's our newest sector Wes. And, if you think about how we approach any sector, right for us, it's about building up that knowledge base on the underwriting, getting that database of opportunities to really understand the differences between any concepts or regions or science restaurants or multiple draws relates almost all those different factors. Our success in that space will be driven by how successful we are at creating relationships again to direct transactions with either corporate or large franchisees that meet our underwriting criteria.

是的，我認為這當然是我們最新的部門韋斯。而且，如果你考慮我們如何處理任何行業，對我們來說，那就是在承保的基礎上建立知識庫，獲得機會資料庫，以真正理解任何概念或地區或科學餐廳或多次抽獎之間的差異幾乎相關所有這些不同的因素。我們在該領域的成功將取決於我們能否成功地再次與符合我們承保標準的公司或大型特許經營商建立關係以直接進行交易。

I'm sorry, again, I think we've been somewhat successful this year and kind of really making some inroads there. But, it's been a process, started investing a carwash in 19 auto service, more owners to 2021 QSR would really started in '23. I would make the argument were 12-18 months in there or less basket just going to take some time.

再次抱歉，我認為我們今年取得了一些成功，並且確實在這方面取得了一些進展。但是，這是一個過程，開始在 19 個汽車服務中投資洗車，到 2021 年 QSR 的更多車主將在 23 年真正開始。我認為在籃子裡呆 12-18 個月或更少只是需要一些時間。

But, the approach for us remains the same, focusing on sale leasebacks, supplementing that with some purchases of leases, which has been about 10% of our business or less over the last couple of years, but we really need to be direct in order to build up scale in that sector.

但是，我們的方法保持不變，重點關注售後回租，並透過購買一些租賃來補充，在過去幾年中，租賃約占我們業務的 10% 或更少，但我們確實需要直接進行，以便以擴大該領域的規模。

And I guess when you're using the car wash as an example, you built the relationships and it really took off in the last few years, became a big part of the pipeline. Do you think these other sectors will be a big part of the pipeline next year? Is it going to be more really making its way into the pipeline on the acquisitions maybe at 26 items?

我想當你以洗車為例時，你建立了關係，並且它在過去幾年中真正起飛，成為管道的重要組成部分。您認為這些其他行業會成為明年管道的重要組成部分嗎？是否會真正進入 26 個專案的收購流程？

I think we want to be balanced across all four, right, at the end of the day. I think what we're seeing and I'll use auto service as an example, right? What we're seeing there is a lot of consolidation, There's some M&A happening in that sector. There's new store development happening in that sector and that creates opportunities for us to invest, and I'd say in the QSR space, right, we're talking to a number of folks that are looking at opening new stores, maybe more new store development as opposed to M&A, but that again, that new store growth for certain concepts is starting to create opportunities for Getty to invest.

我認為最終我們希望在所有四個方面保持平衡。我認為我們所看到的，我將使用汽車服務作為例子，對吧？我們看到有很多整合，該行業正在發生一些併購。該領域正在開發新店，這為我們創造了投資機會，我想說的是，在 QSR 領域，對吧，我們正在與許多正在考慮開設新店的人交談，也許更多新店開發與併購不同，但同樣，某些概念的新店成長開始為蓋蒂投資創造機會。

Great. Thanks for the time, everyone.

偉大的。謝謝大家抽出時間。

Thank you. Our next question is from the line of Akhil Guntupalli with JP Morgan. Please go ahead.

謝謝。我們的下一個問題來自摩根大通的 Akhil Guntupalli。請繼續。

Good morning, everyone. I'm Akhil Goonthupalli from J.P. Morgan. Can you comment on how yields during transaction are and how do they turn out after they enter into an actual sale leaseback? How do the dynamics play out here?

大家早安。我是來自摩根大通的 Akhil Goonthupalli。您能否評論一下交易期間的收益率以及實際售後回租後的收益率如何？這裡的動態如何發揮？

Sorry, can you repeat that? Sorry, we broke up a little bit.

抱歉，您能再說一次嗎？抱歉，我們分手了一點。

I'm sorry, I couldn't hear you back to you.

抱歉，我沒能聽到你的回覆。

Can you repeat that question? We were it broke up a little.

你能重複一下這個問題嗎？我們就這樣分手了一點。

Yes, can you comment on how yields during construction are and how do they turn out after they enter into an actual sale leaseback with you guys. And, what dynamics play out here?

是的，您能否評論一下施工期間的收益率如何，以及與您進行實際售後回租後的結果如何。而且，這裡發生了什麼動態？

You are asking about the yields on the development projects and how actual results are comparing to the underwriting?

您詢問的是開發專案的收益率以及實際結果與承保相比如何？

Yes.

是的。

We did get a modest premium on yields for development funding of what is because of our commitment for future deals that we hedge against market market movement. So, there's a premium over a standard sale leaseback that might close in a shorter duration of time, and we feel that we should be compensated for that commitment on a go-forward basis.

我們確實在開發資金的收益率上獲得了適度的溢價，這是因為我們對未來交易的承諾，我們對沖市場波動。因此，與可能在更短的時間內完成的標準售後回租相比，存在溢價，我們認為我們應該在未來的基礎上為此承諾獲得補償。

That said, it is a a strong program for us that we when we listened to our comments about relationship management in a repeat business, growing with active operators, and we like to be a reliable source of funding to partner in lockstep with their growth while both protecting our interest against the time horizon and the forward commitment with development funding. I'm sorry, the second part of the question would be.

也就是說，這對我們來說是一個強大的計劃，當我們聽到我們對重複業務中的關係管理的評論時，與活躍的運營商一起成長，我們希望成為可靠的資金來源，與他們的成長保持同步，同時雙方根據時間範圍和發展資金的前瞻性承諾保護我們的利益。抱歉，問題的第二部分是。

Yes, I think the part, Akhil, where you're going was on the yields. The way the program is structured, it's not a situation where we have a rent and we're exposed to cost overruns such that realized yields could be less than underwritten yields. Again, if I think that's what you're asking.

是的，我認為，阿基爾，你要討論的部分是收益率。從該計劃的結構方式來看，我們不會遇到租金超支而導致實際收益率低於承保收益率的情況。再說一次，如果我認為這就是你問的問題。

We're structured at applying a yield to the final construction cost, right, where we protected ourselves from cost overruns and the rent is set at that level. So. from a yield perspective, the realized yields are what the underwritten yields were.

我們的結構是將收益率應用於最終的建築成本，正確的，我們保護自己免受成本超支的影響，並將租金設定在該水平。所以。從收益率的角度來看，實質收益率就是承保收益率。

Relative to the underlying property performance, the site level performance and I think we have referenced this maybe on our last call. We have several examples of stores that are exceeding the initial underwriting and then there is many that are still ramping up.

相對於基礎財產表現，場地水平表現，我認為我們可能在上次電話會議中提到了這一點。我們有幾個商店超出最初承保的例子，還有許多仍在增加。

A lot of these stores are very new to the portfolio. We have believe it or not fewer that have been operating for the full three year stabilized period or what's typically considered the stabilization period than those that are inside that timeframe.

其中許多商店對於我們的產品組合來說都是非常新的。我們相信，在整個三年穩定期或通常被認為是穩定期內運營的企業比在該時間範圍內運營的企業要少。

There is a long way of saying we have a lot of ramping stores and as you would expect, we're seeing some mixed performance there, but the yields that we underwrote are the yields that we are achieving from a rent perspective and on balance, I think we are seeing generally good ramp up and some properties in particular exceeding the underwritten projections.

有很長的說法，我們有很多正在擴張的商店，正如你所期望的那樣，我們在那裡看到了一些好壞參半的表現，但我們承保的收益率是我們從租金角度和總體上實現的收益率，我認為我們看到總體上良好的增長，特別是一些房產超出了承保的預測。

Got it. Yes, that was my question. Thank you. And one last question, does any part of your revenue growth as a function of adverse weather considering the recent hurricanes in Houston?

知道了。是的，這就是我的問題。謝謝。最後一個問題，考慮到休士頓最近發生的颶風，你們的收入成長是否有一部分是由於惡劣天氣造成的？

There has been no impact from anything that's going on in Houston. I think sorry, Akhil, I think we have a little bit of a bad connection. I think if you're asking if there was any impact from some of the weather related incidents and the answer there is no. We've had no interruption of any kind of rent collections and no knowledge of any property damage or anything to that effect.

休斯頓發生的任何事情都沒有產生影響。我想抱歉，阿基爾，我認為我們的關係有點不好。我想如果你問一些與天氣有關的事件是否有任何影響，答案是沒有。我們的租金收取沒有受到任何干擾，也不知道有任何財產損失或任何與此相關的事情。

Thank you for taking my questions.

感謝您回答我的問題。

Thank you.

謝謝。

Thank you. Our next question is from the line of Michael Gorman with BTIG. Please go ahead.

謝謝。我們的下一個問題來自 BTIG 的 Michael Gorman。請繼續。

Yeah, thanks. Good morning, Brian. I'm sorry if I missed it, but did you lay out kind of what the market looks like if you were to go into it today to replace the $50 million in maturities for next year, both if you kind of kept it on the smaller private placement side and went to 5% to 7% or if you went to a larger 10 year offering?

是的，謝謝。早安，布萊恩。如果我錯過了，我很抱歉，但是如果您今天進入市場以替換明年到期的 5000 萬美元，那麼您是否列出了市場的情況，如果您將其保留在較小的規模上私募方面，利率達到5% 到7%，或是否進行更大的10 年期發行？

No, we didn't get into any kind of pricing there. I would say, on the shorter end, we had have to get some indicators on that level around those timeframes those durations, excuse me. Ten year, we're probably in the low 6s at this point, call it 200 plus or minus over treasury. So, that would give you a 10 year and you can kind of extrapolate as to what something inside of that may look like.

不，我們沒有涉及任何定價。我想說，從短期來看，我們必須在這些時間框架和持續時間周圍獲得一些該水平的指標，請原諒。十年，我們此時可能處於 6 低點，稱之為 200 加或減國債。所以，這會給你 10 年的時間，你可以推斷其中的內容可能會是什麼樣子。

Great. That's helpful. And, then maybe, Chris, on some of the deal flow, what does the profile of the sellers look like in the market here, that's north of 8%. And maybe kind of what's there, what's the competitive financing market look like for them right now that that's driving them into that 8% CR rate.

偉大的。這很有幫助。克里斯，也許就某些交易流程而言，這裡市場上的賣家概況如何，大約在 8% 左右。也許是因為現在對他們來說競爭性的融資市場會是什麼樣子，促使他們達到 8% 的 CR 率。

So it's a mix right, of like what I'd say a small M&A, but a lot of new store development, Mike, is what's driving some of that or some simple balance sheet management. I think in general, what we've seen is the smaller M&A, it's a small operator, has built up 5, 10, 15 stores and is looking to exit and typically that works with one of our kind of regional super regional tenants, right, they can do sort of a tuck in acquisition there.

所以這是一個混合體，就像我所說的小型併購，但大量新店的開發，麥克，是推動其中一些或一些簡單的資產負債表管理的因素。我認為總的來說，我們看到的是規模較小的併購，它是一家小型運營商，已經建立了5、10、15 家商店，正在尋求退出，通常與我們的一種區域超級區域租戶合作，對吧，他們可以在那裡做一些收購。

The competitive market right tends to be the bank market, right, in a various form that that can take, right? So if you think about where floating rates are and what have you that kind of mid 8% number is pretty competitive. So it's a nice we are in a nice spot there in terms of being able to work with some existing tenants, help them continue to grow and provide what we think is competitively priced capital.

競爭性市場往往是銀行市場，對吧，可以採取各種形式，對吧？因此，如果你考慮一下浮動利率在哪裡以及你有什麼，那麼 8% 的中間數字是相當有競爭力的。因此，很高興我們能夠與一些現有租戶合作，幫助他們繼續發展並提供我們認為具有競爭力的價格資本。

Got it. That's helpful.

知道了。這很有幫助。

Thanks and then maybe just one last one zooming out a little bit and more strategically. When you think about the geographical footprint of the portfolio as you expand more into the other product types, is the geographical footprint that you're targeting or as you think about it the same across all of them? Are you does what you target for the car wash portfolio look different than the National C-Store portfolio footprint? And, just how should we think about the weightings geographically amongst the different parts of the portfolio?

謝謝，然後也許只是最後一個縮小一點，更具策略性的。當您在更多地擴展到其他產品類型時考慮產品組合的地理足跡時，您的目標地理足跡或您所考慮的地理足跡在所有產品中是否相同？您認為洗車產品組合的目標與全國便利商店產品組合的足跡是否有所不同？而且，我們應該如何考慮投資組合不同部分之間的地理權重？

Yes. I mean, we still lead with real estate, Mike. So that's going to take a look at what market is the property or portfolio in, is it a top 50 or top 100 MSA? And then where are the properties themselves weighted? So excuse me, located within that market.

是的。我的意思是，我們仍然在房地產領域處於領先地位，麥克。因此，我們將看看該房產或投資組合屬於哪個市場，是前 50 名還是前 100 名的 MSA？那麼屬性本身的權重在哪裡呢？所以對不起，位於那個市場內。

So I don't think there's any difference in the weighting of the portfolio between any of the assets that we're buying. If you look at most of what we've done over the last five or six years, it has been across the southern half of the country, but we've got some in the Midwest as well. As long as it's got strong metrics, good credit on the lease, we're certainly going to underwrite that and if it makes sense to bring it into the portfolio.

因此，我認為我們購買的任何資產之間的投資組合權重沒有任何差異。如果你看看我們過去五、六年所做的大部分工作，你會發現，這些工作遍及美國的南半部，但我們在中西部也有一些工作。只要它有強大的指標，良好的租賃信用，我們肯定會承保，如果將其納入投資組合有意義的話。

Yes, that makes sense. I guess I was just thinking about it from the behavioral aspect of like are you seeing differences in consumer trends with car washes in like the southern half of the U.S. versus the Northeast and things like that?

是的，這是有道理的。我想我只是從行為上考慮這個問題，例如你是否看到美國南半部與東北部等地區的洗車消費趨勢有差異？

Yes. It depends. Our car washes in the Northeast, some are located at the base of ski mountains and things like that that drive customer visits. So and maybe across the southern half of the U.S., it's more of a car wash culture. So there's definitely drivers for customer visits in different areas of the country and those may not always be the same, but anything we're looking at doing regardless of where it's in the country, right, we're underwriting that market and we're working with the tenants to understand their business model or how they're going to attract memberships or customers at the site. So I think, again, it's not always the same and certain portfolios maybe look a little bit different than others, but strong revenue producers across different areas of the country.

是的。這取決於。我們在東北部的洗車場，有些位於滑雪山腳下以及類似的地方，吸引了客戶的光顧。因此，也許在美國南半部，這更像是一種洗車文化。因此，在該國不同地區肯定有客戶訪問的驅動因素，這些驅動因素可能並不總是相同，但我們正在考慮做的任何事情，無論它在該國的哪個地方，對吧，我們正在承銷該市場，我們正在與租戶合作，了解他們的商業模式或他們將如何吸引網站上的會員或客戶。因此，我再次認為，情況並不總是相同，某些投資組合可能看起來與其他投資組合略有不同，但在全國不同地區都有強大的收入產生者。

Great. Thanks for the time, guys.

偉大的。謝謝你們抽出時間。

Thank you. Our next question is from the line of Upal Rana with KeyBanc Capital Markets. Please go ahead.

謝謝。我們的下一個問題來自 Upal Rana 和 KeyBanc Capital Markets 的聯繫。請繼續。

Hey, good morning. Thanks for taking my question. Most of my questions were answered already, but Chris, you mentioned that there's still some uncertainty in the transaction market and there's still a material bid ask spread. Could you give a little more color on that regarding your comments?

嘿，早安。感謝您提出我的問題。我的大部分問題已經得到解答，但是克里斯，你提到交易市場仍然存在一些不確定性，並且仍然存在重大的買賣價差。您能否就您的評論提供更多資訊？

Yes. This is Mark. So listen, there's endless amount of views on the as Chris mentioned, the macroeconomic factors, the current political landscape. So if a buyer is sitting there with the view of value that may be enhanced in their favor because of the conditions in the greater market or the political landscape and the timing is just not right.

是的。這是馬克。所以聽著，對於克里斯提到的宏觀經濟因素、當前的政治格局，有無數的觀點。因此，如果買家坐在那裡，認為由於更大的市場條件或政治格局，價值可能會增強，對他們有利，但時機並不合適。

We can't do anything to force that transaction or create value in our favor. We have a model where we are confident that we can underwrite the value as we see it, and when and if those things align that's when we transact both with talked about geography, talked about asset classes, we talked about types of tenants.

我們無法採取任何措施來強制交易或創造對我們有利的價值。我們有一個模型，我們有信心能夠承保我們所看到的價值，當這些事情一致時，我們可以討論地理、資產類別和租戶類型。

So I think that there are just situations where the bid ask is just too wide to bridge, but despite that we like where not only our pipeline is, but the volume of underwriting we're seeing that has not been advanced to the disclosed pipeline. It's going through our valuation process.

因此，我認為在某些情況下，出價太寬而無法彌合，但儘管如此，我們不僅喜歡我們的管道，而且還喜歡我們看到的承銷量尚未提前到已披露的管道。它正在經歷我們的評估過程。

We are trading indications of interest with engaged sellers that they're value aligned with ours, and we are in a good spot where we think we could keep the pipeline going.

我們正在與參與的賣家進行交易，表明他們的價值與我們的價值一致，並且我們處於一個很好的位置，我們認為我們可以保持管道的運作。

I would just say, this is Brian. Maybe to summarize it, I think what we're trying to communicate today is really a balanced message. The team here has been doing a wonderful job uncovering great opportunities. As Mark went through and Chris mentioned in his remarks, we see some additional of those opportunities in the pipeline and things that we're excited about.

我只想說，這是布萊恩。也許總結一下，我認為我們今天想要傳達的其實是一個平衡的訊息。這裡的團隊一直在發現巨大的機會方面做得非常出色。正如馬克和克里斯在演講中提到的那樣，我們看到了一些正在醞釀中的額外機會以及令我們興奮的事情。

So we're getting a lot of traction in the market. In our view, on the one hand, obviously the stock price movement and the impact by cost of capital is also a positive. So those are the good things and those are things we're excited about and that's what we're moving forward with.

因此，我們在市場上獲得了極大的吸引力。我們認為，一方面，顯然股價走勢和資金成本的影響也是正面的。因此，這些都是好事，也是我們感到興奮的事情，也是我們正在推進的事情。

On the other hand, you do have the dynamics that Mark just went through and that's unlikely to change just because there's been a run up in stock prices for two weeks, and so we're just trying to be measured with our commentary that the net lease market has undergone a fair amount of dislocation over several quarter period here and a lot of that still going to have to shake out.

另一方面，你確實有馬克剛剛經歷過的動態，而且這不太可能僅僅因為股價已經上漲兩週而改變，所以我們只是試圖用我們的評論來衡量淨值這裡的租賃市場在幾個季度內經歷了相當多的混亂，其中許多仍需擺脫困境。

Okay, got it. That was helpful, and then there's been a number of tenant credit concerns across the retail space impacting some of your peers and I was wondering are there any tenants that you have concerns with within your portfolio and maybe give us an update on your existing watch list?

好的，明白了。這很有幫助，然後整個零售領域出現了許多租戶信用問題，影響到了您的一些同行，我想知道您的投資組合中是否有任何租戶感到擔憂，也許可以向我們提供您現有觀察名單的最新資訊?

Yes. I'll go back to Mark's, this is Chris. I'll go back to Mark's section. Our tenant rent coverage has been fairly consistent over the last four or five years at that 2.6 level.

是的。我會回到馬克那裡，這是克里斯。我會回到馬克的部分。在過去的四、五年裡，我們的租戶租金覆蓋率一直相當穩定在 2.6 的水平。

We do have an active dialogue because of our strategy with respect to asset management and growth of dialogue with our unitary lease tenants. So there's no one on a specific watch list today that we're concerned about from a credit perspective.

由於我們在資產管理方面的策略以及與單一租賃租戶對話的成長，我們確實進行了積極的對話。因此，今天的具體觀察名單上沒有我們從信用角度擔心的人。

Given that we have more than 1100 properties, there's a constant dialogue with those tenants about individual assets, and do we put capital in? Do we move them for redevelopment or some other option during the term of that lease, but it's really the way we look at the watch list, it's really on almost a site level basis and it's been fairly consistent, but credit concerns in the portfolio today, there's nothing that's noteworthy.

鑑於我們擁有 1100 多處房產，我們會與這些租戶就個人資產進行持續對話，我們是否投入資金？我們是否會在租賃期內將它們移至重建或其他選擇，但這確實是我們查看觀察列表的方式，它實際上幾乎是在站點級別的基礎上，而且相當一致，但今天的投資組合中存在信用問題，沒有什麼值得注意的。

Okay, got it. And what do you normally bake into your guidance in terms of credit loss?

好的，明白了。您通常在信用損失方面的指導中包含哪些內容？

Yes. We use about a 10 basis point assumption for that and it's actually something we have in the refreshed corporate profile I referenced, if you look at page eight, you can see over the last five years, actual uncollected rent is less than that, but so it's been de minimis and that's a good thing of course, but we use roughly 10 basis points in our projections.

是的。我們為此使用了大約10 個基點的假設，這實際上是我們在我引用的更新後的公司簡介中的內容，如果您查看第八頁，您可以看到在過去五年中，實際上未收取的租金低於該數字，但因此這是微不足道的，這當然是一件好事，但我們在預測中使用了大約 10 個基點。

Okay, great. Thanks for taking my questions.

好的，太好了。感謝您回答我的問題。

Thank you. Our next question is from the line of Mitch gentlemen with JCitizens JMP Securities. Please go ahead.

謝謝。我們的下一個問題來自 JCitizens JMP Securities 的 Mitch 先生們。請繼續。

Hey, thanks. Chris, you mentioned the word balance when you talked about the four asset classes you're investing in. So is it kind of the long term view to kind of even everything out over time?

嘿，謝謝。克里斯，當您談到您正在投資的四種資產類別時，您提到了“平衡”這個詞。那麼，隨著時間的推移，一切都將得到解決，這是長期的觀點嗎？

Yes. I think from a new investment perspective, Mitch, that would be our ultimate goal, right? We're certainly not there. If you look at our underwriting, it's certainly still weighted probably towards C-Store.

是的。我認為從新的投資角度來看，米奇，這將是我們的最終目標，對嗎？我們當然不在那裡。如果你看看我們的承銷，它肯定仍然偏重於便利商店。

Car wash and auto service would be depending on quarter to quarter, second and third just given the various opportunities that come in or that are sourced by us. So longer term, I think new investments we'd love to see be more balanced and obviously, there'll be some variability in that year to year just given our business model.

洗車和汽車服務將取決於每個季度、第二個和第三個季度，只是考慮到我們進入或獲得的各種機會。因此，從長遠來看，我認為我們希望看到的新投資更加平衡，而且顯然，考慮到我們的商業模式，每年都會有一些變化。

With all that said, given that we several years ago, we were at 99% convenience assets, we will be weighted towards the C-Store for a very long time, but going forward, we're building out the team, building up our capabilities that new investments should be far more balanced.

話雖如此，考慮到幾年前我們擁有 99% 的便利資產，我們將在很長一段時間內偏向便利商店，但展望未來，我們正在組建團隊，建立我們的新投資應該會更加平衡。

Okay. I understand now, and then to that point, we're not seeing a lot of traction in the C-Store investment front. Is it a function of pricing or are you making it a little bit of, is it a little bit intentional that you're not allocating capital to that sector today?

好的。我現在明白了，到目前為止，我們在便利商店投資方面還沒有看到太多的吸引力。這是定價的函數，還是你讓它有點，你今天不向該部門分配資本是故意的嗎？

Yes, it's certainly not intentional. As I said a moment ago, most probably the majority of our underwriting continues to be the C-Stores sector. I'll go back to our model, right? I mean, there's a lot that we see in the sector that maybe is a fantastic operation that doesn't fit our real estate underwriting criteria. Maybe it's not in the top 50 or top 100 market.

是的，這當然不是故意的。正如我剛才所說，我們的承保大部分很可能仍然是便利商店領域。我會回到我們的模型，對吧？我的意思是，我們在該行業看到很多可能是一項出色的業務，但不符合我們的房地產承保標準。也許它不在市場前 50 名或前 100 名中。

We passed on a transaction for any other reason. It really I wouldn't read too much into what closes in any given quarter or even any six-month period. There's a lot out there to work on in all of the sectors. And again, we continue to like the C-Store and want to grow our C-Store portfolio, and that's the plan going forward.

我們出於任何其他原因放棄了交易。事實上，我不會過多地了解任何特定季度甚至任何六個月期間的收盤結果。所有領域都有很多工作要做。再說一次，我們仍然喜歡便利商店，並希望擴大我們的便利商店產品組合，這就是未來的計劃。

Thank you.

謝謝。

Thank you. As there are no further questions, I now hand the conference over to Christopher Constant for his closing comments.

謝謝。由於沒有其他問題，我現在將會議交給克里斯托弗·康斯坦斯 (Christopher Constant) 發表結束語。

Thank you, operator. Thank you everyone for joining us for our call today. We look forward to getting back out with anybody in late October when we report our Q3 results and we appreciate your interest in Getty.

謝謝你，接線生。感謝大家今天參加我們的電話會議。我們期待在 10 月下旬報告第三季結果時與任何人聯繫，我們感謝您對 Getty 的興趣。

Thank you. The conference of Getty Realty has now concluded. Thank you for your participation. You may now disconnect your lines.

謝謝。Getty Realty 的會議現已結束。感謝您的參與。現在您可以斷開線路。