Getty Realty Corp (GTY) 2024 Q4 法說會逐字稿

Good morning and welcome to Getty Realty fourth-quarter 2024 earnings call.

早安，歡迎參加 Getty Realty 2024 年第四季財報電話會議。

This call is being recorded. After the presentation, there will be an opportunity to ask questions.

本次通話正在錄音。演示結束後，將有機會提問。

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.

在開始電話會議之前，公司執行副總裁、總法律顧問兼秘書 Joshua Dicker 將宣讀安全港聲明並提供有關非 GAAP 財務指標的資訊。

Please go ahead, Mr. Dicker.

請繼續，迪克先生。

Thank you, operator. I would like to thank you all for joining us for Getty Realty fourth quarter and year-end earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter and year ended December 31, 2024.

謝謝您，接線生。我要感謝大家參加 Getty Realty 第四季和年終收益電話會議。昨天下午，該公司公佈了截至2024年12月31日的季度和年度財務和經營業績。

The Form 8-K 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.

8-K 表格和收益報告可在我們網站 gettyrealty.com 的投資者關係部分找到。本次電話會議中的某些陳述並非基於歷史信息，可能構成前瞻性陳述。

These statements reflect management's current expectations and beliefs and are subject to trends, events, and uncertainties that could cause actual results that differ materially from those described in the forward-looking statements.

這些聲明反映了管理層目前的預期和信念，並受趨勢、事件和不確定因素的影響，這些趨勢、事件和不確定因素可能導致實際結果與前瞻性聲明中描述的結果有重大差異。

Examples of forward-looking statements include our 2025 guide. 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.

前瞻性陳述的例子包括我們的 2025 年指引。並且可能包括管理層的聲明，包括有關公司未來營運、未來財務表現或投資計劃和機會的聲明。我們提醒您，此類聲明反映了我們根據目前已知的因素做出的最佳判斷，而實際事件或結果可能存在重大差異。

I refer you to the company's annual report on Form 10-K for the year ended of December 31, 2023, 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.

請您參閱該公司截至 2023 年 12 月 31 日的 10-K 表年度報告以及隨後向美國證券交易委員會提交的任何文件，以更詳細地討論可能導致實際結果與今天作出的任何前瞻性陳述中表達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 reflects our view only as of today. The company undertakes no duty to update any 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.

您不應過度依賴前瞻性陳述，該陳述僅反映我們截至今天的觀點。本公司不承擔更新本次電話會議中可能發表的任何聲明的義務。此外，請參閱我們的收益報告，以了解有關我們使用非 GAAP 財務指標的討論，包括我們對調整後營運資金或 AFFO 的定義以及我們將這些指標與淨收益的調整。

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

說完這些，讓我把電話轉給我們的執行長克里斯托弗康斯坦特 (Christopher Constant)。

Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the fourth quarter in year-end 2024. Joining us on the call today are Mark Olear, our Chief Operating Officer; and Brian Dickman, our Chief Financial Officer.

謝謝你，喬希。大家早安，歡迎參加我們 2024 年底第四季的收益電話會議。今天參加電話會議的有我們的營運長 Mark Olear；以及我們的財務長 Brian Dickman。

I will lead off today's call by summarizing our financial results and investment activities and will provide commentary on how we are effectively executing our growth and diversification strategies in the convenience and automotive retail sectors. Mark will then take you through the details of investments and the status of our portfolio, and Brian will further discuss our financial results and guidance.

我將在今天的電話會議上總結我們的財務表現和投資活動，並就我們如何在便利商店和汽車零售領域有效執行成長和多元化策略發表評論。然後，馬克將帶您了解投資的細節和我們的投資組合的狀況，布萊恩將進一步討論我們的財務結果和指導。

In 2024, our consistent and disciplined approach produced another successful year of earnings and portfolio growth as we again embraced the challenge of scaling our company.

2024 年，我們始終如一、嚴謹的態度創造了又一個成功的獲利和投資組合成長年，我們再次接受了擴大公司規模的挑戰。

I'm especially proud of our performance during a year, that I would characterize as challenging with respect to both the transaction markets for our property types and the capital markets.

我對我們這一年的表現感到特別自豪，我認為這一年對我們的房地產交易市場和資本市場都充滿了挑戰。

We invested $209 million in high quality convenience and automotive retail assets, raised $289 million of attractively priced capital, and continued to advance our portfolio diversification objectives. We expanded our presence in top MSAs around the US and deployed capital across all of our target sectors, while continuing to prioritize our direct sale leaseback business model.

我們向高品質便利商店和汽車零售資產投資了 2.09 億美元，籌集了 2.89 億美元的具有吸引力資本，並繼續推動我們的投資組合多元化目標。我們擴大了在美國各地頂級 MSA 中的業務，並在所有目標行業部署了資本，同時繼續優先考慮我們的直銷回租業務模式。

Our successful investment activities combined with the stable rents from our in-place portfolio produced strong revenue and earnings growth and a sector leading dividend increase. Our performance continues to be driven by our fantastic team at Getty's.

我們成功的投資活動加上現有投資組合的穩定租金，產生了強勁的收入和獲利成長以及業界領先的股息成長。我們的業績繼續受到蓋蒂博物館優秀團隊的推動。

For the year, Getty grew its annualized base rent by 14.5% to approximately $198 million, and reported AFFO per share of $2.34, which exceeded the high end of our guidance range and represented a 4% increase over the prior year's result.

今年，Getty Images 的年化基本租金增長了 14.5%，達到約 1.98 億美元，每股 AFFO 為 2.34 美元，超過了我們預期範圍的高端，比去年同期的業績增長了 4%。

Our financial performance was driven by the strength of our investment activity, as we acquired 71 properties and provided development funding for the construction of additional new to industry assets.

我們的財務表現受到強勁投資活動的推動，我們收購了 71 處房產，並為建造更多新產業資產提供了開發資金。

More than 90% of these investments were direct sales-backed transactions, and our acquisitions team did an excellent job of sourcing transactions with a mix of large established tenants and emerging high growth tenants who are building strong platforms across the US. We added eight new tenants to the portfolio in 2024 and completed additional transactions with nine existing relationships.

這些投資中有 90% 以上是直接銷售支援的交易，我們的收購團隊在與大型現有租戶和正在美國各地構建強大平台的新興高成長租戶進行交易方面做得非常出色。我們於 2024 年為投資組合增加了 8 個新租戶，並與 9 個現有租戶完成了額外交易。

Equally important, we were able to drive a creative investment spread on our investments in 2024 through effective execution in the debt and equity capital markets. Getty was both timely and strategic in locking in $125 million long-term notes in September 2024 in advance of significant upward moves in treasury yields, addressing our only near-term notes maturity and providing capital to fund future investments.

同樣重要的是，透過在債務和股權資本市場的有效執行，我們能夠於 2024 年推動投資的創造性投資利差。在國債收益率大幅上升之前，Getty 及時且有策略地在 2024 年 9 月鎖定了 1.25 億美元的長期票據，解決了我們唯一的近期票據到期問題並為未來投資提供了資金。

We also raised $32 million under our ATM program in the fourth quarter. When you combine these transactions with our third quarter follow on equity offering, Getty is very well capitalized and enters 2025 with significant dry powder for acquisitions.

我們也在第四季透過 ATM 計畫籌集了 3,200 萬美元。如果將這些交易與我們第三季的後續股票發行結合起來，Getty 的資本將非常充足，並且在進入 2025 年時將擁有大量收購資金。

Our capital position supports our investment pipeline, including more than $35 million of assets under contract, plus a growing number of opportunities, that are in various stages in the acquisitions process. In fact, last night after we released earnings, we signed a contract for a more than $50 million portfolio transaction in the automotive service sector.

我們的資本狀況支持我們的投資管道，包括超過 3500 萬美元的合約資產，以及處於收購過程各個階段的越來越多的機會。事實上，昨晚我們發布財報後，就簽署了一份超過 5,000 萬美元的汽車服務領域投資組合交易合約。

We remain confident that our relationship-based sales effect strategy will generate continued opportunities for Getty to acquire assets in our target convenience and automotive retail sectors, as we move through 2025. In general, I believe Getty is stronger and better position than it's ever been.

我們堅信，隨著 2025 年的到來，基於關係的銷售效果策略將為 Getty 創造持續的機會，讓我們能夠收購目標便利商店和汽車零售領域的資產。總體而言，我相信蓋蒂現在比以前更加強大，地位也更加優越。

The main reason for this is the diversification strategy we embarked upon approximately five years ago. By broadening our investment focus to include several sectors within the convenience and automotive retail landscape, we have grown our total ABR by approximately 70% since the end of 2019, while increasing rental income from non-convenience gas properties to 28% of total ABR from less than 3% before it began executing on the strategy.

主要原因在於我們大約五年前開始實施的多元化策略。透過擴大我們的投資重​​點，將便利商店和汽車零售領域的多個產業納入其中，自 2019 年底以來，我們的總 ABR 成長了約 70%，同時將非便利商店加油站物業的租金收入從開始執行該策略前的不到 3% 增加到總 ABR 的 28%。

We've also added 35 tenants to our roster during this time frame and expanded into several new geographic markets. I would emphasize that our decision to diversify was not a pivot away from the convenience store sector, which we are still committed to and where we continue to source compelling investment opportunities.

在此期間，我們還增加了 35 個租戶，並擴展到幾個新的地理市場。我想強調的是，我們做出的多元化決定並不意味著放棄便利商店行業，我們仍然致力於該行業並將繼續在該行業尋找引人注目的投資機會。

Rather, our diversification efforts are driven by our desire to scale our business by acquiring retail real estate. With similar property attributes which are occupied by tenants operating in sectors that share similar growth dynamics and operating fundamentals.

相反，我們多元化的努力是由我們希望透過收購零售房地產來擴大業務規模所驅動的。擁有相似的物業屬性，且由在擁有相似成長動力和營運基本面的產業中經營的租戶佔用。

The convenience of automotive retail sector is supported by accelerating consumer trends for speed and service reinforced by the increased count and advanced age and complexity of vehicles on the road and populated with growth companies that are consolidating fragmented businesses. Tenants operating in the sector generally provide essential goods and services, are largely internet and recession resistant and have demonstrated consistent performance over the past several years.

汽車零售業的便利性得益於消費者對速度和服務的不斷追求，而道路上車輛的數量和車齡的增加及複雜性的提高，以及不斷整合分散業務的成長型公司的出現。該行業的租戶通常提供基本商品和服務，大多具有互聯網和抗經濟衰退的能力，並且在過去幾年中表現穩定。

And the underlying real estate we acquire is typically located in high density metro areas with excellent access and visibility. We remain positive on the sectors, committed to continuing to execute on our growth and diversification plans, and focused on creating value for our shareholders.

我們收購的房地產通常位於交通便利、能見度高的人口密集的大都會地區。我們對這些行業保持樂觀，致力於繼續執行我們的成長和多元化計劃，並專注於為我們的股東創造價值。

With that, I'll let Mark discuss our portfolio and investment activities.

接下來，我將讓馬克討論我們的投資組合和投資活動。

Thank you, Chris. At year end, our leased portfolio included 1,114 net leased properties and one active redevelopment site. Excluding the active redevelopment, occupancy was 99.7% and our weighted average lease term was 10.2 years.

謝謝你，克里斯。截至年底，我們的租賃組合包括 1,114 個淨租賃物業和一個活躍的重建地點。不包括積極重建，入住率為 99.7%，我們的加權平均租賃期限為 10.2 年。

Our portfolio spans 42 states plus Washington DC with 60% of our annualized base rent coming from the TOP 50 MSAs and 76% coming from the TOP 100 MSAs. Our rents continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.6 times.

我們的投資組合遍及 42 個州和華盛頓特區，其中 60% 的年化基本租金來自 TOP 50 大都會統計區，76% 來自 TOP 100 大都會統計區。我們的租金繼續得到良好覆蓋，過去 12 個月的租戶租金覆蓋率為 2.6 倍。

Turning to our investment activities for the year, we underwrote $5.5 billion of potential investments. Continuing with the theme of portfolio diversification, 57% of our underwriting was focused on non-convenience and gas property types, including express tunnel car washes, auto service centers, primarily collision centers, oil change, and tire locations, and drive-thru quick service restaurants.

談到我們今年的投資活動，我們承保了 55 億美元的潛在投資。繼續堅持投資組合多元化的主題，57% 的承保集中在非便利和燃氣財產類型，包括快速隧道洗車、汽車服務中心、主要碰撞中心、換油和輪胎中心以及免下車快餐店。

Convenience stores represent the remaining 43% of our underwriting activity. We had a strong fourth quarter in which we invested $76.4 million across 21 properties at initial cash yield of 8.9%. The weighted average lease term on acquired assets for the quarter was 15.6 years.

便利商店占我們承保業務的剩餘 43%。我們在第四季表現強勁，在 21 處房產上投資了 7,640 萬美元，初始現金收益率為 8.9%。本季度收購資產的加權平均租賃期限為 15.6 年。

Highlights of this quarter's investments include the acquisition of 14 convenience stores located in the Houston and Las Vegas MSAs for $69 million. Two express tunnel car wash properties located in South Carolina and Vermont for $10.2 million, of which $9.3 million was previously funded.

本季投資的亮點包括以 6,900 萬美元收購位於休士頓和拉斯維加斯大都會統計區的 14 家便利商店。位於南卡羅來納州和佛蒙特州的兩個快速隧道洗車場，投資金額為 1,020 萬美元，其中 930 萬美元已於先前註資。

Two auto service properties located in North Carolina, Virginia for $3.7 million, of which $1.7 million was previously funded, and one drive-thru quick service restaurant located in Baton Rouge, Louisiana for $2.6 million.

位於北卡羅來納州和維吉尼亞州的兩處汽車服務物業，售價 370 萬美元，其中 170 萬美元已獲得先前融資，以及位於路易斯安那州巴吞魯日的一家免下車快餐店，售價 260 萬美元。

We also advanced incremental development funding in the amount of $1.8 million for the construction of two new to industry express tunnel car washes. These assets are either already owned by the company and are under construction or will be acquired via sale leaseback transactions at the end of the project's respective construction periods.

我們也預付了 180 萬美元的增量開發資金，用於建造兩個產業新推出的快速隧道洗車場。這些資產要么已經歸公司所有並正在建設中，要么將在項目各自的建設期結束時通過售後回租交易收購。

For the year, Getty invested $209 million across 78 properties at an initial cash yield of 8.3%. This year's investment activity can continue to prioritize diversification across our target industry verticals. Convenience stores represented 41% of transaction volume, express tunnel car washes were 33%, auto service centers were 21%, and drive-thru QSRs were 5%, making 2024 the most balanced investment year since the company expanded its convenience automotive retail strategy.

今年，蓋蒂投資了 78 處房產，投資額達 2.09 億美元，初始現金殖利率為 8.3%。今年的投資活動可以繼續優先考慮目標垂直產業的多樣化。便利商店佔交易量的41%，快速隧道洗車佔33%，汽車服務中心佔21%，免下車快餐店佔5%，使得2024年成為該公司拓展便利汽車零售策略以來投資最均衡的一年。

After the quarter end, we invested an additional $4 million to acquire a newly constructed express tunnel car wash in New York. As Chris mentioned, we currently have more than $35 million of commitments to fund acquisitions and developments, or more than $85 million, including the contract we signed last night.

季度結束後，我們額外投資了 400 萬美元，並收購了紐約新建的快速隧道洗車場。正如克里斯所提到的，我們目前已有超過 3500 萬美元的承諾資金用於資助收購和開發，或超過 8500 萬美元，包括我們昨晚簽署的合約。

Which we expect to be invested over the next 9 to 12 months at an average initially yields in the high 7% area. Overall, 2024 was a challenging year for the net lease transaction market and our core property types. Broader economic concerns drove a slowdown in financing opportunities tied to industry M&A, and operators generally slowed the pace of their new store development pipelines. In addition, we did not see a meaningful contraction in the bid as spread between buyers and sellers for transaction pricing.

我們預計未來 9 到 12 個月的投資初始平均收益率將達到 7% 左右。整體而言，2024 年對於淨租賃交易市場和我們的核心房地產類型來說都是充滿挑戰的一年。更廣泛的經濟擔憂導致與產業併購相關的融資機會放緩，業者普遍放慢了新店開發管道的步伐。此外，我們也未看到買賣雙方在交易定價上的價差明顯收縮。

To start 2025, there has been a modest increase in transaction activity, but I will caution that while our tenants are generally optimistic about growth, the GAAP in pricing continues to be a material impediment to sale leaseback transactions. We believe interest rates will be higher for longer, and sellers need more time to adjust their expectations.

到 2025 年，交易活動略有增加，但我要提醒的是，雖然我們的租戶普遍對成長持樂觀態度，但定價中的 GAAP 仍然是售後回租交易的重大障礙。我們認為利率將在較長時間內維持高位，賣家需要更多時間來調整預期。

That said, we do expect to see modest cap rate compression from the 8.3% yields we achieved in 2024, which was driven by a couple of larger portfolio transactions with cap rate pushing 9%. Regardless of market headwinds, our job remains to source attractive investment opportunities that fit our portfolio, and which can be financed [accretively].

儘管如此，我們確實預期資本化率將從 2024 年實現的 8.3% 收益率略有壓縮，這是由幾筆較大的投資組合交易推動的，資本化率推動了 9%。無論市場逆風如何，我們的工作仍然是尋找適合我們投資組合的、可以獲得融資的有吸引力的投資機會[增值地]。

We have invested over $1 billion in the last five years, which we believe demonstrates that Getty can source opportunity in our target sectors across a range of interest rate and macroeconomic environments. As we leverage our relationship-based strategy and prioritize direct business with new and repeat tenants, we remain confident that we will be able to credibly deploy capital again in 2025.

我們在過去五年中投資了超過 10 億美元，我們相信這表明 Getty 可以在一系列利率和宏觀經濟環境中為我們的目標產業尋找機會。透過利用基於關係的策略並優先與新租戶和回頭客直接開展業務，我們始終堅信我們將能夠在 2025 年再次可靠地部署資本。

Moving to our redevelopment platform for the year we invested $1.5 million across numerous projects in various stages of construction, development, and permitting. We completed a new Chipotle restaurant in Providence, Rhode Island, MSA. At year end we have four signed leases for projects, all of which are for new to industry oil change locations.

我們今年轉向了重建平台，對處於不同建設、開發和許可階段的眾多項目投資了 150 萬美元。我們在羅德島州普羅維登斯 (MSA) 建造了一家新的 Chipotle 餐廳。截至年底，我們已簽署四個項目租約，均為業界新油更換地點。

Subsequent to year end, we funded $500,000 to a tenant's modernization of one of our legacy gas and repair properties for which we will receive incremental rent and extended base term of the five-property unitary lease. We have additional projects in various stages in our pipeline and expect to continuously complete projects over the next few years.

年末之後，我們向租戶提供了 50 萬美元的資金，用於對我們一處舊有天然氣和維修物業進行現代化改造，我們將因此獲得增量租金和五處物業統一租賃的延長基本期限。我們正在籌備多個處於不同階段的其他項目，並預計在未來幾年內持續完成項目。

Continuing with our asset management efforts, the significant increase in our weighted average lease term during the year, was due to the extension of 4 unitary leases representing approximately $25 million of ABR. It's noteworthy that these renewals reduced our '26 and 2027 lease maturities to approximately 8% of total ABR at year end as compared to 21.5% of total ABR as of December 31, 2023.

我們繼續進行資產管理工作，年內我們的加權平均租賃期限大幅增加，這是由於延長了 4 份單一租賃，代表約 2500 萬美元的 ABR。值得注意的是，這些續約將我們的 26 年和 2027 年租賃到期期限減少至年底總 ABR 的約 8%，而截至 2023 年 12 月 31 日該期限佔總 ABR 的 21.5%。

For the year ended 2024, we disposed of 31 properties for gross proceeds of approximately $13 million, including seven properties -- seven properties for gross proceeds of $7.5 million in the fourth quarter.

截至 2024 年的年度，我們處置了 31 處房產，總收益約為 1,300 萬美元，其中包括第四季度的七處房產——七處房產的總收益為 750 萬美元。

With that, I'll turn the call over to Brian.

說完這些，我將把電話轉給布萊恩。

Thank you, Mark. Good morning, everyone. Last night we reported AFFO per share of $0.60 for Q4 2024, representing an increase of 5.3% over the $0.57 we reported for Q4 2023. FFO and net income for the quarter were $0.57 and $0.39 per share, respectively.

謝謝你，馬克。大家早安。昨晚我們報告了 2024 年第四季的每股 AFFO 為 0.60 美元，比我們報告的 2023 年第四季的 0.57 美元增加了 5.3%。本季的 FFO 和淨收入分別為每股 0.57 美元和 0.39 美元。

For the full year 2024, AFFO per share was $2.34 representing an increase of 4% over the $2.25 we reported for 2023. FFO and net income for 2024 were $2.21 and $1.25 per share respectively.

2024 年全年，每股 AFFO 為 2.34 美元，比我們報告的 2023 年 2.25 美元增長 4%。2024 年的 FFO 和淨收入分別為每股 2.21 美元和 1.25 美元。

A more detailed description of our quarterly and full year results can be found in last night's earnings release, and our corporate presentation contains additional information regarding our earnings and dividend per share growth over the last several years.

關於我們的季度和全年業績的更詳細描述可以在昨晚的收益報告中找到，並且我們的公司介紹包含有關我們過去幾年的收益和每股股息增長的更多信息。

Annualized base rent, or ABR as of December 30, 2024, was $197.8 million an increase of 14.5% over the $172.8 million we reported as of December 30, 2023. For the full year 2024, total G&A as a percentage of total revenue was 12.4%, a 40 basis points improvement over 2023.

截至 2024 年 12 月 30 日的年化基本租金或 ABR 為 1.978 億美元，比我們截至 2023 年 12 月 30 日報告的 1.728 億美元增長 14.5%。2024 年全年，一般及行政開支總額佔總收入的百分比為 12.4%，較 2023 年增加 40 個基點。

And G&A excluding stock-based compensation and non-recurring retirement and severance costs as a percentage of cash rental income and interest income was 9.6% in 2024, a 60 basis points improvement over 2023. Management focuses on the second metric, given that it adjusts for certain non-cash and non-recurring items over which we have less control in both the numerator and denominator. We continue to anticipate the G&A dollar increases will moderate, and G&A ratios will further improve as we continue to scale the company.

不包括股票薪酬和非經常性退休和遣散費用的一般及行政費用佔現金租金收入和利息收入的百分比在 2024 年為 9.6%，比 2023 年提高 60 個基點。管理階層專注於第二個指標，因為它會針對某些非現金和非經常性項目進行調整，而對於這些項目的分子和分母，我們的控制力較弱。我們繼續預計，隨著公司規模的不斷擴大，一般行政費用增幅將會放緩，一般行政費用比率將進一步提高。

Moving to an update on the balance sheet and liquidity, as of December 31, 2024, net debt-to-EBITDA was 5.2 times or 4.2 times taking into account unsettled forward equity. We continue to target leverage of 4.5 times to 5.5 times net-debt-to-EBITDA and are well positioned to maintain those levels going forward. Fixed charge coverage was a healthy 3.8 times as of December 31.

轉向資產負債表和流動性的更新，截至 2024 年 12 月 31 日，淨債務與 EBITDA 比率為 5.2 倍，考慮到未結算遠期權益則為 4.2 倍。我們繼續將淨債務與 EBITDA 比率的目標槓桿率設定為 4.5 倍至 5.5 倍，並且有能力在未來保持這一水平。截至 12 月 31 日，固定費用覆蓋率達到 3.8 倍，狀況良好。

During the fourth quarter, as previously announced, we closed on $125 million of new unsecured notes. The notes will fund later in February, and proceeds will be used to repay $50 million in notes that matured this month, which is our only near-term notes maturity, as well as to fund investment activity.

正如先前宣布的那樣，第四季度我們完成了 1.25 億美元的新無擔保票據的發行。該票據將於 2 月底發行，所得款項將用於償還本月到期的 5,000 萬美元票據（這是我們唯一近期到期的票據），以及為投資活動提供資金。

A few weeks ago, we refinanced our revolving credit facility which was set to mature in October of this year. As part of that transaction, we upsized the facility from $300 million to $450 million and extended the term to January 2029 or January 2030, including extension options.

幾週前，我們對原定於今年 10 月到期的循環信貸進行了再融資。作為該交易的一部分，我們將該筆貸款的規模從 3 億美元增加到 4.5 億美元，並將貸款期限延長至 2029 年 1 月或 2030 年 1 月，包括延期選擇權。

We use the increased capacity to repay a $150 million dollar term loan, which was also due in October 2025, allowing us to address that maturity in the near term while giving ourselves additional flexibility with respect to the ultimate refinancing of those borrowings.

我們利用增加的容量償還 1.5 億美元的定期貸款，該貸款也將於 2025 年 10 月到期，這使我們能夠在短期內解決該到期問題，同時為我們自己在最終對這些借款進行再融資方面提供額外的靈活性。

I'd also like to highlight that in addition to continued support of our existing lenders, we're able to bring new lenders into our bank group, as we continue to cultivate and expand our capital relationships.

我還想強調的是，除了繼續支持現有貸款人之外，我們還能夠將新的貸款人納入我們的銀行集團，同時繼續培養和擴大我們的資本關係。

Pro forma for these debt transactions, the company's weighted average debt maturity was 5.6 years. The weighted average cost of our debt was 4.4%, and we have no debt maturities until June 2028.

根據這些債務交易的預測，該公司的加權平均債務期限為 5.6 年。我們的債務加權平均成本為 4.4%，並且我們的債務到期日直到 2028 年 6 月。

We're also active on our ATM program during the quarter through a combination of regular issuance and reverse inquiries. For the quarter, we sold 993,000 shares, all on a forward basis, which will generate gross proceeds of $32.3 million.

本季度，我們也透過常規發行和反向查詢相結合的方式積極開展 ATM 計劃。本季度，我們以遠期方式出售了 993,000 股股票，將產生 3,230 萬美元的總收益。

At year end, we had a total of approximately 5.4 million shares of common stock subject to outstanding forward agreements which upon settlement are anticipated to raise gross proceeds of approximately $164.8 million. We ended the year in a very strong capital position with the new unsecured not proceeds and unsettled forward equity we just discussed, along with $17 million of cash and 1,031 proceeds and more than $280 million of capacity on our unsecured revolving credit facility.

截至年底，我們共有約 540 萬股普通股，受未償還遠期協議約束，預計結算後將籌集約 1.648 億美元的總收益。我們以非常強勁的資本狀況結束了這一財年，其中包括我們剛剛討論過的新的無擔保未收益和未結算遠期股權，以及 1700 萬美元的現金和 1,031 筆收益，以及超過 2.8 億美元的無擔保循環信貸額度。

We have more than sufficient capital to fund the now $85 million of investments we have under contract, as well as additional investment activity as we move through 2025.

我們擁有足夠的資金來資助目前合約中規定的 8500 萬美元的投資以及 2025 年期間的額外投資活動。

Before I close with commentary on our 2025 AFFO for share guidance, I'd like to provide some color on the recent Zips Car Wash bankruptcy that was filed last week. Zips is the fifth largest express car express tunnel car wash operator in the country with a total of nearly 300 facilities.

在結束對我們 2025 年 AFFO 股票指導的評論之前，我想對上週提交的 Zips Car Wash 破產案提供一些資訊。Zips 是全國第五大快速車輛隧道洗車營運商，共有近 300 個設施。

Getty has 12 sites leased to Zips representing approximately $3.6 million in ABR or 1.8% of our total ABR at year end. Zips was current on their rental obligations through January of this year. As part of their plan for reorganization, Zips has filed a motion to reject a number of leases, including seven of our 12 properties. This motion has yet to be heard and the outcome for our locations remains open to discussions.

Getty 向 Zips 租賃了 12 個場地，相當於年末 ABR 總額的 360 萬美元或 1.8%。Zips 已履行截至今年 1 月的租賃義務。作為重組計劃的一部分，Zips 已提出動議，拒絕一些租約，其中包括我們的 12 處房產中的 7 處。該動議尚未得到聽證，我們所在地點的結果仍有待討論。

We have re-underwritten the sites and had initial conversations with several other car wash operators regarding potential tenancy. At this point we're operating under the assumption that these seven sites will be returned to us and released to new operators, although, as I said, the outcome of our sites does remain open to discussions with Zips.

我們已經重新承保了這些場地，並與其他幾家洗車場經營者就潛在的租賃問題進行了初步洽談。目前，我們假設這七個站點將歸還給我們並發布給新的運營商，但正如我所說，我們站點的結果仍有待與 Zips 進行討論。

Whether these sites are released to different operators or remain leased to Zips, rent adjustments are possible as we work through the process. After considering potential downtime to release the seven Zips sites as well as potential rent adjustments, we are revising our AFFO guidance to a range of $2.38 to $2.41 per share from our initial guidance of $2.40 to $2.42 per share.

無論這些站點是發布給不同的營運商還是繼續租給 Zips，在我們完成整個流程的過程中，租金都有可能進行調整。在考慮到發布七個 Zips 站點的潛在停機時間以及潛在的租金調整後，我們將 AFFO 指導從最初的每股 2.40 美元至 2.42 美元修改為每股 2.38 美元至 2.41 美元的範圍。

Our initial guidance included a 15-basis points loss factor for uncollectible rents or approximately $300, and that continues to be incorporated in our revised guidance in addition to our adjustments for Zips. This loss factor is not tied to any specific tenant or situation, but it is an assumption that we think is prudent to include at the beginning of any year.

我們最初的指導包括無法收回租金的 15 個基點的損失係數或約 300 美元，除了 Zips 的調整外，該損失係數仍繼續納入我們修訂後的指導中。此損失因素與任何特定租戶或情況無關，但我們認為在任何一年之初將其納入假設是明智的。

Our guidance also includes completed transaction activity as of the date of our earnings release, as well as the issuance and simultaneous repayment of the unsecured notes we discussed earlier, but does not include assumptions for any prospective acquisitions, dispositions, or capital markets activities, including the settlement of outstanding court agreements.

我們的指引還包括截至我們發布收益之日已完成的交易活動，以及我們之前討論過的無擔保票據的發行和同時償還，但不包括任何未來收購、處置或資本市場活動的假設，包括未決法庭協議的解決。

Primary factors impacting our 2025 guidance include variability with respect to uncollectible rent, certain operating expenses, deal pursue costs, and the timing of anticipated demolition costs for redevelopment projects that run through property costs on our P&L.

影響我們 2025 年指引的主要因素包括無法收回的租金、某些營運費用、交易追蹤成本以及透過損益表中的房地產成本體現的重建項目預期拆除成本的時間變化。

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

說完這些，我將請接線生開始回答問題。

Should we begin the question and answer session?

我們應該開始問答環節嗎？

Yes, please.

是的，請。

(Operator Instructions) The first question comes from Mitch Germain with Citizens JMP. Please go ahead.

（操作員指示）第一個問題來自 Citizens JMP 的 Mitch Germain。請繼續。

Good morning. Thanks for taking my question. I'm just trying to understand the Zips situation a little bit more. Are those sites, ones that have been recently developed? I'm just trying to understand, the retenanting efforts and if it requires any capital on your part.

早安.感謝您回答我的問題。我只是想進一步了解 Zips 的情況。這些站點是最近開發的嗎？我只是想了解重新租賃的努力以及是否需要您提供任何資金。

So yeah, Mitch, this is Chris. We acquired those sites in 2019. I think 10 of the 12 were brand new to industry locations.

是的，米奇，這是克里斯。我們於 2019 年收購了這些站點。我認為這 12 家公司中有 10 家是該行業的新公司。

One of the benefits, I think of our diversification strategy and our other car wash partners in the portfolio is we've already had discussions with Brian mentioned about potentially releasing some of these sites. It's a little too early to tell whether or not they require capital or they do how much capital, but we've used a range of estimates in our revised guidance figure there, which we think is appropriate at this time.

我認為我們的多元化策略和投資組合中的其他洗車合作夥伴帶來的一個好處是，我們已經與布萊恩討論過可能發布其中一些站點的可能性。現在判斷他們是否需要資本或需要多少資本還為時過早，但我們在修訂後的指導數字中使用了一系列估計值，我們認為目前這是合適的。

And I think given the state of those properties and how new they are to the industry, we do expect them to be released and to be operating express tunnel car washes once this has passed us.

我認為，考慮到這些物業的狀況以及它們對於行業而言的新穎性，我們確實希望在疫情結束後，它們能夠被釋放並運營快速隧道洗車業務。

Great, thanks for that.

太好了，謝謝。

And then, obviously you've got other operators, Zips is obviously looking to reduce their debt load, probably took on an ambitious growth plan. Is there anyone -- are you having discussions with your existing operators to gain a sense of their balance sheets of their financial situations? Is there any sort of concern on your part, or do you think that this is just a one-off situation here?

然後，顯然還有其他運營商，Zips 顯然正在尋求減少他們的債務負擔，可能製定了一個雄心勃勃的增長計劃。有沒有人—您是否正在與現有業者進行討論以了解他們的財務狀況的資產負債表？您是否擔心？或者您認為這只是個別情況？

Yeah, I mean, I think let me start with just kind of our general business strategy, right?

是的，我的意思是，我想讓我先介紹一下我們的整體業務策略，對嗎？

I mean, given that we are focused investors in these convenience and automotive sectors, we kind of pride ourselves on having a lot of conversations with management teams, including Zips's team on a fairly frequent basis.

我的意思是，鑑於我們專注於這些便利和汽車領域的投資者，我們很自豪能夠與管理團隊進行大量對話，包括與 Zips 團隊進行相當頻繁的對話。

As it relates to the car wash sector, one of the things that we've prioritized is large operators, a lot of experience in terms of managing these businesses and growth, heavy reliance on the subscription model. So I think, we've had a lot of conversations, including with Zips.

就洗車行業而言，我們優先考慮的事情之一是大型營運商，他們在管理這些業務和成長方面擁有豐富的經驗，並嚴重依賴訂閱模式。所以我認為，我們已經進行了很多對話，包括與 Zips 的對話。

I don't want to speak to their, the conversations that Zips's had away from Getty, but I think we're comfortable with our current carwash roster. I think we're comfortable with the express tunnel sector and, we'll continue to operate like we always do in terms of speaking to tenants, really diving into their performance on a site level on a corporate basis and continuing dialogue and adding selectively with tenants that we like in the sector.

我不想談論 Zips 在蓋蒂之外的談話，但我認為我們對目前的洗車名冊感到滿意。我認為我們對快速隧道領域感到滿意，而且我們將繼續像往常一樣與租戶交談，從公司角度深入了解他們在場地層面的表現，並繼續對話並有選擇地增加我們喜歡的該領域租戶。

Great. That's super helpful. I think the last one for me.

偉大的。這非常有幫助。我想對我來說這是最後一個。

You're going into 2025 with a pretty significant amount of liquidity. I mean, just Irrespective of the credit facility capacity, I think it's 300.

到 2025 年，你將擁有相當可觀的流動性。我的意思是，不管信貸額度如何，我認為它是 300。

You've got the term loan of 75, you've got the unsettled equity. Maybe Brian, if you could just kind of talk about, how you envision the capital plan working out. I mean, are you going to probably try to use the capital related to the debt first and then start to factor in the equity? just talk about the cadence of how you're looking at funding the acquisitions going forward.

您有 75 年的定期貸款，還有未結清的股權。也許布萊恩，你可以談談你所設想的資本計畫如何實施。我的意思是，您是否會先嘗試使用與債務相關的資本，然後再開始考慮股權？請談談您對未來收購融資的節奏的看法。

Yeah, happy to, Mitch. Look, in general, we're always trying to be thoughtful, right, about how we're raising capital, right, and pair that with the thoughtfulness, Chris just went through about how we're deploying capital.

是的，很高興，米奇。看，總的來說，我們總是試圖深思熟慮，對吧，關於我們如何籌集資金，對吧，再加上深思熟慮，克里斯剛剛講了我們如何部署資本。

We like to keep the pipeline, relatively pre-funded. We like giving our acquisition team visibility into our cost of capital that obviously helps them in the Deployment of the capital. So, I think we've been fairly effective with that over the last several years, and you should continue, to expect similar execution there.

我們希望保持管道相對預先獲得資金。我們希望讓我們的收購團隊了解我們的資本成本，這顯然有助於他們部署資本。所以，我認為過去幾年我們在這方面做得相當有效，而且你們也應該會繼續期待類似的執行。

As far as the cadence, yeah, I think you hit it, we had $82.5 million drawn on the revolver at the end of the year away from the repayment of the term loan. We have the $75 million of notes net that'll come available to us, those proceeds here at the end of the month.

至於節奏，是的，我想你說到了，年底我們從循環信貸中提取了 8,250 萬美元，用於償還定期貸款。我們有 7,500 萬美元的票據淨額可供使用，這些收益將在本月底到帳。

So yeah, generally speaking and all else being constant, I think you can assume we use those debt proceeds to pay down the revolver, and then we have that equity to continue to take down and deploy throughout the year as well as significant revolver capacity to pair with that.

所以是的，一般來說，在其他所有因素不變的情況下，我想你可以假設我們使用這些債務收益來償還循環信貸，然後我們有這些股權可以在全年繼續償還和部署，以及與之相匹配的大量循環信貸能力。

Great, thank you for that. Congrats on the year.

太好了，謝謝你。恭喜你度過這一年。

The next question comes from the line of Farrell Granath with Bank of America. Please go ahead.

下一個問題來自美國銀行的法雷爾·格拉納斯。請繼續。

Hi, good morning.

嗨，早安。

Thank you for taking my question. I just want to also go back to the Zips and in terms of the [bad debt], I know you were factoring in the 15 basis points of loss factor in addition to the changes made to guidance. And so, the assumptions that are within that. Are you assuming that seven properties that were rejected are -- is worst case scenario, no rent for the rest of the year? I'm just wondering the moving pieces of that guidance.

感謝您回答我的問題。我只是想回到 Zips 並就 [壞帳] 而言，我知道除了對指導所做的更改之外，您還考慮了 15 個基點的損失因素。這就是其中的假設。您是否認為被拒絕的七處房產——最糟糕的情況是，今年剩餘時間都沒有租金？我只是想知道該指導的具體內容。

Yeah, happy to hit that, Farrell. There's obviously a range of outcomes, and we don't want to get too specific. These are live discussions.

是的，很高興能做到這一點，法雷爾。顯然會有多種結果，我們不想說得太具體。這些都是現場討論。

Obviously, I think Chris hit it. Our main point is we feel that the revised guidance appropriately captures those range of outcomes and is the best way to quantify the potential impact for you all.

顯然，我認為克里斯擊中了它。我們的要點是，我們認為修訂後的指南恰當地捕捉到了一系列結果，並且是量化對你們所有人的潛在影響的最佳方式。

What I would say though is within that range of outcomes we do expect that these sites get released this year and that we recapture a significant majority of the rent. But again, there's a range within that, including the fact that, as I mentioned in my prepared remarks, there are still discussions with Zips, but our guidance assumes that they're released.

不過我想說的是，在這結果範圍內，我們確實預期這些地塊將在今年釋放，而且我們將收回絕大部分租金。但同樣，其中存在一個範圍，包括我在準備好的發言中提到的事實，我們仍在與 Zips 進行討論，但我們的指導假設它們已經被發布。

There's a range of downtime and there's a range of rent recaptures, and that's reflected in the AFFO per share numbers.

停工時間和租金回收範圍都有所差異，這反映在每股 AFFO 數字中。

Okay, thank you and we can also get a little bit more color on the portfolio transaction that you mentioned that has already occurred quarter-to-date. How did that come about? and is that something that you're looking to do more of in the focus of larger portfolio transactions versus the one-off sale lease back or development funding?

好的，謝謝，我們還可以進一步了解您提到的本季迄今已經發生的投資組合交易。這是怎麼發生的？與一次性售後回租或開發融資相比，您是否希望更專注於更大規模的投資組合交易？

Yes, I think you're referring to the deal that we signed last night, so let me start by saying, it's a direct sale leaseback transaction with a relationship that we've been developing through just our standard business development process here at Getty.

是的，我想您指的是我們昨晚簽署的協議，所以首先我要說的是，這是一項直接售後回租交易，我們一直在透過 Getty 的標準業務發展流程來建立這種關係。

And I think, your question on is this something we expect to continue to do? The answer is absolutely yes, right. This is a direct sale by transaction that's very consistent with our business strategy.

我想，您的問題是，這是我們期望繼續做的事情嗎？答案是肯定的，對的。這是一種透過交易進行的直接銷售，非常符合我們的業務策略。

Certainly, it's our first transaction with this tenant on this basis. So we would certainly like to get this transaction closed with this tenant and then obviously look at do we do repeat business with them or can we do more in these various sectors within the automotive sector.

當然，這是我們與該租戶在此基礎上進行的第一筆交易。因此，我們當然希望與該租戶完成這筆交易，然後再考慮是否與他們重複做生意，或者我們是否可以在汽車行業的各個領域做更多的事情。

But again, I've just come back to the broader convenience and automotive strategies. We have a lot of assets and opportunities to underwrite. Portfolio sale leaseback transactions are the bread and butter of our growth strategy. So the more that we can do here, the more that's direct, the more business development we can do, the more successful Getty will be.

但我又回到了更廣泛的便利和汽車策略。我們有很多資產和機會可供承保。投資組合售後回租交易是我們成長策略的核心。因此，我們在這裡能做的越多，直接的事情越多，我們能進行的業務開發越多，蓋蒂就會越成功。

Great. Thank you so much.

偉大的。太感謝了。

The next question comes from Wesley Golladay with Baird. Please go ahead.

下一個問題來自貝爾德的韋斯利·戈拉迪。請繼續。

Hey, good morning, everyone. With that pipeline, is it straight sell leasebacks, will there be any development opportunity with that new tenant?

嘿，大家早安。有了這樣的管道，是不是就可以直接售後回租了？新租戶是否還有發展機會？

Yeah, the 85 total is a combination of sale leaseback and development funding. It's really interesting is if you go back over the last two years, 2023 was a heavy development funding year, and a lot of those deals kind of closed out earlier this year or even late in 2023.

是的，總計 85 是售後回租和開發融資的組合。有趣的是，如果回顧過去兩年，2023 年是開發資金密集的一年，許多交易都在今年早些時候甚至 2023 年末就已完成。

2024 was the opposite. It was almost all sale leaseback transactions for Getty. And I think in Mark's commentary you mentioned, we're seeing renewed interest in M&A, renewed interest in operators looking to grow their new store pipelines. So, I think as we roll through 2025, you're definitely going to see more of a mix this year between the sale leaseback business and the development funding.

2024年則相反。對 Getty 來說，這幾乎都是售後租回交易。我認為在您提到的馬克的評論中，我們看到了人們對併購的新興趣，以及營運商對擴大新店通路的新興趣。因此，我認為隨著我們進入 2025 年，今年您肯定會看到售後回租業務和開發融資之間的更多融合。

And this is Brian, I would just add. We typically try to provide some sense of timing, for you all around when the pipeline, the capital funding the pipeline will be deployed. When you're seeing ranges that are, say three to six months. You can anticipate that that's going to be more sale leaseback, more acquisition of existing properties.

我只是想補充一下，這是 Brian。我們通常會嘗試為您提供一些時間觀念，讓您了解管道何時以及管道所需的資本將如何部署。當您看到範圍時，比如說三到六個月。你可以預見這將會有更多的售後回租，更多的現有房產的收購。

When you see ranges more in the 9 to 12 months, which is what we put out, and that doesn't change with this contract that was just signed, you can assume that that's going to be more development funding and so. Of the $85 million-plus that's now under contract in this case, and given the commentary that Chris just went through and Mark earlier, the bulk of that is development funding by 80% of that is development funding.

當您看到 9 到 12 個月的範圍擴大時，這就是我們所提出的，並且這不會隨著剛剛簽署的合約而改變，您可以假設這將是更多的開發資金等等。在此案中，目前合約金額超過 8500 萬美元，考慮到克里斯剛才和馬克之前的評論，其中大部分是開發資金，80% 是開發資金。

And again, you can see that in the duration over which we'll deploy the capital.

再說一次，你可以在我們部署資本的持續時間內看到這一點。

Okay, that makes sense. And then, maybe just go one more for you on Zips, thinking, just doing some high level math cap rate assumptions. It looks like you have a basis around 4 million, so pretty good basis there.

好的，這很有道理。然後，也許只需在 Zips 上再為您做一次思考，只需做一些高級數學資本化率假設。看起來您的基礎大約為 400 萬，因此基礎相當不錯。

And so when you look at your recovery that you're kind of baking in -- what are you thinking from, maybe timing or releasing, and are you pretty confident it will all go to another car wash concept?

因此，當您回顧您正在進行的恢復時——您在考慮什麼，可能是時機或發布，並且您是否非常有信心它將全部轉向另一個洗車概念？

Yeah, so, and look, not looking to be, evasive here. Don't want to get too specific on the downtime assumptions or the rent.

是的，所以，你看，我們不是在迴避這個問題。不想對停機時間假設或租金說得太具體。

Again, we have live discussions going on with the current operator and others, and just don't want to set any expectations out there. As I said on that front, we expect them to be released this year. We're assuming they'll be released this year and that we will recapture a significant majority of the rent.

再次強調，我們正在與當前運營商和其他人進行現場討論，只是不想設定任何期望。正如我所說的，我們預計它們將於今年發布。我們預計這些款項將在今年發放，而且我們將收回絕大部分租金。

Whether they stay with Zips, whether they go to one operator, whether they go to multiple operators, those are all possible outcomes. It doesn't have to be any one of those.

他們是否繼續使用 Zips，是否轉而選擇一家運營商，還是選擇多家運營商，這些都是可能的結果。不一定非是其中之一。

But pretty confident it's going to go to a car wash based on your early discussions at this time.

但根據你們目前的早期討論，我非常有信心它會被送去洗車。

Yeah, as Chris said, these are ten of the 12, including the bulk of which we think will get returned to us or we're assuming will get returned to us.

是的，正如克里斯所說，這些是 12 個中的 10 個，其中大部分我們認為會退還給我們，或者我們假設會退還給我們。

Our new construction, right roughly five years old, and given our relationships in the dialogue we've had today characterize them as constructive and we're going to go through the process and that's what we're assuming.

我們的新建築大約有五年歷史了，鑑於我們在今天的對話中的關係，我們認為它們是建設性的，我們將完成這個過程，這就是我們的假設。

Okay, thanks everyone.

好的，謝謝大家。

(Operator Instructions) The next question comes from the line of Upal Rana with KeyBanc Capital Markets. Please go ahead.

（操作員指示）下一個問題來自 KeyBanc Capital Markets 的 Upal Rana。請繼續。

Great, thank you. just a couple on Zips. If you were to find a similar operator, how quickly would you be able to turn the space around once you get the lease back to you?

太好了，謝謝。 Zips 上只有幾個。如果您找到類似的運營商，那麼在您收回租約之後，您能多快扭轉空間的局面？

This is Mark. So, the units were, they were in op operating units, as Chris said, they're relatively new.

這是馬克。因此，正如克里斯所說，這些單位是操作作戰單位，它們相對較新。

Most of them are somewhere in the five-year-old range. The equipment we'll do surveys, as Brian said, it's a fluid situation. But they are ready to continue to operate in their current state or just transfer over to an operator and get back in operations pretty quickly.

他們中的大多數年齡都在五歲左右。我們將對設備進行調查，正如布萊恩所說，這是一個不穩定的情況。但他們準備繼續在當前狀態下運營，或者只是移交給運營商並很快恢復運營。

Okay, great, thank you. And then on the other five locations that you have with Zips, do you feel like maybe those could be at risk too? or is it just the seven?

好的，太好了，謝謝。那麼，在您使用 Zips 的其他五個地點，您是否覺得這些地點也可能有風險？還是只有七個？

It's Brian. I think we're operating under the assumption, utilizing those facts that are in the public domain. So, we're assuming that those five will remain with Zips, the seven will get back.

我是布萊恩。我認為我們是在假設下運作的，利用的是那些屬於公共領域的事實。因此，我們假設這五個人將留在 Zips，七個人將回來。

The portfolio as a 12 was profitable. When we look at tenant rent coverage, there was a range of individual property coverages within that. And you can, draw conclusions in terms of which ones were rejected and which ones weren't.

12 的投資組合是獲利的。當我們查看租戶租金保險時，其中包含一系列個人財產保險。而您可以得出結論，哪些被拒絕了，哪些沒有被拒絕。

So, I think it's safe to assume that those are stronger operating stores with sufficient headroom around coverage and profitability. We're assuming the five stay and the seven get released. But having been through some of these situations as many of us in the room have, not necessarily here at Getty, but elsewhere, there really is a range of outcomes and they're subject to discussions as I think, this is about a week old.

因此，我認為可以安全地假設這些都是實力更強的營運商店，在覆蓋範圍和盈利能力方面擁有足夠的空間。我們預計五人留下，七人獲釋。但是，正如我們在座的許多人一樣，我們經歷過其中一些情況，不一定是在蓋蒂這裡，而是在其他地方，確實會有一系列的結果，而且我認為，這些結果需要進行討論，這已經是一周前的事情了。

We're utilizing the facts that are available to us to make our assumptions and share the impact of that with you guys. And we expect to have additional information, here in the near term as we all move forward.

我們利用現有的事實來做假設，並與大家分享其影響。我們希望在不久的將來能夠獲得更多信息，因為我們都在繼續前進。

Okay, great. And then, in your prepared remarks, you guys talked about some moderation on the cap rates from the 8.3% they experienced in 2024, given the large transactions that are weighted in there.

好的，太好了。然後，在你們準備好的發言中，你們談到了對 2024 年經歷的 8.3% 的資本化率進行一些緩和，因為其中包含了大量交易。

But given where the 10 year is at today, how much moderation do you think could occur? or maybe it's less so than maybe than you last thought.

但考慮到如今的 10 年期利率水平，您認為會出現多大的緩和？或者可能比你上次想像的還要少。

I would just point you to, so last year was the 83 that we talked about, if you look at the pipeline, the 85 that we're now up to, right, I think that's in the upper seven range.

我只是想指出，去年我們談論的是 83，如果你看看管道，我們現在已經達到了 85，對吧，我認為這是在 7 個以上的範圍內。

So, if you want to use that as what's good for a modest amount of compression, we tend to agree with you, given where the tenure is, that there's not too much appetite here at Getty to see cap rates compressed much more meaningfully beyond that.

因此，如果您想將其作為適度壓縮的好處，我們傾向於同意您的觀點，考慮到任期，Getty 方面沒有太多興趣看到資本化率在此基礎上進行更有意義的壓縮。

And again, we're being a direct sale leaseback player. It's our job to go out and underwrite and find opportunities that fit for our portfolio and that we can price and finance [accretively].

再次強調，我們是直銷回租公司。我們的工作是出去承銷並尋找適合​​我們投資組合的機會，我們可以定價和融資[增值地]。

Okay, great. Thank you.

好的，太好了。謝謝。

Thank you. We have a follow-up question from the line of Mitch Germaine with Citizens JMP. Please go ahead.

謝謝。我們收到了來自 Citizens JMP 的 Mitch Germaine 的後續問題。請繼續。

Thanks. I just want to circle back to Zips one more time.

謝謝。我只是想再一次回顧一下 Zips。

I'm just trying to understand that you might have talked about it, and I do apologize if you did.

我只是想知道您可能已經談論過它，如果您確實談論過它，我深表歉意。

What are the actual assumptions that you just assume me a couple of months of downtime? and then obviously, you get a little bit of an expense pick up since you are not able to recover them. Is that how it's being factored in the model, Brian?

你只是假設我會有幾個月的停機時間，實際的假設是什麼？然後顯然你會多花一點錢，因為你無法拿回它們。布萊恩，這就是模型中考慮因素嗎？

Yeah, and so, and again I'll emphasize which we're really not -- we don't want to be evasive here, but we have live discussions, and we just don't want to put any expectations out in the public domain about what specifically we expect to recover and how long we expect to be down.

是的，所以，我再次強調，我們真的不是——我們不想在這裡含糊其辭，但我們有現場討論，我們只是不想在公共領域公開任何關於我們預計具體恢復什麼以及預計停工多長時間的期望。

You can imagine in these situations again there's a range, right? We could release them earlier and take larger rent haircuts, right? We could have longer periods of downtime in an effort to recapture more rent. Again, as we noted, they could theoretically stay with Zips.

您可以再次想像這些情況下會有一個範圍，對嗎？我們可以提前釋放他們並大幅削減租金，對嗎？為了獲得更多的租金，我們可能會有更長的停工期。再次，正如我們指出的，理論上他們可以繼續使用 Zips。

So again, we captured that range in our AFFO per share guidance, but mechanically, you're thinking about it the right way. During downtime, we obviously wouldn't receive any rent.

因此，我們再次在每股 AFFO 指導中捕捉到了這個範圍，但從機械角度來看，您正在以正確的方式思考它。在停工期間，我們顯然不會收到任何租金。

We would have to cover carry costs, primarily real estate taxes and any other, maintenance to keep the property safe and secure and warm. And then again, any rent adjustments would become apparent upon releasing and those carry costs would obviously get picked up by the tenants at that time.

我們必須承擔持有成本，主要是房地產稅和任何其他維護費用，以確保房產的安全、溫暖。而且，任何租金調整都會在租賃解除時顯現出來，而這些持有成本顯然將由租戶承擔。

Great, thank you. I appreciate you guys.

太好了，謝謝。我感謝你們。

Ladies and gentlemen, as there are no further questions, I would now like to hand the conference over to Christopher Constant for closing comments.

女士們、先生們，由於沒有其他問題，我現在想將會議交給克里斯多福康斯坦特，請他作最後評論。

Thank you, Operator. And thank you everyone for joining us this morning for our call. We look forward to continuing to grow at Getty and look forward to getting back on with everybody when we report our first quarter of 2025 results at the end of April.

謝謝您，接線生。感謝大家今天上午參加我們的電話會議。我們期待蓋蒂繼續發展，並期待在 4 月底報告 2025 年第一季業績時與大家重新溝通。

Thank you. The conference of Getty Realty has now concluded.

謝謝。Getty Realty 的會議現已結束。

Thank you for your participation. You may now disconnect your lines.

感謝您的參與。現在您可以斷開線路了。