Getty Realty Corp. (GTY) 2026 Q1 法說會逐字稿

Good morning, and welcome to the Getty Realty first quarter 2026 earnings call. This call is being recorded. (Operator Instructions) Prior to starting the call, Joshua Dicker, Executive Vice President, General Counsel, and Secretary of the company will read a Safe Harbor statement and provide information about non-GAAP financial measures. Please go ahead sir.

早安，歡迎參加 Getty Realty 2026 年第一季財報電話會議。本次電話會議將被錄音。(接線員指示) 在會議開始前，本公司執行副總裁、總法律顧問兼公司秘書 Joshua Dicker 將宣讀「安全港」聲明，並提供有關非 GAAP 財務衡量指標的資訊。先生，請開始。

Thank you, operator. I would like to thank you all for joining us for Getty Realty's first quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended March 31, 2026.

謝謝，接線員。感謝各位參加 Getty Realty 第一季財報電話會議。昨天下午，公司已公布截至 2026 年 3 月 31 日止季度的財務與營運結果。

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 表格與新聞稿可於我們網站 gettyrealty.com 的投資人關係專區取得。本次電話會議中所作的某些陳述並非基於歷史資訊，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 to differ materially from those described in the forward-looking statements.

這些陳述反映管理層目前的預期與信念，並受趨勢、事件與不確定性影響，可能導致實際結果與前瞻性陳述所描述者出現重大差異。

Examples of forward-looking statements include our 2026 guidance and may include statements made by management, including those regarding the company's future financial performance, future operations, or investment plans and opportunities.

前瞻性陳述的例子包括我們對 2026 年的指引，亦可能包括管理層所作的陳述，包括關於公司未來財務表現、未來營運，或投資計畫與機會等。

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.

我們提醒各位，此類陳述係基於目前我們所知因素所作之最佳判斷，實際事件或結果可能出現重大差異。

I refer you to the company's annual report on form 10-K for the year ended December 31, 2025, as well as any subsequent filings with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statements made today.

請參閱公司截至 2025 年 12 月 31 日止年度的 10-K 年報，以及其後向美國證券交易委員會（SEC）提交的任何文件，以取得更詳細的風險與其他因素之討論；這些因素可能導致實際結果與今日所作任何前瞻性陳述明示或暗示者出現重大差異。

You should not place undue reliance on forward-looking statements which. Reflect our view only as of today, the company undertakes no duty to update any forward-looking statements that may be made during this call. Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures, including our definition of adjusted funds through operations, or AFFO, and our reconciliation of those measures to net earnings.

您不應過度依賴前瞻性陳述，其僅反映我們截至今日的觀點；公司不承擔更新本次電話會議中可能作出的任何前瞻性陳述之義務。此外，請參閱我們的財報新聞稿，以了解我們使用非 GAAP 財務衡量指標的討論，包括我們對經調整營運資金（Adjusted Funds From Operations，AFFO）的定義，以及將該等衡量指標與淨利之調節。

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

接下來，我把電話交給我們的執行長 Christopher Constant。

Thank you, Josh, Good morning, everyone, and welcome to our earnings call for the first quarter of 2026. Joining us on the call today are Brian Dickman, our Chief Financial Officer; and RJ Ryan, our Chief Investment Officer.

謝謝你，Josh。各位早安，歡迎參加我們 2026 年第一季財報電話會議。今天與會的還有我們的財務長 Brian Dickman，以及投資長 RJ Ryan。

I will lead off today's call by providing highlights of Getty's first quarter financial performance and investment activity. RJ Ryan, will then discuss our portfolio and investments in greater detail, and Brian, will provide additional information regarding our earnings, balance sheet, and 2026 AFFO per share guidance.

我將先就 Getty 第一季的財務表現與投資活動提供重點摘要。接著 RJ Ryan 將更詳細說明我們的投資組合與投資情況，而 Brian 將補充有關我們的獲利、資產負債表，以及 2026 年每股 AFFO 指引的更多資訊。

I am pleased to report that Getty is off to a strong start in 2026, highlighted by a 13.1% year-over-year increase in our annualized base rent, a 6.8% increase in our AFFO per share. And an increase to our full-year 2026 earnings guidance.

我很高興報告，Getty 在 2026 年有一個強勁的開局，亮點包括我們年化基本租金年增 13.1%，每股 AFFO 成長 6.8%。並上調我們 2026 年全年獲利指引。

The foundation for this growth is our in-place portfolio, which is essentially fully occupied, achieved 100% rent collections, and continues to demonstrate stable rent coverage. Despite volatility driven by current geopolitical events, our tenants and their businesses have once again proved their resilience and ability to perform during rapidly changing operating conditions.

此成長的基礎來自我們既有投資組合，該組合基本上已滿租，達成 100% 租金收取，並持續展現穩定的租金覆蓋率。儘管目前地緣政治事件帶來波動，我們的承租戶及其業務再次證明其韌性，以及在營運環境快速變化下的執行能力。

Building on that foundation is the impact of the capital we deployed in 2025 and year-to-date. We are seeing the benefits of investments we have made in our platform to accelerate growth, including a larger investment team, new technologies, and improved processes.

在此基礎之上，還有我們於 2025 年及今年迄今所投入資本的影響。我們正看到先前在平台上為加速成長所做投資的效益，包括擴編投資團隊、導入新技術，以及改善流程。

And we expect to capitalize on constructive transaction markets for convenience and automotive retail properties throughout the year.

我們也預期將在全年把握便利商店與汽車零售不動產的建設性交易市場。

Year-to-date, we have invested more than $34 million at an initial cash yield of 8%. Beyond that, beyond what we have closed, we have approximately $125 million of investments under contract, as well as a pipeline of transactions undersigned, non-binding letters of intent that is in excess of the pipeline which was disclosed at the time of our recent equity offering.

今年迄今，我們已投資超過 3,400 萬美元，初始現金殖利率為 8%。此外，除了我們已完成的交易之外，我們約有 1.25 億美元的投資已簽約，另有一個由已簽署但不具約束力之意向書所構成的交易管線，其規模高於我們在近期股權發行時所揭露的管線。

This pipeline is supported by a robust capital position, as our recent capital markets activities have provided us with significant liquidity and an attractive cost of capital to fund our 2026 business plans. We currently have more than $170 million of unsettled forward equity, and our $450 million revolver is completely undrawn.

此一管線由強勁的資本部位所支撐；我們近期的資本市場活動為我們提供了充足流動性，以及具吸引力的資金成本，以支應 2026 年的業務計畫。目前我們有超過 1.7 億美元尚未交割的遠期股權，而我們 4.5 億美元的循環信貸額度完全未動用。

When we look at the spectrum of opportunities under contract and in our pipeline, we are confident that we can deploy this capital accretively as we move through the year. As we think about the rest of 2026 and beyond, I take great comfort in the quality of our portfolio, including its proven durability and ongoing diversification.

當我們檢視已簽約及管線中的各類機會時，我們有信心能在今年推進過程中以增益方式部署這些資本。展望 2026 年剩餘時間及更長期，我對我們投資組合的品質感到非常安心，包括其經驗證的耐久性與持續的多元化。

I have no doubt that the platform we've built can drive disciplined growth as we continue to lean into our expertise. And sourcing, underwriting, and closing investments in our core convenience and automotive retail sectors.

我毫不懷疑，我們所建立的平台能在持續倚重自身專業的同時，推動有紀律的成長。並在我們核心的便利與汽車零售領域中，持續開發、承作評估（underwriting）並完成投資。

We remain committed to our disciplined underwriting approach, which prioritizes owning real estate in high-density or growing metro areas, with excellent access and visibility in retail markets, and which is leased to creditworthy operators under a long-term triple net leases. The sectors we invest in are large and fragmented and benefit from prevailing consumer demand consumer trends for demand, convenience, speed, and service.

我們仍致力於有紀律的承作評估方法，優先持有位於高密度或成長型都會區、在零售市場具備優異可達性與能見度的不動產，並以長期三重淨租約（triple net leases）出租給具信用的營運商。我們投資的產業規模龐大且高度分散，並受惠於當前消費者對便利、速度與服務的需求趨勢。

As these industries continue to consolidate and become more institutional, we believe our direct sales-back approach and deeper relationships in our target segments uniquely positions Getty to grow with both established and emerging retailers.

隨著這些產業持續整併並更趨機構化，我們相信我們的直接售後回租（sale-leaseback）策略，以及在目標細分市場中更深厚的關係，使 Getty 能以獨特優勢與既有及新興零售商共同成長。

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

接下來，我請 RJ 來談談我們的投資組合與投資活動。

Thank you, Chris. At quarter end, our lease portfolio included 1,186 net lease properties and two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.7%, and our weighted average lease term was 10.1 years.

謝謝你，Chris。截至季末，我們的租賃投資組合包含 1,186 處淨租賃物業，以及兩處正在進行的重建開發基地。扣除正在重建開發的項目後，出租率為 99.7%，加權平均剩餘租期為 10.1 年。

Our net lease portfolio spans 45 states plus Washington, D., with 61% of our annualized base rent coming from TOP50 MSAs. And 77% coming from TOP100 MSAs. Our rents continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.5 times.

我們的淨租賃投資組合涵蓋 45 個州及華盛頓特區（Washington, D.C.），其中 61% 的年化基本租金來自前 50 大都會統計區（TOP50 MSA）。另有 77% 來自前 100 大都會統計區（TOP100 MSA）。我們的租金覆蓋仍然良好，承租戶過去 12 個月的租金覆蓋率為 2.5 倍。

Turning to our investment activities, for the quarter, we invested $30.3 million across 29 properties and an initial cash yield of 8%. The weighted average lease term on acquired assets for the quarter was 8.8 years.

轉向我們的投資活動，本季我們在29處物業上投資了3,030萬美元，初始現金殖利率為8%。本季所收購資產的加權平均租約期限為8.8年。

Highlights for this quarter's investments include the acquisition of 22 properties for $27.3 million, including 16 auto service centers and 6 drive-through quick service restaurants, and 3 million of incremental development funding for the construction of multiple new auto service centers and drive-through quick service restaurants.

本季投資亮點包括以2,730萬美元收購22處物業，其中包含16家汽車服務中心與6家得來速速食餐廳，另提供300萬美元的增量開發資金，用於興建多家新的汽車服務中心與得來速速食餐廳。

Subsequent to quarter end, we invested an additional $4.1 million, bringing our year-to-date total investments to $34.4 million. At an 8% initial cash yield. Our year-to-date activity included the acquisition of several existing net leases that we view as a complement to our core sale leaseback business.

在季末之後，我們又額外投資了410萬美元，使我們今年迄今的總投資額達到3,440萬美元。初始現金殖利率為8%。我們今年迄今的活動包含收購數筆既有的淨租約資產，我們認為這可補強我們核心的售後回租業務。

This drove a shorter weighted average lease term than our typical investment activity but also led to us adding 11 new tenants to the portfolio and executing granular acquisitions with an average $1.2 million purchase price.

這使加權平均租約期限較我們典型的投資活動更短，但也讓我們為投資組合新增了11位新承租戶，並完成更為分散的收購案，平均每筆收購價格為120萬美元。

Looking ahead, as Chris mentioned. We currently have approximately $125 million of investments under contract and a significant pipeline of investments undersigned letters of intent.

展望未來，如Chris所提。目前我們約有1.25億美元的投資已簽約，並且有大量投資案的意向書（LOI）尚待簽署。

These transactions are spread across our four convenience and automotive retail sectors and are predominantly relationship sale leasebacks and development funding opportunities with new 15 to 20-year lease terms. The initial cash yields for these investment opportunities are in the mid to high 7% area.

這些交易分布於我們四個便利與汽車零售領域，且主要為關係型售後回租與開發資金機會，並搭配新的15至20年租約期限。這些投資機會的初始現金殖利率約落在7%中段至高段。

Moving to our asset management activities, as previously announced, we extended five unitary leases, totaling $11.3 million of AVR, or 5% of the total AVR during the first quarter.

接著談我們的資產管理活動，如先前公告，我們在第一季延長了五份單一租約，合計AVR為1,130萬美元，約占第一季總AVR的5%。

The net benefit of these lease extensions was an increase to our weighted average lease term and a significant reduction in AVR expiring in 2027. In addition, we sold two properties during the quarter for gross proceeds of $3.7 million. With that, I will turn the call over to Brian to discuss our financial results.

這些租約延長的淨效益是提高了我們的加權平均租約期限，並大幅降低於2027年到期的AVR。此外，本季我們出售兩處物業，總出售收入為370萬美元。接下來我把電話交給Brian，請他說明我們的財務結果。

Thanks, RJ, Good morning, everyone. For the first quarter of 2026, we reported AFFO per share of $0.63, a 6.8% increase over Q1 2025. AFFO and net income for the quarter were $0.69 and $0.43 per share, respectively.

謝謝你，RJ，各位早安。2026年第一季，我們每股AFFO為0.63美元，較2025年第一季成長6.8%。本季AFFO與淨利分別為每股0.69美元與0.43美元。

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

更詳細的季度結果說明可見於我們的財報新聞稿，而我們的公司簡報亦包含過去七年每股盈餘與每股股利成長的更多資訊。

Starting with some color on G&A expenses, management focuses on the ratio of G&A, excluding stock-based compensation and nonrecurring retirement costs to cash rental and interest income. That ratio was 9.2% for the quarter ended March 31, 2026, a 130-basis-point improvement over the same period in 2025.

先補充一些關於一般及行政（G&A）費用的說明，管理層關注的指標是：扣除以股票為基礎的薪酬與一次性退休成本後的G&A，占現金租金與利息收入的比率。截至2026年3月31日止季度，該比率為9.2%，較2025年同期改善130個基點。

As we mentioned on our last call, we expect G&A growth to be less than 2% in 2026. And for our G&A ratio to fall below 9% as we focus on controlling expenses and continuing to scale the company.

如同我們在上次電話會議提到的，我們預期2026年G&A成長將低於2%。並且在我們專注於控管費用並持續擴大公司規模的同時，G&A比率將降至9%以下。

Moving to the balance sheet and liquidity, as of March 31, net debt to EBITDA was 5.1 times or 4.2 times, including the impact of unsettled forward equity, both of which compare favorably to our target leverage of 4.5 times to 5.5 times. Fixed charge coverage for the quarter was 4 times.

接著看資產負債表與流動性，截至3月31日，淨負債對EBITDA為5.1倍；若納入未結算的遠期股權影響則為4.2倍，兩者皆優於我們4.5倍至5.5倍的目標槓桿水準。本季固定費用保障倍數為4倍。

During the first quarter, we received $250 million from our previously announced unsecured notes issuance and used the proceeds to repay of borrowings under our revolving credit facility. We ended the quarter with $1 billion of total unsecured notes outstanding with a weighted average interest rate of 4.5% and a weighted average maturity of six years. We have full borrowing capacity under our $450 million revolving credit facility and no debt maturities until June 2028.

第一季期間，我們收到先前公告之無擔保票據發行所得2.5億美元，並將該款項用於償還循環信用額度項下的借款。季末我們未償還的無擔保票據總額為10億美元，加權平均利率為4.5%，加權平均到期年限為六年。我們在4.5億美元的循環信用額度下仍有全額可用借款額度，且在2028年6月之前沒有到期債務。

In February, driven by our growing investment pipeline and the strong performance of our stock to start the year, we raised $130 million of new common equity in an overnight offering. Those shares were sold on a forward basis, and we currently have a total of 5.5 million shares subject to outstanding forward sales agreements, which upon settlement are anticipated to raise gross proceeds of approximately $171.5 million.

2月時，受我們持續成長的投資案源與年初以來股價強勁表現帶動，我們透過隔夜發行募集了1.3億美元的新普通股權資金。這些股份以遠期方式出售，目前共有550萬股受未結算的遠期出售協議約束，預期在結算後可募集約1.715億美元的總收入。

As Chris, mentioned, we are in a very strong capital position with more than $625 million of total liquidity and have more than sufficient capital to fund our under-contract pipeline and additional investments as we continue to source new opportunities.

如Chris所提，我們目前資本狀況非常強健，總流動性超過6.25億美元，且擁有遠超足夠的資金可用以支應已簽約的案源管線及額外投資，同時我們也將持續開發新的機會。

With respect to our earnings outlook, as a result of our year-to-date activities, we are increasing our full-year 2026 AFFO per share guidance to a range of $2.50 to $2.52 from the prior range of $2.48 to $2.50. As a reminder, our guidance reflects the current run rate from our in-place portfolio with certain expense and credit loss variability and does not include any prospective investments or capital markets activities.

關於我們的獲利展望，基於今年迄今的活動，我們將2026年全年每股AFFO指引上調至2.50至2.52美元，先前區間為2.48至2.50美元。提醒一下，我們的指引反映的是現有投資組合的目前運行水準，並納入部分費用與信用損失的變動性，但不包含任何未來可能的投資或資本市場活動。

We think this approach remains appropriate for our business and look forward to updating everyone on the positive impact that our investment program has on our earnings as we move through the year.

我們認為此作法仍適合我們的業務，也期待在今年推進的過程中，向各位更新我們投資計畫對獲利帶來的正面影響。

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

接下來，我請接線生開放提問。

Thank you. (Operator Instructions).

謝謝。（接線生指示）。

Mitch Germain, Citizens Bank.

Citizens Bank 的 Mitch Germain。

Thank you, and congrats on the quarter. Chris, what do you think is driving the increased momentum in the investment pipeline? Obviously, I know you've made some investments in people. Is it more kind of seller's kind of rationalizing what their pricing expectations are? Is there anything you can point out to them?

謝謝，並恭喜本季表現。Chris，你認為是什麼因素帶動投資案源動能提升？顯然我知道你們在人員方面做了一些投資。是否更像是賣方在重新調整其價格預期、變得更理性？你有沒有什麼可以指出來的因素？

I think it's a little bit of all of the above, right? Obviously, with more dealmakers at Getty, right, there's more business development activity. As the portfolio has grown, we obviously have more relationships that we can tap into.

我想以上因素都有一些，對吧？很明顯地，Getty有更多的交易開發人員，因此商務開發活動也更多。隨著投資組合成長，我們顯然也有更多可運用的關係網絡。

But I do think there's an element of your businesses are growing. The theme around consolidation certainly continues in all the sectors we invest in. And as folks are looking at their capital needs, I do think the sale-leaseback market is becoming more attractive. And it's a complement in certain cases to their other capital sources like debt or even equity.

但我確實認為也有一個面向是：你們所處的產業正在成長。我們投資的所有領域中，整併的主題無疑仍在持續。而當大家在評估其資本需求時，我確實認為售後回租市場正變得更具吸引力。在某些情況下，它也可作為其他資金來源（例如債務甚至股權）的補充。

So, I think it's a mix, Mitch. But what I would say is that most of our conversations are around growth. And folks are constructive, right, in terms of what the current pricing dynamic looks like across the sectors. And we certainly feel that in our portfolio and in our pipeline, and I think that's why you hear some. Positive tone in our language in the script and in the quarter.

所以，我認為這是混合的，Mitch。但我想說的是，我們大多數的對話都圍繞在成長。而且大家在看待各產業目前的定價動態時，態度都是建設性的，對吧。我們在投資組合以及案源管線中確實也感受到這一點，我想這也是為什麼你會聽到一些。我們在講稿以及本季措辭中呈現出正向的語氣。

Are you becoming any more selective with regards to what sectors you're allocating capital to, or are you open for business across everything that you're investing in?

就你們配置資本的產業而言，你們是否變得更挑選了？還是說，對於你們正在投資的所有領域，你們都仍然全面開放、照常做生意？

Because we are focused investors, right? So, I think by nature, that makes us sort of selective. But within the four sectors that we invest in, we're equally excited about all four of them. And the broader pipeline under contract and what's behind that includes numerous opportunities across all those verticals.

因為我們是聚焦型投資人，對吧？所以我想從本質上來說，這會讓我們多少比較挑選。但在我們投資的四個產業中，我們對這四個都同樣感到興奮。而且更廣泛的已簽約管線以及其後續儲備，包含了跨越所有這些垂直領域的眾多機會。

Great. Last one for me, Brian, you talked about scalability of the platform. Can you highlight maybe some of the things that you guys have accomplished to kind of get a little more efficient?

很好。我最後一個問題，Brian，你提到平台的可擴展性。你能否強調一下你們為了變得更有效率，已經完成了哪些事情？

Yeah, I think you've heard both Chris, and RJ, and even in past calls, Mark talk about some of the things we've been doing around technology, around process improvement.

是的，我想你已經聽過 Chris、RJ，甚至在過去的電話會議中也聽 Mark 談到我們在技術與流程改善方面所做的一些事情。

So certainly, I think those things are having an impact. But also, I think we all understand that net lease platforms are inherently very scalable. We've been investing in the platform for a number of years. And combined with some of the market dynamics Chris went through, we're just, I think, really starting to bear the fruit of those efforts.

所以我認為這些事情當然正在產生影響。但同時，我想我們也都理解，淨租賃平台本質上就非常具有可擴展性。我們已經在這個平台上投資了好幾年。再加上 Chris 提到的一些市場動態，我想我們現在真的開始收穫這些努力的成果。

Upal Rana, KeyBanc Capital Markets.

Upal Rana，KeyBanc Capital Markets。

Great, thank you. Chris, with the pipeline growing, I'm just curious on what you're seeing out there in terms of larger Portfolio deals?

很好，謝謝。Chris，隨著管線在成長，我想了解你在市場上看到的較大型投資組合交易（Portfolio deals）情況如何？

Yeah, I mean, I think, obviously, what we closed this quarter was more granular in terms of maybe some more individual asset acquisitions. But the broader pipeline and the opportunities that we're underwriting has a mix of what I would call mid-size to larger portfolios.

是的，我的意思是，我想很明顯地，我們本季完成的交易在顆粒度上更細，可能偏向一些單一資產的收購。但更廣泛的管線以及我們正在承作評估（underwriting）的機會，則是我所稱的中型到大型投資組合的混合。

And again, I just go back to what I said on the earlier question, which is our operators are looking to continue to grow and consolidate, and that kind of mid-market M&A transaction or a larger portfolio certainly feels like there's a component for sale leaseback financing to help get those deals done.

而且我再回到我在前一個問題所說的：我們的營運商希望持續成長並進行整併；而那種中型市場的併購交易或較大型投資組合，確實讓人感覺其中會有一部分需要透過售後回租融資（sale-leaseback financing）來協助完成交易。

Okay, great. And then Brian, on your cost of capital has not materially improved this year and you have nearly $170 million in the forward equity and also the revolver. So just want to get your thoughts on your strategy on use of capital as we go through '26 and maybe any additional appetite to raise even more capital?

好的，很好。接著 Brian，你們今年的資金成本並沒有顯著改善，而且你們有將近 1.7 億美元的遠期股權（forward equity）以及循環信貸額度（revolver）。所以想請你談談，當我們走過 2026 年時，你們在資本使用上的策略，以及是否還有意願再籌集更多資本？

Yeah, thanks, Upal, fair, certainly, observations and not lost on us, the cost of capital. But I would say that our strategy, as it were, around capital raise and capital allocation really has not changed. We're going to maintain leverage in that 4.5 to 5.5 times range.

是的，謝謝你，Upal，這些觀察很公平，我們也沒有忽視資金成本這件事。但我會說，我們在募資與資本配置方面的策略，基本上並沒有改變。我們會把槓桿維持在 4.5 到 5.5 倍的區間。

We're going to look to keep the pipeline at least partially funded so that we know we have some certainty around that cost of capital. And so, I think those fundamental components haven't changed.

我們會讓管線至少有部分資金先行到位，這樣我們就能對資金成本有一定的確定性。因此，我認為這些基本要素都沒有改變。

As you look to this year, I think you'll see us draw on the revolver for the debt piece and settle that equity again to maintain leverage.

展望今年，我想你會看到我們在債務部分動用循環信貸額度，並再次交割（settle）那部分股權，以維持槓桿水準。

And then as far as additional equity behind that or beyond that, I think, as always, it's going to be a combination of the pipeline, the magnitude of that pipeline where those deals are being priced and then where the stock is trading, where our cost of capital is.

至於在此之後或除此之外是否再增加股權，我想一如既往，會取決於管線、管線的規模、那些交易的定價，以及股價的交易水準，也就是我們的資金成本。

But I guess it's kind of a long-winded way of saying I don't see any change in strategy. I think if you look over the last several years, that's how we've executed, and I would anticipate us doing the same thing throughout this year and beyond.

不過我想，這算是用比較冗長的方式在說：我看不出策略有任何改變。我想如果你回顧過去幾年，我們就是這樣執行的，而我也預期我們今年以及往後都會以同樣方式進行。

Michael Goldsmith, UBS.

Michael Goldsmith，UBS。

Good morning. Thanks a lot for taking my question. Can you just talk a little bit about bad debt? Are you seeing any challenges within the portfolio? And then also, can you update us on how bad debt is baked into your 2026 guidance and if that changed since the start of the year? Thanks.

早安。非常感謝讓我提問。你能否談一下壞帳（bad debt）？你們在投資組合中是否看到任何挑戰？另外，也請更新一下壞帳在你們 2026 年指引中是如何納入假設的，以及這個假設自年初以來是否有變動？謝謝。

Yes. Hi, Michael, it's Brian. I'll touch on that. So, working backwards, --we use about 25 basis points assumption for credit loss. We did not experience any of that in the first quarter. I would say that is also conservative relative to looking back over longer periods of time.

可以。嗨，Michael，我是 Brian。我來回應一下。倒著說，我們對信用損失（credit loss）的假設大約是 25 個基點。我們在第一季並沒有發生任何這方面的損失。我會說，若回頭看更長的期間，這個假設也偏保守。

So that continues to be what's baked into the guidance on a go forward. And then the portfolio itself, quite healthy. There's nothing that rises to a level of a watch list, for us. And there's nothing that, we're anticipating in the near medium term that gives us any, significant concerns around credit loss in the portfolio.

因此，這仍然是未來納入指引中的假設。至於投資組合本身，相當健康。對我們而言，沒有任何項目上升到需要列入觀察名單（watch list）的程度。而且在近期到中期，我們也沒有預期會出現任何讓我們對投資組合信用損失有重大疑慮的情況。

As we know, these are non-discretionary, defensive, essential-type businesses. Obviously, there's a lot of geopolitical and macro noise. But as we sit here today, the tenants continue to perform, the businesses continue to perform. And while we do think it's prudent to have an assumption in our guidance for credit loss, there's nothing imminent that gives us any concern, as I said.

如我們所知，這些都是非可選消費、具防禦性、屬於必需型的業務。顯然，地緣政治與總體環境雜音很多。但就我們目前所見，承租戶持續履約，這些企業也持續運作良好。雖然我們認為在指引中納入信用損失假設是審慎之舉，但如我所說，沒有任何迫在眉睫的事情讓我們感到擔憂。

Thanks for that, Brian, and just to follow-up, I think this was touched on some of the other net lease earnings calls, but 7- Eleven closing some stores and more of the smaller locations, but just wanted to get a sense of how that, if any way, kind of influences your portfolio or how you're thinking about your portfolio.

謝謝你的說明，Brian。我再追問一下，我想這在其他一些淨租賃同業的法說中也有提到：7-Eleven 正在關閉一些門市，且多為較小的據點；我想了解這是否、以及如何影響你們的投資組合，或你們如何看待你們的投資組合。

And talented to be positioned in the C-space C-store space going forward? Thanks.

以及未來在便利商店（C-store）領域的配置是否仍然合適？謝謝。

Sure. I'll start and maybe RJ Ryan, wants to add a few comments here. So, 7- Eleven is a tenant of ours, but they're not in our TOP20. But on a broader scale, Michael, like this is a trend that we've been talking about with investors for years, the C-store is getting larger, it's getting more complex, the importance of food, beverage and brand to drive customer visits inside the store, this is not a new trend, with a portfolio the size of 7-Elevens.

當然。我先開始，然後也許 RJ Ryan 想在這裡補充幾點。所以，7-Eleven 是我們的承租戶之一，但他們不在我們的前 20 大（TOP20）之內。但從更宏觀的角度來看，Michael，這是一個我們多年來一直與投資人討論的趨勢：便利商店（C-store）正在變得更大、也更複雜；食物、飲料與品牌對於帶動顧客進店的重要性日益提高；這並不是新趨勢，尤其是像 7-Eleven 這樣規模的門市組合。

Of course, they have stores that are smaller and they're focused on the larger store to compete with other brands that may be even slightly ahead of where they are. So again, from our standpoint, given that we've been around the C-Store business for a very long time, this is very consistent with what our tenants are doing. If you look at the acquisition activity that we closed in C-Store last year, I think our big transaction in the fourth quarter, the average store size was like either 7,000 or 8,000 square feet, that is what the modern. Store looks like, heavy food, importance of brand, loyalty programs.

當然，他們也有較小的門市，而他們正把重心放在較大型的門市，以便與其他品牌競爭——那些品牌可能在某些方面甚至略微領先於他們。所以再說一次，從我們的角度來看，鑑於我們在便利商店業務已深耕很長時間，這與我們承租戶正在做的事情非常一致。如果你看我們去年完成的便利商店收購活動，我想我們第四季那筆大型交易，平均店面大小大概是 7,000 或 8,000 平方英尺，這就是現代化門市的樣貌。以餐食為主、品牌的重要性、會員／忠誠度計畫。

And, of course, they do still sell fuel, right? They do still sell traditional merchandise, but it's far more than just the old-line C-store. The other thing I'd say is that we do have some of the older assets that were part of the legacy business. Those are the leases that got renewed this quarter, right? So, again, still profitable. When you have a really well-located. Maybe slightly smaller store, like those still make money for our tenants. We were really pleased to get those leases extended and that our tenants wanted to stay there.

而且，當然，他們仍然有賣燃油，對吧？他們也仍然販售傳統商品，但已遠不只是過去那種老式便利商店。另外我想說的是，我們確實也有一些屬於歷史（legacy）業務的較老資產。那些就是本季續約的租約，對吧？所以，再次強調，仍然有利可圖。當你擁有一個地點非常好的門市，即使可能稍微小一點，對我們的承租戶來說仍然能賺錢。我們很高興能把那些租約延長，也很高興承租戶願意繼續留在那裡。

I echo what Chris, says, 7-Eleven did announce those closures, and I would highlight they also announced about a third of those closures numerically as planned reopening or a new source in that larger format. I think it's a reflection not only of the industry. But frankly, what Getty's investment strategy and what we've executed on certainly over the last several years, if not beyond, and how our portfolio has evolved, and it just shows the evolution of the C&G space and where we and others are focused.

我呼應 Chris 的說法，7-Eleven 的確宣布了那些關店計畫；我也要強調的是，他們同時宣布其中約三分之一（以店數計）是規劃重新開業，或以較大型格式的新據點取代。我認為這不僅反映了產業趨勢，坦白說，也反映了 Getty 的投資策略，以及我們在過去幾年（甚至更久）確實執行的方向、我們的投資組合如何演進；這也顯示了便利與加油（C&G）領域的演變，以及我們和其他同業的聚焦所在。

Thank you. (Operator Instructions).

謝謝。（接線員指示）。

Brad Heffern, RBC Capital Markets.

Brad Heffern，RBC Capital Markets。

Yeah. Hi, good morning, everyone. Question about the war in gas prices. I know most of the C-store margin is inside the store, but sometimes they do struggle to pass on higher gas prices right away or maybe customers have less money to spend inside the store. There can be a working capital draw, too. I'm just curious, do you think there will be any net impact on your tenants from this, or do you think that they'll be able to withstand it?

是的。各位早安。我想問關於油價上漲的「價格戰」。我知道便利商店的大部分毛利來自店內，但有時他們確實很難立刻把較高的油價完全轉嫁出去，或者顧客可用來在店內消費的錢變少。也可能會出現營運資金的占用。我只是好奇，你們認為這會對你們的承租戶造成任何淨影響嗎？還是你們認為他們能夠承受得住？

Yeah, it's a great question, one that we've gotten in a lot of our meetings recently. I think going into the -- I think the nice part about our business on the fuel side is that we were starting at retail fuel prices that were less than $3 a gallon nationally. We also entered the year at probably fuel margins on average that were north of $0.40, maybe $0.45. So that's not a historical like record high, but that's a very healthy number.

是的，這是個很好的問題，也是我們最近在很多會議上被問到的。我認為進入今年——我們在燃油端業務的一個有利之處是：我們起始時全美零售油價每加侖不到 3 美元。我們也在年初時，平均燃油毛利大概在 0.40 美元以上，可能 0.45 美元。這不是歷史性的創新高，但確實是非常健康的水準。

And you're right, typically our tenants have struggled to pass on 100% of the increase where there's been a rapid movement up in oil. What I would tell you is that if you look at some of the national data, almost all of that increase has been passed on.

而你說得對，通常在油價快速上漲時，我們的承租戶很難把漲幅 100% 立刻轉嫁出去。但我想告訴你的是，如果你看一些全國性數據，幾乎所有的漲幅都已經被轉嫁出去了。

So, if margins were in that high 40s, they're still nationally above $0.40. And then what does happen on the backside of that is when the price of oil does come down, tip of air tenants are able to maybe widen out their margin a little bit or hold retail pricing.

所以，如果毛利原本在 0.40 多美元的高檔，目前全國仍然高於 0.40 美元。接著在後續階段，當原油價格回落時，我們的承租戶可能就能把毛利稍微拉寬一些，或是維持零售定價。

So, I think to date, Brad, tenants continue to, the fuel margin, the fuel side of the business continues to be healthy. I think the conversations we've had with tenants right, are more about. The duration of this, the health of the consumer, continuing to drive traffic in the store.

所以我認為截至目前，Brad，承租戶的燃油毛利、燃油端業務仍然維持健康。我認為我們與承租戶的對話，更多是在談這種情況會持續多久、消費者的健康狀況，以及是否能持續帶動店內人流。

But we're having those conversations on a regular basis with tenants. And again, what you see in our portfolio is the C-store business is still highly profitable. The gas piece is still highly profitable. And again, tenants are just trying to drive traffic in the store for the higher margin side of their business.

但我們會定期與承租戶進行這些對話。而且再說一次，你在我們的投資組合中看到的是：便利商店業務仍然高度獲利。加油這一塊仍然高度獲利。承租戶只是持續努力把人流導入店內，因為那是他們毛利較高的業務。

Okay. Got it. Thank you for that. And then, Brian, on the guidance, you obviously closed acquisitions in the first quarter. It doesn't seem like enough to make the guide go up by 1%. So can you walk through what drove that? I'm assuming part of it was the equity raise, but anything else you would call out?

好的。了解。謝謝你的說明。接著，Brian，關於財測指引，你們第一季明顯完成了收購。但看起來似乎不足以讓指引上調 1%。所以你能說明一下是什麼因素推動的嗎？我猜其中一部分是增資（equity raise），但還有其他你想特別指出的嗎？

Yes. So there's really two components. The equity in and of itself wouldn't have impacted the first quarter. You do have the impact of the investment activity. You also have the, I guess, actualization of whatever was assumed around the credit loss and expense variability that we speak to as driving the variability in the range.

是的。主要其實有兩個組成部分。單就增資本身而言，不會影響第一季。你確實有投資活動帶來的影響。另外還有——我想是——我們所提到、用來解釋區間波動的那些因素：例如對信用損失與費用變動性的假設，實際落地（actualization）的結果。

And again, we had no credit loss in the first quarter and expenses generally came in at or below budget. So, I think it's really the combination of those two things, the just actual performance against what was forecasted plus the investment activity. And then also, candidly, Brad, sometimes when you're dealing in hundreds and dealing in pennies, sometimes the rounding also will get you. So it may not have been a full two pennies, but certainly on the round, that's where it came out for us.

再說一次，我們第一季沒有發生信用損失，而費用整體上也落在預算之內或低於預算。所以我認為主要就是這兩者的組合：實際表現相對於原先預測的差異，加上投資活動。另外坦白說，Brad，有時候當你在處理以「幾百」為單位、而差異以「幾分錢」計時，四捨五入也會影響結果。所以可能不是完整的兩分錢，但在四捨五入後，我們的結果就是那樣呈現。

Wes Golladay, Baird.

Wes Golladay，Baird。

Hey, good morning, everyone. When you look at the cap rates, I think you're guiding to mid to high 7s, it's a little bit lower. Just wondering if that was versus what you've done in the last few quarters, is that primarily just due to a mix, whether it's fewer developments or just different categories in the pipeline?

各位早安。當你看資本化率（cap rates）時，我認為你們的指引是落在7%中段到高7%區間，略低一些。想請教這相較於你們過去幾季所做的交易，主要是因為組合因素嗎？例如開發案較少，或是管線中的類別不同？

Yes, I think it's all of the above. Obviously, with the equity that we raised, there are a lot more transactions, broadly speaking, in the market that are maybe in and around that seven and a half. This allows us to grab some of those deals, again, maintain that healthy spread that we're looking for, plus blend those with the deals that are in the high 7s approaching 8.

是的，我想以上皆是。顯然，隨著我們募集到的股權資金，整體而言市場上有更多交易大致落在7.5%左右。這讓我們能夠抓住其中一些案子，同時維持我們所追求的健康利差，並把這些交易與高7%接近8%的交易做混合。

I think that's why maybe you saw our pipeline go up and let's talk about some of the activity behind that. Do you want to add to that, RJ?

我想這也是為什麼你可能看到我們的管線增加；我們也來談談背後的一些活動。RJ，你要補充嗎？

No, I think that's the range we've been operating in and around for quite some time. To Chris's, point, I expect us to still be quite active in that mid to high seven range, but we do have an opportunity to kind of expand our activity on the lower end and still blend in that mid to high seven range. We feel pretty confident in our ability to do so.

沒有，我認為我們在這個區間附近運作已經有一段時間了。呼應Chris的觀點，我預期我們在7%中段到高7%這個區間仍會相當活躍，但我們也有機會在較低端擴大活動，同時仍能與中高7%區間的交易做混合。我們對自己做到這點的能力相當有信心。

Okay, thanks for that. And just one housekeeping question. What are you looking at for G&A for the full year?

好的，謝謝說明。另外一個行政性問題。你們全年G&A預計是多少？

It should be right around $20 million, Wes, plus or minus.

Wes，應該大約在2,000萬美元左右，上下些許浮動。

Okay, thank you very much.

好的，非常感謝。

I'm sorry, that's on the cash G&A number. Just to be clear, I think we're at 5.2% in the quarter, right? First and second quarter tend to be a little elevated over the second half of the year. So that $20 million range would be the cash G&A number.

抱歉，那是以現金口徑的G&A數字。為了說清楚，我想我們本季是5.2%，對吧？第一季和第二季通常會比下半年略高一些。所以約2,000萬美元這個區間指的是現金G&A。

Jenna Gallant, Bank of America. P

Jenna Gallant，美國銀行。P

Thank you. Good morning, and congrats on the first quarter. Can you broadly break down how much of the $125 million pipeline is acquisitions, and how much is development funding? And if you can remind us, developments, is that typically kind of like a three, four, five quarter construction timeline?

謝謝。早安，恭喜第一季表現。你們能否大致拆解一下1.25億美元管線中，有多少是收購（acquisitions），多少是開發資金（development funding）？另外也請提醒一下，開發案通常的施工期大概是三、四、五個季度嗎？

So, hi, Jen, it's RJ. The $125 million pipeline is. And it echoes what we said in our last call about 60 days ago. It is tilted toward the development funding, which is generally that 3 to 12-month time horizon. We have added additional more traditional sale leaseback, acquisition leaseback type transactions. But the pipeline itself, as it sits, --is skewed more toward that development funding.

嗨，Jen，我是RJ。這1.25億美元的管線是——也呼應我們大約60天前上一通電話會議所說的——它偏向開發資金，通常時間範圍是3到12個月。我們也新增了更多傳統的售後回租（sale leaseback）、收購回租（acquisition leaseback）類型交易。但就目前管線而言，確實更偏向開發資金。

Michael Gorman, BTIG.

Michael Gorman，BTIG。

Yeah, thanks. Good morning. Just a quick one for me. Obviously, rent coverage remained pretty strong in the quarter versus the fourth quarter of last year, but there were some kind of noticeable moves within the different buckets that you break out in the presentation.

好的，謝謝。早安。我這邊一個簡短問題。顯然，本季租金覆蓋倍數（rent coverage）相較去年第四季仍然相當強勁，但在你們簡報中拆分的不同區間（buckets）裡，有一些比較明顯的變動。

Anything specific to point out there in terms of tenant trends? Moving between those different categories or anything in particular that you're seeing on the consumer side that may be driving some of those moves between the different buckets that you break out? Thanks.

在承租戶趨勢方面，有沒有什麼特別值得指出的？例如在不同類別之間的移動，或是你們在消費者端看到什麼情況，可能驅動了這些在不同區間之間的變化？謝謝。

Hey, Mike, It's Brian. The short answer is no. One thing I would just highlight, right, we are on a three-month lag. So the data we're looking at is through 12/31. So, it would not have captured the first quarter. Performance, although Chris, referenced some of the conversations and anecdotal type of information we're getting from tenants such that we are not expecting significant changes in Q1 either.

嗨，Mike，我是Brian。簡短回答是沒有。我想強調一點：我們的數據有三個月的落後期。所以我們看的資料是截至12/31。因此不會涵蓋第一季的表現。不過Chris提到我們與承租戶的一些對話與軼聞資訊，因此我們也不預期第一季會有顯著變化。

But back to the data that you were referencing. Now, when we look at it at a slightly more granular level, look at it by lease, look at it by property type, very consistent results versus the prior quarter, sometimes.

回到你所提到的數據。當我們用更細的層級來看、按租約來看、按物業類型來看，與前一季相比結果非常一致，有時候——

A tenant or at least will just flip on one side or the other of where the breakpoints are. And we actually see that quite a bit, a tenant that's around two and a half times might be two, four, one period and two six the next.

某個承租戶或某份租約可能只是剛好在分界點的一側或另一側之間切換。我們其實常看到這種情況：某個承租戶大約在2.5倍附近，可能某一期是2.4，下一期變成2.6。

And you do see that more than you might expect around some of those breakpoints. But from the high level perspective. Very similar, very consistent, very stable quarter-over-quarter across all four property types.

而且在某些分界點附近，你會比想像中更常看到這種變動。但從高層次角度來看，在四種物業類型上，季對季都非常相似、非常一致、非常穩定。

Thank you. At this stage, there are no further questions. I would like to turn the floor back over to Christopher Constant for closing comments. Please go ahead, sir.

謝謝。目前沒有其他問題。我想把時間交回給Christopher Constant做結語。先生，請開始。

Thank you, operator, and thanks to everybody for participating in our call this morning. We're really pleased at the start of the year, and we look forward to getting back on the phone with everybody when we report our second quarter in July.

謝謝主持人，也謝謝各位今天早上參與我們的電話會議。我們對今年的開局非常滿意，也期待在7月公布第二季業績時，再與各位通話。

Thank you. Ladies and gentlemen, that then concludes today's conference.

謝謝。各位女士先生，今天的電話會議到此結束。

Thank you for joining us. You may now disconnect your lines.

感謝各位加入。您現在可以掛線。