GTY · Getty Realty Corp. Q2 FY2026 earnings call record财报电话会记录

“Our results for the second quarter reflect both of these dynamics, as we increased our annualized base rent by 15%, grew our AFFO per share by 5.1%, and increased our full year 2026 earnings guidance for the second time this year.”

“Looking at our portfolio, based on site-level reporting we receive from our convenience store tenants, fuel margins averaged $0.46 per gallon for the first quarter of 2026, which was an increase of more than 10% compared to fuel margins they reported in the first quarter of 2025.”

“Equally important, the challenging macro conditions have not resulted in a material deterioration in consumer demand across our core categories.”

“Public company operators have reported modest increases in same-store sales, and recent market-level data indicates continued year-over-year growth in both convenience-oriented retail sales and automotive service revenue.”

“For the quarter, we invested $128.3 million, which included the acquisition of 35 properties for $117.7 million, and the incremental development funding of $10.6 million.”

“Starting with headline earnings, AFFO per share was $0.62 in Q2 2026 and $1.25 for the first half of 2026, representing growth of 5.1% and 5% respectively over the prior year periods.”

“As mentioned on prior calls, we expect full-year G&A growth to be less than 2%, and for our G&A ratio to fall below 9% as we continue to benefit from our efforts to scale the company while maintaining appropriate levels of overhead.”

“We ended the quarter with approximately $1.1 billion of total debt outstanding, including $1 billion of senior unsecured notes with a weighted average interest rate of 4.6% and a weighted average maturity of 5.5 years, and $73 million drawn on our $450 million revolver.”

“With respect to our earnings outlook as a result of our year-to-date investment activity, we are increasing our full year 2026 AFFO per share guidance to a range of $2.52-$2.54 from our prior guidance of $2.50-$2.52.”

“Could you clarify if that $19.3 million advance aggregate funding is included in that $95 million pipeline?”

“Maybe just on the pace and the visibility in the back half, obviously at this point, you've completed and what you have committed already in the pipeline, you're near last year's volume.”

“I think for us, it's just striking that balance to ensure that we reduce funding risk, that we have significant liquidity, demonstrated access to capital, but don't want to be too long, too much equity at a lower price, such that we miss out on an opportunity to generate some better spreads and better earnings growth in forward years.”