Good morning and welcome to Getty Realty 's 3Q 2025 earnings call. This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to starting the call, Josh 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, Mr. Dicker. Thank you, Operator. I would like to thank everyone for joining us for Getty Realty' s third quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended September 30, 2025. The Form 8-K and our 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. 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. Examples of forward-looking statements include our 2025 guidance 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. I refer you to the company's annual report on Form 10-K for the year ended December 31, 2024, as well as our 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. 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 from operations, or AFFO, and our reconciliation of those measures to net earnings. With that, let me turn the call over to Christopher Constant, our Chief Executive Officer. Thank you, Josh. Good morning, everyone, and welcome to our earnings call for the third quarter of 2025. Joining us on the call today are Mark Olear, our Chief Operating Officer, and Brian Dickman, our Chief Financial Officer. I will lead off today's call by highlighting our quarterly financial results, tenant performance, and the recent investment activity. Mark will then discuss our portfolio investments, and Brian will provide additional details on our earnings, balance sheet, and the increase in our 2025 AFFO per share guidance. Getty had another productive quarter, resulting in more than 10% year-over-year growth in our annualized base rent and a 5.1% increase in our quarterly AFFO per share. This performance was supported by the continued health of our in-place portfolio of convenience and automotive retail properties, which is essentially fully occupied and producing both durable rental income and stable rent coverage. For the trailing 12 months, rent coverage for our tenants that report on a consolidated financial basis was consistent at 2.6x. This reflects steady performance from our convenience store portfolio and a third consecutive quarter of increased rent coverage from our express tunnel car wash assets. The latter is being driven by the maturation of new-to-industry sites and our operators' continued focus on profitability. Turning to our growth initiatives, we are pleased with our year-to-date investment activity and the platform's ability to source relationship-based sale-leaseback transactions at accretive investment spreads. Notably, year-to-date highlights include investing more than $235 million, which exceeds our full-year activity in 2024, expanding the breadth of our investment activity, in particular by gaining traction in the drive-through QSR segment, where we have acquired more than 25 properties across multiple transactions. We've also diversified our tenant base by transacting with 10 new tenants in 2025, and we continue to backfill our committed investment pipeline, which currently stands at more than $75 million under contract and can be funded without having to raise additional capital. In early October, we announced a $100 million, 12-unit sale-leaseback transaction in the Houston market with regional convenience store operator Now & Forever. This transaction is representative of how our platform capitalizes on our knowledge of the convenience store sector to identify established growth-oriented operators and enter into long-term unitary net leases that provide strong, reliable returns. Now & Forever is a privately owned regional convenience store chain with a cohesive network of sites located in densely populated Houston submarkets. Houston, as an aside, is a unique market which is largely dominated by regional convenience store operators who have established best-in-class locations. While there are some national players, none have established a significant presence or major share of the market. As part of this transaction, we worked with Now & Forever to select a portfolio of approximately half of their locations. These stores average more than 8,500 sq ft and include substantial food offerings, many featuring drive-through food and beverage windows. The Now & Forever portfolio also includes a large-format convenience store, also referred to as a travel center. As we've mentioned previously, certain of our tenants have been exploring these large-format stores that have all the consumer-facing attributes that we value, including a large selection of grocery and household items, multiple fresh and prepared food offerings, branded QSRs, large coffee and beverage presentations, seating inside the store and drive-through lanes, and also generate additional visits and income from commercial drivers and the services they use. We've evaluated several travel center opportunities in 2025, and including the Now & Forever property, have acquired three assets year to date at an average purchase price of $11 million, at yields consistent with our overall investment activity. We continue to enhance our knowledge of this growing subsector of the convenience store space while cultivating relationships with operators to partner with on future transactions. We expect to selectively add travel centers that meet our underwriting criteria to the portfolio going forward. In general, our acquisitions team continues to do an excellent job of identifying new investment opportunities that fit our portfolio and strategy. We have effectively broadened our investment universe while maintaining the distinctive advantages of our platform, including our broad network of operators, thorough underwriting process, and unmatched knowledge of the convenience and automotive retail sectors. As we think about the current state of our business, we continue to be excited about the platform we've been building here at Getty over the last several years. We've evolved significantly from our days as a Northeast gas station REIT by expanding our investment thesis, adding resources to our investment team, improving our access to capital, and demonstrating that we can consistently deliver strong financial results while maintaining an investment-grade credit profile. We've achieved this during a period of market disruption, uncertainty, and volatility in both the transaction and capital markets. Looking ahead, we remain focused on acquiring well-located convenience and automotive retail properties, leased to growing regional and national operators, and leveraging our underwriting expertise, real estate selection, and lease structuring capabilities to support our investment decisions and mitigate credit risks. Finally, I am pleased that our board approved an increase of 3.2% in our recurring quarterly dividend to $0.485 per share. This represents the 12th straight year we've grown the dividend alongside our earnings. With that, I will let Mark discuss our portfolio and investment activities. Thank you, Chris. At quarter end, our leased portfolio included 1,156 net-leased properties and two active redevelopment sites. Excluding the active redevelopments, occupancy was 99.8%, and our weighted average lease term was 9.9 years. Our portfolio spans 44 states plus Washington, D.C., with 61% of our annualized base rent coming from the top 50 MSAs and 77% coming from the top 100 MSAs. We receive site-level financial reporting from tenants representing 73% of our ABR and have additional visibility into 21.5% of ABR that's derived from publicly reporting companies. For rents, our rents per sites where we receive site-level reporting continue to be well covered with a trailing 12-month tenant rent coverage ratio of 2.6x. Turning to our investment activities for the quarter, we invested $56.3 million at an initial cash yield of 8%. The weighted average lease term on acquired assets for the quarter was 18.2 years. Highlights of this quarter's investments include the acquisition of 15 drive-through QSR s for $18.4 million, five convenience stores for $19.4 million, and two express tunnel car washes for $11.1 million. We also advanced incremental development funding in the amount of $4.5 million for the construction of two auto service centers and three 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. Subsequent to quarter end, we invested an additional $103.4 million, including the 12-site Now & Forever sale-leaseback transaction that Chris discussed, bringing our year-to-date total investment to $236.8 million at a 7.9% initial cash yield. Beyond our disclosed pipeline of more than $75 million of investments under contract, the majority of which we expect to fund over the next nine to 12 months at average initial cash yields in the high 7% area, we continue to source actionable opportunities that are priced at an accretive spread and will be additive to our portfolio as we look to further scale and diversify our business. Moving to our redevelopment platform, during the third quarter, rent commenced on one redevelopment property located in the Philadelphia metro area that is now leased to a Take Five Oil franchisee. We invested $1.2 million in this project and expect to generate a return on invested capital of 11.6%. At quarter end, we had three signed leases for new-to-industry oil change locations, one of which is currently under construction, and additional projects in various stages in our pipeline. Continuing with our asset management efforts, during the quarter, we sold one property for gross proceeds of $1.8 million, and year to date, we have sold six properties for gross proceeds of $5.5 million. With that, I turn the call over to Brian. Thanks, Mark. Good morning, everyone. Yesterday, we reported AFFO per share of $0.62 for Q3 2025, an increase of 5.1% over Q3 2024. For the nine months ended September 30, AFFO per share was $1.80, an increase of 3.5% compared to the prior year period. A more detailed description of our quarterly and year-to-date results can be found in last night's earnings release, and our corporate presentation contains additional information regarding Getty's strong earnings and dividend per share growth over the last several years. Looking at G&A expenses, management focuses on the ratio of G&A, excluding stock-based compensation and non-recurring retirement costs, to cash rental and interest income. That ratio was 8.8% for the quarter ended September 30, a 30 basis point improvement over the prior year period, and 9.7% for the nine months ended September 30, a 10 basis point improvement over 2024. For the full year 2025, we expect to see an improvement over full year 2024 and anticipate this ratio will improve further as we benefit from continuing to scale the company. Moving to the balance sheet and liquidity, at quarter end, net debt to EBITDA was 5.1 x or 4.6 x, taking into account unsettled forward equity. We continue to target leverage of 4.5 x- 5.5 x net debt to EBITDA and are well positioned to maintain these levels going forward. Fixed charge coverage for the quarter was 3.8 x. As of September 30, the company's weighted average debt maturity was 4.8 years, and the weighted average cost of our debt was 4.5%. As a result of our financing activity earlier this year, we have no debt maturities until 2028. During the third quarter, we settled approximately 1.2 million shares of common stock subject to forward sale agreements for net proceeds of $32.5 million and entered into new forward sale agreements to sell approximately 1 million shares of common stock for anticipated gross proceeds of $29 million. At quarter end, we had approximately 3.7 million shares of common stock subject to forward sale agreements, which upon settlement are anticipated to raise gross proceeds of $113 million. We continue to be in a strong capital position with more than $375 million of total liquidity at quarter end, including unsettled forward equity, availability on our revolver, and cash on the balance sheet. We have capacity to fund our committed investment pipeline and incremental investment activity as we head into next year. We also remain focused on balancing the return of capital to our shareholders through our growing dividend and retaining free cash flow to support continued growth and long-term value creation. With respect to our earnings outlook, as a result of year-to-date investment activity, we are increasing our full-year 2025 AFFO per share guidance to a range of $2.42- $2.43 from the prior guidance of $2.40- $2.41. As a reminder, our outlook includes completed transaction activity as of the date of our earnings release, but does not include assumptions for any prospective acquisitions, dispositions, or capital markets activities, including the settlement of outstanding forward sale agreements. Primary factors impacting our 2025 guidance include variability with respect to certain operating expenses, certain transaction-related costs, and the timing of our anticipated demolition costs for redevelopment projects, which run through property costs on our P&L. With that, and with a moment for some of the background noise to clear, we will ask the operator to open the call for questions. Thank you. Thank you. We'll now be conducting a question and answer session. If you would like to ask a question, please press star one on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star two if you would 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. One moment, please, for your first questions. Our first questions come from the line of [Daniel Bernstein] with Bank of America. Please proceed with your questions. Thanks for having me. Fifteen out of twenty-four acquisitions are drive-through QSRs. Could you provide your thoughts around the business as it relates to the health of the middle to lower-end consumer? Yeah. We've been gaining momentum in the quick service restaurant. It's evidenced by the number of properties acquired over this last quarter. We have broadened our reach into that industry, developed a lot of relationships. We feel that the quick service restaurant concept is right in with some of the macroeconomic pressures across the country. The price points that they offer, the quality of food, the convenience factor that we like, and the automotive experience kind of all just fit our model. We're going to continue to press hard to grow that as part of our efforts to diversify the portfolio. Could we get more color behind the three Q2 environmental expense adjustments? Do you expect additional adjustments going forward? Yeah, hey, Daniel. It's Chris, Brian. For those that may remember, about three years ago, I think in 2022, we had similar activity at a much larger magnitude. I think it ended up being $20 million, $23 million, $24 million, $25 million. Effectively, what's happened there is we determine that whatever risk we may have previously had available for environmental contamination at some of our legacy sites, that risk has been alleviated, and that falls squarely on our tenants at this point. As a result, we removed certain reserves that we had on the balance sheet around those potential unknown environmental liabilities. That's really the story behind those, and very similar with activity we've had over the last couple of years. Thank you. Our next questions come from the line of Mitch Germain with Citizens JMP. Please proceed with your questions. Thank you very much. How long does the engagement with Now & Forever, you know, how long did that begin, and then basically the process ending with an acquisition? Is it a several-year process to learn about their business and talk about the merits of your financing options? Yeah, I think each transaction, the timeline can be a little bit different. If you recall into last year, we spent some time down in Houston and did another portfolio transaction down there. We spent actually a lot of time in that market, so we got to know them as an operator. This particular transaction, I think, was probably less than six months start to finish. We've had certain opportunities, to be honest with you, where it's been years of getting to know somebody and underwriting potential deals, and we finally get one done, and others that can be maybe faster like the Now & Forever team. It really is a range. Great. That's helpful. Brian, if you could talk about for the back part of the year, obviously, you've got this $100 million transaction, another $75 million behind that. I know you've got liquidity, but maybe discuss the funding plan in terms of 4Q and then as you approach growing that pipeline into 2026. Yeah, absolutely. I mean, you hit on the major sources there, Mitch. In the immediate term, as we do each quarter, we're typically funding investment activity on the line and then settling forward equity towards the end of the quarter to manage leverage and revolver availability. That's the same process and cadence we follow every quarter, so that won't be any different here. As you pointed out, we have additional equity beyond that. We have capacity on the revolver. We are generating more free cash flow each year as we continue to grow the platform and expand the company. Looking into certainly the early part of next year, looking into our pipeline, looking into the timing of when we think capital needs to be deployed, we feel very well positioned. We'll assess additional capital sources as the pipeline further materializes and as time passes as we move into next year. Great. Congrats on the quarter. Thanks, Mitch. Thank you. Our next questions come from the line of Rob Stevenson with Janney Montgomery Scott. Please proceed with your questions. Good morning, guys. Just to follow up on Mitch's question, Brian, no near term debt maturities, but if you do more deals and want to move some debt off the line, what's your best source of debt today, and where is that pricing versus the line? Yeah, it's a great question, Rob, because I think it is reasonable to assume, given the constructive debt markets, that there may be an opportunity to term out some of that revolver balance. As a reminder, $150 million of that is fixed at 6.1%. The balance flows with the line. We've been very active in the private placement market for well over 10 years. I have some great relationships there. That would be the likely route. I would put forth that right now on a new 10-year, we're probably in the high fives all in, given where treasuries are and where spreads are. Call that 5.9% area, excuse me, plus or minus is where we'd see a new 10-year today. Okay. Chris, the board's been increasing the annual dividend by about $0.02 a share since late 2019. This year, they decided to do $0.015. Can you talk about the thought process they went through here to retain more cash internally? You know, arguably, the dividend yield was already high enough. How you guys sort of went through that process on the evaluation of the dividend this year? Sure. I think it's representative of the board's view that, you know, retaining capital to help us grow and scale the business is critical right now. We're cognizant of the fact that, you know, we've grown earnings and the dividend should follow that. Again, as we look to grow and scale, that's an attractive cost for us to be able to redeploy that capital. Okay, thanks, guys. Appreciate the time this morning. Thank you. Our next questions come from the line of Upal Rana with KeyBanc Capital Markets. Please proceed with your questions. Great. Thank you. Would you be able to provide some details on how you're able to source the Now & Forever acquisition, and how do you plan to source even more of some of these travel center transactions in the future? Yeah, I'll take maybe the first part, Mark. You can talk about travel centers. I think it's very similar to how we've grown in other markets over the years, Upal. We did a couple of transactions down in the Texas market at the end of last year in Q4. We are constantly trying to establish new relationships and build out our network, particularly in the C-store space. It is a large market. I'd say just given the breadth of the Houston market, these sites happen to be in the western and southern areas of Houston. They didn't really overlap with the deals we did last year, but really just relationship building. We're down there driving the market and got to know the Now & Forever management team and are happy to get that deal done. You can touch on the travel center. Yeah, as far as continuing to source travel centers, there's a number of opportunities. One is, many of our current relationships and tenants that operate traditional convenience stores are branching out into the travel center sector and exploring ways to grow their business. We have that kind of built-in relationship to kind of grow that relationship. Secondly, just the old-fashioned business development, the trade shows, dedicated brokerage networks, deal advisors that are dedicated to the space. Lastly, what I'd say is there's about 5,000, what we put in what we call in our profile travel centers in the United States. The top three operators own about 30% of those units. It's still a very highly fragmented industry, which typically is good for sale-leaseback or those types of aggregators and consolidators that use sale-leaseback to help grow that business. We're making a lot of great inroads with those consolidators. We've gotten great early returns from expanding our strategy earlier this year, putting a few deals in the closed category. We think there's a lot of opportunity for us to be active in that space. Okay, great. That was helpful. Brian, maybe you could provide us with an update on the bad debt so far this year and what you currently have baked into your updated guidance. Yeah, absolutely. As you can see from the collections and the lack of any other commentary beyond, you know, the zip situation from the first quarter, which we had fully resolved by the end of the second quarter, there has been no rent collection issues this year. In terms of what's in that number, it's the typical, you know, kind of 15 basis points or so that we roll through on the quarterly number there. That's really just math, but nothing specific and nothing has risen to any level of concern since zips earlier this year. Okay, great. Thank you. Thank you. Our next questions come from the line of Wes Golladay with Baird. Please proceed with your questions. Hey, good morning, guys. Sticking with the tenant health, are you seeing any more, an uptick in requests to substitute assets in your master leases? At this time, Wes, we do have a few larger unitary leases that are set to expire in 2027. Each of those has different notice periods. It's probably a little too early for us to assess or comment on the specifics there. Again, those are profitable leases, and I'd say we expect the vast majority of those properties to remain in our portfolio for the long term. Okay. When you look to go to make a new segment, like the larger format centers, are you comfortable taking that exposure up to 5% or 10% of the portfolio, or do you have a sort of governor in the first few years when you want to just monitor what you bought? Yeah, I think, like I said, we bought three of these or slightly larger, purchase prices than maybe a typical 5,000 sq ft C-store is for us. We really view this as an extension of the C-store space, particularly as some of our tenants that we know really well are getting into it. I think we're getting ourselves a lot smarter on some of the dynamics on the commercial side as opposed to the consumer that we feel very comfortable with. I don't think we've established a specific target at this point in time, but I think there is a bit of a learning curve before we would significantly expand the concentration in our portfolio. Okay, thanks, everyone. Thank you. Our next questions come from the line of Brad Heffern with RBC. Please proceed with your questions. Hey, morning, everyone. Thanks. On the travel centers, can you talk about maybe how the underwriting is different there? I would think a traditional small format store is a little easier to retain than a large one with branded food and beverage, but they probably cover better as well. I guess, is that right, or is there anything else that you would call out about the differences in the risk profile? Yes, Mark. Certainly, as you said, the land component of the overall value of these centers is a little smaller in relationship to the total investment than we would have in a traditional C-store. That said, though, we're developing the model, underwriting as we learn more and more about these businesses, to be specifically a total value approach to any acquisition. With the risk mitigants that you highlighted there on the travel centers, these tend to be anywhere from 2 - 4 acres upwards to 10 acres, versus the 1 - 2 acres we have been acquiring. The store size is anywhere from two to three times the size. All the breadth of the services that these operations offer, and again, think of it less about being just a stop for the professional driver. These operations attract the recreational driver, families on vacations, commuters. The investments we'll make will be with operators that offer goods and services to all of those, not only the typical retail customer, but the professional driver. They're going to be more focused maybe on the fringes of the MSAs because they need to leverage the high traffic counts of the interstate system. Less around internal or community-type centers. I think, all of that being considered, we have developed and we'll continue to perfect our underwriting model for a total value approach to get comfortable with the higher value per unit investments. Okay. Got it. Thank you. Brian, can you walk through the puts and takes on the new guide? Obviously, you have a lot of deal activity that probably wasn't in the old guide, but it's also pretty late in the year for that to move AFFO per share much. Just wondering if there was anything else that contributed. No, I mean, I think you hit it, right? We're still a relatively small company, small denominator, you know, $100 million deal at the beginning of a quarter that wouldn't have been in our prior guidance, right? That alone could actually have that kind of impact, even in only a quarter, just given the relative sizing. We also had a fairly active third quarter overall. I think if you look, there's probably upwards of $140 million, plus or minus, of acquisition activity that's in this guidance that wouldn't have been in our guidance one quarter ago. That's the big driver, and then obviously just crystallizing any expenses that had estimates around them, had ranges around them, coming in at the mid or lower end of what those estimates have been. Really, acquisition activity driving earnings growth, given the magnitude of it relative to the size of the whole. Okay, thank you. Thank you. As a reminder, if you would like to ask a question, please press star one on your telephone keypad. Our next questions come from the line of Michael Goldsmith with UBS. Please proceed with your questions. Good morning. Thanks for offering my questions. First, just given the moderating tenure in the last couple of weeks, is that impacting the cap rate discussion in any way? Do you think there's been enough of a move that it may shake some sellers loose and want to come to the table to deal? We haven't seen a big move in cap rates over the last several quarters. My initial reaction, Michael, is that this move is a little too quick to say it's going to have a Q4 impact on cap rates. I think a longer-term shift, and you're correct, you may start to see some different asks. Got it. Another question we had is just how do you think about transacting in volume versus acquisition cap rates, and just trying to think about the trade-offs between how much, you know, how accretive a deal is versus kind of the volume of transaction activity that you're completing? I'd say our mandate has always been about selecting the right assets for this portfolio and the sectors that we like. I don't think I would categorize Getty as a "volume shop." To the extent that we do close more volume, we're certainly looking to grow and scale the business, but it's got to be transactions that are priced accretively for Getty. I think we'll continue to be focused on the sectors that we like, on the sale-leaseback transactions where we can drive a little bit of incremental price. You'll continue to see us deploy capital in around the same range that we indicated for our pipeline, and that should produce future earnings growth. Thanks for that. Maybe one more for me. We've gotten this far, we haven't talked too much about car wash, which I presume is a good thing. Can you just talk a little, I think in the prepared remarks, you talked a little bit about some of the newer car washes, and they've kind of stabilized as they've ramped up. Maybe you can provide a little bit more color about what you're seeing in the car wash industry more recently. Thanks. Yeah, sure. We feel good about the increase in rent coverage in car wash this quarter. Many of the sites that we've acquired were new builds, which requires a ramping period, right, to get up to what we'll call a stabilized level of profitability. We generally underwrote those on a three-year basis where we'd say it would take the operator three years to get to a fully mature site. What we've seen to date is they've been kind of trending ahead of schedule as they reach stabilization. To the extent these assets continue to come online, we're always going to be monitoring the trend, right, in terms of whether it's visits, memberships, and how much time it's taking them to stabilize. For the last several quarters, what we've seen is a very healthy ramp for those new builds that are coming online. Obviously, that's good for our portfolio, and it's great for the health of our tenant as well. Michael, I'll just add one thing or perhaps clarify. The operators project three-year stabilization periods. As Chris just said, we underwrite a three-year stabilization period, but we do put them in our reporting after 12 months. To some degree, the car washes can act, depending on the particular point in time, as a little bit of a drag on coverage. What we've seen over the last three quarters in particular, and that's what we're really emphasizing, is as these car washes have been ramping up, as they've been stabilizing, many of them not at that three-year period yet, right? You're starting to see that impact in a more material way, to the point where the car wash side of the business is actually covering greater than the C-store side of the business, although it is a much smaller weight on the whole. Even as we go forward and we continue to bring more properties into the coverage calculation, into the presentation that we put out there, you'll continue to see that dynamic. If there are things that are open a year that are on the lower end, that'll come into coverage that way. We'll disclose that as it comes in. The expectation, even for those assets, to the extent there are any, is that as they move into year two and three and beyond, it'll match the performance we've been seeing from the other facilities and closer to where we're underwriting them. Thank you very much. Have good luck in the fourth quarter. Thank you. Thank you. I'm showing no further questions at this time. I would now like to hand the call back over to Christopher Constant for closing remarks. Great. Thank you, operator. I just want to thank everybody for joining us this morning, and we look forward to speaking with everybody when we get on the phone in February and report our fourth quarter and full-year earnings for 2025. Thank you. This does conclude today's teleconference. We appreciate your participation. You may disconnect your lines at this time. Enjoy the rest of your day.