Q3 2024 Getty Realty Corp Earnings Call Transcript
Key Points
- Getty Realty Corp (GTY) reported a 13.1% increase in annualized base rent over the prior year.
- The company raised its full-year 2024 AFFO per share guidance, reflecting strong financial performance.
- Getty Realty Corp (GTY) completed significant capital raising activities, including $245 million in common equity and unsecured debt.
- The company has a robust investment pipeline with more than $70 million of assets under contract at a blended cap rate approaching the mid 8% area.
- Getty Realty Corp (GTY) increased its quarterly dividend by 4.4%, marking the 11th consecutive year of dividend growth.
- There is a persistent disconnect between buyers and sellers in the transaction market, affecting cap rates.
- The bid-ask spread remains wide, posing challenges for deal-making in the current economic environment.
- Getty Realty Corp (GTY) faces macroeconomic uncertainties, including potential impacts from the upcoming election.
- The company has to navigate material bid-ask spreads that persist for net lease properties in its sectors.
- Getty Realty Corp (GTY) anticipates variability in operating expenses and deal pursuit costs, which could impact financial performance.
Good morning and welcome to Getty Realty third quarter, 2024 earnings call.
This call is being recorded. After the presentation, there will be an opportunity to ask questions. Prior to starting the call, Joshua Dicker, Executive Vice President, General counsel and secretary of the company will read 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 you all for joining us for getting Realty's third quarter earnings conference call. Yesterday afternoon, the company released its financial and operating results for the quarter ended, September 30, 2024. 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. These statements reflect management's current expectations
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