Getty Realty Corp. Price & Performance (GTY)

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 ks for the year ended 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 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 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 and year end twenty twenty four. Joining us on the call today are Mark O'Leary, our Chief Operating Officer and Brian Dickman, our Chief Financial Officer.

I will lead off today's call by summarizing our 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. In 2024, our consistent and disciplined approach produced another successful year of earnings and portfolio growth. I'm especially proud of our performance during a year that I would characterize as challenging with respect to both the transaction market for our property types and the capital markets. We invested $2.00 9,000,000 in high quality convenience and automotive retail assets raised $2.89,000,000 dollars of attractively priced capital and continue to advance our portfolio diversification objectives. We expanded our presence in top MSAs around The U. S. And deployed capital across all of our target sectors, while continuing to prioritize our direct sale leaseback business model. 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 YETI. For the year, GEDI grew its annualized base rent by 14.5% to approximately 198,000,000 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 results.

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. More than 90% of these investments were direct sale lease 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 U. S. We added 8 new tenants to the portfolio in 2024 and completed additional transactions with 9 existing relationships. Equally important, we were able to drive accretive investment spreads on our investments in 2024 through effective execution in the debt and equity capital markets. Getty was both timely and strategic in locking in $125,000,000 of 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. We also raised $32,000,000 under our ATM program in the When you combine these transactions with our follow on equity offering, Getty is very well capitalized and enters 2025 with significant dry powder for acquisitions. Our capital position supports our 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 $50,000,000 portfolio transaction in the automotive service sector. We remain confident that our relationship based sale leaseback 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 positioned than it's ever been.

Main reason for this is the diversification strategy we have embarked upon approximately five 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 while increasing rental income from non convenience and gas properties to 28% of total ABR less than 3% before it began executing on the strategy. We've also added 35 tenants to our roster during this timeframe expanded into several new geographic markets. I would emphasize that our decision to diversify was not a pivot away from the convenience sector which we are still committed to and where we continue to source compelling investment opportunities. 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.

The convenience and automotive retail sectors 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. [indiscernible] the underlying real estate we acquire is typically located in high density metro areas with excellent access and visibility. We remain positive on the sector committed to continuing to execute on our growth and diversification plans and focused on creating value for our shareholders. With that, I'll let Mark discuss our portfolio and investment activities. Thank you, Chris. At year end, our leased portfolio included eleven fourteen net leased properties and 1 active redevelopment site.

Excluding the active redevelopment, occupancy was 99.7% and our weighted average lease term was ten point two years. Our portfolio spans 42 states plus Washington D. C. 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 twelve month tenant rent coverage ratio of 2.6 times.

Turning to our investment activities for the year, we underwrote $550,000,000,0.0 of potential investments. Continuing with the theme of portfolio diversification, 57% of our underwriting focus on non convenience and gas property type oil service centers, primarily collision centers, oil change and tire locations and drive thru quick service restaurants Convenience stores represented the remaining 43 We had a strong in which we invested $7,640,000,0.0 across 21 properties at initial cash yield of 8.9% The weighted average lease term on acquired assets for the quarter was fifteen point six years. Highlights of this quarter's investments include the acquisition of 14 convenience stores located in the Houston, and Las Vegas MSAs for $6.9,000,000 dollars dollars 2 express tunnel car wash properties located in South Carolina and Vermont for 1,020,000,0.0 of which $930,000,0.0 was previously funded, 2 auto service properties located in North Carolina, Virginia for $370,000,0.0 of which $170,000,0.0 was previously funded And 1 drive thru quick serve restaurant located in Baton Rouge, Louisiana for $260,000,0.0 We also advanced incremental development funding in the amount of $180,000,0.0 for the construction of 2 new industry express tunnel car watches, 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.

For the year, Getty invested $2.00 $9,000,000 across 78 properties had an initial cash yield of 8.3%. This year's investment activity continued to prioritize diversification across our target industry verticals. Convenience stores represented 41% of TransVact transaction volume Express ton of 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 After the quarter end, we invested an additional $4,000,000 to acquire newly constructed Express Tunnel Car Wash As Chris mentioned, we currently have more than $35,000,000 of commitments to fund acquisitions and developments or more than $85,000,000 including the contract we signed last night which we expect to be invested over the next nine to twelve months at an average initially yield the high 7% area.

Overall 2024 was a challenging year for the net lease transaction market and our core property types. And operators generally slow the pace of their new store development pipelines.

In addition, we did not see a meaningful contraction in the bid ask spread between buyers and sellers for transaction pricing. 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, gap in pricing continues to be a material impediment for sale leaseback transactions. We believe interest rates will be higher for longer and sellers need more time to adjust their expectations.

We do expect to see modest cap rate compression which was driven by a couple of larger portfolio tracks transactions with cap rates pushing 9%. Regardless of market headwinds, our job remains to source a attractive investment opportunities that fit our portfolio which can be financed accretively.

We have invested over $1,000,000,000 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 economic 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 accretively deploy capital again in 2025.

Moving to our redevelopment platform, For the year, we invested $150,000,0.0 across numerous projects in various stages of construction, development and permitting We completed a new Chipotle restaurant in province Rhode Island, MSA At year end, we had 4 signed leases for projects, all of which are for new to industry oil change locations.

Subsequent to year end, we funded $500,000 towards a tense modernization of 1 of our legacy gas repair properties for which we'll receive incremental rent and extended base term of the 5 property unit We have additional projects in various stages in our pipeline expect to continuously complete projects over the next few years.

Continuing with our asset management efforts, significant increase in our weighted average lease term during the year was due to the extension of 4 unitary leases representing approximately $25,000,000 of ABR.

It's noteworthy that these renewals reduced our $26,000,000 and twenty twenty seven lease maturities to approximately 8% of total ABR at year end as compared to 21.5% of total ABR as of Dec. 31, 2023.

For the year ended 2024, we disposed 31 properties for for gross proceeds of approximately 13,000,000 including 70 properties excuse me 7 properties for gross proceeds of $750,000,0.0 in the With that, I'll turn the call over to Brian. Thanks, Mark. Good morning, everyone.

Last night, we reported AFFO per share of $0.6 for representing an increase of 5.3% over the $0,.57 we reported for FFO and net income for the quarter were $0,.57 and $0,.39 per share respectively. For the full year 2024, 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. A more detailed description of our quarterly full year results can be found in last night's earnings release, Our corporate presentation contains additional information regarding our earnings and dividend per share growth over the last several years. Annualized base rent or ABR as of Dec. 31, 2024 was $19,780,000,0.0 an increase of 14.5% over the $17,280,000,0.0 we reported as of Dec. 31, 2023. For the full year 2024, total G and A as a percentage of total revenue was 12.4% a 40 basis points improvement over 2023. And G and 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, both the numerator and denominator.

Continue to anticipate the G and A dollar increases will moderate and G and A ratios will further improve as we continue to scale the company. Moving to an update on the balance sheet and liquidity. As of Dec. 31, 2024, net debt to EBITDA was 5 times or 4.2x taking into account unsettled forward equity. We continue to target leverage of 4.5x to 5.5x net debt EBITDA and are well positioned to maintain those levels going forward. Fixed charge coverage was a healthy 3.8 times as of December '31. During the as previously announced, we closed on $125,000,000 of new unsecured notes, The notes will fund later in Feb. 0 and proceeds will be used to repay $50,000,000 of note that matured this month is our only near term notes maturity as well as to fund investment activity. A few weeks ago, we refinanced our revolving credit facility, which was set to mature in As part of that transaction, we upsized the facility from $300,000,000 to $4.50,000,000 dollars and extended the term to January 2029, or January 2030, including extension options. We used the increased capacity to repay our 150,000,000 term loan, which was also due in October 2025, allowing us to address that maturity in the near term giving ourselves additional flexibility with respect to the ultimate refinancing of those borrowings.

I'd also like to highlight that in addition to continued support of our existing lenders, We're able to bring 4 new lenders into our bank group we continue to cultivate and expand our capital relationships. Pro form a for these debt transactions, the company's weighted average debt maturity was five point six years, The weighted average cost of our debt was 4.4% and we have no debt maturities until June 2028.

We're also active on our ATM program during the 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 $3,230,000,0.0 At year end, we had a total of approximately 540,000,0.0 shares of common stock subject to outstanding forward agreements, which upon settlement are anticipated to raise gross proceeds approximately $16,480,000,0.0 We ended the year in a very strong capital position with the new unsecured notes proceeds and unsettled forward equity we just discussed along with $17,000,000 of cash and ten thirty one proceeds, more than $2.80,000,000 dollars of capacity on our unsecured revolving credit facility.

We have more than sufficient capital to fund the now $80,000,000 of investments we have under contract as well as additional investment activity as we move through 2025. Before I close with commentary on our 2025 AFICO per 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. Getty has 12 sites leased to Zips, representing approximately $360,000,0.0 of ABR, or 1.8% of our total ABR at year end. Zips was current on their rental obligations through As part of their plan for reorganization, Zipsis filed a motion to reject a number of leases including 7 of our 12 properties. This motion has yet to be heard the outcome for our locations remains open to discussions. 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 7 sites will be returned to us and re leased to new operators Although as I said, the outcome of our sites does remain open to discussions with Zips.

Whether these sites are released to different operators or remain leased to Zips, we rent adjustments are possible as we work through the process.

After considering potential downtime to release the 7 zip sites, as well as potential rent adjustments, we are revising our AFFO guidance to a range of $2,.38 to $2,.41 per share, our initial guidance of $2.4 to $2,.42 per share. 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 SIFS. Loss factor is not tied to any specific tenant or situation, but is an assumption that we think is prudent to include at the beginning of any year.

Our guidance also includes completed transaction 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. Primary factors impacting our 2025 guidance include variability with respect to uncollectible rent, certain operating expenses, deal pursuit costs and the timing of anticipated demolition costs for redevelopment projects were that run through property costs on our P and L. With that, I will ask the operator to open the call for questions.

Should we begin the question and answer session? Yes, please. Ladies and gentlemen, we will now be conducting a question and answer session. The first question comes from Mitch Germain with Citizens JMP. Please go ahead. Good morning.

Thanks for taking my question.

I'm just trying to understand the zip situation a little bit more.

Are those sites ones that have been recently developed? I'm just trying to understand the re tenanting efforts and if it requires any capital on your part?

So yes, Mez, this is Chris. So we acquired those sites in 2019. I think 10 of the 12 were brand new to industry locations. 1 of the benefits I think of our diversification [indiscernible] our other car wash partners in the portfolio as we've already had discussions as Brian mentioned about potentially releasing some of these sites. It's a little too early to tell whether or not they were 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. And I think given the The state of those properties and how new they are to the industry, we we do expect them to be released and to be operating express ton of car washes once this has passed us.

Great.

Thanks for that. 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, their financial situations? Is there any sort of concern on your part? Or do you think that this is just a 1 off situation here?

Yes.

I mean, I think Getty me start with just kind of our general business strategy, right. But given that we are focused investors in these convenience and automotive [indiscernible] We kind of pride ourselves on having a lot conversations with management teams, including Zipsa's team, on a fairly frequent basis. As it relates to the car wash sector, 1 of the things that we've prioritized is large operators, a lot of experience in terms of managing these businesses and growth, heavy ever reliant on the subscription model?

So I think we've had a lot of conversations, including with Zips I don't want to speak to their the conversations that Ziv has had away from Getty, but I think we're comfortable with our current car wash 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.

Great.

That's super helpful. I think last 1 for me, 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 $300,000,000 you've got the term loan of $75,000,000 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 the fact in the equity? Maybe just talk about the cadence of how You're looking at funding the acquisitions going forward. Yes, happy to, Murch.

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. We like to keep the pipeline relatively pre funded. We like giving our acquisition team We So I think we've been fairly effective with that over the last several years and you should continue to expect similar execution there. As far as the cadence, yes, I think you hit it. We had $8,250,000,0.0 drawn on the revolver at the end of the year away from the repayment of the term loan. We have the $75,000,000 of notes net that will come available to us, those proceeds here at the end of the month. So yes, generally speaking, and all else being constant, 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.

Great. Thank you for that. Congrats on the year. [indiscernible] Thank you.

The next question comes from the line of Ferrell Grenett with Bank of America. Please go ahead.

Hi, good morning. Thank you for taking my question. Just wanted to also go back to the Zips. And in terms of the Baggett, I know you were Factoring in the 15 basis points of loss factor, on addition to the changes made to guidance. And so the assumptions that are within that, are you assuming that the 7 properties that were rejected are is worst case scenario no rent for the rest of the year just wondering the moving pieces of that guidance. Yes. Happy to hit that, Farrell.

So there's obviously a range of outcomes and we don't want to get too specific. These are live discussions, obviously. I think Chris hit it, our main point is we feel that the revised guide guidance appropriately captures those range of outcomes. And is the best way to quantify the potential impact for you all. 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 there's a range of downtime and there's a range of rent recaptures and that's reflected in in the AFFO per share numbers.

Okay. Thank you. And 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 larger portfolio transactions versus the 1 off sale leaseback or development funding?

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 with a relationship that we've been developing through just our standard business development process here at Getty. And I think your question on is this something we expect to continue to do? The answer is is absolutely yes, right? This is a direct facilities by transaction that's very consistent with our business strategy.

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 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. The more that we can do here, the more that's direct, the more business development we can do more successful Getty will be.

Great. Thank you so much.

Thank you. The next question comes from Wes Kolladay with Baird. Please go ahead.

Hey, good morning everyone. What was that pipeline? Is it straight sell leasebacks, will there be any development opportunity with that new tenant? [indiscernible] The $85,000,000 total is a combination, Wes, of sales tax and development funding. What'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. 2024 was the opposite. It was almost all sale lease back transactions for Getty. And I think in Mark's commentary, he mentioned, we're seeing renewed interest in M and 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 Salies Bank business and the Development Fund product.

Wes, 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 of 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. When you see ranges more in the nine to twelve months, which is what we put out and 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 plus million 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, probably 80% of that is development funding. Again, you can see that in the duration over which deploy the capital.

Okay. You guys, that makes sense. And then maybe just go 1 more for you on Zips, thinking just doing some high level math and cap rate assumptions, it looks like you have a basis around $4,000,000 so dollars so pretty good basis there. And so when you look at your [indiscernible] maybe timing of releasing and are you pretty confident it will all go to another car wash concept?

Yes. So and look, not looking to be evasive here. I don't want to get too specific on the downtime as assumptions or the rent. Again, we have live discussions going on with the current operator and others and just don't want to set any expectations out there. So, as I said on that front, expect them to be rereleased this year. We're assuming they'll be rereleased this year. And that we will recapture a significant majority of the rent. Whether they stay with Zips, whether they go to 1 operator, whether they go to multiple operators, those are all possible outcomes.

It doesn't have to be any 1 of those.

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

Yes. As Chris said, these are 10 of the 12, including the bulk of which we think will get returned to us or assuming will get returned to us are new construction, right, roughly five years old.

And given our relationships and the dialogue we've had to date, characterize it as constructive and we're going to go through the process and that's what we're assuming.

Okay. Thanks everyone. Thank you. The next question comes from the line of Upal Rama Great. Thank you. Just a couple on Zips. If you were to find a similar operator, how quickly you be able to turn the space around once you get the The lease back to you.

This is Mark. So the units were they were in op operating units. As Chris said, they're relatively new. Most of them are somewhere in the five year old range. The equipment will do surveys. We'll 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 the operator and get back in operations pretty quickly.

Okay, great. Thank you. And then on the other 5 locations that you have with SIPs, do you feel like maybe those could could be at risk too? Or is it just the 7 So, it's Brian. We're operating under the assumption, utilizing those facts that are in the public domain. So So we're assuming that those 5 will remain with list.

With Zips, the 7 will get back. The portfolio as a 12 was profitable. When we look at tenant rent coverage, there was a a range of individual property coverages within that. And you can can draw conclusions in terms of which ones were rejected and which ones weren't. So I think it's safe to assume that those are stronger operating stores with sufficient headroom around coverage and profitability.

So we're assuming the 5 stay and the 7 get released.

But having been through some of these situations, as of us in the room have, not necessarily here at Getty, but elsewhere, And there really is a range of outcomes and they're subject to discussions. As I think you know, this is about a week old. So 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.

Okay, great. And then in your prepared remarks, you guys talked about some moderation on on the cap rates from the 8.3% that you experienced in given the large transactions that are weighted in there. But given where the ten year is at today, how much moderation do you think could occur or maybe it's less so than maybe a [indiscernible] Yes. I would just point you to, so last year was the 8.3 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 7 range. So So if you want to use that as what's good for a modest amount of compression, we tend to agree with you, right, given where the tenure is There's not There's not too much appetite here at Getty. To see cap rates compress much more meaningfully. Beyond that. And again, we're being a direct sale leaseback player, right? And it's our job to go ahead and underwrite and find opportunities that fit for our portfolio and then we can price and finance Okay, great. Thank you.

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

Thanks. I just want to circle back to Zipsch a little bit time. [indiscernible] I'm just trying to understand that and you might have talked about and I do apologize if you did, What are the actual assumptions that you're just assuming a couple of months of downtime and then obviously you've got a little bit of an expense pickup since you not be able to recover them. Is that how it's being factored in the model brand?

Yes. And so and again, I'll emphasize, Mitch, 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. But 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 theoretically stay with Zips. So again, we capture that range in our AFFO per share guidance. But mechanically, yes, you're thinking about it the right way. During downtime, we obviously wouldn't receive any rent. 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 those carry costs would obviously get picked up by the tenants at that time.

Great.

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

Thank you, operator, and thank you everyone for joining us this morning for our call. Look forward to continuing to grow and Getty and look forward to getting back on with everybody when we report our results at the April,.

Thank you. The conference of Getty Realty has now concluded. Thank you for your participation. You may now disconnect your lines.