Financial Data and Key Metrics Changes - Fully diluted FFO per share excluding non-recurring items grew to $0.65 from $0.64 [6] - Fully diluted FAD per share excluding non-recurring items increased to $0.70 from $0.67 [6] - Total liquidity is approximately $681 million [7] - Debt to annualized adjusted EBITDA for real estate is 4.3 times [7] - Annualized adjusted fixed charge coverage ratio improved to 5.0 times from 4.7 times [7] - Full year 2025 guidance for core FFO per share is between $2.65 and $2.69 [8] Business Line Data and Key Metrics Changes - SHOP portfolio now totals $176 million in gross book value through the conversion of 13 properties from triple net leases [3] - SHOP NOI for 2025 is projected in the range of $9.4 million to $10.3 million [10] - Revenue from market-based rent resets is expected to be $5.1 million, up from guidance of $4.4 million [11][12] - The company expects to collect approximately $8.3 million of GAAP rent from properties currently under sale [12] Market Data and Key Metrics Changes - The Anthem portfolio is currently 81% occupied [9] - The company expects occupancy to improve as it enters the key selling season [46] - The occupancy for the SHOP portfolio is projected at 85% for 2025 [25] Company Strategy and Development Direction - The company is focused on growth through the RIDEA strategy and expanding its SHOP portfolio [13] - The investment pipeline stands at $300 million, with approximately 50% representing RIDEA opportunities [4] - The company aims to complement its RIDEA strategy with investments in traditional and structured finance transactions [13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth trajectory for 2025, emphasizing a strong investment pipeline and strategic partnerships [5][14] - The company is optimistic about occupancy recovery in the Anthem portfolio and expects continued improvement [46] - Management highlighted the importance of operator diversification and maintaining a balanced portfolio [30] Other Important Information - The company appointed a new Chief Investment Officer, enhancing its leadership team [4] - The company has no plans to convert any properties in its triple net portfolio at this time, focusing instead on organic growth [36] Q&A Session Summary Question: Guidance regarding ALG's asset purchase option and financing - Management indicated that ALG is still working on financing in a volatile rate environment, but guidance assumes they will continue to pay full rent [17] Question: Details on the lease termination payment to New Perspective - The lease termination payment was made to reward New Perspective for value creation and to facilitate growth in the SHOP portfolio [20] Question: Future SHOP conversions from triple net leases - Management noted that while there may be opportunities for some conversions, the focus is primarily on external growth through SHOP [21] Question: SHOP asset NOI projections and growth - The projected SHOP NOI for 2025 is $15.2 million, reflecting growth from occupancy improvements [26] Question: Performance of the Anthem portfolio - Management acknowledged a dip in occupancy due to clinical discharges but expects recovery as the key selling season begins [46] Question: Financial performance of ALG and rent deferrals - No rent deferrals were given this quarter, and ALG's occupancy has increased due to improved lead generation [57] Question: Other leases with market-based resets - Management confirmed that there are 14 properties with market-based resets, which are expected to increase as occupancy improves [60]

Financial Data and Key Metrics Changes - Getty Realty reported an annualized base rent (ABR) of approximately $199 million, reflecting an increase of 11.2% compared to $179 million in the prior year [7][18] - The company generated adjusted funds from operations (AFFO) per share of $0.59, marking a 3.5% increase from the previous year's quarterly result [17][23] - General and administrative expenses (G&A) as a percentage of total revenue improved by 40 basis points to 13.2% [18] Business Line Data and Key Metrics Changes - The convenience and automotive retail sectors showed resilience, with strong performance from tenants despite macroeconomic challenges [7][8] - Rent coverage for convenience store assets remained consistent, while car wash sector rent coverage increased [8] - The company invested $10.9 million across six properties with an initial cash yield of 7.8% during the quarter [13] Market Data and Key Metrics Changes - The portfolio included 1,115 net leased properties with an occupancy rate of 99.7% and a weighted average lease term of ten years [12] - Approximately 61% of ABR came from the top 50 metropolitan statistical areas (MSAs) [12] Company Strategy and Development Direction - Getty Realty remains committed to a disciplined acquisition strategy, focusing on high-density metro areas and creditworthy operators under long-term leases [11] - The company aims to increase its investment pipeline, which currently exceeds $110 million, with a focus on development funding transactions [10][15] - The strategic focus includes diversifying into new sectors such as quick-service restaurants (QSR) while maintaining a small percentage of the overall portfolio [75] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the macroeconomic uncertainty affecting transaction and capital markets but expressed confidence in sourcing opportunities that align with their investment thesis [10][23] - The company reaffirmed its AFFO per share guidance for 2025, anticipating a range of $2.38 to $2.41 [23] Other Important Information - The company has no debt maturities until June 2028, with a weighted average debt maturity of 5.4 years and a weighted average cost of debt at 4.5% [21][22] - The company has received all rent due through April 2025 from Zips, which filed for bankruptcy in February [22] Q&A Session Summary Question: Can you describe the cadence of capital deployment in the next nine to twelve months for the $110 million investment pipeline? - Management indicated that about two-thirds of the pipeline consists of development funding, typically taking nine to twelve months from signing to completion [25][26] Question: Given the macro uncertainty, what is the current development demand? - Management noted ongoing discussions with operators looking to accelerate new store growth programs in 2025, but clarity is still needed as the year progresses [27] Question: How should we think about the timing of ZiPS rent income hitting the income statement? - Management expects the resolution of ZiPS to be completed by the end of the second quarter, with continuity of rent for sites remaining with ZiPS [36][37] Question: What impact have tariffs had on the existing tenant base? - Management stated that the impact of tariffs is still uncertain, but discussions with tenants are ongoing to assess potential effects [41] Question: What is the credit profile of new car wash tenants? - Management confirmed that the new tenants are established operators familiar with the markets of the properties [49][50] Question: How does the outcome of the ZiPS situation compare to underwriting new investments? - Management expressed confidence in their underwriting process, stating that the recovery from the ZiPS event does not alter their approach to future investments [80][82]