Getty Realty Corp. (NYSE:GTY) Q1 2016 Earnings Conference Call - Preliminary Transcript

May 05, 2016 • 09:00 am ET


Getty Realty Corp. (NYSE:GTY) Q1 2016 Earnings Conference Call - Preliminary Transcript


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Good day, and welcome to the Getty Realty Corporation First Quarter 2016 Earnings. Today's conference is being recorded. At this time, I would like to turn the conference over to Mr. Joshua Dicker, Vice President and General Counsel and Corporate Secretary. Please go ahead.

Joshua Dicker

Thank you operator. I would like to thank you all for joining us for Getty Realty's quarterly earnings conference call. Yesterday afternoon, the Company released its financial results for the quarter ended March 31, 2016. The Form 8-K and earnings release are available in the investor relations section of our Web site at Certain statements made in the course of this call are not based on historical information and may constitute forward-looking statements.

These statements are based on 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 statement. Examples of forward-looking statements include our 2016 guidance and may also include statements made by management and their remarks and in response to questions, including regarding lease restructuring, future Company operations, future financial performance and the Company's acquisition or redevelopment plans and opportunities.

We caution you that such statements reflect our best judgment based on factors currently known to us and that actual results could differ materially. I refer you to the Company's annual report on Form 10-K for the fiscal year ended December 31, 2015 as well as our quarterly reports on Form 10-Q and our other filings with the SEC for a more detailed discussion of the risks and other factors that could cause actual results to differ 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 the date hereof. The Company undertakes no duty to update any forward-looking statements that may be made in the course of this call. Also, please refer to our earnings release for a discussion of our use of non-GAAP financial measures including our revised definition of 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.

Christopher Constant

Thank you, Josh. Good morning, everyone and welcome to our call for the first quarter of 2016. With Josh and me on the call today are Mark Olear, our Chief Operating Officer and Danion Fielding, our Chief Financial Officer. I will begin today's call by reviewing our performance for the first quarter of 2016, and then pass the call to Mark to discuss our portfolio in more detail. And after Mark, Danion will discuss our financial results. But first quarter of 2016 was another productive quarter for the Company, which continues to demonstrate the strength of our core net lease portfolio.

For the quarter, our AFFO per share was $0.39, which represented growth of 18% over the prior year's quarter. The quarter benefited primarily from the embedded growth from our 2015 midyear acquisition