Getty Realty Corp. (NYSE:GTY) Q1 2018 Earnings Conference Call - Final Transcript

May 09, 2018 • 08:30 am ET


Getty Realty Corp. (NYSE:GTY) Q1 2018 Earnings Conference Call - Final Transcript


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Good morning, everyone, and welcome to Getty Realty's Earnings Conference Call for the First Quarter of 2018. This call is being recorded.

Prior to starting the call, Joshua Dicker, our Executive Vice President, General Counsel and Secretary of the company, will read a Safe Harbor statement and provide information about our non-GAAP financial measures. Please go ahead, Mr. Dicker.

Joshua Dicker

Thank you. I would like to thank you all for joining us for Getty Realty's first quarter conference call. Yesterday afternoon, the company released its financial results for the quarter ended March 31, 2018. The Form 8-K and earnings release are available in the Investor Relations section of our website 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 2018 guidance and may also include statements made by management in their remarks and in response to questions, including regarding 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 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, 2017, as well as our other filings made 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 statement 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, which was revised at the end of 2017 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 2018. With Josh and me on the call today are Mark Olear, our Chief Operating Officer; and Danion Fielding, our Chief Financial Officer.

Let me begin today's call by providing an overview of our first quarter 2018 performances and growth initiatives and then I'll pass the call to Mark to discuss our portfolio in more detail and then Danion will discuss our financial results.

We began 2018 with a solid quarter which reflected both the steady performance of our core net lease portfolio and the additional income we generated from our 2017 acquisition activity. For the first quarter, we reported net income