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Text: 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.
With Josh and me on the call today are Mark Olear, our Chief Operating Officer; and Danion Fielding, our Chief Financial Officer.
Similar to prior quarters in 2020, we will provide an update on our business in the context of the ongoing COVID-19 pandemic and also provide our quarterly review of our portfolio and financial statements.
Regarding COVID-19, I am pleased to report that our third quarter results are further evidence of the stability of our triple-net lease rents and growth platform.
Our portfolio of convenience stores, gas stations and other automotive assets produced another strong quarter of rent collections, operating performance and growth at Getty.
I am especially proud of our Company as we achieved our results during a difficult time for the overall US economy and related challenges to many aspects of the retail, real estate sector.
The entire Getty team is working hard to continue what has been a very strong for our Company.
We are proud of our accomplishments year-to-date and expect to continue executing on all of our initiatives for the remainder of 2020.
Turning to our results, we benefited from the stability of our triple-net lease rents and our active an accretive acquisition program.
As a result, our third quarter revenues from rental properties increased by more than 4% to $37.2 million, and our AFFO per share by more than 9% to $0.47 per share.
The success of our acquisition strategy year-to-date has been a key contributor to our earnings growth, including transactions that closed just after the third quarter ended.
Getty has acquired 32 properties for approximately $140 million so far this year.
These high quality assets are located in numerous markets across the country and include portfolios of both convenience and gas assets as well as car washes.
While the COVID-19 pandemic cause disruptions in transaction activity across the commercial real estate sector, Getty has been able to maintain momentum and close on several opportunities which we had underwritten earlier in the year.
In addition, as Mark will mention, we completed our redevelopment project with 7-Eleven and the Dallas-Fort Worth MSA for a remodeled convenience and gas location, bringing our total number of completed projects to 2018, since the inception of our redevelopment.
Let me now share some additional details on Getty's performance during the pandemic.
For the third quarter, the performance of the convenience and gas and other automotive asset classes in general and our portfolio more specifically was strong.
Our collections have continued to improve and in the quarter, we collected 98% of our rent and mortgage payments and agreed to a small number of short-term deferrals for rent and mortgage payments.
Perhaps more importantly, we received substantially all of the deferred rent and mortgage payments, which were due to be repaid during the third quarter.
Looking ahead to the fourth quarter, as of today, our collections rate currently remains at 98% for the month of October and we are continuing to collect substantially all the COVID-related rent and mortgage deferrals that were due to be repaid this month.
Although uncertainty remains regarding the forward impact of COVID-19 to the broader economy, we are encouraged by the strength exhibited by our tenants and assets since the beginning of the pandemic.
We will continue to be vigilant in monitoring the health of our tenants as we believe the severity of the COVID-19 pandemic on the US economy will continue to impact consumer and retail activity generally and therefore could negatively affect Getty's rent collections and financial results.
The operating environment for our tenants remains stressed as many tenants continue to adjust their operations to reflect ongoing health and safety challenges.
Despite these challenges, most of our properties and tenants have performed well during this difficult time.
Nationally, fuel volumes continue to recover and are now down 17% year-over-year compared to the 50% decline we saw at the height of the pandemic impact during the second quarter.
In addition, fuel margins remain elevated on a national basis from comparable periods in 2019, meaning that on average operators are making more money on a cents per gallon basis.
The net impact of fuel gross profit remains highly regional with certain of our tenants experiencing year-over-year declines and others reporting increases in annual fuel gross profit.
The convenience store side of the business has generally performed well across the Board during the pandemic, with the majority of our tenants reporting that results are slightly ahead of the prior year's performance.
To touch on our balance sheet and liquidity position, we ended the quarter with $58 million of cash on hand and $190 million of availability on our revolving credit facility, with some of the cash on hand being used to fund acquisitions we have already closed during the fourth quarter.
We believe we have sufficient access to capital at this point in time to execute on our business plan.
Turning to our dividend, given our performance, I am pleased to report that our Board approved an increase of 5.4% to $0.39 per share in our quarterly dividend.
This represents the seventh straight year with a dividend increase.
Our Board believes this annual increase is appropriate as it maintains a stable payout ratio and is tied to the Company's growth over the past year.
Looking ahead, while the situation remains fluid, we are continuing to effectively navigate this uncertain environment.
We believe that our execution of our strategic objectives over the last several years, the essential nature of our tenants businesses, the net lease structure of our leases and our stable balance sheet all position us well.
Furthermore, we believe there will continue to be opportunities for Getty to grow its business.
We are confident that our targeted investment strategy, which focuses on the largely internet resistant service oriented convenience and gas and other automotive sectors across metropolitan markets in this country will continue to create value for our shareholders over the long term.
We remain committed to an active approach in managing our portfolio of net leased assets, expanding our portfolio through acquisitions and selective redevelopment projects.
We are confident in our ability to continue to successfully execute on our strategic objectives over the long term.
This approach and focus on these critical components should result in driving additional shareholder value as we move through the remainder of 2020 and beyond.
Before turning the call to Mark, let me just address our recently announced executive transition.
Danion Fielding, our CFO, is going to be leaving the Getty team for personal reasons.
Danion led his team and the Company's finances, and was the key part of Getty's success.
We expect that Danion will leave Getty before year end, and we wish his family and him well in his future endeavors.
The search is under way and we anticipate a smooth transition of the CFO role.
In terms of our investment activities, for the third quarter and the first two weeks of October, we are very active in the transaction market.
During the quarter, we invested $36.1 million for the acquisition of nine properties.
Subsequent to the end of the quarter, we invested an additional $36.6 million for the acquisition of eight properties.
The majority of our completed acquisitions during the third quarter come from an acquisition leaseback transaction with a subsidiary of Go Car Wash.
The properties acquired are subject to a unitary triple-net lease with the 15 year based term and multiple renewal options.
These properties are located within San Antonio MSA.
Properties we acquired have an average lot size of 2 acres and an average tunnel length of more than 160 feet, both of which we believe, enhance the quality and diversity of our portfolio.
We invested $28 million at closing and expect to generate a cash yield that is in line with our historic acquisition cap rate range.
Additionally, we closed on the acquisition of two newly constructed car wash locations in North Carolina and Ohio.
The sites are subject to a 15 year triple net lease with Zips Car Wash.
Getty's aggregate initial cash yield on our second quarter acquisitions was 7.2%.
Subsequent to the quarter end, we completed a sale leaseback with Fikes Wholesale, one of the leading independent convenience store operators in the Southern United States.
In the transaction, Getty acquired Fikes [Phonetic] properties for $28.6 million.
The properties acquired are subject to a unitary triple-net lease with a 15 year base term and multiple renewal options.
The properties are located throughout the state of Texas.
The properties we acquired have an average lot size of 2.7 acres and an average store size in excess of 5,300 square feet which reflect that the assets we acquired have all the attributes of today's modern full service convenience stores.
Our initial cash yield is in line with our historical acquisition cap rate range.
We also closed on the acquisition of two car wash locations in the Kansas City and San Antonio MSA.
The sites were added to our 15 year triple net lease with Go Car Wash.
We remain highly committed to growing our portfolio in the convenience and gas sector as well as our other oil-related categories including car washes and automotive service centers.
While the COVID-19 pandemic continues to impact the overall transaction market, business conditions for our target asset classes have stabilized and we are seeing an increase in the transaction activity in the marketplace.
As a result, we expect that we will remain active in the underwriting and acquiring and inquiring assets.
Getty will remain committed to its core principles of acquiring high quality real estate and partnering with strong tenants and our target asset classes.
Moving to our redevelopment platform.
For the quarter, we invested approximately $0.6 million in both completed projects and sites which are in progress.
In the third quarter, we return one redevelopment project back to our net lease portfolio.
Specifically in July, a project was returned to the portfolio in the Dallas-Fort Worth MSA where we leased a site to 7-Eleven for the state-of-the-art convenience and gas location.
Our total investment in this project is $0.8 million and we expect to generate a return on our investment of 18%.
In terms of redevelopment leasing, we ended the quarter with 12 signed leases which includes seven active projects and five signed leases and properties, which are currently subject to triple-net leases, but which have not yet been recaptured from the current tenants.
All these projects are continuing to advance through the redevelopment process.
Again, I note that due to the impact of the COVID-19 pandemic, we continue to experience delays in certain of our projects as contractor suppliers, municipalities deal with restrictions on business and regulatory activities, social distancing requirements and other impediments to normal function.
In total, we have invested approximately $1.5 million in the 12 redevelopment projects in our pipeline.
We expect to have one additional rent commencement in Q4 2020.
From a capital investment perspective, we expect that these 12 projects will require total investment by Getty of $7.9 million and will generate incremental returns to the Company in excess of where we could have invested these funds in the acquisition market today.
We remain committed to optimizing our portfolio and continue to anticipate redevelopment opportunities over the next five years, possibly involving between 5% and 10% of our current portfolio with targeted unlevered -- unlevered redevelopment program yields of greater than 10%.
Turning to dispositions, we sold one non-core property during the third quarter, realizing proceeds of approximately $0.2 million.
We also exited one property, which we previously leased from a third -- of third-party landlord.
As we look ahead, we continue to selectively dispose of properties where we have made the determination that the property is no longer competitive as a C&G location and did not have redevelopment potential.
As a result of our activity, we ended the quarter with 939 net lease properties, seven active redevelopment sites and eight vacant properties.
Our weighted average lease term is approximately 10 years and our overall occupancy excluding active redevelopments increased to 99.2%.
For the third quarter, our total revenues were $37.9 million, an increase of 4% over the prior year's quarter and our rental income, which excludes tenant reimbursement and interest on notes and mortgages receivable also grew 5.3% to $31.9 million.
Our growth and rental income continues to be driven by rent escalated in our leases plus additional rent from recently completed acquisitions and redevelopment projects.
During the third quarter of 2020, we benefited from a reduction in both property costs and environmental expenses offset by an increase in general and administrative expenses due to increases in employee-related expenses and legal and other professional fees.
Our FFO for the quarter was $20.8 million or $0.48 per share as compared to $19.1 million or $0.46 per share for the prior year's quarter.
Our AFFO for the quarter was $20.2 million as compared to $18.1 million in the prior year's quarter.
On a per share basis, our AFFO was $0.47, up 9% from $0.43 in the prior year.
Turning to the balance sheet and capital markets activities.
We ended the third quarter 2020 with $560 million of total borrowings, which includes a $110 million under our credit agreement and $450 million of long-term fixed rate debt.
Our weighted average borrowing cost is 4.3%.
The weighted average maturity of our debt is 4.5 years with 80% of our debt being fixed rate and our earliest debt maturity remains at $100 million Series A which matures in February 2021.
We are in the process of refinancing this upcoming debt maturity and will provide an update at the particular time.
As of today, we have $190 million of undrawn capacity on our revolving credit facility, which can be used to fund operations or for growth over the near to medium term.
At quarter end, our debt to total capitalization stood at 34%.
Our debt to total asset value is 41% and our net debt to EBITDA ratio was 4.9 times.
Additionally, we utilized our ATM program in the quarter and efficiently raised permanent capital.
For the quarter, we raised $27 million at an average price of $29.41 per share, which helped to fund our growth and maintain our low leverage profile.
We still have $40 million available to us to fund under our existing at-the-market program.
As we look ahead and think about our capital needs.
We will remain committed to maintaining a well-laddered and flexible capital structure.
On environmental liability ended the quarter at $49 million, down $1.7 million for the year.
For the quarter, Company's net environmental remediation spending was approximately $1.4 million [Phonetic].
While our tenants in Getty have fared well so far through the COVID-19 pandemic, uncertainties persist with the rest of possible reimplementation of shelter-in-place restrictions and the length and depth of economic impact to the US economy and businesses.
We withdrew our 2020 AFFO per share guidance range in conjunction with our first quarter 2020 results, and given the continued uncertainty related to the COVID-19 pandemic, we are not reinstating guidance at this time.

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getty realty increases quarterly dividend by 5% to $0.39 per common share.
getty realty corp - increases quarterly dividend by 5% to $0.39 per common share.

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