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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 Brian Dickman, our Chief Financial Officer.
I will begin today's call by providing an overview of our performance for the second quarter of 2021, and highlight the continued execution of our growth initiatives.
And then, we'll pass the call to Mark and Brian to discuss our portfolio and financial results in more detail.
The net result of our stable in-place portfolio and a continued execution of our investment strategies was a 4.5% increase in total revenues, and almost 19% increase in adjusted funds from operations and 11.4% increase in AFFO per share.
The Company invested $44.1 million for the quarter, and another $4.6 million just after quarter end, bringing our year-to-date total investment activity to $79 million in aggregate.
The quarter was highlighted by the growing and steady pace of our investment activity in convenience and automotive retail assets.
We continue to successfully execute on our multiple investment strategies, which include traditional sale leasebacks, accretive acquisitions of net leased properties and construction loans for new-to-industry assets.
We also broadened our portfolio further during the quarter by adding both new geographies as we added the State of Michigan, and new tenants as we added both Valvoline and Mavis Tire's to our roster.
The Company also continues to benefit from the strong performance of target asset classes, as evidenced by our stable rent coverage of 2.6 times.
Once again, Getty realized full normalized collections of our recurring rental income during the quarter, as well as the COVID-related deferments we agreed to in 2020, which were due this quarter.
More broadly, industry data published this month by the National Association of Convenience Stores further demonstrates the health of the overall convenience store sector, which had another record year of profits in 2020 despite the COVID pandemic.
As we enter the second half of the year, we are pleased that our year-to-date investment activity has positioned the Company to raise our AFFO guidance at quarter end.
Looking ahead, we are committed to maintaining our healthy portfolio through active asset management.
In addition, our team continues to work diligently to source and underwrite new opportunities to invest in our target asset classes, including convenience stores, car washes and automotive-related retail properties, and by unlocking embedded value through selected redevelopments.
We remain encouraged by the growing opportunities in our investment pipelines.
We are confident with our targeted investment approach, which prioritizes acquiring real estate in strong metropolitan markets across the country.
We'll continue to drive additional shareholder value as we move through 2021 and beyond.
Evelyn has a long track record of advising and investing in real estate companies and REITs and I'm excited about the value she will bring to our Company.
I look forward to working with her for years to come.
As at the end of the quarter, our portfolio includes 994 net lease properties, six active redevelopment sites and five vacant properties.
Our weighted average lease term was approximately 8.9 years and our overall occupancy, excluding active redevelopments, remain constant at 99.5%.
Our portfolio remains spread over 35 states plus Washington D.C. and our annualized base rents 65% of which come from the top 15 MSAs in the US, continue to be well covered by our trailing 12-month tenant rent coverage ratio of 2.6 times.
In terms of our investment activities, we had another busy quarter in which we invested $44.1 million in 53 properties and subsequent to the quarter and we acquired one additional property for $4.6 million, bringing our year-to-date investment activity to $79 million across 60 properties.
Our completed acquisitions during the second quarter included the purchase of 46 Valvoline-branded oil change centers for $31 million.
The triple net leases which are guaranteed by Valvoline Inc. were acquired with 11.5 years of remaining base term and have multiple renewal options.
The properties are located primarily throughout the Detroit, Grand Rapids, Lansing MSAs in Michigan, and the Toledo metropolitan area in Ohio.
Additionally, we've closed on the acquisition of three additional car wash properties for $10.4 million during the quarter.
These properties were added to our existing unitary lease with WhiteWater Express car wash and have approximately 15 years remaining of the base term with multiple renewal options.
These properties are located in Cincinnati, Ohio.
Subsequent to the quarter end, the Company acquired a Mavis Tire center located in the Chicago, Illinois MSA for $4.6 million.
In aggregate, we expect all of our completed acquisitions to generate cash yields that are in line with our historical quoted acquisition cap rate range for our targeted asset classes.
Getty also funded an additional $2.7 million of construction loans for four new-to-industry convenience stores with Refuel, a c-store operator with more than 100 locations across the Southeast United States and Texas, bringing the total amount funded by Getty to $11.1 million year-to-date.
As part of this transaction, we will accrue interest on our investment during the construction phase of the project and we expect to acquire the properties via sale leaseback transaction at the end of the construction period.
We ended the quarter with a strong investment pipeline, remain highly committed to continuing to grow our portfolio with convenience and automotive retail real estate.
And we expect that we will continue to pursue direct sale leaseback, acquisitions of net lease properties, and funding for new-to-industry construction.
Moving to our redevelopment platform.
During the quarter, we invested approximately $200,000 in sites which are in our pipeline.
At quarter end, we had 11 signed leases or letters of intent, which includes six active projects, four signed leases on properties which are currently subject to triple net leases, but which have not yet been recaptured from the current tenants and one signed letter of intent on a vacant property.
At quarter end, rent commenced on a redevelopment project leased to 7-Eleven in Baltimore and Maryland MSA.
We invested approximately $125,000 in the project, expect to generate a return of nearly 40% on that investment.
The Company expects to rent -- expect rent to commence at a number of additional redevelopment sites during the second half of 2021.
In total, we have invested approximately $2.1 million in the 11 redevelopment projects in our pipeline and estimate that these projects will require total investment by Getty of $7.8 million.
We project these redevelopments will generate incremental returns to the Company in excess where we can invest these funds in the acquisition market today.
Turning to our asset management activities for the quarter, the Company did not sell any properties, but did exit four leased properties which had a de minimis impact on our financial results.
As we look ahead, we will continue to selectively dispose the properties that we determined are no longer competitive in their current format and do not have compelling redevelopment potential.
I'll start with a recap of earnings, AFFO, which we believe best reflects the Company's core operating performance was $0.49 per share for the second quarter, representing a year-over-year increase of 11.1%.
NAREIT FFO was also $0.49 per share for the quarter.
Our total revenues were $38.7 million, representing a year-over-year increase of 4.5%.
Rental income, which excludes tenant reimbursements and interest on notes and mortgages receivable, grew more than 8% to $34.4 million.
Strong acquisition activity over the last 12 months and the current [Indecipherable] our leases were the primary drivers of the increase, additional contribution from rent commencements at nearly [Phonetic] all the projects.
On the expense side, G&A cost increased in the quarter, primarily due to employee-related expenses, including stock-based compensation and non-recurring retirement costs, as well as certain professional fees.
Property costs and environmental expenses both decreased in the quarter.
The reduction in property costs was largely driven by decreases in real estate taxes and certain professional fees related to redevelopment activities, and the decline in environmental expenses was mostly attributable to lower professional fees and related expenses that flow through to AFFO.
As we note each quarter, environmental expenses are subject to a number of estimates and non-cash adjustments and will continue to be highly variable.
Turning to the balance sheet, our capital markets activities, we ended the quarter with $542.5 million of total debt outstanding, including $525 million of long-term fixed-rate unsecured notes and $17.5 million drawn against our $300 million revolving credit facility.
Our weighted average borrowing cost was 4.2% and the weighted average maturity of our debt was 6.8 years.
In addition, our total debt to total market capitalization was 29%, our total debt to total asset value was 38% and our net debt-to-EBITDA was 5 times.
Each of these leverage metrics are calculated according to the terms of our loan agreements.
We have no debt maturities until June of 2023 other than our revolving credit facility which matures in March of 2022, but has a one-year extension option at our election.
We were selective with equity issuance under our ATM program during the quarter, raising $9.5 million at an average price of $32.94 per share.
Year-to-date, we've raised a total of $30.3 million through the ATM program.
In general, as we think about our future capital needs, we're committed to maintaining a strong credit profile, including meaningful liquidity and access to capital, low-to-moderate leverage and a well-laddered and flexible capital structure.
With respect to our environmental liability, we ended the quarter at $47.9 million, which was a decrease of $150,000 from the end of 2020.
For the quarter, net environmental remediation spending was approximately $1.4 million [Phonetic].
Finally, as a result of our investment and capital markets activities in the first half of the year, we're raising our 2021 AFFO guidance to a range of $1.89 to $1.91, a $0.03 per share increase from our prior guidance.
This guidance includes transaction activity completed year-to-date.
It does not otherwise assume potential acquisitions or capital markets activities for the remainder of 2024.
Specific factors which may impact our guidance include variability with respect to certain operating costs including environmental expenses, variability with respect to the recapturing of properties for redevelopment, which results in foregoing rent, and our expectation that we will remain active in pursuing acquisitions and redevelopments, which could result in additional expenses, including certain property demolition costs and transaction costs for deals that are not ultimately completed.
Operator, we will take questions at this time.

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q2 adjusted ffo per share $0.49.
q2 ffo per share $0.49.

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