Getty Realty Corp. (NYSE:GTY) Q4 2023 Earnings Call Transcript

Mark Olear: Yes, this is Mark. So the demand for development funding remains strong as a source of capital for those new builds, Chris emphasized in his remarks about the benefits of adding new industry units into our portfolio and it remains a very active product and an option for our growing tenants relative to other sources of capital. We do see a modest premium for the forward commitment of development funding. It’s a longer duration, as you’ve seen in some of the hangover deals in our blended cap rate from earlier in last year. So we have a modest premium over a typical sale leaseback. That is highly dependent upon a point in time and how far out that forward commitment might entail.

Operator: Thank you. Ladies and gentlemen that concludes our question-and-answer session. I’ll turn the floor back to Mr. Constant for any final comments.

Christopher Constant: Thank you, operator, and thank you all for being part of our call this morning. We appreciate your interest in Getty, and we look forward to getting back on with you. We report the first quarter of 2024 in late April.

Operator: Thank you. This concludes today’s conference call. You may disconnect your lines at this time. Thank you for your participation.