Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2019 RESULTS

- Provides 2020 Annual Guidance -

JERICHO, NY, February 26, 2020

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter and year ended December 31, 2019.

Highlights For The Fourth Quarter

 

Net earnings of $0.33 per share

 

Funds From Operations (FFO) of $0.51 per share

 

Adjusted Funds From Operations (AFFO) of $0.43 per share

 

Acquired 13 properties for an aggregate of $43.8 million

 

Completed two redevelopment projects

Highlights For The Full Year 2019

 

Net earnings of $1.19 per share

 

Funds From Operations (FFO) of $1.86 per share

 

Adjusted Funds From Operations (AFFO) of $1.72 per share

 

Acquired 27 properties for an aggregate of $87.2 million

 

Issued $125.0 million of 10-year senior unsecured notes

 

Completed four redevelopment projects

“Getty demonstrated reliable growth from our core portfolio, while also executing on our external growth initiatives in 2019,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “For the year, we delivered a 5% increase in rental income and maintained our efficient overhead structure. In terms of growth, we acquired 27 high-quality properties and completed four redevelopment projects, which were collectively funded by our September debt private placement and equity raised through our ATM program. External growth is a key priority for Getty, and to support this strategy we have enhanced our team to focus not only on investing in the convenience & gas sector, but also on expanding our target investment universe to highly complementary categories such as car washes and automotive parts & services. With a well-positioned and flexible balance sheet, an attractive pipeline of growth opportunities, and already having closed $53.4 million acquisitions year-to-date, we are confident about the year ahead.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2019, of $13.7 million, or $0.33 per share, as compared to net earnings of $13.2 million, or $0.32 per share, for the same period in 2018. The Company reported net earnings for the year ended December 31, 2019, of $49.7 million, or $1.19 per share, as compared to net earnings of $47.7 million, or $1.17 per share, for the same period in 2018.

Funds From Operations (FFO) and Adjusted Funds From Operations (AFFO)

FFO for the quarter ended December 31, 2019, was $21.2 million, or $0.51 per share, as compared to $20.3 million, or $0.49 per share, for the same period in 2018. FFO for the year ended December 31, 2019, was $77.8 million, or $1.86 per share, as compared to $73.6 million, or $1.80 per share, for the same period in 2018.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, February 26, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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