Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2018 RESULTS

- Provides 2019 Annual Guidance -

JERICHO, NY, February 26, 2019

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter and year ended December 31, 2018.

Highlights For The Fourth Quarter

 

Net earnings of $0.32 per share

 

Funds From Operations (FFO) of $0.49 per share

 

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

 

Acquired two properties for $3.3 million

 

Completed three redevelopment projects

Highlights For The Full Year 2018

 

Net earnings of $1.17 per share

 

Funds From Operations (FFO) of $1.80 per share

 

Adjusted Funds From Operations (AFFO) of $1.71 per share

 

Acquired 41 properties for $78.0 million

 

Completed six redevelopment projects

 

Increased annual dividends by 12.9 percent

“Our strong operating results in 2018 reflect the positive impact of the accretive acquisitions and targeted redevelopments that we have completed over the past few years,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “Our portfolio of convenience stores and gasoline stations is ideally situated in a combination of high barrier to entry markets along the East and West coasts and select high growth markets primarily situated in the Southern half of the U.S. Our results for the year further demonstrate the health and stability of our portfolio, which positions us to build on this performance in the coming years. With a strong team as well as an evolving pipeline of opportunities both in acquisitions and redevelopments, we are confident we will be able to drive increased cash flow and value for our shareholders.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2018, of $13.2 million, or $0.32 per share, as compared to net earnings of $13.0 million, or $0.33 per share, for the same period in 2017. The Company reported net earnings for the year ended December 31, 2018, of $47.7 million, or $1.17 per share, as compared to net earnings of $47.2 million, or $1.26 per share, for the same period in 2017.

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

FFO for the quarter ended December 31, 2018, was $20.3 million, or $0.49 per share, as compared to $20.2 million, or $0.51 per share, for the same period in 2017. FFO for the year ended December 31, 2018, was $73.6 million, or $1.80 per share, as compared to $74.6 million, or $2.00 per share, for the same period in 2017.

AFFO for the quarter ended December 31, 2018, was $17.6 million, or $0.43 per share, as compared to $17.3 million, or $0.43 per share, for the same period in 2017. AFFO for the year ended December 31, 2018, was $69.7 million, or $1.71 per share, as compared to $62.0 million, or $1.66 per share, for the same period in 2017.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. FFO and


The following information was filed by Getty Realty Corp (GTY) on Wednesday, February 27, 2019 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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