Exhibit 99.1
RELEASE: IMMEDIATE
GETTY REALTY CORP. ANNOUNCES
 
PRELIMINARY FINANCIAL RESULTS FOR THE QUARTER
 
AND YEAR ENDED DECEMBER 31, 2010
 

JERICHO, NY, February 15, 2011
--- Getty Realty Corp. (NYSE-GTY) (“Getty” or the “Company”) today reported its preliminary financial results for the quarter and year ended December 31, 2010.
 
Net earnings for the quarter ended December 31, 2010 increased by $1.2 million to $12.5 million, as compared to $11.3 million for the quarter ended December 31, 2009. Net earnings for the year ended December 31, 2010 increased by $4.7 million to $51.7 million, as compared to $47.0 million for the year ended December 31, 2009. Earnings from continuing operations for the quarter ended December 31, 2010 increased by $1.6 million to $12.4 million, as compared to $10.8 million for the quarter ended December 31, 2009. Earnings from continuing operations for the year ended December 31, 2010 increased by $8.4 million to $50.1 million, as compared to $41.7 million for the year ended December 31, 2009. Earnings from discontinued operations were $0.1 million for the quarter ended December 31, 2010 as compared to $0.5 million for the quarter ended December 31, 2009. Earnings from discontinued operations were $1.6 million for the year ended December 31, 2010 as compared to $5.4 million for the year ended December 31, 2009. The results of discontinued operations are primarily comprised of gains on dispositions of real estate.
 
The $1.6 million and $8.4 million increases in earnings from continuing operations for the quarter and year ended December 31, 2010, respectively, as compared to the respective prior year periods, were due to net reductions in operating expenses and for the year ended December 31, 2010, rental income from properties acquired in September 2009. The $0.4 million and $3.8 million decreases in earnings from discontinued operations for the quarter and year ended December 31, 2010, respectively, as compared to the respective prior year periods, were principally due to lower gains on dispositions of real estate.
 
Funds from operations, or FFO, increased by $1.3 million to $15.0 million for the quarter ended December 31, 2010, and increased by $7.1 million to $59.7 million for the year ended December 31, 2010, as compared to $13.7 million and $52.6 million for the respective prior year periods. Adjusted funds from operations, or AFFO, increased by $1.7 million to $14.4 million for the quarter ended December 31, 2010, and increased by $6.5 million to $58.2 million for the year ended December 31, 2010, as compared to $12.7 million and $51.7 million for the respective prior year periods. Certain items, which are included in the increases in net earnings, are excluded from the increases in FFO and AFFO. The increases in FFO for the quarter and year ended December 31, 2010 were primarily due to the increases in net earnings discussed above and further below but exclude decreases in depreciation and amortization expense and decreases in gains on dispositions of real estate. The increases in AFFO for the quarter and year ended December 31, 2010 also exclude non-cash adjustments recorded for deferred rental revenue due to the recognition of rental income on a straight-line basis over the current lease term, net amortization of above-market and below-market leases and recognition of rental income under a direct financing lease using the effective interest rate method which produces a constant periodic rate of return on the net investment in the leased property (the “Revenue Recognition Adjustments”) which cause the Company’s reported revenues from rental properties to vary from the amount of rent payments contractually due or received by the Company during the periods presented. The increase in AFFO for the year ended December 31, 2010 also excludes impairment charges recorded in 2009. FFO and AFFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.
 
 
 

The following information was filed by Getty Realty Corp (GTY) on Tuesday, February 15, 2011 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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