Exhibit 99.1

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2016 RESULTS

JERICHO, NY, March 1, 2017 — Getty Realty Corp. (NYSE:GTY) (“Getty” or the “Company”) announced its financial results for the quarter and year ended December 31, 2016.

Highlights For The Fourth Quarter

 

    Net earnings of $0.24 per share

 

    Funds From Operations (FFO) of $0.52 per share

 

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

 

    Net earnings, FFO and AFFO all include a benefit of $0.02 per share from Notable Items, as described below

 

    Acquired fee simple interests in two properties for $5.8 million in the aggregate

 

    Sold four properties for $2.2 million in the aggregate

 

    Provides 2017 outlook

“Our portfolio of well-located convenience store and gasoline station properties helped us drive a strong year of cash flow and AFFO per share growth that resulted in robust shareholder returns in 2016” commented, Christopher J. Constant, Getty’s President & Chief Executive Officer. “These results illustrate the successful efforts we have undertaken over the past several years to strengthen the leadership team and reposition our portfolio, which should enable the Company to deliver sustained growth over time. With a stable portfolio, we expect 2017 to be a building year as we turn our focus to executing on value creating opportunities. Our efforts include harvesting our pipeline of potential acquisitions and redeveloping several of our existing properties. We are confident that with all that we have already accomplished, along with the investments we intend to make this year, Getty is poised for attractive growth in the years to come.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2016, of $8.3 million, or $0.24 per share, as compared to net earnings of $19.9 million, or $0.59 per share, for the same period in 2015. The Company reported net earnings for the year ended December 31, 2016, of $38.4 million, or $1.12 per share, as compared to net earnings of $37.4 million, or $1.11 per share, for the same period in 2015. Net earnings for both the quarter and year ended December 31, 2016 and 2015, were impacted by certain items as described in Notable Items below. The quarter and year ended December 31, 2015, materially benefitted from the receipt of funds from the bankruptcy estate of a former tenant.

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

FFO for the quarter ended December 31, 2016, was $17.9 million, or $0.52 per share, as compared to $26.0 million, or $0.77 per share, for the same period in 2015. FFO for the year ended December 31, 2016, was $64.2 million, or $1.87 per share, as compared to $69.1 million, or $2.04 per share, for the same period in 2015.

AFFO for the quarter ended December 31, 2016, was $14.9 million, or $0.43 per share, as compared to $22.8 million, or $0.68 per share, for the same period in 2015. AFFO for the year ended December 31, 2016, was $58.0 million, or $1.69 per share, as compared to $65.2 million, or $1.93 per share, for the same period in 2015.

FFO and AFFO for both the quarter and year ended December 31, 2016 and 2015, were impacted by certain items as described in Notable Items below. The quarter and year ended December 31, 2015, materially benefitted from the receipt of funds from the bankruptcy estate of a former tenant.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. AFFO and FFO are defined and reconciled to net earnings in the financial tables at the end of this release. See “Non-GAAP Financial Measures” below.

Notable Items

Results for the quarter ended December 31, 2016, included $0.6 million of environmental insurance reimbursements and other income, which resulted in a net benefit to the Company of $0.02 per share, in the aggregate. Results for the quarter ended December 31, 2015, included $10.8 million, or $0.32 per share, of income received from the Getty Petroleum Marketing Inc. bankruptcy estate.

Results for the year ended December 31, 2016, included $2.5 million of environmental insurance reimbursements, recoveries of uncollectible accounts and other income, offset by $0.8 million of environmental litigation reserves, which resulted in a net benefit to the Company of $1.7 million, or $0.05 per share, in the aggregate. Results for the year ended December 31, 2015, included $18.2 million, or $0.54 per share, of income received from the Getty Petroleum Marketing Inc. bankruptcy estate.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, March 1, 2017 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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