Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2017 RESULTS

- Provides 2018 Annual Guidance -

JERICHO, NY, February 28, 2018

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

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 39 properties for $70.1 million

 

Increased quarterly dividend by 14 percent

Highlights For The Full Year 2017

 

Net earnings of $1.26 per share

 

FFO of $2.00 per share

 

AFFO of $1.66 per share

 

Acquired 103 properties for $214 million

 

Completed two redevelopment projects

Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “The fourth quarter capped a very productive year for Getty. Our operating portfolio delivered consistent results, while we made additional progress in growing and further diversifying our portfolio with accretive acquisitions. Over the years we have evolved our portfolio into one with high quality, well located assets, many with expanded convenience stores which resonate with today’s consumer. We also continue to execute on redevelopment projects and have a solid pipeline which we expect to come online in 2018 and beyond. As we look ahead we are optimistic about our ability to continue to execute on our growth strategy and deliver stable cash flows for our shareholders.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2017, of $13.0 million, or $0.33 per share, as compared to net earnings of $8.3 million, or $0.24 per share, for the same period in 2016. The Company reported net earnings for the year ended December 31, 2017, of $47.2 million, or $1.26 per share, as compared to net earnings of $38.4 million, or $1.12 per share, for the same period in 2016.

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

FFO for the quarter ended December 31, 2017, was $20.2 million, or $0.51 per share, as compared to $17.9 million, or $0.52 per share, for the same period in 2016. FFO for the year ended December 31, 2017, was $74.6 million, or $2.00 per share, as compared to $64.2 million, or $1.87 per share, for the same period in 2016.

AFFO for the quarter ended December 31, 2017, was $17.3 million, or $0.43 per share, as compared to $14.5 million, or $0.42 per share, for the same period in 2016. AFFO for the year ended December 31, 2017, was $62.0 million, or $1.66 per share, as compared to $57.1 million, or $1.67 per share, for the same period in 2016.

All per share amounts in this press release are presented on a fully diluted per common share basis, unless stated otherwise. FFO and AFFO are defined and reconciled to net earnings in the financial tables at the end of this release. During the fourth quarter of 2017, we revised our definition of AFFO. See “Non-GAAP Financial Measures” below.


The following information was filed by Getty Realty Corp (GTY) on Wednesday, February 28, 2018 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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