Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2018 RESULTS

JERICHO, NY, October 24, 2018

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended September 30, 2018.

Highlights For The Third Quarter

 

Net earnings of $0.27 per share

 

Funds From Operations (FFO) of $0.44 per share

 

Adjusted Funds From Operations (AFFO) of $0.44 per share

 

Acquired seven properties for $19.4 million

 

Tightens 2018 AFFO guidance range

Christopher J. Constant, Getty’s President & Chief Executive Officer stated, “The third quarter was marked by strong revenue and AFFO growth compared to the same period last year, which reflects the successful execution of our acquisition strategy over the past two years. During the quarter, we continued our investment activity, as we added a high-quality portfolio of properties with an existing tenant, Applegreen. In addition, we completed our third redevelopment project of the year, a state-of-the-art, new-to-industry convenience and gas site. With the backdrop of a healthy convenience and gas industry, combined with our solid balance sheet, we remain confident that we will continue to deliver consistent results from our operating portfolio and execute on our growth initiatives as we move through the remainder of 2018 and beyond.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2018, of $10.9 million, or $0.27 per share, as compared to net earnings of $9.3 million, or $0.24 per share, for the same period in 2017. The Company reported net earnings for the nine months ended September 30, 2018, of $34.5 million, or $0.85 per share, as compared to net earnings of $34.2 million, or $0.94 per share, for the same period in 2017.

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

FFO for the quarter ended September 30, 2018, was $17.9 million, or $0.44 per share, as compared to $16.2 million, or $0.42 per share, for the same period in 2017. FFO for the nine months ended September 30, 2018, was $53.3 million, or $1.31 per share, as compared to $54.3 million, or $1.49 per share, for the same period in 2017.

AFFO for the quarter ended September 30, 2018, was $17.9 million, or $0.44 per share, as compared to $15.7 million, or $0.40 per share, for the same period in 2017. AFFO for the nine months ended September 30, 2018, was $52.1 million, or $1.28 per share, as compared to $44.7 million, or $1.23 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 AFFO are defined and reconciled to net earnings in the financial tables at the end of this release. During the fourth quarter of 2017, the Company revised its definition of AFFO. See “Non-GAAP Financial Measures” below.

Results of Operations

Revenues from rental properties increased 18.9%, or $4.7 million, to $29.6 million for the quarter ended September 30, 2018, as compared to $24.9 million for the same period in 2017. Revenues from rental properties increased 18.7%, or $13.7 million, to $86.9 million for the nine months ended September 30, 2018, as compared to $73.2 million for the same period in 2017. The growth in revenues from rental properties for the quarter and


The following information was filed by Getty Realty Corp (GTY) on Wednesday, October 24, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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