Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Sunday, March 31, 2019

Exhibit 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FIRST QUARTER 2019 RESULTS

JERICHO, NY, April 30, 2019

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended March 31, 2019.

Highlights For The First Quarter

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Net earnings of $0.26 per share

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Funds From Operations (FFO) of $0.43 per share

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Adjusted Funds From Operations (AFFO) of $0.42 per share

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Completed one redevelopment project

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Re-Affirms 2019 Outlook

Christopher J. Constant, Getty’s President & Chief Executive Officer commented, “In the first quarter, we produced solid revenue growth reflecting the additional properties we added last year. We remain focused on growing our national portfolio of convenience stores and gasoline stations in markets that have high barriers to entry in established metropolitan areas, along with targeted high growth markets. We maintain a well occupied portfolio which generates stable growth, while continuing to analyze our growing acquisition and redevelopment pipeline of opportunities that would be accretive to earnings. With a strong balance sheet and stable cashflows, we will continue to work to deliver additional value to our shareholders.”

Net Earnings

The Company reported net earnings for the quarter ended March 31, 2019, of $10.9 million, or $0.26 per share, as compared to net earnings of $10.0 million, or $0.25 per share, for the same period in 2018.

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

FFO for the quarter ended March 31, 2019, was $17.8 million, or $0.43 per share, as compared to $17.8 million, or $0.44 per share, for the same period in 2018.

AFFO for the quarter ended March 31, 2019, was $17.5 million, or $0.42 per share, as compared to $16.8 million, or $0.42 per share, for the same period in 2018.

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. See “Non-GAAP Financial Measures” below.

Results of Operations

Revenues from rental properties increased 6.1%, or $1.9 million, to $33.3 million for the quarter ended March 31, 2019, as compared to $31.4 million for the same period in 2018. The growth in revenues from rental properties for the quarter ended March 31, 2019, was primarily due to revenue from properties acquired by the Company in 2018, along with contractual increases. Tenant reimbursements included in revenues from rental properties, which consist of real estate taxes and other municipal charges paid by the Company which were reimbursable by the tenants pursuant to the terms of triple-net lease agreements, were $3.7 million and $3.1 million for the three months ended March 31, 2019 and 2018, respectively.

Property costs were $5.5 million for the quarter ended March 31, 2019, as compared to $4.9 million for the same period in 2018. The increase was principally due to higher reimbursable real estate taxes and professional fees related to property redevelopments.

The following information was filed by Getty Realty Corp (GTY) on Tuesday, April 30, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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