Exhibit 99.1

 

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES SECOND QUARTER 2019 RESULTS

JERICHO, NY, July 24, 2019

— Getty Realty Corp. (NYSE: GTY) (“Getty” or the “Company”) announced today its financial results for the quarter ended June 30, 2019.

Highlights For The Second Quarter

 

Net earnings of $0.32 per share

 

Funds From Operations (FFO) of $0.47 per share

 

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

 

Acquired nine properties for an aggregate of $29.7 million

Christopher J. Constant, Getty’s President & Chief Executive Officer commented, “We delivered another quarter of consistent growth as the year continues to progress as expected. Our highly occupied net lease portfolio generated solid results while we also continued to selectively acquire new properties and invest in sites through our redevelopment program. More specifically, during the quarter, we acquired nine properties, and advanced all of our active redevelopment projects. Strength in the convenience store market, combined with the quality and attractive footprint of our portfolio, underpins our ongoing confidence in Getty’s outlook for the remainder of 2019 and beyond.”

Net Earnings

The Company reported net earnings for the quarter ended June 30, 2019, of $13.2 million, or $0.32 per share, as compared to net earnings of $13.5 million, or $0.33 per share, for the same period in 2018. The Company reported net earnings for the six months ended June 30, 2019, of $24.1 million, or $0.58 per share, as compared to net earnings of $23.6 million, or $0.58 per share, for the same period in 2018.

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

FFO for the quarter ended June 30, 2019, was $19.6 million, or $0.47 per share, as compared to $17.6 million, or $0.43 per share, for the same period in 2018. FFO for the six months ended June 30, 2019, was $37.5 million, or $0.90 per share, as compared to $35.4 million, or $0.88 per share, for the same period in 2018.

AFFO for the quarter ended June 30, 2019, was $18.1 million, or $0.43 per share, as compared to $17.4 million, or $0.43 per share, for the same period in 2018. AFFO for the six months ended June 30, 2019, was $35.7 million, or $0.86 per share, as compared to $34.2 million, or $0.85 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 by $0.1 million to $33.6 million for the quarter ended June 30, 2019, as compared to $33.5 million for the same period in 2018. Rental income contractually due from our tenants included in revenues from rental properties was $29.4 million for the quarter ended June 30, 2019, as compared to $28.4 million for the quarter ended June 30, 2018. Revenues from rental properties increased by $2.0 million to $66.8 million for the six months ended June 30, 2019, as compared to $64.8 million for the six months ended June 30, 2018. Rental income contractually due from our tenants included in revenues from rental properties was $58.6 million for the six months ended June 30, 2019, as compared to $55.9 million for the six months ended June 30, 2018. The growth in revenues from rental properties for the quarter and six months ended June 30, 2019, was primarily due to revenue from properties acquired by the Company in 2018, along with


The following information was filed by Getty Realty Corp (GTY) on Wednesday, July 24, 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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