Getty Realty Corp (GTY) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2020

Exhibit 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES SECOND QUARTER 2020 RESULTS

JERICHO, NY, July 22, 2020

Highlights For The Second Quarter

“We are pleased to deliver another quarter of solid performance, as we continue to successfully navigate the ongoing uncertain environment. Our results for the second quarter reflect the strength of our portfolio and the continued successful execution of our strategic initiatives, including select accretive acquisitions, redevelopment projects, and focused asset management,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “The resilience of our business is evident in our strong rent collections for the second quarter, which continued in July with the Company collecting 98% of contractual base rent and mortgage payments. We have also received substantially all of the deferrals that were due in July. Given Getty’s low leverage, ample liquidity and secure cash flow stream from our well-insulated portfolio of convenience store & gasoline station properties, we believe we remain well-positioned to grow our Company and continue to drive shareholder value.”

Net Earnings

The Company reported net earnings for the quarter ended June 30, 2020, of $11.0 million, or $0.26 per share, as compared to net earnings of $13.2 million, or $0.32 per share, for the same period in 2019. The Company reported net earnings for the six months ended June 30, 2020, of $23.7 million, or $0.56 per share, as compared to net earnings of $24.1 million, or $0.58 per share, for the same period in 2019.

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

FFO for the quarter ended June 30, 2020, was $18.6 million, or $0.44 per share, as compared to $19.6 million, or $0.47 per share, for the same period in 2019. FFO for the six months ended June 30, 2020, was $38.6 million, or $0.91 per share, as compared to $37.5 million, or $0.90 per share, for the same period in 2019.

AFFO for the quarter ended June 30, 2020, was $18.6 million, or $0.44 per share, as compared to $18.1 million, or $0.43 per share, for the same period in 2019. AFFO for the six months ended June 30, 2020, was $37.9 million, or $0.90 per share, as compared to $35.7 million, or $0.86 per share, for the same period in 2019.

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 $2.7 million to $36.3 million for the quarter ended June 30, 2020, as compared to $33.6 million for the same period in 2019. Rental income contractually due from tenants included in revenues from rental properties was $31.8 million for the quarter ended June 30, 2020, as compared