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

Exhibit 99.1

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES THIRD QUARTER 2020 RESULTS

JERICHO, NY, October 21, 2020

Highlights For The Third Quarter

“Our third quarter performance demonstrates the favorable positioning and resilience of our portfolio as well as the growth potential of our platform. The current economic uncertainty notwithstanding, our rent collections during the third quarter continued to be very strong and we are benefiting from the largely essential nature of our tenants who operate convenience stores, gas stations and related automotive businesses,” stated Christopher J. Constant, Getty’s President & Chief Executive Officer. “We also continued to successfully execute on our growth strategy as we further enhanced our portfolio with the completion of additional portfolio acquisitions and a redevelopment project. We believe Getty’s commitment to its focused business plan has allowed us to deliver solid results bolstered by secure in-place rents, a conservative balance sheet to support growth, and a healthy pipeline of acquisition and redevelopment opportunities.”

Net Earnings

The Company reported net earnings for the quarter ended September 30, 2020, of $11.9 million, or $0.27 per share, as compared to net earnings of $11.9 million, or $0.28 per share, for the same period in 2019. The Company reported net earnings for the nine months ended September 30, 2020, of $35.6 million, or $0.83 per share, as compared to net earnings of $36.0 million, or $0.86 per share, for the same period in 2019.

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

FFO for the quarter ended September 30, 2020, was $20.8 million, or $0.48 per share, as compared to $19.1 million, or $0.46 per share, for the same period in 2019. FFO for the nine months ended September 30, 2020, was $59.3 million, or $1.39 per share, as compared to $56.6 million, or $1.36 per share, for the same period in 2019.

AFFO for the quarter ended September 30, 2020, was $20.2 million, or $0.47 per share, as compared to $18.1 million, or $0.43 per share, for the same period in 2019. AFFO for the nine months ended September 30, 2020, was $58.1 million, or $1.37 per share, as compared to $53.8 million, or $1.29 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 $1.5 million to $37.2 million for the quarter ended September 30, 2020, as compared to $35.7 million for the same period in 2019. Rental income contractually due from tenants