Getty Realty Corp (GTY) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

FOR IMMEDIATE RELEASE

GETTY REALTY CORP. ANNOUNCES FOURTH QUARTER AND FULL YEAR 2020 RESULTS

- Provides 2021 Annual Guidance -

NEW YORK, NY, February 23, 2021

Highlights for the Fourth Quarter

Highlights for the Full Year 2020

“Our solid performance in 2020 reinforces the value proposition of Getty’s portfolio of essential convenience stores, gasoline stations and other automotive properties, as we were able to deliver meaningful growth in an environment marked by the ongoing COVID-19 pandemic,” commented Christopher J. Constant, Getty’s President & Chief Executive Officer. “We achieved AFFO per share growth of 12% in the fourth quarter and 7% for the full year as we benefited from our reliable rent escalators, greater acquisition activity and the completion of select redevelopment projects.  The resilience of our portfolio was evident from monthly rent collections that were maintained at or above 95% throughout the year and stable occupancy of greater than 99%.  As we look ahead, we remain encouraged by our roster of tenants that offer consumers convenience and necessity services, which we expect will generate ongoing demand for their businesses. Getty also continues to be well capitalized with a flexible balance sheet which we believe will be advantageous as we underwrite a growing pipeline of investment prospects, including additional redevelopment projects, as we look to maximize value for all stakeholders.”

Net Earnings

The Company reported net earnings for the quarter ended December 31, 2020 of $33.8 million, or $0.77 per diluted share, as compared to net earnings of $13.7 million, or $0.33 per diluted share, for the same period in 2019. The Company reported net earnings for the year ended December 31, 2020 of $69.4 million, or $1.62 per diluted share, as compared to net earnings of $49.7 million, or $1.19 per diluted share, for the same period in 2019. Net earnings for the quarter and year ended December 31, 2020 included a $20.5 million legal settlement in favor of the Company with respect to certain litigation settled in December 2020.