Page 1

EX - 99.1 2 gty - ex991_6.htm EX - 99.1 FOR IMMEDIATE RELEASE GETTY REALTY CORP . ANNOUNCES FIRST QUARTER 2021 RESULTS NEW YORK , NY , April 28 , 2021 Getty Realty Corp. ( NYSE : GTY ) ( “ Getty ” or the “ Company " ) announced today its financial results for the quarter ended March 31 , 2021 . First Quarter Highlights ● ● Net earnings of $ 0.40 per share Funds From Operations ( “ FFO " ) of $ 0.44 per share Exhibit 99.1 Adjusted Funds From Operations ( “ AFFO " ) of $ 0.47 per share Invested an aggregate of $ 30.3 million across nine properties " The continued stability of our core portfolio and the strength of our tenants ' operating businesses resulted in another quarter of growth at Getty . We delivered strong financial results while effectively executing on our strategic growth plans , including investing more than $ 30 million in our target asset classes , ” stated Christopher J. Constant , Getty's President & Chief Executive Officer . " As we look ahead , we are excited about the depth of our acquisition and redevelopment pipelines , and believe that our conservatively leveraged balance sheet and access to capital provide ample capacity to support our ongoing focus on growth opportunities . " Net Earnings The Company reported net earnings for the quarter ended March 31 , 2021 of $ 17.9 million , or $ 0.40 per share , as compared to net earnings of $ 12.7 million , or $ 0.30 per share , for the same period in 2020 . Funds From Operations ( FFO ) and Adjusted Funds From Operations ( AFFO ) . FFO for the quarter ended March 31 , 2021 was $ 19.9 million , or $ 0.44 per share , as compared to $ 20.0 million , or $ 0.47 per share , for the same period in 2020 . AFFO for the quarter ended March 31 , 2021 was $ 20.9 million , or $ 0.47 per share , as compared to $ 19.3 million , or $ 0.46 per share , for the same period in 2020 . All per share amounts 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 For the quarter ended March 31 , 2021 , revenues from rental properties increased 6.6 % , or $ 2.3 million , to $ 37.0 million , as compared to $ 34.7 million for the same period in 2020 , including rental income contractually due from tenants of $ 33.5 million , as compared to $ 31.4 million for the same period in 2020 . The growth in revenues from rental properties was primarily due to incremental revenue from properties acquired by the Company in 2020 and the first quarter of 2021 , as well as contractual rent increases for certain in - place leases .