ir.gettyrealty.com<\/a>.<\/p>\n\nIf you cannot participate in the live event, a replay will be available on Thursday, April 27, 2023 beginning at 11:30 a.m. ET through 11:59 p.m. ET, Thursday, May 4, 2023. To access the replay, please dial 1-844-512-2921, or 1-412-317-6671 for international participants, and reference pass code 13737430.<\/p>\n
About Getty Realty Corp.<\/span><\/b><\/p>\n\nGetty Realty Corp. is a publicly traded, net lease REIT specializing in the acquisition, financing and development of convenience, automotive and other single tenant retail real estate. As of March 31, 2023, the Company\u2019s portfolio included 1,047 freestanding properties located in 39 states across the United States and Washington, D.C.<\/p>\n
Non-GAAP Financial Measures<\/span><\/b><\/p>\n\nIn addition to measurements defined by accounting principles generally accepted in the United States of America (\u201cGAAP\u201d), the Company also focuses on Funds From Operations (\u201cFFO\u201d) and Adjusted Funds From Operations (\u201cAFFO\u201d) to measure its performance.<\/p>\n
\nFFO and AFFO are generally considered by analysts and investors to be appropriate supplemental non-GAAP measures of the performance of REITs. FFO and AFFO are not in accordance with, or a substitute for, measures prepared in accordance with GAAP. In addition, FFO and AFFO are not based on any comprehensive set of accounting rules or principles. Neither FFO nor AFFO represent cash generated from operating activities calculated in accordance with GAAP and therefore these measures should not be considered an alternative for GAAP net earnings or as a measure of liquidity. These measures should only be used to evaluate the Company\u2019s performance in conjunction with corresponding GAAP measures.<\/p>\n
\nFFO is defined by the National Association of Real Estate Investment Trusts (\u201cNAREIT\u201d) as GAAP net earnings before (i) depreciation and amortization of real estate assets, (ii) gains or losses on dispositions of real estate assets, (iii) impairment charges, and (iv) the cumulative effect of accounting changes.<\/p>\n
\nThe Company defines AFFO as FFO excluding (i) certain revenue recognition adjustments (defined below), (ii) certain environmental adjustments (defined below), (iii) stock-based compensation, (iv) amortization of debt issuance costs and (v) other non-cash and\/or unusual items that are not reflective of the Company\u2019s core operating performance.<\/p>\n
\nOther REITs may use definitions of FFO and\/or AFFO that are different than the Company\u2019s and, accordingly, may not be comparable.<\/p>\n
\nThe Company believes that FFO and AFFO are helpful to analysts and investors in measuring the Company\u2019s performance because both FFO and AFFO exclude various items included in GAAP net earnings that do not relate to, or are not indicative of, the core operating performance of the Company\u2019s portfolio. Specifically, FFO excludes items such as depreciation and amortization of real estate assets, gains or losses on dispositions of real estate assets, and impairment charges. With respect to AFFO, the Company further excludes the impact of (i) deferred rental revenue (straight-line rent), the net amortization of above-market and below-market leases, adjustments recorded for the recognition of rental income from direct financing leases, and the amortization of deferred lease incentives (collectively, \u201cRevenue Recognition Adjustments\u201d), (ii) environmental accretion expenses, environmental litigation accruals, insurance reimbursements, legal settlements and judgments, and changes in environmental remediation estimates (collectively, \u201cEnvironmental Adjustments\u201d), (iii) stock-based compensation expense, (iv) amortization of debt issuance costs and (v) other items, which may include allowances for credit losses on notes and mortgages receivable and direct financing leases, losses on extinguishment of debt, retirement and severance costs, and other items that do not impact the Company\u2019s recurring cash flow and which are not indicative of its core operating performance.<\/p>\n
\nThe Company pays particular attention to AFFO which it believes provides the most useful depiction of the core operating performance of its portfolio. By providing AFFO, the Company believes it is presenting information that assists analysts and investors in their assessment of the Company\u2019s core operating performance, as well as the sustainability of its core operating performance with the sustainability of the core operating performance of other real estate companies. For a tabular reconciliation of FFO and AFFO to GAAP net earnings, see the table captioned \u201cReconciliation of Net Earnings to Funds From Operations and Adjusted Funds From Operations\u201d included herein.<\/p>\n
Forward-Looking Statements<\/span><\/b><\/p>\n\nCERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE \u201cFORWARD-LOOKING STATEMENTS\u201d WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS \u201cBELIEVES,\u201d \u201cEXPECTS,\u201d \u201cPLANS,\u201d \u201cPROJECTS,\u201d \u201cESTIMATES,\u201d \u201cANTICIPATES,\u201d \u201cPREDICTS,\u201d \u201cOUTLOOK\u201d AND SIMILAR EXPRESSIONS ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT\u2019S CURRENT BELIEFS AND ASSUMPTIONS AND INFORMATION CURRENTLY AVAILABLE TO MANAGEMENT AND INVOLVE KNOWN AND UNKNOWN RISKS, UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. EXAMPLES OF FORWARD-LOOKING STATEMENTS INCLUDE, BUT ARE NOT LIMITED TO, THOSE REGARDING THE COMPANY\u2019S 2023 AFFO PER SHARE GUIDANCE, THOSE MADE BY MR. CONSTANT, STATEMENTS REGARDING THE RECAPTURE AND TRANSFER OF CERTAIN NET LEASE RETAIL PROPERTIES, STATEMENTS REGARDING THE ABILITY TO OBTAIN APPROPRIATE PERMITS AND APPROVALS, AND STATEMENTS REGARDING AFFO AS A MEASURE BEST REPRESENTING CORE OPERATING PERFORMANCE AND ITS UTILITY IN COMPARING THE SUSTAINABILITY OF THE COMPANY\u2019S CORE OPERATING PERFORMANCE WITH THE SUSTAINABILITY OF THE CORE OPERATING PERFORMANCE OF OTHER REITS.<\/p>\n
\nINFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY\u2019S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND ELSEWHERE IN THIS PRESS RELEASE, INCLUDING, WITHOUT LIMITATION, THOSE STATEMENTS IN THE COMPANY\u2019S PERIODIC REPORTS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION. THE COMPANY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.<\/p>\n
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