Getty Realty Corp. Enters into Definitive Agreement to Acquire 49 Properties for $123 Million

JERICHO, N.Y.–(BUSINESS WIRE)–Getty Realty Corp. (NYSE:GTY) (the “Company”) announced that it has
entered into a definitive agreement providing for acquisition lease-back
funding to Empire Petroleum Partners, LLC (“Empire”). The Company,
through a subsidiary, will acquire fee simple interests in 49
convenience store and gasoline station properties (the “Properties”) for
$123 million under a unitary lease. The transaction is expected to close
before the end of the third quarter of 2017.

The Properties are located primarily within metropolitan markets in the
states of Arizona, Colorado, Florida, Georgia, Louisiana, New Mexico and
Texas. The unitary lease to be effective at closing provides for an
initial term of 15 years, with four five-year renewal options. Rent is
scheduled to increase annually during the initial and renewal terms of
the lease.

“We are excited to have entered into this transaction and to begin a
long-term relationship with Empire. The properties being acquired
represent a high-quality convenience store and gasoline station
portfolio and are located in markets which we have been targeting for
some time. We believe this transaction demonstrates our commitment to
the convenience store industry as well as our ability to respond quickly
to meet the capital needs of our customers,” stated Christopher J.
Constant, Getty’s President & Chief Executive Officer.

The Company is providing acquisition lease-back funding to Empire to
facilitate its acquisition of properties from Circle K Stores Inc.
(“Circle K”). Circle K has agreed to sell a portfolio of properties to
Empire to satisfy compliance with regulatory requirements associated
with its acquisition of CST Brands, Inc.

Upon closing, the Company expects the transaction to be immediately
accretive to net earnings. The Company plans to fund the transaction
through funds available under its Credit Agreement. The transaction is
subject numerous closing conditions, including the closing of a separate
purchase agreement under which Empire has agreed to purchase the
Properties from Circle K, and regulatory review and approval of such
separate agreement. The Company can offer no assurances that the
transaction will close on the terms described herein, or at all.

Forward-Looking Statements

CERTAIN STATEMENTS CONTAINED HEREIN MAY CONSTITUTE “FORWARD-LOOKING
STATEMENTS” WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION
REFORM ACT OF 1995. WHEN THE WORDS “BELIEVES,” “EXPECTS,” “PLANS,”
“PROJECTS,” “ESTIMATES”, “ANTICIPATES”, “MAY” AND SIMILAR EXPRESSIONS
ARE USED, THEY IDENTIFY FORWARD-LOOKING STATEMENTS. THESE
FORWARD-LOOKING STATEMENTS ARE BASED ON MANAGEMENT’S 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
STATEMENTS REGARDING THE PERFORMANCE OF THE TRANSACTION, RENT FROM THE
LEASE PERTAINING THERETO AND THE ACCRETIVE NATURE OF THE TRANSACTION.

INFORMATION CONCERNING FACTORS THAT COULD CAUSE THE COMPANY’S ACTUAL
RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN
BE FOUND IN THE COMPANY’S 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.

About Getty Realty Corp.

Getty Realty Corp. is the leading publicly-traded real estate investment
trust in the United States specializing in the ownership, leasing and
financing of convenience store and gasoline station properties. As of
March 31, 2017, the Company owned 736 properties and leased 87
properties from-third party landlords in 24 states across the United
States and Washington, D.C.

Contacts

Getty Realty Corp.
Investor Relations
(516) 478-5418
ir@gettyrealty.com