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Getty Realty Corp. Announces Financial Results For Quarter Ended September 30, 2012

Rental property expenses included in continuing operations, which are primarily comprised of rent, real estate taxes and maintenance, were $8.3 million and $22.0 million for the quarter and nine months ended September 30, 2012, respectively, as compared to $2.9 million and $10.1 million for the respective prior year periods. Certain of these increased expenses are reimbursable by the Company’s tenants and are related to properties and leasehold interests acquired in 2011. The remaining increase results from real estate taxes and maintenance expenses historically paid by Marketing directly, which the Company began paying in the first quarter of 2012. Any reimbursement of such expenses from the Company’s tenants is included in revenues from rental properties in the Company’s consolidated statement of operations.

Depreciation and amortization expense included in continuing operations was $3.3 million and $10.2 million for the quarter and nine months ended September 30, 2012, respectively, as compared to $2.7 million and $7.0 million for the quarter and nine months ended September 30, 2011, respectively. The increase was primarily due to depreciation charges related to capitalized asset retirement costs associated with environmental obligations assumed from Marketing after the rejection of the Master Lease and properties acquired in 2011, partially offset by the effect of certain assets becoming fully depreciated, lease terminations and dispositions of real estate.

General and administrative expenses included in continuing operations were $5.0 million and $26.1 million for the quarter and nine months ended September 30, 2012, respectively, as compared to $2.7 million and $10.3 million for the quarter and nine months ended September 30, 2011, respectively. The increase in general and administrative expenses was principally due to $13.2 million bad debt reserves provided for in the nine months ended September 30, 2012 attributable to nonpayment of rent and real estate taxes due from Marketing through April 30, 2012 that the Company does not expect to collect. In addition, the increase was also due to $1.1 million and $2.9 million of legal fees and litigation costs incurred related to Marketing’s defaults of its obligations under the Master Lease and bankruptcy filing for the quarter and nine months ended September 30, 2012, respectively. The increase in general and administrative expenses in 2012 was partially offset by $2.0 million of property acquisition costs incurred in 2011.

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