EX-99.2 3 c94921exv99w2.txt PRESS RELEASE EXHIBIT 99.2 RELEASE: IMMEDIATE GETTY REALTY CORP. ACQUIRES 23 PROPERTIES JERICHO, NY, MARCH 28, 2005 - Getty Realty Corp. (NYSE: GTY) announced today that it has completed the acquisition of 23 convenience store and motor fuel properties located in Virginia. The aggregate consideration paid by Getty in this transaction was approximately $29 million. The acquisition was announced on February 23, 2005. All 23 of the properties are triple net leased to a leading convenience store operator with a network of more than 200 motor fuel/convenience stores in the Mid Atlantic and New England States. The triple net lease has an initial term of 15 years and provides 3 renewal terms of 5 years each. Getty estimates that the acquisition and triple net lease transaction will be accretive to its annual earnings in the amount of approximately $0.03 per share of common stock. Mr. Leo Liebowitz, Getty's Chairman and CEO, said "We are pleased to be adding these quality properties to our portfolio. This acquisition and net lease transaction is consistent with our continuing focus on profitable growth through acquisitions of quality properties throughout the United States." Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in the ownership and leasing of motor fuel/convenience store properties and petroleum distribution terminals. The Company owns and leases over 1,000 properties in the Eastern United States. Investor Relations Contact: Kevin Shea (516) 478-5480 CERTAIN STATEMENTS IN THIS NEWS RELEASE MAY CONSTITUTE "FORWARD LOOKING STATEMENTS" WITHIN THE MEANING OF PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. WHEN THE WORDS "BELIEVES", "EXPECTS", "PLANS", "PROJECTS", "ESTIMATES" AND SIMILAR EXPRESSIONS ARE USED IN THIS RELEASE, 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 (INCLUDING THE RISKS THAT ARE DESCRIBED FROM TIME TO TIME IN THE COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION), UNCERTAINTIES AND OTHER FACTORS WHICH MAY CAUSE THE ACTUAL RESULTS, PERFORMANCE AND ACHIEVEMENTS OF THE COMPANY TO BE MATERIALLY DIFFERENT FROM ANY FUTURE RESULTS, PERFORMANCE OR ACHIEVEMENTS EXPRESSED OR IMPLIED BY THESE FORWARD-LOOKING STATEMENTS. GETTY UNDERTAKES NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS THAT REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR THE OCCURRENCE OF UNANTICIPATED EVENTS.