Exhibit 99.1

Getty Realty Corp. Announces Financial Results for the Quarter and Year Ended December 31, 2007

JERICHO, N.Y.--(BUSINESS WIRE)--Getty Realty Corp. (NYSE:GTY) today reported its financial results for the quarter and year ended December 31, 2007.

Net earnings increased by $1.7 million to $44.4 million for the year ended December 31, 2007 as compared to $42.7 million for the year ended December 31, 2006. Earnings before discontinued operations were $38.6 million for the year ended December 31, 2007 as compared to $42.3 million for the year ended December 31, 2006, a decrease of $3.7 million. Earnings before discontinued operations for 2007 reflect higher environmental, general and administrative, depreciation and amortization and interest expenses and lower income tax benefit, which were partially offset by additional rental revenue from properties acquired and rent escalations as compared to the prior year.

Net earnings increased by $1.3 million to $11.1 million for the quarter ended December 31, 2007 as compared to $9.8 million for the quarter ended December 31, 2006. Earnings before discontinued operations for the quarter ended December 31, 2007 were comparable to the quarter ended December 31, 2006. Earnings before discontinued operations for the quarter ended December 31, 2007 include additional rental revenue from properties acquired and rent escalations and lower environmental expenses, which were offset by higher general and administrative, depreciation and amortization and interest expenses and lower other income as compared to the same period in 2006.

The financial results for the quarter and year ended December 31, 2007 include the effect of the $84.6 million acquisition of convenience stores and gas station properties from FF-TSY Holding Company II LLC (successor the Trustreet Properties, Inc.) which was substantially completed by the end of the first quarter of 2007. In addition, Getty Realty Corp. acquired nine properties and redeveloped one property during the twelve months ended December 31, 2007 for an aggregate cost of $6.0 million. Approximately $3.3 million of those acquisitions were funded with the proceeds from dispositions of real estate using tax free exchanges, as permitted by the Internal Revenue Code.

The operating results and gains or losses from certain dispositions of real estate have been reclassified as discontinued operations. Discontinued operations for the quarter and year ended December 31, 2007 are primarily comprised of gains on dispositions of real estate and the rental revenue from those properties, including early lease termination income.

Funds from operations, or FFO, were $12.9 million for the quarter and $48.0 million for the year ended December 31, 2007, as compared to $11.5 million and $49.0 million for the respective prior year periods. Adjusted funds from operations, or AFFO, were $11.6 million for the quarter and $43.8 million for the year ended December 31, 2007, as compared to $10.8 million and $45.3 million for the respective prior year periods. Net earnings increased while FFO and AFFO decreased for the year ended December 31, 2007 because certain items, which are included in the changes in net earnings, are excluded from FFO and AFFO. The increase in FFO for the quarter and the decrease in FFO for the year ended December 31, 2007 were primarily due to the changes in net earnings described above but exclude the increases in depreciation and amortization expense and the increases in gains on dispositions of real estate. The increase in AFFO for the quarter and the decrease in AFFO for the year ended December 31, 2007 also exclude the decreases in income tax benefit and deferred rental revenue and the increases in net amortization of above-market and below-market leases (which are included in net earnings and FFO but are excluded from AFFO). FFO and AFFO are supplemental non-GAAP measures of the performance of real estate investment trusts and are defined and reconciled to net earnings in the financial tables at the end of this release.

Diluted net earnings per share increased by $0.05 per share for the quarter and by $0.06 per share for the year ended December 31, 2007 to $0.45 per share and $1.79 per share, respectively, as compared to $0.40 per share and $1.73 per share for the respective prior year periods. FFO for the quarter and year ended December 31, 2007, were $0.52 per share and $1.94 per share, respectively, as compared to $0.46 per share and $1.98 per share for the respective prior year periods. AFFO for the quarter and year ended December 31, 2007, were $0.47 per share and $1.77 per share, respectively, as compared to $0.44 per share and $1.83 per share for the respective prior year periods.

Revenues from rental properties increased by $2.1 million for the quarter and by $6.6 million for the year ended December 31, 2007 to $20.1 million and $78.5 million, respectively, as compared to the respective prior year periods. Rent received increased by $2.0 million to $19.3 million for the quarter and by $6.1 million to $75.0 million for the year ended December 31, 2007, as compared to the respective prior year periods. The increases in rent received were primarily due to additional rental income from property acquisitions and rent escalations. In addition to rent received, revenues from rental properties include deferred rental revenues accrued due to recognition of rental income on a straight-line basis and net amortization of above-market and below-market leases related to the properties acquired in 2007.

Environmental expenses net of estimated recoveries from state underground storage tank funds for the quarter ended December 31, 2007 decreased by $0.6 million to $1.4 million and increased by $2.8 million to $8.2 million for the year ended December 31, 2007, as compared to the respective prior year periods. The net decrease in environmental expenses for the three months ended December 31, 2007 was primarily due to lower change in net estimated environmental costs and lower environmental related litigation expenses. The net increase in environmental expenses for the year ended December 31, 2007 was primarily due to $1.9 million of higher net change in estimated environmental costs and higher environmental related litigation expenses. The increase in the change in estimated environmental costs for the year ended December 31, 2007 includes the increases in project scope or duration and related cost forecasts at a limited number of properties including one site that Getty agreed to remediate as a result of a legal settlement with the State of New York and regulator mandated project changes at other sites.

General and administrative expenses increased by $0.4 million for the quarter and by $1.1 million for the year ended December 31, 2007 to $1.9 million and to $6.7 million, respectively, as compared to the respective prior year periods. General and administrative expenses increased, in part, due to higher employee related expenses related to the previously disclosed resignation of Mr. Andrew Smith, Getty’s former President and Chief Legal Officer, during the fourth quarter of 2007. The increase in general and administrative expenses for the year ended December 31, 2007 was also due to higher professional fees and changes in insurance loss reserves recorded in 2007 as compared to 2006. The insurance loss reserves were established under Getty’s self-funded insurance program that was terminated in 1997.

Depreciation and amortization expense increased by $0.5 million for the quarter and by $1.9 million for the year ended December 31, 2007 to $2.6 million and $9.8 million, respectively, as compared to the respective prior year periods due to the acquisition of properties during 2007 and 2006.

Gains on dispositions of real estate, included in other income and discontinued operations, increased by an aggregate of $0.4 million to $0.8 million for the quarter and by $4.6 million to $6.2 million for the year ended December 31, 2007, as compared to the respective prior year periods.

Interest expense increased by $1.3 million to $2.3 million for the quarter and by $4.2 million to $7.8 million for the year ended December 31, 2007, as compared to the respective prior year periods primarily due to additional borrowings used to finance the acquisition of properties.

Getty Realty Corp.’s Fourth Quarter Earnings Conference Call is scheduled for tomorrow, Wednesday, February 6, 2008 at 9:00 a.m. Eastern Time. To participate in the conference call, please dial 785-830-1916 five to ten minutes before the scheduled start time and reference pass code 9011468. If you cannot participate in the live event, a replay will be available beginning at noon on February 6, 2008 though noon on February 8, 2008. To access the replay, please dial 719-457-0820 and reference pass code 9011468.

Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in ownership and leasing of convenience store/gas station properties and petroleum distribution terminals. The Company owns and leases approximately 1,100 properties throughout the United States.

CERTAIN STATEMENTS IN THIS CURRENT REPORT ON FORM 8-K 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” 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. INFORMATION CONCERNING FACTORS THAT COULD CAUSE OUR ACTUAL RESULTS TO DIFFER MATERIALLY FROM THESE FORWARD-LOOKING STATEMENTS CAN BE FOUND IN OUR ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2006, AS WELL AS IN THE OTHER FILINGS WE MAKE WITH THE SECURITIES AND EXCHANGE COMMISSION. WE UNDERTAKE NO OBLIGATION TO PUBLICLY RELEASE REVISIONS TO THESE FORWARD-LOOKING STATEMENTS TO REFLECT FUTURE EVENTS OR CIRCUMSTANCES OR REFLECT THE OCCURRENCE OF UNANTICIPATED EVENTS.

GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(in thousands, except share data)
(unaudited)
	December 31,		December 31,
Assets:	2007		2006
Real Estate:
Land	$222,194		$180,409
Buildings and improvements	252,060		203,149
	474,254		383,558
Less – accumulated depreciation and amortization	(122,465	)	(116,089	)
Real estate, net	351,789		267,469
Deferred rent receivable	35,409		32,297
Cash and cash equivalents	2,071		1,195
Recoveries from state underground storage tank funds, net	4,652		3,845
Mortgages and accounts receivable, net	1,473		1,784
Prepaid expenses and other assets	12,011		4,332
Total assets	$407,405		$310,922
Liabilities and Shareholders' Equity:
Debt	$132,500		$45,194
Environmental remediation costs	18,523		17,201
Dividends payable	11,534		11,284
Accounts payable and accrued expenses	22,176		11,668
Total liabilities	184,733		85,347
Commitments and contingencies	--		--
Shareholders' equity:
Common stock, par value $.01 per share; authorized 50,000,000 shares; issued 24,765,065 at December 31, 2007 and 24,764,765 at December 31, 2006	248		248
Paid-in capital	258,734		258,647
Dividends paid in excess of earnings	(34,011	)	(32,499	)
Accumulated other comprehensive loss	(2,299	)	(821	)
Total shareholders' equity	222,672		225,575
Total liabilities and shareholders' equity	$407,405		$310,922

GETTY REALTY CORP. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
(unaudited)
	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
Revenues from rental properties	$	20,052		$	17,931		$	78,462		$	71,904
Expenses:
Rental property expenses		2,275			2,322			9,356			9,684
Environmental expenses, net		1,385			1,949			8,247			5,476
General and administrative expenses		1,911			1,484			6,669			5,607
Depreciation and amortization expense		2,602			2,071			9,756			7,849
Total expenses		8,173			7,826			34,028			28,616
Operating income		11,879			10,105			44,434			43,288
Other income, net		115			491			1,923			1,859
Interest expense		(2,258	)		(920	)		(7,760	)		(3,527	)
Earnings before income taxes and discontinued operations		9,736			9,676			38,597			41,620
Income tax benefit		-			-			-			700
Earnings before discontinued operations		9,736			9,676			38,597			42,320
Discontinued operations:
Earnings from operating activities		552			130			1,226			405
Gains on dispositions of real estate		793			-			4,565			-
Earnings from discontinued operations		1,345			130			5,791			405
Net earnings	$	11,081		$	9,806		$	44,388		$	42,725
Basic earnings per common share:
Earnings before discontinued operations	$	.39		$	.39		$	1.56		$	1.71
Earnings from discontinued operations	$	.05		$	.01		$	.23		$	.02
Net earnings	$	.45		$	.40		$	1.79		$	1.73
Diluted earnings per common share:
Earnings before discontinued operations	$	.39		$	.39		$	1.56		$	1.71
Earnings from discontinued operations	$	.05		$	.01		$	.23		$	.02
Net earnings	$	.45		$	.40		$	1.79		$	1.73
Weighted average shares outstanding:
Basic		24,765			24,757			24,765			24,735
Stock options and restricted stock units		19			24			22			24
Diluted		24,784			24,781			24,787			24,759
Dividends declared per share	$	.465		$	.455		$	1.850		$	1.820

GETTY REALTY CORP. AND SUBSIDIARIES
RECONCILIATION OF NET EARNINGS TO FUNDS FROM OPERATIONS AND ADJUSTED FUNDS FROM OPERATIONS
(in thousands, except per share amounts)
(unaudited)
	Three months ended December 31,						Year ended December 31,
	2007			2006			2007			2006
Net earnings	$	11,081		$	9,806		$	44,388		$	42,725
Depreciation and amortization of real estate assets		2,608			2,080			9,794			7,883
Gains on dispositions of real estate		(793	)		(429	)		(6,179	)		(1,581	)
Funds from operations		12,896			11,457			48,003			49,027
Deferred rental revenue (straight-line rent)		(1,190	)		(665	)		(3,112	)		(3,010	)
Net amortization of above-market and below-market leases		(105	)		-			(1,047	)		-
Income tax benefit		-			-			-			(700	)
Adjusted funds from operations	$	11,601		$	10,792		$	43,844		$	45,317
Diluted per share amounts:
Earnings per share	$	.45		$	.40		$	1.79		$	1.73
Funds from operations per share	$	.52		$	.46		$	1.94		$	1.98
Adjusted funds from operations per share	$	.47		$	.44		$	1.77		$	1.83
Diluted weighted average shares outstanding		24,784			24,781			24,787			24,759

In addition to measurements defined by generally accepted accounting principles (“GAAP”), Getty also focuses on funds from operations (“FFO”) and adjusted funds from operations (“AFFO”) to measure its performance. FFO is generally considered to be an appropriate supplemental non-GAAP measure of the performance of REITs. FFO is defined by the National Association of Real Estate Investment Trusts as net earnings before depreciation and amortization of real estate assets, gains or losses on dispositions of real estate, (including non-FFO items reported in discontinued operations) and extraordinary items. Other REITs may use definitions of FFO and/or AFFO that are different than Getty’s and, accordingly, may not be comparable.

Getty believes that FFO is helpful to investors in measuring its performance because FFO excludes various items included in GAAP net earnings that do not relate to, or are not indicative of, Getty’s fundamental operating performance such as gains or losses from property dispositions and depreciation and amortization of real estate assets. In Getty’s case, however, GAAP net earnings and FFO include the significant impact of deferred rental revenue (straight-line rental revenue) and net amortization of above-market and below-market leases on its recognition of revenues from rental properties. Deferred rental revenue primarily results from fixed rental increases scheduled under certain leases with its tenants. In accordance with GAAP, the aggregate minimum rent due over the initial term of these leases is recognized on a straight-line basis rather than when due. The present value of the difference between the fair market rent and the contractual rent for in-place leases at the time properties are acquired is amortized into revenue from rental properties over the remaining lives of the in-place leases. GAAP net earnings and FFO may also include an income tax provision or benefit recognized due to adjustments in amounts accrued for uncertain tax positions related to being taxed as a C-corp., rather than as a REIT, prior to 2001. As a result, Getty pays particular attention to AFFO, a supplemental non-GAAP performance measure that Getty defines as FFO less straight-line rental revenue, net amortization of above-market and below-market leases and income taxes. In Getty’s view, AFFO provides a more accurate depiction than FFO of the impact of scheduled rent increases under these leases, rental revenue from in-place leases and Getty’s election to be taxed as a REIT beginning in 2001. 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.

GETTY REALTY CORP. AND SUBSIDIARIES SUPPLEMENTAL TAX REPORTING INFORMATION FOR COMMON DIVIDENDS PAID YEAR ENDED DECEMBER 31, 2007
			Box 1a	Box 3
		Total	Total
Record	Payable	Dividends	Ordinary	Nondividend
Date	Date	Per Share	Dividends	Distributions
01/02/2007	01/11/2007	$0.455000	$0.410532	$0.044468
03/27/2007	04/12/2007	0.455000	0.410532	0.044468
06/28/2007	07/12/2007	0.465000	0.419555	0.045445
09/27/2007	10/11/2007	0.465000	0.419555	0.045445
Totals		$1.840000	$1.660174	$0.179826

CONTACT:
Getty Realty Corp.
Thomas J. Stirnweis, 516-478-5403