Getty Realty Corp. Announces Declaration of Quarterly Common Stock Dividend, Results of Stockholders Meeting and Election of Directors and Officers

JERICHO, N.Y.--May 17, 2006--Leo Liebowitz, Chairman and Chief Executive Officer of Getty Realty Corp. , reported that, at the Board of Directors meeting held yesterday, the Directors declared a quarterly Common Stock dividend in the amount of $0.455 per share payable on July 13, 2006 to holders of record on June 29, 2006.

Mr. Liebowitz also reported that, at the Annual Stockholders Meeting held yesterday there were represented in person or by proxy more than 23,275,000 shares or 94% of the issued and outstanding Common Stock of the Company, and the Company's stockholders re-elected Messrs. Milton Cooper, Philip E. Coviello, Leo Liebowitz, Howard Safenowitz and Warren G. Wintrub as Directors. The stockholders also approved the appointment of PricewaterhouseCoopers, LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2006.

Immediately following the Stockholders Meeting, the Board of Directors reconvened and elected Mr. Liebowitz as Chairman and Chief Executive Officer, Andrew M. Smith as President and Secretary, Kevin C. Shea as Executive Vice President and Thomas J. Stirnweis as Vice President, Treasurer and Chief Financial Officer.

Getty Realty Corp. is the largest publicly-traded real estate investment trust in the United States specializing in the ownership and leasing of retail motor fuel and convenience store properties and petroleum distribution terminals. The Company owns and leases over 1,060 properties in the Eastern United States.

CERTAIN STATEMENTS IN THIS NEWS RELEASE 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 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, 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. INFORMATION CONCERNING FACTORS THAT COULD CAUSE GETTY'S ACTUAL RESULTS TO DIFFER MATERIALLY FROM THOSE FORWARD LOOKING RESULTS CAN BE FOUND IN ITS ANNUAL REPORT ON FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2005, AS WELL AS IN THE OTHER FILINGS IT MAKES WITH THE SECURITIES AND EXCHANGE COMMISSION. GETTY 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.