RELEASE:  IMMEDIATE

                   GETTY REALTY CORP. ANNOUNCES THE RESULTS OF
                   REDEMPTION OF ITS SERIES A PREFERRED SHARES

         JERICHO, N.Y., September 26, 2003 - Leo Liebowitz, President and Chief
Executive Officer of Getty Realty Corp. (NYSE - GTY), reported today that
shareholders of 98% of the Series A Participating Convertible Redeemable
Preferred Stock (NYSE - GTY PrA) exercised their right to convert their shares
into shares of the Company's Common Stock (NYSE - GTY) prior to redemption.
These shareholders converted 2,816,919 shares of Preferred Stock into 3,186,355
shares of Common Stock at the conversion rate of 1.1312 shares of Common Stock
for each share of Preferred Stock so converted, and received cash in lieu of
fractional shares of Common Stock.

         The remaining 48,849 shares of the issued and outstanding Preferred
Stock were redeemed as of September 24, 2003 for an aggregate amount, including
accrued dividends through the call date, of approximately $1,234,000. Holders of
redeemed Preferred Stock will receive $25.00 for each share plus a mandatory
redemption dividend of $.27118 per share. The Preferred Stock has ceased
accruing dividends and trading on the NYSE.

         Mr. Liebowitz stated, "I am pleased that, as we anticipated, almost all
of the preferred shareholders have elected to convert their preferred shares
into common shares, continuing their investment in the Company."

         Getty Realty Corp. is a real estate investment trust specializing in
the ownership and leasing of retail motor fuel and convenience store properties
as well as petroleum distribution terminals. The Company owns and leases
approximately 1,100 properties in the Eastern United States.

         CERTAIN STATEMENTS IN THIS NEWS RELEASE MAY CONSTITUTE "FORWARD LOOKING
STATEMENTS" WITHIN THE MEANING OF PRIVATE SECURITIES LITIGATION REFORM ACT OF
1995. WHEN USED HEREIN, THE WORDS "BELIEVES", "EXPECTS", "PLANS", "ESTIMATES"
AND SIMILAR EXPRESSIONS ARE INTENDED TO IDENTIFY FORWARD-LOOKING STATEMENTS.
SUCH FORWARD-LOOKING STATEMENTS 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 SUCH FORWARD-LOOKING
STATEMENTS.

Contact:   Thomas J. Stirnweis
           (516) 478-5403