GETTY REALTY CORP /MD/ — Director's Dealing 2004

Jan 5, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: GETTY REALTY CORP /MD/ (GTY)
CIK: 0001052752
Period of Report: 2004-01-02

Reporting Person: SHEA KEVIN C (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-02	Common Stock	M	1000	$11.13	Acquired	8861	Direct
2004-01-02	Common Stock	M	2500	$14.50	Acquired	11361	Direct
2004-01-02	Common Stock	M	2500	$18.30	Acquired	13861	Direct
2004-01-02	Common Stock	F	4480	$26.15	Disposed	9381	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-02	Stock Option (right to buy)	$18.30	M	2500	Disposed	2012-11-12	Common Stock (2500)	Direct
2004-01-02	Stock Option (right to buy)	$14.50	M	2500	Disposed	2010-12-12	Common Stock (2500)	Direct
2004-01-02	Stock Option (right to buy)	$11.13	M	1000	Disposed	2009-12-17	Common Stock (1000)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock	140	Indirect

Footnotes

F1: Upon the date first exercisable, 25% of the grant is vested and an additional 25% of the grant vests each year thereafter.