<PAGE>   1

===============================================================================



                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D. C.  20549

                                   FORM 10-Q

                 QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF
                    THE SECURITIES AND EXCHANGE ACT OF 1934



For quarter ended APRIL 30, 1997                  Commission file number 1-8059
                  --------------                                         ------


                               GETTY REALTY CORP.
                               ------------------
             (Exact name of registrant as specified in its charter)


           DELAWARE                                                  11-2232705
-------------------------------                                      ----------
(State or other jurisdiction of                                (I.R.S. Employer
 incorporation or organization)                             Identification No.)

125 JERICHO TURNPIKE, JERICHO, NEW YORK                                   11753
----------------------------------------                                  -----
(Address of principal executive offices)                             (Zip Code)


                                (516) 338 - 2600
                                ----------------
              (Registrant's telephone number, including area code)

Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.  Yes  X   No
                                               ---    ---

Registrant has 12,923,070 shares of Common Stock, par value $.10 per share,
outstanding as of April 30, 1997.


===============================================================================

<PAGE>   2


                               GETTY REALTY CORP.

                                     INDEX


Part I.  FINANCIAL INFORMATION                                      Page Number
------------------------------                                      -----------

Item 1.  Financial Statements

 Consolidated Balance Sheets as of April 30, 1997 and             
  January 31, 1997                                                       1
                                                                  
 Consolidated Statements of Operations for the three months ended 
  April 30, 1997 and 1996                                                2
                                                                  
 Consolidated Statements of Cash Flows for the three months ended 
  April 30, 1997 and 1996                                                3
                                                                  
 Notes to Consolidated Financial Statements                            4 - 7

Item 2.  Management's Discussion and Analysis of Financial Condition
          and Results of Operations                                    8 - 10

Part II. OTHER INFORMATION
---------------------------

Item 6.  Exhibits and Reports on Form 8-K                               11

Signatures                                                              11


<PAGE>   3


                     GETTY REALTY CORP. AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS
                                (in thousands)

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------
                                                                               April 30,         January 31,             
------------------------------------------------------------------------------------------------------------
Assets:                                                                          1997               1997                 
------------------------------------------------------------------------------------------------------------
                                                                              (unaudited)                                   
<S>                                                                           <C>                <C>
  Real Estate:                                                                                                                
   Land                                                                           $40,646            $40,647         
   Buildings                                                                       59,125             59,229         
   Equipment                                                                       17,933             16,180         
   Leasehold improvements                                                          31,674             31,703         
   Assets recorded under                                                                                             
    capital leases                                                                 51,233             51,233                    
                                                                                 --------           --------
                                                                                  200,611            198,992                
  Less, accumulated depreciation                                                                                              
   and amortization                                                               103,180            101,058                   
                                                                                 --------           --------

    Real estate, net                                                               97,431             97,934                    
  Cash and equivalents                                                              8,486             11,385         
  Accounts receivable, net                                                          2,645              2,731         
  Mortgages receivable                                                              6,562              6,602         
  Recoveries from state                                                                                              
   underground storage tank funds                                                  15,421             16,217         
  Deferred income taxes                                                            22,929             18,485         
  Prepaid expenses and other assets                                                 3,969              4,010         
  Assets of Getty Petroleum                                                                                          
   Marketing Inc.                                                                       -            135,500         
                                                                                 --------           --------

    Total assets                                                                 $157,443           $292,864         
                                                                                 ========           ========

------------------------------------------------------------------------------------------------------------
Liabilities and Stockholders' Equity:                                                                                       
------------------------------------------------------------------------------------------------------------

Mortgages payable                                                                 $17,928            $18,882                
Obligations under capital leases                                                   21,261             22,710                
Accounts payable and accrued expenses                                              24,306             22,281                
Environmental remediation costs                                                    43,265             46,134                
Income taxes payable                                                                    -              1,426                
Liabilities of Getty Petroleum Marketing Inc.                                           -             80,959                

Stockholders' equity:                                                                                                       
Preferred stock, par value $1.00 per share; authorized                                                                      
 10,000,000 shares for issuance in series (none of which is issued)                     -                  -                 
Common stock, par value $.10 per share; authorized                                                                          
 30,000,000 shares; issued 13,806,486 at April 30, 1997                                                                      
 and 13,582,394 at January 31, 1997                                                 1,381              1,358                 
Paid-in capital                                                                    67,615            120,293                
Retained deficit                                                                   (4,391)            (7,215)               
Treasury stock, at cost (883,416 shares at April 30, 1997                                                                   
 and 885,893 shares at January 31, 1997)                                          (13,922)           (13,964)                
                                                                                 --------           --------

    Total stockholders' equity                                                     50,683            100,472                    
                                                                                 --------           --------

    Total liabilities and stockholders' equity                                   $157,443           $292,864                    
                                                                                 ========           ========
</TABLE>


                            See accompanying notes.
                                            
                                      -1-

    
<PAGE>   4

                     GETTY REALTY CORP. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF OPERATIONS
                   (in thousands except per share amounts)
                                 (unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------
                                                                  Three months ended April 30,                                     
----------------------------------------------------------------------------------------------
                                                                    1997             1996                                          
----------------------------------------------------------------------------------------------
<S>                                                                <C>              <C>
Revenues:                                                                                        
 Revenues from rental property                                      $14,946             $8,981  
 Net sales of petroleum products                                      8,381            204,284  
 Other income                                                           454                703  
                                                                    --------------------------
                                                                     23,781            213,968  

Equity in earnings of Getty Petroleum Marketing Inc.                  2,931                  -  
                                                                    --------------------------
                                                                     26,712            213,968  
                                                                    --------------------------

Cost of sales (excluding depreciation and amortization)               7,399            191,171  
Rental property expenses                                              3,310              5,337  
Environmental and maintenance expenses                                1,240              4,453  
Selling, general and administrative expenses                          3,344              6,337  
Change of control charge                                              2,166                  -  
Litigation charge                                                         -              7,458  
Depreciation and amortization                                         2,387              5,669  
Interest expense                                                      1,380              1,855  
                                                                    --------------------------
                                                                     21,226            222,280  
                                                                    --------------------------
Earnings (loss) before provision (credit) for                                                   
 income taxes                                                         5,486             (8,312) 
Provision (credit) for income taxes                                   2,279             (3,147) 
                                                                    --------------------------

Net earnings (loss)                                                  $3,207            ($5,165) 
                                                                    ==========================

Per Share Data:                                                     

 Net earnings (loss) per share                                        $0.25             ($0.41) 
                                                                    ==========================

 Weighted average shares outstanding                                 12,765             12,668  
                                                                    ==========================
</TABLE>


                                       

                                        
                                        
                                        
                                        
                                       
                           See accompanying notes.                 
                                                                   
                                     -2-                           
                                                                   

<PAGE>   5

                     GETTY REALTY CORP. AND SUBSIDIARIES
                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                (in thousands)
                                 (unaudited)
<TABLE>
<CAPTION>
                                                                                          Three months ended  
                                                                                               April 30,      
                                                                                  ------------------------------------
                                                                                    1997                      1996               
                                                                                    ----                      ----
<S>                                                                               <C>                        <C>
Cash flows from operating activities:                                                                                     
Net earnings  (loss)                                                                $3,207                    ($5,165)    
Adjustments to reconcile net earnings (loss) to                                                                           
  net cash provided by (used in) operating activities:                                                                    
  Depreciation and amortization                                                      2,387                      5,669     
  Deferred income taxes                                                             (4,444)                      (635)     
  Gain on dispositions of real estate                                                   (1)                      (204)   
  Equity in net earnings of Getty Petroleum Marketing Inc.                          (1,731)                         -   
Changes in assets and liabilities:                                                                                        
  Accounts receivable                                                                   86                        372    
  Mortgages receivable                                                                  40                          -    
  Recoveries from state underground storage tank funds                                 796                          -    
  Prepaid expenses and other assets                                                     24                     (1,098)    
  Accounts payable and accrued expenses                                              2,025                     13,080    
  Environmental remediation costs                                                   (2,869)                         -   
  Income taxes payable                                                              (1,426)                      (175)   
                                                                                  ------------------------------------
     Net cash provided by (used in) operating activities                            (1,906)                    11,844   
                                                                                  ------------------------------------    
Cash flows from investing activities:                                                                                     
  Capital expenditures                                                              (2,138)                    (4,290)   
  Proceeds from dispositions of real estate                                            272                        522    
                                                                                  ------------------------------------    
     Net cash used in investing activities                                          (1,866)                    (3,768)   
                                                                                  ------------------------------------    
Cash flows from financing activities:                                                                                     
  Mortgage borrowings                                                                  165                          -    
  Repayment of mortgages payable                                                    (1,119)                    (1,121)   
  Payments under capital lease obligations                                          (1,449)                    (1,307)   
  Cash dividends                                                                      (383)                      (380)   
  Treasury stock and stock options, net                                              3,659                        210    
                                                                                  ------------------------------------    
     Net cash provided by (used in) financing activities                               873                     (2,598)    
                                                                                  ------------------------------------
    
Net increase (decrease) in cash and equivalents                                     (2,899)                     5,478   
Cash and equivalents at beginning of period                                         11,385                     19,808    
                                                                                  ------------------------------------    

Cash and equivalents at end of period                                               $8,486                    $25,286    
                                                                                  ====================================

Supplemental disclosures of cash flow information                                                                         
  Cash paid during the period for:                                                                                        
    Interest                                                                        $1,379                     $1,860    
    Income taxes, net                                                                2,425                      1,099    

</TABLE>


                           See accompanying notes.

                                     -3-

<PAGE>   6

                      GETTY REALTY CORP. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                  (Unaudited)
1.  General:

     The accompanying consolidated financial statements include the accounts of
Getty Realty Corp., known prior to March 31, 1997 as Getty Petroleum Corp., and
its wholly-owned subsidiaries (the "Company") (See Note 2).  The consolidated
financial statements have been prepared in conformity with generally accepted
accounting principles and include amounts that are based on management's best
estimates and judgments.  While all available information has been considered,
actual amounts could differ from those estimates.  The consolidated financial
statements are unaudited but, in the opinion of management, reflect all
adjustments (consisting of normal recurring accruals) necessary for a fair
presentation.  These statements should be read in conjunction with the
consolidated financial statements and related notes which appear in the
Company's Annual Report on Form 10-K for the fiscal year ended January 31,
1997.

     Certain reclassifications have been made in the financial statements as of
January 31, 1997 and for the quarter ended April 30, 1996, to conform to the
April 30, 1997 presentation.

2.  Spin-off:

     On March 21, 1997, the Company effected the spin-off of Getty Petroleum
Marketing Inc. ("Marketing") to its stockholders.  Stockholders of record of
the Company on March 21, 1997 received a tax-free dividend of one share of
Marketing common stock for each share of common stock of the Company.

     Prior to the spin-off, the Company transferred to Marketing the assets and
liabilities of the petroleum marketing business and the New York Mid-Hudson
Valley home heating oil business previously conducted by a subsidiary of the
Company.  The Company has retained its fee and leased properties, including
service stations and supply terminals, substantially all of which are leased or
subleased to Marketing on a long-term net basis.  The Company also has retained
the Pennsylvania and Maryland home heating oil business.

     The consolidated statement of operations of the Company for the three
months ended April 30, 1997 include the financial results of the Marketing
business for the period from February 1, 1997 to March 21, 1997.  The Marketing
business contributed $2.9 million of the Company's pre-tax income for the
quarter ended April 30, 1997 ($1.7 million after-tax) which amount is included
in the consolidated statement of operations under the caption "Equity in
earnings of Getty Petroleum Marketing Inc."  The financial results of the
Marketing business for the quarter ended April 30, 1996 amounted to a pre-tax
loss of $5.7 million ($3.3 million after-tax) and such results are included in
the consolidated statement of operations for that period.




                                      -4-

<PAGE>   7

     The financial results of the real estate and retained heating oil 
businesses for the quarters ended April 30, 1997 and 1996 are set forth below.
The following financial information does not include the financial results of 
Marketing and is presented for informational purposes only and is not 
necessarily indicative of the financial results that would have occurred had 
the real estate and heating oil businesses been operated as separate, 
stand-alone entities during such periods, nor are they necessarily indicative 
of future results.


<TABLE>
<CAPTION>
                                                Quarter ended April 30, 1997         Quarter ended April 30, 1996 
                                                ----------------------------         ---------------------------- 
                                                                                                                  
                                                    Real    Heating                      Real   Heating           
                                                   Estate     Oil      Total            Estate    Oil       Total  
                                                   ------   -------    -----            ------  -------     -----  
<S>                                               <C>       <C>      <C>               <C>      <C>      <C>      
Revenues from rental property                     $14,819      $127  $14,946           $14,538      $64   $14,602 
                                                                                                                  
Net sales of petroleum products                         -     8,381    8,381                 -    9,011     9,011 
                                                                                                                  
Other income                                          427        27      454               619       19       638 
                                                   --------------------------------------------------------------
                                                                                                                  
                                                   15,246     8,535   23,781            15,157    9,094    24,251 
                                                   -------------------------------------------------------------- 
                                                                                                                  
Cost of sales (excluding                                                                                          
 depreciation and amortization)                         -     7,399    7,399                 -    8,038     8,038 
                                                                                                                  
Rental property expenses                            3,263        47    3,310             3,174        9     3,183 
                                                                                                                  
Environmental and maintenance                                                                                     
 expenses                                           1,240         -    1,240             2,733        -     2,733 
                                                                                                                  
Selling, general and                                                                                              
 administrative expenses                            2,828       516    3,344               886      528     1,414 
                                                                                                                  
Change of control charge                            2,166         -    2,166                 -        -         - 
                                                                                                                  
Litigation charge                                       -         -        -             7,458        -     7,458 
                                                                                                                  
Depreciation and amortization                       2,260       127    2,387             2,220      118     2,338 
                                                                                                                  
Interest expense                                    1,380         -    1,380             1,721        -     1,721 
                                                   -------------------------------------------------------------- 
                                                                                                                  
                                                   13,137     8,089   21,266            18,192    8,693    26,885 
                                                   -------------------------------------------------------------- 
                                                                                                                  
Earnings (loss) before provision                                                                                  
 (credit) for income taxes                          2,109       446    2,555            (3,035)     401    (2,634)
                                                                                                                  
Provision (credit) for                                                                                            
 income taxes                                         891       188    1,079              (932)     174      (758)
                                                   -------------------------------------------------------------- 
                                                                                                                  
Net earnings (loss)                                $1,218      $258   $1,476           $(2,103)    $227   $(1,876)
                                                   ==============================================================
</TABLE>



3.  Earnings (loss) per share:

     Earnings (loss) per share is computed by dividing net earnings (loss) by
the weighted average number of shares of common stock outstanding during the
period.  Common stock equivalents are not included in earnings (loss) per share
computations since their effect is immaterial.





                                      -5-
<PAGE>   8

4.  Stockholders' equity:

     A summary of the changes in stockholders' equity for the three months
ended April 30, 1997 is as follows (in thousands):


<TABLE>
<CAPTION>
                                          Retained    Treasury 
                        Common   Paid-in  Earnings     Stock,
                         Stock   Capital  (Deficit)    at cost  Total
------------------------------------------------------------------------
<S>                     <C>     <C>        <C>       <C>        <C>
Balance,
 January 31, 1997       $1,358  $120,293   ($7,215)  ($13,964)  $100,472   
                                                                           
Distribution to                                                            
 Marketing                       (56,272)                        (56,272)   
                                                                           
Net earnings                                 3,207                 3,207   
                                                                           
Cash dividends                                (383)                 (383)   
                                                                           
Purchase of                                                                
 treasury stock                                            (3)        (3)   
                                                                           
Issuance of                                                                
 treasury stock                       (1)                  45         44   
                                                                           
Stock options               23     3,595                           3,618   
                        ------------------------------------------------
                                                                           
Balance,                                                                   
 April 30, 1997         $1,381   $67,615   ($4,391)  ($13,922)   $50,683   
                        ================================================
</TABLE>



5.  Litigation charge:

     In May 1996, a federal judge in the U.S. District Court for the Eastern
District of New York entered a judgment in the amount of $8.4 million, plus
interest, in favor of Morrison-Knudsen Company, Inc. against the Company's
former construction company subsidiary, Slattery Associates, Inc., which was
sold in 1989.

     The case arose out of a joint venture between Slattery Associates and
Morrison-Knudsen which was established to reconstruct a portion of an
expressway in Philadelphia in 1986.  The judgment represents Slattery's share
of joint venture construction costs which the Court held Slattery owed. 
Slattery had contended that Morrison-Knudsen had mismanaged the project and had
failed to disclose material facts.  Slattery also had contended that certain
costs were improperly charged to the joint venture.





                                      -6-

<PAGE>   9

     During the quarter ended April 30, 1996, the Company recorded a pre-tax
charge of $7.5 million ($4.7 million after-tax or $.37 per share) in addition
to a previously established reserve of $3.6 million for this matter.  The
pre-tax charge is included under the caption "Litigation charge" in the April
30, 1996 consolidated statement of operations.  During the quarter ended
October 31, 1996, the Company reversed into income $1.8 million of this charge
as a result of the settlement of this matter.














                                      -7-

<PAGE>   10

                    MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                 FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Results of Operations

General

     The accompanying consolidated financial statements include the accounts of
Getty Realty Corp., known prior to March 31, 1997 as Getty Petroleum Corp., and
its wholly-owned subsidiaries (the "Company").

Spin-off

     On March 21, 1997, the Company effected the spin-off of its petroleum
marketing business to its stockholders.  The Company retained its real estate
business and leases most of its properties on a long-term net basis to the
distributed company, which is named Getty Petroleum Marketing Inc.
("Marketing").  The Company also retained the Pennsylvania and Maryland home
heating oil business.  Stockholders of record of the Company on March 21, 1997
received a tax-free dividend of one share of Marketing common stock for each
share of common stock of the Company.

     The consolidated statement of operations of the Company for the three
months ended April 30, 1997 include the financial results of the Marketing
business for the period from February 1, 1997 to March 21, 1997.  The Marketing
business contributed $2.9 million of the Company's pre-tax income for the
quarter ended April 30, 1997 ($1.7 million after-tax) which is included in the
consolidated statement of operations under the caption "Equity in earnings of
Getty Petroleum Marketing Inc."  The financial results of the Marketing
business for the quarter ended April 30, 1996 amounted to a pre-tax loss of
$5.7 million ($3.3 million after-tax).  For additional information regarding
the spin-off, see Note 2 to the consolidated financial statements.

Results of Operations

     Revenues from rental property for the quarter ended April 30, 1997
principally represent rental income from Marketing ($14.3 million) with the
remainder from other lessees and sublessees.  Revenues from rental property for
the quarter ended April 30, 1996 principally represented rental income from
Marketing's dealers prior to the spin-off.

     Net sales for the first fiscal quarter ended April 30, 1997 were $8.4
million, all of which were attributable to the Company's retained heating oil
business (most of which revenues occur in the first and fourth fiscal 
quarters), as compared with $204.3 million during the same quarter last year, 
which were attributable to the heating oil business and Marketing's business.
After excluding $195.3 million of net sales of the Marketing business for the
quarter ended April 30, 1996, the prior year's quarterly net sales for the
retained heating oil business amounted to $9.0 million.  The decrease in net
sales of $.6 million was principally due to a decrease in heating oil gallonage
sold during the quarter ended April 30, 1997, due to warmer weather, in
comparison to the quarter ended April 30, 1996.  Gross profit for the retained
heating oil business was $1.0 million for each of the quarters ended April 30,
1997 and 1996.  Lower gallonage sales were offset by higher margins during the
current period.

                                      -8-

<PAGE>   11

     Other income was $.5 million for the three months ended April 30, 1997 as
compared with $.7 million for the quarter ended April 30, 1996.  After
excluding $.1 million of other income of Marketing for the quarter ended April
30, 1996, other income amounted to $.6 million.  The decrease in other income
of $.1 million was principally due to $.2 million of lower investment income
and $.1 million of lower gains on dispositions of assets offset by $.2 million
of expenses incurred in the quarter ended April 30, 1996 related to the
spin-off.

     Rental property expenses, which are comprised of rent expense and real
estate taxes, were $3.3 millon for the quarter ended April 30, 1997 as compared
with $5.3 million for the quarter ended April 30, 1996.  After excluding $2.1
million of real estate taxes payable by Marketing during the quarter ended
April 30, 1996, rental property expenses increased $.1 million or approximately
4.0% over the prior year's comparable quarter.

     Environmental and maintenance expenses for the quarter ended April 30,
1997 were $1.2 million as compared with $4.5 million for the quarter ended
April 30, 1996.  After excluding $1.8 million of Marketing expenses for the
quarter ended April 30, 1996 (principally maintenance), the decrease in
environmental and maintenance expense during the current quarterly period
amounted to $1.5 million, which is principally due to a revision to the
Company's estimate of future remediation costs.  As of April 30, 1997, the
Company had an accrual of $43.3 million representing management's best estimate
for future environmental remediation costs and had recorded $15.4 million as
management's best estimate for recoveries from state underground storage tank
remediation funds.  Such accruals are reviewed on a regular basis and any
revisions thereto will be reflected in the Company's financial statements as
they become known.

     Selling, general and administrative expenses for the quarter ended April
30, 1997 amounted to $3.3 million as compared with $6.3 million for the quarter
ended April 30, 1996.  After excluding $4.9 million of selling, general and
administrative expenses of Marketing for the quarter ended April 30, 1996,
selling, general and administrative expenses increased by $1.9 million
primarily due to $1.8 million of expense relating to stock options resulting
from appreciation of the Company's stock price.

     The Company recorded a change of control charge for the quarter ended
April 30, 1997 of $2.2 million relating to certain "change of control"
agreements.

     The Company recorded a litigation charge of $7.5 million during the
quarter ended April 30, 1996 related to a judgment against Slattery Associates,
Inc., a former construction company subsidiary, which the Company sold in 1989.
During the quarter ended October 31, 1996, the Company reversed into income
$1.8 million of this charge as a result of the settlement of this matter.

     Depreciation and amortization was $2.4 million for the quarter ended April
30, 1997 as compared with $5.7 million for the quarter ended April 30, 1996.
After excluding $3.4 million of depreciation and amortization of Marketing for
the quarter ended April 30, 1996, depreciation and amortization increased by
$.1 million over the prior quarterly period as a result of additions to
property and equipment.


                                      -9-

<PAGE>   12

     Interest expense for the three months ended April 30, 1997 amounted to
$1.4 million as compared with $1.9 million for the quarter ended April 30,
1996.  After excluding $.2 million of interest expense of Marketing for the
quarter ended April 30, 1996, the decrease in interest expense of $.3 million
was principally due to reduced capitalized lease obligations and debt
outstanding during the quarter ended April 30, 1997.


Liquidity and Capital Resources

     The Company's principal sources of liquidity are cash flows from
operations and its short-term unsecured lines of credit.  Management believes
that cash requirements for operations, capital expenditures and debt service
can be met by cash flows from operations, available cash and equivalents and
its credit lines.  As of April 30, 1997, such lines of credit amounted to $15
million, of which $7.6 million was utilized in connection with outstanding
letters of credit.  Borrowings under such lines of credit are unsecured and
bear interest at the prime rate or, at the Company's option, 1.1% above LIBOR.
Such uncommitted lines of credit are subject to renewal at the discretion of 
the banks.  Although it is expected that the existing sources of liquidity 
will be sufficient to meet its expected operating and debt service 
requirements, the Company may be required to obtain additional sources of 
capital in the future to fund certain of its capital expenditures and property
acquisitions, which capital sources it believes are available.

     During the quarters ended April 30, 1997 and 1996, respectively, the
Company paid a quarterly cash dividend in the amount of $.03 per share.

     The Company's capital expenditures for the quarter ended April 30, 1997
amounted to $2.1 million, which included $1.6 million for the replacement of
underground storage tanks and vapor recovery facilities at gasoline stations
and terminals.  Expenditures with respect to tank replacements required to meet
1998 federal environmental standards and certain environmental liabilities and
obligations continue to be the responsibility of the Company after the
spin-off.









                                      -10-

<PAGE>   13

                          PART II.  OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K                        
                                                                   
            (a)  Exhibits:                                          
                                                                   
            Designation of Exhibit                                  
            in this Quarterly Report                                
                 on Form 10-Q                Description of Exhibit 
                 ------------                ---------------------- 
                                                                   
                     27                      Financial Data Schedule

            (b)  Reports filed on Form 8-K:

            Registrant filed a Current Report on Form 8-K dated March 13, 1997
            reporting under Item 5, Other Events, that the Company had set a
            record date of March 21, 1997 for the spin-off of its petroleum
            marketing assets and business to its stockholders.  The Company also
            announced in the Form 8-K filing that it had revised its estimate
            of future environmental remediation costs and that in connection
            therewith it had recorded a $21.2 million pre-tax charge in the
            fiscal fourth quarter ended January 31, 1997.


                                  SIGNATURES
                                  ----------

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                              GETTY REALTY CORP.
                              ------------------
                                 (Registrant)



Dated: June 12, 1997                      BY: /s/ John J. Fitteron 
                                              -----------------------         
                                                    (Signature)               
                                             JOHN J. FITTERON                 
                                              Senior Vice President, Treasurer
                                              and Chief Financial Officer     
                                              (Principal Financial and        
                                              Accounting Officer)             
                                                                              
                                                                              
Dated: June 12, 1997                      BY: /s/ Leo Liebowitz    
                                              -----------------------         
                                                     (Signature)              
                                             LEO LIEBOWITZ                    
                                              President (Chief Executive      
                                              Officer)                        




                                      -11-