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Gramercy Property Trust Inc. (1287701) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

Gramercy Property Trust Inc.

CIK: 1287701

Exhibit 99.1

 

Contact:

 

Jon W. Clark

Chief Financial Officer

(212) 297-1000

-Or-

Emily Pai

Investor Relations

(212) 297-1000

 

 

Gramercy Property Trust Inc. Reports Third Quarter 2014 Financial Results

 

Highlights

 

·Generated NAREIT defined funds from operations (“FFO”) of $4.6 million or $0.04 per diluted common share. FFO includes acquisition costs of $1.3 million or $0.01 per diluted common share, one-time charges related to the redemption of the Series A Preferred Stock of $3.5 million or $0.03 per diluted common share and other-than-temporary impairments on retained bonds of $0.7 million or $0.01 per diluted common share.

 

·Generated Core FFO of $10.2 million or $0.08 per diluted common share. Core FFO excludes property acquisition costs, other-than-temporary impairments on retained bonds and other one-time charges (as defined on page 10).

 

·Generated adjusted funds from operations (“AFFO”) of $9.2 million or $0.08 per diluted common share.

 

·Affirmed previous guidance of estimated Q4 2014 run-rate FFO of $0.09-$0.11 per diluted common share.

 

·Raised $87.5 million of gross proceeds through a public offering of 3,500,000 shares of 7.125% Series B Cumulative Redeemable Preferred Stock, and redeemed all of the outstanding 8.125% Series A Cumulative Redeemable Preferred Stock.

 

·Established an at-the-market (“ATM”) equity sales program under which the Company may from time to time issue up to $100.0 million of its common stock. The Company issued 539,139 shares at an average price of $5.90 per share during the quarter.

 

·Acquired 12 properties in 10 separate transactions for a total purchase price of approximately $174.0 million (initial cap rate 8.0% and annualized straight-line cap rate 8.1%) with an average weighted lease term of 7.3 years.

 

·In July, the Company closed the acquisition of an approximately $69.0 million portfolio of three industrial properties, by issuing 3.8 million limited partnership units (“OP Units”) of GPT Property Trust LP, the Company’s operating partnership, based on the closing price of $6.19 per share of Company common stock on July 9, 2014.

 

·Subsequent to quarter end, the Company acquired one additional property for a total purchase price of approximately $10.1 million (7.7% initial cap rate; 8.4% annualized straight-line cap rate) with a lease term of approximately 7.0 years.

 


The following information was filed by Gramercy Property Trust Inc. on Tuesday, November 4, 2014 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (parenthetical)
Condensed Consolidated Statement Of Stockholders' Equity
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Cash Flows (parenthetical)
Condensed Consolidated Statements Of Comprehensive Income
Condensed Consolidated Statements Of Operations
Acquisitions
Acquisitions (business Acquisition, Pro Forma Information) (details)
Acquisitions (narrative) (details)
Acquisitions (schedule Of Business Acquisitions, By Acquisition) (details)
Acquisitions (schedule Of Preliminary Purchase Price Allocations Acquired Assets And Liabilites) (details)
Acquisitions (tables)
Business And Organization
Business And Organization (narrative) (details)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Future Minimum Rental Payments For Leasing Agreements) (details)
Commitments And Contingencies (tables)
Debt Obligations
Debt Obligations (exchangeable Senior Notes) (narrative) (details)
Debt Obligations (schedule Of Maturities Of Long-term Debt) (details)
Debt Obligations (schedule Of Mortgage Notes Payable) (details)
Debt Obligations (secured Debt) (narrative) (details)
Debt Obligations (tables)
Debt Obligations (unsecured Debt) (narrative) (details)
Derivative Instruments
Derivative Instruments (narrative) (details)
Derivative Instruments (schedule Of Derivative Instruments) (details)
Derivative Instruments (tables)
Dispositions And Assets Held-for-sale
Dispositions And Assets Held-for-sale (schedule Of Operating Results Of Assets Held-for-sale Included In Discontinued Operations) (details)
Dispositions And Assets Held-for-sale (tables)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (fair Value, Assets And Liabilities Measured On Nonrecurring Basis, Valuation Techniques) (details)
Fair Value Of Financial Instruments (fair Value, Assets Measured On Recurring Basis, Unobservable Input Reconciliation) (details)
Fair Value Of Financial Instruments (fair Value, Liabilities Measured On Recurring Basis, Unobservable Input Reconciliation) (details)
Fair Value Of Financial Instruments (narrative) (details)
Fair Value Of Financial Instruments (schedule Of Carrying Value And Fair Value Disclosure) (details)
Fair Value Of Financial Instruments (schedule Of Fair Value, Assets And Liabilities Measured On Recurring Basis) (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (narrative) (details)
Investments In Joint Ventures
Investments In Joint Ventures (narrative) (details)
Investments In Joint Ventures (schedule Of Combined Balance Sheet For The Company's Joint Venture) (details)
Investments In Joint Ventures (schedule Of Combined Income Statement For The Company's Joint Venture) (details)
Investments In Joint Ventures (tables)
Leasing Agreements
Leasing Agreements (narrative) (details)
Leasing Agreements (schedule Of Future Minimum Rental Payments For Leasing Agreements) (details)
Leasing Agreements (tables)
Noncontrolling Interest
Noncontrolling Interest (narrative) (details)
Noncontrolling Interest (noncontrolling Interest In The Operating Partnership) (details)
Noncontrolling Interest (tables)
Segment Reporting
Segment Reporting (schedule Of Segment Reporting Information, By Segment) (details)
Significant Accounting Policies
Significant Accounting Policies (narrative) (details)
Significant Accounting Policies (other Than Temporary Impairment, Credit Losses Recognized In Earnings) (details)
Significant Accounting Policies (policies)
Significant Accounting Policies (schedule Of Finite-lived Intangible Assets, Future Amortization Expense) (details)
Significant Accounting Policies (schedule Of Intangible Assets And Acquired Lease Obligations) (details)
Significant Accounting Policies (schedule Of Retained Collateralized Debt Obligation Bonds) (details)
Significant Accounting Policies (schedule Of Share-based Payment Award, Stock Options, Valuation Assumptions) (details)
Significant Accounting Policies (schedule Of Variable Interest Entities) (details)
Significant Accounting Policies (tables)
Stockholders' Equity (deficit)
Stockholders' Equity (deficit) (tables)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (schedule Of Accumulated Other Comprehensive Income (loss)) (details)
Stockholders' Equity (schedule Of Calculation Of Numerator And Denominator In Earnings Per Share) (details)
Subsequent Events
Subsequent Events (narrative) (details)
Transactions With Director Related Entities
Transactions With Director Related Entities (narrative) (details)
CIK: 1287701
Form Type: 10-Q Quarterly Report
Accession Number: 0001144204-14-065757
Submitted to the SEC: Thu Nov 06 2014 5:16:05 PM EST
Accepted by the SEC: Thu Nov 06 2014
Period: Tuesday, September 30, 2014
Industry: Real Estate Investment Trusts

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