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Gramercy Property Trust Inc. (1287701) SEC Filing 10-Q Quarterly report for the period ending Tuesday, June 30, 2015

Gramercy Property Trust Inc.

CIK: 1287701

Exhibit 99.1

 

Contact:

 

Jon W. Clark

Chief Financial Officer

(212) 297-1000

-Or-

Brittany A. Sanders

Investor Relations

(212) 297-1000

 

 

Gramercy Property Trust Inc. Reports Second Quarter 2015 Financial Results

 

Highlights

 

·Generated Core FFO of $25.9 million or $0.45 per diluted common share for the second quarter of 2015.

 

·Generated NAREIT defined funds from operations (“FFO”) of $22.4 million or $0.39 per diluted common share for the second quarter of 2015.

 

·Generated adjusted funds from operations (“AFFO”) of $23.0 million or $0.40 per diluted common share for the second quarter of 2015.

 

·Announced with Chambers Street Properties (NYSE:CSG) (“Chambers Street”) a definitive agreement to merge, with the combined company having an expected enterprise value of approximately $5.7 billion. The merger is expected to close in the fourth quarter of 2015.

 

·In April 2015, raised $259.3 million of net proceeds through a public offering of 9,775,000 shares of common stock.

 

·During the second quarter of 2015, acquired 16 properties in four separate transactions for a total purchase price of approximately $368.6 million (initial cap rate 6.6% and annualized straight-line cap rate 7.6%) with a weighted average lease term of 17.6 years. Includes the 10-asset Life Time Fitness Portfolio acquisition for approximately $300.5 million which closed on June 10, 2015.

 

·In April 2015, Gramercy’s European Property Fund closed its first acquisition, the purchase and leaseback of a 430,000 square foot warehouse located in Neuwied, Germany and 100% leased to a leading German wholesaler of tires, wheels and rims.  The property was acquired for approximately €21.0 million and partially funded with a new €12.0 million non-recourse first mortgage.

 

·In May 2015, bifurcated the revolving loan portion of the unsecured credit facility into a $350.0 million U.S. dollar-denominated tranche and a $50.0 million foreign currency-denominated tranche. Subsequent to quarter end, exercised the accordion feature to expand the term loan portion of the facility from $200.0 million to $300.0 million and increased the revolver from $400.0 million to $500.0 million.

 

·Subsequent to quarter end, acquired three additional properties for a total purchase price of approximately $100.4 million (7.1% initial cap rate; 7.9% annualized straight-line cap rate) with a weighted average lease term of 11.7 years.

 


The following information was filed by Gramercy Property Trust Inc. on Wednesday, August 5, 2015 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 Comprehensive Income
Condensed Consolidated Statements Of Operations
Business And Organization
Business And Organization (narrative) (details)
Business And Organization (schedule Of Portfolio Of Note Leased Properties) (details)
Business And Organization (tables)
Commitments And Contingencies
Commitments And Contingencies (narrative) (details)
Commitments And Contingencies (schedule Of Future Minimum Rental Payments) (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 (narrative) (details)
Dispositions And Assets Held-for-sale
Dispositions And Assets Held-for-sale (disclosure Of Long Lived Assets Held-for-sale) (detail)
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 And Equity Investments
Investments In Joint Ventures And Equity Investments (narrative) (details)
Investments In Joint Ventures And Equity Investments (schedule Of Combined Balance Sheet For The Company's Joint Venture2) (details)
Investments In Joint Ventures And Equity Investments (schedule Of Combined Income Statement For The Company's Joint Venture) (details)
Investments In Joint Ventures And Equity Investments (summary Of Activity In Joint Ventures And Equity Investments) (details)
Investments In Joint Ventures And Equity Investments (tables)
Leasing Agreements
Leasing Agreements (narrative) (details)
Leasing Agreements (schedule Of Future Minimum Rental Payments For Leasing Agreements) (details)
Leasing Agreements (tables)
Noncontrolling Interests
Noncontrolling Interests (narrative) (details)
Noncontrolling Interests (noncontrolling Interest In The Operating Partnership) (details)
Noncontrolling Interests (tables)
Real Estate Investments
Real Estate Investments (business Acquisition, Pro Forma Information) (details)
Real Estate Investments (narrative) (details)
Real Estate Investments (schedule Of Business Acquisitions, By Acquisition) (details)
Real Estate Investments (schedule Of Preliminary Purchase Price Allocations Acquired Assets And Liabilites) (details)
Real Estate Investments (tables)
Segment Reporting
Segment Reporting (schedule Of Segment Reporting Information, By Segment) (details)
Segment Reporting (tables)
Significant Accounting Policies
Significant Accounting Policies (narrative) (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 Variable Interest Entities) (details)
Significant Accounting Policies (tables)
Stockholders' Equity
Stockholders' Equity (at-the-market Equity Offering Program) (narrative) (details)
Stockholders' Equity (earnings Per Share) (narrative) (details)
Stockholders' Equity (equity Incentive Plans) (narrative) (details)
Stockholders' Equity (narrative) (details)
Stockholders' Equity (preferred Stock) (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)
Stockholders' Equity (tables)
Subsequent Events
Subsequent Events (narrative) (details)
Transactions With Director Related Entities And Related Parties
Transactions With Director Related Entities And Related Parties (narrative) (details)
CIK: 1287701
Form Type: 10-Q Quarterly Report
Accession Number: 0001287701-15-000023
Submitted to the SEC: Wed Aug 05 2015 2:11:03 PM EST
Accepted by the SEC: Wed Aug 05 2015
Period: Tuesday, June 30, 2015
Industry: Real Estate Investment Trusts

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