TanMan7272
9 years ago
EI what do you think about apartments versus commercial property? It would seem like more people are needing apartments and due to the economy wouldn't they be steering away from commercial buildings?
Preferred Apartment Communities, Inc. Announces Date of Second Quarter 2015 Earnings Release and Conference CallTuesday 07/07/2015 04:15 PM ET - PR Newswire via Dow Jones News
ATLANTA, July 7, 2015 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) today announced plans to release its second quarter 2015 earnings after the market closes on Monday, August 3, 2015.
Preferred Apartment Communities, Inc. Announces Investment In Irvine, California Development *Wednesday 07/01/2015 04:30 PM ET - Dow Jones News
Preferred Apartment Communities, Inc. Announces Investment in Irvine, California DevelopmentWednesday 07/01/2015 04:30 PM ET - PR Newswire via Dow Jones News
ATLANTA, July 1, 2015 /PRNewswire/ -- Preferred Apartment Communities, Inc. (NYSE MKT: APTS) ("PAC" or the "Company") today announced that it closed on an investment of up to approximately $56 million in 360 Irvine Lending, LLC, a Delaware limited liability company, in connection with its plans to develop an approximately 280-unit multifamily community in Irvine, California. Additionally, with this investment, PAC received an option to purchase the multifamily community following stabilization at a discounted price to market. "We are delighted to be a part of the development of this outstanding site located in the heart of one of the strongest apartment markets in the country. This will be a phenomenal asset when completed," said John A. Williams, the Company's Chief Executive Officer.
Enterprising Investor
9 years ago
Chambers Street Properties and Gramercy Property Trust to Merge, Creating a Premier Net Lease REIT (7/01/15)
Gordon DuGan to be CEO; Charles Black to be Non-Executive Chairman
Combined Company Will Have Enterprise Value of $5.7 Billion, Creating Larger, More Diversified Portfolio with Increased Financial Strength
Well Positioned for Value Creation through Continued Growth in Earnings
Transaction Expected to Generate $15 Million of Estimated Annual Gross G&A Savings
PRINCETON, NJ. & NEW YORK--(BUSINESS WIRE)--Chambers Street Properties (NYSE:CSG) (“Chambers Street”) and Gramercy Property Trust Inc. (NYSE:GPT) (“Gramercy”) today announced that they have entered into a definitive agreement to merge, creating the largest industrial and office net lease real estate investment trust, with an expected enterprise value of approximately $5.7 billion. The Board of Trustees of Chambers Street and the Board of Directors of Gramercy have unanimously approved the merger agreement and the transaction.
Under the terms of the agreement, Gramercy shareholders will receive 3.1898 shares of Chambers Street for each share of Gramercy common stock they own. Upon closing, Chambers Street shareholders will own approximately 56% and Gramercy shareholders will own approximately 44% of the combined company. The stock-for-stock transaction is expected to be tax-free to shareholders.
The combination brings together two complementary portfolios focused on industrial and office real estate, comprising 288 properties and 52 million square feet in major markets throughout the U.S. and Europe. The combined company is expected to have larger size and scale, broader tenant diversification, increased financial flexibility, and a more efficient operating platform to drive growth. The Gramercy management team will lead the combined company, with Gordon F. DuGan as Chief Executive Officer, Benjamin P. Harris as President and Jon W. Clark as Chief Financial Officer. Martin A. Reid, Chambers Street’s Interim President and Interim Chief Executive Officer, and Chief Financial Officer, will be Head of Transition of the combined company.
The combined company will have a ten-person board consisting of five trustees designated by Chambers Street and five trustees designated by Gramercy. Charles E. Black, currently chairman of the Chambers Street Board, will be the non-executive board chairman and Mr. DuGan will also serve as a director of the combined company. The combined company will retain the Gramercy name and is expected to continue to trade on the New York Stock Exchange under Gramercy’s current ticker symbol. The merger is expected to close in the fourth quarter of 2015, and is subject to customary closing conditions, including approval of the transaction by shareholders of both companies.
Mr. Black stated, “We’re thrilled to combine with Gramercy to create an industry leader well positioned for long-term growth. We believe the Gramercy management team has an unparalleled track record of value creation, exceptional operating expertise and deep experience repositioning, releasing and optimizing asset portfolios. Since Gordon became CEO of Gramercy, he and his team have delivered total shareholder return of more than 140%, making Gramercy the top-performing U.S. REIT over that time period. We are pleased to have the opportunity to combine two complementary portfolios and join with the Gramercy management team whom we are confident will continue to drive market-leading returns for shareholders.”
Mr. DuGan, CEO of Gramercy stated, “This strategic combination is the next logical step for Gramercy in creating a best-in-class net lease REIT. We expect that combining with Chambers Street will create a market leader with greater scale, broader tenant and geographic diversification across the United States and Europe, and additional financial flexibility. With a larger and more diverse platform, we believe the new Gramercy will be better positioned to pursue larger acquisition opportunities, which we anticipate going forward.”
The merger of Chambers Street and Gramercy is expected to create a number of significant operational and financial benefits, including:
• GREATER SIZE AND SCALE. The combined company will create a leading industrial and office net lease REIT with 288 properties and 52 million of square feet focused in major markets throughout the U.S. and Europe. The combined company’s greater scale, financial flexibility and portfolio diversification are expected to enhance its ability to pursue larger opportunities, improve future earnings predictability and increase its flexibility to recycle capital over time.
• INCREASED PORTFOLIO DIVERSIFICATION; HIGH-QUALITY TENANT BASE. The top ten tenants of the combined company will represent less than 30% of total annualized base rent with no one tenant representing more than 7.5%. Eighty-five percent of the combined company’s real estate assets will be in target markets, such as New York/New Jersey, Dallas, Baltimore/Washington, D.C., Los Angeles and South Florida. The combined portfolio will have an average lease term of more than seven years and 43% of its tenants will be investment grade.
• INCREASED FINANCIAL STRENGTH AND FLEXIBILITY. As a larger entity, the combined company is expected to have greater and more cost-effective access to capital, a stronger balance sheet, a better ability to absorb market cycles and a stronger and more predictable earnings and dividend growth trajectory. Additionally, the combined company will have a higher unencumbered asset base, giving it enhanced flexibility to sell assets and reposition portions of the portfolio with minimal prepayment expense.
• MORE EFFICIENT OPERATING PLATFORM AND COST SAVINGS. With a greatly expanded asset base and operating platform and minimal additional administrative expenses, the combined company will be significantly more efficient compared to its asset base. The combination is expected to realize approximately $15 million in run-rate annual cost synergies by the end of 2016.
• SEASONED AND PROVEN LEADERSHIP TEAM WITH STRONG TRACK RECORD OF GROWTH AND COMMITMENT TO CORPORATE GOVERNANCE. Gramercy’s industry-leading total shareholder returns include a dividend that has grown approximately 43% since it was reinstated in the second quarter of 2014. In addition, Gramercy’s Core FFO per share grew 126% year-over-year from the first quarter of 2014 through the first quarter of 2015. Gramercy’s management team is also committed to high corporate governance standards and has waived their change of control provisions in order to maintain their long term incentive plans, which align their interests with shareholders.
Each company intends to continue its current dividend policy until the close of the transaction. Following the close of the transaction, the new company expects its dividend payout ratio to be lower than the current Chambers Street payout ratio and higher than the current Gramercy payout ratio.
Following the close of the transaction, the combined company also intends to pursue the disposition of certain suburban office properties in order to reduce the level of these holdings to approximately 25% of its total portfolio over the long term, in line with Gramercy’s stated targets. In addition, the combined company expects to continue to be an active acquirer of single-tenant net leases and properties. It also intends to accelerate the growth of its European operations.
Advisors
J.P. Morgan Securities LLC served as financial advisor to Chambers Street and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Clifford Chance US LLP served as legal advisors to Chambers Street. Morgan Stanley served as financial advisor to Gramercy and Wachtell, Lipton, Rosen & Katz and Morgan, Lewis & Bockius served as legal advisors to Gramercy.
Conference Call
A conference call to discuss this announcement will be held at 8:30 a.m. EDT July 1, 2015. The call will be broadcast live over the Internet and can be accessed through the Gramercy and Chambers Street websites at www.gptreit.com and www.chambersstreet.com. The call will also be accessible via telephone by dialing (866) 547-1509 (domestic) or (920) 663-6208 (international); Passcode: 76137174. The audio transmission with the slide presentation will be available on both websites for replay within two to three hours following the live broadcast, and can be accessed by dialing (800) 585-8367 (domestic) or (404) 537-3406 (international); Passcode: 76137174.
About Chambers Street Properties
Chambers Street is a real estate investment trust focused on acquiring, owning and operating net leased industrial and office properties, leased to creditworthy tenants. As of March 31, 2015, Chambers Street owned or had a majority interest in 127 properties located across 19 U.S. states, France, Germany, and the United Kingdom encompassing approximately 37.6 million rentable square feet.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. Gramercy focuses on income-producing properties leased to high-quality tenants in major markets in the United States and Europe.
http://www.businesswire.com/news/home/20150701005696/en/Chambers-Street-Properties-Gramercy-Property-Trust-Merge#.VZPRF4nbKUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces $300.5 Million Portfolio Acquisition, Updates 2015 Outlook and Increases Quarterly Common Stock Dividend (6/11/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that it closed on a 20-year sale leaseback transaction with Life Time Fitness Inc. to acquire a portfolio of ten, large-format, high-end fitness centers for an aggregate purchase price of approximately $300.5 million. The portfolio totals approximately 1.3 million square feet located in major markets across the United States. For the combined portfolio, Year 1 net operating income is anticipated to be approximately $19.5 million (6.5% initial cash cap rate; 7.5% annualized straight-line cap rate).
The Company also announced that it is updating its previously announced outlook for 2015 to take into account stronger than expected acquisition volume to date and the $271.3 million equity offering completed on April 14, 2015. No additional follow-on equity offerings during 2015 are assumed or required in connection with the updated outlook.
• Core FFO of more than $1.00/share for the second half of 2015 (Q3 and Q4 combined)
• Acquisitions of approximately $250 million for the remainder of the year and full year acquisitions of approximately $1.2 billion
• Asset dispositions of approximately $150 million through the balance of 2015
• Q2 Core FFO of $0.43/share - $0.45/share
The Company also announced that its Board of Directors declared a second quarter 2015 dividend of $0.22 per common share, an increase of 10% over the previous quarterly dividend. The dividend is payable on July 15, 2015 to holders of the Company’s common stock and to unitholders of GPT Property Trust LP of record as of the close of business on June 30, 2015.
The Board of Directors also declared a dividend on the 7.125% Series B Cumulative Redeemable Preferred Stock for the quarter ending June 30, 2015 in the amount of $0.44531 per share, payable on June 30, 2015 to preferred stockholders of record as of the close of business on June 19, 2015.
The Company's executive management team will host an investor call and audio webcast today, Thursday, June 11, 2015, at 11:00 AM EDT. The live call will be webcast in listen-only mode on the Company’s website at www.gptreit.com. The presentation may also be accessed by dialing (877) 264-6786 or for international participants (412) 542-4146. A replay of the call will be available from June 11, 2015 at 2:00 PM EDT through June 25, 2015 by dialing (877) 344-7529 or for international participants (412) 317-0088, using the access code 10067357.
Presentation materials will be posted on the Company’s website, www.gptreit.com, in the Investor Relations section under the “Events and Presentations” tab. The Company intends to host an investor/analyst property tour of one of its Life Time Fitness facilities in early July.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. We focus on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150611005232/en/Gramercy-Property-Trust-Announces-300.5-Million-Portfolio#.VXrSVInbKUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Acquisition of Two Industrial Properties for $15.9 Million (6/10/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of a portfolio of two adjacent single-tenant industrial properties totaling approximately 235,000 square feet on 23.8 acres located in Orlando, Florida. The properties are 100% leased with a weighted average lease term of approximately 5.5 years. For the two properties, Year 1 net operating income is anticipated to be approximately $1.4 million (8.7% initial cap rate; 9.3% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired all-cash for an aggregate purchase price of approximately $15.9 million.
The first property is an approximately 93,000 square foot flex warehouse facility, which is leased through July 2020 to a provider of mission critical products, services and solutions to the defense industry. The second property is an approximately 142,000 square foot warehouse facility, which is leased through May 2021 to a leading cruise line services company.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. We focus on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150610005243/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VXg1lYnbKUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Acquisition of Three Industrial Properties for $28.1 Million (5/08/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of a portfolio of three single-tenant industrial properties totaling approximately 240,000 square feet for a purchase price of approximately $28.1 million (7.2% annualized straight-line cap rate).
The portfolio is 100% leased to a single tenant, a leading producer and fabricator of steel, with a weighted average lease term of approximately 8.5 years. The properties include (i) an approximately 110,000 square foot manufacturing facility located in Auburn, Washington (Seattle MSA); (ii) an approximately 70,000 square foot manufacturing facility located in San Bernardino, California (Inland Empire MSA); and (iii) an approximately 60,000 square foot manufacturing facility located in Fairfield, California (San Francisco MSA).
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. We focus on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150508005319/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VUzXO4ktGUk
Enterprising Investor
9 years ago
Gramercy Property Trust Inc. Reports First Quarter 2015 Financial Results (5/06/15)
HIGHLIGHTS
• Generated Core FFO of $20.8 million or $0.43 per diluted common share for the first quarter of 2015. Core FFO included an adjustment of $2.1 million or $0.04 per diluted common share related to the cumulative effect of finalizing the purchase price allocation for the Bank of America Portfolio.
• Generated NAREIT defined funds from operations (“FFO”) of $17.0 million or $0.35 per diluted common share for the first quarter of 2015.
• Generated adjusted funds from operations (“AFFO”) of $16.9 million or $0.35 per diluted common share for the first 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 first quarter of 2015, acquired 27 properties in 9 separate transactions for a total purchase price of approximately $570.0 million (initial cap rate 7.6% and annualized straight-line cap rate 8.0%) with a weighted average lease term of 7.2 years. Includes the 12-asset portfolio acquisition for approximately $398.6 million which closed on March 11, 2015.
• Subsequent to quarter end, the Company acquired one additional property for a total purchase price of approximately $24.1 million (6.9% initial cap rate; 7.3% annualized straight-line cap rate) with a lease term of 6.3 years.
• 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, partially funded with a new €12.0 million non-recourse first mortgage.
• Reaffirming Core FFO guidance of $1.80 - $2.00 per diluted common share for the full year 2015.
SUMMARY
Gramercy Property Trust Inc. (NYSE:GPT) today reported a net loss to common stockholders of $1.6 million, or $0.03 per fully diluted common share for the three months ended March 31, 2015. For the quarter, the Company generated FFO of $17.0 million, or $0.35 per fully diluted common share. FFO and net loss to common stockholders includes start-up costs related to Gramercy Europe and property acquisition costs aggregating $3.7 million or $0.08 per diluted common share for the quarter ended March 31, 2015. For the quarter, the Company generated Core FFO of $20.8 million, or $0.43 per fully diluted common share. Net loss, FFO and Core FFO included an adjustment of $2.1 million or $0.04 per diluted common share related to cumulative effect of finalizing the purchase price allocation for the Bank of America Portfolio. For the quarter, the Company generated AFFO of $16.9 million, or $0.35 per fully diluted common share. A reconciliation of FFO, Core FFO and AFFO to net income available to common stockholders is included on page 10 of the press release.
Effective March 20, 2015 at 5:00p.m., the Company completed a 1-for-4 reverse stock split converting its common stock and its outstanding units of GPT Property Trust LP at a ratio of 1-for-4. As a result, the number of outstanding shares of common stock of the Company was reduced from approximately 188.0 million to approximately 47.0 million. In addition, at the market open on March 23, 2015, the common stock was assigned a new CUSIP number: 38489R 605. All share and per share amounts in this press release have been adjusted for the effect of the reverse stock split.
The Company declared a first quarter 2015 dividend of $0.20 per common share, paid on April 15, 2015 to holders of record as of March 31, 2015.
For the first quarter of 2015, the Company recognized total revenues of approximately $47.9 million, an increase of 28.1% over total revenues of $37.4 million reported in the prior quarter.
http://www.businesswire.com/news/home/20150506005255/en/Gramercy-Property-Trust-Reports-Quarter-2015-Financial#.VUzWJ4ktGUk
Enterprising Investor
9 years ago
Gramercy Europe Announces Acquisition of €21 Million Industrial Property in Neuwied, Germany (4/28/15)
LONDON & NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that Gramercy Property Europe plc (the Fund), a Europe-focused real estate investment fund sponsored and managed by the Company, closed its first acquisition - the purchase and leaseback of an approximately 430,000 square foot industrial warehouse located near Neuwied, Germany. The property is leased to a leading German wholesaler of tires, rims and wheels, Reifen Gundlach GmbH, a 100% owned subsidiary of Dutch-headquartered Pon Group. The property was acquired for approximately €21 million. The seller was advised by CBRE Frankfurt.
Michael Heal, Managing Director of Gramercy Europe Limited, which is sub-adviser to the Fund and wholly owned by the Company, commented: “This transaction is an excellent illustration of our mandate to acquire non-prime but important, functional property that is net leased to high-quality tenants. It is the first of numerous transactions that we anticipate announcing this year as we build what we believe will become the leading investment platform for single-tenant property in Europe.”
About Gramercy Property Europe plc
Gramercy Property Europe plc is an investment fund that targets single-tenant net leased assets and sale-leaseback transactions across Europe. The Fund has initial equity commitments of €350 million and will invest predominantly in industrial, office and specialty retail assets in Germany, the Netherlands, the Nordic region, the United Kingdom and other targeted European countries. Further information is available at www.gptreit.com/europe.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. It focuses on income producing properties leased to high quality tenants in major markets in the United States.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150428006939/en/Gramercy-Europe-Announces-Acquisition-%E2%82%AC21-Million-Industrial#.VT_xUIktGUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Acquisition of Two Properties for $26.9 Million (4/06/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of one industrial property and one office property totaling approximately 170,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 10.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $1.9 million (7.2% initial cap rate; 8.2% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired in separate transactions all-cash for an aggregate purchase price of approximately $26.9 million.
The first property is an approximately 75,000 square foot manufacturing facility located in Oswego, Illinois (Chicago MSA), which is leased through May 2022 to a leading manufacturer of bonded and super abrasive grinding tools. The second property is an approximately 95,000 square foot post-production office building located in Burbank, California (Los Angeles MSA), which is leased through July 2026 to a global leader in end-to-end entertainment and media services for the entertainment industry.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a leading global investor and asset manager of commercial real estate. Gramercy specializes in acquiring and managing single-tenant, net-leased industrial and office properties purchased through sale-leaseback transactions or directly from property developers and owners. We focus on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150406005116/en/Gramercy-Property-Trust-Announces-Acquisition-Properties-26.9#.VSJ_0YktGUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Closing of Expanded $600 Million Unsecured Credit Facility (1/26/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it completed a previously announced expansion of its senior unsecured credit facility (the “Credit Facility”), increasing the revolving borrowing capacity thereunder by $200 million. After giving effect to the modification, the Credit Facility affords the Company $600 million of aggregate borrowing capacity, consisting of a $200 million term loan (which was not affected by the amendment) and up to $400 million of revolving credit capacity. The Company may, at its election, further increase the Credit Facility up to $1 billion of aggregate borrowing capacity, subject to lender approval and satisfaction of certain customary conditions.
The Credit Facility banks include JPMorgan Chase Bank, N.A., Bank of America, N.A., Morgan Stanley Bank, N.A., Royal Bank of Canada, The Bank of New York Mellon, U.S. Bank National Association, SunTrust Bank, The Huntington National Bank and Citizens Bank, National Association.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150126005256/en/Gramercy-Property-Trust-Announces-Closing-Expanded-600#.VMZxxoktGUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Acquisition of Two Industrial Properties for $37.7 Million (1/12/15)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of two industrial properties totaling approximately 676,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 11.6 years. For the two properties, Year 1 net operating income is anticipated to be approximately $2.5 million (6.6% initial cap rate; 7.1% annualized straight-line cap rate) with rent escalations throughout each lease term. The two properties were acquired in separate transactions all-cash for an aggregate purchase price of approximately $37.7 million.
The first property is an approximately 211,000 square foot headquarters and manufacturing facility located in St. Louis, Missouri, which is leased through September 2029 to a multi-national plastics packaging company. The second property is an approximately 465,000 square foot warehouse and distribution facility located in Cinnaminson, New Jersey (Philadelphia MSA), which is leased through April 2025 to a leading, global manufacturer and distributer of pulp and paper products.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20150112005037/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VLPiCoktGUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Closing of a €350 million European Venture and Purchase of ThreadGreen Europe Limited (12/19/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust (“Gramercy” or the “Company”), announced today, along with several of its investment partners, the closing of a €350 million venture (“Gramercy Europe”) targeting single-tenant net leased assets and sale-leaseback opportunities across Europe, and the simultaneous acquisition of ThreadGreen Europe Limited (“ThreadGreen”), an existing property investment and asset management platform.
Gramercy Europe is a joint venture among the Company and investment entities managed by EJF Capital LLC (“EJF”), Fir Tree Partners (“Fir Tree”) and Senator Investment Group LP (“Senator”), along with certain other investors (collectively, the “Founding Investors”). Gramercy Europe will invest predominantly in single-tenant industrial, office and specialty retail assets in Germany, the Netherlands, the Nordic region, the United Kingdom and other targeted European countries. The total equity capital available to Gramercy Europe is €350 million, comprised of an initial commitment of €250 million of equity from Gramercy and the Founding Investors as well as an additional capital accordion of €100 million. Gramercy has a total commitment of €50 million to the venture. Simultaneously with the closing of the venture, Lindsay Sparacino of EJF, Jarret Cohen of Fir Tree and Michael Simanovsky of Senator will join the board of directors of Gramercy Europe, together with certain representatives appointed by Gramercy, including Gordon F. DuGan.
Simultaneous with the closing of Gramercy Europe, the Company is purchasing all of the assets of ThreadGreen Europe Limited who will provide the day-to-day management of the investment vehicle. With the ThreadGreen purchase, Gramercy has a fully-integrated presence in Europe, including investment personnel, asset management capability as well as all support functions in those areas. Principals of the Company and ThreadGreen worked together for a number of years at W. P. Carey & Co., where Alistair Calvert, Managing Director of ThreadGreen, along with Michael Heal, Director of ThreadGreen, ran the London office of W. P. Carey from December 2004 to June 2006. ThreadGreen currently manages approximately €210 million in single-tenant industrial and office assets located in Germany, Finland and Switzerland. Gramercy’s management along with the ThreadGreen principals have overseen investments in excess of $3 billion of single-tenant properties in Europe over a greater than 10-year period.
Gordon F. DuGan, Chief Executive Officer of Gramercy Property Trust, stated, “We are very excited about the opportunity to buy single-tenant assets with long, inflation-indexed leases throughout Europe at high current yields. We believe this new investment vehicle gives Gramercy shareholders access to European net leased assets in scale and in partnership with deep-pocketed and sophisticated partners. Gramercy will have a fully-integrated team on the ground that we have worked with in the past and a strategy that I have many years of experience with. We hope to replicate the success we have had with Gramercy Property Trust with our effort on Gramercy Europe.”
Morgan Stanley & Co. LLC served as the Company’s financial advisor in connection with the transaction. Additional information is available on the Company’s website www.gptreit.com/europe.
About Gramercy Property Trust Inc.
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
About EJF Capital LLC
EJF is an SEC-registered, independent, employee-owned investment manager headquartered outside of Washington DC with total firm assets under management of more than $6.0 billion, managed across a diverse group of alternatives strategies.
About Fir Tree Partners
Fir Tree was founded in 1994 and is a New York-based private investment firm that invests worldwide in public and private companies, real estate, and sovereign debt. Fir Tree manages assets on behalf of leading endowments, foundations, pension funds, and sovereign wealth funds.
About Senator Investment Group LP
Senator Investment Group LP is a New York-based registered investment adviser founded in 2008. The firm pursues credit and equity investments in both public and private securities. Senator manages more than $8.5 billion in assets on behalf of pension funds, endowments, foundations, families and other institutional investors.
http://www.businesswire.com/news/home/20141219005081/en/Gramercy-Property-Trust-Announces-Closing-%E2%82%AC350-million#.VJXSuVs4
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Pricing of Upsized Public Offering of 52,000,000 Shares of Common Stock (12/11/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today the pricing of the public offering of 52,000,000 shares of its common stock at a public offering price of $5.90 per share. In addition, the underwriters of the offering have a 30-day option to purchase up to an additional 7,800,000 shares of the Company’s common stock. The offering was upsized from the previously announced offering of 45,000,000 shares. The offering is subject to customary closing conditions and is expected to close on December 16, 2014.
The Company intends to use a portion of the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, to fund a portion of the cash purchase price for the previously announced acquisition of a portfolio of twelve properties, and to fund the cash purchase price for the other ten properties it currently has under contract to acquire.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and RBC Capital Markets are acting as joint book-running managers for the offering. JMP Securities, Ladenburg Thalmann, Piper Jaffray, SunTrust Robinson Humphrey, Compass Point, BNY Mellon Capital Markets, LLC, Huntington Investment Company and CJS Securities are acting as co-managers.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering is being made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, telephone: (866) 718-1649; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, email: dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204; or RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Capital Markets, telephone: (877) 822-4089, email: equityprospectus@rbccm.com. These documents will also be filed with the SEC and will be available at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
http://www.businesswire.com/news/home/20141211005138/en/Gramercy-Property-Trust-Announces-Pricing-Upsized-Public#.VIpzw4luiUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Public Offering of 45,000,000 Shares of Common Stock (12/09/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has commenced an underwritten public offering of 45,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 6,750,000 shares of its common stock.
The Company intends to use a portion of the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, to fund a portion of the cash purchase price for the previously announced acquisition of a portfolio of 12 single-tenant net lease assets, and to fund the cash purchase price for the other ten properties it currently has under contract to acquire.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and RBC Capital Markets are acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, telephone: (866) 718-1649; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, email: dg.prospectus_requests@baml.com; J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204; or RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Capital Markets, telephone: (877) 822-4089, email: equityprospectus@rbccm.com. These documents will also be filed with the SEC and will be available at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
http://www.businesswire.com/news/home/20141209006624/en/Gramercy-Property-Trust-Announces-Public-Offering-45000000#.VIdvhYl0yUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Increase in Quarterly Common Stock Dividend (12/09/14)
Issues Outlook for 2015
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that its Board of Directors declared a fourth quarter 2014 dividend of $0.05 per common share, an increase of approximately 43% over the previous quarterly dividend. The dividend is payable on January 15, 2015 to holders of the Company’s common stock and to unitholders of GPT Property Trust LP of record as of the close of business on December 31, 2014.
The Board of Directors also declared a dividend on the 7.125% Series B Cumulative Redeemable Preferred Stock from and including the original issue date to and including December 31, 2014 in the amount of $0.67292 per share, payable on December 31, 2014 to preferred stockholders of record as of the close of business on December 15, 2014.
The Company also announced its outlook for 2015 as follows:
Expected Core FFO of $0.45 - $0.50 per common share.
• Assumes contribution from asset management business of approximately $4.4 million net of tax (effective tax rate of 36.0%)
• Assumes management, general and administrative expenses of approximately $17.0 million, including non-cash stock compensation expense
• Assumes 2015 acquisitions having an aggregate gross purchase price (including debt assumed) of $600.0 - $900.0 million (inclusive of today’s announcement of our agreement to acquire 12 assets from Dividend Capital Diversified Property Fund Inc. for approximately $399.0 million and approximately $56.0 million of contracted acquisitions we expect to close in the first quarter of 2015)
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20141209006609/en/Gramercy-Property-Trust-Announces-Increase-Quarterly-Common#.VIdu9ol0yUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Agreement to Purchase $399 Million Office and Industrial Portfolio (12/09/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has agreed to acquire a portfolio of 12 single-tenant net lease assets from Dividend Capital Diversified Property Fund Inc. (“DPF”) for approximately $399 million, plus transaction costs.
The portfolio totals approximately 2.67 million square feet and consists of six office assets, four industrial assets and two data centers with a majority of the assets located in major markets: Los Angeles, Dallas, Miami/Fort Lauderdale, Houston and Denver. The portfolio has in-place base rents totaling approximately $30.66 million per year, as of December 1, 2014, and is 100% leased with a weighted-average lease term of approximately 6.7 years. The Company expects to assume approximately $142 million of existing secured debt at a fixed rate of 5.455% and a maturity date of July 2020.
DPF is currently in negotiations with two tenants to extend and restructure leases where, if successful, the portfolio would have a weighted-average lease term of more than eight years. However, there are no assurances that DPF or the Company will execute a lease extension on the currently proposed terms or at all.
Subject to completion of satisfactory due diligence and satisfaction of customary closing conditions, the Company anticipates closing the acquisition during the first quarter of 2015.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20141209006607/en/Gramercy-Property-Trust-Announces-Agreement-Purchase-399#.VIdumol0yUk
Enterprising Investor
9 years ago
Gramercy Property Trust Announces Acquisition of Four Industrial Properties for $35.5 Million (12/05/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of four industrial properties totaling approximately 560,000 square feet. The properties are 100% leased with a weighted average lease term of approximately 9.1 years. For the four properties, Year 1 net operating income is anticipated to be approximately $2.6 million (7.2% initial cap rate; 7.8% annualized straight-line cap rate) with annual rent escalations throughout each lease term. The properties were acquired in separate transactions all-cash for a purchase price of approximately $35.5 million.
The first property is an approximately 109,000 square foot manufacturing facility located in Puyallup, Washington (Seattle MSA), which is leased through February 2024 to a leading producer of high-performance materials and construction products. The second property is an approximately 240,000 square foot warehouse facility located in Groveport, Ohio (Columbus MSA), which is leased through March 2018 to a national distributor of major appliances and electronics. The third property is an approximately 117,000 square foot light industrial building located in Lewisville, Texas (Dallas MSA), which is leased to two tenants with an 11-year weighted average lease term. The fourth property is a sale leaseback of a 94,000 square foot headquarters and warehouse facility located in Rolling Meadows, Illinois (Chicago MSA), which is leased through December 2026 to a leading regional disaster recovery and restoration firm.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20141205005079/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VIG604l0yUk
Enterprising Investor
10 years ago
Gramercy Property Trust Announces Acquisition of a $9.4 Million Office Building in Parsippany, NJ (10/01/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed the acquisition of an approximately 56,000 square foot office building located in Parsippany, New Jersey. The property is 100% leased through May 2021 to a leading provider of eligibility determination and other customer care services to government, telecommunication, broadband, utility and healthcare organizations. Year 1 net operating income is approximately $772,300 (8.2% initial cap rate; 8.9% annualized straight-line cap rate) with rental increases throughout the term. The property was acquired all-cash for a purchase price of approximately $9.4 million.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20141001005212/en/Gramercy-Property-Trust-Announces-Acquisition-9.4-Million#.VCv4a4l0yUk
Enterprising Investor
10 years ago
Gramercy Property Trust Announces Acquisition of Three Industrial Properties for $39.2 Million (9/25/14)
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it closed on the acquisition of three industrial properties totaling approximately 555,000 square feet. Two properties are located in the Chicago MSA, and the other property is located in Greater Boston. The properties are 100% leased with a weighted average lease term of approximately ten years. For the three properties, Year 1 net operating income is anticipated to be approximately $2.8 million (7.3% initial cap rate; 7.9% annualized straight-line cap rate) with annual rent escalations throughout each lease term. The properties were acquired in separate transactions all-cash for a purchase price of approximately $39.2 million.
The first property is an approximately 160,000 square foot manufacturing warehouse and distribution facility located in Kenosha, Wisconsin, which is leased through September 2024 to a global manufacturing and technology company. The second property is an approximately 110,000 square foot fulfillment center located in Bloomingdale, Illinois, which is leased through July 2024 to a leading national foodservice management company. The third property is an approximately 285,000 square foot warehouse and distribution facility located in Worcester, Massachusetts (Greater Boston), which is leased through March 2024 to one of the largest independent soft-drink bottlers and manufacturers in the United States.
As previously announced, on September 19, 2014, the Company established an at-the-market (“ATM”) equity sales program pursuant to which the Company may from time to time issue up to $100 million of its common stock. The Company intends to use any proceeds of the offering for general corporate purposes, including acquisitions of assets, repayment of debt and for working capital purposes.
Gordon F. DuGan, the Company’s Chief Executive Officer, commented, “Gramercy is pleased to have launched an ATM program, which we believe will provide the Company with another useful and cost effective means of accessing equity capital, which we will use primarily to fund property acquisitions.”
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
(GPT-IN)
Forward-looking Information
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the SEC.
Contacts
Gramercy Property Trust Inc.
Emily Pai, 212-297-1000
Investor Relations
http://www.businesswire.com/news/home/20140925005259/en/Gramercy-Property-Trust-Announces-Acquisition-Industrial-Properties#.VCv4IYl0yUk
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