Gramercy Reports Increased Funds From Operations
Once these most recent quarterly results are finalized, they will be run through TheStreet.com Ratings' model and our ratings will be adjusted accordingly. To keep up to date on all of our ratings, visit TheStreet.com Ratings Screener.
On March 12, 2009, Gramercy Capital (GKK) reported that its Q4 FY08 funds from operations (FFO) increased 49.4% to $35.92 million from $24.05 million in the prior year's quarter. However, FFO per share remained flat at $0.69. Net income available to common stockholders plunged 59.3% to $9.44 million or $0.18 per share from $23.20 million or $0.67 per share, dragged down by a surge in depreciation expenses and provision for loan losses.
Total revenue spiked 94.9% to $165.36 million from $84.85 million a year ago, driven by strong rental revenue and operating expense reimbursements of $31.04 million. Investment income dropped 24.8% to $59.48 million from $79.12 million. Average yield on the debt instruments stood at 7.32%. Rental revenue surged significantly to $74.52 million from $2.26 million. Gain on sales and other income plunged 90.8% to $318,000 from $3.47 million in Q4 FY07.Provision for loan losses increased to $47.76 million from $2.75 million, relating to nine separate loans based on the company's quarterly review of its loan portfolio. During the quarter, new leases totaling 60,019 net rentable square feet commenced, while occupancy stood at 88.70% compared to 87.70% in the previous quarter. The company closed the sale of 46 properties including 24 held-for-sale properties for $65.10 million. Management recently decided not to pay any dividend on its common shares in order to boost liquidity. For FY08, total revenue soared 90.9% to $602.12 million from $315.44 million in the previous year. FFO for the year advanced 38.7% to $123.50 million from $89.06 million. On a per share basis, FFO declined 13.9% to $2.61 from $3.03. Furthermore, net income available to common stockholders plummeted 67.8% to $49.96 million $1.06 per share from $155.03 million $5.28 per share in FY07.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV