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Gramercy Capital Corp. Files 2011 First And Second Quarterly Reports With The SEC - Company Returns To Current Financial Reporting

Gramercy Capital Corp. (NYSE: GKK) today reported results for the first and second quarters of 2011 in its quarterly reports on Form 10-Q with the U.S. Securities and Exchange Commission, or SEC, marking its return to current financial reporting. The Company filed its annual report on Form 10-K with the SEC on September 23, 2011.

FOURTH QUARTER 2010 THROUGH SECOND QUARTER 2011 HIGHLIGHTS
  • In September 2011, entered into a settlement agreement, or the Settlement Agreement, for an orderly transfer of substantially all of Gramercy Realty’s assets to the senior mezzanine lender for full satisfaction of the Company’s obligations with respect to the $240.5 million Goldman Mortgage Loan and $549.7 million Goldman Mezzanine Loans that matured on May 9, 2011 and, subject to certain termination provisions, an arrangement for the Company’s continued management of the transferred assets on behalf of the senior mezzanine lender for a fixed fee plus incentive fees.
  • For the six months ended June 30, 2011 and the year ended December 31, 2010, generated funds from operations, or FFO, of $57.2 million and negative FFO of $870.6 million, respectively, an increase of $20.8 million and a decrease of $453.0 million from FFO of $36.4 million and negative FFO of $417.6 million recorded for the six months ended June 30, 2010 and the year ended December 31, 2009, respectively. On a fully diluted per common share basis, FFO was $1.13 for the six months ended June 30, 2011 and negative $17.44 for the year ended December 31, 2010 as compared to FFO of $0.73 and negative $8.38 for the six months ended June 30, 2010 and for the year ended December 31, 2009, respectively. FFO for the year ended December 31, 2010 reflects a non-cash impairment charge of $912.1 million, or $18.27 on a fully diluted per common share basis, relating to the Company’s execution of the Settlement Agreement with respect to Gramercy Realty’s assets.
  • For the six months ended June 30, 2011 and the year ended December 31, 2010, net income (loss) to common stockholders was $20.4 million, or $0.40 per common diluted share, and $(968.8) million, or $(19.40) per common diluted share, respectively, as compared to the net income (loss) of $(18.10) million, or $(0.36) per diluted common share, and $(529.0) million, or $(10.61) per diluted common share, for the six months ended June 30, 2010 and the year ended December 31, 2009, respectively.
  • As of June 30, 2011 and December 31, 2010, respectively, maintained approximately $245.1 million and $275.8 million of corporate liquidity, which excludes cash held within the Gramercy Realty division, but includes other unrestricted cash and restricted cash available for investment in the Company’s CDOs. In addition, as of June 30, 2011, the Company holds an aggregate of $54.0 million of par value Class A-1, A-2 and B securities previously issued by the Company’s CDOs that are available for re-issuance. The fair value of the repurchased CDO bonds is approximately $42.1 million as of June 30, 2011.
  • As of June 30, 2011 and December 31, 2010, maintained $132.5 million and $185.8 million of unrestricted corporate cash as compared to $104.1 million and $104.8 million reported by Corporate as of June 30, 2010 and December 31, 2009, respectively.
  • During the six months ended June 30, 2011, repurchased $48.3 million of CDO bonds previously issued by the Company’s 2005-1 and 2006-1 CDOs, generating gains on early extinguishment of debt of $14.5 million.
  • During the six months ended June 30, 2011, originated or purchased five new loan investments in the Company’s CDOs deploying approximately $194.0 million of restricted cash within the Company’s CDOs. The origination and purchase activity compares to $113.8 million of originations during the year ended December 31, 2010.

“Our return to current financial reporting marks the culmination of many months of work negotiating the settlement agreement with Gramercy Realty’s lenders,” said Chief Executive Officer Roger M. Cozzi. “During this period of significant financial turbulence, now approaching four years, the Company has continually focused on preserving corporate liquidity and creating a stable, flexible balance sheet. The completion of the Realty settlement agreement has enabled the Company to emerge with a smaller asset base, a substantial liquidity position, no unfunded obligations and, most importantly, no recourse debt.”

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