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Gramercy Capital Corp. Reports First Quarter 2012 Financial Results

Stocks in this article: GKK

The aggregate carrying values, allocated by investment type, and weighted average yields of Gramercy Finance’s debt and CMBS investments, as of March 31, 2012 and December 31, 2011 were as follows (dollar amounts in thousands):

                   

 

Allocation by Investment

Fixed Rate: Floating Rate:

Carrying Value (1)

Type

Average Yield Average Spread over LIBOR
  2012   2011 2012   2011   2012   2011   2012 2011

Whole loans, floating rate

$ 654,114 $ 689,685 64.0 % 63.8 % 328 bps

331 bps

Whole loans, fixed rate

201,972 202,209 19.7 % 18.7 %

8.32

%

8.35

%

Subordinate interests in whole loans, floating rate

- 25,352 - 2.3 %

0 bps

575 bps

Subordinate interests in whole loans, fixed rate

90,554 89,914 8.9 % 8.3 %

10.50

%

10.50

%

Mezzanine loans, floating rate

45,933 46,002 4.5 % 4.3 %

 

 

 

 

872 bps

860 bps

Mezzanine loans, fixed rate

23,757 23,847 2.3 % 2.2 %

10.34

%

10.34

%

Preferred equity, floating rate

3,099 3,615 0.3 % 0.3 %

 

 

 

 

235 bps

234 bps

Preferred equity, fixed rate

3,250 1,295 0.3 % 0.1 % 0.00 % 0.00 %    
Subtotal/ Weighted average   1,022,679   1,081,919 100.0 % 100.0 % 9.00 % 9.08 % 363 bps 370 bps
CMBS, floating rate 49,075 47,855 5.6 % 6.2 % 104 bps 96 bps
CMBS, fixed rate   823,660   727,957 94.4 % 93.8 % 8.20 % 8.22 %    
Subtotal/ Weighted average   872,735   775,812 100.0 % 100.0 % 8.20 % 8.22 % 104 bps 96 bps
 
Total $ 1,895,414 $ 1,857,731 100.0 % 100.0 % 8.42 % 8.48 % 346 bps 354 bps

 

(1)   Loans and other lending investments and CMBS investments are presented net of unamortized fees, discounts, unfunded commitments, reserves for loan losses, and other adjustments.

At March 31, 2012, Gramercy Finance had one whole loan with a carrying value of $51.4 million classified as non-performing. At March 31, 2012, the Company had two whole loans with an aggregate carrying value of $39.6 million, two mezzanine loans with a carrying value of $23.8 million and three preferred equity investments with an aggregate carrying value of $6.3 million classified as sub-performing.

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