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Gramercy Capital Corp. Reports Second Quarter 2012 Financial Results

The aggregate carrying values, allocated by investment type, and weighted average yields of Gramercy Finance’s debt and CMBS investments, as of June 30, 2012 and December 31, 2011 were as follows (dollar amounts in thousands):

 

Carrying Value (1)

 

Allocation by Investment

Type

 

Fixed Rate: Average Yield

 

Floating Rate: Average Spread over LIBOR

2012   2011 2012   2011 2012   2011   2012   2011
Whole loans, floating rate $607,597 $689,685 62.3% 63.8% 339 bps 331 bps
Whole loans, fixed rate 202,542 202,209 20.8% 18.7% 8.33% 8.35%
Subordinate interests in whole loans, floating rate 3,710 25,352 0.4% 2.3% 250 bps 575 bps
Subordinate interests in whole loans, fixed rate 91,209 89,914 9.4% 8.3% 10.51% 10.50%
Mezzanine loans, floating rate 45,446 46,002 4.7% 4.3% 894 bps 860 bps
Mezzanine loans, fixed rate 23,659 23,847 2.4% 2.2% 10.34% 10.34%
Preferred equity, floating rate 250 3,615 0.0% 0.3% 288 bps 234 bps
Preferred equity, fixed rate - 1,295 0.0% 0.1% 0.00% 0.00%    
Subtotal/ Weighted average 974,413 1,081,919 100.0% 100.0% 9.10% 9.08% 377 bps 370 bps
CMBS, floating rate 48,313 47,855 5.7% 6.2% 106 bps 96 bps
CMBS, fixed rate 803,623 727,957 94.3% 93.8% 8.53% 8.22%    
Subtotal/ Weighted average 851,936 775,812 100.0% 100.0% 8.53% 8.22% 106 bps 96 bps
 
Total $1,826,349 $1,857,731 100.0% 100.0% 8.69% 8.48% 358 bps 354 bps
(1)   Loans and other lending investments are presented net of unamortized fees, discounts reserves for loan losses, and other adjustments.
 




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