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Gramercy Capital Corp. Reports Second Quarter 2012 Financial Results

At June 30, 2012, Gramercy Finance had one whole loan with a carrying value of $51.4 million classified as non-performing. At June 30, 2012, the Company had three whole loans with an aggregate carrying value of $38.8 million, one subordinate interest in whole loan with an aggregate carrying value of $4.0 million, three mezzanine loans with a carrying value of $26.7 million and two preferred equity investments with an aggregate carrying value of $0.3 million classified as sub-performing.

Gramercy Finance made no acquisitions during the second quarter of 2012.


Summarized in the table below are key property portfolio statistics for Gramercy Realty’s owned portfolio as of June 30, 2012 and December 31, 2011:
  Number of Properties   Rentable Square Feet   Occupancy


June 30,


December 31,


June 30,


December 31,


June 30,


December 31,

Branches 31 41 209,578 261,732 32.1% 28.9%
Office Buildings 13 15 362,492 491,084 46.3% 44.7%
Total 44 56 572,070 752,816 41.1% 39.2%

In addition to its owned portfolio, Gramercy Realty also manages approximately $2.0 billion of real estate assets, or the KBS Portfolio, that were transferred to affiliates of KBS Real Estate Investment Trust, Inc., or KBS, pursuant to the Settlement Agreement executed in September 2011. The KBS Portfolio is comprised of 524 bank branches, 278 office buildings and one land parcel. As of June 30, 2012, the KBS Portfolio aggregated approximately 20.5 million rentable square feet.

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