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Gramercy Capital Corp. Reports Third Quarter 2012 Financial Results

The Company’s businesses are organized into two business segments supported by a corporate balance sheet with a strong liquidity position and no recourse debt obligations.

The Company’s commercial real estate finance business, which operates under the name Gramercy Finance, currently manages approximately $1.8 billion of whole loans, bridge loans, subordinate interests in whole loans, mezzanine loans, preferred equity, CMBS, and other real estate related securities which are financed primarily through three non-recourse CDOs. The Company has announced that it is pursuing the sale of this business line in order to focus on the business of net lease investment, to increase its liquidity and capital availability and to decrease its cost structure.

The Company’s property management and investment business, which operates under the name Gramercy Realty, currently manages approximately $1.9 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States for KBS.

A summary of the Company’s financial position and operations by business segment and on a consolidated basis as of and for the three months ended September 30, 2012 is as follows:

       
Corporate

Finance Segment

Realty Segment

Interco Eliminations

Consolidated

Total real estate investments, net

$ - $ 38,255 $ 28,606 $ - $ 66,861
Cash and cash equivalents 173,644 - 1,573 - 175,217

Loans and other lending investments and commercial mortgage-backed securities

- 1,837,841 - (27,226) 1,810,615
Repurchased collateralized debt obligation bonds 45,367 - - (45,367) -
Other assets   -   175,966   7,737   (83)   183,620
Total assets $ 219,011 $ 2,052,062 $ 37,916 $ (72,676) $ 2,236,313
 
Collateralized debt obligations $ - $ 2,333,973 $ 27,226 $ (72,593) $ 2,288,606
Derivative instruments - 183,742 - - 183,742
Dividends payable 28,647 - - - 28,647
Other liabilities   -   23,004   5,535   (83)   28,456
Total liabilities   28,647   2,540,719   32,761   (72,676)   2,529,451
 
Total equity (deficit)   190,364   (488,657)   5,155   -   (293,138)
Total liabilities and equity (deficit) $ 219,011 $ 2,052,062 $ 37,916 $ (72,676) $ 2,236,313
 
Revenues:
Net interest income $ - $ 15,948 $ - $ - $ 15,948
Net rental revenues - 789 953 - 1,742
Management fees - - 8,833 - 8,833
Other revenue (1)   -   2,962   8   -   2,970
Total revenues   -   19,699   9,794   -   29,493
 
Expenses:
Property operating expenses - 7,305 6,338 - 13,643
Impairment and loan losses - (1,000) - - (1,000)
Management, general and administrative 17,106 - - - 17,106
Depreciation   -   150   187   -   337
Total expenses   17,106   6,455   6,525   -   30,086

Loss from continuing operations before provision for taxes

$

(17,106)

$

13,244

$

3,269

$

-

$

(593)

 

(1) Includes equity in net income from joint venture.





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