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Gramercy Capital Corp. Reports Third Quarter 2012 Financial Results

Stocks in this article: GKK

Loan prepayments, partial repayments and scheduled amortization payments in Gramercy Finance’s portfolio aggregated $87.9 million for the three months ended September 30, 2012. As of September 30, 2012, there are no unfunded commitments associated with existing loans.

First mortgage loans remain the majority of Gramercy Finance’s debt portfolio, decreasing to 82.5% at September 30, 2012, compared to 83.1% as of June 30, 2012. The weighted average remaining term of Gramercy Finance's debt investment portfolio as of September 30, 2012 was 2.1 years compared to 2.3 years in the prior quarter. The weighted average remaining term of Gramercy Finance's combined debt and CMBS portfolio as of September 30, 2012 was 3.1 years compared to 3.3 years in the prior quarter.

The aggregate carrying values, allocated by investment type, and weighted average yields of Gramercy Finance’s debt and CMBS investments, as of September 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 (2)

  2012     2011 2012   2011 2012   2011 2012   2011
Whole loans, floating rate $ 583,468 $ 689,685 63.4% 63.8% - - 348 bps 331 bps
Whole loans, fixed rate 175,642 202,209 19.1% 18.7% 8.45% 8.35% - -
Subordinate interests in whole loans, floating rate 2,588 25,352 0.3% 2.3% - - 250 bps 575 bps
Subordinate interests in whole loans, fixed rate 93,350 89,914 10.2% 8.3% 10.30% 10.50% - -
Mezzanine loans, floating rate 21,017 46,002 2.3% 4.3% - - 705 bps 860 bps
Mezzanine loans, fixed rate 42,897 23,847 4.7% 2.2% 10.87% 10.34% - -
Preferred equity, floating rate - 3,615 0.0% 0.3% - - 0 bps 234 bps
Preferred equity, fixed rate   -   1,295 0.0% 0.1% 0.00% 0.00% - -
Subtotal/ Weighted average   918,962   1,081,919 100.0% 100.0% 9.30% 9.08% 360 bps 370 bps
CMBS, floating rate 35,090 47,855 3.9% 6.2% - - 172 bps 96 bps
CMBS, fixed rate   856,563   727,957 96.1% 93.8% 8.42% 8.22% - -
Subtotal/ Weighted average   891,653   775,812 100.0% 100.0% 8.42% 8.22% 172 bps 96 bps
Total

$

1,810,615

$ 1,857,731 100.0% 100.0% 8.65% 8.48% 350 bps 354 bps
 

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

In September 2012, the Company, an affiliate of SL Green, and several other unrelated parties, recapitalized a portfolio of office buildings located in Southern California through the contribution of an existing preferred equity investment to a newly formed joint venture. The investment in the joint venture is held in the Company’s CDOs and had a carrying value of $10.4 million as of September 30, 2012.

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