This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Gramercy Capital Corp. Reports Fourth Quarter And Full Year 2012 Financial Results

Exiting the commercial real estate finance business marks an important step for the Company in achieving a number of important objectives, including: (i) maximizing the value of the servicing business through the sale to a large servicing operation; (ii) simplifying the going-forward business and significantly reducing the ongoing management, general and administrative expenses through elimination finance related personnel costs and CDO servicing advance requirements; (iii) generating in excess of $50.0 million in liquidity previously invested in the CDO business; and (iv) providing for potential future proceeds through the retention of the equity in the three CDOs. Immediately subsequent to the transfer of the collateral management and sub-special servicing agreements, the assets and liabilities of the corresponding CDOs will be deconsolidated from the Company’s financial statements.

Property Investment

In the fourth quarter 2012, the Company closed on approximately $512.1 million of acquisitions with the Company directly investing approximately $86.2 million of cash equity. To date in the first quarter 2013 the Company closed on $24.7 million of acquisitions.

Memphis Industrial Acquisition

On March 11, 2013 the Company closed on the acquisition of a 605,427 square foot class A industrial building located in Olive Branch, Mississippi (Memphis MSA), in an all-cash transaction for a purchase price of approximately $24.65 million. The property is 100% leased to a single tenant through December 31, 2023 and includes an adjacent 13.8 acre land parcel which the tenant has the right to expand the building within the first five years of the lease for an additional lease rate. The lease may be terminated after December 2017 with 18 months prior notice and payment of a termination fee of six months gross rent plus unamortized tenant improvement costs.

Bank of America Portfolio Dispositions

The Company in a joint venture with an affiliate of Garrison Investment Group, or the Joint Venture, closed on the acquisition of a 115-property office portfolio in December 2012. The portfolio was divided into two sub-portfolios: the Core Portfolio, which consists of 67 assets and the Held-for-Sale Portfolio which consists of 46 assets. The Joint Venture intends to sell the entire Held-for-Sale Portfolio within the next 12-18 months. In first quarter 2013, the Joint Venture sold three held-for-sale assets for net proceeds of approximately $9.2 million.

3 of 9

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $93.24 0.00%
FB $117.81 0.00%
GOOG $701.43 0.00%
TSLA $211.53 0.00%
YHOO $36.94 0.00%


Chart of I:DJI
DOW 17,660.71 +9.45 0.05%
S&P 500 2,050.63 -0.49 -0.02%
NASDAQ 4,717.0940 -8.5450 -0.18%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs