This Day On The Street
Continue to site
ADVERTISEMENT
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

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 December 31, 2012 is as follows:

 

Realty / Corporate
  Finance  

Asset Management
 

Interco Eliminations
  Consolidated
Total real estate investments, net $ 23,109 $ - $

-
$ - $ 23,109
Investment in joint ventures 72,742 - 72,742
Cash and cash equivalents 105,402 - - - 105,402
Assets held-for-sale - 1,952,264 - - 1,952,264
Repurchased collateralized debt obligation bonds 34,721 - - (34,721 ) -
Other assets   15,319     -     -     -     15,319  
Total assets $ 251,293   $ 1,952,264   $ -   $ (34,721 ) $ 2,168,836  
 
Liabilities related to assets held-for-sale $ - $ 2,380,162 $ - $ - $ 2,380,162
Dividends payable 30,438 - - - 30,438
Other liabilities   10,064     -     -     -     10,064  
Total liabilities   40,502     2,380,162     -     -     2,420,664  
 
Total equity (deficit)   210,791     (427,898 )   -     (34,721 )   (251,828 )
Total liabilities and equity (deficit) $ 251,293   $ 1,952,264   $ -   $ (34,721 ) $ 2,168,836  
 
For the three months ended December 31, 2012:
Revenues:
Net interest income $ 301 $ - $ - $ - $ 301
Net rental revenues 436 - - - 436
Management fees - - 7,905 - 7,905
Other revenue (1)   (1,968 )   -     -     -     (1,968 )
Total revenues   (1,231 )   -     7,905     -     6,674  
 
Expenses:
Property operating expenses 420 - 5,275 - 5,695
Management, general and administrative 4,154 - - - 4,154
Depreciation   128     -     -     -     128  
Total expenses   4,702     -     5,275     -     9,977  
 
Loss from continuing operations before provision for taxes $ (5,933 ) $ -  

$

2,630

 
$ -   $ (3,303 )
 
(1) Includes equity in net loss from joint ventures of $2,992.

The Company’s GAAP book value per common share is negative $5.23 per share, or $338.0 million at December 31, 2012. Of the negative book value, approximately negative $427.9 million, or $6.62 per common share, is attributable to the Company’s commercial real estate finance business. As described herein, in March 2013, the Company exited the commercial real estate finance business and sold its collateral management and sub-special servicing agreements for the Company’s CDOs which will result in the deconsolidation of Gramercy Finance from the Company’s Balance Sheets. The Company expects a significant reversal of the negative book equity once the sale of the collateral management and sub-servicing agreements is fully reflected on the Company’s first quarter 2013 financial statements.

5 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
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
SYM TRADE IT LAST %CHG

Markets

Chart of I:DJI
DOW 16,654.77 +369.26 2.27%
S&P 500 1,987.66 +47.15 2.43%
NASDAQ 4,812.7080 +115.1720 2.45%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs