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

Stocks in this article: GKK

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.

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