Gramercy Capital Corp. Reports Fourth Quarter And Full Year 2012 Financial Results
Beginning with the third quarter of 2008, the Company’s Board of Directors elected not to pay a dividend on the Company’s common stock. The Company’s Board of Directors also elected not to pay the Series A preferred stock dividend of $0.50781 per share beginning with the fourth quarter of 2008. In the early stages of the implementation of the Company’s new business strategy, the Company will seek to maximize capital available for investment and, therefore, expects to continue its policy of not paying dividends on its preferred or common stock. The Company expects, however, that as the new business strategy is implemented and sustainable cash flows grow, the Company will re-evaluate its dividend policy with the intention of resuming dividends to stockholders. In accordance with the provisions of the Company’s charter, the Company may not pay any dividends on its common stock until all accrued dividends and the dividend for the then current quarter on the Series A preferred stock are paid in full.
Gramercy Property Trust
In connection with the Company’s exit from the commercial real estate finance business, the Company will change its name to Gramercy Property Trust Inc. to better reflect the Company’s new business and strategy. The Company’s common stock will trade on the New York Stock Exchange under the ticker GPT effective as of April 15, 2013. The name change signifies an important transition for the Company into a net lease investor focused on office and industrial properties and in keeping with the business strategy to create recurring, durable cash flows. In addition, the Company will unveil a new logo and website.Company Profile Gramercy Capital Corp. is a self-managed, integrated commercial real estate investment and asset management company. The Company owns, directly or in joint venture, a portfolio of 113 office and industrial buildings totaling approximately 5.2 million square feet, net leased on a long-term basis to tenants, including Bank of America, Nestlé Waters, Philips Electronics and others. The Company’s property management business, operating under the name Gramercy Asset Management, currently manages for third-parties, approximately $1.7 billion of commercial properties leased primarily to regulated financial institutions and affiliated users throughout the United States. The Company is headquartered in New York City and has regional offices in Jenkintown, Pennsylvania and St. Louis, Missouri.
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