- Recognized total revenues of $16.3 million and recorded a net loss to common stockholders of $6.7 million or $0.11 per diluted common share.
- Generated negative funds from operations, or FFO, of $3.5 million or $0.06 per diluted common share.
- Generated adjusted funds from operations, or AFFO, of $0.0 million or $0.00 per fully diluted common share.
- Acquired 11 properties for a total purchase price of approximately $111.2 million with an average lease term of 15 years.
- Sold the defeased mortgage and corresponding pool of pledged treasury securities in the Bank of America Joint Venture, generating net cash proceeds of $1.8 million to the Company and eliminating future interest expense (or losses) related to the defeased mortgage.
- Reduced management, general and administrative expenses, or MG&A, to $4.3 million for the quarter from $4.4 million from the prior quarter. MG&A was $9.3 million for the same quarter of the prior year.
- Recognized $5.4 million of incentive fees based upon the value of the KBS Portfolio at quarter end.
- Recorded an impairment to write-down the carrying value of retained CDO bonds by approximately $1.0 million to $7.6 million.
- Ended the second quarter of 2013 with cash and cash equivalents of $49.0 million as compared to $100.5 million reported at the end of the prior quarter.
Gramercy Property Trust Inc. Reports Second Quarter 2013 Financial Results
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