Gramercy Reports Increased Funds From Operations

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On March 12, 2009, Gramercy Capital(GKK Quote) reported that its Q4 FY08 funds from operations (FFO) increased 49.4% to $35.92 million from $24.05 million in the prior year's quarter. However, FFO per share remained flat at $0.69. Net income available to common stockholders plunged 59.3% to $9.44 million or $0.18 per share from $23.20 million or $0.67 per share, dragged down by a surge in depreciation expenses and provision for loan losses.

Total revenue spiked 94.9% to $165.36 million from $84.85 million a year ago, driven by strong rental revenue and operating expense reimbursements of $31.04 million. Investment income dropped 24.8% to $59.48 million from $79.12 million. Average yield on the debt instruments stood at 7.32%. Rental revenue surged significantly to $74.52 million from $2.26 million. Gain on sales and other income plunged 90.8% to $318,000 from $3.47 million in Q4 FY07. ...