Gramercy Property Trust Inc. Reports Second Quarter 2013 Financial Results

Gramercy Property Trust Inc. (NYSE: GPT):

QUARTERLY HIGHLIGHTS
  • 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.

SUMMARY

Gramercy Property Trust Inc. (NYSE: GPT) today reported a net loss to common stockholders of $6.7 million, or $0.11 per fully diluted common share, and for the six months ended June 30, 2013, net income to common stockholders of $386.7 million, or $6.59 per fully diluted common share. For the quarter, FFO was negative $3.5 million, or $0.06 per fully diluted common share, and for the six months ended June 30, 2013, FFO was $392.5 million, or $6.69 per fully diluted common share. For the quarter the Company generated AFFO of $0.0 million, or $0.00 per fully diluted common share, and for the six months ended June 30, 2013, AFFO was negative $0.9 million, or $0.01 per fully diluted common share. A reconciliation of FFO and AFFO to net income available to common stockholders is included on page 9 of the press release.

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