Gramercy Property Trust priced the upsized offering at $4.98 a share. The underwriters of the offering will have a 30-day option to purchase up to an addition 6 million shares of common stock.
The company said it plans to use part of the net proceeds of the offering to fund the its recently-announced acquisition of the 50% joint venture interest held by Garrison Investment Group affiliates. Gramercy Property Trust currently owns 50% of the joint venture.
The rest of the proceeds will be used for general corporate purposes including acquisitions and working capital purposes.
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TheStreet Ratings team rates GRAMERCY PROPERTY TRUST INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate GRAMERCY PROPERTY TRUST INC (GPT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, impressive record of earnings per share growth and increase in stock price during the past year. However, as a counter to these strengths, we also find weaknesses including deteriorating net income and poor profit margins."