NEW YORK (TheStreet) -- Gramercy Property Trust (GPT) shares are up 5.9% to $6.30 on extremely heavy trading volume as the real estate investment and management company announced that it was upsizing its public offering to 52 million shares from its initial plan to offer 45 million shares.
The company priced the offering at $5.90 per share with the underwriters of the offering having an additional 30 days to purchase up to 7.8 million shares of the company's common stock following the offerings scheduled close on December 16.
Gramercy will use the funds generated to repay outstanding borrowings under its revolving credit facility as well as pay for the previously announced acquisition of a portfolio of properties.
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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, good cash flow from operations 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."