Gramercy Property Trust Inc. (GPT)

[Country Lawyer]

Gentlemen/ladies: I have not been on this board for a long while but have been involved with Gramercy since 2007. Rode it down a bit, but it has treated me VERY well since. Patience paid off especially with 5 years of accrued perf divs. This company is not the same as it was several years ago. The new management has done all that it has promised including changing the operating plan and executed well so far. Although I would be delighted to see it reach the old highs since we still hold a large positions on common, plus some perf A, I think that talking the 30's is out of range for a very long time. Optimistically I could see 7+ by the end of this year, 9 to 10 in 2015, but 30---perhaps in 5 years if the stars are in alignment and DuGan keeps growing the company. Just my opinion. Good Luck and I secretly hope you are surprisingly correct!