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Tuesday, December 09, 2014 4:53:05 PM
Issues Outlook for 2015
NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that its Board of Directors declared a fourth quarter 2014 dividend of $0.05 per common share, an increase of approximately 43% over the previous quarterly dividend. The dividend is payable on January 15, 2015 to holders of the Company’s common stock and to unitholders of GPT Property Trust LP of record as of the close of business on December 31, 2014.
The Board of Directors also declared a dividend on the 7.125% Series B Cumulative Redeemable Preferred Stock from and including the original issue date to and including December 31, 2014 in the amount of $0.67292 per share, payable on December 31, 2014 to preferred stockholders of record as of the close of business on December 15, 2014.
The Company also announced its outlook for 2015 as follows:
Expected Core FFO of $0.45 - $0.50 per common share.
• Assumes contribution from asset management business of approximately $4.4 million net of tax (effective tax rate of 36.0%)
• Assumes management, general and administrative expenses of approximately $17.0 million, including non-cash stock compensation expense
• Assumes 2015 acquisitions having an aggregate gross purchase price (including debt assumed) of $600.0 - $900.0 million (inclusive of today’s announcement of our agreement to acquire 12 assets from Dividend Capital Diversified Property Fund Inc. for approximately $399.0 million and approximately $56.0 million of contracted acquisitions we expect to close in the first quarter of 2015)
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates a commercial real estate asset and property management business for third parties.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 212-297-1000.
http://www.businesswire.com/news/home/20141209006609/en/Gramercy-Property-Trust-Announces-Increase-Quarterly-Common#.VIdu9ol0yUk
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