Gramercy Property Trust Inc. Reports Third Quarter 2013 Financial Results 11/07 05:30 AM
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NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (GPT:$4.76,00$0.06,001.28%) :
HIGHLIGHTS
Recognized total revenues of $13.4 million and recorded a net loss to common stockholders of $1.3 million or $0.02 per diluted common share.
Generated positive funds from operations (“FFO”) of $2.7 million or $0.05 per diluted common share.
Reached important milestone of first positive quarterly adjusted funds from operations (“AFFO”) since change in business direction. Generated positive AFFO of $2.2 million or $0.04 per fully diluted common share.
Acquired four properties for a total purchase price of approximately $17.7 million (initial cap rate 7.1% and GAAP cap rate 7.5%) with an average lease term of 10 years. Subsequent to quarter end, acquired two additional properties for a total purchase price of approximately $27.3 million.
Closed on a $100.0 million senior secured revolving credit facility with Deutsche Bank AG New York for an initial term of two years with an option for a one-year extension.
Raised $47.4 million of gross proceeds through the private placement of approximately 11.5 million shares of common equity at a price of $4.11 per share. The private placement settled on October 7, 2013.
Announced intentions to satisfy and pay all accrued and unpaid preferred stock dividends, and resume timely payments of preferred stock dividend beginning with the dividend due for the fourth quarter of 2013.
Expects to initiate payment of common stock dividend beginning with the first quarter of 2014.
Ended the third quarter of 2013 with cash and cash equivalents of $28.7 million as compared to $49.0 million reported at the end of the prior quarter.
SUMMARY
Gramercy Property Trust Inc. (GPT:$4.76,00$0.06,001.28%) today reported a net loss to common stockholders of $1.3 million, or $0.02 per fully diluted common share for the three months ended September 30, 2013, and net income to common stockholders of $385.4 million, or $6.56 per fully diluted common share for the nine months ended September 30, 2013. For the quarter, FFO was $2.7 million, or $0.05 per fully diluted common share, and for the nine months ended September 30, 2013, FFO was $395.2 million, or $6.73 per fully diluted common share. For the quarter the Company generated AFFO of $2.2 million, or $0.04 per fully diluted common share, and for the nine months ended September 30, 2013, AFFO was $1.3 million, or $0.02 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.
As of September 30, 2013, the Company maintained $28.7 million of unrestricted cash as compared to approximately $49.0 million reported as of June 30, 2013. Subsequent to quarter end, the Company raised approximately $45.6 million in net proceeds through the private placement of approximately 11.5 million shares of common equity.
