Gramercy Property Trust Inc. (GPT)

[Enterprising Investor]

Gramercy Property Trust Announces $86.0 Million in Acquisitions and Secures $12.6 Million Senior Mortgage Financing (11/25/13)

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has closed on six new properties in four separate transactions totaling approximately one million square feet, for a total purchase price of approximately $86.0 million. For the combined acquisitions, Year 1 net operating income is approximately $6.4 million (7.5% initial cap rate, 8.6% GAAP cap rate) with fixed rent escalations throughout the respective lease terms and a weighted average lease term of 11.6 years.

In addition, Gramercy assumed a $22.5 million mortgage at a fixed rate of 4.0% with 6.1 years remaining secured by one of the new acquisition properties.

Gramercy also closed a ten-year $12.6 million senior mortgage financing on its previously acquired 220,000 square foot cold storage and distribution facility located in Yuma, Arizona. The loan has a fixed interest rate of 5.15%.

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 an asset management business that manages for third-parties, including our joint venture partners, commercial real estate assets throughout the United States primarily leased to financial institutions and affiliated users.

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/20131125005166/en/Gramercy-Property-Trust-Announces-86.0-Million-Acquisitions