Gramercy Property Trust (GPT) is a stock without a constituency: a triple-net-lease REIT that doesn't pay a dividend. This leaves it unloved and undervalued despite a high-quality portfolio of industrial and office properties. The pedigreed management team, strongly incentivized to raise PPS to $7.00 or preferably $9.00, offers unparalleled transparency and a focus on quality and residual value rather than pure headline cap rate. Operational leverage inherent in the business model suggests shares should be worth north of $7.00 (50%+ upside) over the next few years as management executes on its business plan and reinstates a dividend for common shareholders.
Background: The Gramercy Story
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