Seeking Alpha

Gramercy to resume preferred dividends in Q4; targets 2014 for common payout

  • Following last week's $47.4M private placement of common shares (expected to close today), Gramercy Property Trust (GPT) announces its intention to resume payments on its preferred stock beginning with the dividend due in Q4.
  • The company has identified a $130M pipeline of investment opportunities, and says the capital raise will help with executing these acquisitions, and allowing dividend-paying ability in 2014
  • A conference call and presentation is scheduled for 4:30 ET.
  • Press release.
  • Friday evening: Gramercy raises $47.4M.
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Comments (8)
  • Wilson Wang
    , contributor
    Comments (857) | Send Message
     
    Not to mention the accrued preferred to be paid off.
    7 Oct 2013, 08:51 AM Reply Like
  • TFCAB
    , contributor
    Comments (1977) | Send Message
     
    i want to see that pipeline start kicking out some primo properties while this window of opportunity w/ low rates are with us.
    7 Oct 2013, 08:57 AM Reply Like
  • Wilson Wang
    , contributor
    Comments (857) | Send Message
     
    The pipe is 8.5% GAAP and 7.4% Cash cap rates.

     

    Approximately 9.7 million NOI 1st year.
    7 Oct 2013, 09:01 AM Reply Like
  • Wilson Wang
    , contributor
    Comments (857) | Send Message
     
    The people that bought the shares are.

     

    Purchaser Name
    BHR Master Fund, Ltd.
    BHR OC Master Fund, Ltd.
    Monaco Partners LP
    Skyland Inc.
    Merestone Partners LP
    Luxor Capital Partners, LP
    Luxor Capital Partners Offshore Master Fund, LP
    Luxor Wavefront, LP
    OC 19 Master Fund, L.P.-LCG
    Cohen & Steers Total Return Realty Fund, Inc.
    Cohen & Steers Quality Income Realty Fund, Inc.
    Cohen & Steers REIT and Preferred Income Fund, Inc.
    7 Oct 2013, 09:02 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (8690) | Send Message
     
    Well its about time...
    7 Oct 2013, 09:03 AM Reply Like
  • jaginger
    , contributor
    Comments (562) | Send Message
     
    I think this is what Demuth has been saying all along (other than common dividend in 2014 vs late 2013)....I'd say he got it pretty well right.
    7 Oct 2013, 09:14 AM Reply Like
  • EJT
    , contributor
    Comments (32) | Send Message
     
    Cohen and Steers are the top tier investor in REIT space, best investor you can get. When common div resumes, they will buy heavy.
    7 Oct 2013, 10:57 AM Reply Like
  • buyin
    , contributor
    Comments (3) | Send Message
     
    Does anyone know the ex-div date and payment date for the pref?
    What will the amount be?
    Thanks.
    8 Oct 2013, 04:14 AM Reply Like
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