Gramercy beats estimates amid slowing pace of acquisitions


Adjusted FFO of $3.6M or $0.05 per share vs. $3.4M or $0.05 in Q4. Street expectations were for $0.01.

Reaffirms guidance of $0.09-$0.11 in each of Q3 and Q4. Current dividend is $0.035.

Liquidity on hand of $153.4M vs. $81.1M at end of Q4

One property acquisition in Q1 and two more since Q2 started

Asset management business fee revenue of $7M in Q1 vs. $10.6M in Q4

BofA JV generated $500M in earnings vs. $3M loss in Q4

CC at 2 ET

GPT no trades premarket

Comments (5)
  • HFI
    , contributor
    Comments (1585) | Send Message
     
    wow great beat! If guidance plays out and GPT can pay 0.08 per quarter, then it would be very nice.
    8 May 2014, 08:48 AM Reply Like
  • gsterling
    , contributor
    Comments (1348) | Send Message
     
    Good Q. $0.09-$0.11 starting in Q3 will bring them to an average run rate of $0.36 - $0.44. Taking the midpoint of that I think $6/share is a reasonable price in the next 6 months and they seem to be growing at a nice clip. And yes they should be able to increase the divvy too.
    8 May 2014, 09:02 AM Reply Like
  • samdhale
    , contributor
    Comments (9) | Send Message
     
    Haven't seen any comments from Chris DeMuth on the subject of GPT of late. I miss his informative insight on the subject of GPT and its progress (or lack of it).
    9 May 2014, 07:54 AM Reply Like
  • HFI
    , contributor
    Comments (1585) | Send Message
     
    Nothing more to add really IMO. He's done such a great job that I think the car can drive itself now.
    9 May 2014, 10:06 AM Reply Like
  • gsterling
    , contributor
    Comments (1348) | Send Message
     
    Agreed. The turnaround is done. Now it's just in the hands of a very capable CEO.
    9 May 2014, 10:33 AM Reply Like
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