Dec. 17, 2015, 4:09 PM
- The combined company - named Gramercy Property Trust and trading under the GPT symbol - inks a new senior unsecured credit facility consisting of an $850M revolver, a $300M three-year loan, and a $750M five-year loan. This facility replaces previous ones issued to Gramercy and Chambers Street (NYSE:CSG).
- GPT gained 2.9% today, and CSG 3.5%.
Aug. 11, 2015, 12:59 PM
- The Fed may be determined to hike rates, but deflationary signals are everywhere, with Beijing the latest government to acknowledge such with its devaluation overnight.
- Crude oil has taken out a new six-year low, tumbling another 4% to $43.15 per barrel, and copper's 3% decline has brought it to a fresh six-year low. The grains are all down by 2% or more, but gold is marginally higher.
- The major U.S. averages are down more than 1%, and Europe fell 1.5% today.
- The 10-year Treasury yield is lower by a full ten basis points to 2.13%.
- Leading the heavily discounted mREIT sector higher are Annaly Capital (NLY +1.1%), American Capital Agency (AGNC +1.3%), CYS Investments (CYS +1.2%), New York Mortgage (NYMT +1.6%), Hatteras Financial (HTS +1.3%), Capstead (CMO +1%), Anworth (ANH +1.4%), Dynex Capital (DX +2.6%), and AG Mortgage (MITT +1.6%).
- ETFs: MORL, REM, MORT, LMBS
- In equity REITs: National Retail (NNN +1.2%), Equity Residential (EQR +1.5%), AvalonBay (AVB +1.2%), General Growth (GGP +1.9%), Kimco (KIM +1.4%), Whitestone REIT (WSR +2.9%), Washington Real Estate (WRE +1.2%), Hospitality Properties (HPT +2.3%), Chamber Street (CSG +1.1%).
- ETFs: IYR, VNQ, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, IARAX
Jul. 1, 2015, 9:34 AM
- Given the boosted size of the company following a merger with Chambers Street Properties (NYSE:CSG), will Gramercy Property Trust (NYSE:GPT) still be sourcing attractive, off-market, one-off deals, CEO Gordon DuGan is asked on the post-merger announcement conference call.
- Acknowledging it'll be a lot harder to add value now with those sorts of deals, DuGan assures there will remain plenty of opportunities to attractively allocate capital. Nominal growth can continue, says DuGan, reminding that's what's more important is EPS growth, and that will continue as well.
- Webcast and presentation slides
- Earlier announced synergies of $15M annually will amount to $0.04 per share for the combined company.
- The near-term action plan after closing: Reduce G&A expense, reduce office exposure with the sale of $500M-$700M worth of properties in year one (long term goal of 25% or less office exposure), grow European portfolio, maintain low leverage, improve quality of earnings, grow the dividend.
- GPT is flat in early action, CSG is lower by 7.7%
- Previously: Chambers Street Properties and Gramercy Property to merge (July 1)
- Seeking Alpha contributor - arguably the hammer on Gramercy Property Trust - Chris DeMuth calls the deal a good one for GPT owners, especially given the management team which will be running the merged company.
Jun. 10, 2015, 1:00 PM
- A Bloomberg report earlier said Chambers Street (CSG +6.5%) is considering putting itself on the block after receiving at least one offer from a competitor.
- Presenting at NAREIT's REITWeek conference, interim CEO Martin Reid is asked about what the company might do to close what may be a gap between the stock price and NAV, but he offers no hint as to whether management and the board are considering a sale. "As a publicly traded company, you're always exploring options, but I can't comment on rumors."
- Webcast and presentation slides
Jun. 10, 2015, 9:15 AM
Apr. 20, 2015, 10:29 AM
- Commercial real estate may be getting perky and the industrial names are outliers to the upside in the REIT sector today after Prologis' $5.9B purchase of KTR Capital Partners, announced over the weekend.
- First Industrial Realty (FR +1.5%), DCT Industrial Trust (DCT +1.6%), Eastgroup Properties (EGP +1.2%), Chambers Street (CSG +1.4%).
- ETFs: IYR, VNQ, DRN, URE, SCHH, ICF, SRS, RWR, KBWY, DRV, REK, FRI, FTY, PSR, FREL, WREI
- Previously: Prologis inks $5.9B portfolio purchase deal (April 19)
Apr. 10, 2015, 9:52 AM
- Chambers Street Properties (CSG +1.3%) and Rexford Industrial Realty (REXR +1.5%) are both started with Buys. Also rated Buy is Terreno Realty (TRNO +0.6%).
- Initiated at Neutral are Duke Realty (DRE +0.4%), Eastgroup Properties (EGP +1.8%), Monmouth Real Estate (MNR), and Stag Industrial (STAG +0.3%).
Feb. 6, 2015, 10:19 AM
- Equity REITs have had as a big of a move as any sector over the past year as interest rates confounded the experts and continued to fall. WIth today's jobs report and a summer rate hike looking far more likely, fans of the income favorites are reassessing.
- Realty Income (O -4.3%), National Retail Properties (NNN -3.9%), Omega Healthcare (OHI -3.5%), Ventas (VTR -4%), HCP (HCP -2.3%), Equity Residential (EQY -2%), Essex Property (ESS -2.1%), Simon Property (SPG -2.1%), General Growth (GGP -1.5%), Inland Real Estate (IRC -2.3%), Federal Realty (FRT -2.6%), Extra Space Storage (EXR -2.1%), Government Properties (GOV -1.8%), Washington Real Estate (WRE -2.1%), Hospitality Properties (HPT -1.8%), Chambers Street (CSG -1.5%), American Campus Communities (ACC -1.5%).
- ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI
Oct. 30, 2014, 12:25 PM
- Q3 Core FFO of $41.9M vs. $40.2 in 3Q13. Recently monthly dividend hiked to $0.0425.
- 97.3% of portfolio leased up 140bps from Q2.
- Executed 18 leases for more than 1.5M sq. feet Portfolio:
- 129 properties approx. 36.3M sq. feet
- FY FFO guidance tightened to $0.66-$0.69
- CSG +2.4%
- Previous: Chambers Street Properties beats by $0.01, beats on revenue
Dec. 19, 2013, 11:19 AM
- The broad market is quiet today following yesterday's big session, but the equity REIT sector has its eyes focused on rising Treasury yields, particularly in the belly of the curve where the 5-year yield is higher by 10 basis points on the session and all the way up to 1.64% (it was 1.3% at Thanksgiving).
- Realty Income (O -3.6%), National Retail (NNN -2.4%), Health Care REIT (HCN -3.1%), LTC Properties (LTC -3.6%), Medical Properties (MPW -2.5%), Federal Realty (FRT -1.9%), Retail Opportunity (ROIC -1.1%), Chambers Street (CSG -1.8%).
- Related ETFs: IYR, VNQ, DRN, URE, SRS, RWR, ICF, SCHH, DRV, KBWY, REK, FRI, FTY, PSR, WREI
Chambers Street Properties is a self-administered real estate investment trust (REIT), focused on acquiring, owning and managing net leased industrial and office properties leased to creditworthy tenants.
Industry: REIT - Office
Country: United States
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