Gramercy Property Trust, Inc.NYSE
Tue, Nov. 22, 4:22 PM
- It's been a good year for Gramercy Property Trust (NYSE:GPT), but the stock's been roughed up a bit alongside the rest of the REIT sector since late summer.
- Board member Charles Black yesterday purchased about $830K of company stock, picking up roughly 97.8K shares at $8.50 each. He and his family now own more than 205K shares.
- GPT today gained 4.15% to close at $8.76.
Tue, Nov. 22, 7:35 AM
- Sold were three single-tenant office buildings in San Diego, Lake Mary, FL, and Las Colinas, TX for total gross proceeds of $106.3M, or a blended cap rate of 7.3%.
- With these sales, GPT has now sold more than $1.5B of single- and multi-tenant assets in the U.S. and Europe this year. Another $120M of properties are on the block.
Mon, Nov. 14, 3:07 PM
- With interest rates shooting higher today, the REIT selloff resumed this morning, but there's been a major reversal, with the VNQ now up 2.5% and IYR +2% vs, the S&P 500's flat performance.
- Among the movers: Vereit (VER +1.4%), Omega Healthcare (OHI +3.5%), HCP (HCP +4.7%), Lexington Realty (LXP +4.8%), UDR (UDR +3.4%), General Growth (GGP +3.6%), CubeSmart (CUBE +1%), Host Hotels (HST +5.1%), Gramercy Property (GPT +3.2%).
Mon, Nov. 14, 9:26 AM
Fri, Nov. 11, 12:53 PM
- Surging interest rates this week had investors pulling money from income favorites like REITs and utilities, and rotating into yield-starved banks, insurance companies, and brokerages.
- With the bond market closed for Veteran's Day, rates are taking the day off, and REITs and utilities (XLU +0.3%) are seeing a sizable bounce. VNQ +1.1%, IYR +0.9%
- Retails rates are thought to be more exposed than most to rising rates, and they were among the hardest hit. Today: Realty Income (O +1.6%), Vereit (VER +4.3%), National Retail (NNN +1%), Store Capital (STOR +4.3%)
- Other equity REITs: Omega (OHI +0.5%), LTC Properties (LTC +2%), Healthcare Trust (HTA +2.2%), Gramercy Property (GPT +3%), Gladstone Commercial (GOOD +4.3%), Lexington Realty (LXP +2.4%), General Growth (GGP +1%), Simon Property (SPG +1%), Retail Opportunity (ROIC +2.5%), Life Storage (LSI +1.4%), First Potomac (FPO +7.5%), Stag Industrial (STAG +1.5%)
Wed, Nov. 2, 7:31 AM
- Q3 core FFO of $76.6M or $0.18 per share vs. $31.7M and $0.17 one year ago. AFFO of $0.16 per share vs. $0.14. Dividend is boosted 13.6% to $0.125 per share.
- 16 properties acquired during quarter for $264.8M (6.8% initial cap rate; 7.3% annualized straight-line). Dispositions totaled $206.7M at a blended cap rate of 7.4%. Contributed six assets valued at $187.5M to the newly-formed Strategic Office Partners JV with TPG Real Estate.
- Full-year core FFO guidance is narrowed to $0.72-$0.74 per share; AFFO to $0.66-$0.68.
- Conference call at 11 ET
- Previously: Gramercy Property Trust FFO in-line, beats on revenue (Nov. 2)
- GPT flat premarket
Wed, Nov. 2, 6:35 AM
Wed, Nov. 2, 6:29 AM
Tue, Nov. 1, 5:30 PM
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Thu, Oct. 27, 10:42 AM
- The 10-year Treasury yield is making new bear-cycle highs today, up another seven basis points to 1.86% - its perkiest level since May. The move up in yields is global, with U.K. 10-years up 11 bps and Germany's up 8.5 bps.
- Earlier today, the U.K. reported Q3 GDP growth of 0.5% - far better than what had been predicted post-Brexit.
- Facing at least a little more competition in the yield department, equity REITs have turned sharply lower, with VNQ down 2.1%, and IYR off 1.8%. Mortgage REITs (REM -0.6%) are faring a little better as solid Q3 earnings begin to roll in.
- The major U.S. averages have given up early gains and turned red, led by the S&P 500 and Nasdaq, both off 0.25%.
- Individual equity REITs: Verreit (VER -2.2%), Welltower (HCN -2.4%), Equity Residential (EQR -1.6%), Omega Healthcare (OHI -3.2%), Simon Property (SPG -3.2%), General Growth (GGP -2.6%), Public Storage (PSA -2.9%), Gramercy Property (GPT -1.9%), Washington Real Estate (WRE -1.2%), Hersha (HT -2.9%), Sunstone Hotel (SHO -1.4%), Stag Industrial (STAG -2%)
- Mortgage REITs: AGNC Investment (AGNC -1.5%), Annaly (NLY -0.7%), Two Harbors (TWO -0.4%), Capstead (CMO +0.3%)
- ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX, RORE
Tue, Oct. 18, 7:32 AM
- The ten separate deals resulted in the acquisition of 14 single tenant industrial properties across a number of MSAs. The deals summed to $246.5M, all-cash, and totaled 2.5M square feet. One of the buys is a build-to-suit location in the Charleston MSA for $31.2M.
- Year 1 NOI is expected to by about $16.6M for a 6.7% initial cash cap rate and 7.5% annualized straight-line cap rate, with weighted average remaining lease term of 11.8 years.
Tue, Oct. 4, 4:29 PM
- Chatter of the ECB's plan to begin tapering monthly bond purchases sent interest rates sharply higher today, and REITs sharply lower.
- The 10-year Treasury yield gained 6.3 basis points to 1.688%.
- The mortgage REITs (REM -2.2%): Annaly (NLY -3.1%), Armour (ARR -1.2%), Two Harbors (TWO -2.9%), Chimera (CIM -3.9%), CYS (CYS -2.4%), Invesco (IVR -3%), Western Asset (WMC -2.8%), MFA Financial (MFA -2.7%), AG Mortgage (MITT -3.1%)
- Equity REITs (VNQ -1.4%): Realty Income (O -2.6%), WellTower (HCN -2.6%), HCP (HCP -2%), Vereit (VER -2.3%), Equity Residential (EQR -0.9%), Simon Property (SPG -1.5%), Public Storage (PSA -1.8%), Government Properties (GOV -2.7%), Gramercy Property (GPT -2.2%), Stag Industrial (STAG -3%)
- ETFs: VNQ, IYR, MORL, REM, MORT, DRN, RQI, URE, SCHH, ICF, RWR, SRS, RNP, RFI, JRS, KBWY, NRO, DRV, RIT, RIF, REK, DRA, FRI, FTY, FREL, LRET, PSR, WREI, XLRE, IARAX
Wed, Sep. 21, 7:07 AM
- The company priced $350M in senior unsecured notes at a weighted-average maturity of eight years and a weighted-average fixed interest rate of 4.12%.
Tue, Sep. 20, 3:06 PM
- The P-E giant has agreed to buy a portfolio of mostly West Coast logistics centers from LBA Realty for $1.5B, reports the WSJ.
- In the age of Amazon.com logistics is the hottest part of the commercial property sector, with prices for distribution centers and such still on the rise even as those for things like office buildings and malls show signs of cooling.
- "Distribution used to be just another part of the supply chain. Now logistics has moved up in its importance in corporate strategy," says Charles Sullivan of Global Logistics Properties.
- Interested parties (other than BX): Stag Industrial (NYSE:STAG), Prologis (NYSE:PLD), Liberty Property (NYSE:LPT), First Industrial (NYSE:FR), DCT Industrial (NYSE:DCT), Eastgroup (NYSE:EGP), Rexford Industrial (NYSE:REXR), Terreno Realty (NYSE:TRNO), Monmouth (NYSE:MNR), Gramercy Property (NYSE:GPT).
Mon, Sep. 19, 4:17 PM
Tue, Sep. 13, 7:42 AM
- Fitch assigns a BBB credit rating with stable outlook to Gramercy Property Trust (NYSE:GPT) and the company's operating partnership.
- GPT President Ben Harris: "We believe the rating speaks to our high quality real estate portfolio and will afford the Company additional financial flexibility as we continue to scale and operate our business.”