Gramercy Property Trust, Inc.NYSE
Could Gramercy Double Again?
Chris DeMuth Jr. • 35 Comments
Chris DeMuth Jr. • 35 Comments
Gramercy Property Trust: The Trustworthy REIT Keeps On Chugging
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.”
Mon, Sep. 12, 7:00 AM
- Gramercy Property Trust (NYSE:GPT) and TPG Real Estate have formed Strategic Office Partners, a vehicle to put together a portfolio of up to $1B of single-tenant office assets over the next three years in high-growth metro areas of the U.S. Gramercy will hold a 25% stake in the venture.
- Together, TPG and Gramercy have committed $400M and secured a $200M non-recourse credit facility from Morgan Stanley.
- The platform has been seeded by Gramercy's sale to it of six office assets valued at $187.5M.
- With this sale, Gramercy has disposed of about $1.4B of non-core assets this year, though the sale of this portfolio was done at a cheaper valuation (9.5% cap rate) than typical (6.9% YTD disposition cap rate).
Fri, Sep. 9, 4:30 PM
Wed, Aug. 31, 7:25 AM
- The company closed two separate deals for single-tenant industrial properties in the Chicago MSA. Total year 1 NOI for the two will be $4M for a 6.6% initial cap rate. The annualized straight-line cap rate is 6.9%. The average remaining lease term is 17.2 years.
- A very busy buyer and seller of properties of late, Gramercy (NYSE:GPT) has posted presentation materials updating its portfolio.
Tue, Aug. 30, 6:38 AM
- Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announces that it closed on the sale of three single-tenant office buildings in Princeton, New Jersey, Burlington, Massachusetts and Bloomington, Minnesota and one single-tenant industrial facility in Phoenix, Arizona for aggregate gross proceeds of $206.7M.
- The weighted average remaining lease term for the four sold properties was 10.1 years at closing and the blended exit cap rate was 7.4% on next twelve months NOI.
- The property sales are a part of GPT's previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties. With them, it has sold ~$1.3B of of single and multi-tenant assets in the United States and Europe in 2016.
- Source: Press Release
Thu, Aug. 18, 4:39 PM
- The first purchase is a newly constructed 448.5K square foot distribution center leased to a multi-brand retailer in the Boston MSA.
- The second is a 677K square foot distribution facility built in 2015, leased to a producer of breakfast cereal products, and located in the Memphis MSA.
- Aggregate year 1 NOI is expected to be $4.5M for a 6.6% initial cap rate, with a weighted average remaining lease term of 9.3 years.
Thu, Aug. 18, 3:02 PM
- President Benjamin Harris sold 100K shares of company stock yesterday at an average price of $9.55 each, bringing his stake in GPT down to 394K shares.
- The Chambers Street acquisition initially spooked many investors, but Gramercy has bounced in a big way since, and is up nearly 25% in 2016. Harris' sales occurred at just under the 52-week high of $10.03.
Wed, Aug. 3, 7:35 AM
- Q2 core FFO of $88.6M or $0.21 per share vs. $25.9M and $0.14 one year ago. AFFO of $77.9M or $0.18 per share vs. $23M and $0.13. Dividend is $0.11.
- Acquired 23 properties during quarter for $354.9M. The initial cap rate was 7.3%; annualized straight line cap rate of 8.2%. Sold four office properties for $116.2M; cap rate of 8.8%.
- Gramercy Asset Management had fee revenue of $18.3M vs. $5M in Q1, mostly thanks to incentive fees earned.
- ATM equity issuance program approved for up to $400M.
- Conference call at 11 ET
- Previously: Gramercy Property Trust reports Q2 results (Aug. 3)
- GPT flat premarket
Wed, Aug. 3, 6:41 AM
Wed, Jul. 20, 7:16 AM
- Gramercy Property Europe (NYSE:GPT) acquired a logistics facility in Frechen, Germany for about €10.4M. The cross-dock building spans 198K square feet and is leased through July 2025 to a subsidiary of Germany's largest supermarket chain.
- The fund has acquired about €623M of net lease properties since inception, totaling nearly 10M square feet in Germany, the Netherlands, Poland, France, and the U.K.
Fri, Jul. 15, 3:46 PM
- The 10-year Treasury yield has shot up another six basis points to 1.60% - its highest level since the Brexit vote - but equity REITs instead may be focusing on improving economic conditions as noted by perky retail sales and inflation reports this morning.
- With the major averages flat, a number of REIT sectors are on the move higher. In roughed-up lodging: Sunstone Hotel (SHO +4.2%), Pebblebrook (PEB +3.6%), Summit (INN +1.8%). Senior living: Omega Healthcare (OHI +2.6%), Ventas (VTR +1.5%). Industrial: Stag (STAG +2.6%), Gramercy Property (GPT +1.2%).