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Gramercy Property Trust, Inc. (GPT)

  • Wed, May 13, 8:49 AM
    • GPT President Benjamin Harris: "Receiving an investment grade credit rating from Moody's represents another significant milestone in Gramercy's evolution as a best-in-class net-lease REIT. We believe the rating affirms the quality of the portfolio we have assembled over the last three years and will afford the Company additional financial flexibility as we continue to grow our business."
    • The Baa3 rating comes with a stable outlook.
    • Source: Press Release
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  • Fri, May 8, 8:50 AM
    • The portfolio of three West Coast single-tenant industrial properties totaling about 240K square feet was purchased by GPT at a 7.2% annualized straight-line cap rate. The portfolio is 100% leased to a single tenant, a producer and fabricator of steel.
    • Source: Press Release
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  • Thu, May 7, 10:53 AM
    • Noting Gramercy Property Trust (GPT +0.2%) is trading at a 5% discount to the price at which it raised capital last month, Compass Point's Wilkes Graham says the next year could see 30% upside thanks to guidance boosts, a dividend increase which might top 50%, and multiple expansion as the portfolio grows.
    • Management notes the current above-average environment for acquisitions, with the shakeup at American Realty Capital no doubt helping.
    • Graham sees run-rate core FFO of $2.07 per share in Q4 vs. company guidance of $1.80-$2.00 thanks to increased acquisition assumptions of $1.1B this year vs. $600M-$900M guidance.
    • Reiterating his Buy rating, Graham boosts the price target to $34 from $33.
    • Previously: Gramercy Property call: Net lease companies are not bond portfolios (May 6)
    • Previously: Gramercy Property Trust digests major Q1 purchase (May 6)
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  • Wed, May 6, 9:33 PM
    • "Well run net lease companies are growth companies," says Gramercy Property Trust (NYSE:GPT) CEO Gordan DuGan on today's earnings call (transcript). Aiming to put to rest the idea that rising interest rates mean companies like Gramercy are sells, DuGan says smart managers with access to capital and with the ability to make accretive purchases can grow EPS through a variety of rate environments.
    • Presentation slides (see slides 7 and 8)
    • Current Gramercy management took over in July 2012 when the 10-year yield was about 1.5%, says DuGan, so essentially has already been running the company through a Treasury bear market ... and has managed to do pretty well. Others like Realty Income (NYSE:O), National Retail Properties (NYSE:NNN), and STAG Industrial (NYSE:STAG) have also grown the stock price (and the dividend) over this time frame.
    • Previously: Gramercy Property Trust digests major Q1 purchase (May 6)
  • Wed, May 6, 8:46 AM
    • Q1 core FFO of $20.8M or $0.43 per share vs. $13.5M and $0.10 in Q4. AFFO of $16.9M or $0.35 per share. Dividend is $0.20.
    • Full-year core FFO guidance of $1.80-$2.00 per share is reaffirmed.
    • 27 properties acquired in 9 separate deals during quarter for about $570M, The initial cap rate is 7.6%; annualized straight-line of 8%. Acquisitions this quarter include the 12-property deal for $398.6M which closed on March 11.
    • Just one property purchased since quarter's end for $24.1M.
    • Conference call at 11 ET
    • Previously: Gramercy Property Trust reports Q1 (May 6)
    • GPT flat premarket
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  • Wed, May 6, 8:32 AM
    • Gramercy Property Trust (NYSE:GPT): Q1 EPS of -$0.03 misses by $0.01.
    • Revenue of $47.94M (+207.7% Y/Y) beats by $10.31M.
    • Press Release
    | 1 Comment
  • Tue, May 5, 10:31 AM
    • A big move higher in interest rates continues, with the 10-year Treasury yield up another six basis points to 2.20% - roughly the level at which it started the year (it fell as low as 1.65% in early February).
    • The move here is small-time compared to what's going on across the pond, as the absurd levels of two weeks ago become somewhat less absurd. Ten-year Bund yields are up to 0.51% from 0.05%. Italian 10-years are up 30 bps today to 1.78%, with a similar move in Spain.
    • The IYR is down 1.1%.
    • Individual names: Realty Income (O -1.3%), Senior Housing Properties (SNH -1.5%), Medical Properties Trust (MPW -2.4%), Gramercy Property Trust (GPT -1.8%), Equity Residential (EQR -1.4%), AvalonBay (AVB -1.5%), Government Properties (GOV -2.3%), Pebblebrook Hotel (PEB -2%), Eastgroup Properties (EGP -1.6%), American Campus (ACC -1.4%).
    • Mortgage REITS (REM -0.6%) are outperforming the equity names: Annaly (NLY -0.7%), American Capital Agency (AGNC -0.6%), Two Harbors (TWO -0.7%), CYS Investments (CYS -0.3%), Invesco (IVR -0.2%).
  • Tue, Apr. 28, 4:23 PM
    • Gramercy Property (NYSE:GPT) Europe closes its first deal with the purchase and leaseback of a 430K square foot industrial warehouse near Neuwied, Germany for €21M. The property is leased to a leading German wholesaler of tires, rims, and wheels.
    • Source: Press Release
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  • Thu, Apr. 9, 8:54 AM
    • The secondary offering size of 8.5M shares was upsized from the originally announced 7M. The underwriter greenshoe is now 1.275M shares.
    • The offering priced at $27.75 each.
    • Source: Press Release
    • GPT -1.9% premarket to $28.07.
    • Previously: Capital raise at Gramercy Property Trust (April 8)
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  • Wed, Apr. 8, 5:38 PM
    • Top gainers, as of 5:15 p.m.: SALT +8.4%. EPE +7.1%. RNDY +6.4%. APOG +5.6%. EGY +5.1%.
    • Top losers, as of 5:15 p.m.: ZNGA -10.3%. NOAH -3.6%. BBBY -3.5%. AA -3.4%. GPT -3.0%.
  • Wed, Apr. 8, 4:11 PM
    • Gramercy (NYSE:GPT) files to sell 7M shares in a secondary offering. The underwriter greenshoe is for another 1.05M shares. The funds will be used to pay down the company credit line until the money is needed for new acquisitions.
    • Source: Press Release
    • The stock's lower by 0.5% after hours.
    | Comment!
  • Tue, Apr. 7, 4:37 PM
    • The case stems from Gramercy Property Trust's (NYSE:GPT) 2010 sale of its 45% stake in the leased fee of a NYC property. The NYC Dept. of Finance assessed a $2.9M transfer tax, of which Gramercy appealed to the NYC Tax Appeal Tribunal.
    • The Tribunal on April 1 rejected Gramercy's petition. The company has 30 days to file another appeal.
    • Gramercy has $4.5M reserved which should cover both this assessment and a smaller one from the New York State Dept. of Taxation.
    • SEC Form 8-K
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  • Mon, Apr. 6, 8:40 AM
    • The first property is a 75K square foot manufacturing facility in the Chicago MSA leased through May 2022. The second deal is a 95K square foot post-production office building in Burbank, CA leased through 2026.
    • Combined, year one NOI is expected to be about $1.9M - a 7.2% initial cap rate; 8.2% annualized straight-line cap rate.
    • Source: Press Release
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  • Wed, Mar. 18, 3:28 PM
    • The Fed earlier cuts its forecasts for GDP growth, inflation, and the pace of rate hikes. Alongside, it also lowered NAIRU - the level at which unemployment threatens accelerating inflation.
    • The 10-year Treasury yield is lower by 13 basis points to 1.92% following the news, sending the board averages to near-1.5% gains, but the strongest names are the equity REITs.
    • IYR +2.3%
    • National Retail Properties (NNN +3%), Spirit Realty (SRC +3.1%), Senior Housing Properties (SNH +2.1%), Healthcare Trust of America (HTA +2.9%), Equity Commonwealth (EQC +2.7%), Gramercy Property (GPT +3.2%), Post Properties (PPS +3.9%), Aimco (AIV +2.6%), Kimco (KIM +2.8%), DDR Corp (DDR +2.4%), Public Storage (PSA +2%), Government Properties (GOV +1.9%), First Potomac Realty (FPO +3%), Digital Realty Trust (DLR +1.5%), Sunstone Hotel (SHO +2%), Liberty Property (LPT +2.4%), American Campus (ACC +2.5%)
    • Previously: Day's biggest news: Fed sharply cuts "normal" unemployment rate (March 18)
    • Previously: FOMC drops "patient," but sends dovish signal (March 18)
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  • Thu, Mar. 12, 7:47 AM
    • The portfolio of 12 single-tenant net lease properties totals about 2.7M square feet and has a year 1 NOI producing a cap rate of 7.9%. The annualized straight-line cap rate is 8.3%, with a weighted-average lease term of about 6.4 years.
    • Gramercy (NYSE:GPT) assumed existing mortgage debt of $128M with 5.3 years remaining until maturity. It's currently in talks with two tenants on lease extensions which, if successful, would boost the average lease term of the portfolio to more than eight years.
    • Source: Press Release
    • Previously: Big gains for Gramercy Property after transformational deal (Dec. 10, 2014)
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  • Tue, Mar. 10, 4:40 PM
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Company Description
Gramercy Property Trust Inc is a Real Estate Investment Trust. It is an investor and asset manager of commercial real estate. The Company acquires and manages single-tenant, net leased industrial and office properties.
Sector: Financial
Country: United States