Gramercy Property Trust, Inc.
 (GPT)

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  • 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).
    • Source: Press release
    • GPT gained 2.9% today, and CSG 3.5%.
    | Dec. 17, 2015, 4:09 PM | 1 Comment
  • Oct. 8, 2015, 10:58 AM
    • This just in: REITs are in a sustained rally. The iShares DJ U.S. Real Estate ETF (NYSEARCA:IYR) is up 0.6% today (with the major averages lower), and is now ahead about 7.5% since hitting its low for the year around Labor Day.
    • A more dovish outlook on interest rates is no doubt helping - the 10-year Treasury yield is 2.07% vs. 2.20 in early Sept., and the Fed looks to be on hold until Dec. at a minimum - but low prices also cure low prices.
    • With so many names trading below conservative estimates of net asset values, buyers are stepping in - and not just for the stocks, but for the whole companies. In just the last month, Blackstone has agreed to buy Strategic Hotels and (this morning) BioMed Realty. The P-E giant's real estate chief Jon Gray says look for more to come.
    • Spirit Realty (SRC +0.8%), Ventas (VTR +0.4%), Medical Properties Trust (MPW +2%), Gramercy Property (GPT +0.3%), Lexington Realty (LXP +1.1%), AvalonBay (AVB +0.9%), General Growth (GGP +1.1%), Inland Real Estate (IRC +0.7%), CubeSmart (CUBE +0.5%), Washington Real Estate (WRE +0.9%), Sunstone Hotel (SHO +1.3%), Liberty Property (LPT +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
    | Oct. 8, 2015, 10:58 AM | 18 Comments
  • Sep. 17, 2015, 2:31 PM
    | Sep. 17, 2015, 2:31 PM | 50 Comments
  • Sep. 1, 2015, 2:54 PM
    • The financial sector is leading the market lower today, but these sessions often see money flow into REITs. There's no green to be found, but mortgage REITs like Annaly Capital (NLY -0.3%), American Capital Agency (AGNC -0.2%), Anworth Mortgage (ANH -0.2%), Chimera (CIM -0.1%), CYS Investments (CYS -0.1%), Invesco (IVR -0.3%), and Dynex (DX -0.7%) are outperforming by a wide margin.
    • Equity REITs are doing better than the XLF and S&P 500, but still sharply lower: Realty Income (O -1.5%), Omega Healthcare (OHI -2.2%), HCP (HCP -1.2%), Gramercy Property (GPT -1.9%), Equity Residential (EQR -2.4%), Kimco (KIM -2.1%), Simon Property (SPG -2.2%), Public Storage (PSA -1.1%), Hospitality Properties (HPT -2.1%), Stag Industrial (STAG -1.2%)
    • ETFs: IYR, VNQ, MORL, REM, MORT, DRN, URE, RQI, SCHH, ICF, SRS, RWR, RNP, JRS, KBWY, RFI, NRO, DRV, RIT, REK, RIF, FRI, FTY, PSR, DRA, FREL, WREI, LMBS, IARAX
    | Sep. 1, 2015, 2:54 PM | 33 Comments
  • Aug. 21, 2015, 3:30 PM
    • These income favorites often catch a wave of buying when the major averages sell off and yields fall, but the panicky action today is taking down nearly all equities.
    • The iShares DJ U.S. Real Estate ETF (IYR -1.7%) and the iShares FTSE NAREIT Mortgage REIT ETF (REM -1.6%), however, are outperforming the S&P 500's 2.7% decline.
    • Previously: Just a modest rally for Treasurys as stocks crumble (Aug. 21)
    • Leading the mREITs lower is Javelin Mortgage (JMI -5.9%), with SA contributor ColoradoWealthManagementFund noting the company has stopped buying back stock despite its wide discount to book value. The sector as a whole looks like it will continue to have to deal with widening spreads and rising prepayments, and still have a looming rate hike cycle on the horizon.
    • Armour Residential (ARR -2%), CYS Investments (CYS -1.8%), Annaly (NLY -1.2%), American Capital Agency (AGNC -1.8%), Arlington Asset (AI -2.4%), Orchid Island (ORC -2.5%), Dynex (DX -2%), Capstead Mortgage (CMO -1.3%).
    • Equity REITs: Realty Income (O -0.7%), Vereit (VER -2.3%), Health Care REIT (HCN -1%), HCP (HCP -1.1%), Gramercy Property (GPT -3.1%), Equity Residential (EQY -1.6%), Simon Property (SPG -0.5%), Kimco (KIM -2.1%), Hospitality Properties (HPT -2.8%), Stag Industrial (STAG -1.4%), American Campus (ACC -1.1%), Public Storage (PSA -1%).
    | Aug. 21, 2015, 3:30 PM | 38 Comments
  • 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.
    | Jul. 1, 2015, 9:34 AM | 34 Comments
  • Jun. 25, 2015, 4:17 PM
    • The XLU underperformed again today, losing 0.7% and bringing its year-to-date decline to more than 12%.
    • Looking at equity REITs, the IYR dipped another 0.95% and VNQ fell 1%. Both are down about 6% in 2015, and roughly 15% since late January. Some individual names: Spirit Realty (SRC -2.8%), Senior Housing (SNH -1.2%), HCP (HCP -1.4%), American Realty Capital (ARCP -3%), Gramercy Property (GPT -2.8%), Duke Realty (DRE -2%).
    • In mortgage REITs, REM lost 0.9% today and is off 7% YTD. Some individual names: American Capital Agency (AGNC -1.2%), Armour (ARR -1%), CYS Investments (CYS -0.9%), Annaly Capital (NLY -0.8%), Invesco Mortgage (IVR -1.2%), Apollo Residential (AMTG -1.1%), PennyMac Mortgage (PMT -2.3%), Western Asset Mortgage (WMC -2.7%).
    • The 10-year Treasury yield gained three basis points to 2.40%.
    • Previously: Sell-side abandoning REITs as rates rise (June 25)
    • 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
    | Jun. 25, 2015, 4:17 PM | 74 Comments
  • Jun. 22, 2015, 3:31 PM
    • The major averages are having a solid day, with nearly all S&P sectors lit up green, but the REITs - eyeing a ten basis point pop higher in the 10-year Treasury yield - are lower across the board. Boosting rates is good news on Greek debt negotiations and a 4% rally in European stocks.
    • The IYR is down 0.6%, bringing its  loss YTD to 3%, about 600 basis points worse than the S&P 500.
    • National Retail Properties (NNN -1.5%), Omega Healthcare (OHI -1.2%), Healthcare Trust of America (HTA -1.6%), Gramercy Property Trust (GPT -1.9%), W.P. Carey (WPC -1.4%), Simon Property (SPG -1%), Retail Properties of America (RPAI -1%), Public Storage (PSA -1%), Equity Commonwealth (EQC -1.6%), Strategic Hotels (BEE -1.4%), STAG Industrial (STAG -1.4%), Education Realty Trust (EDR -1.5%).
    • 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
    | Jun. 22, 2015, 3:31 PM | 16 Comments
  • Jun. 11, 2015, 11:55 AM
    • Previously owning zero assets in "specialty retail," Gramercy Property Trust (GPT +1.1%) will now own 10 properties, making up 12% of total contactual base rent. Gramercy, however, expects to sell up to four Life Time Fitness facilities by year-end, leaving it with six properties, making up 6.9% of contractual base rent.
    • As that level Life Time would be Gramercy's 2nd-largest tenant (by base rent), trailing Bank of America at 19.6%. Life Time is a B2 credit, according to Moody's versus A2 for BofA, and Ba2 for  #3 tenant NSN, to name a couple.
    • Webcast and presentation slides
    • Gramercy's purchase/leaseback comes as part of the LBO of Life Time in which the company's buyers are unloading about $900M of the fitness center operator's real estate.
    • Previously: Gramercy Property closes $300M deal, boosts outlook and dividend (June 11)
    | Jun. 11, 2015, 11:55 AM
  • May 5, 2015, 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%).
    | May 5, 2015, 10:31 AM | 21 Comments
  • Apr. 9, 2015, 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.
    • GPT -1.9% premarket to $28.07.
    • Previously: Capital raise at Gramercy Property Trust (April 8)
    | Apr. 9, 2015, 8:54 AM
  • Apr. 8, 2015, 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%.
    | Apr. 8, 2015, 5:38 PM | 2 Comments
  • Mar. 18, 2015, 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)
    • ETFs: IYR, VNQ, DRN, URE, SRS, ICF, SCHH, RWR, KBWY, DRV, REK, FRI, FTY, PSR, WREI, FREL
    | Mar. 18, 2015, 3:28 PM
  • Mar. 6, 2015, 11:20 AM
    | Mar. 6, 2015, 11:20 AM | 7 Comments
  • Dec. 11, 2014, 8:41 AM
    • Gramercy Property Trust (NYSE:GPT) was able to sell 52M shares at $5.90 each, and the underwriters have the option to buy another 7.8M shares at that price. The offering size was originally 45M shares.
    • The proceeds will be used to help fund the company's $399M property portfolio purchase.
    • Shares +2.9% premarket to $6.13
    • Previously: Big gains for Gramercy Property after transformational deal (Dec. 10, 2014)
    | Dec. 11, 2014, 8:41 AM
  • Dec. 10, 2014, 11:41 AM
    • Zigging while the market zags today is Gramercy Property Trust (GPT +3.6%) after last night announcing a mammoth $399M deal to buy a 12-property portfolio - this for a company with a $744M market cap, and whose usual deal size stays in the $20M or less range.
    • The stock's gain also comes as the company is selling 45M shares to fund the purchase - average volume for the stock is about 1M shares per day and the current float is roughly 120M shares. Volume thus far today is just north of 1.3M.
    | Dec. 10, 2014, 11:41 AM | 1 Comment
Company Description
Gramercy Property Trust is a real estate investment trust. It is engaged in acquisition and management of office and industrial properties purchased through sale-leaseback transactions or directly from property developers and owners.
Sector: Financial
Country: United States