Gramercy Property Trust Exceeds 2016 Targets with Acquisitions of $1.4 Billion and Dispositions of More Than $1.5 Billion
January 09 2017 - 6:30AM
Business Wire
Gramercy Property Trust (NYSE:GPT), a real estate
investment trust, announced today that for the calendar year 2016,
the Company acquired properties totaling $1.4 billion and disposed
of properties totaling more than $1.5 billion.
For the year, the Company completed 34 separate acquisitions,
including one $521 million portfolio acquisition, aggregating
approximately 20.1 million square feet, and having an average cash
cap rate of 6.8%, an average annualized straight-lined cap rate of
7.4% and an average lease term of nearly 10 years. The Company’s
previously disclosed 2016 acquisition target was $1 billion.
In addition, the Company sold over $1.5 billion of single and
multi-tenant assets in 21 separate transactions at a weighted
average exit cap rate of 6.8% and reflects the Company’s pro rata
share of joint venture assets sold.
Gordon F. DuGan, Chief Executive Officer, stated, “2016 was
truly a transformative year. The Company executed nearly $3 billion
in transactions and completed the bulk of the planned portfolio
repositioning plan in half of the expected time. The tireless
efforts of our team have created a world-class portfolio and an
operating platform that is exceptionally well-positioned to
capitalize on investment and operating trends in 2017.”
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset
manager of commercial real estate. The Company specializes in
acquiring and managing single-tenant, net-leased industrial and
office properties. The Company focuses on income producing
properties leased to high quality tenants in major markets in the
United States and Europe.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gptreit.com or
contact Investor Relations at 888-686-0112.
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version on businesswire.com: http://www.businesswire.com/news/home/20170109005239/en/
Gramercy Property TrustBrittany A. Sanders, 888-686-0112Investor
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