Gramercy Capital Corp. (NYSE: GKK):
Announces Exit from Commercial Real Estate
Finance Business
Announces Name Change to Gramercy Property
Trust
Financing and Investing
Highlights
- For the quarter, net income (loss) to
common stockholders from continuing operations was $(5.0) million,
or $(0.09) per common share, an increase from $(11.4) million, or
$(0.22) per common share, for the same quarter in the previous
year. For the full year, net income (loss) to common stockholders
from continuing operations was $(25.5) million, or $(0.49) per
common share, as compared to $(28.1) million, or $(0.55) per common
share, in the previous year.
- The Company generated negative funds
from operations, or FFO, of $126.8 million for the fourth quarter
of 2012, a decrease of $302.3 million from FFO of $175.5 million
generated in the same quarter of the previous year. On a per common
share basis, FFO was negative $2.35 for the fourth quarter of 2012
as compared to FFO of $3.42 in the same quarter of the previous
year. For the full year, FFO decreased to negative $157.8 million,
or $3.04 per common share, from $395.3 million in the previous
year, or $7.75 per common share. FFO includes a negative $149.3
million, or $2.69 per common share, for the quarter ended December
31, 2012 and a negative $169.2 million, or $2.95 per common share,
for the year ended December 31, 2012, from discontinued operations
related to the Company’s exit of the commercial real estate finance
business.
- On March 18, 2013, the Company
completed the sale to transfer the collateral management and
sub-special servicing agreements for its three Collateralized Debt
Obligations, or CDOs, to CWCapital Investments LLC, or CWCapital,
for approximately $9.9 million, less certain adjustments and
closing costs.
- Following the Company’s exit from the
commercial real estate finance business, the Company will change
its name to Gramercy Property Trust Inc. to better reflect the
Company’s new business and strategy. The Company’s common stock
will trade on the New York Stock Exchange under the ticker GPT
effective as of April 15, 2013.
- In March 2013, closed on the
acquisition of an approximately 600,000 square foot class A
industrial building located in Olive Branch, Mississippi (Memphis
MSA), in an all-cash transaction for a purchase price of
approximately $24.7 million.
- Sold three properties from the Bank of
America Portfolio Joint Venture during the first quarter of 2013,
for net proceeds to the Joint Venture of approximately $9.2
million.
- Ended year with cash and cash
equivalents of $105.4 million. In February 2013, the Company sold a
portfolio of repurchased notes previously issued by the Company’s
2006 and 2005 CDOs, generating cash proceeds of approximately $34.4
million. The Company’s current cash balance after taking into
account the CDO sale and the purchase of the Memphis industrial
property is approximately $118.0 million.
Summary
Gramercy Capital Corp. (NYSE: GKK) today reported negative FFO
of $126.8 million, or $2.35 per common share, and net loss
available to common stockholders from continuing operations of
$(5.0) million, or $(0.09) per common share for the quarter ended
December 31, 2012. The Company also reported negative FFO of $157.8
million, or $3.04 per common share, and net income available to
common stockholders from continuing operations for $25.5 million,
or $0.49 per common share for the full year ended December 31,
2012. FFO includes a negative $149.3 million, or $2.69 per common
share, for the quarter ended December 31, 2012 and a negative
$169.2 million, or $2.95 per common share, for the year ended
December 31, 2012, from discontinued operations related to the
Company’s exit of the commercial real estate finance business. The
Company generated total revenues from continuing operations of $9.7
million during the fourth quarter, an increase of $0.5 million from
$9.2 million generated during the prior quarter.
As of December 31, 2012, the Company maintained $105.4 million
of unrestricted cash as compared to approximately $175.2 million
reported as of September 30, 2012. In February 2013, the Company
sold a portfolio of repurchased notes previously issued by the
Company’s 2006 and 2005 CDOs, generating cash proceeds of
approximately $34.4 million. The Company’s current cash balance
after taking into account the net proceeds from the CDO sale and
the purchase of the Memphis industrial property is approximately
$118.0 million.
Management, general and administrative expenses from continuing
operations, or MG&A, were $25.3 million for the year ended
December 31, 2012. MG&A for the year ended December 31, 2012
also included one-time increases in salaries and benefits expense
of approximately $1.2 million which were comprised of payments to
former executives pursuant to the expiration of employment
contracts and the payment of signing bonuses for a new management
team effective July 1, 2012. MG&A also includes $2.6 million of
costs related to the Company’s strategic review process, expensed
at the conclusion of the process in the second quarter of 2012.
MG&A for the quarter ended December 31, 2012 was approximately
$4.0 million, compared to $8.3 for the prior quarter. The decrease
in management, general and administrative expenses of $4.3 million
is primarily attributable to reduced salary and benefit expenses
and a reduction in professional fees.
Gramercy Finance
In September 2012, in an investor presentation, the Company
summarized the recommendations resulting from the conclusion of an
operational review completed by the Company’s new management team
hired in June 2012. Included in those recommendations was the need
to streamline the business and reduce ongoing MG&A costs in
order to manage the Company’s liquidity and grow its equity base,
with the goal to invest in net lease assets to create durable cash
flows. One of the recommendations resulting from that operational
review was to explore options for the Company’s CDO management
business including the potential sale of collateral management
contracts, senior bonds previously repurchased by the Company
(these repurchased bonds are eliminated in the Company’s
consolidated balance sheet), and junior bonds and CDO equity. The
Company chose to pursue these measures due to the significant
decline in the cash flows generated by the Company’s CDOs in 2012
as a result of the failure of the CDO’s overcollateralization
tests. During periods when these CDO covenants are not satisfied,
cash flows that would otherwise be paid to the Company as a
subordinate bondholder, holder of the preferred shares and in
respect of the subordinate collateral management fees are diverted
from the Company to repay principal and interest on the senior-most
outstanding CDO bonds. A summary of the distributions and fees
received from the CDOs in 2012 were as follows:
Collateral
Manager Fees and CDO Distributions
CDO 2005-1 CDO 2006-1 CDO 2007-1
Fees Distributions Fees
Distributions Fees Distributions
Total 1Q 2012
$
2,399
$
3,495
$
1,027
$
9,160
$
172
$
-
$
16,253
2Q 2012 3,134 1,907 965 6,311 169 - 12,486
3Q 2012
332 - 933 8,238 169 - 9,672
4Q 2012 300
- 380 - 169
- 849
Total 2012 $ 6,165 $ 5,402
$ 3,305 $ 23,709 $ 679 $ - $
39,260
On January 30, 2013, the Company entered into a purchase and
sale agreement to transfer the collateral management and
sub-special servicing agreements for its three CDOs, CDO 2005-1,
CDO 2006-1 and CDO 2007-1, to CWCapital for approximately $9.9
million, less certain adjustments and closing costs. The
transaction closed on March 18, 2013. The Company retained the
subordinate bonds, preferred shares and ordinary shares of the
three CDOs, which may provide the potential to recoup additional
proceeds over the remaining life of the CDOs based upon the
resolution of underlying assets within the CDOs, however, there is
no guarantee that the Company will realize any proceeds from its
equity position, or what the timing of these proceeds might be. In
February 2013, the Company also sold a portfolio of repurchased
notes previously issued by two of the three CDOs, generating cash
proceeds of approximately $34.4 million. In addition, the Company
expects to receive additional cash proceeds for past CDO servicing
advances of approximately $14.0 million when specific assets within
the CDOs are liquidated.
Exiting the commercial real estate finance business marks an
important step for the Company in achieving a number of important
objectives, including: (i) maximizing the value of the servicing
business through the sale to a large servicing operation; (ii)
simplifying the going-forward business and significantly reducing
the ongoing management, general and administrative expenses through
elimination finance related personnel costs and CDO servicing
advance requirements; (iii) generating in excess of $50.0 million
in liquidity previously invested in the CDO business; and (iv)
providing for potential future proceeds through the retention of
the equity in the three CDOs. Immediately subsequent to the
transfer of the collateral management and sub-special servicing
agreements, the assets and liabilities of the corresponding CDOs
will be deconsolidated from the Company’s financial statements.
Property Investment
In the fourth quarter 2012, the Company closed on approximately
$512.1 million of acquisitions with the Company directly investing
approximately $86.2 million of cash equity. To date in the first
quarter 2013 the Company closed on $24.7 million of
acquisitions.
Memphis Industrial Acquisition
On March 11, 2013 the Company closed on the acquisition of a
605,427 square foot class A industrial building located in Olive
Branch, Mississippi (Memphis MSA), in an all-cash transaction for a
purchase price of approximately $24.65 million. The property is
100% leased to a single tenant through December 31, 2023 and
includes an adjacent 13.8 acre land parcel which the tenant has the
right to expand the building within the first five years of the
lease for an additional lease rate. The lease may be terminated
after December 2017 with 18 months prior notice and payment of a
termination fee of six months gross rent plus unamortized tenant
improvement costs.
Bank of America Portfolio Dispositions
The Company in a joint venture with an affiliate of Garrison
Investment Group, or the Joint Venture, closed on the acquisition
of a 115-property office portfolio in December 2012. The portfolio
was divided into two sub-portfolios: the Core Portfolio, which
consists of 67 assets and the Held-for-Sale Portfolio which
consists of 46 assets. The Joint Venture intends to sell the entire
Held-for-Sale Portfolio within the next 12-18 months. In first
quarter 2013, the Joint Venture sold three held-for-sale assets for
net proceeds of approximately $9.2 million.
Accounting rules requires, among other things, that direct costs
of a business combination, such as transaction fees, due diligence
costs and consulting fees, be expensed in the period in which
they are incurred, and not capitalized as part of a property
acquisition. Accordingly, the Company has expensed a total of $2.7
million, or $0.05 per common share, including the Company’s portion
of cost expensed through the Joint Venture of $2.6 million, related
to costs incurred in connection with acquisitions completed in the
fourth quarter 2012.
Gramercy Asset
Management
The Company’s asset and property management business, which
operates under the name of Gramercy Asset Management, currently
manages for third-parties, approximately $1.7 billion of commercial
properties leased primarily to regulated financial institutions and
affiliated users throughout the United States.
In the fourth quarter 2012, and for the year ended December 31,
2012 Gramercy Asset Management earned fee revenues of $7.9 million
and $34.7 million, respectively, in property management, asset
management and administrative fees. The Gramercy Asset Management
business generates most of its fee revenues from an Asset
Management Services Agreement, or the Management Agreement, with
KBS Acquisition Sub, LLC, or KBSAS, a wholly-owned subsidiary of
KBS Real Estate Investment Trust, Inc., or KBS REIT, pursuant to
which Gramercy Asset Management provides asset management services
to KBSAS with respect to properties previously owned by the
Company, transferred to KBS in 2011 pursuant to a settlement
agreement in full satisfaction of the Company’s obligations with
respect to the subject properties, or the KBS Portfolio. The
Management Agreement with KBS provided for continued management of
the KBS Portfolio by GKK Realty Advisors, LLC, or the Manager,
through December 31, 2015 for (i) a base management fee of $12.0
million per year, payable monthly, plus the reimbursement of all
property related expenses paid by Manager on behalf of KBSAS, and
(ii) an incentive fee, or the Threshold Value Profits
Participation, in an amount equal to the greater of: (a) $3.5
million or (b) 10% of the amount, if any, by which the portfolio
equity value exceeds $375.0 million (as adjusted for future cash
contributions into, and distributions out of, KBSAS by KBS REIT),
capped at maximum of $12.0 million. In December 2012, concurrently
with the purchase of the Bank of America Portfolio by the Company’s
joint venture, the base management fee of the Management Agreement
with KBS was reduced by $3.0 million per year to $9.0 million per
year, which was partially offset by the asset management fee the
Company now receives from its joint venture. Approximately $1.0
million of base asset management fee revenues are expected to be
generated from the joint venture, annually. In addition to
receiving the asset management fee and the pro rata share of the
net income of the Bank of America Portfolio, Gramercy Asset
Management can obtain a performance based fee for the portfolio
management.
A summary of the Company’s financial position and operations by
business segment and on a consolidated basis as of and for the
three months ended December 31, 2012 is as follows:
Realty /Corporate
Finance
AssetManagement
IntercoEliminations
Consolidated Total real estate investments,
net $ 23,109 $ - $
-
$ - $ 23,109 Investment in joint ventures 72,742 - 72,742 Cash and
cash equivalents 105,402 - - - 105,402 Assets held-for-sale -
1,952,264 - - 1,952,264 Repurchased collateralized debt obligation
bonds 34,721 - - (34,721 ) - Other assets 15,319
- - - 15,319
Total assets $ 251,293 $ 1,952,264 $ -
$ (34,721 ) $ 2,168,836 Liabilities related to
assets held-for-sale $ - $ 2,380,162 $ - $ - $ 2,380,162 Dividends
payable 30,438 - - - 30,438 Other liabilities 10,064
- - - 10,064
Total liabilities 40,502
2,380,162 - - 2,420,664
Total equity (deficit) 210,791
(427,898 ) - (34,721 ) (251,828 )
Total liabilities and equity (deficit) $ 251,293 $
1,952,264 $ - $ (34,721 ) $ 2,168,836
For the three months ended December 31, 2012:
Revenues: Net interest income $ 301 $ - $ - $ - $ 301 Net
rental revenues 436 - - - 436 Management fees - - 7,905 - 7,905
Other revenue (1) (1,968 ) - -
- (1,968 )
Total revenues (1,231
) - 7,905 - 6,674
Expenses: Property operating expenses 420 -
5,275 - 5,695 Management, general and administrative 4,154 - - -
4,154 Depreciation 128 - -
- 128 Total expenses
4,702 - 5,275 -
9,977
Loss from continuing operations
before provision for taxes $ (5,933 ) $ -
$
2,630
$ - $ (3,303 ) (1) Includes equity in net loss from
joint ventures of $2,992.
The Company’s GAAP book value per common share is negative $5.23
per share, or $338.0 million at December 31, 2012. Of the negative
book value, approximately negative $427.9 million, or $6.62 per
common share, is attributable to the Company’s commercial real
estate finance business. As described herein, in March 2013, the
Company exited the commercial real estate finance business and sold
its collateral management and sub-special servicing agreements for
the Company’s CDOs which will result in the deconsolidation of
Gramercy Finance from the Company’s Balance Sheets. The Company
expects a significant reversal of the negative book equity once the
sale of the collateral management and sub-servicing agreements is
fully reflected on the Company’s first quarter 2013 financial
statements.
Dividends
Beginning with the third quarter of 2008, the Company’s Board of
Directors elected not to pay a dividend on the Company’s common
stock. The Company’s Board of Directors also elected not to pay the
Series A preferred stock dividend of $0.50781 per share beginning
with the fourth quarter of 2008. In the early stages of the
implementation of the Company’s new business strategy, the Company
will seek to maximize capital available for investment and,
therefore, expects to continue its policy of not paying dividends
on its preferred or common stock. The Company expects, however,
that as the new business strategy is implemented and sustainable
cash flows grow, the Company will re-evaluate its dividend policy
with the intention of resuming dividends to stockholders. In
accordance with the provisions of the Company’s charter, the
Company may not pay any dividends on its common stock until all
accrued dividends and the dividend for the then current quarter on
the Series A preferred stock are paid in full.
Gramercy Property Trust
In connection with the Company’s exit from the commercial real
estate finance business, the Company will change its name to
Gramercy Property Trust Inc. to better reflect the Company’s new
business and strategy. The Company’s common stock will trade on the
New York Stock Exchange under the ticker GPT effective as of April
15, 2013. The name change signifies an important transition for the
Company into a net lease investor focused on office and industrial
properties and in keeping with the business strategy to create
recurring, durable cash flows. In addition, the Company will unveil
a new logo and website.
Company Profile
Gramercy Capital Corp. is a self-managed, integrated commercial
real estate investment and asset management company. The Company
owns, directly or in joint venture, a portfolio of 113 office and
industrial buildings totaling approximately 5.2 million square
feet, net leased on a long-term basis to tenants, including Bank of
America, Nestlé Waters, Philips Electronics and others. The
Company’s property management business, operating under the name
Gramercy Asset Management, currently manages for third-parties,
approximately $1.7 billion of commercial properties leased
primarily to regulated financial institutions and affiliated users
throughout the United States. The Company is headquartered in New
York City and has regional offices in Jenkintown, Pennsylvania and
St. Louis, Missouri.
To review the Company’s latest news releases and other corporate
documents, please visit the Company's website at www.gkk.com or
contact Investor Relations at 212-297-1000.
Conference Call
The Company's executive management team will host a conference
call and audio webcast on Tuesday, March 19, 2013, at 2:00 PM EDT
to discuss fourth quarter 2012 financial results and provide a
business plan update.
The live call will be webcast in listen-only mode on the
Company’s website at www.gkk.com and on Thomson’s StreetEvents
Network. The presentation may also be accessed by dialing (888)
771-4371 - Domestic or (847) 585-4405 - International, using pass
code “GRAMERCY”.
A replay of the call will be available from March 19, 2013 at
4:30 PM EDT through March 22, 2013 at 11:59 PM EDT by dialing (888)
843-7419 - Domestic or (630) 652-3042 - International, using pass
code 4726 3729#.
Disclaimer
Non GAAP Financial Measures
The Company has used non-GAAP financial measures as defined by
SEC Regulation G in this press release. A reconciliation of each
non-GAAP financial measure and the comparable GAAP financial
measure can be found on page 11 of this release.
Forward-Looking
Information
This press release contains forward-looking information based
upon the Company's current best judgment and expectations. Actual
results could vary from those presented herein. The risks and
uncertainties associated with forward-looking information in this
release include, but are not limited to, factors that are beyond
the Company's control, including those listed in the Company's
Annual Report on Form 10-K and in the Company's Quarterly Reports
on Form 10-Q. The Company undertakes no obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events or otherwise. For further information,
please refer to the Company's filings with the SEC.
(GKK-EN)
Selected Financial Data:
Gramercy Capital
Corp.Consolidated Statements of Operations and Comprehensive
Income (Loss)(Dollar amounts in thousands, except per share
data)
Three Months Ended
December 31,
Year Ended
December 31,
2012 2011
2012 2011
Revenues: Management fees $ 7,905 $ 6,211 $ 34,667 $ 7,336
Rental revenue 262 - 267 - Investment income 301 - 600 - Operating
expense reimbursements 174 - 174 - Other income 1,024
- 1,113 436 Total
revenues 9,666 6,211 36,821 7,772
Expenses: Property
operating expenses: Property management expenses 5,275 7,249 21,380
10,099 Other property operating expenses 420
912 1,846 (4,152 ) Total property
operating expenses 5,695 8,161 23,226 5,947 Depreciation and
amortization 128 34 256 136 Management, general and administrative
4,042 7,172 25,335 22,150 Acquisition costs 111
- 111 - Total expenses
9,976 15,367 48,928
28,233
Loss from continuing operations before
equity in income (loss) from joint venture and provision for
taxes
(310 ) (9,156 ) (12,107 ) (20,461 ) Equity in net income
(loss) from joint venture (2,992 ) 31
(2,904 ) 121 Loss from continuing operations
before provision for taxes (3,302 ) (9,125 ) (15,011 ) (20,340 )
Provision for taxes 48 (490 )
(3,330 ) (563 ) Net loss from continuing operations
(3,254 ) (9,615 ) (18,341 ) (20,903 ) Net income (loss) from
discontinued operations (149,253 ) 20,138 (169,174 ) 70,034 Gain on
extinguishment of debt - 156,682 - 285,634 Net gains from disposals
3,919 178 15,967
2,712 Net income (loss) from discontinued operations
(145,334 ) 176,998 (153,207 )
358,380 Net income (loss) attributable to Gramercy
Capital Corp. (148,588 ) 167,383 (171,548 ) 337,477 Accrued
preferred stock dividends (1,792 ) (1,792 )
(7,162 ) (7,162 ) Net income (loss) available to
common stockholders $ (150,380 ) $ 165,591 $ (178,710 ) $
330,315
Other comprehensive income:
Unrealized gain (loss) on available for
sale securities and derivative instruments:
Unrealized holding gains (losses) arising during period $ 238,329
$ (203,850 ) $ 345,674 $ (280,154 ) Other
comprehensive income (loss) 238,329 (203,850 )
345,674 (280,154 ) Comprehensive income
(loss) attributable to Gramercy Capital Corp. 89,741
(36,467 ) 174,126 57,323
Comprehensive income (loss) attributable to common stockholders $
87,949 $ (38,259 ) $ 166,964 $ 50,161
Basic earnings per share: Net loss from continuing
operations, net of preferred stock dividends $ (0.09 ) $ (0.22 ) $
(0.49 ) $ (0.55 ) Net income (loss) from discontinued operations
(2.69 ) 3.51 (2.95 ) 7.13
Net income (loss) available to common stockholders $ (2.78 ) $ 3.28
$ (3.44 ) $ 6.58
Diluted earnings per
share: Net loss from continuing operations, net of preferred
stock dividends $ (0.09 ) $ (0.22 ) $ (0.49 ) $ (0.55 ) Net income
(loss) from discontinued operations (2.69 ) 3.51
(3.95 ) 7.13 Net income (loss)
available to common stockholders $ (2.78 ) $ 3.28 $ (3.44 )
$ 6.58 Basic weighted average common shares
outstanding 54,120,499 50,532,836
51,976,462 50,229,102
Diluted weighted average common shares and
common share equivalents outstanding
54,120,499 50,532,836 51,976,462
50,229,102
Gramercy Capital
Corp.Consolidated Balance Sheets(Dollar amounts in
thousands, except per share data)
December 31,2012 December
31,2011 Assets: Real estate investments, at cost:
Land $ 1,800 $ 2,241 Building and improvements 21,359 5,964 Less:
accumulated depreciation (50 ) (574 ) Total real
estate investments, net 23,109 7,631 Cash and cash
equivalents 105,402 163,725 Restricted cash 12 24 Loans and other
lending investments, net 73 828 Investment in joint ventures 72,742
496
Assets held-for-sale, net (includes
consolidated VIEs of $1,913,353 and $1,990,826, respectively)
1,952,264 2,078,146 Tenant and other receivables, net 4,123
1,820 Derivative instruments, at fair value - 6 Acquired lease
assets, net of accumulated amortization of $42 and $0 4,386 73
Deferred costs, net of accumulated amortization of $2,033 and
$2,137 415 1,891 Other assets 6,310 3,690
Total assets $ 2,168,836 $ 2,258,330
Liabilities and Equity (Deficit): Liabilities:
Accounts payable and accrued expenses $ 8,908 $ 13,010 Dividends
payable 30,438 23,276 Deferred revenue 33 569 Below-market lease
liabilities, net of accumulated amortization of $4 and $0 458 -
Liabilities related to assets
held-for-sale (includes consolidated VIEs of $2,374,516 and
$2,654,109, respectively)
2,380,162 2,661,278 Other liabilities 665 627
Total liabilities 2,420,664 2,698,760
Commitments and contingencies - -
Equity
(Deficit):
Common Class A-1, stock, par value $0.001,
100,000,000 shares authorized, 56,731,002 and 51,086,266 shares
issued and outstanding at December 31, 2012 and 2011,
respectively.
57 50
Common Class B-1, stock, par value $0.001,
2,000,000 shares authorized, 2,000,000 and 0 shares issued and
outstanding at December 31, 2012 and 2011, respectively.
2
Common Class B-2, stock, par value $0.001,
2,000,000 shares authorized, 2,000,000 and 0 shares issued and
outstanding at December 31, 2012 and 2011, respectively.
2
Series A cumulative redeemable preferred
stock, par value $0.001, liquidation preference $115,000, 4,600,000
shares authorized, 3,525,822 shares issued and outstanding at
December 31, 2012 and 2011.
85,235 85,235 Additional paid-in-capital 1,102,227 1,080,600
Accumulated other comprehensive loss (95,265 ) (440,939 )
Accumulated deficit (1,344,989 ) (1,166,279 ) Total
Gramercy Capital Corp. stockholders' equity (deficit) (252,731 )
(441,333 ) Non-controlling interest 903 903
Total equity (deficit) (251,828 ) (440,430 )
Total liabilities and equity (deficit) $ 2,168,836 $
2,258,330
Gramercy Capital
Corp.Reconciliation of Non-GAAP Financial
Measure(Unaudited, dollar amounts in thousands, except per
share data)
Three months
endedDecember 31,
Year
endedDecember 31,
2012 2011
2012 2011 Net income
(loss) available to common stockholders $ (150,380 ) $ 165,591 $
(178,710 ) $ 330,315 Add: Depreciation and amortization 959 11,353
5,205 70,215 FFO adjustments for joint ventures 468 290 669 3,219
Non-cash impairment of real estate investments 26,698 14 35,043
1,296 Less: Non real estate depreciation and amortization (595 )
(1,587 ) (4,059 ) (7,044 ) Gain on sale of real estate
(3,919 ) (176 ) (15,915 ) (2,713 )
Funds
from operations $ (126,769 ) $ 175,485 $ (157,767 ) $
395,288 Funds from operations per share - basic $
(2.35 ) $ 3.47 $ (3.04 ) $ 7.87 Funds from
operations per share - diluted $ (2.35 ) $ 3.42 $ (3.04 ) $
7.75
The revised White Paper on FFO approved by the Board of
Governors of the National Association of Real Estate Investment
Trusts, or NAREIT, defines FFO as net income (loss) (determined in
accordance with GAAP), excluding impairment write-downs of
investments in depreciable real estate and investments in
in-substance real estate investments, gains or losses from debt
restructurings and sales of depreciable operating properties, plus
real estate-related depreciation and amortization (excluding
amortization of deferred financing costs), less distributions to
non-controlling interests and gains/losses from discontinued
operations and after adjustments for unconsolidated partnerships
and joint ventures. FFO does not represent cash generated from
operating activities in accordance with GAAP and should not be
considered as an alternative to net income (determined in
accordance with GAAP), as an indication of our financial
performance, or to cash flow from operating activities (determined
in accordance with GAAP) as a measure of our liquidity, nor is it
entirely indicative of funds available to fund our cash needs,
including our ability to make cash distributions. Our calculation
of FFO may be different from the calculation used by other
companies and, therefore, comparability may be limited.
Gramercy (NYSE:GKK)
Historical Stock Chart
From Apr 2024 to May 2024
Gramercy (NYSE:GKK)
Historical Stock Chart
From May 2023 to May 2024