Issues 3.8 Million OP Units at Closing
NEW YORK--(BUSINESS WIRE)--
Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment
trust, announced today that it closed the previously announced
acquisition of three industrial properties totaling approximately 1.5
million square feet for an aggregate purchase price of approximately
$69.0 million plus transaction expenses. For the combined portfolio,
Year 1 net operating income is anticipated to be approximately $6.2
million (9.0% initial cap rate; 8.8% annualized straight-line cap rate)
with a weighted average lease term of approximately 6.6 years.
The Company assumed three in-place mortgage loans totaling approximately
$42.9 million with an average remaining term of 3.1 years until
maturity. The Company funded the remaining balance of the purchase
price, net of certain closing costs paid in cash, with the issuance of
approximately 3.8 million limited partnership units ("OP Units") of GPT
Property Trust LP, the Company’s operating partnership. OP Units can be
converted on a 1:1 basis into the Company’s common shares at the
election of the unit holder.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed
commercial real estate investment company focused on acquiring and
managing income-producing industrial and office properties net leased to
high quality tenants in major markets throughout the United States. The
Company also operates a commercial real estate asset and property
management business for third parties.
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 212-297-1000.
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 the
factors 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.
Gramercy Property Trust Inc.
Emily Pai, 212-297-1000
Source: Gramercy Property Trust Inc.