GKK » Topics » New York, NY - November 22, 2005 -

These excerpts taken from the GKK 8-K filed Dec 5, 2005.
NEW YORK, N.Y. – December 5, 2005 – Gramercy Capital Corp. (NYSE: GKK) announced today that its Board of Directors approved the declaration of a quarterly dividend of $0.475 per share for the quarter ending December 31, 2005. This represents a $0.025, or 5.6%, increase from last quarter’s dividend of $0.45 and represents the fifth consecutive dividend increase since the Company’s initial public offering in July 2004. The dividend is payable on January 16, 2006 to shareholders of record at the close of business on December 30, 2005.

 

Based on Friday’s closing price of $23.50, this distribution represents an annualized dividend yield of 8.09%.

 

# # #

 

New York, NY — November 22, 2005 — Gramercy Capital Corp. (NYSE: GKK), a real estate investment trust, announced today that it will participate in SL Green Realty Corp.’s (NYSE: SLG) 2005 Annual Investor Conference on Monday, December 5, 2005. Management presentations will begin at 1:00 PM EST.

 

The presentation will be webcast live in audio-only mode, and will be available at www.gramercycapitalcorp.com via Gramercy’s Investor Relations page. A replay of the presentation will be available for 30 days through January 4, 2006.

 

This excerpt taken from the GKK 8-K filed Oct 20, 2005.
NEW YORK, N.Y. – October 19, 2005 – Gramercy Capital Corp. (NYSE: GKK) today reported funds from operations (FFO) of $10.4 million, or $0.53 per share, and net income available to common shareholders of $8.6 million, or $0.44 per share, for the quarter ended September 30, 2005. The Company generated total revenues of $26.6 million during the third quarter and had total assets of $1.4 billion, total liabilities of $981.0 million, and stockholders’ equity of $371.7 million on September 30, 2005.

 

These excerpts taken from the GKK 8-K filed Sep 13, 2005.
NEW YORK, N.Y. – September 7, 2005 – Gramercy Capital Corp. (NYSE: GKK) announced today that its Board of Directors approved the declaration of a quarterly dividend of $0.45 per fully diluted common share for the quarter ending September 30, 2005. This represents a $0.10, or 29%, increase from last quarter’s dividend of $0.35 and represents the fourth consecutive dividend increase since the Company’s initial public offering in July 2004. The dividend is payable on October 14, 2005 to shareholders of record at the close of business on September 30, 2005.

 

Based on today’s closing price of $26.30, this distribution represents an annualized dividend yield of 6.84% per common share.

 

# # #

 

NEW YORK, N.Y. – September 8, 2005Gramercy Capital Corp. (NYSE: GKK) announced today that the Company priced after the close of trading today a public offering of 2,500,000 million shares of its common stock for net proceeds before transaction expenses of approximately $64.0 million.  Wachovia Securities acted as sole book running manager for this offering, and was also granted an option to purchase up to an additional 375,000 shares to cover over-allotments.  Concurrently, the Company’s affiliate, SL Green Realty Corp., agreed to purchase directly from the Company 833,333 shares of its common stock for net proceeds of approximately $21.5 million.  Both offerings are pursuant to a prospectus supplement to the prospectus filed as part of the Company’s universal shelf registration statement.  The closing of the offering is subject to customary conditions and is expected to occur on or about September 14, 2005.

 

# # #

 

This excerpt taken from the GKK 8-K filed Aug 10, 2005.
NEW YORK, N.Y. — August 10, 2005 — Gramercy Capital Corp. (NYSE:GKK) announced today that it has issued an additional $50 million of Trust Preferred Securities through its wholly-owned subsidiary, Gramercy Capital Trust II. Proceeds will be used to fund existing and future investment opportunities. The Company announced its first sale of Trust Preferred Securities totaling $50 million on May 23, 2005, and now has a total of $100 million of this long-term capital outstanding.

 

The $50 million of Trust Preferred Securities have a 30-year term ending October 2035.  They bear interest at a fixed rate of 7.75% for the first ten years ending October 2015. Thereafter, the rate will float at three month LIBOR plus 3.00%. The securities can be redeemed at par beginning in October 2010.

 

Bob Foley, Chief Financial Officer of Gramercy Capital Corp, stated, “We are very pleased with the funding of this second $50 million tranche of trust preferred securities, which we consider to be one of our most cost-efficient sources of long-term capital. This transaction follows the successful issuance of our recently closed $1 billion commercial real estate CDO, and continues our goal of accessing a variety of efficient capital sources. We continue to build a robust financial foundation to propel our floating-rate and fixed-rate lending business, and our growing net lease investment business.”

 

The securities will not be registered under the Securities Act of 1933 or any state securities laws, and will be sold in a private transaction under Regulation D of the Securities Act. Unless the shares are registered, they may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act and applicable state laws. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.

 

# # #

 



 

This excerpt taken from the GKK 8-K filed Jul 21, 2005.
NEW YORK, N.Y. – July 20, 2005 – Gramercy Capital Corp. (NYSE: GKK) today reported net income available to common shareholders of $7.5 million, or $0.39 per fully diluted share, and funds from operations (FFO) of $8.7 million, or $0.45 per fully diluted share, for the quarter ended June 30, 2005. The Company completed 20 separate debt investments totaling $241.3 million, net of fees and discounts, and generated total revenues of $18.8 million during the second quarter. At June 30, 2005, total assets were $834.7 million, total liabilities were $565.1 million, and stockholders’ equity was $269.6 million.

 

This excerpt taken from the GKK 8-K filed Jul 20, 2005.
NEW YORK, N.Y. – July 14, 2005 – Gramercy Capital Corp. (NYSE: GKK) today announced the closing of Gramercy Real Estate CDO 2005-1, a $1.0 billion commercial real estate collateralized debt obligation (“CDO”). Gramercy used the majority of proceeds from the CDO issuance to repay substantially all amounts outstanding under its warehouse credit facilities. The remainder of the proceeds will be used to fund additional investments.

 

The CDO securities consist of $810.5 million of investment-grade notes, $84.5 million of non-investment grade notes, and $105 million of preferred shares. Gramercy retained all of the non-investment grade securities and equity in the CDO issuer.

 

At issuance, the weighted-average interest rate of the investment grade securities was three-month LIBOR plus 49 basis points excluding transaction costs, and when including up-front transaction costs, three-month LIBOR plus 69 basis points. Bonds issued by the CDO Trust pay interest on a quarterly basis in October, January, April, and July.

 

The CDO matures in 2035, and provides for a five-year reinvestment period during which Gramercy can utilize the proceeds of loan repayments to finance new investments. Bonds issued by the Trust have expected average lives which range from 5.64 to 8.23 years. The CDO allows Gramercy to achieve its objective of extending the term of its liabilities and reducing its cost of funds. The five-year reinvestment feature of the CDO is expected to allow Gramercy to broaden its product offerings and to originate additional investments.

 



 

Assets contributed to the CDO by Gramercy consisted primarily of bridge first mortgage loans and subordinate participation interests in first mortgage loans secured by transitional and stabilized commercial properties, and also included mezzanine loans. Substantially all of the debt investments originated or acquired by Gramercy since its initial public offering in August 2004 were contributed to the CDO.

 

The aggregate outstanding principal balance of the assets contributed by Gramercy to the CDO was approximately $821.1 million, and the book value of the contributed assets was $809.3 million. Under the terms of the indenture governing the CDO, Gramercy has a ramp-up period of 120-days from closing during which it can contribute up to $190.7 million of additional assets to the CDO.

 

GKK Manager LLC, which is the external advisor to Gramercy Capital Corp, will serve as Collateral Manager for the CDO. GKK Manager LLC is a majority-owned subsidiary of SL Green Realty Corp. (NYSE: SLG).

 

Hugh F. Hall, Chief Operating Officer of Gramercy Capital Corp., commented, “This CDO allows Gramercy to match fund its assets and liabilities, will enhance Gramercy’s ability to directly originate a wider variety of investments by reducing our cost of funds, and will allow us to continue to focus only on those investments that offer the best risk-adjusted returns.”

 

Gramercy will treat the transaction as a financing and thus consolidate on its balance sheet and statement of operations all of the assets, liabilities, income and expenses of the CDO issuer. All contributed collateral will be shown as assets, and the investment grade rated securities issued to third party investors will be shown as direct liabilities.

 

The sole book runner and co-lead manager for the transaction was Wachovia Capital Markets LLC, the co-lead manager was Goldman, Sachs & Co., and the co-managers were Citigroup Global Markets, Inc. and Merrill Lynch, Pierce, Fenner & Smith Incorporated.

 

The offering of the securities referred to herein was made to certain initial purchasers pursuant to a private placement. The initial purchasers sold or offered the securities within the United States to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933 (the “Securities Act”) and outside the United States in accordance with Regulation S under the Securities Act.

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities will not be registered under the Securities Act or applicable state securities laws, and are being offered by the initial purchasers only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the

 



 

Securities Act. Unless so registered, the securities cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

 

# # #

 

This excerpt taken from the GKK 8-K filed Jun 23, 2005.
NEW YORK, N.Y. – June 21, 2005 – Gramercy Capital Corp. (NYSE: GKK) today announced the pricing of a $1 billion commercial real estate collateralized debt obligation (“CDO”).  Gramercy will utilize the proceeds of the CDO issuance to refinance its warehouse facilities and fund additional investment activities.

 

The CDO securities will be issued by two newly formed subsidiaries of Gramercy, and will consist of $810.5 million of investment-grade notes, $84.5 million of non-investment grade notes and $105 million of preferred shares.  Gramercy expects to retain all of the non-investment grade securities and the equity in the CDO issuer.  At issuance, the weighted-average interest rate of the investment grade securities will be three-month LIBOR plus 49 basis points, excluding transaction costs.  The CDO will have an expected term of up to ten years and provides for a five-year reinvestment period during which Gramercy can utilize the proceeds of loan repayments to finance new investments.  Gramercy expects the transaction to close on or about July 14, 2005, subject to satisfaction of customary closing conditions.

 

The CDO will allow Gramercy to achieve its objective of extending the term of its liabilities and lowering its cost of funds.  The five-year reinvestment feature of the CDO is expected to allow Gramercy to broaden its product offerings and originate additional investments.

 

Assets to be contributed to the CDO by Gramercy will consist primarily of first mortgage loans secured by transitional and stabilized commercial properties, and subordinate participation interests in first mortgage loans. Other assets to be contributed will include

 



 

mezzanine loans and preferred equity investments. Substantially all of the loan investments originated or acquired by Gramercy since its initial public offering in August 2004 are to be contributed to the CDO.

 

Gramercy will treat the transaction as a financing and thus consolidate on its balance sheet and statement of operations all of the assets, liabilities, income and expenses of the CDO issuer. All contributed collateral will be shown as assets, and the investment grade rated securities issued to third party investors will be shown as direct liabilities.

 

The offering of the securities referred to herein will be made to certain initial purchasers pursuant to a private placement. The initial purchasers will sell or offer the securities within the United States to qualified institutional buyers in accordance with Rule 144A under the Securities Act of 1933 (the “Securities Act”) and outside the United States in accordance with Regulation S under the Securities Act.

 

This press release does not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities referred to herein in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. The securities will not be registered under the Securities Act or applicable state securities laws, and are being offered by the initial purchasers only to qualified institutional buyers in reliance on Rule 144A under the Securities Act and outside the United States in accordance with Regulation S under the Securities Act. Unless so registered, the securities cannot be offered or sold in the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws.

 

# # #

 

This excerpt taken from the GKK 8-K filed May 5, 2005.
NEW YORK, N.Y. — May 5, 2005 — Gramercy Capital Corp. (NYSE:GKK) announced today that it has closed on its investment in a joint venture with SL Green Realty Corp. (NYSE:SLG) to acquire, own and operate the South Building located at One Madison Avenue in New York City.

 

The Property comprises approximately 1.2 million square feet and is almost entirely net leased to Credit Suisse First Boston (USA), Inc. pursuant to a lease with a 15-year remaining term.

 

# # #

 



 

This excerpt taken from the GKK 8-K filed Apr 28, 2005.
NEW YORK, N.Y. — April 28, 2005 — Gramercy Capital Corp. (NYSE: GKK) announced today it has obtained an increased commitment amount under an existing master repurchase agreement provided by Wachovia Bank and certain of its affiliates from $350 million to $500 million, which $150 million increase includes the consolidation of a separate, previously existing $50 million credit facility.  Additionally, the initial term of the master repurchase facility was modified to reflect staggered maturities as follows: $250 million matures in August 2007; $150 million matures in December 2007; and the remaining $100 million matures in June 2008.

 

These modifications increase the Company’s total debt capacity from $625 million to $725 million.

 

# # #

 

This excerpt taken from the GKK 8-K filed Apr 21, 2005.
NEW YORK, N.Y. – April 20, 2005 – Gramercy Capital Corp. (NYSE: GKK) today reported net income available to common shareholders and funds from operations (FFO) of $4.6 million, or $0.24 per share, for the quarter-ended March 31, 2005. The Company completed 11 separate investments totaling $281.0 million, net of discounts, and generated total revenues of $10.7 million during the first quarter. At March 31, 2005, total assets were $621.7 million, total liabilities were $352.3 million, and stockholders’ equity was $269.4 million.

 

Wikinvest © 2006, 2007, 2008, 2009, 2010, 2011, 2012. Use of this site is subject to express Terms of Service, Privacy Policy, and Disclaimer. By continuing past this page, you agree to abide by these terms. Any information provided by Wikinvest, including but not limited to company data, competitors, business analysis, market share, sales revenues and other operating metrics, earnings call analysis, conference call transcripts, industry information, or price targets should not be construed as research, trading tips or recommendations, or investment advice and is provided with no warrants as to its accuracy. Stock market data, including US and International equity symbols, stock quotes, share prices, earnings ratios, and other fundamental data is provided by data partners. Stock market quotes delayed at least 15 minutes for NASDAQ, 20 mins for NYSE and AMEX. Market data by Xignite. See data providers for more details. Company names, products, services and branding cited herein may be trademarks or registered trademarks of their respective owners. The use of trademarks or service marks of another is not a representation that the other is affiliated with, sponsors, is sponsored by, endorses, or is endorsed by Wikinvest.
Powered by MediaWiki