Attached files
| file | filename |
|---|---|
| 8-K - Gramercy Property Trust Inc. | v206509_8k.htm |
FOR
IMMEDIATE RELEASE
CONTACT:
Jon W.
Clark
Chief
Financial Officer
(212)
297-1000
-Or-
Julia M.
Rivera
Investor
Relations
(212)
297-1000
Gramercy
Capital Corp. Announces Completion of Sale of New York City Real Estate
Investments
New York,
NY – December 27, 2010 – Gramercy Capital Corp. (NYSE: GKK) today announced the
closing of the previously announced sale of certain real estate investments to
SL Green Realty Corp. (NYSE: SLG) for an aggregate price of approximately $390.8
million, including the assumption by SL Green of approximately $265.6 million in
debt. The transactions closed on substantially the same terms as previously
disclosed and produced approximately $89.8 million of unrestricted cash for the
Company and approximately $39.0 million of restricted cash for one of the
Company’s three CDOs.
Company
Profile
Gramercy
Capital Corp. is a self-managed integrated commercial real estate finance and
property investment company whose Gramercy Finance division focuses on the
direct origination, acquisition and portfolio management of whole loans,
subordinate interests in whole loans, mezzanine loans, preferred equity,
commercial mortgage-backed securities and other real estate securities, and
whose Gramercy Realty division targets commercial properties leased primarily to
financial institutions and affiliated users throughout the United States.
Gramercy is headquartered in New York City, and has regional investment and
portfolio management offices in Jenkintown, Pennsylvania, Charlotte, North
Carolina and St. Louis, Missouri.
To review
Gramercy’s latest news releases and other corporate documents, please visit
Gramercy's website at www.gkk.com or contact Investor Relations at
212-297-1000.
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 the reduction in cash flows received from
the Company's investments, in particular its CDOs and the Gramercy Realty
portfolio; the ability of the Company's Gramercy Realty division to renegotiate
the terms of its mortgage and mezzanine loan obligations; compliance with
financial covenants; the adequacy of the Company's cash reserves, working
capital and other forms of liquidity; maintenance of liquidity needs, including
balloon debt payments; our reduced liquidity resulting from the tender offer of
our Series A preferred stock; the success or failure of the Company's efforts to
implement its current business strategy; the strength of the commercial finance
and real estate property markets, and the banking industry specifically;
competitive market conditions; the ability to raise debt and equity capital;
unanticipated administrative costs; general and local economic conditions;
interest rates; capital and credit market conditions; bankruptcies and defaults
of borrowers or tenants in the Company's properties or properties securing the
Company's debt investments; the resolution of the Company's non-performing and
sub-performing assets and any loss the Company might recognize in connection
with such investments; management changes; compliance with
over-collateralization and interest coverage tests in the Company's CDOs; and
other 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. For further information, please refer to the Company's filings
with the Securities and Exchange Commission.
GKK-EN