Gramercy Capital Loses $198m

New York City-based commercial real estate investment trust (REIT) Gramercy Capital Corp. (GKK) reported a negative funds from operation (FFO) of $168.9m, compared to a positive FFO of $32.9m in Q209. It resulted in a net loss of $198.1m for common stockholders. The hybrid REIT’s property division didn’t acquire any new properties, and sold 12 for a combined sales price of $14.3m. It signed 18 new leases for a combined 41,714 square feet of office building and bank branch office space, bringing the occupancy rate to 88.2%. During the quarter, Gramercy Realty sold 12 properties, for an aggregate sales price of approximately $14.3 million. During the quarter, 18 new leases totaling 41,714 net rentable square feet commenced. Gramercy Realty finished the quarter at 88.2% occupancy. Gramercy’s finance division purchased 10 triple-A rated commercial mortgage-backed securities (CMBS) with a par value of $144.8m. The company decreased its available cash from its fiscal Q209 by $45.5m to approximately $137m. Write to Austin Kilgore.

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