Items Tagged with 'Gramercy Capital'


  • Gramercy Capital Loses $198m

    New York City-based commercial real estate investment trust (REIT) Gramercy Capital Corp. [stock GKK][/stock] 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%.
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  • Mortgage REIT Insider: Dividends Dry Up

    The commercial real estate bust continues to take its toll, particularly for the New York-based commercial mortgage REITs. This week, three of the major commercial mREITs announced that realized taxable losses had all but eliminated their dividend requirements for the rest of the year. Arbor Realty Trust [stock ABR][/stock] cut its third-quarter dividend to just $0.24/share, a 61 percent reduction in its quarterly payout. That payout will be Arbor’s last dividend for 2008, as the company doesn’t plan to pay a fourth-quarter dividend.
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  • Mortgage REIT Insider: Earnings Stumble Out of the Gate

    Earnings season got off to a rocky start this week with miscues by all of the reporting mortgage REITs. Dynex Capital Inc. [stock DX][/stock] had to replace its earnings release; book value and portfolio duration were misstated in the original version. Friedman Billings Ramsey Group Inc. [stock FBR][/stock] didn’t produce an earnings release until after 10:00 pm on Wednesday evening, despite the conference call set for 9:00 am Thursday morning. Gramercy Capital Corp.
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  • Mortgage REIT Insider: Commercial mREITs Get Clobbered

    Shares of commercial mREITs were clobbered on Wednesday, following a string of negative comments about the state of the commercial real estate market. The Federal Reserve’s most recent Beige Book managed the first volley, suggesting that "[c]ommercial real estate conditions varied in April and May, with some Districts reporting that activity had softened. Leasing activity eased in Boston, New York, Philadelphia, Richmond, and San Francisco. Vacancy rates edged higher in Boston, Kansas City, and San Francisco, as well as in pockets of the Richmond and St. Louis Districts."
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