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Gramercy Capital Loses $198m
Aug 07, 2009New 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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