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Gramercy Property Trust

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2018 10-Q, filed Jul 31, 2018. Its latest SEC filing is a 15-12B from Oct 22, 2018.

The sections below describe the company as of the FY2017 annual report.

What Did They Do?

Acquires and manages commercial real estate, primarily industrial properties leased to business tenants, alongside office and specialty retail properties.

How Did They Make Money?

The company earns most of its revenue from rent paid by tenants on properties it owns in the United States. Lease agreements set payment dates, while rent is counted evenly across the lease term; tenants also generally reimburse property-related costs such as taxes, insurance and maintenance.

FY2017 revenue

Who Were Their Customers?

Commercial tenants rent Gramercy's industrial, office and specialty retail properties; specialty retail tenants include fitness centers, a rental-car operator and retail bank branches.

Did Revenues Turn Into Profits?

Yes. It kept 16 cents of every revenue dollar as net income in FY2017 and turned 38 cents into free cash flow.

Net income, FY2017
16% of revenue
▲ +156% vs FY2016 ($33.4M, 6%)
Free cash flow, FY2017
38% of revenue
▲ +11% vs FY2016 ($185.8M, 36%)

How Were They Changing?

Since the FY2017 annual report
Latest quarter: Q2 FY2018, the three months to Jun 30, 2018
Revenue
▲ +11%
vs $131.4M in Q2 FY2017
Net income
▲ +203%
vs $8.1M in Q2 FY2017
  • Oct 10, 2018 Blackstone completed its acquisition of Gramercy Common shareholders received $27.50 per share in cash, and the shares were removed from NYSE trading.
  • May 7, 2018 Gramercy agreed to be acquired by Blackstone The all-cash deal covered the company's shares.

Grew. Revenue grew 9.6x in 4 years, from $56.7M in FY2013 to $545.2M in FY2017, about 76% a year.

Greater industrial focus The older report describes a focus on industrial and office properties; the latest report centers the strategy on stabilized industrial properties and pursues office properties opportunistically, with the portfolio primarily made up of industrial properties.

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