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News Article | May 2, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT) today reported financial results for the first quarter of 2017. Gramercy Property Trust (NYSE:GPT) today reported net income to common shareholders of $7.6 million, or $0.05 per diluted common share, for the three months ended March 31, 2017. Net income also includes $4.6 million of gains on disposals of real estate, net of impairments. Net income for the three months ended March 31, 2017 includes a $4.9 million other-than-temporary impairment attributable to the Company's retained CDO bonds. For the first quarter of 2017, the Company generated NAREIT defined FFO of $67.4 million, or $0.47 per diluted common share, and for the first quarter of 2016, FFO was $62.1 million, or $0.44 per diluted common share. The Company also reported Core FFO of $72.5 million, or $0.51 per diluted common share during the quarter, compared to Core FFO of $76.9 million, or $0.54 per diluted common share for the first quarter of 2016. The Company generated adjusted funds from operations, or AFFO, of $68.1 million, or $0.48 per diluted common share during the first quarter of 2017, compared to AFFO of $72.7 million, or $0.51 per diluted common share for the first quarter of 2016. A reconciliation of FFO, Core FFO and AFFO to net income available to common shareholders is included in this press release. For the first quarter of 2017, the Company recognized total revenues of approximately $130.0 million, an increase of 3% over total revenues of $126.2 million reported in the prior quarter, primarily attributable to acquisition activity. The Company reaffirms its previously announced outlook for 2017 with expected Core FFO of $2.10 - $2.25 per diluted common share and expected AFFO of $1.95 - $2.10 per diluted common share. As of March 31, 2017, the Company owned interests in 318 properties containing an aggregate of approximately 66.7 million rentable square feet with 98.4% occupancy and an ABR weighted average remaining lease term of 7.5 years. In the first quarter of 2017, the Company acquired five industrial properties in separate transactions for an aggregate purchase price of approximately $94.1 million with an initial cash capitalization rate of 7.4%. In the first quarter of 2017, the Company also completed a build-to-suit property valued at $29.6 million and acquired a vacant property for $2.4 million. Subsequent to quarter end, the Company acquired two properties in Savannah, Georgia and Baltimore, Maryland and entered into one build-to-suit transaction in Spartanburg, South Carolina, for total estimated investments across all three of $77.3 million at an initial cash capitalization rate of 7.8%. First quarter 2017 property acquisitions are summarized in the chart below: Pursuant to the Company's previously announced disposition plan, during the quarter, the Company disposed of seven buildings including one vacant property for aggregate gross proceeds of $51.7 million. The weighted average remaining lease term for the occupied properties was 6.4 years at closing and the blended exit capitalization rate for the occupied properties was 6.5%. During the first quarter of 2017, the Company recorded net gain on disposals of $17.4 million for the seven assets sold during the quarter and impairment charges of $12.8 million related to two assets which are under contract to be sold in the second quarter. Subsequent to quarter end, the Company disposed of two retail bank branches and one single-tenant office for $47.0 million. First quarter 2017 property dispositions are summarized in the chart below: At March 31, 2017, the Company owned a 14.2% interest in Gramercy Property Europe plc ("Gramercy Europe"), an 80% interest in the Goodman U.K. joint venture, and a 5.1% interest in eight former Goodman Europe joint venture properties (now 94.9% owned by Gramercy Europe). During the first quarter of 2017, Gramercy Europe acquired one property. Since inception, Gramercy Europe has acquired 35 properties for €725.0 million, which includes the properties previously part of the former Goodman Europe joint venture. Subsequent to quarter end, the Company and its partners entered into an agreement to sell 100% of Gramercy Europe's assets to a consortium of clients managed by AXA Investment Managers - Real Assets. The total gross valuation is approximately €1.0 billion ($1.1 billion) with an exit cap rate of approximately 6.2%. The transaction and a simultaneous disposition by the Company of its 5.1% minority interest in eight former Goodman Europe joint venture properties is expected to result in net distributions to the Company of approximately €90.7 million ($96.6 million), inclusive of a promoted interest distribution of approximately €7.9 million ($8.4 million). The Company funded €50.0 million ($53.3 million) of equity capital into Gramercy Europe and has a €3.1 million ($3.3 million) carrying value in the 5.1% minority interest. Completion of the transaction is subject to the satisfaction of customary conditions. The transaction is expected to close in the third quarter of 2017; however, there can be no assurances that the transaction will close on the terms described herein or at all. During the first quarter of 2017, the Company executed three new leases aggregating approximately 165 thousand square feet for an average lease term of 8.4 years and a leasing spread of 28.1% over prior annual base rent ("ABR"). Also, the Company executed and commenced two lease renewals aggregating approximately 700 thousand square feet for an average lease term of 7.5 years and a leasing spread of 20.4% over prior ABR. The Company's asset and property management business, which operates under the name Gramercy Asset Management, currently manages approximately $1.1 billion of commercial properties for third parties, including $918.0 million in Europe. At the end of the first quarter of 2017, the Company wound up the KBS asset management agreement. The Company sold almost 700 properties in 330 transactions on behalf of KBS, earning $24.0 million in incentive fees, and $35.8 million in fees for property and asset management services provided since December 2013 when the management agreement was renegotiated with KBS. In the first quarter of 2017, Gramercy Asset Management recognized fee revenues of $4.6 million for property management, asset management, and administrative fees, as compared to $5.2 million for the prior quarter. The decrease in fees of approximately $0.6 million for the first quarter of 2017 is primarily attributable to the wind up of the KBS asset management agreement. Gramercy Asset Management recorded $1.4 million in incentive fees earned from the Company's third-party asset management business for the first quarter of 2017. As of March 31, 2017, the Company maintained approximately $784.5 million of liquidity, as compared to approximately $851.7 million of liquidity reported at the end of the prior quarter. Liquidity includes $56.3 million of unrestricted cash as compared to approximately $67.5 million reported at the end of the prior quarter. During the quarter, the Company drew down $60.0 million and repaid $5.0 million previously drawn on the Senior Unsecured Revolving Credit Facility. As of March 31, 2017, there were $121.8 million of borrowings outstanding under the revolving credit facility. General and administrative (or "G&A"), expenses were $8.8 million for the quarter ended March 31, 2017 compared to $9.3 million in the prior quarter. G&A expenses included non-cash share compensation costs of approximately $2.1 million for the quarter ended March 31, 2017 compared to $1.6 million in the prior quarter. The decrease in G&A expenses of $0.5 million is primarily due to decreased compensation costs. During the first quarter of 2017, the Company issued 731,453 shares through its "At-The-Market" equity issuance program ("ATM") for net proceeds of $19.7 million. In April 2017, the Company completed an underwritten public offering of 10,350,000 common shares, which includes the exercise in full by the underwriters of their option to purchase 1,350,000 additional common shares. The common shares were issued at a public offering price of $27.60 per share and the net proceeds from the offering were approximately $274.2 million. The Company intends to use the net proceeds of this offering to fund the future acquisition of its target assets and for working capital and other general corporate purposes, which may include the repayment or repurchase of indebtedness. The Company paid a first quarter 2017 dividend on the Company’s 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share on March 31, 2017 to preferred shareholders of record as of the close of business on March 15, 2017. In April, the Company paid a dividend of $0.375 per common share for the first quarter of 2017. The first quarter dividend was paid on April 14, 2017 to holders of record as of March 31, 2017. Subsequent to quarter end, the Company declared a second quarter 2017 common share dividend of $0.375 per share payable on July 14, 2017 to shareholders of record as of June 30, 2017. Subsequent to quarter end, the Company also declared a second quarter 2017 dividend on the Company's 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share, payable on June 30, 2017 to preferred shareholders of record as of the close of business on June 20, 2017. Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe. To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112. The Company's executive management team will host a conference call and audio webcast on Wednesday, May 3, 2017, at 11:00 AM EDT to discuss first quarter 2017 financial results. Presentation materials will be posted prior to the call on the Company's website, www.gptreit.com. Interested parties may access the live call by dialing 1-888-317-6003, or for international participants 1-412-317-6061, using passcode 8507582. Additionally, the live call will be webcast in listen-only mode on the Company’s website at www.gptreit.com in the Investor Relations section. A replay of the call will be available at 2:00 PM EST, May 3, 2017 through midnight, May 17, 2017 by dialing 1-877-344-7529, or for international participants 1-412-317-0088, using the access code 10104833. The Company has used non-GAAP financial measures as defined by SEC Regulation G in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release. The Company has used non-GAAP financial measures as defined by SEC Regulation G in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release. Funds from operations (“FFO”): The revised White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-downs of investments in depreciable real estate and investments in in-substance real estate investments and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to noncontrolling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. Core FFO and adjusted funds from operations (“AFFO”): Core FFO and AFFO are presented excluding property acquisition costs, loss on extinguishment of debt, other-than-temporary impairments on retained bonds, mark-to-market on interest rate swaps, and one-time charges. AFFO of the Company also excludes non-cash share-based compensation expense, amortization of above- and below-market leases, amortization of deferred financing costs and non-cash interest, amortization of lease inducement costs, non-real estate depreciation and amortization, amortization of free rent received at property acquisition, straight-line rent, and these AFFO adjustments as they pertain to the Company's unconsolidated equity investments. The Company believes that Core FFO and AFFO are useful supplemental measures regarding the Company’s operating performances as they provide a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s operating results. FFO, Core FFO and AFFO do not represent cash generated from operating activities in accordance with GAAP and should not be considered as alternatives to net income (determined in accordance with GAAP), as indications of our financial performance, or to cash flow from operating activities as measures of our liquidity, nor are they entirely indicative of funds available to fund our cash needs, including our ability to make cash distributions. Our calculations of FFO, Core FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited. 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, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


News Article | December 9, 2016
Site: www.prweb.com

Architecture and design firm Stantec in Miami, has completed the lobby renovation of the 10-story Financial Center at the Gardens, a premier office building located at 3801 PGA Boulevard in Palm Beach Gardens, Florida. The new 2,300 sf lobby features a wine/coffee bar and lounge with wine lockers for tenants to store their wine and also serves as a venue for private events. Communal tables were added to provide a relaxed social environment and an alternative workspace that’s appealing to the millennial workforce. Located in the popular golf town of Palm Beach Gardens, a 15x13 putting green was fittingly included in the redesign. This unique amenity allows employees of current tenants such as UBS Financial Services, Morgan Stanley, JPMorgan Chase and RBC Capital Markets the opportunity to take a break during the hectic workweek and perfect their put. “The building’s owners, KBS Realty Advisors, wanted to set their property apart,” said designer Barbara Savage, senior associate, Stantec. “It was important that the renovations reflect their commitment to an upscale, Class A office environment, while providing a welcoming, comfortable space to all their tenants and guests.” The lobby’s redesign also included high-end finishes, such as walnut wood, along with plush leather seating, distinctively-designed wool rugs, and opulent marble floors that convey the prestigious character of the building. The renovation encompassed a new management office, new security desk, and improvements to the restrooms and parking garage. About Stantec We’re active members of the communities we serve. That’s why, at Stantec, we always design with community in mind. The Stantec community unites approximately 22,000 employees working in over 400 locations across six continents. Our work— engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, project management, and project economics, from initial project concept and planning through design, construction, and commissioning—begins at the intersection of community, creativity, and client relationships. With a long-term commitment to the people and places we serve, Stantec has the unique ability to connect to projects on a personal level and advance the quality of life in communities across the globe. Stantec trades on the TSX and the NYSE under the symbol STN. Visit us at stantec.com or find us on social media.


News Article | February 16, 2017
Site: www.prweb.com

Hackman Capital Partners LLC and Calare Properties, Inc., announced today the completion of three leases totaling 167,764 square feet in Clinton and Norwood, Massachusetts. 111 ADAMS ROAD, ADAMS ROAD INDUSTRIAL PARK, CLINTON, MA: Bunzl Distribution Northeast, LLC will be nearly doubling its space—from 45, 672 square feet to 87,672 square feet—in the state-of-the art facility at 111 Adams Road. Mark Sonnenberg of NAI Heartland represented the tenant in the recent renewal and expansion. Bunzl Distribution USA, Inc. supplies a range of products including outsourced food packaging, disposable supplies, and cleaning and safety products to food processors, supermarkets, convenience stores and non-food retailers. Based in St. Louis, Missouri, Bunzl Distribution is the largest division of Bunzl plc, an international distribution and outsourcing group headquartered in London. The robust, 458,000 square foot, multi-tenant facility, formerly the Ames Department Store distribution center, is on Pan Am Railway and offers high bays, extensive loading, heavy power and abundant parking. There are two suites in the building currently available for lease, one at 47,140 square feet and one at 91,005. A third, for 120,187 square feet will be available in January 2018. 100 ADAMS ROAD, ADAMS ROAD INDUSTRIAL PARK, CLINTON, MA: Scholastic Book Fairs, Inc., extended their 60,500-square-foot lease at 100 Adams Road. The 344,000-square-foot industrial facility continues to be 100% occupied. Scholastic is the world’s largest publisher and distributor of children’s books with $1.6 billion in annual revenue. Simon Landsman of JLL and Kevin Hanna of Cushman & Wakefield represented the tenant in the transaction. 615 UNIVERSITY AVENUE, NORWOOD, MA: Harvey Building Products has leased the 19,592-square-foot building at 615 University Avenue. Harvey Building Products manufacturers and distributes vinyl and wood windows, doors and other exterior building products. The company will use the space to open a new distribution center to serve contractors and builders in the area. Harvey Building Products currently operates 35 warehouse and two manufacturing locations throughout the Northeast and Mid-Atlantic states. The University Avenue location will be its first in Norwood and is expected to open in March of 2017. NAI Hunneman Executive Vice President Cathy Minnerly and Vice President Ovar Osvold represented the landlord in the transaction. JLL’s Ed Jarosz and Rick Schuhwerk represented the tenant. 12-MONTH ACTIVITY: The Clinton and Norwood properties are owned by a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. The buildings were purchased in 2007 as part of a large industrial portfolio. Since January of last year, Hackman Capital Partners and Calare Properties have transacted more than 1.8 million square feet in new leases, expansions and renewals across the Northeast properties, including over 1.14 million square feet in Massachusetts, and more than 2.9 million square feet in property sales in Massachusetts and Connecticut. More About Hackman Capital Partners Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. The company is based in Los Angeles, California with offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego. About Calare Properties Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company’s experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio.


WASHINGTON, Nov. 15, 2016 /PRNewswire/ -- Today, the Ad Council in partnership with the U.S. Department of Health and Human Services, AdoptUSKids, and KBS launched new public service advertisements (PSAs) for the award-winning Adoption from Foster Care campaign. The new television and...


News Article | November 1, 2016
Site: www.prweb.com

Hackman Capital Partners, LLC and Calare Properties, Inc. announced today the recent sale of North Texas Industrial Center, a 1,453,615-square-foot industrial facility, to an affiliate of New York based Eliken Property Management. The property is located on Business Highway 45, roughly 60 miles southeast of the Dallas/Fort Worth Metroplex. D. Conrad Madsen, Greg Nelson and Dean Woodward of Paladin Partners represented the seller in the transaction, while Holmes Davis of Binswanger represented the buyer. Eliken Property Management is a private real estate firm focused on acquiring, developing and managing industrial properties throughout the United States. The company’s current portfolio consists of 10 properties with approximately 2.5 million rentable square feet. North Texas Industrial Center was part of an approximately 11.38-million-square-foot industrial portfolio purchased in 2007 by a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. Two Texas properties still remain in the portfolio, while the majority of the properties are located in the Northeast. One of the largest buildings in the southwest, North Texas Industrial Center offers a flexible floor plate, abundant loading and trailer storage, heavy 3-phase power and rail capability. The building is occupied by two tenants. Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of industrial properties, including complete facilities with industrial equipment. Hackman Capital also targets infill flex buildings, which the company redevelops for creative-office and other commercial uses. Founded in 1986, Hackman Capital has conducted more than $2 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. Approximately 1.5 million square feet of that portfolio is currently located in Texas. The company is based in Los Angeles, California with regional offices in Columbus, Ohio and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego. Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company’s experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio.


News Article | February 15, 2017
Site: www.prweb.com

Hackman Capital Partners LLC and Calare Properties, Inc., announced today the sale of 10 properties, primarily warehouse-distribution facilities, to Winstanley Enterprises, LLC. The properties, which total 2,942,880 square feet, are located primarily in northern Connecticut and Southern Massachusetts. The seller is a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. Brian Fiumara and Brad Ruppel of CBRE National Partners represented the seller. “We’re pleased the properties were such a good, strategic fit for Winstanley,” said Michael Hackman founder and CEO of Hackman Capital Partners. “The partnership initially acquired the assets in 2007 as part of a larger industrial portfolio. We repositioned the properties and attracted premier tenants. We’re thrilled with the results.” Toy maker LEGO Systems, Home Depot and Coca-Cola are among the major tenant companies that will continue occupying the buildings. More About Hackman Capital Partners Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. The company is based in Los Angeles, California with offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego. For more information, visit hackmancapital.com. About Calare Properties Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company’s experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio. For more information, visit calare.com. About Winstanley Enterprises Winstanley Enterprises is a real estate development and investment company that works across a wide range of asset classes including office, laboratory/biotech, industrial, retail, medical office and residential. Founded in 1973 and based in Concord, Massachusetts, Winstanley has acquired and developed more than 100 properties comprising more than 12 million square feet. For more information, visit winent.com


News Article | February 28, 2017
Site: www.prweb.com

Hackman Capital Partners LLC and Calare Properties, Inc., announced today the sale of The Jackson Avenue Warehouse at 133 Jackson Avenue in Jamestown, New York. Regal Service, the buyer, will continue to occupy 100% of the 287,959-square-foot distribution facility. Regal Service, a 100% employee-owned transportation company, is a 51-year-old entity serving multinational manufacturing companies, as well as the food industry. The company has occupied space in The Jackson Avenue Warehouse since 2011 and, after several expansions, took over the entire facility in early 2014. The company has additional facilities in New York, western Pennsylvania and Maryland. The Jackson Industrial Center was part of an approximately 11.38-million-square-foot industrial portfolio purchased in 2007 by a joint venture formed by Hackman Capital Partners, Calare Properties and KBS Real Estate Investment Trust. The venture still owns 15 buildings in the portfolio, totaling more than 5 million square feet. More than 4 million square feet of those buildings are located in Massachusetts, New Hampshire and Pennsylvania; the remainder are in Texas. “Since the portfolio was acquired, we repositioned and rebranded many of the properties,” said Michael Hackman founder and CEO of Hackman Capital Partners. “The Jackson Industrial Building’s location, high bays and abundant loading capacity made it a great fit for Regal when they first leased space in it six years ago. We’re thrilled it has continued to meet their needs and very pleased with the sale.” More About Hackman Capital Partners Hackman Capital Partners is a privately-held, real-estate investment and operating company that focuses on the acquisition of commercial properties in major U.S. markets and other real estate that can be repositioned for higher and better uses. Founded in 1986, Hackman Capital has conducted more than $3 billion in real estate transactions across 41 states—having owned, through affiliated entities, over 400 buildings totaling 35-plus million square feet and 24,000 acres of developable land. The company is based in Los Angeles, California with offices in Columbus, Ohio, Chicago, Illinois and Boston, Massachusetts. It currently employs 82 people and manages approximately 300 major tenant companies nationwide, including Home Depot, Staples, Coca Cola, Lowe’s, Sony and Lego.For more information, visit hackmancapital.com. About Calare Properties Founded in 2003, Calare is a real estate operator focused on acquiring and managing warehouse, manufacturing, research and flex/office assets primarily in the Northeast. The company’s experienced team and fully integrated operating platform provide investment, asset management, leasing and property management expertise to drive performance at all stages of the investment process from acquisition through disposition. Calare has led the acquisition of more than 17 million square feet of properties, representing $800 million in real estate transactions through funds, direct deals and a multi-asset portfolio. For more information, visit calare.com.


News Article | February 28, 2017
Site: www.businesswire.com

NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT) today reported financial results for the full year and the fourth quarter of 2016. Gramercy Property Trust (NYSE:GPT) today reported net income to common shareholders of $4.8 million, or $0.03 per diluted common share, for the three months ended December 31, 2016, and net income to common shareholders of $27.1 million, or $0.19 per diluted common share for the full year ended December 31, 2016. Net income for the three months ended December 31, 2016 includes $3.5 million of other income attributable to the reversal of an accrual for a tenant audit which was settled for a lower amount than originally estimated. Net income was reduced by $2.7 million, of which $10.1 million is reported as impairment of real estate investments, and is offset by gains of $5.5 million in equity of net income (loss) of unconsolidated investments, $409 thousand of gains in discontinued operations, and $1.5 million of net gains on disposals. For the quarter, the Company generated NAREIT defined FFO of $69.1 million, or $0.49 per diluted common share, and for the year ended December 31, 2016, FFO was $274.5 million, or $1.93 per diluted common share. The Company also reported Core FFO of $72.3 million, or $0.51 per diluted common share during the quarter, and for the year ended December 31, 2016, Core FFO was $314.4 million, or $2.21 per diluted common share. The Company generated adjusted funds from operations, or AFFO, of $68.9 million, or $0.48 per diluted common share during the quarter, and for the year ended December 31, 2016, AFFO was $288.6 million, or $2.03 per diluted common share. A reconciliation of FFO, Core FFO and AFFO to net income available to common shareholders is included in this press release. For the fourth quarter of 2016, the Company recognized total revenues of $126.2 million compared to $131.1 million reported in the prior quarter. The decrease of $4.9 million, or 3.7%, is primarily attributable to $4.5 million of additional amortization of below market lease intangibles in the third quarter of 2016. The Company reaffirms its previously announced outlook for 2017 with expected Core FFO of $2.10 - $2.25 per diluted common share and expected AFFO of $1.95 - $2.10 per diluted common share. This outlook assumes acquisition of properties of $400.0 million to $1.0 billion and disposition of properties of $200.0 million to $400.0 million and assumes zero to $400.0 million in equity raised. As of December 31, 2016, the Company owned interests in 318 properties containing an aggregate of approximately 65.0 million rentable square feet with 98.5% occupancy and an ABR weighted average remaining lease term of 7.6 years. In the fourth quarter of 2016, the Company acquired 29 industrial properties in twelve separate transactions for an aggregate purchase price of approximately $718.5 million (6.5% initial cap rate; 6.9% annualized straight-line cap rate) with a weighted average remaining lease term of approximately 6.4 years at closing. With these acquisitions, the Company acquired approximately $1.4 billion of single and multi-tenant assets in the United States and Canada in 2016. The weighted average entry cap rate for these acquisitions is 6.8%. Currently, the Company has approximately $130.0 million in acquisitions under contract or under signed LOI. Fourth quarter 2016 property acquisitions are summarized in the chart below: Pursuant to the Company's previously announced disposition plan, during the quarter, the Company disposed of three single-tenant office buildings in the U.S. for aggregate gross proceeds of $106.3 million and one single-tenant office building in Coventry, United Kingdom for £9.0 million. The weighted average remaining lease term for the four sold properties was 7.6 years at closing and the blended exit cap rate was 6.8% on next twelve months NOI. For the year ended December 31, 2016, the Company has sold over $1.5 billion of single and multi-tenant assets in the United States and Europe. These property sales are a part of the Company’s previously announced plan to dispose of select non-core assets following the merger with Chambers Street Properties. The weighted average exit cap rate for these dispositions is 6.8% and reflects the Company’s pro rata share of joint venture assets acquired and sold. Subsequent to quarter end, the Company disposed of a single tenant office building in Chantilly, VA for $25.3 million. Currently, the Company has approximately $147.1 million of assets under contract or in the market for sale. Fourth quarter 2016 property dispositions are summarized in the chart below: At December 31, 2016, the Company owns a 14.2% interest in the Gramercy European Property Fund, an 80% interest in the Goodman U.K. joint venture, and a 5.1% interest in the former Goodman Europe joint venture (now 94.9% owned by the Gramercy European Property Fund). Collectively these European joint ventures aggregate $79.2 million of carrying value on the Company's balance sheet. During the fourth quarter of 2016, Gramercy Europe acquired one property. Since inception, Gramercy Europe has acquired 34 properties for €660.0 million which includes the properties previously part of the former Goodman Europe joint venture. The Company received distributions of $5.3 million from the Company's European joint venture in the fourth quarter of 2016. The Company’s United Kingdom joint venture with Goodman Group, or Goodman U.K. joint venture, disposed of a single-tenant logistics building located in Rugby, United Kingdom for pro rata gross proceeds of £12.0 million to the Company. Prior to the sale, the joint venture extended the existing lease with a global logistics provider. The Goodman U.K. joint venture has two remaining warehouses that are currently being repositioned and are expected to be disposed of in the first half of 2017. During the fourth quarter of 2016, the Company executed seven lease renewals aggregating approximately 1.7 million square feet for an average lease term of 6.6 years. In addition, two new leases and seven renewals commenced during the fourth quarter of 2016 aggregating approximately 2.0 million square feet for an average lease term of 7.8 years. The Company's asset and property management business, which operates under the name Gramercy Asset Management, currently manages approximately $1.2 billion of commercial properties for third parties, including $875.0 million in Europe. In the fourth quarter of 2016, the Company entered into an agreement to wind-up the asset management agreement with KBS at the end of the first quarter of 2017. The Company will earn asset management fees plus the potential for incremental incentive fees through the end of the arrangement. In the fourth quarter of 2016, Gramercy Asset Management recognized fee revenues of $5.2 million in property management, asset management, and administrative fees, as compared to $7.2 million for the prior quarter. The decrease in fees of approximately $2.0 million for the fourth quarter of 2016 is primarily attributable to incremental incentive fees earned on the managed portfolio during the third quarter of 2016. Gramercy Asset Management recorded $1.0 million in incentive fees earned from the Company's third-party asset management business for the fourth quarter of 2016, compared to $2.9 million for the prior quarter. As of December 31, 2016, the Company maintained approximately $851.7 million of liquidity, as compared to approximately $900.3 million of liquidity reported at the end of the prior quarter. Liquidity includes $67.5 million of unrestricted cash as compared to approximately $56.4 million reported at the end of the prior quarter. During the quarter, the Company drew down $230.0 million and repaid $327.5 million previously drawn on the Senior Unsecured Revolving Credit Facility. As of December 31, 2016, there were $65.8 million of borrowings outstanding under the revolving credit facility. On December 30, 2016, the Company completed a 1-for-3 reverse share split of the Company's common shares and its outstanding units of GPT Operating Partnership LP, resulting in the reduction of the outstanding common shares of beneficial interest from approximately 422.0 million to approximately 140.6 million. The Company completed the private placement of $350.0 million in senior unsecured notes, consisting of $150.0 million of notes due December 2022 having a fixed interest rate of 3.89%, $100.0 million of notes due December 2025 having a fixed interest rate of 4.26%, and $100.0 million of notes due December 2026 having a fixed interest rate of 4.32%, resulting in a weighted average maturity of 8.0 years and a weighted average fixed interest rate of 4.12%. In December 2016, the Company entered in to a fixed-pay swap on the 3-year $300.0 million term loan due January 2019, resulting in an effective interest rate of 2.33%. With the swap, the Company’s floating rate debt exposure was reduced to approximately 2.7% of borrowings as of December 31, 2016. During the fourth quarter of 2016, the Company also assumed $198.2 million of mortgages secured by 16 of the 17 properties in the $520.6 million logistics portfolio acquired. General and administrative, or G&A, expenses were $9.3 million for the quarter ended December 31, 2016 compared to $8.2 million in the prior quarter. G&A expenses included non-cash share compensation costs of approximately $1.6 million for the quarter ended December 31, 2016 compared to $1.3 million in the prior quarter. The increase in G&A expenses of $1.1 million is primarily due to increased compensation costs. Acquisition costs for the quarter ended December 31, 2016 included no merger-related costs compared to acquisition costs for the quarter ended December 31, 2015, which included $47.4 million of merger-related costs. Subsequent to quarter end, the Company launched an “at-the-market” equity issuance program in January 2017, pursuant to which the Company may offer and sell common shares with an aggregate gross sales price of up to $375.0 million. The Company declared a dividend of $0.375 per common share for the fourth quarter of 2016. The fourth quarter dividend was paid on January 13, 2017 to holders of record as of December 30, 2016. The Company also declared a fourth quarter 2016 dividend on the Company’s 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share, which was paid on December 30, 2016 to preferred shareholders of record as of the close of business on January 13, 2017. Subsequent to quarter end, the Company declared a first quarter 2017 common share dividend of $0.375 per share payable on April 14, 2017 to shareholders of record as of March 31, 2017. Subsequent to quarter end, the Company also declared a first quarter 2017 dividend on the Company's 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share, payable on March 31, 2017 to preferred shareholders of record as of the close of business on March 15, 2017. Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe. To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112. The Company's executive management team will host a conference call and audio webcast on Wednesday, March 1, 2017, at 11:00 AM EST to discuss 2016 full year and fourth quarter financial results. Presentation materials will be posted prior to the call on the Company's website, www.gptreit.com. Interested parties may access the live call by dialing 1-888-317-6003, or for international participants 1-412-317-6061, using passcode 9938859. Additionally, the live call will be webcast in listen-only mode on the Company’s website at www.gptreit.com in the Investor Relations section. A replay of the call will be available at 2:00 PM EST, March 1, 2017 through midnight, March 15, 2017 by dialing 1-877-344-7529, or for international participants 1-412-317-0088, using the access code 10100663. The Company has used non-GAAP financial measures as defined by SEC Regulation G in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release. The Company has used non-GAAP financial measures as defined by SEC Regulation G in this press release. A reconciliation of each non-GAAP financial measure and the comparable GAAP financial measure can be found in this release. Funds from operations (“FFO”): The revised White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trusts, or NAREIT, defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write-downs of investments in depreciable real estate and investments in in-substance real estate investments and sales of depreciable operating properties, plus real estate-related depreciation and amortization (excluding amortization of deferred financing costs), less distributions to noncontrolling interests and gains/losses from discontinued operations and after adjustments for unconsolidated partnerships and joint ventures. Core FFO and adjusted funds from operations (“AFFO”): Core FFO and AFFO are presented excluding property acquisition costs, loss on extinguishment of debt, other-than-temporary impairments on retained bonds, mark-to-market on interest rate swaps, and one-time charges. AFFO of the Company also excludes non-cash share-based compensation expense, amortization of above- and below-market leases, amortization of deferred financing costs, amortization of lease inducement costs, non-real estate depreciation and amortization, amortization of free rent received at property acquisition, straight-line rent, and these AFFO adjustments as they pertain to the Company's unconsolidated equity investments. The Company believes that Core FFO and AFFO are useful supplemental measures regarding the Company’s operating performances as they provide a more meaningful and consistent comparison of the Company’s operating performance and allows investors to more easily compare the Company’s operating results. FFO, Core FFO and AFFO do not represent cash generated from operating activities in accordance with GAAP and should not be considered as alternatives to net income (determined in accordance with GAAP), as indications of our financial performance, or to cash flow from operating activities as measures of our liquidity, nor are they entirely indicative of funds available to fund our cash needs, including our ability to make cash distributions. Our calculations of FFO, Core FFO and AFFO may be different from the calculations used by other companies and, therefore, comparability may be limited. 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, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For further information, please refer to the Company's filings with the Securities and Exchange Commission. This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.


SHISHI, CHINA / ACCESSWIRE / March 1, 2017 / KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that it has regained compliance with the minimum bid price requirement for continued listing on NASDAQ Capital Market, following the recent one-for-fifteen reverse stock split of the Company's outstanding common stock. As previously disclosed, on March 3, 2016, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Rule"). On August 31, 2016, Nasdaq granted the Company additional 180 days, or until February 27, 2017, to regain compliance with the Bid Price Rule. On February 3, 2017, the Board of Directors of the Company approved a one-for-fifteen reverse stock split which was intended to increase the per share trading price of the Company's outstanding common stock. On February 27, 2017, the Company received a letter from Nasdaq stating that because the Company maintained the closing bid price of its common stock at $1.00 per share or greater from February 9 to February 24, 2017, they determined that the Company has regained compliance with the Bid Price Rule. Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling, and distributing its own casual menswear brand, KBS, through a network of 60 KBS stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com. Safe Harbor Statement This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For further information, please contact:


SHISHI, CHINA / ACCESSWIRE / March 1, 2017 / KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that it has regained compliance with the minimum bid price requirement for continued listing on NASDAQ Capital Market, following the recent one-for-fifteen reverse stock split of the Company's outstanding common stock. As previously disclosed, on March 3, 2016, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Rule"). On August 31, 2016, Nasdaq granted the Company additional 180 days, or until February 27, 2017, to regain compliance with the Bid Price Rule. On February 3, 2017, the Board of Directors of the Company approved a one-for-fifteen reverse stock split which was intended to increase the per share trading price of the Company's outstanding common stock. On February 27, 2017, the Company received a letter from Nasdaq stating that because the Company maintained the closing bid price of its common stock at $1.00 per share or greater from February 9 to February 24, 2017, they determined that the Company has regained compliance with the Bid Price Rule. Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling, and distributing its own casual menswear brand, KBS, through a network of 60 KBS stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com. This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For further information, please contact: SHISHI, CHINA / ACCESSWIRE / March 1, 2017 / KBS Fashion Group Limited ("KBS" or the "Company") (NASDAQ: KBSF), a leading fully-integrated casual menswear company in China, today announced that it has regained compliance with the minimum bid price requirement for continued listing on NASDAQ Capital Market, following the recent one-for-fifteen reverse stock split of the Company's outstanding common stock. As previously disclosed, on March 3, 2016, the Company received a letter from Nasdaq indicating that the Company was not in compliance with the minimum bid price requirement of $1.00 per share set forth in Nasdaq Listing Rule 5550(a)(2) for continued listing on The Nasdaq Capital Market (the "Bid Price Rule"). On August 31, 2016, Nasdaq granted the Company additional 180 days, or until February 27, 2017, to regain compliance with the Bid Price Rule. On February 3, 2017, the Board of Directors of the Company approved a one-for-fifteen reverse stock split which was intended to increase the per share trading price of the Company's outstanding common stock. On February 27, 2017, the Company received a letter from Nasdaq stating that because the Company maintained the closing bid price of its common stock at $1.00 per share or greater from February 9 to February 24, 2017, they determined that the Company has regained compliance with the Bid Price Rule. Headquartered in Shishi, China, KBS Fashion Group Limited, through its subsidiaries, is engaged in the business of designing, manufacturing, selling, and distributing its own casual menswear brand, KBS, through a network of 60 KBS stores and over a number of multi-brand stores. To learn more about the Company, please visit its corporate website at www.kbsfashion.com. This press release may contain certain "forward-looking statements" relating to the business of KBS Fashion Group Limited, and its subsidiary companies. All statements, other than statements of historical fact included herein, are "forward-looking statements" in nature within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements, often identified by the use of forward-looking terminology such as "believes," "expects," or similar expressions, involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume a duty to update these forward-looking statements. For further information, please contact:

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