Gramercy Property Trust — Q2 2013 Earnings Presentation
18 slides from Gramercy Property Trust's earnings presentation, Aug 7, 2013
Slide 1: Supplemental Second Quarter 2013
Supplemental Second Quarter 2013
Slide 2: Forward-Looking Information/NOI and Cap Rate Disclaimers
Forward - Looking Information/NOI and Cap Rate Disclaimers Cautionary Note Regarding Forward - Looking Information This investment presentation contains "forward - looking statements" based upon the Company's current best judgment and expectations . You can identify forward - looking statements by t
Slide 3: Table of Contents
Table of Contents Page About Gramercy 4 Investment Focus 5 Second Quarter 2013 Highlights 6 Current Portfolio Owned Portfolio 9 Financial Information Comparative Statement of Operations 11 Comparative Balance Sheets 12 Comparative Computation of FFO & AFFO 13 Business Segment Report 14 Joint Venture
Slide 4: Gramercy Property Trust
Gramercy Property Trust Gramercy Property Trust Inc . (NYSE : GPT) , or the Company, is a fully - integrated, self - managed commercial real estate investment company focused on acquiring and managing income - producing office and industrial properties net leased to high quality tenants in major mar
Slide 5: Investment Focus
Investment Focus The Company’s principal business is to acquire and manage industrial and office properties, net leased to high quality tenants in target markets throughout the United States. • Portfolio average lease term > 10 years • Properties critical to tenant operations • Top 50 major markets
Slide 6: Second Quarter 2013 Highlights
Second Quarter 2013 Highlights ▪ New name Gramercy Property Trust Inc. and new NYSE ticker symbol GPT effective April 15, 2013 ▪ Secured $14.5 million senior mortgage financing with Northwestern Real Estate Investments, LLC – 3.28% five - year, fixed rate loan secured by the 540,000 sq. ft. Indianap
Slide 7: Second Quarter 2013 Acquisitions
Second Quarter 2013 Acquisitions 7 Investment Location Metropolitan Statistical Area (MSA) Major Tenants Square Feet /Doors Purchase Price Occupancy GAAP Cap Rate GAAP NOI Bank Branch Portfolio Emmaus Bank Branch Emmaus, PA Allentown Wells Fargo 4,800 1,610,000$ 100% 10.3% 165,186$ Calabash Bank Bra
Slide 8: Current Portfolio
Current Portfolio i GRAMERCY PROPERTY TRUST 8
Slide 9: Gramercy Owned Portfolio – June 30, 2013
Gramercy Owned Portfolio – June 30, 2013 9 GAAP GAAP Acq. Date Investment Location MSA Major Tenants Property Type Sq. Ft./Doors Purchase Price Occupancy Cap Rate NOI Office Portfolio 1 9/6/2005 Philips Electronics (25%) Somerset, NJ New York/New Jersey Philips Electronics Class A Office 49,975 12,5
Slide 10: Financial Information
Financial Information i GRAMERCY PROPERTY TRUST 40
Slide 11: Comparative Statement of Operations
Comparative Statement of Operations 11 (Dollar amounts in thousands, except per share data) 2013 2012 2013 2012 Revenues Management fees 13,617$ 9,616$ 21,932$ 17,929$ Rental revenue 1,804 - 2,460 - Investment income 617 - 769 - Operating expense reimbursements 196 - 304 - Other income 70 24 106 66
Slide 12: Comparative Balance Sheets
Comparative Balance Sheets 12 June 30 March 31, December 31, (Unaudited, dollar amounts in thousands, except per share data) 2013 2013 2012 Assets: Real estate investments, at cost: Land 40,131$ 6,923$ 1,800$ Building and improvements 137,216 60,591 21,359 Less: accumulated depreciation (774) (249)
Slide 13: Comparative Computation of FFO
Comparative Computation of FFO 13 The revised White Paper on FFO approved by the Board of Governors of the National Association of Real Estate Investment Trust s, or NAREIT, defines FFO as net income (loss) (determined in accordance with GAAP), excluding impairment write - downs of investments in de
Slide 14: Business Segment Report
Business Segment Report 14 For the three months ended June 30, 2013 (Unaudited, amount in thousands) Total real estate investments, net $ $ $ $ Cash and cash equivalents 46,302 2,691 4,455 53,448 Real estate assets 176,573 - 190,093 366,666 Investments in joint ventures 49,920 - (49,920) - Retained
Slide 15: Joint Ventures
Joint Ventures i GRAMERCY PROPERTY TRUST 15
Slide 16: Bank of America Portfolio – Statement of Operations
Bank of America Portfolio – Statement of Operations 16 For the three months ended June 30, 2013 (Dollar amounts in thousands) Bank of America Portfolio Joint Venture: Rental Income and reimbursements $ 15,170 $ 2,349 $ - $ 17,519 $ 8,759 Interest and other income 2 2 104 108 54 Total revenues 15,172
Slide 17: Bank of America Portfolio - Balance Sheet
Bank of America Portfolio - Balance Sheet 17 For the three months ended June 30, 2013 (Unaudited, dollar amounts in thousands) Assets Real estate investments, at cost: Land $ 63,160 $ 5,677 $ - $ 68,837 Building and improvements 197,759 24,040 - 221,799 Less: accumulated depreciation (6,537) (285) -
Slide 18: Philips – Statement of Operations
Philips – Statement of Operations 18 For the three months ended June 30, 2013 (Unaudited, dollar amounts in thousands) Philips Building Joint Venture: Rental Income and reimbursements $ 914 $ 229 Interest and other income - - Total revenues 914 229 Property operating expenses - - Property net operat
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