NEW YORK-Gramercy Property Trust Inc. reports a net loss in the second quarter of $6.7 million on total revenues of $16.3 million.
The New York City-based commercial real estate investment company that specializes in net leased office and industrial properties also reports that for the six months ended June 30, 2013, net income to common stockholders totaled $386.7 million, or $6.59 per fully diluted common share. For the quarter, FFO was negative $3.5 million, or $0.06 per fully diluted common share, and for the six months ended June 30, 2013, FFO was $392.5 million, or $6.69 per fully diluted common share.
Commenting on the second quarter results, Gramercy CEO Gordon F. DuGan says, “The direction and momentum of the company is very exciting and is a testament to the hard work of the entire team here at Gramercy. We continue to outpace our expectations, closing 11 discrete acquisitions in the second quarter. I am especially pleased with the results of our differentiated net lease investment strategy and our ability to find attractive investments that meet our strict underwriting standards.”
He adds that Gramercy's asset management operations continue to be a source of profits and acquisition opportunities. “As we move forward, I am more confident than ever that we are creating a best-in-class, next generation net lease REIT that will grow and continue to be a significant factor in the net lease industry,” he adds.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.