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GPT

Gramercy Property Trust

$29.13

-0.03 (-0.10%)

17:01
08/22/17
08/22
17:01
08/22/17
17:01

Gramercy Property Trust to acquire $479M core logistics portfolio

Gramercy Property Trust announced that it has entered into an agreement to acquire a 41-property, 7.8M square foot portfolio of modern warehouse industrial buildings for $479M. The Portfolio is 93% leased with a weighted average remaining lease term of 4.1 years; near term lease roll is concentrated in properties that have contract rents which are either at or below market rent levels. The Portfolio is 100% located in six key logistics markets throughout the United States which include Atlanta, Chicago, Columbus, Dallas, Houston and Memphis. The company will acquire the Portfolio free and clear of any debt at a 6.2% capitalization rate on estimated stabilized NOI. Year to date, the company has closed $519M of acquisitions at an average initial cash cap rate of 6.9% and 8.1 years of weighted average remaining lease term at closing. With this portfolio acquisition, which is expected to close in the third quarter of 2017, the company's 2017 investment volume will be $998M. Currently, the company has an additional $386M of acquisitions awarded or under contract.

GPT Gramercy Property Trust
$29.13

-0.03 (-0.10%)

08/16/17
08/16/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Dick's Sporting (DKS) was downgraded to Neutral from Buy at Monness Crespi, Goldman Sachs, MKM Partners, Buckingham, Citi, and to Neutral from Positive at Susquehanna, while being downgraded to Hold from Buy at Deutsche Bank and to Sector Perform from Outperform at RBC Capital. 2. Teva (TEVA) downgraded to Neutral from Buy at Citi with analyst Liav Abraham saying Teva is "cheap, but not cheap enough." 3. Advance Auto Parts (AAP) downgraded to Neutral from Overweight at Atlantic Equities with analyst Sam Hudson citing limited near-term visibility. 4. SL Green Realty (SLG) and Kilroy Realty (KRC) were downgraded to Neutral from Buy at BofA/Merrill, while Gramercy Property Trust (GPT) was downgraded to Underperform from Neutral. 5. CB&I (CBI) downgraded to Hold from Buy at Jefferies with analyst Martin Englert saying he is concerned that cost overruns at the company's two LNG projects could reemerge, adding risk to 2017-2019 earnings. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
08/16/17
BOFA
08/16/17
DOWNGRADE
BOFA
Underperform
Gramercy Property Trust downgraded to Underperform from Neutral at BofA/Merrill
BofA/Merrill analyst James Feldman downgraded Gramercy Property Trust to Underperform citing relative valuation and headwinds in its industrial portfolio.
01/09/17
JMPS
01/09/17
DOWNGRADE
JMPS
Market Perform
Gramercy Property Trust downgraded to Market Perform at JMP Securities
12/05/16
BOFA
12/05/16
DOWNGRADE
BOFA
Neutral
Gramercy Property Trust downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst James Feldman downgraded Gramercy Property Trust to Neutral due to the rise in the cost of capital and limited upside from accelerating GDP growth given long lease terms of triple nets.

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