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GPT

Gramercy Property Trust

$29.13

-0.03 (-0.10%)

17:03
08/22/17
08/22
17:03
08/22/17
17:03

Gramercy Property Trust launches new JV over Class A distribution centers

Gramercy Property Trust announced that it launched a new joint venture to acquire, own and manage Class A distribution centers leased to leading e-commerce tenants on long-term leases across the country. The company is in discussions with several institutional capital partners and has reached an agreement with a sovereign investor to anchor the venture. The venture's first acquisition is a forward purchase contract for $642M. The company expects to contribute between 25% and 50% of the equity to the venture, estimated to be between $64M and $128M at target leverage levels. The company expects to finance the initial acquisition with 55% to 60% property level mortgage debt. The venture's first acquisition is a $642M portfolio comprised of seven newly constructed Class A bulk distribution properties totaling 6M square feet that are being acquired on a forward basis. The acquisition of the first four properties totaling $360M is expected to occur during the fourth quarter of 2017. The second tranche of three properties totaling $282M is expected to occur during the third quarter of 2018. Each building will be 100% leased to a leading e-commerce company. The separate leases all have an initial 15-year term with annual 1.75% to 2.00% rental escalations. The buildings are located in Dallas, TX, Inland Empire, CA, Jacksonville, FL, the New England I-95 Corridor, Southern NJ and Winchester, VA. In connection with the acquisition of the Portfolio, the company will be issuing between 2.7M and 4.8M OP Units to the seller as a component of the purchase price. The OP Units for the Portfolio will be priced at $29.19 per share and total between $80M and $139M at the current share price.

GPT Gramercy Property Trust
$29.13

-0.03 (-0.10%)

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.
01/09/17
JMPS
01/09/17
DOWNGRADE
JMPS
Market Perform
Gramercy Property Trust downgraded to Market Perform at JMP Securities
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.
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.

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