Market Overview

Gramercy Property Trust Prices 3.8M Units

Related GPT
Gramercy Property Trust Announces Acquisition Of $28.4M R&D Flex Facility In Malvern, PA
Can Gramercy (GPT) Run Higher on Strong Earnings Estimate Revisions? - Tale of the Tape

Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust,
announced today that, in connection with the Company's previously announced
acquisition of a three property industrial portfolio, the Company has agreed
to issue to the selling investors (“Current Property Owners”) approximately
3.8 million limited partnership units ("OP Units") of GPT Property Trust LP,
the Company's operating partnership, based on the closing price of $6.19 per
share of Company common stock on July 9, 2014. The balance of the purchase
price, net of certain closing costs to be paid in cash, will be paid by the
Company's assumption of in-place mortgage loans. Closing of the transaction is
anticipated prior to July 31, 2014. OP Units can be converted on a 1:1 basis
at the election of the unit holder into common shares of the Company
(“Conversion Stock”).

In connection with the foregoing, on July 10, 2014, the Company filed with the
Securities and Exchange Commission (“SEC”) a registration statement on Form
S-3 that, when declared effective by the SEC, will permit the Current Property
Owners to resell their Conversion Stock on a non-restricted basis as and when
they elect to do so.

Posted-In: News Offerings Press Releases

 

Related Articles (GPT)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters