NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today that it has commenced an underwritten public offering of 34,000,000 shares of its common stock. In connection with the offering, the Company intends to grant the underwriters of the offering a 30-day option to purchase up to an additional 5,100,000 shares of its common stock.
The Company intends to use a portion of the net proceeds of the offering to fund the cash purchase price for the previously announced acquisition of the 50% joint venture interest held by affiliates of Garrison Investment Group, L.P. The Company currently owns the remaining 50% interest in the joint venture. The remaining proceeds are expected to be used for general corporate purposes, including acquisitions of target assets consistent with the Company’s investment strategies and for working capital purposes.
Morgan Stanley, BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers for the offering.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering will be made only by means of a prospectus supplement and the accompanying prospectus, copies of which may be obtained by contacting: Morgan Stanley & Co. LLC, 180 Varick Street, New York, New York 10014, Attention: Prospectus Department, telephone: (866) 718-1649; BofA Merrill Lynch, 222 Broadway, New York, NY 10038, Attention: Prospectus Department, email: dg.prospectus_requests@baml.com; or J.P. Morgan Securities LLC, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717 or by calling 1-866-803-9204. These documents will also be filed with the SEC and will be available at the SEC’s website at http://www.sec.gov.
This press release shall not constitute an offer to sell or a solicitation of an offer to buy any of the securities, nor shall there be any sale of these securities, in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Gramercy Property Trust
Gramercy Property Trust Inc. is a fully-integrated, self-managed commercial real estate investment company focused on acquiring and managing income-producing industrial and office properties net leased to high quality tenants in major markets throughout the United States. The Company also operates an asset management business that manages for third parties, including our joint venture partners, commercial real estate assets.
(GPT-IN)
Forward-Looking Statements
This release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other federal securities laws. These forward-looking statements are based upon the Company's present expectations, but these statements are not guaranteed to occur. For example, the fact that the offering described above has launched may imply that the offering will price and close, but both pricing and closing are subject to conditions customary in transactions of this type and may be delayed or may not occur at all. In addition, the fact that the Company expects to grant the underwriters an option to purchase additional shares may imply that this option will be exercised. However, the underwriters will not be under any obligation to exercise any such option, or any portion of it, and they may not do so. Investors should not place undue reliance upon forward-looking statements.
