NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust Inc. (NYSE:GPT), a real estate investment trust, announced today the pricing of the public offering of 52,000,000 shares of its common stock at a public offering price of $5.90 per share. In addition, the underwriters of the offering have a 30-day option to purchase up to an additional 7,800,000 shares of the Company’s common stock. The offering was upsized from the previously announced offering of 45,000,000 shares. The offering is subject to customary closing conditions and is expected to close on December 16, 2014.
The Company intends to use a portion of the net proceeds of the offering to repay outstanding borrowings under its revolving credit facility, to fund a portion of the cash purchase price for the previously announced acquisition of a portfolio of twelve properties, and to fund the cash purchase price for the other ten properties it currently has under contract to acquire.
Morgan Stanley, BofA Merrill Lynch, J.P. Morgan and RBC Capital Markets are acting as joint book-running managers for the offering. JMP Securities, Ladenburg Thalmann, Piper Jaffray, SunTrust Robinson Humphrey, Compass Point, BNY Mellon Capital Markets, LLC, Huntington Investment Company and CJS Securities are acting as co-managers.
The offering is being made pursuant to an effective shelf registration statement filed with the Securities and Exchange Commission (“SEC”). The offering is being 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; 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; or RBC Capital Markets, LLC, 200 Vesey Street, 8th Floor, New York, New York 10281, Attention: Equity Capital Markets, telephone: (877) 822-4089, email: equityprospectus@rbccm.com. 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 a commercial real estate asset and property management business for third parties.
(GPT-IN)
Forward-Looking Statements
This press release contains forward-looking information based upon the Company's current best judgment and expectations. Actual results could vary from those presented herein. The risks and uncertainties associated with forward-looking information in this release include, but are not limited to, factors that are beyond the Company's control, including the factors listed in the Company's Annual Report on Form 10-K, in the Company's Quarterly Reports on Form 10-Q and in the Company's Current Reports on Form 8-K. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. For example, the fact that the offering described above has priced may imply that the offering will close, but closing is 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 underwriters have 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.
