NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that its Board of Trustees declared a fourth quarter 2016 dividend on the Company’s common shares in the amount of $0.125 per share - a 13.6% increase over the prior quarter - payable on January 13, 2017, to common shareholders of record as of the close of business on December 30, 2016.
Gordon F. DuGan, Chief Executive Officer, stated, “2016 has been a highly successful and transformative year for Gramercy with nearly $1.4 billion in assets sold and more than $800 million in assets acquired. This dividend increase reflects our confidence in the Company’s repositioned portfolio and its ability to deliver durable, long-term cash flows. While significant, this dividend increase is consistent with our conservative dividend payout policy, allowing for both retained capital and dividend increases going forward.”
The Company’s Board also declared a fourth quarter 2016 dividend on the Company’s 7.125% Series A Cumulative Redeemable Preferred Shares in the amount of $0.44531 per share, payable on December 30, 2016 to preferred shareholders of record as of the close of business on December 20, 2016.
About Gramercy Property Trust
Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing single-tenant, net-leased industrial and office properties. The Company focuses on income producing properties leased to high quality tenants in major markets in the United States and Europe.
To review the Company’s latest news releases and other corporate documents, please visit the Company's website at www.gptreit.com or contact Investor Relations at 888-686-0112.
Forward-looking Information
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 and in the Company's Quarterly Reports on Form 10-Q. 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 further information, please refer to the Company's filings with the SEC.
