NEW YORK--(BUSINESS WIRE)--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.
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.
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 212-297-1000.
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.