NEW YORK--(BUSINESS WIRE)--Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that for the calendar year 2016, the Company acquired properties totaling $1.4 billion and disposed of properties totaling more than $1.5 billion.
For the year, the Company completed 34 separate acquisitions, including one $521 million portfolio acquisition, aggregating approximately 20.1 million square feet, and having an average cash cap rate of 6.8%, an average annualized straight-lined cap rate of 7.4% and an average lease term of nearly 10 years. The Company’s previously disclosed 2016 acquisition target was $1 billion.
In addition, the Company sold over $1.5 billion of single and multi-tenant assets in 21 separate transactions at a weighted average exit cap rate of 6.8% and reflects the Company’s pro rata share of joint venture assets sold.
Gordon F. DuGan, Chief Executive Officer, stated, “2016 was truly a transformative year. The Company executed nearly $3 billion in transactions and completed the bulk of the planned portfolio repositioning plan in half of the expected time. The tireless efforts of our team have created a world-class portfolio and an operating platform that is exceptionally well-positioned to capitalize on investment and operating trends in 2017.”
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.