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Gramercy Capital Corp. (GKK) filed Quarterly Report for the period ended 2011-09-30.
Gramercy Capital has a market cap of $153.1 million; its shares were traded at around $3.03 with and P/S ratio of 0.3.
This is the annual revenues and earnings per share of GKK over the last 10 years. For detailed 10-year financial data and charts, go to 10-Year Financials of GKK.
Highlight of Business Operations:
Liquidity is a measurement of the ability to meet cash requirements, including ongoing commitments to repay borrowings, fund and maintain loans and other investments, pay dividends and other general business needs. In addition to cash on hand, our primary sources of funds for short-term liquidity (within the next 12 months) requirements, including working capital, distributions, if any, debt service and additional investments, if any, consists of (i) cash flow from operations; (ii) proceeds and management fees from our existing CDOs; (iii) proceeds from principal and interest payments and rents on our investments; (iv) proceeds from potential loan and asset sales; (v) proceeds from the Interim Management Agreement and, to a lesser extent; (vi) new financings or additional securitization or CDO offerings and; (vii) proceeds from additional common or preferred equity offerings. We believe these sources of financing will be sufficient to meet our short term liquidity requirements. We do not anticipate having the ability in the near term to access new equity or debt capital through new warehouse lines, CDO issuances, term or credit facilities or trust preferred issuances, although we continue to explore capital raising options. In the event we are not able to successfully secure financing, we will rely primarily on cash on hand, cash flows from operations, principal, interest and lease payments on our investments, management fees, and proceeds from asset and loan sales to satisfy our liquidity requirements. If we (i) are unable to renew, replace or expand our sources of financing, (ii) are unable to execute asset and loan sales in a timely manner or to receive anticipated proceeds from them or (iii) fully utilize available cash, it may have an adverse effect on our business, results of operations, and ability to make distributions to our stockholders.Rental revenue for the three months ended September 30, 2011 is primarily comprised of revenue earned on properties within our Gramercy Realty division. The decrease in rental revenue of $524 is primarily due to due to the non-renewal of two leases and renewal of one lease at lower annual rents within our Wells Fargo portfolio resulting a decrease of $273, the lease terminations and expirations within our Bank of America portfolio by third party tenants totaling $480, and lower amortization of market lease intangibles of $1,578. These reductions are partially offset by an increase of $1,211 from properties on which we foreclosed or in which we acquired a controlling interest, and new leasing of $456.
Other income of $14,453 for the three months ended September 30, 2011 is primarily composed of $4,850 from legal settlements received from former borrowers in connection with recourse guarantees, $4,515 of a profit participation related to the repayment of a loan investment, revenues from properties on which we foreclosed or in which we acquired a controlling interest in of $2,842, property management fees and servicing fees of $1,327 and interest on restricted cash balances and other cash balances held by us. Other income of $4,088 for the three months ended September 30, 2010 was primarily composed of revenues from our foreclosed properties of $2,633, and interest on restricted cash balances and other cash balances held by us.
Rental revenue for the nine months ended September 30, 2011 and 2010 were $168,861 and $171,026, respectively. The decrease of $2,165 is related to the non-renewal of two leases and renewal of one lease at lower annual rents within our Wells Fargo portfolio resulting in a decrease of $112, decreased amortization of market lease intangibles of $3,886, and lease terminations reducing rental income by $2,504 within our Bank of America portfolio. These are offset by $1,232 of additional rental income in our Jersey City Office Building, Bank of America portfolio and Wells Fargo bank branch portfolios, and $3,341 from properties on which we foreclosed or in which we acquired a controlling interest.
Other income of $38,293 for the nine months ended September 30, 2011 is primarily composed of gains on the sale of loan and CDO investments totaling $18,637, $4,850 from legal settlements received from former borrowers in connection with recourse guarantees, $4,515 of a profit participation related to the repayment of a loan investment, revenues from properties on which we foreclosed or in which we acquired a controlling interest in of $5,698, property management and loan servicing fees of $1,555, and $2,059 of interest on restricted cash balances and other cash balances held by us. For the nine months ended September 30, 2010, other income was $7,936 and is primarily composed of revenues from properties on which foreclosed since June 2009 of $3,373, lease termination fees of $783, loan servicing fees of $1,091 and $2,433 of interest on restricted cash balances and other cash balances held by us.
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