Gramercy Property Trust (GPT) Raises Quarterly Dividend 10% to $0.22; 3.4% Yield
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Gramercy Property Trust Announces $300.5 Million Portfolio Acquisition, Updates 2015 Outlook and Increases Quarterly Common Stock Dividend
June 11, 2015 8:30 AM EDTCompany to Host 11:00 AM EDT Conference Call
NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust Inc. (NYSE: GPT), a real estate investment trust, announced today that it closed on a 20-year sale leaseback transaction with Life Time Fitness Inc. to acquire a portfolio of ten, large-format, high-end fitness centers for an aggregate purchase price of approximately $300.5 million. The portfolio totals approximately 1.3 million square feet located in major markets across the United States. For the combined portfolio, Year 1 net operating income is anticipated to be approximately $19.5 million (6.5% initial cash cap rate; 7.5%... More
