- Includes $66.5 Million in Acquisitions Closed During the Fourth Quarter

NEW YORK--(BUSINESS WIRE)-- Gramercy Property Trust (NYSE:GPT), a real estate investment trust, announced today that it acquired properties totaling more than $1.1 billion in 2015. The Company's 21 separate acquisitions aggregated approximately 8.8 million square feet, with an average cash cap rate of 7.2%, an average annualized straight-lined cap rate of 7.9%, and an average lease term in excess of 11 years. The Company's previously disclosed 2015 acquisition target was $600-900 million.

Fourth Quarter activity included $12.5 million in previously disclosed acquisitions in Atlanta, Georgia, as well as three separate transactions consisting of five industrial assets in Austin, Texas, Nashville, Tennessee, and Central New Jersey for an aggregate purchase price of approximately $54 million. The Austin property is a 200,400 square foot cold storage facility that is leased for an initial term of 15 years to a processor and supplier of value-add raw and cooked proteins. The facility is undergoing a 12-month renovation and retrofit to convert it from a cold storage warehouse to a state of the art food production facility. The Nashville property is a 377,600 square foot industrial facility that was acquired and leased back for an initial term of 20 years from a leading supplier of high quality steel tubing and fabricated tubular components. The New Jersey property is a 150,500 square foot industrial facility that was acquired and leased back for an initial term of 20 years from a leading provider of customized power and filter solutions. Aggregate year 1 net operating income for the three transactions is expected to be $4.2 million (7.8% initial cap rate; 9.0% annualized straight-line cap rate).

Nicholas L. Pell, Managing Director and Head of Investments of Gramercy Property Trust, stated, 'We surpassed our acquisition target for the second year in a row with over $1.1 billion in acquisitions of properties in 23 of our target markets across the U.S., which reflects the depth, breadth and national presence of our organization. Our recent merger with Chambers Street punctuates an exciting 2015 for Gramercy. We look forward to carrying our momentum forward into the New Year.'

Company Profile

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 purchased through sale-leaseback transactions or directly from property developers and owners. 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 212-297-1000.

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Gramercy Property Trust
Brittany A. Sanders, 212-297-1000
Investor Relations

Source: Gramercy Property Trust

Gramercy Property Trust Inc. issued this content on 07 January 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 27 January 2016 16:21:18 UTC

Original Document: http://ir.gptreit.com/file.aspx?IID=4092552&FID=32467263