Gramercy Property Trust declared closing the sale of three properties, reaping gross proceeds of $106.3 million. The move comes as part of the company’s previously announced plan of disposing select non-core assets, subsequent to the merger with Chambers Street Properties.
The properties disposed this time, include three single-tenant office buildings in San Diego, CA, Lake Mary, FL and Las Colinas, TX. These dispositions bring the company’s year-to-date single and multi-tenant assets sold in the U.S. and Europe tally to over $1.5 billion. Further, the company has around $120 million of assets in the market for sale at present.
Notably, Gramercy Property Trust targets acquiring and managing single-tenant, net-leased industrial and office properties in key markets in the U.S. and Europe.
Earlier this month, Gramercy Property Trust reported third-quarter core funds from operations (FFO) per share of 18 cents, exceeding the Zacks Consensus Estimate by 5.9%. The Zacks Consensus Estimate for 2016 FFO per share is currently pegged at 74 cents, reflecting a year-over-year growth of 36.6%, which is encouraging.
In addition, per its third-quarter earnings release, the company has acquired around $809.3 million of single and multi-tenant assets in the U.S. and Canada in 2016. The company acquired 16 properties in 11 separate deals, for a total of about $264.8 million in the quarter.
Going forward, the company is expected to benefit from improving fundamentals in the industrial real estate market. However, earnings-dilutive impact of disposition and any rise in interest rate remain potential headwinds.
Gramercy Property Trust currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry can also consider stocks like Mack-Cali Realty Corp. , Prologis, Inc. (PLD - Free Report) and Preferred Apartment Communities, Inc. . Each of these stocks has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For Mack-Cali, the Zacks Consensus Estimate for FFO per share increased 2.4% to $2.16 for 2016 and climbed 4.5% to $2.32 for 2017, over the past two months.
Prologis has long-term expected growth rate of 7.2% against the industry average of 5.8%.
Preferred Apartment Communities has a four-quarter average positive earnings surprise of 4.64%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
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Zacks Names "Single Best Pick to Double"
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It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
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Gramercy Property Trust declared closing the sale of three properties, reaping gross proceeds of $106.3 million. The move comes as part of the company’s previously announced plan of disposing select non-core assets, subsequent to the merger with Chambers Street Properties.
The properties disposed this time, include three single-tenant office buildings in San Diego, CA, Lake Mary, FL and Las Colinas, TX. These dispositions bring the company’s year-to-date single and multi-tenant assets sold in the U.S. and Europe tally to over $1.5 billion. Further, the company has around $120 million of assets in the market for sale at present.
Notably, Gramercy Property Trust targets acquiring and managing single-tenant, net-leased industrial and office properties in key markets in the U.S. and Europe.
Earlier this month, Gramercy Property Trust reported third-quarter core funds from operations (FFO) per share of 18 cents, exceeding the Zacks Consensus Estimate by 5.9%. The Zacks Consensus Estimate for 2016 FFO per share is currently pegged at 74 cents, reflecting a year-over-year growth of 36.6%, which is encouraging.
In addition, per its third-quarter earnings release, the company has acquired around $809.3 million of single and multi-tenant assets in the U.S. and Canada in 2016. The company acquired 16 properties in 11 separate deals, for a total of about $264.8 million in the quarter.
Going forward, the company is expected to benefit from improving fundamentals in the industrial real estate market. However, earnings-dilutive impact of disposition and any rise in interest rate remain potential headwinds.
Gramercy Property Trust currently has a Zacks Rank #3 (Hold).
Investors interested in the REIT industry can also consider stocks like Mack-Cali Realty Corp. , Prologis, Inc. (PLD - Free Report) and Preferred Apartment Communities, Inc. . Each of these stocks has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
For Mack-Cali, the Zacks Consensus Estimate for FFO per share increased 2.4% to $2.16 for 2016 and climbed 4.5% to $2.32 for 2017, over the past two months.
Prologis has long-term expected growth rate of 7.2% against the industry average of 5.8%.
Preferred Apartment Communities has a four-quarter average positive earnings surprise of 4.64%.
Note: All EPS numbers presented in this write up represent funds from operations (“FFO”) per share. FFO, a widely used metric to gauge the performance of REITs, is obtained after adding depreciation and amortization and other non-cash expenses to net income.
Zacks' Top Investment Ideas for Long-Term Profit
How would you like to see our best recommendations to help you find today’s most promising long-term stocks? Starting now, you can look inside our portfolios featuring stocks under $10, income stocks, value investments and more. These picks, which have double and triple-digit profit potential, are rarely available to the public. But you can see them now. Click here >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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