As majority of Britons voted in favor of leaving the European Union, real estate investment trust (REIT) – Gramercy Property Trust – declared its direct exposure to the British pound. The company revealed that its capital exposure stands at £36 million, while current net operating income (NOI) is £2 million.

Amid this, shares of Gramercy fell 0.99% during Friday’s trading session on the NYSE.

The company has an 80% stake in three logistics assets in the UK. and a 50,000 square foot office facility in Coventry, England. These assets are owned without leverage and are on the company’s disposition list. In fact, the company expects all of them to be disposed over the next 12 months.

Further, Gramercy expects the disposition of the European assets, owned in the Goodman joint venture, to close on or before the end of this month. This would lead to a reduction in the company’s overall exposure to the Euro to around €50 million. Notably, a large chunk of the capital investment is hedged.

Gramercy Property Trust targets acquiring and managing single-tenant, net-leased industrial and office properties in key markets in the U.S. and Europe. On the other hand, Gramercy Property Europe plc is an investment fund, which focuses on single-tenant net leased assets and sale-leaseback transactions across Europe. Initial equity commitments of the fund is €350 million.

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Gramercy currently has a Zacks Rank #3 (Hold). However, investors interested in the REIT industry can consider stocks like DCT Industrial Trust Inc. , Mack-Cali Realty Corp. and PS Business Parks Inc. . Each of these stocks presently carries a Zacks Rank #2 (Buy).

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