Gramercy property trust (GPT)
Income statement / Yearly
Dec'17Dec'16Dec'15Dec'14Dec'13Dec'12Dec'11Dec'10Dec'09
Operating expense reimbursements
Third-party management fees
GPT Operating Partnership LP
Revenues
Rental revenue

444,194

387,032

169,986

60,258

12,181

267

-

-

-

Operating expense reimbursements

83,919

86,878

41,814

20,604

1,203

174

-

-

-

Third-party management fees

10,756

35,766

22,271

25,033

40,896

34,667

-

-

-

Investment income

-

-

-

-

1,717

600

-

-

-

Other income

6,351

7,588

3,201

2,045

707

1,113

-

-

-

Total revenues

545,220

517,264

237,272

107,940

56,704

36,821

-

-

-

Rental

-

-

-

-

-

-

119,081

69,373

47,023

Tenant Reimbursements

-

-

-

-

-

-

26,735

14,166

9,301

Total Revenues

-

-

-

-

-

-

145,816

83,539

56,324

Operating expenses
Acquisition Expenses

-

-

-

-

-

-

-

17,531

5,832

Depreciation and amortization

263,666

241,527

97,654

36,408

5,675

256

60,353

32,125

25,093

Property operating expenses

96,981

93,123

42,076

21,120

1,411

21,380

-

-

-

Property Operating

-

-

-

-

-

-

19,191

-

-

Operating and Maintenance

-

-

-

-

-

-

-

8,618

4,974

Real Estate Taxes

-

-

-

-

-

-

17,650

10,965

7,624

General and administrative expenses

36,887

33,237

19,794

18,416

18,210

25,335

5,132

5,526

4,246

Property management expenses

10,948

20,118

19,446

17,500

20,868

1,846

-

-

-

Property Management Fee to Related Party

-

-

-

-

-

-

-

948

656

Investment Management Fee

-

-

-

-

-

-

20,908

11,595

7,803

Merger-related expenses

0

9,558

61,340

6,171

2,808

111

14,464

-

-

Total operating expenses

408,482

397,563

240,310

99,615

48,972

48,928

-

-

-

Operating income

136,738

119,701

-3,038

8,325

7,732

-

-

-

-

Transition and Listing

-

-

-

-

-

-

0

-

-

Transition Costs

-

-

-

-

-

-

-

0

-

Loss on Impairment

-

-

-

-

-

-

-

-

9,160

Total Expenses

-

-

-

-

-

-

137,698

102,189

76,766

Other expenses:
Interest and Other Income

-

-

-

-

-

-

1,607

1,260

344

Interest expense

96,852

75,434

34,663

16,586

1,732

-

33,261

14,881

11,378

Total property operating expenses

-

-

-

-

-

23,226

-

-

-

Other-than-temporary impairment

4,081

0

0

4,064

3,339

-

-

-

-

Portion of impairment recognized in other comprehensive loss

809

0

0

752

-1,337

-

-

-

-

Net impairment recognized in earnings

4,890

0

0

4,816

2,002

-

-

-

-

Net impairment recognized in earnings

4,890

0

0

-

2,002

-

-

-

-

Loss on derivative instruments

-

-

-

-3,300

-115

-

-

-

-

Equity in net income (loss) of unconsolidated equity investments

48,248

2,409

-1,107

1,959

-5,662

-2,904

3,590

8,838

2,743

Gain on dissolution of previously held U.S. unconsolidated equity investment interests

0

7,229

0

0

-

-

-

-

-

Income (loss) from continuing operations before gain on remeasurement of previously held joint venture, loss on extinguishment of debt, provision for taxes, and discontinued operations

-

-

-

-

-

-15,011

-

-

-

Gain on remeasurement of previously held unconsolidated equity investment interests

-

-

-

72,345

0

-

-

-

-

Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments

-

-

-

-

-

-

303

1,096

-660

Gain on Interest Rate Swaps

-

-

-

-

-

-

-

23

89

Gain on extinguishment of debt

-6,702

-20,890

-9,472

-1,925

0

-

-108

-72

0

Impairment losses

37,822

11,107

0

0

-

-

-

-

-

Income (loss) from continuing operations before provision for taxes

38,720

21,908

-48,280

-

-

-

-

-

-

Gain on Conversion of Equity Interest to Controlling Interest

-

-

-

-

-

-

0

-

-

Loss on Note Payable at Fair Value

-

-

-

-

-

-

-

-118

-

Loss on Swap Termination

-

-

-

-

-

-

-

0

-

Loss on Note Payable at Fair Value

-

-

-

-

-

-

-

-

807

Total Other Expenses

-

-

-

-

-

-

-32,065

-3

-1,034

Income (loss) from continuing operations before provision for taxes

-

-

-

56,002

-1,779

-12,107

-23,947

-18,653

-21,476

Benefit (provision) for taxes

-644

3,160

2,153

809

6,393

3,330

456

296

169

Income (loss) from continuing operations

39,364

18,748

-50,433

55,193

-8,172

-18,341

-20,813

-

-

Income (loss) from discontinued operations before gain on extinguishment of debt and net gain on disposals

-89

3,148

875

-524

5,057

-

-

-

-

Gain on extinguishment of debt

0

1,930

0

0

-

-

-

-

-

Net gain on disposals

0

-321

0

0

-

-

-

-

-

Income (loss) from discontinued operations

-

-

-

-

-

-169,174

-

-

-

Gain on sale of joint venture interest to a director related entity

-

-

-

-

1,317

-

-

-

-

Income (Loss) from Discontinued Operations

-

-

-

-

-

-

-

-507

0

Gain on extinguishment of debt

-

-

-

-

389,140

15,967

-

0

0

Provision for taxes

-

-

-

-

2,515

0

-

-

-

Income from Discontinued Operations

-

-

-

-

-

-

1,227

-

-

NET (LOSS) INCOME FROM CONTINUING OPERATIONS

-

-

-

-

-

-

-

-10,111

-18,902

Gain (Loss) on Sale of Real Estate

-

-

-

-

-

-

-301

-

-

Loss from discontinued operations

-89

5,399

875

-524

392,999

-153,207

1,528

-507

0

Net income (loss) before net gain on disposals

39,275

24,147

-49,558

54,669

384,827

-

-

-

-

Gain on sale of European unconsolidated equity investment interests held with a related party

0

5,341

0

0

-

-

-

-

-

Net gain on disposals

46,808

3,877

839

0

-

-

-

-

-

Net gains on disposals

-

-

-

-

0

-

-

-

-

Net income

86,083

33,365

-48,719

54,669

384,827

-171,548

-19,285

-10,618

-18,902

Net (income) loss attributable to noncontrolling interest

820

7

-791

-236

0

0

-26

-18

-54

Net income attributable to Gramercy Property Trust

85,263

33,358

-47,928

54,905

384,827

-171,548

-19,259

-10,600

-18,848

Preferred share dividends

6,234

6,234

6,234

2,912

0

-

-

-

-

Preferred share dividends

-

-

-

7,349

7,162

7,162

-

-

-

Net income available to common shareholders

79,029

27,124

-54,162

44,644

377,665

-178,710

-

-

-

Basic earnings per share:
Net income from continuing operations, after preferred dividends (in usd per share)

0.52

0.15

-0.90

1.62

-0.31

-0.49

-

-

-

Net income (loss) from discontinued operations (in usd per share)

0.00

0.04

0.01

-0.02

8.01

-2.95

-

-

-

Net income available to common stockholders (in usd per share)

0.52

0.19

-0.89

1.60

7.70

-3.44

-

-

-

Diluted earnings per share:
Net income from continuing operations, after preferred dividends (in usd per share)

0.52

0.15

-0.90

1.58

-0.31

-0.49

-

-

-

Net income (loss) from discontinued operations (in usd per share)

0.00

0.04

0.01

-0.02

8.01

-2.95

-

-

-

Net income available to common stockholders (in usd per share)

0.52

0.19

-0.89

1.56

7.70

-3.44

-

-

-

Basic and Diluted Net Income (Loss) Per Share from Continuing Operations Attributable to Common Shareholders (in usd per share)

-

-

-

-

-

-

-0.11

0.00

-

Basic and Diluted Net Loss Per Share from Discontinued Operations Attributable to Common Shareholders

-

-

-

-

-

-

-

-0.08

0.00

Net Income per Share (in usd per share)

-

-

-

-

-

-

-0.10

-0.08

-0.23

Basic weighted average common shares outstanding (in shares)

150,660

140,192

60,698

27,860

49,043

51,976

192,042

-

-

Diluted weighted average common shares and common share equivalents outstanding (in shares)

150,679

141,009

60,698

28,641

49,043

51,976

-

-

-

Diluted earnings per unit:
Diluted weighted average common units outstanding (in units)

-

-

61,217

-

-

-

-

-

-

Weighted Average Common Shares Outstanding-Basic and Diluted

-

-

-

-

-

-

-

136,456

-

Weighted Average Common Shares Outstanding-Basic and Diluted

-

-

-

-

-

-

-

-

81,367

Dividends declared per Common Share (in usd per share)

-

-

-

-

-

-

-

0.60

0.60