GRAMERCY PROPERTY TRUST GPT Income Statement

Gramercy property trust (GPT)

Income statement / Quarterly

Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Sep'10	Jun'10
Operating expense reimbursements
Third-party management fees
GPT Operating Partnership LP
Revenues
Rental revenue
119,177	122,245	122,477	110,174	108,261	103,282	95,573	100,847	98,517	92,095	51,996	47,235	39,565	31,190	-	19,921	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating expense reimbursements
-	23,310	-	21,384	-	20,368	21,160	21,231	21,905	22,582	12,701	11,237	9,738	8,138	-	8,960	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Third-party management fees
-	2,790	-	2,057	-	4,592	5,238	7,172	18,310	5,046	4,700	5,153	4,232	8,186	-	4,848	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Investment income
-	-	-	-	-	-	-	-	-	-	-	445	525	238	-	492	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other income
1,698	1,135	1,521	1,240	1,838	1,752	4,231	1,842	693	822	1,788	1,143	87	183	-	80	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Total revenues
145,595	149,480	149,006	134,855	131,365	129,994	126,202	131,092	139,425	120,545	69,977	65,213	54,147	47,935	-	34,301	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Rental
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	52,033	51,876	-	50,670	50,620	43,551	-	37,980	36,568	35,319	32,308	32,476	29,605	24,692	16,893	14,634
Tenant Reimbursements
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,595	15,220	-	14,116	15,936	9,881	-	9,167	8,318	8,080	6,412	7,313	7,432	5,578	3,211	2,817
Other Property Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	1,069	-	0	0	0	-	-	-	-	-	-	-	-	-	-
Total Revenues
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	66,628	68,165	-	64,786	66,556	53,432	-	47,147	44,886	43,399	38,720	39,789	37,037	30,270	20,104	17,451
Operating expenses
Acquisition Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,379	-	-	-	-	-	-
Acquisition Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,044	6,852	4,646	2,195	4,841
Depreciation and amortization
68,479	71,516	72,512	66,761	62,176	62,217	59,878	62,863	60,538	58,248	29,120	25,120	24,716	18,698	-30,262	12,306	27,126	27,238	-69,127	26,435	26,571	21,796	-54,492	18,787	17,985	17,976	16,451	16,656	14,972	12,274	7,941	6,717
Property operating expenses
26,018	27,088	25,732	24,844	23,219	23,186	22,759	22,685	23,510	24,169	13,070	11,051	9,572	8,383	-	3,293	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Operating
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,392	9,553	-	8,489	7,846	6,156	-	5,148	4,833	-	-	-	-	-	-	-
Operating and Maintenance
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	5,107	-	4,311	4,104	3,434	2,144	1,411
Real Estate Taxes
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	10,465	9,801	-	9,891	11,269	7,435	-	6,752	5,410	5,376	4,291	4,624	4,659	4,076	2,664	2,551
General and administrative expenses
8,862	9,686	9,393	9,638	9,100	8,756	9,345	8,165	8,005	7,722	5,495	4,748	4,778	4,773	780	4,819	5,953	6,864	502	5,514	7,234	4,960	13,738	7,162	2,269	2,166	742	1,474	1,375	1,541	1,566	1,839
Property management expenses
2,616	2,542	2,177	3,252	2,435	3,084	5,196	4,810	5,591	4,521	4,889	4,780	4,611	5,166	-	9,238	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Property Management Fee to Related Party
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	390	382	-	511	175	388	266	176
Investment Management Fee
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-11	500	-	5,159	6,150	5,962	5,808	5,607	5,235	4,258	2,933	2,687
Merger-related expenses
1,945	-	-	0	0	-	3,564	1,272	4,312	410	47,832	6,547	3,455	3,506	4,558	1,323	0	290	630	175	162	1,841	-	1,099	31	-	-	-	-	-	-	-
Total operating expenses
107,920	110,832	109,814	104,495	96,930	97,243	100,742	99,795	101,956	95,070	100,406	52,246	47,132	40,526	-	36,656	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating income
37,675	38,648	39,192	30,360	34,435	32,751	25,460	31,297	37,469	25,475	-30,429	12,967	7,015	7,409	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Transition and Listing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,447	11,199	35	-	6,216	-	-	-	-	-	-	-	-
Transition Costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,936	0	-	0	0	-	-	-
Listing
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-	-	-	-
Total Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	51,936	53,746	-	51,951	64,270	42,723	-	50,323	47,715	47,104	10,757	43,556	46,757	36,628	23,607	23,460
Income Before Other (Expenses) Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	14,692	14,419	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other expenses:
Interest and Other Income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	151	167	-	618	280	207	-	229	485	1,061	336	460	435	376	245	91
Interest expense
25,597	25,492	26,291	24,266	23,239	23,056	18,163	18,409	16,909	21,953	11,438	9,227	7,728	6,270	-16,316	4,934	13,907	14,061	-30,724	12,902	10,367	9,187	-	-	8,711	8,756	8,536	9,329	9,385	6,011	3,898	3,238
Total property operating expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	12,531	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Other-than-temporary impairment
0	0	0	0	0	4,081	0	0	0	0	-	-	-	-	-	1,650	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Portion of impairment recognized in other comprehensive loss
0	0	0	0	0	809	0	0	0	0	-	-	-	-	-	-907	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net impairment recognized in earnings
0	0	0	0	0	4,890	0	0	0	0	-	-	-	-	-	743	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on derivative instruments
14,970	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net impairment recognized in earnings
0	0	0	0	0	4,890	-	0	0	-	-	-	-	-	-	743	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Equity in net income (loss) of unconsolidated equity investments
-1,838	-926	-636	48,730	248	-94	6,470	-1,138	-168	-2,755	-133	-1,096	123	-1	-5,582	103	4,612	2,826	-15,925	3,324	2,575	4,364	-5,460	927	1,087	542	-570	609	341	3,210	2,539	2,109
Gain on dissolution of previously held U.S. unconsolidated equity investment interests
-	-	-	0	-	-	-	0	7,229	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
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
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-2,252	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on remeasurement of previously held unconsolidated equity investment interests
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8,737	164	161	119	178	180	-174	-568	-230
Gain on Interest Rate Swaps
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	134	122	125	-	32	-108	254	263	-115
Gain on extinguishment of debt
83	0	-11	-6,751	268	-208	0	-13,777	-1,356	-5,757	-9,472	0	0	0	-	-	-	-	-	-1,572	-	-	-	-1,686	-	-	-	0	-	-	0	0
Impairment losses
4,601	0	16,407	3,064	5,580	12,771	-	1,053	-	0	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) from continuing operations before provision for taxes
20,692	12,230	-4,153	45,009	6,132	-8,268	-	-3,080	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest Expense and Net Change in Fair Value of Non-Qualifying Derivative Financial Instruments
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-14	26	-	163	1,679	-1,260	-	-	-	-	-	-	-	-	-	-
Gain on Sale of Real Estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-
Gain on Conversion of Equity Interest to Controlling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,667	-32	77,235	-	0	-	-	-	-	-	-	-	-
Loss on Note Payable at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-25	-35	-	75	-	-	-	-
Loss on Swap Termination
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-	-	-	-
Loss on Note Payable at Fair Value
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	8	27	21	5
Total Other Expenses
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-13,770	-13,868	-	-15,360	-8,440	66,995	-	-10,060	418	990	-33,022	389	139	429	-81	-259
Income (loss) from continuing operations before provision for taxes
-	-	-	-	-	-	-	-	26,265	-4,990	-	2,644	-590	1,138	56,884	-2,355	922	551	-70,804	-2,525	-6,154	77,704	6,255	-13,236	-2,411	-2,715	-5,059	-3,378	-9,581	-5,929	-3,584	-6,268
Benefit (provision) for taxes
-62	621	3	-598	147	-196	-574	331	2,700	703	37	985	17	1,114	205	165	381	58	6,119	54	151	69	3,113	75	160	-18	72	85	230	69	163	70
Income (loss) from continuing operations
20,754	11,609	-4,156	45,607	5,985	-8,072	4,287	-3,411	23,565	-5,693	-51,509	1,659	-607	24	-	-2,417	-	-	-87,186	745	-3,730	81,999	-	-12,384	-	-	-	-	-	-	-	-
Income (loss) from discontinued operations before gain on extinguishment of debt and net gain on disposals
-	-	-	-24	-	-	33	347	58	2,710	858	-41	120	-62	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on extinguishment of debt
-	-	-	0	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Income (loss) from discontinued operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-41	-	-	-	114	90	91	-	-	-	-	-	-	-	-	-	-
Income (Loss) from Discontinued Operations
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-18	220	175	0	0
Gain on extinguishment of debt
-	-	-	-	-	-	-	-	-	1,930	-	0	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	426	-126	-	-	-
(Loss) Gain On Conversion Of Equity Interest To Controlling Interest
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-
NET (LOSS) INCOME FROM CONTINUING OPERATIONS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-1,484	-	-	-2,854	-9,470	-2,788	-1,208	-4,229
Gain (Loss) on Sale of Real Estate
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	415	-	-	-	0	-	-	-
Realized Gain from Sales
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	-
Realized Loss from Sale
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0
Loss from discontinued operations
0	0	-13	-24	-28	-24	354	347	58	4,640	858	-41	120	-62	-	-41	-	-	392,704	114	90	91	-	0	-415	-	851	408	94	175	0	0
Net income (loss) before net gain on disposals
20,754	11,609	-4,169	45,583	5,957	-8,096	4,641	-3,064	23,623	-1,053	-	1,618	-487	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of European unconsolidated equity investment interests held with a related party
-	-	-	0	-	-	-	0	5,341	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net gain on disposals
4,523	16,255	22,550	4,879	2,002	17,377	1,541	2,336	0	0	-	392	201	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of European unconsolidated equity investment interests held with a related party
-	-	-	-	-	-	-	-	-	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income
25,277	27,864	18,381	50,462	7,959	9,281	6,182	-728	28,964	-1,053	-50,405	2,010	-286	-38	48,655	-2,458	5,153	3,319	305,518	859	-3,640	82,090	-155,110	-12,384	-1,899	-2,155	-4,850	-2,446	-9,376	-2,613	-1,208	-4,229
Net (income) loss attributable to noncontrolling interest
845	802	446	333	-113	154	-145	221	51	-120	-748	20	-21	-42	-	-104	-	-	-82	3	-4	83	7	-5	0	-2	-5	-4	-13	-4	-2	-8
Net income attributable to Gramercy Property Trust
24,432	27,062	17,935	50,129	8,072	9,127	6,327	-949	28,913	-933	-49,657	1,990	-265	4	-	-2,354	-	-	305,600	856	-3,636	82,007	-155,117	-12,379	-1,899	-2,153	-4,845	-2,442	-9,363	-2,609	-1,206	-4,221
Preferred share dividends
1,558	1,559	1,558	1,559	1,558	1,559	-	1,559	1,558	-	-	-	-	-	-	2,912	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Preferred share dividends
-	-	-	-	-	-	-	-	-	1,559	-	1,559	1,558	1,559	-	2,192	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income available to common shareholders
22,874	25,503	16,377	48,570	6,514	7,568	4,769	-2,508	27,355	-2,492	-51,215	431	-1,823	-1,555	-	-7,458	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic earnings per share:
Net income from continuing operations, after preferred dividends (in usd per share)
0.14	0.16	0.11	0.32	0.04	0.05	0.03	-0.02	0.19	-0.05	-0.88	0.00	-0.01	-0.01	-	-0.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) from discontinued operations (in usd per share)
0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.03	0.01	0.00	0.00	0.00	-	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income available to common stockholders (in usd per share)
0.14	0.16	0.11	0.32	0.04	0.05	0.04	-0.02	0.19	-0.02	-0.87	0.00	-0.01	-0.01	-	-0.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted earnings per share:
Net income from continuing operations, after preferred dividends (in usd per share)
0.14	0.16	0.11	0.32	0.04	0.05	0.03	-0.02	0.19	-0.05	-0.88	0.00	-0.01	-0.01	-	-0.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income (loss) from discontinued operations (in usd per share)
0.00	0.00	0.00	0.00	0.00	0.00	0.01	0.00	0.00	0.03	0.01	0.00	0.00	0.00	-	0.00	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income available to common stockholders (in usd per share)
0.14	0.16	0.11	0.32	0.04	0.05	0.04	-0.02	0.19	-0.02	-0.87	0.00	-0.01	-0.01	-	-0.25	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Basic and Diluted Net Income (Loss) Per Share from Continuing Operations Attributable to Common Shareholders (in usd per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	-0.02	0.33	-	-0.05	-0.01	-	-	-0.01	-	-	-	-
Basic and Diluted Net Loss Per Share from Discontinued Operations Attributable to Common Shareholders
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.00	-	-	0.00	0.00	0.00	0.00	0.00
Net Income per Share (in usd per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.02	0.01	-	0.00	-0.02	0.33	-	-0.05	-0.01	-0.01	-0.02	-0.01	-0.05	-0.02	-0.01	-0.03
Basic weighted average common shares outstanding (in shares)
160,420	160,408	160,574	152,619	148,542	140,907	139,674	140,257	140,776	140,060	-267,659	183,945	177,393	149,115	-391,622	29,481	237,000	236,583	-537,075	236,548	248,224	248,477	-	249,173	-	-	-	-	-	-	-	-
Diluted weighted average common shares and common share equivalents outstanding (in shares)
160,433	160,416	153,422	157,507	149,914	141,875	141,203	140,257	142,514	140,060	-271,397	187,683	177,393	149,115	-388,498	29,481	237,000	236,583	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Diluted earnings per unit:
Weighted Average Common Shares Outstanding-Basic and Diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	249,117	244,849	-	199,398	180,834	-	-	-
Weighted Average Common Shares Outstanding-Basic and Diluted
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	168,726	144,158	128,444
Dividends declared per Common Share (in usd per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.12	0.12	-	-	-	-	-	-	0.15	0.15	-	0.15	0.15	0.15	0.15	0.15