Gramercy Property Trust Prices a Preferred Offering

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August 13, 2014 – 4:05 pm  

Gramercy Property Trust (ticker:GPT) (a REIT) has priced a cumulative redeemable preferred offering.  Of course the issue is a perpetual issue and as such we have no interest at this point in time.

There are 3,500,000 shares in the offering and it has been priced at 7.125%.  The shares will begin trading on the OTC grey market beginning tomorrow (Thursday).

Gramercy will use the proceeds of this offering to redeem their series A preferred shares which they have announced in the last hour.  The redemption date on GPT-A will be September 12, 2014 at $25.32/share ($25 plus accrued dividends).

The details of this offering are here.

Thanks again to readers Jonathan, Mike and Larry for the heads up on this issue.

Bryan Perry Dividend Income Expert Bryan Perry

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