Gramercy FFO jump by 11.5%.Gramercy gra·mer·cy interj. Archaic Used to express surprise or gratitude. [Middle English gramerci, from Old French grand merci : grand, great; see grand + Capital Corp. reported funds from operations Funds From Operations (FFO) Used by real estate and other investment trusts to define the cash flow from trust operations; earnings with depreciation and amortization added back. (FFO FFO See: Funds from operations ) of $16.5 million, or $0.61 per diluted share, and net income available to common stockholders of $14.5 million, or $0.54 per diluted share, for the quarter ended September 30, 2006. The company generated total revenues of $50.5 million during the third quarter, up from $43.5 million during the previous quarter and $26.6 million during the same time last year. Gramercy had total assets of $2.5 billion, total liabilities of $2.1 billion, and stockholders' equity Stockholders' Equity The portion of the balance sheet that includes capital received from investors in exchange for stock (paid-in capital), donated capital, and retained earnings. This is equal to total assets minus liabilities, preferred stock and intangible assets. of $453.8 million on September 30, 2006. Gramercy originated 19 separate debt investments with an aggregate unpaid principal balance of approximately $589.7 million, net of unamortized fees, discounts and unfunded commitments. Fully 76% of origination activity was comprised of first mortgage loans, with the remainder comprised of mezzanine loans A mezzanine loan is a relatively large loan, typically unsecured (ie., not backed by a pledging of assets) or with a deeply subordinated security structure (e.g., third lien on the property but non-recourse vis-a-vis the borrower). and a preferred equity investment. Third Quarter highlights: Increased FFO approximately 11.5% to $16.5 million, or $0.61 per diluted share, from $14.8 million in the previous quarter and $10.4 million for the same quarter in the previous year; Increased net income available to common stockholders over 13% to $14.5 million, or $0.54 per diluted share, from $12.8 million in the previous quarter and $8.6 million for the same quarter in the previous year; Originated 19 debt investments totaling approximately $589.7 million, net of unamortized fees, discounts and unfunded commitments, increasing total debt investments to $2.06 billion, representing a 24.7% increase over the prior quarter; Achieved net loan production of $380.9 million, the Company's highest ever, which further demonstrates the effectiveness of Gramercy's direct origination platform; Closed a second $1.0 billion CDO (Collaborative Data Objects) A programming interface from Microsoft for accessing MAPI-based e-mail, calendaring and scheduling servers. Originally called "OLE Messaging" and "Active Messaging," CDO wraps the Enhanced MAPI library into a COM object that provides the which provided an additional $903.8 million of investment grade financing with a weighted average interest rate of three-month LIBOR LIBOR See: London Interbank Offered Rate LIBOR See London interbank offered rate (LIBOR). plus 37 basis points. |
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