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Gramercy Property Trust

NYSE:GPT
Snowflake Description

Average dividend payer and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
GPT
NYSE
$5B
Imp Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The last earnings update was 71 days ago. More info.


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GPT Share Price and Events
Price Volatility
GPT
Industry
5yr Volatility vs Market

Value

 Is Gramercy Property Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Gramercy Property Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Gramercy Property Trust.

NYSE:GPT Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 5 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:GPT
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.48 (1 + (1- 21%) (63.24%))
0.72
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.95% + (0.8 * 7.05%)
8.59%

Discounted Cash Flow Calculation for NYSE:GPT using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Gramercy Property Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

Gramercy Property Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

NYSE:GPT DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Adjusted Funds From Operations (AFFO) (USD, Millions) 334.06 349.53 412.45 482.56 559.77
Source Analyst x5 Analyst x2 Est @ 18%, capped from 49.65% Est @ 17%, capped from 49.65% Est @ 16%, capped from 49.65%
Present Value
Discounted (@ 8.59%)
307.63 296.42 322.11 347.05 370.73
Present value of next 5 years cash flows $1,643.94
NYSE:GPT DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= $559.77 × (1 + 2.95%) ÷ (8.59% – 2.95%)
$10,217.83
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= $10,217.83 ÷ (1 + 8.59%)5
$6,767.21
NYSE:GPT Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= $1,643.94 + $6,767.21
$8,411.15
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $8,411.15 / 166.10
$50.64
NYSE:GPT Discount to Share Price
Calculation Result
Value per share (USD) From above. $50.64
Current discount Discount to share price of $27.48
= -1 x ($27.48 - $50.64) / $50.64
45.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Gramercy Property Trust is available for.
Intrinsic value
46%
Share price is $27.48 vs Future cash flow value of $50.64
Current Discount Checks
For Gramercy Property Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Gramercy Property Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Gramercy Property Trust's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Gramercy Property Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Gramercy Property Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:GPT PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-06-30) in USD $0.71
NYSE:GPT Share Price ** NYSE (2018-10-09) in USD $27.48
United States of America REITs Industry PE Ratio Median Figure of 153 Publicly-Listed REITs Companies 30.42x
United States of America Market PE Ratio Median Figure of 3,091 Publicly-Listed Companies 20.13x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Gramercy Property Trust.

NYSE:GPT PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:GPT Share Price ÷ EPS (both in USD)

= 27.48 ÷ 0.71

38.66x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gramercy Property Trust is overvalued based on earnings compared to the US REITs industry average.
  • Gramercy Property Trust is overvalued based on earnings compared to the United States of America market.
Price based on expected Growth
Does Gramercy Property Trust's expected growth come at a high price?
Raw Data
NYSE:GPT PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 38.66x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-22.5%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.24x
United States of America Market PEG Ratio Median Figure of 2,115 Publicly-Listed Companies 1.34x

*Line of best fit is calculated by linear regression .

NYSE:GPT PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 38.66x ÷ -22.5%

-1.72x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gramercy Property Trust earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Gramercy Property Trust's assets?
Raw Data
NYSE:GPT PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-06-30) in USD $18.63
NYSE:GPT Share Price * NYSE (2018-10-09) in USD $27.48
United States of America REITs Industry PB Ratio Median Figure of 192 Publicly-Listed REITs Companies 1.76x
United States of America Market PB Ratio Median Figure of 5,285 Publicly-Listed Companies 1.95x
NYSE:GPT PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:GPT Share Price ÷ Book Value per Share (both in USD)

= 27.48 ÷ 18.63

1.48x

* Primary Listing of Gramercy Property Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gramercy Property Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Gramercy Property Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Gramercy Property Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Gramercy Property Trust expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-22.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Gramercy Property Trust expected to grow at an attractive rate?
  • Gramercy Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 3%.
Growth vs Market Checks
  • Gramercy Property Trust's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Gramercy Property Trust's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:GPT Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:GPT Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -22.5%
NYSE:GPT Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -2.3%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 6.5%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 15.9%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:GPT Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:GPT Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 494 43 1
2019-12-31 527 49 5
2018-12-31 512 53 5
NYSE:GPT Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-06-30 587 313 113
2018-03-31 574 305 96
2017-12-31 556 290 78
2017-09-30 538 251 66
2017-06-30 518 281 15
2017-03-31 527 266 36
2016-12-31 514 229 21
2016-09-30 457 134 -35
2016-06-30 392 70 -32
2016-03-31 307 37 -61
2015-12-31 236 37 -55
2015-09-30 204 75 -10

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Gramercy Property Trust's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Gramercy Property Trust's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:GPT Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from Gramercy Property Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GPT Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.29 0.29 0.29 1.00
2019-12-31 0.32 0.38 0.28 3.00
2018-12-31 0.35 0.38 0.32 2.00
NYSE:GPT Past Financials Data
Date (Data in USD Millions) EPS *
2018-06-30 0.71
2018-03-31 0.62
2017-12-31 0.52
2017-09-30 0.46
2017-06-30 0.10
2017-03-31 0.25
2016-12-31 0.15
2016-09-30 -0.29
2016-06-30 -0.31
2016-03-31 -0.73
2015-12-31 -0.91
2015-09-30 -0.53

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Gramercy Property Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Gramercy Property Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Gramercy Property Trust has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Gramercy Property Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Gramercy Property Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Gramercy Property Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Gramercy Property Trust's 1-year earnings growth exceeds its 5-year average (670.6% vs 35.4%)
  • Gramercy Property Trust's earnings growth has exceeded the US REITs industry average in the past year (670.6% vs 5.4%).
Earnings and Revenue History
Gramercy Property Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Gramercy Property Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:GPT Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-06-30 587.38 112.65 37.58
2018-03-31 574.29 96.16 37.82
2017-12-31 555.63 78.18 36.89
2017-09-30 537.66 66.07 36.84
2017-06-30 517.93 14.62 35.37
2017-03-31 526.71 35.53 34.27
2016-12-31 514.49 20.88 33.24
2016-09-30 457.31 -35.46 29.39
2016-06-30 391.67 -31.94 25.97
2016-03-31 306.50 -60.96 22.74
2015-12-31 235.80 -55.14 19.79
2015-09-30 203.89 -10.13 32.72
2015-06-30 173.95 -18.02 27.97
2015-03-31 141.64 45.86 23.19
2014-12-31 109.95 45.16 18.42
2014-09-30 96.23 48.99
2014-06-30 76.44 55.63
2014-03-31 68.18 -11.98
2013-12-31 60.04 -15.33 18.21
2013-09-30 42.86 -15.68
2013-06-30 37.65 -21.43
2013-03-31 33.61 -25.00
2012-12-31 33.92 -25.50
2012-09-30 -110.87 -66.17
2012-06-30 -77.65 -53.21
2012-03-31 -29.69 -31.69
2011-12-31 7.89 -28.07

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Gramercy Property Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Gramercy Property Trust used its assets less efficiently than the US REITs industry average last year based on Return on Assets.
  • Gramercy Property Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Gramercy Property Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Gramercy Property Trust has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Gramercy Property Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Gramercy Property Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Gramercy Property Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Gramercy Property Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Gramercy Property Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Gramercy Property Trust Company Filings, last reported 3 months ago.

NYSE:GPT Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-06-30 3,235.94 2,886.31 94.95
2018-03-31 3,266.88 2,797.16 83.85
2017-12-31 3,252.33 2,865.79 49.90
2017-09-30 3,245.61 2,944.07 76.26
2017-06-30 2,964.13 2,398.62 168.83
2017-03-31 2,739.17 2,503.21 64.27
2016-12-31 2,761.03 2,454.78 71.30
2016-09-30 2,774.18 2,042.53 56.35
2016-06-30 2,818.14 2,220.79 185.14
2016-03-31 2,859.68 2,122.72 67.12
2015-12-31 2,921.97 2,257.65 128.03
2015-09-30 1,167.93 1,004.37 38.11
2015-06-30 1,182.06 971.33 43.60
2015-03-31 931.84 859.76 23.72
2014-12-31 922.91 472.67 200.07
2014-09-30 562.37 506.82 24.14
2014-06-30 549.49 433.12 98.74
2014-03-31 266.46 233.72 61.89
2013-12-31 304.07 167.37 43.33
2013-09-30 266.30 48.44 28.75
2013-06-30 265.29 48.71 48.99
2013-03-31 269.42 0.00 100.54
2012-12-31 -221.39 0.00 105.40
2012-09-30 -264.49 2,472.35 175.42
2012-06-30 -325.96 2,526.76 192.91
2012-03-31 -297.86 2,579.25 187.01
2011-12-31 -417.15 0.00 163.73
  • Gramercy Property Trust's level of debt (89.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (18.4% vs 89.2% today).
  • Debt is not well covered by operating cash flow (10.8%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.5x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Gramercy Property Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Gramercy Property Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Gramercy Property Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.46%
Current annual income from Gramercy Property Trust dividends. Estimated to be 5.55% next year.
If you bought $2,000 of Gramercy Property Trust shares you are expected to receive $109 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Gramercy Property Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.33%).
  • Gramercy Property Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.41%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:GPT Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 181 Stocks 4.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2037 Stocks 2.6%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.3%
United States of America Top 25% Dividend Yield 75th Percentile 3.4%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:GPT Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 1.50 2.00
2019-12-31 1.54 4.00
2018-12-31 1.52 4.00
NYSE:GPT Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2018-04-30 1.500 5.503
2018-02-28 1.500 6.750
2017-10-31 1.500 5.711
2017-05-02 1.500 5.034
2017-02-28 1.500 5.586
2016-11-02 1.500 5.612
2016-09-09 1.320 4.750
2016-06-16 1.320 4.606
2016-05-05 1.320 4.921
2016-05-04 1.320 4.977
2015-12-18 0.000 0.000

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Gramercy Property Trust has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but Gramercy Property Trust only paid a dividend in the past 3 years.
Current Payout to shareholders
What portion of Gramercy Property Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.4x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be thoroughly covered by earnings (233.1x coverage).
X
Income/ dividend checks
We assess Gramercy Property Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Gramercy Property Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Gramercy Property Trust has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Gramercy Property Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Gordon DuGan, image provided by Google.
Gordon DuGan
COMPENSATION $3,847,668
AGE 51
TENURE AS CEO 2.8 years
CEO Bio

Mr. Gordon F. DuGan has been the Chief Executive Officer at Gramercy Property Trust Inc. and also has been its Trustee of the Board since December 2015. Previously, Mr. DuGan served as the Global Head of Equity Commercial Real Estate Investments at Fixed Income Discount Advisory Company from June 2011 to June 2012. Mr. DuGan also serves as Chairman of Gramercy Europe, a real estate investment fund manager focused on single-tenant net leased properties throughout Europe. Previously, he was the Managing Partner and Executive Chairman of Northcliffe Asset Management. From June 2010 to June 2011, he served as Managing Partner at Northcliffe Asset Management. Mr. DuGan served as the Managing Partner in the United States and Executive Chairman in Europe. He served as the Chief Executive Officer at Corporate Property Associates 14 Inc. Mr. DuGan served as the Chief Executive Officer since March 17, 2005 and also served as its President. Mr. DuGan served as the Chief Executive Officer, Senior Managing Director, President and Chief Acquisitions Officer at Corporate Property Associates 12 Inc. Mr. DuGan served as the President and Chief Acquisitions Officer at Carey Diversified LLC. He served as the President since 1999 and Chief Executive Officer from May 2004 to July 2010 at W. P. Carey Inc. He was appointed the President at W. P. Carey in 1999, Co-Chief Executive Officer in 2002 and Chief Executive Officer in 2005. Prior to his appointment as the President, Mr. DuGan was directly responsible for managing the Investment Department. From the time he was appointed as the President at W. P. Carey, he oversaw the growth of W. P. Carey’s assets from approximately $2.5 billion to $10 billion. Additionally, he directly managed the establishment of W. P. Carey’s European business with the establishment of its Paris office in 1998 and its London office in 2000. From 2005 to 2007, he closed W. P. Carey’s investment funds to investors for the majority of that period due to an imbalance of capital supply and investment opportunities. He served as the Co-Chief Executive Officer of Corporate Property Associates 12 Inc and Director from February 2005 to September 2006. He served as Co-Chief Executive Officer, Senior Managing Director and Chief Acquisitions Officer of Corporate Property Associates 14 Inc. He served as the Co-Chief Executive Officer of W.P. Carey & Co. LLC. Mr. DuGan joined W. P. Carey & Co. as Assistant to the Chairman in 1988 and in 1995 was elevated to Senior Vice President in the Acquisitions Department. From October 1995 to February 1997, he served as Chief Financial Officer of Superconducting Core Technologies Inc., a Colorado-based wireless communications equipment manufacturer. He rejoined W. P. Carey & Co. as Deputy Head of Acquisitions in February 1997 and was elected to Executive Vice President and Managing Director in June 1997, President in 1999 and Co-Chief Executive in 2002. Mr. DuGan served as Co-Chief Executive Officer, Senior Managing Director and Vice Chairman of Carey Institutional Properties Inc. He has been Director of WP Carey & Co. LLC from 1997 to July 2010. Mr. DuGan has been a Trustee of the W. P. Carey Foundation since 1999. He has been a Director of Gramercy Capital Corp. since July 1, 2012 and Gramercy Property Trust Inc since July 2012. He has been a Director of Carey Diversified LLC since January 1998. He serves on the Board of the New York Pops and the Hewitt School and is a Member of the Young President Organization. He serves on the Board of The Innocence Project and the Advisory Board of India 2020, Limited. Mr. DuGan serves as a Vice Chairman of W. P. Carey advised Corporate Property Associates and was its Chief Executive Officer. Mr. Dugan served as the Director of Corporate Property Associates 14 Incorporated from February 2005 to April 2006 and then from June 2007 to July 2008. He previously served on the Board of Governors of the National Association of Real Estate Investment Trusts. He served as Vice Chairman of the Board of Corporate Property Associates 12 Inc. He served as Vice Chairman of the Board of Corporate Property Associates 14 Inc. until April 25, 2006 and has been its Director since February 2005. He is a former member of the Board of NAREIT. He served as Director of Carey Institutional Properties Inc. He served as a Director of Corporate Property Associates 12 Inc. since 2005. A member of the Council on Foreign Relations, Mr. DuGan has appeared in numerous media outlets, including Forbes, Institutional Investor, The Wall Street Journal, BusinessWeek, Bloomberg and CNNfn. He has several years of senior management experience in the real estate industry. Mr. DuGan received his B.S. in Economics with a concentration in Finance from the University of Pennsylvania - The Wharton School.

CEO Compensation
  • Gordon's compensation has been consistent with company performance over the past year.
Management Team Tenure

Average tenure and age of the Gramercy Property Trust management team in years:

2.8
Average Tenure
46.5
Average Age
  • The tenure for the Gramercy Property Trust management team is about average.
Management Team

Gordon DuGan

TITLE
CEO & Trustee
COMPENSATION
$4M
AGE
51
TENURE
2.8 yrs

Benjamin Harris

TITLE
President
COMPENSATION
$3M
AGE
43
TENURE
2.8 yrs

Jon Clark

TITLE
CFO & Treasurer
COMPENSATION
$976K
AGE
49
TENURE
2.8 yrs

Nicholas Pell

TITLE
Chief Investment Officer
COMPENSATION
$2M
AGE
41
TENURE
2 yrs

Edward Matey

TITLE
Executive VP
COMPENSATION
$993K
AGE
64
TENURE
2.8 yrs

Sonya Huffman

TITLE
Head of Operations & MD
AGE
44

Amanda Lombard

TITLE
Chief Accounting Officer
TENURE
0.5 yrs

Ashley Mancuso

TITLE
Vice President

Allan Rothschild

TITLE
MD & Co-Head of Gramercy Asset Management

Peter Tubesing

TITLE
MD & Co-Head of Gramercy Asset Management
Board of Directors Tenure

Average tenure and age of the Gramercy Property Trust board of directors in years:

2.8
Average Tenure
62
Average Age
  • The average tenure for the Gramercy Property Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

Charles Black

TITLE
Non-Executive Chairman of the Board
COMPENSATION
$270K
AGE
70
TENURE
6.3 yrs

Gordon DuGan

TITLE
CEO & Trustee
COMPENSATION
$4M
AGE
51
TENURE
2.8 yrs

Jeffrey Kelter

TITLE
Independent Trustee
COMPENSATION
$199K
AGE
64
TENURE
2.8 yrs

Allan Baum

TITLE
Independent Trustee
COMPENSATION
$205K
AGE
62
TENURE
2.8 yrs

James Francis

TITLE
Independent Trustee
COMPENSATION
$198K
AGE
56
TENURE
5.1 yrs

Louis Salvatore

TITLE
Independent Trustee
COMPENSATION
$215K
AGE
71
TENURE
6.3 yrs

Greg Hughes

TITLE
Independent Trustee
COMPENSATION
$200K
AGE
54
TENURE
2.8 yrs

Tom Eckert

TITLE
Independent Trustee
COMPENSATION
$200K
AGE
70
TENURE
2.8 yrs

Z. Behar

TITLE
Independent Trustee
COMPENSATION
$200K
AGE
60
TENURE
2.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Value (USD)
19. Jun 18 Sell Benjamin Harris Individual 18. Jun 18 18. Jun 18 -25,000 $-691,500.00
28. Dec 17 Sell Benjamin Harris Individual 28. Dec 17 28. Dec 17 -6,371 $-170,318.49
X
Management checks
We assess Gramercy Property Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Gramercy Property Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

External News
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Simply Wall St News

Investing In Gramercy Property Trust (NYSE:GPT): What You Need To Know

Gramercy Property Trust is a US$4.57b. … REITs own and operate income-generating property and adhere to a different set of regulations. … Check out our latest analysis for Gramercy Property Trust

Simply Wall St -

When Should You Buy Gramercy Property Trust (NYSE:GPT)?

Gramercy Property Trust (NYSE:GPT), a reits company based in United States,. … Let’s take a look at Gramercy Property Trust’s outlook and value based on the most recent financial data to see if the opportunity still exists? … According to my valuation model, Gramercy Property Trust seems to be fairly priced at around

Simply Wall St -

Gramercy Property Trust's (NYSE:GPT) Poor Growth Outlook Brings Concerns

A consensus of 7 US equity real estate investment trusts (reits) analysts covering the stock indicates that its revenue level is expected to decline by -5.43% by 2020, negatively impacting earnings, with a bottom-line annual growth rate of -36.43%, on average, over the same time period. … Furthermore, at its existing earnings level, GPT produces worse returns to shareholders (2.65%) compared to its industry peers (7.57%), which isn't a good sign. … With 165.18 million shares, that's a US$3.85B market cap - which is too low for a company that has a 5-year free cash flow cumulative average growth rate (CAGR) of 55.69% (source: analyst consensus).

Simply Wall St -

What You Must Know About Gramercy Property Trust's (NYSE:GPT) 2.65% ROE

Gramercy Property Trust’s (NYSE:GPT) most recent return on equity was a substandard 2.65% relative to its industry performance of 7.33% over the past year. … View our latest analysis for Gramercy Property Trust What you must know about ROE Firstly, Return on Equity, or ROE, is simply the percentage of last years’ earning against the book value of shareholders’ equity. … Gramercy Property Trust’s cost of equity is 9.00%.

Simply Wall St -

Should You Invest In Gramercy Property Trust (NYSE:GPT)?

Gramercy Property Trust is a US$3.64B mid-cap real estate investment trust (REIT) based in New York, United States. … Check out our latest analysis for Gramercy Property Trust Funds from Operations (FFO) is a higher quality measure of GPT's earnings compared to net income. … This tells us how long it will take GPT to pay off its debt using its income from its main business activities, and gives us an insight into GPT’s ability to service its borrowings.

Simply Wall St -

Should Income Investors Buy Gramercy Property Trust (NYSE:GPT) Before Its Ex-Dividend?

See our latest analysis for Gramercy Property Trust 5 checks you should do on a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is their annual yield among the top 25% of dividend payers? … NYSE:GPT Historical Dividend Yield Dec 24th 17 Does Gramercy Property Trust pass our checks? … The reality is that it is too early to consider Gramercy Property Trust as a dividend investment.

Simply Wall St -

Company Info

Map
Description

Gramercy Property Trust is a leading global investor and asset manager of commercial real estate. The Company specializes in acquiring and managing high quality, income producing commercial real estate leased to high quality tenants in major markets in the United States and Europe.

Details
Name: Gramercy Property Trust
GPT
Exchange: NYSE
Founded: 2004
$4,564,321,927
$4,418,668,501
166,096,140
Website: http://www.gptreit.com
Address: Gramercy Property Trust
90 Park Avenue,
32nd Floor,
New York,
New York, 10016,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE GPT New Common Stock New York Stock Exchange US USD 18. Dec 2015
DB 2C9N New Common Stock Deutsche Boerse AG DE EUR 18. Dec 2015
NYSE GPT.PRA 7.125 RED PFD A New York Stock Exchange US USD 21. Dec 2015
Number of employees
Current staff
Staff numbers
109
Gramercy Property Trust employees.
Industry
Industrial REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/10/10 21:36
End of day share price update: 2018/10/09 00:00
Last estimates confirmation: 2018/08/22
Last earnings filing: 2018/07/31
Last earnings reported: 2018/06/30
Last annual earnings reported: 2017/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.