Gramercy Property Trust Prices Public Offering - Quick Facts

(RTTNews) - Gramercy Property Trust Inc. (GPT), a real estate investment trust, announced the pricing of the public offering of 52 million shares of its common stock at a public offering price of $5.90 per share. The offering was upsized from the previously announced offering of 45 million shares.

The company intends to use a portion of the net proceeds to repay outstanding borrowings under its revolving credit facility, to fund a portion of the cash purchase price for the previously announced acquisition of a portfolio of twelve properties, and to fund the cash purchase price for the other ten properties it currently has under contract to acquire.