Gramercy Property Trust Income Statement

Annual

USDFY, 2016FY, 2017

Revenue

517.3m545.2m

Revenue growth, %

118%5%

General and administrative expense

33.2m36.9m

Operating expense total

397.6m408.5m

Depreciation and amortization

241.5m263.7m

EBIT

119.7m136.7m

EBIT margin, %

23%25%

Interest expense

75.4m96.9m

Net Income

33.4m86.1m

Quarterly

USDQ1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Revenue

120.5m139.4m131.1m130.0m131.4m134.9m149.5m145.6m

General and administrative expense

7.7m8.0m8.2m8.8m9.1m9.6m9.7m8.9m

Operating expense total

95.1m102.0m99.8m97.2m96.9m9.6m110.8m107.9m

Depreciation and amortization

62.2m62.2m66.8m71.5m68.5m

EBIT

25.5m37.5m31.3m32.8m34.4m38.6m37.7m

EBIT margin, %

21%27%24%25%26%26%26%

Interest expense

22.0m16.9m18.4m23.1m23.2m25.5m25.6m

Investment income

48.7m

Pre tax profit

45.0m

Income tax expense

(598.0k)

Net Income

(1.1m)29.0m(728.0k)9.3m8.0m50.1m27.9m25.3m

Gramercy Property Trust Balance Sheet

Annual

usdY, 2009Y, 2010FY, 2011Y, 2011FY, 2012Y, 2012FY, 2013Y, 2013Y, 2014FY, 2014Y, 2015FY, 2015FY, 2016FY, 2017

Cash

112.6m48.2m238.3m238.3m107.4m105.4m83.0m43.3m200.1m40.1m128.0m128.0m67.5m30.2m

Accounts Receivable

5.0m6.7m10.4m11.2m34.2m88.8m

Prepaid Expenses

16.8m21.6m

Inventories

Goodwill

3.6m3.6m

Total Assets

2.4b2.6b3.0b3.0b2.9b2.9b5.8b5.8b5.6b6.5b

Accounts Payable

20.1m24.5m50.1m76.4m59.8m59.8m58.4m59.6m

Dividends Payable

32.8m37.4m9.9m10.0m9.0m9.0m53.1m62.0m

Short-term debt

44.5m351.0m220.5m

Long-term debt

761.9m570.0m570.0m296.7m357.2m

Total Debt

806.3m570.0m570.0m647.8m577.6m

Total Liabilities

768.9m894.0m1.5b1.5b2.9b2.8b3.2b

Common Stock

2.3m2.5m2.4m2.4m4.2m1.6m

Preferred Stock

84.4m

Additional Paid-in Capital

2.0b2.2b2.1b2.1b2.1b2.1b3.9b3.9b3.9b4.4b

Retained Earnings

(348.6m)(540.5m)(589.3m)(589.3m)(689.7m)(689.7m)(1.1b)(1.1b)(1.2b)(1.4b)

Total Equity

1.7b1.7b1.5b1.5b1.4b1.4b2.9b2.9b2.8b3.1b

Financial Leverage

1.5 x1.5 x2 x2 x2.1 x2.1 x2 x2 x2 x2.1 x

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Cash

112.4m178.8m302.9m273.8m191.4m66.7m87.9m62.3m44.6m55.6m58.5m44.7m94.3m54.0m67.1m185.1m56.4m56.3m163.5m68.0m42.0m59.7m

Accounts Receivable

5.2m6.3m5.7m5.8m8.9m6.3m9.8m10.7m11.7m12.3m14.1m11.7m8.4m11.6m43.2m57.6m69.1m75.7m66.0m75.3m92.5m94.3m

Prepaid Expenses

12.1m10.3m13.6m19.4m17.7m20.0m

Goodwill

3.5m3.2m3.1m

Total Assets

2.2b2.3b2.6b2.5b2.5b2.9b2.9b3.0b3.0b2.9b2.9b2.8b2.8b2.7b5.3b5.4b5.2b5.6b5.7b6.5b6.4b6.4b

Accounts Payable

20.3m22.2m19.6m20.1m29.6m50.4m55.6m53.8m45.9m56.7m57.6m74.8m68.9m86.4m29.7m35.3m48.4m42.4m39.7m58.1m60.2m45.8m

Dividends Payable

27.1m29.9m36.7m37.4m37.4m37.3m35.5m29.6m10.0m10.0m10.0m10.1m10.1m10.1m46.8m46.9m46.7m53.7m57.6m61.5m62.4m62.6m

Short-term debt

7.2m3.8m43.9m16.7m207.4m282.5m276.0m154.8m174.8m201.0m241.9m266.0m

Long-term debt

650.4m622.8m1.0b1.2b570.0m570.0m570.0m570.0m570.0m570.0m122.8m170.0m163.4m121.8m71.0m615.1m292.5m441.8m

Total Debt

657.6m626.6m1.1b1.2b570.0m570.0m570.0m570.0m570.0m570.0m330.2m452.5m439.3m276.5m245.7m816.1m534.5m707.8m

Total Liabilities

776.5m767.5m777.7m774.6m773.4m1.2b1.3b1.5b1.5b1.5b1.5b1.5b1.5b1.5b2.5b2.6b2.4b2.9b2.7b3.3b3.1b3.2b

Common Stock

1.9m2.1m2.5m2.5m2.5m2.5m2.4m2.4m2.4m2.4m2.4m2.4m2.4m2.4m4.2m4.2m4.2m1.4m1.5m1.6m1.6m1.6m

Preferred Stock

84.4m84.4m

Additional Paid-in Capital

1.7b1.8b2.2b2.2b2.2b2.2b2.1b2.1b2.1b2.1b2.1b2.1b2.1b2.1b3.9b3.9b3.9b3.9b4.2b4.4b4.4b4.4b

Retained Earnings

(278.6m)(311.0m)(387.5m)(426.7m)(476.5m)(495.7m)(534.8m)(563.6m)(615.8m)(640.5m)(651.9m)(713.9m)(734.4m)(758.6m)(1.1b)(1.1b)(1.2b)(1.3b)(1.3b)(1.3b)(1.4b)(1.4b)

Total Equity

1.4b1.5b1.8b1.8b1.7b1.7b1.5b1.5b1.5b1.4b1.4b1.3b1.3b1.3b2.8b2.8b2.8b2.7b3.0b3.2b3.1b3.1b

Financial Leverage

1.6 x1.5 x1.4 x1.4 x1.5 x1.7 x1.9 x2 x2 x2 x2.1 x2.2 x2.1 x2.2 x1.9 x1.9 x1.9 x2.1 x1.9 x2.1 x2 x2.1 x

Gramercy Property Trust Cash Flow

Annual

Quarterly

USDQ2, 2011Q3, 2011Q1, 2012Q2, 2012Q3, 2012Q1, 2013Q2, 2013Q3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018Q2, 2018

Net Income

(12.0m)(14.4m)(2.2m)(4.1m)(16.4m)82.0m78.4m79.3m3.3m8.5m26.9m6.0m15.7m21.7m(1.1m)27.9m27.2m9.3m17.2m67.7m27.9m53.1m

Depreciation and Amortization

16.8m26.5m10.6m21.5m32.7m14.1m30.8m75.4m27.2m54.4m81.6m27.9m55.9m84.3m57.1m116.7m178.0m61.8m124.4m191.2m70.9m138.8m

Accounts Receivable

520.0k(604.0k)(646.0k)(812.0k)(3.8m)394.0k(3.2m)(4.0m)(1.3m)(1.9m)(3.8m)(465.0k)2.9m(341.0k)(2.2m)(11.8m)(19.9m)11.7m20.0m18.5m3.3m7.3m

Accounts Payable

4.2m5.8m6.7m7.3m27.5m4.1m9.3m4.0m(6.2m)(6.2m)5.9m(3.9m)(5.3m)3.8m(33.7m)(27.1m)(16.9m)(9.8m)(14.3m)(1.2m)(8.0m)(6.5m)

Cash From Operating Activities

25.6m43.3m31.4m56.4m86.0m30.1m55.0m91.5m31.7m72.9m122.8m36.2m77.2m121.0m21.7m78.1m169.7m58.2m126.0m187.7m72.8m148.3m

Purchases of PP&E

(6.4m)(9.5m)(18.7m)(18.4m)(46.1m)(64.5m)(17.8m)(64.5m)

Cash From Investing Activities

(159.3m)(222.7m)(86.1m)(106.7m)(147.1m)(73.1m)(76.6m)(245.0m)(16.0m)(12.2m)11.1m(5.5m)40.8m24.8m255.5m337.3m352.4m(86.7m)(157.2m)(894.6m)73.4m(28.7m)

Short-term Borrowings

(25.0m)(50.3m)(3.8m)(7.4m)(11.1m)(2.9m)(30.0m)(34.0m)(24.0m)(28.0m)(67.3m)(27.8m)(40.3m)(128.1m)

Long-term Borrowings

(65.0m)(85.0m)(25.0m)(225.0m)(225.0m)(529.0m)(10.0m)(10.0m)(10.0m)

Dividends Paid

(28.2m)(43.6m)(18.0m)(69.5m)(106.9m)(37.4m)(74.7m)(76.6m)(29.8m)(59.7m)(89.5m)(30.1m)(60.3m)(90.5m)(8.7m)(55.2m)(101.8m)(53.0m)(106.4m)(163.9m)(60.6m)(121.2m)

Cash From Financing Activities

198.0m310.3m119.3m85.7m14.4m2.5m2.2m108.4m(54.1m)(88.1m)(158.1m)(26.1m)(63.8m)(131.9m)(338.2m)(358.4m)(593.7m)17.3m127.2m707.5m(132.3m)(90.7m)

Net Change in Cash

64.2m130.6m64.6m35.5m(46.9m)(40.7m)(19.5m)(45.1m)(38.4m)(27.4m)(24.5m)4.5m54.1m13.8m(60.9m)57.0m(71.5m)(11.2m)96.1m539.0k13.9m28.9m

Interest Paid

13.4m22.6m8.7m21.0m24.7m8.3m19.2m31.8m14.3m28.5m42.2m13.7m27.2m40.1m