Gramercy Capital: Loose Ends Seeking Alpha

27.06.11

Gramercy Capital's ( GKK ) delinquent financials are hiding two big events since September 2010: A large 1 million preferred shares buyback in November 2010 (not retired yet) and the sell to SL Green ( SLG ) of several New York leaseholds owned by Gramercy Corporate, including the famous Lipstick building.

I also considered that the unrestricted cash in Gramercy Realty was part of the mezzanine collateral and most probably lost in case of losing the division. This is my best estimate of the current unrestricted cash considering the lack of information since September last year.

[Click all to enlarge]

Preferred Equity

There are two aspects to consider when valuing the preferreds:

Suspended dividends accumulate: Gramercy suspended preferred dividends in December 2008 so it has accumulated 10 quarters of dividends. That is $5.07 per preferred share in arrears. December buyback: Gramercy

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