Gramercy Capital sheds 15% on lower Q2 earnings
Gramercy Capital Corp. (NYSE:GKK) is off 15% in today’s trading after the real estate investment trust reported a dip in second-quarter net income after the close Wednesday. For the quarter ended June 30, net income available to common stockholders was $10.1 million, or $0.20 per share, compared with $20 million, or $0.73 a share, for the same quarter a year ago. For the quarter, generated funds from operations were $32.9 million, up from $22.5 million from the period a year earlier.
In today’s trading, shares are at $7.94 at 2:40 p.m. ET, down $1.35 from Wednesday’s close. Trading volume has soared to nearly 2 million shares, well above the average of about 600,000.
For detailed price information and recent news stories about Gramercy Capital Corp., click GKK.
