Gramercy Property Trust (GPT) [Rocket]

In millions, except per share items	Dec-31-17	Dec-31-16	Dec-31-15	Dec-31-14	Dec-31-13	Dec-31-12	Dec-31-11	Dec-31-10
	10-K	10-K	10-K	10-K	10-K	10-K/A	10-K	10-K
Revenues:
Domestic Industrial Properties							36.5	29.4
Domestic Office Properties							104.0	47.1
International Office/Retail Properties							5.4	7.1
Total revenues [+]	545.2	517.3	237.3	107.9	56.7	11.9	145.8	83.5
Management fees	10.8	35.8	22.3
Lease / rental	444.2	387.0	170.0	60.3	12.2		119.1	69.4
Reimbursements	83.9	86.9	41.8	20.6	1.2
Net interest income								14.9
Net investment income					1.7
Other					0.7
Other income	6.4	7.6	3.2
Revenue growth [+]	5.4%	118.0%	119.8%	90.4%	374.6%	-91.8%	74.5%	48.3%
Domestic Industrial Properties							24.2%	19.8%
Domestic Office Properties							120.8%	101.2%
International Office/Retail Properties							-24.1%	-15.7%
Asset Management				-38.8%
Cost of goods sold	10.9	20.1	19.4	38.6	22.3	1.8	36.8	19.6
Gross profit	534.3	497.1	217.8	69.3	34.4	10.1	109.0	64.0
Gross margin	98.0%	96.1%	91.8%	64.2%	60.7%	84.7%	74.7%	76.6%
Selling, general and administrative [+]	36.9	33.2	19.8	18.4	18.2	5.4	5.1	5.5
General and administrative	36.9	33.2	19.8	18.4	18.2		5.1	5.5
Equity in earnings	48.2	2.4	-1.1	2.0	-5.7		3.6	8.8
Other operating expenses	190.9	149.9	61.0	-60.4	2.1	-2.0	26.6	57.6
EBITDA [+]	353.9	312.7	132.7	112.3	-1.4	6.7	81.9	-2.4
EBITDA growth	13.2%	135.7%	18.2%	-7935.5%	-121.3%	-91.8%	-3478.9%	-283.1%
EBITDA margin	64.9%	60.5%	55.9%	104.0%	-2.5%	56.4%	56.1%	-2.9%
Depreciation	162.6	125.8	56.9	23.2	-5.5	5.4	61.4	2.6
EBITA	191.2	187.0	75.8	89.1	4.1	1.3	20.5	-5.0
EBITA margin	35.1%	36.1%	32.0%	82.5%	7.1%	11.3%	14.0%	-6.0%
Amortization of intangibles	100.2	112.1	37.6	12.3	1.3			17.5
EBIT [+]	91.0	74.9	38.3	76.8	2.8	1.3	20.5	-22.5
EBIT growth	21.6%	95.8%	-50.2%	2682.8%	105.3%	-93.4%	-190.9%	68.6%
EBIT margin	16.7%	14.5%	16.1%	71.2%	4.9%	11.3%	14.0%	-26.9%
Non-recurring items [+]	-37.8	-1.5	61.3	6.2	2.8	0.0	14.5
Asset impairment	-37.8	-11.1			-3.3
Interest expense, net [+]	96.9	75.4	34.7	16.6	1.7	0.5	31.7	13.6
Interest expense	96.9	75.4	34.7	16.6	1.7	0.5	33.3	14.9
Interest income							1.6	1.3
Other income (expense), net [+]	6.7	20.9	9.5	1.9		0.1	1.7	17.5
Gain (loss) on sale of assets		7.2
Gain (loss) on debt retirement	-6.7	-20.9	-9.5	-1.9			-0.1	-0.1
Unrealized gain/loss on derivatives					-0.1
Gain (loss) on foreign currency transactions						-0.1
Other				61.5			-32.1	0.0
Pre-tax income	38.7	21.9	-48.3	56.0	-1.8	0.9	-23.9	-18.7
Income taxes	-0.6	3.2	2.2	0.8	6.4	-1.7	-0.5	-0.3
Tax rate		14.4%		1.4%			1.9%	1.6%
Minority interest	0.8	0.0	-0.8	-0.2			0.0	0.0
Earnings from continuing ops	79.1	21.7	-55.0	45.2	-15.3	2.6	-41.6	-10.1
Earnings from discontinued ops	-0.1	5.4	0.9	-0.5	393.0		1.5	-0.5
Net income	79.0	27.1	-54.2	44.6	377.7	2.6	-40.1	-10.6
Net margin	14.5%	5.2%	-22.8%	41.4%	666.0%	21.6%	-27.5%	-12.7%

Basic EPS [+]	$0.53	$0.15	($0.91)	$1.62	($0.31)		($0.22)	($0.07)
Growth	238.9%	-117.1%	-155.9%	-618.5%			192.9%	-67.8%
Diluted EPS [+]	$0.53	$0.15	($0.91)	$1.58	($0.31)		($0.22)	($0.07)
Growth	240.8%	-117.0%	-157.5%	-604.4%			192.9%	-67.8%

Dividends per share [+]	$1.49	$1.06	$0.90	$0.39			$0.60	$0.60
Growth	40.7%	17.2%	133.4%			-100.0%	0.0%	0.0%

Shares outstanding (basic) [+]	150.7	140.2	60.7	27.9	49.0		192.0	136.5
Growth	7.5%	131.0%	117.9%	-43.2%			40.7%	66.5%
Shares outstanding (diluted) [+]	150.7	141.0	60.7	28.6	49.0		192.0	136.5
Growth	6.9%	132.3%	111.9%	-41.6%			40.7%	66.5%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.