Gramercy Capital Corp. Reports Third Quarter EPS of $.10

Gramercy Capital Corp. GKK:

THIRD QUARTER HIGHLIGHTS

• For the quarter, generated funds from operations (“FFO”) of $20.5 million, an increase of $198.7 million from FFO of negative $178.2 million generated in the same quarter of the previous year. On a fully diluted per common share basis, FFO was $0.41 for the third quarter of 2010 as compared to FFO of negative $3.57 in the same quarter of the previous year. The increase in FFO for the quarter was primarily attributable to a decline of approximately $199.6 million in impairments and provisions for loan losses, as compared to the same quarter of the previous year.
• For the quarter, net income to common stockholders was $4.8 million, or $0.10 per diluted common share, as compared to the net loss of $203.1 million, or negative $4.07 per diluted common share, for the same quarter of the previous year.
• Maintained approximately $208.8 million of liquidity at quarter end, as compared to approximately $157.5 million of liquidity reported in the prior quarter. Liquidity at September 30, 2010 included approximately $141.6 million of cash and cash equivalents and approximately $67.2 million of restricted cash in two of the Company's three CDOs.