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April 26, 2015 9:51 PM ET

Real Estate Investment Trusts (REITs)

Company Overview of GTJ Reit Inc.

Company Overview

GTJ REIT, Inc. operates as a real estate investment trust (REIT) in the United States. The company engages in the acquisition, ownership, and management of commercial real estate properties primarily located in New York City. As of June 30, 2008, it owned 7 properties containing a total of approximately 561,000 square feet of leasable area. The company, through its other subsidiaries, provides outdoor maintenance and shelter cleaning services to outdoor advertising companies in New York, New Jersey, Arizona, and California; and paratransit services for physically and mentally challenged persons. GTJ REIT has elected to be taxed as a REIT under the Internal Revenue Code. As a REIT, the compan...

60 Hempstead Ave

Suite 718

West Hempstead

Hempstead, NY 11552

United States

13 Employees

Phone:

516-693-5500

Fax:

516-693-5501

Key Executives for GTJ Reit Inc.

Chief Executive Officer, Chairman of the Board, and Director
Age: 53
President and Chief Operating Officer
Chief Accounting Officer
Age: 62
Vice President, Secretary, Treasurer and Director
Age: 67
Executive of Subsidiaries
Compensation as of Fiscal Year 2014.

GTJ Reit Inc. Key Developments

GTJ Reit Inc. Declares Cash Dividend for the First Quarter Ended March 31, 2015 and Supplemental Distribution Payable on or About April 15, 2015

On March 26, 2015, the Board of GTJ Reit Inc. declared a supplemental distribution of $0.09 per share of common stock, payable with respect to the year ended December 31, 2014, to stockholders of record at the close of business on March 31, 2015; payable on or about April 15, 2015. In addition, the Board also declared a quarterly cash dividend of $0.09 per share of common stock, payable with respect to the first quarter ended March 31, 2015 to common stockholders of record as of the close of business on March 31, 2015; payable on or about April 15, 2015.

GTJ Reit Inc. Completes the Acquisition of Six Properties in Piscataway, New Jersey

On March 13, 2015, GTJ REIT Inc. completed the acquisition of six properties (approximately 681,754 square feet) in Piscataway, New Jersey (together with such properties, the Borrowers). The aggregate purchase price for the properties acquired was $63.77 million in cash, subject to certain adjustments typical in such real estate transactions. The purchase price was funded from a combination of $25.5 million from the net proceeds of the most recently completed refinancing of GTJ REIT's property portfolio and the remaining $39.1 million from a cross-collateralized mortgage (the AllState Loan) from AllState Life Insurance Company, AllState Life Insurance Company of New York, and American Heritage Life Insurance Company (together, the Mortgagees). The closing costs relating to this acquisition were approximately $0.8 million.

GTJ Reit Inc. Enters into Certain Loan Agreement

GTJ REIT Inc. announced that the borrowers entered into a certain Loan Agreement with American General Life Insurance Company, The Variable Annuity Life Insurance Company, The United States Life Insurance Company in the City of New York, American Home Assurance Company and Commerce and Industry Insurance Company (together, the Lenders). The closing of the financing transaction took place on February 20, 2015. The loan agreement provides a secured loan facility in a principal amount of $233.1 million. The loan facility is a 10-year term loan that requires interest only payments at the rate of 4.05% per annum. During the period from April 1, 2015 to February 1, 2025, payments of interest only on the principal balance of the notes will be payable in arrears, with the entire principal balance due and payable on March 1, 2025, the loan maturity date. Subject to certain conditions, the Borrowers may prepay the outstanding loan amount in whole on or after March 1, 2018, by providing advance notice of prepayment to the Lenders and remitting a prepayment premium equal to the greater of 1% of the then outstanding principal amount of the loan facility or the then present value of the notes as well as by prepaying all other outstanding cross-collateralized notes. The borrowers paid the lenders a one-time application fee in the amount of $200,000 in connection with the Loan Facility. The borrowers obligations to pay the principal, interest and other amounts under the loan facility are evidenced by the secured promissory notes executed by the Borrowers as of the closing date. The Notes are secured by certain mortgages encumbering the Borrowers’ properties (a total of 28 properties) located in New York, New Jersey and Connecticut. In the event of default, the initial rate of interest on the Promissory Note will increase to 18% per annum, a per annum rate equal to 4% over the prime published rate, or a per annum rate equal to 5% over the original interest rate, all subject to the applicable state or federal laws. The Note contains other terms and provisions that are customary for instruments of this nature.

Similar Private Companies By Industry

Company Name Region
Taberna Realty Finance Trust United States
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Franklin Finance Corporation United States
Strategic Mortgage Opportunities REIT Inc. United States

Recent Private Companies Transactions

Type
Date
Target
Merger/Acquisition
March 17, 2015
Six Properties in Piscataway, New Jersey
Merger/Acquisition
January 20, 2015
92,500 Square Foot Single-Story Industrial Building in Rocky Hill, CT
Merger/Acquisition
October 23, 2014
A Partial Two Story Industrial Building in Shelton, CT
 

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