Real Estate Investment Trusts (REITs)
Company Overview of GTJ Reit Inc.
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
Hempstead, NY 11552
Key Executives for GTJ Reit Inc.
Chief Executive Officer, Chairman of the Board, and Director
President and Chief Operating Officer
Vice President, Secretary, Treasurer and Director
Executive of Subsidiaries
Compensation as of Fiscal Year 2014.
GTJ Reit Inc. Key Developments
GTJ Reit Inc. Enters into Certain Loan Agreement
Feb 23 15
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.
GTJ Reit Inc. Announces Executive Changes
Jan 21 15
Effective as of January 15, 2015, Douglas Cooper, Secretary and Treasurer of GTJ REIT Inc. tendered his resignation from such office. Following this resignation as a Company officer, Mr. Cooper will continue his services to the company as a Board member. Following and effective as of D. Cooper's resignation as the Company's Secretary and Treasurer, the Board of Directors appointed Louis Sheinker, the company's President and Chief Operative Officer, and Ben Zimmerman, the company's Chief Financial Officer, as the Company's Secretary and Treasurer, respectively.
GTJ REIT, Inc. Acquires Industrial Building Leased and Occupied by Connecticut Lottery Corporation
Jan 20 15
GTJ REIT announced that it has acquired a single story industrial building in Rocky Hill, CT. The facility is currently leased and occupied by the Connecticut Lottery Corporation for a term that expires June 2023. Terms of the transaction were not disclosed. The property is a 92,500 square foot single-story specialty office/flex/warehouse building located on 12 acres of land in Rocky Hill, CT, situated in the Hartford South submarket. The building was retrofitted and renovated in 2008.
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