American Financial Realty Trust

Following the announcement and joint conference call, shares of AFR on the NYSE spiked to $7.95, up slightly more than 23% from the Friday close of $6.45 a share. Shares of GKK took a slight dip in the opposite direction, falling from a Friday close of $24.23 a share to $23.57.

The buy would give Gramercy 27 million sf in 37 states. During the conference call, Marc Holliday, Gramercy's CEO, said that under its business plan for the acquisition, 147 of the current 1,305 properties in the AFR portfolio are held for sale.

Of the remaining 1,158 properties, 898 are considered core. "They represent 80% of the total transaction value," he said. They include 632 bank branches and 266 office and operations facilities, and this portion of the portfolio is "97% leased to credit tenants." They will be operated by SL Green Realty Corp., which is a majority owner of New York City-based Gramercy, and Holliday said 30% of the properties currently managed by SL Green are leased by financial-company tenants.