Annual Report

GCP CELEBRATED ITS FIFTH ANNIVERSARY in November 2018. We want to thank and celebrate our investors, most of whom have been with us since the original roll-up of properties in 2013. We have grown the original asset base of $173 million to $478 million by the end of 2018 and, with two acquisitions completed in February, we now have assets of $700 million. We are appreciative of your continued confidence.

GCP acquired $64 million in new properties in 2018, investing in two Atlanta properties and a Home Depot distribution center near the Port of Savannah. GCP also disposed of four properties in 2018, two in Jacksonville and one each in Birmingham and Charlotte. Occupancy ended the year at 97%. The balance sheet has never been stronger. GCP completed two new term loans from Wells Fargo in November 2018 and January 2019 totaling $225 million. As part of this process, GCP is protected against future interest rate increases through the purchase of forward-interest rate caps and swaps.

We are pleased to announce several new additions to the team: David Urie, CFO; Emily Dunlap, Director of Human Resources; John Grizzle, Investment Analyst; Nicole Predhomme, Property and Lease Administrator (all in Birmingham); and Derek Dalli, Building Maintenance Engineer in Atlanta. We are also pleased to promote from within having hired Peter Crolius (Jacksonville) from part to full time with GCP as Regional Director/Investments.
Our team was focused the last quarter of the year on completing due diligence for the Southeast Portfolio, a 2.7-million-square-foot industrial portfolio acquired in February 2019 for $194 million. The acquisition improves GCP’s portfolio in every metric: geographic diversification, tenant quality, lease rollover and building statistics. Also closed in February was Northport, an 872,627-square-foot, fully occupied property near the Port of Jacksonville. GCP is off to a great start in 2019 and looks forward to continued success throughout the year.

We appreciate each of you, your trust in us with your investment and your continued confidence in our strategy.

Gardner Lee, SIOR, CPM
PRESIDENT