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Industrial assets also have lower carrying costs when vacant, lower re-leasing costs to replace tenants and lower ongoing capital requirements during the period of ownership.We do not plan to focus on net leased retail assets.We focus primarily on industrial and office properties, where we believe attractive investment opportunities currently exist.We focus on acquiring assets in major markets where strong demographic and economic growth offer, in our view, a higher probability of producing long-term rent growth and/or capital appreciation.In 2015, through the Gramercy European Property Fund, a private real estate investment fund we formed in December 2014 with several equity investment partners that targets single-tenant industrial, office and specialty retail assets throughout Europe, we acquired We were formed as a Maryland REIT in March 2004 and commenced operations in July 2004 following an initial private placement of our common shares.
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a small reporting company.
We are the sole general partner and 100% owner of the Operating Partnership.
The Operating Partnership is the 100% owner of all of its direct and indirect subsidiaries, except that as of December 31, 2015 third-party holders of limited partnership interests in Legacy Gramercy’s operating partnership, the entity that owns substantially all of Legacy Gramercy’s assets and investments, owned approximately will not be subject to U. federal income taxes to the extent we timely distribute our taxable income, if any, to our shareholders. federal, state and local taxes on the taxable income from their activities.
Industrial and office assets tend to be heterogeneous, and valuation is frequently influenced by local real estate market conditions and tenant preferences.
In our view, the skillset required to properly underwrite industrial and office assets is specific to those assets and can be used to generate significant investment outperformance.