Gramercy Property Trust Inc.'s board of trustees approved a 1-for-3 reverse split of the company's common shares and outstanding units of GPT Operating Partnership LP.

The company also reaffirmed its 2016 guidance and issued its fiscal 2017 earnings projections.

The company expects the reverse share split to become effective at around 5 p.m. ET on Dec. 30. The split will reduce the company's outstanding common shares of beneficial interest to about 140.7 million shares from roughly 422.0 million shares, although the fourth-quarter dividend will not be affected and will still be paid Jan. 13, 2017.

Looking ahead, Gramercy expects core funds from operations per share in a range of 70 cents to 75 cents and adjusted FFO per share in a range of 65 cents to 70 cents.

After the reverse split, effective Dec. 30, core FFO per share and AFFO per share are expected to be in the range of $2.10 to $2.25 and $1.95 to $2.10, respectively.

With its third-quarter results, Gramercy said it expected to report full-year 2016 core FFO per share and AFFO per share of 72 cents to 74 cents and 66 cents and 68 cents, respectively.

The S&P Capital IQ consensus FFO- and AFFO-per-share estimates are 74 cents and 67 cents, respectively, for 2016, and 76 cents and 71 cents, respectively, for 2017.