Griffin Industrial Realty

Indus Realty Trust, Inc. engages in the developing, managing and leasing industrial/warehouse properties. The company was founded in 1970 and is headquartered in New York, NY.

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Griffin Announces Corporate Updates and New Name

NEW YORK, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin” or the “Company”) announced the following updates on leasing and the impact of the COVID-19 pandemic on rent collections:

Griffin Announces Fiscal 2020 Fourth Quarter Leasing and Update on Rent Collection

NEW YORK, Nov. 23, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin” or the “Company”) today announced that its election to become a real estate investment trust (“REIT”) is on track and expected to become effective on January 1, 2021. On November 17, 2020, in connection with the anticipated election to become a REIT, the Company's Board of Directors approved a change in the Company's fiscal year end from November 30 to December 31, effective beginning with the Company's next fiscal year, which will now begin on January 1, 2021 and end on December 31, 2021 (the “New Fiscal Year”). As a result of the change, the Company will have a one-month transition period beginning on December 1, 2020 and ending on December 31, 2020 (the “Transition Period”). The results of the Transition Period are expected to be reported in the Company's Quarterly Report on Form 10-Q to be filed for the first quarter of the New Fiscal Year, ending March 31, 2021, and in the Company's Annual Report on Form 10-K to be filed for the New Fiscal Year.

Griffin Announces Update on REIT Conversion, Dividend Plans, and Upcoming Rebranding

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Is Griffin Industrial Realty (GRIF) a Smart Long-term Buy?

Griffin Industrial Realty, Inc. (GRIF) CEO Michael Gamzon on Q3 2020 Results - Earnings Call Transcript

NEW YORK, Oct. 08, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin” or the “Company”) today reported financial results for the three months ended August 31, 2020 (the “2020 third quarter”).

Griffin Announces Fiscal 2020 Third Quarter Results

NEW YORK, Oct. 02, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) announced today that it will host or participate in several upcoming events for investors. Michael Gamzon, President and Chief Executive Officer of Griffin, noted “We are excited to host a virtual investor day and participate for the first time in the NAREIT REITworld conference this year. We plan to use both events to interact with current and prospective shareholders and discuss additional details about our portfolio, track-record and growth strategy.”

Griffin Announces Upcoming Investor Events

NEW YORK, Sept.  17, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) announced the following updates on leasing and the impact of the COVID-19 pandemic on rent collections:

Griffin Announces Fiscal 2020 Third Quarter Leasing and Update on Rent Collection

NEW YORK, Aug.  24, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin” or the “Company”) today announced that the Company has completed a private placement transaction with an investment entity managed by Cambiar Management LLC (“Cambiar”) to raise approximately $27.2 million of new capital. The Company sold 504,590 unregistered shares of its common stock (the “Common Stock”) at a purchase price of $50.00 per share and warrants to acquire an additional 504,590 shares of Common Stock with an exercise price of $60.00 per share at a purchase price of $4.00 per warrant share (the “Private Placement”). The warrants may be exercised at any time prior to the third anniversary of issuance, and if they are exercised in full, Griffin would receive approximately $57.5 million of aggregate gross proceeds from the Private Placement. The proceeds from the Private Placement will be used to finance the Company’s acquisition and development pipeline as well as for general working capital.

Griffin Raises $27.2 Million in Equity Private Placement to Accelerate Growth Plan

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Griffin Industrial Realty, Inc. (GRIF) CEO Michael Gamzon on Q2 2020 Results - Earnings Call Transcript

NEW YORK, July  09, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) reported total revenue of $9,315,000 and $18,979,000 for the three months ended May 31, 2020 (the “2020 second quarter”) and six months ended May 31, 2020 (the “2020 six month period”), respectively, as compared to $17,081,000 and $26,384,000 for the three months ended May 31, 2019 (the “2019 second quarter”) and six months ended May 31, 2019 (the “2019 six month period”), respectively. The decline in total revenue in the 2020 second quarter and 2020 six month period, versus the comparable 2019 periods, reflected decreases in revenue from property sales partially offset by increases in rental revenue.

Griffin Announces Fiscal 2020 Second Quarter Results

NEW YORK, July  06, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that Riverbend Orlando Holdings III, LLC (“Borrower”), a wholly owned subsidiary of Griffin, entered into a $5.1 million nonrecourse mortgage loan (the “Mortgage Loan”) on the approximately 108,000 square foot fully-leased industrial/warehouse building in Orlando, Florida that the Borrower acquired in February 2020 (such acquired property, the “Property”). The Mortgage Loan, evidenced by a Promissory Note issued by the Borrower to Webster Bank, National Association (“Webster Bank”), has a ten-year term with principal payments based on a twenty-five-year amortization schedule and a variable interest rate based on the one-month LIBOR rate plus 2.56%. Upon closing the Mortgage Loan, the Borrower entered into an interest rate swap agreement with Webster Bank that effectively fixes the interest rate on the Mortgage Loan at 3.50% for the entire loan term. $4.1 million of the proceeds from the Mortgage Loan were used to repay Webster Bank for the borrowing under Griffin’s line of credit for acquisitions that was used to finance a portion of the Property’s purchase price.

Griffin Announces Closing on Mortgage Loan

NEW YORK, June  16, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin ”) announced the following updates on leasing and the impact of the COVID-19 pandemic on rent collections:

Griffin Announces Fiscal 2020 Second Quarter Leasing and Update on Rent Collection

NEW YORK, March  12, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that it closed on the acquisition (the “Acquisition”) of an approximately 68,000 square foot mostly vacant industrial/warehouse building (the “Building”) in Orlando, Florida, Griffin’s third industrial/warehouse property in Orlando. The Building’s approximately $5.7 million purchase price was paid in cash at closing using cash on hand. Griffin entered the Orlando market when it purchased a fully leased approximately 100,000 square foot industrial/warehouse building in October 2019 and subsequently acquired a fully leased approximately 108,000 square foot industrial/warehouse building in February 2020. This Acquisition increases Griffin’s total real estate portfolio to 42 buildings aggregating approximately 4,639,000 square feet, with 91% of the square footage being industrial/warehouse space.

GRIFFIN ANNOUNCES CLOSING ON BUILDING ACQUISITION

Gordon DuGan to join Griffin as Chairman of the Board

Griffin Appoints New Chairman and Additional Director

NEW YORK, March  04, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc.’s (Nasdaq: GRIF) (“Griffin” or the “Company”) Board of Directors has unanimously approved a plan for the Company to pursue conversion to a Real Estate Investment Trust (“REIT”).  This decision is based on the Board’s and management’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/warehouse property portfolio in select markets.  Griffin, if successful in the conversion process, would plan to elect REIT status with the taxable year beginning January 1, 2021.  

Griffin Board Approves Plan to Pursue Conversion to a REIT

Griffin Announces Business Updates

NEW YORK, Feb.  21, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that it closed on the acquisition (the “Acquisition”) of an approximately 108,000 square foot fully leased industrial/warehouse building (the “Building”) in Orlando, Florida, Griffin’s second industrial/warehouse property in Orlando. The Building’s approximately $7.9 million purchase price was paid in cash at closing using proceeds from Griffin’s acquisition line of credit and cash on hand. Griffin expects to obtain a long-term mortgage loan on the Building. This Acquisition increases Griffin’s total real estate portfolio to 41 buildings aggregating approximately 4,570,000 square feet, with 91% of the square footage being industrial/warehouse space. Within the next thirty days and upon the satisfactory conclusion of due diligence, Griffin expects to close on the acquisition of an approximately 68,000 square foot mostly vacant industrial/warehouse building in Orlando, Florida that is currently under agreement.

Griffin Announces  Closing on  Building Acquisition

NEW YORK, Feb.  13, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) reported total revenue of $8,759,000 and $44,045,000 for the three months ended November 30, 2019 (the “2019 fourth quarter”) and the fiscal year ended November 30, 2019 (“fiscal 2019”), respectively, as compared to $8,403,000 and $33,800,000 for the three months ended November 30, 2018 (the “2018 fourth quarter”) and the fiscal year ended November 30, 2018 (“fiscal 2018”), respectively. The higher total revenue in the 2019 fourth quarter, as compared to the 2018 fourth quarter, reflected an increase in rental revenue as there were no property sales in either the 2019 fourth quarter or the 2018 fourth quarter. The higher total revenue in fiscal 2019, as compared to fiscal 2018, reflected an increase in revenue from property sales and, to a lesser extent, an increase in rental revenue.

Griffin Announces Fiscal 2019 Fourth Quarter and Fiscal 2019 Full Year Results

NEW YORK, Jan.  21, 2020  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that it recently entered into two separate purchase and sale agreements with different sellers to acquire industrial/warehouse buildings of approximately 108,000 square feet and approximately 68,000 square feet, respectively, in Orlando, Florida. The larger of the two buildings is fully leased, whereas the smaller building is mostly vacant. Griffin recently entered the Orlando market when it acquired a fully leased approximately 100,000 square foot industrial/warehouse building in October 2019. Griffin intends to finance the purchase of these two buildings using its line of credit for acquisitions and cash on hand. Closings on these two purchases are each subject to the satisfactory completion of due diligence by Griffin. There is no guarantee that either of these building purchases will be completed under their current terms, or at all.

Griffin Announces Agreements for Two Building Acquisitions

NEW YORK, Dec.  09, 2019  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) announced that in the three months ended November 30, 2019 (the “2019 fourth quarter”) it executed two new leases totaling approximately 105,000 square feet of industrial/warehouse space (including the previously disclosed approximately 74,000 square foot lease) and extended a lease for approximately 15,000 square feet of office/flex space. The new leases both were for space in 160 International Drive which, along with 180 International Drive, are located in Concord, North Carolina, in the greater Charlotte area, and were completed and placed in service in the 2019 fourth quarter. These two new industrial/warehouse buildings total approximately 283,000 square feet, increasing Griffin’s portfolio in the Charlotte market to three industrial/warehouse buildings aggregating approximately 560,000 square feet. In the 2019 fourth quarter, Griffin also acquired a fully leased approximately 100,000 square foot industrial/warehouse building in Orlando, Florida, Griffin’s first property in that market.

Griffin Announces Fiscal 2019 Fourth Quarter Leasing

Griffin Industrial Realty - A Bet On E-Commerce Growth At Half Price

NEW YORK, Oct.  29, 2019  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) announced that it closed on the acquisition (the “Acquisition”) of an approximately 100,000 square foot fully leased industrial/warehouse building in Orlando, Florida (the “Orlando Building”), Griffin’s first property in the Orlando area. Griffin financed the Acquisition using its new line of credit for acquisitions and cash on hand and expects to obtain a long-term mortgage loan on the Orlando Building. The Acquisition, along with two recently completed industrial/warehouse buildings in the Charlotte, North Carolina area, increases Griffin’s total real estate portfolio to 40 buildings aggregating approximately 4,462,000 square feet, with 90% of the square footage being industrial/warehouse space.

Griffin Announces  Closing on Building Acquisition

NEW YORK, Oct.  28, 2019  (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (N asdaq: GRIF) (“Griffin”) today announced that it closed on the purchase of an approximately 14 acre parcel of undeveloped land in the Lehigh Valley of Pennsylvania (the “Lehigh Valley Land”). Griffin paid cash of $1.85 million for the Lehigh Valley Land using a portion of the proceeds from the $7.7 million sale in May 2019 of approximately 280 acres of undeveloped land that were being held in escrow for a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. Griffin expects to begin construction, on speculation, of an approximately 100,000 square foot industrial/warehouse building on the Lehigh Valley Land in the first half of 2020.

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