Griffin Announces Fiscal 2018 Third Quarter Leasing
September 11 2018 - 4:45PM
Griffin Industrial Realty, Inc. (Nasdaq: GRIF)
(“Griffin”) announced that in the three months ended
August 31, 2018 (the “2018 third quarter”) it extended, for three
years, an approximately 228,000 square foot full building lease of
one of its industrial/warehouse facilities in the Lehigh Valley of
Pennsylvania that was scheduled to expire on September 30, 2018.
Griffin did not enter into any new leases in the 2018 third
quarter. The only occupancy change in the 2018 third quarter
was the expiration of an approximately 7,000 square foot lease. As
of August 31, 2018, Griffin’s industrial/warehouse portfolio
was 96% leased and was comprised of approximately 1,817,000 square
feet in the Hartford, Connecticut area, 1,183,000 square feet in
the Lehigh Valley and 277,000 square feet in North Carolina.
Griffin’s office/flex portfolio of approximately 433,000 square
feet was 72% leased and Griffin’s total real estate portfolio of
approximately 3,710,000 square feet was 94% leased as of August 31,
2018.
Early in the fiscal 2018 fourth quarter, Griffin added two newly
completed industrial/warehouse buildings to its portfolio, an
approximately 234,000 square foot build-to-suit
industrial/warehouse building (“220 Tradeport”) in New England
Tradeport, Griffin’s industrial park located in Windsor and East
Granby, Connecticut, and an approximately 134,000 square foot
industrial/warehouse building (“6975 Ambassador”) in the Lehigh
Valley that was built on speculation. The full building lease of
220 Tradeport, which commenced on September 5, 2018, has a
term of twelve years and six months with several five year renewal
options. The tenant, an investment grade company, intends to
use the building for the distribution of auto parts. 6975
Ambassador is not yet leased. The addition of these two buildings
increases Griffin’s total portfolio to approximately 4,078,000
square feet, with industrial/warehouse space comprising 89% of the
portfolio.
Forward-Looking Statements:
This Press Release includes “forward-looking statements” within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Exchange Act of 1934, as amended.
These forward-looking statements include the statement regarding
the tenant’s use of 220 Tradeport. Although Griffin believes that
its plans, intentions and expectations reflected in such
forward-looking statements are reasonable, it can give no assurance
that such plans, intentions or expectations will be achieved. The
projected information disclosed herein is based on assumptions and
estimates that, while considered reasonable by Griffin as of the
date hereof, are inherently subject to significant business,
economic, competitive and regulatory uncertainties and
contingencies, many of which are beyond the control of Griffin and
which could cause actual results and events to differ materially
from those expressed or implied in the forward-looking statements.
Important factors that could affect the outcome of the events set
forth in these statements are described in Griffin’s Securities and
Exchange Commission filings, including the “Business,” “Risk
Factors” and “Forward-Looking Information” sections in Griffin’s
Annual Report on Form 10-K for the fiscal year ended November 30,
2017. Griffin disclaims any obligation to update any
forward-looking statements as a result of developments occurring
after the date of this press release except as required by law.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
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