Griffin Announces Closing on Land Sale
May 06 2019 - 8:47AM
Griffin Industrial Realty, Inc. (NASDAQ: GRIF)
(“Griffin”) today announced that it closed on the
previously announced sale of approximately 280 acres of undeveloped
land in Simsbury, Connecticut for approximately $7.7 million in
cash, before transaction costs. The buyer plans to use the land to
generate solar electricity. At closing, the sale proceeds were
placed in escrow for the potential purchase of a replacement
property (or properties) under a like-kind exchange under Section
1031 of the Internal Revenue Code of 1986, as amended. If a Section
1031 like-kind exchange is not completed, the escrowed funds would
be returned to Griffin. Griffin expects to record a pretax gain of
approximately $7.4 million on this transaction in the second
quarter of the fiscal year ending November 30, 2019.
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 Securities Exchange Act
of 1934, as amended. These forward-looking statements include
statements regarding Griffin's beliefs and expectations regarding
the potential purchase of a replacement property (or properties)
under a Section 1031 like-kind exchange, the expected pretax gain
on the sale of approximately 280 acres of undeveloped land in
Simsbury, Connecticut and the buyer’s expected use of the land
sold. 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. Other 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
Statements" sections in Griffin's Annual Report on Form 10-K/A for
the fiscal year ended November 30, 2018. 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
Griffin Industrial Realty (NASDAQ:GRIF)
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