Griffin Announces Fiscal 2018 Second Quarter Leasing
12 June 2018 - 11:17PM
Griffin Industrial Realty, Inc. (Nasdaq:GRIF)
(“Griffin”) announced that it did not enter into
any new leases in the three months ended May 31, 2018 (the “2018
second quarter”). The only occupancy change in the 2018 second
quarter was the previously reported approximately 48,000 square
foot reduction of a tenant’s space leased in one of Griffin’s
industrial/warehouse buildings in New England Tradeport (“NE
Tradeport”), Griffin’s industrial park in Windsor and East Granby,
Connecticut. Under the terms of the lease amendment for the space
reduction, the tenant will continue to lease approximately 52,000
square feet of the approximately 100,000 square foot building
through March 31, 2024, the scheduled lease expiration date. As of
May 31, 2018, the only significant vacancies in Griffin’s
industrial/warehouse buildings were approximately 63,000 square
feet of an approximately 137,000 square foot NE Tradeport
industrial/warehouse building, which was placed in service and
partially leased near the end of fiscal 2017 and the approximately
48,000 square feet recently vacated as described above. Griffin’s
industrial/warehouse portfolio, which was 96% leased as of May 31,
2018, is comprised of approximately 1,817,000 square feet in the
Hartford, Connecticut area, 1,183,000 square feet in the Lehigh
Valley of Pennsylvania and 277,000 square feet in North Carolina.
As of May 31, 2018, Griffin’s office/flex portfolio of
approximately 433,000 square feet was 74% leased, and Griffin’s
total real estate portfolio of approximately 3,710,000 square feet
was 94% leased.
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.
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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