Skip to main content

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

Written by Customer Service on . Posted in Public Companies.

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:LeasingGriffin reported the following for its industrial/warehouse portfolio for the three months ended August 31, 2020 (the “2020 third quarter”):Griffin’s industrial/warehouse portfolio’s percentage leased was as follows:Approximately 79,000 square feet of the 83,000 square feet renewed this quarter was in Griffin’s New England Tradeport industrial park in Windsor and East Granby, Connecticut. One of these leases was an early 10-year, 5-month extension of 40,000 square feet leased as production and distribution space to an international quick service restaurant chain and the other was an early 2-year extension of 39,000 square feet of distribution space leased to one of the largest e-commerce providers of home furnishings. The third renewal was for a 3-year extension of a smaller tenant in 170 Sunport Lane, an approximately 68,000 square foot industrial/warehouse building in Orlando, Florida that Griffin acquired mostly vacant in the fiscal 2020 second quarter. As of August 31, 2020, Griffin’s thirty industrial/warehouse buildings aggregated approximately 4,206,000 square feet and represented 91% of Griffin’s total real estate portfolio.For Griffin’s office/flex portfolio, one lease was extended for a term of 5 years and 1 month, in exchange for the tenant’s reduction in premises from approximately 4,500 square feet to approximately 2,200 square feet. Griffin’s twelve office/flex buildings, which aggregate approximately 433,000 square feet and represent 9% of Griffin’s total real estate portfolio, were 64.7% leased as of August 31, 2020, as compared to 65.2% leased as of May 31, 2020.Griffin’s total real estate portfolio of approximately 4,639,000 square feet was 91.5% leased as of August 31, 2020 (96.2% leased excluding 160 and 180 International Drive and 170 Sunport Lane), as compared to a portfolio of 4,639,000 square feet that was 91.6% leased as of May 31, 2020.Rent Collections/COVID-19 ImpactCOVID-19 has not had a material impact on Griffin’s rent collection during the 2020 third quarter and as of the date of this press release. Griffin collected 99.9% of rent in each of June, July and August, inclusive of rent relief. Griffin entered into agreements with two tenants that granted rent relief aggregating approximately 0.5% of Griffin’s anticipated total annual rental revenue for fiscal year 2020. The much larger of these two tenants is a subsidiary of a Fortune 500 company and the rent relief was granted as part of an early 5-year renewal of that tenant’s lease that was executed subsequent to August 31, 2020. Griffin has not received any new requests for rent relief subsequent to April 30, 2020 and no previous requests remain outstanding.  About GriffinGriffin is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/warehouse properties. Griffin currently owns 42 buildings totaling approximately 4.6 million square feet (4.2 million of which is industrial/warehouse space) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land.1 Excludes leases with an initial term of twelve months or less.2 Weighted average lease costs per square foot per year reflects total lease costs (tenant improvements and leasing commissions) per square foot per year of the lease term.3 Weighted average rent growth reflects the percentage change of annualized rental rates between the previous leases and the current leases. The rental rate change on a straight-line basis represents average annual base rental payments on a straight-line basis for the term of each lease including free rent periods. Cash basis rent growth represents the change in starting rental rates per the lease agreement on new and renewed leases signed during the period, as compared to the previous ending rental rates for that same space. The cash rent growth calculation excludes free rent periods. The change in rental rate calculations excludes leases for first generation space on properties acquired or developed by Griffin.4 Stabilized properties reflect buildings that have reached 90% leased or have been in-service for at least one year since development completion or acquisition date, whichever is earlier. Stabilized properties exclude 160 and 180 International Drive in the Charlotte, North Carolina area that were completed in the 2019 fourth quarter and were 37.1% leased as of August 31, 2020 and 170 Sunport Lane, which was 25.9% leased as of August 31, 2020.CONTACT:
Anthony Galici
Chief Financial Officer
(860) 286-1307
agalici@griffinindustrial.comAshley Pizzo
Director, IR & Capital Markets
(212) 218-7914
apizzo@griffinindustrial.com

Disclaimer & Cookie Notice

Welcome to GOLDEA services for Professionals

Before you continue, please confirm the following:

Professional advisers only

I am a professional adviser and would like to visit the GOLDEA CAPITAL for Professionals website.

Important Notice for Investors:

The services and products offered by Goldalea Capital Ltd. are intended exclusively for professional market participants as defined by applicable laws and regulations. This typically includes institutional investors, qualified investors, and high-net-worth individuals who have sufficient knowledge, experience, resources, and independence to assess the risks of trading on their own.

No Investment Advice:

The information, analyses, and market data provided are for general information purposes only and do not constitute individual investment advice. They should not be construed as a basis for investment decisions and do not take into account the specific investment objectives, financial situation, or individual needs of any recipient.

High Risks:

Trading in financial instruments is associated with significant risks and may result in the complete loss of the invested capital. Goldalea Capital Ltd. accepts no liability for losses incurred as a result of the use of the information provided or the execution of transactions.

Sole Responsibility:

The decision to invest or not to invest is solely the responsibility of the investor. Investors should obtain comprehensive information about the risks involved before making any investment decision and, if necessary, seek independent advice.

No Guarantees:

Goldalea Capital Ltd. makes no warranties or representations as to the accuracy, completeness, or timeliness of the information provided. Markets are subject to constant change, and past performance is not a reliable indicator of future results.

Regional Restrictions:

The services offered by Goldalea Capital Ltd. may not be available to all persons or in all countries. It is the responsibility of the investor to ensure that they are authorized to use the services offered.

Please note: This disclaimer is for general information purposes only and does not replace individual legal or tax advice.