GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Files An 8-K Regulation FD Disclosure

ME Staff 8-k
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GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Files An 8-K Regulation FD Disclosure

GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Files An 8-K Regulation FD Disclosure
Item 7.01.RegulationFDDisclosure

In August 2018, the Cabarrus County Board of Commissioners approved a three-year, performance based tax incentive of approximately $235,000 related to the proposed speculative development by Griffin Industrial Realty, Inc. (“Griffin” or “Registrant”) of two industrial buildings, to be known as Carolina Tradeport, aggregating approximately 283,500 square feet in Concord, North Carolina, in the greater Charlotte area. The Concord City Council had previously approved a similar tax incentive of approximately $157,000 for the development of Carolina Tradeport.

On September 5, 2018, the Cabarrus Economic Development Agency issued a press release (the “Cabarrus Press Release”) announcing the approval of the tax incentives for Carolina Tradeport. The Cabarrus Press Release reported that Griffin is expected to invest approximately $12.8million in the speculative development of Carolina Tradeport, with construction of the first building (approximately 147,000 square feet) expected to begin in the fall of 2018.

Forward-Looking Statements:

This Current Report on Form 8-K 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 in the Cabarrus Press Release regarding the amount to be invested by Griffin in the development of Carolina Tradeport and the timing of commencement of construction, on speculation, of the first of two industrial buildings in Carolina Tradeport. Although Griffin believes that the plans, intentions and expectations reflected in such forward-looking statements in the Cabarrus Press Release are reasonable, it can give no assurance that such plans, intentions or expectations will be achieved. The projected information disclosed in the Cabarrus Press Release, 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 the Cabarrus Press Release include the risk that the cost of development of Carolina Tradeport will be higher than expected, or the commencement of construction of the first of two industrial buildings in Carolina Tradeport may not take place when expected, or at all, that the construction of the second industrial building in Carolina Tradeport may not occur, and the important factors 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 Current Report on Form 8-K except as required by law.


About GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF)

Griffin Industrial Realty, Inc. (Griffin), formerly Griffin Land & Nurseries, Inc., is engaged in real estate business. The Company is principally involved in developing, managing and leasing industrial and commercial properties. It owns over 30 buildings consisting of approximately 3.0 million square feet. Approximately 86% of this square footage is industrial/warehouse space, with the balance principally being office/flex space. It leases approximately 89% of its industrial/warehouse space and approximately 85% of its office/flex space. Its commercial and industrial development is focused on NE Tradeport, an industrial park near Bradley International Airport, and Interstate 91, which is located in Windsor and East Granby, Connecticut. Its other commercial development in Connecticut is the combination of its buildings in Griffin Center in Windsor and Bloomfield, Connecticut, and Griffin Center South in Bloomfield. Its residential developments include Simsbury, Suffield and others.