GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Files An 8-K Regulation FD Disclosure
Item 7.01.
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Regulation FD Disclosure |
On May 1, 2017, Griffin Industrial Realty, Inc. (Griffin or
Registrant) issued a press release announcing that it closed on
the previously announced sale of approximately 67 acres of
undeveloped land for approximately $10.25 million in cash, before
transaction costs. The land sold is in Bloomfield, Connecticut
and is located in Phoenix Crossing, an approximately 268 acre
business park master planned by Griffin that straddles the town
line between Windsor and Bloomfield, Connecticut.At closing, the
sale proceeds were placed in escrow for the potential purchase of
a replacement property 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 $8.0 million on this transaction.
A copy of Griffins May 1, 2017 press release is attached as
Exhibit 99.1.
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Item 9.01. |
Financial Statements and Exhibits |
Exhibit 99.1:Registrants May 1, 2017 Press Release (attached
hereto).
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 the potential purchase of a replacement
property under a Section 1031 like-kind exchange and the expected
pretax gain on the sale of approximately 67 acres of undeveloped
land in Bloomfield, Connecticut. 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 eventsset 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, 2016.
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. GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Recent Trading Information
GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) closed its last trading session up +0.41 at 30.68 with 1,294 shares trading hands.