GRIFFIN INDUSTRIAL REALTY, INC. (NASDAQ:GRIF) Files An 8-K Regulation FD Disclosure
Item 7.01.
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Regulation FD Disclosure |
On June 14, 2017, Griffin Industrial Realty, Inc. (Griffin or
Registrant) issued a press release announcing that in its fiscal
2017 second quarter, it renewed and extended two leases
aggregating approximately 15,000 square feet while a lease of
approximately 12,000 square feet expired and was not renewed. In
the first half of fiscal 2017, Griffin leased approximately
104,000 square feet of previously vacant industrial/warehouse
space in New England Tradeport (NE Tradeport), Griffins
industrial park in Windsor and East Granby, Connecticut.As a
result, Griffins industrial/warehouse portfolio of approximately
2,864,000 square feet comprised of sixteen buildings in the
Hartford, Connecticut area and five buildings in the Lehigh
Valley of Pennsylvania is essentially fully leased. Also in the
first half of fiscal 2017, Griffin entered into a full building
lease for its approximately 23,000 square foot office/flex
building (206 West Newberry Road) with a lease term that is
expected to begin in the fiscal 2017 fourth quarter. 206 West
Newberry Road currently is leased, but the tenant in that
building previously informed Griffin that it would not renew its
lease when it is scheduled to expire later this year. As of the
end of the fiscal 2017 second quarter, Griffins total real estate
portfolio of approximately 3,297,000 square feet was 96% leased,
as compared to 93% leased at the end of fiscal 2016.
Subsequent to the end of the fiscal 2017 second quarter, Griffin
acquired an approximately 277,000 square foot
industrial/warehouse building in Concord, North Carolina,
Griffins first property in the greater Charlotte area. That
building currently is 74% leased. Also, as previously reported,
Griffin has started construction on an approximately 137,000
square foot industrial/warehouse building in NE Tradeport that is
expected to be completed before the end of the current fiscal
year (New NE Tradeport Building). Griffin recently completed a
lease for approximately 74,000 square feet in the New NE
Tradeport Building with a tenant that has agreed to relocate upon
completion of construction from approximately 39,000 square feet
in one of Griffins other NE Tradeport industrial/warehouse
buildings. With the inclusion of the newly acquired building in
the Charlotte market and the New NE Tradeport Building upon its
completion, Griffins real estate portfolio will total
approximately 3.7 million square feet, with industrial/warehouse
buildings comprising approximately 3.3 million square feet (88%)
of the portfolio.
A copy of Griffins June 14, 2017 press release is attached as
Exhibit 99.1.
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Item 9.01. |
Financial Statements and Exhibits |
Exhibit 99.1:Registrants June 14, 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 Exchange Act of
1934, as amended. These forward-looking statements include the
timing of occupancy by the new tenant in 206 West Newberry
Road, the timing on completion of construction of the New NE
Tradeport building and the timing on the tenant relocation into
the New NE Tradeport building. 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 include delays in occupancy by the new tenant in 206
West Newberry Road, that Griffin may not be able to complete
construction of the New NE Tradeport building when expected,
delays in the timing of the tenant relocation into the New NE
Tradeport building and the important factors described in
Griffins Securities and Exchange Commission filings, including
the Business, Risk Factors and Forward-Looking Information
sections in Griffins 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.