Landlord Griffin's 4Q net turns red

BY Gregory Seay

Major Connecticut landlord Griffin Industrial Realty posted a fiscal fourth-quarter net loss en route to higher earnings for its full year.

For three months ended Nov. 30, New York-based Griffin, with operational headquarters in Bloomfield, said it lost $490,000, or a dime a diluted share, due to lower operating income and higher interest payments, vs. $1.3 million, or 26 cents a share, netted in the same fiscal quarter a year earlier.

Fourth-quarter revenue from rents and property sales were $8.9 million vs. $10.4 million a year earlier.

For fiscal 2017, Griffin netted $4.6 million, or 92 cents a diluted share, vs. $576,000, or 11 cents a share, netted in fiscal 2016.

Fiscal 2017 revenues were $43.9 million vs. $30.9 million in fiscal 2016.