October 11, 2017

More leases drive Griffin's 3Q net

Griffin Industrial Realty Inc. says having more of its commercial space under lease in and outside Connecticut restored fiscal third-quarter profits for the New York landlord, which has sizable Hartford area holdings.

For three months ended Aug. 31, Griffin, whose corporate base is Manhattan but has operating headquarters is Bloomfield, said it netted $1.3 million, or 26 cents a diluted share, vs. a net loss of $49,000, or a penny a diluted share, in the comparable quarter a year earlier.

Third-quarter revenues rose to $9.95 million vs. $7.3 million a year earlier.

Also contributing to its profitability, Griffin said, was a $1.8 million pre-tax gain on the third-quarter sale of about 76 undeveloped acres in Southwick, Mass.

At quarter end, Griffin said its industrial/warehouse portfolio contained 16 buildings in the Hartford region; five in the Lehigh Valley, Pa., region; and a recently acquired building in Charlotte, N.C.

In all, Griffin said the approximately 3,141,000 square feet of commercial-industrial space in its portfolio are all but fully leased. Separately, its office/flex holdings totaling some 433,000 square feet were 71 percent leased as of Aug. 31

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