October 10, 2018

Landlord Griffin posts 3Q loss

HBJ File Photo
HBJ File Photo

Major Connecticut commercial landlord Griffin Industrial Realty swung to red in the fiscal third quarter with no property sales to contribute to earnings.

For three months ended Aug. 31, New York-based Griffin, whose operating headquarters is in Bloomfield, said it lost a net $122,000, or 2 cents a diluted share. A year earlier, Griffin netted $1.3 million, or 26 cents a diluted share.

Third-quarter revenue fell to $8 million in the latest period from $9.95 million a year ago.

Griffin said its lower revenue reflects a drop in gains from property sales that was partially offset by higher rental income from its lease-up of a pair of Hartford area industrial buildings and a third, acquired last year, in North Carolina.

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