Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”
or the “Company”) today reported financial results for the
three months ended August 31, 2020 (the “2020 third quarter”).
Highlights
- Operating Income of $1.3 million, a
decrease of $0.4 million from the 2019 third quarter
- Leasing NOI1 (as defined below) of
$7.0 million, a 14.1% increase over the 2019 third quarter
- Cash Leasing NOI2 (as defined
below) for industrial/warehouse properties of $5.5 million, a 9.3%
increase over the 2019 third quarter
- Stabilized in-service industrial
portfolio3 was 99.7% leased; total industrial portfolio was 94.3%
leased
- Completed three lease renewals with
weighted average rent growth on a straight-line basis of 16.5% and
weighted average cash rent growth of 3.6%4
- Raised $27.2 million through a
private placement of common stock and warrants
- Signed agreements to purchase
additional land for development in the Lehigh Valley and
Orlando
- Subsequent to quarter end,
commenced construction on a 103,000 SF industrial/warehouse
building in the Lehigh Valley
- Recently signed two agreements to
sell two multi-story office buildings totaling 161,000 square feet
for $6.25 million and one office/flex building totaling 40,000
square feet for $1.4 million
- Released a third quarter earnings
supplement simultaneously with this release
- Griffin to host a Virtual Investor
Day on November 11, 2020 and participate in NAREIT’s REITworld
Virtual Investor Conference being held November 17-19, 2020.
Results of OperationsGriffin
reported total revenue of $9.9 million and $28.8 million for the
2020 third quarter and nine months ended August 31, 2020 (the “2020
nine month period”), respectively, as compared to $8.9 million and
$35.3 million for the three months ended August 31, 2019 (the “2019
third quarter”) and nine months ended August 31, 2019 (the “2019
nine month period”), respectively.
Rental revenue increased to $9.6 million and
$27.7 million in the 2020 third quarter and 2020 nine month period,
respectively, from $8.6 million and $25.5 million in the 2019 third
quarter and 2019 nine month period, respectively. Revenue from
property sales was $0.3 million and $1.1 million in the 2020 third
quarter and 2020 nine month period, respectively, as compared to
$0.3 million and $9.8 million in the 2019 third quarter and 2019
nine month period, respectively. Property sales occur periodically
and year to year changes in revenue and gains from property sales
may not be indicative of any trends in Griffin’s real estate
business.
Operating income decreased to $1.3 million and
$3.6 million in the 2020 third quarter and 2020 nine month period,
respectively, from $1.7 million and $11.5 million in the 2019 third
quarter and 2019 nine month period, respectively. The $0.4 million
decrease in operating income in the 2020 third quarter, as compared
to the 2019 third quarter, principally reflected increases in
depreciation and amortization expense and general and
administrative expenses (“G&A”), partially offset by increases
in “Leasing NOI,” which Griffin defines as rental revenue less
operating expenses of rental properties. The $7.8 million decrease
in operating income in the 2020 nine month period, as compared to
the 2019 nine month period, principally reflected a decrease of
$7.0 million from gains on property sales.
“Cash Leasing NOI,” which Griffin defines as
Leasing NOI adjusted for noncash rental revenue, including
straight-line rents, for the 2020 third quarter and 2020 nine month
period were $6.2 and $18.0 million, respectively, as compared to
$5.8 million and $16.6 million for the comparable prior year
periods.
Leasing NOI and Cash Leasing NOI for Griffin’s
industrial/warehouse properties and total portfolio were as
follows:
($ in 000s) |
For the Three Months Ended |
|
For the Nine Months Ended |
|
Aug. 31, 2020 |
|
Aug. 31, 2019 |
|
Increase |
|
Aug. 31, 2020 |
|
Aug. 31, 2019 |
|
Increase |
Industrial/Warehouse: |
|
|
|
|
|
|
|
|
|
|
|
Leasing NOI |
$ |
6,187 |
|
$ |
5,312 |
|
16.5 |
% |
|
$ |
17,412 |
|
$ |
15,693 |
|
11.0 |
% |
Cash Leasing NOI |
$ |
5,497 |
|
$ |
5,029 |
|
9.3 |
% |
|
$ |
16,015 |
|
$ |
14,451 |
|
10.8 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total: |
|
|
|
|
|
|
|
|
|
|
Leasing NOI |
$ |
6,980 |
|
$ |
6,117 |
|
14.1 |
% |
|
$ |
19,782 |
|
$ |
17,891 |
|
10.6 |
% |
Cash Leasing NOI |
$ |
6,234 |
|
$ |
5,796 |
|
7.6 |
% |
|
$ |
17,984 |
|
$ |
16,562 |
|
8.6 |
% |
The increases in Cash Leasing NOI during the
2020 third quarter and 2020 nine month period over the 2019 third
quarter and 2019 nine month periods, respectively, principally
reflect increases in rental revenue as a result of more space under
lease, due mostly to the industrial/warehouse buildings added to
Griffin’s portfolio subsequent to August 31, 2019, and to a lesser
extent, the initial leasing of first generation space in 6975
Ambassador Drive in the Lehigh Valley and 160 International Drive
in Charlotte, and increases in rental rates in Griffin’s other
industrial/warehouse properties in fiscal 2020, partially offset by
the impact of free rent granted as part of two lease
expansion/renewal agreements.
G&A expenses were $2.3 million and $6.8
million for the 2020 third quarter and 2020 nine month period,
respectively, compared to $1.7 million and $5.6 million in the 2019
third quarter and 2019 nine month period, respectively. The
increase in G&A expenses principally reflects increases in
legal and consulting fees associated with Griffin’s efforts to
pursue conversion to a real estate investment trust (“REIT”) and
its strategic growth initiatives, an increase in expenses related
to Griffin’s non-qualified deferred compensation plan and higher
stock option expenses.
The change in fair value of financial
instruments of $0.4 million for each of the 2020 third quarter and
2020 nine month period reflects changes in the value of the warrant
and contingent value rights that were issued as part of the private
placement that was completed in the 2020 third quarter.
Griffin reported a net loss for the 2020 third
quarter of ($0.6 million) and a basic and diluted net loss per
share of ($0.12), as compared to net income of $1.0 million and
basic and diluted net income per share of $0.20 for the 2019 third
quarter. For the 2020 nine month period, Griffin reported a net
loss of ($1.7 million) and a basic and diluted net loss per share
of ($0.32), as compared to net income of $6.3 million and basic and
diluted net income per share of $1.23 for the 2019 nine month
period. The net loss incurred in the 2020 third quarter, as
compared to net income in the 2019 third quarter, principally
reflected decreases in operating income, increases in interest
expense, the expense for the change in fair value of financial
instruments in the 2020 third quarter and a lower income tax
benefit. The net loss incurred in the 2020 nine month period, as
compared to net income in the 2019 nine month period, reflected a
lower gain from property sales in the 2020 nine month period, as
compared to the 2019 nine month period and the third quarter
factors discussed above.
Leasing ActivityDuring the 2020
third quarter, the Company executed three renewal leases
aggregating 83,000 square feet with an average lease term of 6.1
years and weighted average tenant improvement and leasing
commission costs per square foot per year of $0.51. The weighted
average rent growth on a straight-line basis was 16.5%, and the
weighted average rent growth on a cash basis was 3.6%.
During the 2020 nine month period, the Company
executed four new leases and six renewal leases aggregating 555,000
square feet with an average lease term of 6.0 years and weighted
average tenant improvement and leasing commission costs per square
foot per year of $0.78. The weighted average rent growth on a
straight-line basis was 16.6%, and the weighted average rent growth
on a cash basis was 4.6%.
DispositionsDuring 2020 third
quarter, the Company disposed of several small parcels of
residential land for $0.3 million.
Subsequent to the end of the 2020 third quarter,
the Company entered into agreements to sell three office/flex
properties for a total of $7.65 million. On September 21, 2020,
Griffin entered into an agreement to sell 5 and 7 Waterside
Crossing, its two multi-story office buildings, for a purchase
price of $6.25 million. On September 28, 2020, Griffin entered into
an agreement to sell its office/flex building at 55 Griffin Road
South for a purchase price of $1.4 million. The three office
properties to be sold represent 47% of Griffin’s total office/flex
square footage, or 201,000 square feet, and are currently 41.9%
leased. Excluding these potential dispositions, Griffin’s remaining
office/flex portfolio contains 232,000 square feet that was 84.5%
leased as of August 31, 2020. The closing of these sales is subject
to the satisfactory completion of due diligence. There is no
guarantee that the sales as contemplated under the agreements will
be completed under their current terms, or at all.
Land AcquisitionsDuring the
2020 third quarter, the Company entered into separate agreements to
purchase a total of 37 acres of land for industrial development in
the Lehigh Valley and Orlando for a total purchase price of $9.4
million. After completion of its diligence and closing on the
parcels, Griffin plans to develop one industrial building of
210,000 square feet in the Lehigh Valley and two industrial
buildings totaling 195,000 square feet in Orlando.
The purchase agreements are subject to
significant contingencies, including Griffin obtaining all
governmental approvals for its planned industrial developments on
the land parcels that would be acquired. There is no guarantee that
the land acquisitions as contemplated under the agreements will be
completed under their current terms, or at all.
Development ActivitySubsequent
to the end of the 2020 third quarter, the Company commenced
construction on a 103,000 square foot industrial/warehouse building
in the Lehigh Valley (Chapmans Road) on land acquired in fiscal
2019. Completion of this project is estimated in the third calendar
year quarter of 2021.
LiquidityAs of August 31, 2020,
the Company maintained $62.3 million of liquidity that reflects
$27.8 million of cash and cash equivalents, as well as capacity
under its revolving credit facilities. As of August 31, 2020, there
were no borrowings outstanding under the credit facilities.
On August 24, 2020, the Company raised cash of
$27.2 million through a private placement involving the sale of
504,590 shares of common stock, par value $0.01 per share (the
“Common Stock”) at $50.00 per share and the issuance of a warrant
(the “Warrant”) to acquire an additional 504,590 shares of Common
Stock with an exercise price of $60.00 at a purchase price of $4.00
per warrant share. The Warrant is classified as a derivative
liability on Griffin’s consolidated balance sheet. The Warrant was
initially recorded at fair value and will be reported at fair value
at each subsequent reporting date.
REIT ConversionOn May 7, 2020,
at Griffin’s 2020 Annual Meeting of Stockholders, amendments to
Griffin’s bylaws and Griffin’s reincorporation from Delaware to
Maryland were approved by Griffin’s stockholders, essentially
enabling Griffin to continue to pursue its anticipated conversion
to a REIT. As such, Griffin intends to elect REIT status for
federal income tax purposes commencing with the taxable year
beginning January 1, 2021.
PortfolioAs of August 31, 2020,
Griffin owned 30 industrial/warehouse properties containing an
aggregate of 4,206,000 rentable square feet that was 94.3% leased
(99.7% leased for stabilized properties) with a weighted average
remaining lease term of 4.5 years. The Company also owns 12
office/flex properties containing an aggregate of 433,000 square
feet that was 64.7% leased as of August 31, 2020, in addition to
3,452 acres of undeveloped land.
Rent Collection / COVID-19
ImpactDuring the 2020 third quarter, COVID-19 did not have
a material impact on Griffin’s rent collections. Griffin collected
99.9% of rent during each month in the 2020 third quarter,
inclusive of rent relief. Griffin entered into agreements with two
tenants that granted rent relief aggregating 0.5% of Griffin’s
anticipated total annual rental revenue for the fiscal year ending
November 30, 2020. The much larger of these two tenants is a
subsidiary of a Fortune 500 company and the rent relief was granted
as part of an early 5-year renewal of that tenant’s lease that was
executed subsequent to August 31, 2020. Griffin did not receive any
new requests for rent relief from April 30, 2020 through the end of
the 2020 third quarter, and none of the requests received prior to
April 30, 2020 remain outstanding.
Subsequent to the end of the 2020 third quarter,
one tenant that leases 59,000 square feet in one of Griffin’s
industrial/warehouse buildings in Connecticut requested rent relief
under its lease that expires on December 31, 2020. The tenant has
paid all rent through September 30, 2020 and Griffin has not
determined if it will grant any rent relief in connection with such
request. The lease for 59,000 square feet will not be renewed, as
Griffin previously entered into a lease agreement with the
adjoining tenant in the same building, whereby the adjoining tenant
has agreed to expand into that space after December 31, 2020.
Third Quarter Webcast and Earnings
Supplement Griffin is hosting a pre-recorded webcast that
will be available starting tomorrow, October 9, 2020 at 8:00 A.M.
Eastern Time, to discuss its third quarter operating results. All
investors and other interested parties are invited to the
listen-only webcast which can be accessed via the Investor
Relations section of Griffin’s website at
griffinindustrial.com/investors or by logging on at
https://services.choruscall.com/links/grif201009.html. The webcast
will be available through January 9, 2021.
A copy of the Company's supplemental information
is available through the Investor Relations section of the
Company's website.
About GriffinGriffin Industrial
Realty Inc. (“Griffin”) is a real estate business principally
engaged in developing, acquiring, managing and leasing
industrial/warehouse properties. Griffin currently owns 42
buildings totaling approximately 4.6 million square feet
(approximately 4.2 million of which is industrial/warehouse space)
in Connecticut, Pennsylvania, North Carolina and Florida in
addition to over 3,400 acres of undeveloped land.
Forward-Looking Statements:This
Press Release 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 Griffin’s beliefs and
expectations regarding future events or conditions including,
without limitation, statements regarding the outcome of discussions
regarding rent relief with certain tenants, Griffin’s anticipated
conversion to a REIT, completion of contemplated acquisition and
sale agreements and construction and development plans. 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 are
described in Griffin’s Securities and Exchange Commission filings,
including the “Business,” “Risk Factors” and “Forward-Looking
Statements” sections in Griffin’s Annual Report on Form 10-K for
the fiscal year ended November 30, 2019 and the “Risk Factors”
section in Griffin’s Quarterly Report on Form 10-Q for the fiscal
quarter ended August 31, 2020. Griffin disclaims any obligation to
update any forward-looking statements as a result of developments
occurring after the date of this press release except as required
by law.
__________________________________1 Leasing NOI is not a
financial measure in conformity with generally accepted accounting
principles in the United States of America (“U.S. GAAP”). It is
presented because Griffin believes it is a useful financial
indicator for measuring results of its real estate leasing
activities. However, it should not be considered as an alternative
to operating income as a measure of operating results in accordance
with U.S. GAAP.
2 Cash Leasing NOI is not a financial measure in conformity with
U.S. GAAP. It is presented because Griffin believes it is a useful
financial indicator for measuring results of its real estate
leasing activities. However, it should not be considered as an
alternative to operating income as a measure of operating results
in accordance with U.S. GAAP.
3 “Stabilized” properties reflects in-Service properties /
buildings that have either (a) reached 90.0% leased or (b) exceeded
12 months since their development completion or acquisition date,
whichever is earlier. Stabilized properties exclude 160 and 180
International Drive in the Charlotte, North Carolina area that were
completed in the 2019 fourth quarter and were 37.1% leased as of
August 31, 2020 and 170 Sunport Lane, which was acquired in the
2020 second quarter and was 25.9% leased as of August 31, 2020.
4 Weighted average rent growth reflects the percentage change of
annualized rental rates between the previous leases and the current
leases. The rental rate change on a straight-line basis represents
average annual base rental payments on a straight-line basis for
the term of each lease including free rent periods. Cash basis rent
growth represents the change in starting rental rates per the lease
agreement on new and renewed leases signed during the period, as
compared to the previous ending rental rates for that same space.
The cash rent growth calculation excludes free rent periods. The
change in rental rate calculations excludes leases for first
generation space on properties acquired or developed by
Griffin.
|
GRIFFIN INDUSTRIAL REALTY, INC.Consolidated Statements of
Operations(dollars in thousands, except per share
data)(unaudited) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Three Months Ended |
|
For the Nine Months Ended |
|
|
Aug. 31, 2020 |
|
Aug. 31, 2019 |
|
Aug. 31, 2020 |
|
Aug. 31, 2019 |
Rental revenue |
|
$ |
9,575 |
|
|
$ |
8,600 |
|
|
$ |
27,703 |
|
|
$ |
25,458 |
|
Revenue from property
sales5 |
|
|
288 |
|
|
|
302 |
|
|
|
1,139 |
|
|
|
9,828 |
|
Total
revenue |
|
|
9,863 |
|
|
|
8,902 |
|
|
|
28,842 |
|
|
|
35,286 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses of rental
properties |
|
|
2,595 |
|
|
|
2,483 |
|
|
|
7,921 |
|
|
|
7,567 |
|
Depreciation and amortization
expense |
|
|
3,594 |
|
|
|
2,925 |
|
|
|
10,188 |
|
|
|
8,806 |
|
General and administrative
expenses |
|
|
2,290 |
|
|
|
1,668 |
|
|
|
6,785 |
|
|
|
5,567 |
|
Costs related to property
sales |
|
|
129 |
|
|
|
176 |
|
|
|
314 |
|
|
|
1,999 |
|
Total
expenses |
|
|
8,608 |
|
|
|
7,252 |
|
|
|
25,208 |
|
|
|
23,939 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gain on insurance
recovery6 |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
126 |
|
Operating
income |
|
|
1,255 |
|
|
|
1,650 |
|
|
|
3,634 |
|
|
|
11,473 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense7 |
|
|
(1,776 |
) |
|
|
(1,508 |
) |
|
|
(5,467 |
) |
|
|
(4,776 |
) |
Change in fair value of
financial instruments8 |
|
|
(414 |
) |
|
|
— |
|
|
|
(414 |
) |
|
|
— |
|
Investment income |
|
|
3 |
|
|
|
61 |
|
|
|
31 |
|
|
|
242 |
|
(Loss) income before income
tax benefit (provision) |
|
|
(932 |
) |
|
|
203 |
|
|
|
(2,216 |
) |
|
|
6,939 |
|
Income tax benefit
(provision) |
|
|
291 |
|
|
|
814 |
|
|
|
562 |
|
|
|
(689 |
) |
Net (loss)
income |
|
$ |
(641 |
) |
|
$ |
1,017 |
|
|
$ |
(1,654 |
) |
|
$ |
6,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per
common share |
|
$ |
(0.12 |
) |
|
$ |
0.20 |
|
|
$ |
(0.32 |
) |
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per
common share |
|
$ |
(0.12 |
) |
|
$ |
0.20 |
|
|
$ |
(0.32 |
) |
|
$ |
1.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding for computation of basic per share results |
|
|
5,179 |
|
|
|
5,073 |
|
|
|
5,126 |
|
|
|
5,068 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average common shares
outstanding for computation of diluted per share results |
|
|
5,179 |
|
|
|
5,113 |
|
|
|
5,126 |
|
|
|
5,102 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GRIFFIN INDUSTRIAL REALTY, INC.Non-GAAP Reconciliations –
Leasing NOI and Cash Leasing NOI(dollars in thousands, except per
share data)(unaudited) |
|
|
|
|
|
|
|
|
|
2020 |
|
2019 |
|
2020 |
|
2019 |
|
Third |
|
Third |
|
Nine Month |
|
Nine Month |
|
Quarter |
|
Quarter |
|
Period |
|
Period |
Net (loss) income |
$ |
(641 |
) |
|
$ |
1,017 |
|
|
$ |
(1,654 |
) |
|
$ |
6,250 |
|
Income tax benefit
(provision) |
|
291 |
|
|
|
814 |
|
|
|
562 |
|
|
|
(689 |
) |
Pretax (loss)
income |
|
(932 |
) |
|
|
203 |
|
|
|
(2,216 |
) |
|
|
6,939 |
|
Exclude: |
|
|
|
|
|
|
|
Investment income |
|
(3 |
) |
|
|
(61 |
) |
|
|
(31 |
) |
|
|
(242 |
) |
Change in fair value of financial instruments |
|
414 |
|
|
|
- |
|
|
|
414 |
|
|
|
- |
|
Interest expense |
|
1,776 |
|
|
|
1,508 |
|
|
|
5,467 |
|
|
|
4,776 |
|
Operating
income |
|
1,255 |
|
|
|
1,650 |
|
|
|
3,634 |
|
|
|
11,473 |
|
Exclude: |
|
|
|
|
|
|
|
Gain on insurance recovery |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
(126 |
) |
Costs related to property sales |
|
129 |
|
|
|
176 |
|
|
|
314 |
|
|
|
1,999 |
|
Depreciation and amortization expense |
|
3,594 |
|
|
|
2,925 |
|
|
|
10,188 |
|
|
|
8,806 |
|
General and administrative expenses |
|
2,290 |
|
|
|
1,668 |
|
|
|
6,785 |
|
|
|
5,567 |
|
Revenue from property sales |
|
(288 |
) |
|
|
(302 |
) |
|
|
(1,139 |
) |
|
|
(9,828 |
) |
Leasing
NOI |
|
6,980 |
|
|
|
6,117 |
|
|
|
19,782 |
|
|
|
17,891 |
|
Noncash rental revenue
including straight-line rents |
|
(746 |
) |
|
|
(321 |
) |
|
|
(1,798 |
) |
|
|
(1,329 |
) |
Cash Leasing
NOI |
$ |
6,234 |
|
|
$ |
5,796 |
|
|
$ |
17,984 |
|
|
$ |
16,562 |
|
|
|
|
|
|
|
|
|
Leasing
NOI |
$ |
6,980 |
|
|
$ |
6,117 |
|
|
$ |
19,782 |
|
|
$ |
17,891 |
|
Exclude: |
|
|
|
|
|
|
|
Rental revenue from non-industrial/warehouse properties |
|
(1,581 |
) |
|
|
(1,638 |
) |
|
|
(4,667 |
) |
|
|
(4,649 |
) |
Operating expenses of non-industrial/warehouse properties |
|
788 |
|
|
|
833 |
|
|
|
2,297 |
|
|
|
2,451 |
|
Leasing NOI of
industrial/warehouse properties |
|
6,187 |
|
|
|
5,312 |
|
|
|
17,412 |
|
|
|
15,693 |
|
Noncash rental revenue
including straight-line rents of industrial/warehouse
properties |
|
(690 |
) |
|
|
(283 |
) |
|
|
(1,397 |
) |
|
|
(1,242 |
) |
Cash Leasing NOI for
industrial/warehouse properties |
$ |
5,497 |
|
|
$ |
5,029 |
|
|
$ |
16,015 |
|
|
$ |
14,451 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
_____________________________5 Revenue from property sales in
the nine months ended August 31, 2019 included $7,700 from the sale
of 280 acres of undeveloped land in Simsbury, Connecticut.
6 Reflects the settlement of an insurance claim for storm damage
to Griffin’s nursery farm in Quincy, Florida that had been leased
to a nursery operator. The lease terminated in fiscal 2018 upon the
bankruptcy filing of the former tenant.
7 Interest expense is primarily for mortgages on Griffin’s
rental properties.
8 Reflects changes in fair value of the common stock warrants
and the contingent value rights that were issued along with common
stock in a private placement transaction completed on August 24,
2020.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@griffinindustrial.com
Ashley PizzoDirector, IR & Capital
Markets(212) 218-7914
apizzo@griffinindustrial.com
Griffin Industrial Realty (NASDAQ:GRIF)
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