Griffin Announces Business Updates

Griffin intends to convert to a REIT

Gordon DuGan to join Griffin as Chairman of the Board; Molly North appointed a Director

Company plans to sell its multi-story office buildings

NEW YORK, March 04, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin” or the “Company”) announced today that its Board of Directors has approved a series of actions that it believes will provide long term value to the Company’s stockholders. In addition to the below, Griffin has issued two other press releases today to provide further information on today’s announcements (“Griffin Board Approves Plan to Pursue Conversion to a REIT” and “Griffin Appoints New Chairman and Additional Director”) and provided an update to its investor presentation on its website (www.griffinindustrial.com) and in an exhibit to a Form 8-K filed today.

Proposed Conversion to a REIT
Griffin’s Board of Directors has unanimously approved a plan for the Company to pursue conversion to a Real Estate Investment Trust (“REIT”) for federal tax purposes. This decision is based on the Board’s and management’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/warehouse property portfolio in select markets. Griffin, if successful in the conversion process, would plan to elect REIT status commencing with the taxable year beginning January 1, 2021. Griffin issued a separate press release to provide additional information on the proposed REIT conversion, “Griffin Board Approves Plan to Pursue Conversion to a REIT.”

New Chairman and Additional Director Added to the Board of Directors
Griffin has appointed Gordon F. DuGan as a Director and Non-executive Chairman of its Board of Directors and Molly North as Director effective March 3, 2020. Mr. DuGan is the former Chairman and Chief Executive Officer of Gramercy Property Trust, an industrial-focused REIT. Ms. North is the President and Chief Executive Officer of Al. Neyer, LLC, a commercial real estate development and design-build construction firm. Frederick “Mike” Danziger, Griffin’s former Chairman, will continue to serve as a Director and Michael Gamzon will remain Griffin’s President and Chief Executive Officer, and a Director. Griffin issued a separate press release to provide additional information on Mr. DuGan’s and Ms. North’s appointments, “Griffin Appoints New Chairman and Additional Director.”