Griffin Announces Fiscal 2020 Second Quarter Leasing and Update on Rent Collection - Seite 2

	May 31, 2020		Feb. 29, 2020
Percentage Leased	94.3%		94.9%
Percentage Leased – Stabilized Properties3	99.7%		99.1%

One of the new industrial/warehouse leases represents both an early renewal of approximately 101,000 square feet and an expansion into an additional approximately 201,000 square feet by an existing tenant in the Lehigh Valley of Pennsylvania, replacing a tenant that vacated as a result of an expiring lease. Additionally, an existing tenant in New England Tradeport (“NE Tradeport”), Griffin’s industrial park in Windsor and East Granby, Connecticut, entered into a lease to expand into an additional 59,000 square feet to replace a tenant vacating that space as a result of an expiring lease. The other new lease reflects a tenant that will relocate from approximately 11,000 square feet in one of Griffin’s office/flex buildings into approximately 22,000 square feet in NE Tradeport that was vacated on February 29, 2020 as a result of a lease expiration. Also in the 2020 second quarter, a lease aggregating approximately 24,000 square feet of industrial/warehouse space in NE Tradeport was renewed. Additionally, as previously reported in the 2020 second quarter, Griffin acquired 170 Sunport Lane, a mostly vacant approximately 68,000 square foot industrial/warehouse building in Orlando, Florida. As of May 31, 2020, Griffin’s thirty industrial/warehouse buildings aggregated approximately 4,206,000 square feet and represented 91% of Griffin’s total real estate portfolio.

For Griffin’s office/flex portfolio, two leases aggregating approximately 17,000 square feet expired in the 2020 second quarter and were not renewed and a tenant that leased approximately 11,000 square feet of office/flex space agreed to relocate into an industrial/warehouse building in NE Tradeport, as discussed above. Griffin’s twelve office/flex buildings, which aggregate approximately 433,000 square feet and represent 9% of Griffin’s total real estate portfolio, were 65.2% leased as of May 31, 2020, as compared to 71.7% leased as of February 29, 2020.