Griffin Announces Fiscal 2020 Third Quarter Leasing and Update on Rent Collection

NEW YORK, Sept. 17, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) announced the following updates on leasing and the impact of the COVID-19 pandemic on rent collections:

Leasing

Griffin reported the following for its industrial/warehouse portfolio for the three months ended August 31, 2020 (the “2020 third quarter”):

			Weighted	Weighted Avg.	Weighted Avg. Rent Growth3
	Number of Leases1	Square Feet	Avg. Lease Term in Years	Lease Costs PSF per Year2	Straight-line Basis	Cash Basis
New Leases	-	-	-	-	-	-
Renewals	3	83,000	6.1	$0.51	16.5%	3.6%
Total / Avg.	3	83,000	6.1	$0.51	16.5%	3.6%

Griffin’s industrial/warehouse portfolio’s percentage leased was as follows:

	Aug. 31, 2020	May 31, 2020	Feb. 29, 2020
Percentage Leased	94.3%	94.3%	94.9%
Percentage Leased – Stabilized Properties4	99.7%	99.7%	99.1%

Approximately 79,000 square feet of the 83,000 square feet renewed this quarter was in Griffin’s New England Tradeport industrial park in Windsor and East Granby, Connecticut. One of these leases was an early 10-year, 5-month extension of 40,000 square feet leased as production and distribution space to an international quick service restaurant chain and the other was an early 2-year extension of 39,000 square feet of distribution space leased to one of the largest e-commerce providers of home furnishings. The third renewal was for a 3-year extension of a smaller tenant in 170 Sunport Lane, an approximately 68,000 square foot industrial/warehouse building in Orlando, Florida that Griffin acquired mostly vacant in the fiscal 2020 second quarter. As of August 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.