Griid Infrastructure Inc. - GRIF STOCK NEWS

Griffin Industrial Realty (Nasdaq: GRIF) reported solid leasing activity during the fourth quarter of 2020, with a total of 498,384 square feet renewed or leased, achieving a 92.3% portfolio occupancy rate. New leases included an early renewal with a Fortune 500 subsidiary and strong rent collections, with 99.8% collected across September to November. However, rent growth remained modest due to high initial rental rates set previously. Overall, Griffin demonstrated resilience against COVID-19 impacts, maintaining substantial occupancy and low rent relief requests.

Griffin Industrial Realty, Inc. (Nasdaq: GRIF) announced plans to convert to a real estate investment trust (REIT) effective January 1, 2021, alongside changing its fiscal year-end to December 31. The company intends to distribute an estimated $10.0 million to $12.0 million in accumulated earnings via a dividend in Q1 2021, ranging from $1.77 to $2.12 per share, with a minimum cash component of $0.55 per share. Additionally, Griffin is set to undergo a rebranding, including a new name and ticker symbol, aligning with its strategic growth initiatives.

Griffin Industrial Realty, Inc. (Nasdaq: GRIF) reported a net loss of $0.6 million for Q3 2020, down from a profit of $1.0 million in Q3 2019. Total revenue rose to $9.9 million, driven by a 16.5% increase in Leasing NOI to $7.0 million. Despite higher cash Leasing NOI for industrial properties, operating income decreased to $1.3 million due to rising expenses. Griffin completed a $27.2 million private placement and has a 94.3% leased portfolio. The company also signed agreements to purchase land for further industrial development, highlighting ongoing growth strategies.

Griffin Industrial Realty, Inc. (Nasdaq: GRIF) will host a earnings webcast on October 9, 2020, to discuss its fiscal third quarter results. Following this, a Virtual Investor Day is scheduled for November 11, 2020, enabling interaction with current and potential investors. Additionally, Griffin will attend the NAREIT REITworld Virtual Investor Conference from November 17-19, 2020, presenting on November 18. These events aim to provide insights into Griffin's portfolio and growth strategy.

Griffin Industrial Realty (GRIF) updated its leasing performance and COVID-19 impact for Q3 2020. The company reported a 99.9% rent collection rate in June, July, and August, despite granting 0.5% rent relief to two tenants. Renewals totaled 83,000 square feet with a 16.5% increase in straight-line rent. As of August 31, 2020, the industrial/warehouse portfolio was 91.5% leased. Griffin's office/flex buildings were 64.7% leased, down slightly from 65.2% in May. Overall, Griffin's real estate portfolio remains stable amid the pandemic.

Griffin Industrial Realty has successfully raised approximately $27.2 million through its first-ever private placement of common equity and warrants. The deal involved the sale of 504,590 shares at $50.00 per share and warrants at $4.00 each for additional shares at $60.00. The funds will support Griffin's acquisition strategy in the logistics sector and enhance its development pipeline. Cambiar Management is now a strategic partner, joining Griffin's board, highlighting confidence in the company's growth trajectory.

Griffin Industrial Realty reported a total revenue of $9.315 million for the second quarter of 2020, down from $17.081 million in 2019. For the six months, revenue was $18.979 million, compared to $26.384 million last year. The decline was mainly due to lower property sales revenue of $101,000 in Q2 2020 versus $8.66 million in Q2 2019. However, rental revenue rose to $9.214 million in Q2 2020, attributed to new industrial/warehouse properties. Griffin reported a net loss of ($693,000) in Q2 2020, compared to a profit of $5.819 million in Q2 2019.

Griffin Industrial Realty (NASDAQ: GRIF) has secured a $5.1 million nonrecourse mortgage loan for a fully-leased industrial property in Orlando, Florida. The mortgage, backed by Webster Bank, has a ten-year term with principal payments amortized over 25 years and a variable interest rate linked to the one-month LIBOR plus 2.56%. To stabilize costs, Griffin entered an interest rate swap, fixing the rate at 3.50% for the loan duration. Proceeds from the mortgage primarily address previous borrowings used for the property acquisition.

Griffin Industrial Realty, Inc. (GRIF) reported its leasing performance for Q2 2020, noting that its industrial/warehouse portfolio was 94.3% leased as of May 31, 2020. They achieved a weighted average rent growth of 21.4% in new leases and 8.1% in renewals. Rent collections showed resilience with near-full collections in April (100%) and May (98%). The company is in discussions for potential rent relief with tenants, impacting less than 1% of total annual rent. Griffin owns approximately 4.6 million square feet across 42 buildings in several states.