April 10, 2018

Landlord Griffin's 1Q loss deepens

Major Connecticut landlord Griffin Industrial Realty said it posted a wider loss during its first fiscal quarter due in large part to increased expenses and tax provisions.

For three months ended Feb. 28, New York-based Griffin, a major commercial landlord with operational headquarters in Bloomfield, reported a net loss of $1.7 million, or 34 cents per share, compared to a net loss of $939,000, or 19 cents per share, last year.

Without tax-benefit provisions, interest expense and other adjustments, Griffin posted a $586,000 operating gain vs. an $86,000 operating loss suffered a year earlier.

During the quarter, Griffin's expenses grew by more than $700,000 and it also recorded a $790,000 income tax provision vs. an income tax benefit of $451,000 last year.

Griffin booked first-quarter revenue of $8.3 million, up from $6.9 million in the same quarter of 2017. First-quarter rental revenue was $8.1 million and revenue from property sales was $125,000.

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