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January 6, 2021

CT industrial landlord Griffin rebrands after REIT conversion

PHOTO | Griffin Industrial Realty An overhead shot of Phoenix Crossing, a 360-acre business park developed by Griffin Industrial, which has rebranded as INDUS Realty Trust.
By Matt Pilon

Griffin Industrial Realty, a significant industrial and warehouse landlord in Greater Hartford, has rebranded and officially converted to a real estate investment trust, or REIT, as of Jan. 1, following the completion of previously disclosed corporate changes.

The company, which owns properties totaling more than 2 million square feet in Hartford County, including the New England Tradeport industrial park in Windsor and East Granby, is now called INDUS Realty Trust.

This week, its stock began trading under a new ticker symbol on the Nasdaq, changing from GRIF to INDT. The New York company has also reincorporated in Maryland. 

“I am excited to announce the completion of a number of strategic milestones as we start the new year,” CEO Michael Gamzon said in a statement. “We look forward to operating as a REIT under our new corporate identity ... and embarking on the next phase of our growth.”

Griffin first announced its intent to convert to a REIT 10 months ago, saying the move would be aimed at maximizing shareholder results and promoting further expansion.

Created by Congress in the 1960s, REITs enjoy certain tax benefits, such as a deduction on dividends paid to shareholders. In exchange, INDUS must meet and maintain various legal thresholds to remain a REIT, such as paying out at least 90% of its taxable income in dividends each year.
 

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