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July 12, 2013

Griffin Land's 2Q loss narrows

Griffin Land & Nurseries Inc., one of the Hartford area’s leading commercial landlords, narrowed its fiscal second-quarter net loss by higher rent income and proceeds from the sale of Windsor acreage to discount retailer Dollar Tree Inc.

For three months ended June 1, the New York City landowner said it lost a net $112,000, or 2 cents a diluted share, down from the $412,000, or 8 cents a share, lost the comparable quarter a year ago.

Second-quarter revenue was $15.2 million vs. $12.7 million last year.

Griffin said its second-quarter results reflected a deferred net revenue gain of $1.2 million from its sale last summer of 93 acres to Dollar Tree for its planned distribution facility. The distribution center will supply Dollar Tree's stores across Connecticut, New York, New Hampshire, Vermont, Maine, Massachusetts and Rhode Island.

The landlord said the deferral resulted because it was required to lay a sewer line to serve the Dollar Tree acreage. The Dollar Tree sale was booked under the percentage of completion method, whereby the revenue and gain on sale are recorded as costs are incurred.

Griffin also said its fiscal first-half results reflect a cash gain of about $3.4 million from the sale of its interest in wholesaler Shemin Nurseries, and about $500,000 from the sale of some of its stock in Centaur Media PLC. Griffin didn’t say to whom it sold those stakes.

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Griffin’s 3Q revenue down 34 percent

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