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February 16, 2016

Griffin Realty posts fourth quarter drop; 2015 gains

Fourth quarter income was down for Griffin Industrial Realty but it reported strong fiscal year 2015 profits. Annual net income was up 135 percent while fourth quarter net income was down 39.9 percent.

For the 2015 fourth quarter, Griffin, which is based in New York but has its operating headquarters in Bloomfield, reported profits of $164,000, or 3 cents per share, compared to $273,000 in profits, or 5 cents per share, in the year ago period.

For fiscal 2015, Griffin reported net income of $425,000, or 8 cents per share, compared to a $1.2 million loss for fiscal 2014.

Griffin saw a fourth quarter revenue decline, reflecting a $1.5 million decrease in revenue from property sales, Griffin reported, offset by a $1.3 million increase in rental revenue.

The increase in total revenue in fiscal 2015 reflects a $4.1 million increase in rental revenue, partially offset by a $184,000 decrease in revenue from property sales, Griffin reported.

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