Author Topic: GRIF - Griffin Industrial Realty  (Read 13142 times)

BG2008

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Re: GRIF - Griffin Industrial Realty
« Reply #60 on: September 24, 2019, 08:57:30 AM »
What's the NOI that you are using and land value?  You're in the right ballpark, maybe on the higher range of valuation.  As time goes on, the value should increase each year. 


Cardboard

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Re: GRIF - Griffin Industrial Realty
« Reply #61 on: September 24, 2019, 09:06:35 AM »
Sorry, I realized I screwed up... It is half of what I mentioned or $263 million.

BG2008

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Re: GRIF - Griffin Industrial Realty
« Reply #62 on: September 24, 2019, 01:28:59 PM »
That's quite the drop off, what changed in your assumptions? 

Cardboard

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Re: GRIF - Griffin Industrial Realty
« Reply #63 on: September 24, 2019, 01:47:06 PM »
6 month revenues minus rental expenses minus G&A but, accidentally multiplied by 4 instead of 2 to annualize... So my NOI was double what it really is.

vpagano

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Re: GRIF - Griffin Industrial Realty
« Reply #64 on: September 25, 2019, 07:35:39 AM »

thepupil

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Re: GRIF - Griffin Industrial Realty
« Reply #65 on: September 30, 2019, 07:20:06 AM »
Another day, another Griffin transaction comp at a ~4.2%/cap?  $62*4= 248, 248/5900 = 4.2% $106 / foot ($5900/55.7 = $105.9)

Not sure if there's some more complicated math making those metrics wrong, but it seems like another very positive print for GRIF. To be clear, I don't think that GRIF has
Quote
one of the highest quality portfolios of last-mile logistics assets in the U.S.
as this claims to be, but at $316mm enterprise value on its way to $25mm+ NOI, one need not think that this will trade there to get a good return.

http://ir.clny.com/static-files/fb172b46-7cd3-441b-86e0-60187e4f7972
Quote
During the second quarter 2019, this segment’s net loss attributable to common stockholders was $(3.1) million, Core FFO was $11.9 million and consolidated NOI was $62.2 million

http://ir.clny.com/news-releases/news-release-details/blackstone-buy-us-logistics-assets-colony-capital-59-billion


« Last Edit: September 30, 2019, 07:29:18 AM by thepupil »

Gregmal

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vpagano

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Re: GRIF - Griffin Industrial Realty
« Reply #67 on: October 09, 2019, 08:39:38 AM »
https://www.bamsec.com/filing/155837019008860?cik=1037390

The 10-Q is also out today, some subsequent event color:

9.    Subsequent Events

 

In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after August 31, 2019, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended August 31, 2019, other than the disclosures herein.

 

On September 5, 2019, Griffin entered into an agreement to sell all real estate assets of the Florida Farm previously used by Imperial Nurseries, Inc. prior to being shut down in fiscal 2009 for a purchase price of $2,300 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is not expected to take place until fiscal 2020. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 11, 2019, Griffin entered into an agreement to sell the approximately seven acres of undeveloped land in Windsor, Connecticut for a purchase price of $750 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the fiscal 2020 first quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

Also on September 11, 2019, Griffin entered into an agreement to sell the Restaurant Building for a purchase price of $650 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the 2019 fourth quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 19, 2019, Griffin and Webster Bank entered into a new $15,000 Acquisition Credit Line to be used to finance property acquisitions (see Note 5). Also on  September 19, 2019, Griffin and Webster Bank executed the Revolving Credit Line Amendment to the Webster Credit Line that increased the amount of the Webster Credit Line to $19,500 and extended the Webster Credit Line through September 30, 2021 (see Note 5).

 

On September 27, 2019, Griffin entered into an agreement to acquire an approximately 100,000 square foot fully leased industrial/warehouse building in Orlando, Florida (the “Orlando Building”) for $10,150 to be paid in cash at closing. This would be Griffin’s first industrial/warehouse building in the Orlando area. Griffin intends to finance the purchase of the Orlando Building using the Acquisition Credit Line and cash on hand. Closing on the purchase of the Orlando Building is subject to the satisfactory completion of due diligence by Griffin. There is no guarantee that this transaction will be completed under its current terms, or at all.

Gregmal

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Re: GRIF - Griffin Industrial Realty
« Reply #68 on: October 09, 2019, 09:10:07 AM »
https://www.bamsec.com/filing/155837019008860?cik=1037390

The 10-Q is also out today, some subsequent event color:

9.    Subsequent Events

 

In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after August 31, 2019, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended August 31, 2019, other than the disclosures herein.

 

On September 5, 2019, Griffin entered into an agreement to sell all real estate assets of the Florida Farm previously used by Imperial Nurseries, Inc. prior to being shut down in fiscal 2009 for a purchase price of $2,300 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is not expected to take place until fiscal 2020. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 11, 2019, Griffin entered into an agreement to sell the approximately seven acres of undeveloped land in Windsor, Connecticut for a purchase price of $750 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the fiscal 2020 first quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

Also on September 11, 2019, Griffin entered into an agreement to sell the Restaurant Building for a purchase price of $650 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the 2019 fourth quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 19, 2019, Griffin and Webster Bank entered into a new $15,000 Acquisition Credit Line to be used to finance property acquisitions (see Note 5). Also on  September 19, 2019, Griffin and Webster Bank executed the Revolving Credit Line Amendment to the Webster Credit Line that increased the amount of the Webster Credit Line to $19,500 and extended the Webster Credit Line through September 30, 2021 (see Note 5).

 

On September 27, 2019, Griffin entered into an agreement to acquire an approximately 100,000 square foot fully leased industrial/warehouse building in Orlando, Florida (the “Orlando Building”) for $10,150 to be paid in cash at closing. This would be Griffin’s first industrial/warehouse building in the Orlando area. Griffin intends to finance the purchase of the Orlando Building using the Acquisition Credit Line and cash on hand. Closing on the purchase of the Orlando Building is subject to the satisfactory completion of due diligence by Griffin. There is no guarantee that this transaction will be completed under its current terms, or at all.

Thanks. Im out of town and going by my Fidelity mobile feed. Thought there had to be more than just that flimsy release.

Deepdive

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Re: GRIF - Griffin Industrial Realty
« Reply #69 on: October 13, 2019, 11:25:38 AM »
https://www.bamsec.com/filing/155837019008860?cik=1037390

The 10-Q is also out today, some subsequent event color:

9.    Subsequent Events

 

In accordance with FASB ASC 855, “Subsequent Events,” Griffin has evaluated all events or transactions occurring after August 31, 2019, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended August 31, 2019, other than the disclosures herein.

 

On September 5, 2019, Griffin entered into an agreement to sell all real estate assets of the Florida Farm previously used by Imperial Nurseries, Inc. prior to being shut down in fiscal 2009 for a purchase price of $2,300 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is not expected to take place until fiscal 2020. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 11, 2019, Griffin entered into an agreement to sell the approximately seven acres of undeveloped land in Windsor, Connecticut for a purchase price of $750 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the fiscal 2020 first quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

Also on September 11, 2019, Griffin entered into an agreement to sell the Restaurant Building for a purchase price of $650 in cash. Completion of this transaction is subject to the satisfactory outcome of the buyer’s due diligence and is scheduled to close in the 2019 fourth quarter. There is no guarantee that this transaction will be completed under its current terms, or at all.

 

On September 19, 2019, Griffin and Webster Bank entered into a new $15,000 Acquisition Credit Line to be used to finance property acquisitions (see Note 5). Also on  September 19, 2019, Griffin and Webster Bank executed the Revolving Credit Line Amendment to the Webster Credit Line that increased the amount of the Webster Credit Line to $19,500 and extended the Webster Credit Line through September 30, 2021 (see Note 5).

 

On September 27, 2019, Griffin entered into an agreement to acquire an approximately 100,000 square foot fully leased industrial/warehouse building in Orlando, Florida (the “Orlando Building”) for $10,150 to be paid in cash at closing. This would be Griffin’s first industrial/warehouse building in the Orlando area. Griffin intends to finance the purchase of the Orlando Building using the Acquisition Credit Line and cash on hand. Closing on the purchase of the Orlando Building is subject to the satisfactory completion of due diligence by Griffin. There is no guarantee that this transaction will be completed under its current terms, or at all.

I like the land sales.  GRIF is converting non-income producing assets into warehouses.  $3.7mm of cash proceeds that they can redeploy elsewhere.  Even if the swap is value neutral, the market will assign value to the warehouses.  Orlando is likely a beach head deal.  I expect more deals to come there.