Author Topic: GRIF - Griffin Industrial Realty  (Read 579 times)

Deepdive

  • Jr. Member
  • **
  • Posts: 80
GRIF - Griffin Industrial Realty
« on: December 06, 2018, 09:04:43 PM »
Found this company through Rhizome's Q3 Letter. Griffin looks interesting. They own warehouses in Hartford, Lehigh Valley, and Charlotte. The company also owns 4,000 acres of land that does not generate much in revenue. According to the letter, NAV is 80% higher than their cost and it looks like the NOI is ~$25mm after the company announced some additional leasing. There are structural trends of building warehouses closer to the end consumer. At an EV of $295mm, the company is trading at a mid-8 cap rate.

Also, looks like they made the right call selling FRPH when they did. It trades at $46/share now.


mjohn707

  • Full Member
  • ***
  • Posts: 207
Re: GRIF - Griffin Industrial Realty
« Reply #1 on: December 07, 2018, 08:26:31 AM »
Found this company through Rhizome's Q3 Letter. Griffin looks interesting. They own warehouses in Hartford, Lehigh Valley, and Charlotte. The company also owns 4,000 acres of land that does not generate much in revenue. According to the letter, NAV is 80% higher than their cost and it looks like the NOI is ~$25mm after the company announced some additional leasing. There are structural trends of building warehouses closer to the end consumer. At an EV of $295mm, the company is trading at a mid-8 cap rate.

Also, looks like they made the right call selling FRPH when they did. It trades at $46/share now.

I looked at these guys recently and I thought it might be a good bet just a little cheaper than itís trading now.  They had a good write up on VIC a few months back.  Admittedly itís hard to really get an exact idea of what all the land is worth, the bits not producing income and all, but I couldnít get there at the current price.  Itís enitirely possible youíre right that itís decent now though
Follow me on twitter https://twitter.com/mjohn707