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Stock impact report

Griffin Announces Closing on Land Sale

GRIFFIN LAND & NURSERIES (GRIF) 
US:NASDAQ Investor Relations: griffinindustrial.com
Company Research Source: GlobeNewswire
NEW YORK, May 06, 2019 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (NASDAQ: GRIF) (“Griffin”) today announced that it closed on the previously announced sale of approximately 280 acres of undeveloped land in Simsbury, Connecticut for approximately $7.7 million in cash, before transaction costs. The buyer plans to use the land to generate solar electricity. At closing, the sale proceeds were placed in escrow for the potential purchase of a replacement property (or properties) under a like-kind exchange under Section 1031 of the Internal Revenue Code of 1986, as amended. If a Section 1031 like-kind exchange is not completed, the escrowed funds would be returned to Griffin. Griffin expects to record a pretax gain of approximately $7.4 million on this transaction in the second quarter of the fiscal year ending November 30, 2019. Forward-Looking Statements: This Press Release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, Show less Read more
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