GRIFFIN ANNOUNCES FISCAL 2020 FIRST QUARTER RESULTS
GRIFFIN LAND & NURSERIES (GRIF)
US:NASDAQ Investor Relations:
griffinindustrial.com
Company Research
Source: GlobeNewswire
NEW YORK, April 09, 2020 (GLOBE NEWSWIRE) -- Griffin Industrial Realty, Inc. (Nasdaq: GRIF) (“Griffin”) reported total revenue of $9,664,000 for the three months ended February 29, 2020 (the “2020 first quarter”) as compared to $9,303,000 for the three months ended February 28, 2019 (the “2019 first quarter”). Rental revenue was $8,914,000 and revenue from property sales was $750,000 in the 2020 first quarter, as compared to rental revenue of $8,437,000 and revenue from property sales of $866,000 in the 2019 first quarter. Operating income increased to $1,350,000 in the 2020 first quarter from $792,000 in the 2019 first quarter. The increase in operating income in the 2020 first quarter, as compared to the 2019 first quarter, principally reflected increases in gain on property sales and net operating income from leasing, which Griffin defines as rental revenue less operating expenses of rental properties (“Leasing NOI”)1, partially offset by an increase in depreciation and amorti
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