Griffin Industrial Realty, Inc today announced that it will become a real estate investment trust (“REIT”) effective January 1, 2021, as its elections and process is on track. the Company’s Board of Directors approved a change in the Company’s fiscal year dates as well and now company next fiscal year will begin on January 1, 2021. Due to fiscal year date changes, the company will have a one-month transition period beginning on December 1, 2020, and ending on December 31, 2020, and the result of the transition period will be published on Form 10-Q with the results of the first quarter of 2021, ending on March 31, 2021.
President & Chief Executive Officer of the Griffin Michael Gamzon said that he is pleased that they are on track to complete our anticipated election to be taxed as a REIT in 2021. He said that the company’s conversion to REIT is a critical component for Griffin’s growth.
With the conversion to REIT, Griffin changes the dividend payment plan as the company used to pay an annual dividend in the fourth quarter as it has in previous years. Now Griffin announced that it will declare a dividend in the first quarter of the New Fiscal Year and will distribute its estimated accumulated earnings and profits. The E&P Distribution will be paid in a combination of cash and common stock, with the cash component expected to be a minimum of $0.55 per share.Griffin expects to begin making regular quarterly dividend payments from the 2nd quarter of 2021.
Griffin is also going for a new company name and new symbol during the first quarter of the New Fiscal Year.
The Director of Investor Relations & Capital Markets Ashley
Pizzo said that they are looking forward to sharing the new identity of the
company. He said that the rebranding will further help the company with the
mission we have shared this month at our Virtual Investor Day and REIT world,
and the growth plans that we intend to continue to pursue.