Griffin Realty Board Hires Financial Advisors to Explore Alternatives
March 7, 2022 | James Sprow | Blue Vault
The Griffin Realty Trust Board of Directors and management team are actively undertaking a strategic review process to evaluate potential alternatives to drive enhanced value and liquidity for shareholders. The Board has retained Goldman Sachs & Co. LLC, Eastdil Secured Advisors LLC and BofA Securities as financial advisors to assist in the review process.
Update on Net Asset Value and Share Redemption Program
As previously disclosed, it is the Company’s intention to resume publishing its net asset value per share of common stock (“NAV”) no later than June 30, 2022. Promptly after publishing an updated NAV, the Company intends to partially reinstate its share redemption program (“SRP”) for redemptions sought upon a stockholder’s death or qualifying disability. The Company previously suspended publishing its NAV and effecting any redemptions under the SRP on October 1, 2021, in light of certain strategic initiatives it has been pursuing.
Management Commentary
“We have successfully maintained strong occupancy and collected approximately 100% of contractual rent over the last two years, despite the continuing challenges posed by COVID and other macro-economic trends,” said Michael J. Escalante, GRT’s Chief Executive Officer. “This strong performance is a testament to the quality and resilience of our industrial and office assets and the exceptional commitment of our team. With a strong financial foundation in place, we are continuing to invest accretively in our current portfolio by modernizing properties and improving amenities, renewing tenants and pursuing new tenants where the associated economics add value.”
Mr. Escalante, continued, “As we move forward, our asset management team is keenly focused on proactively addressing the upcoming lease expirations over the next few years. The Board and management team are intent on maximizing the value of our real estate assets while realizing as much liquidity as feasible given current market conditions. We continue to actively evaluate all opportunities and, with the assistance of leading financial advisors, pursue certain selective alternatives as part of our ongoing strategic review process.”
Source: 8-K, 3/4/2022
