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Griffin Realty Trust Suspends NAV Publication, SRP and DRP to Pursue Strategic Initiatives

Griffin Realty Trust has temporarily suspended its quarterly publishing of net asset value per share.

Griffin Realty Trust Inc., a publicly registered non-traded real estate investment trust formerly known as Griffin Capital Essential Asset REIT, has temporarily suspended its quarterly publishing of net asset value per share, according to a filing with the Securities and Exchange Commission.

The board authorized the suspension in light of certain “strategic initiatives” that the REIT is currently pursuing, although no specifics were provided in the filing.

Griffin Realty Trust intends to resume publishing a quarterly NAV per share when the board deems it appropriate and no later than one year from its most recent NAV publication.

In July, the REIT estimated that the average NAV per share across all classes was $9.10 as of June 30, 2021. On an individual basis, shares were valued between $9.04 and $9.23 each.

The REIT also announced that, in light of the strategic initiatives, it is suspending its distribution reinvestment plan and share redemption program. Share repurchases will be suspended beginning with the fourth quarter 2021. The current monthly distribution for September 2021 is expected to be paid around October 11.

Griffin Realty Trust owns and operates a portfolio of corporate office and industrial properties that are primarily net leased to single tenants that the company deems creditworthy. The REIT’s portfolio consists of 121 properties (144 buildings) totaling 29.2 million square feet. Major tenants include Amazon.com, General Electric, and Keurig Dr. Pepper, among others.

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