Grt Property Management Inc
Grt Property Management Inc – EL SEGUNDO, Calif.–( BUSINESS WIRE )–Griffin Realty Trust, Inc. (“GRT” or the “Company”) announced its results for the quarter ended 31 March 2022.
Michael J. Escalante, Chief Executive Officer of GRT commented, “We are pleased with our overall results for the first quarter, which saw our diversified portfolio continue to perform well, despite the ongoing major economic headwinds from COVID-19 and inflation. Our portfolio’s economic occupancy of 93.4% at the end of the quarter was slightly lower than at the end of the previous quarter, due to lack of employer demand. Our office and industrial properties are facing mixed prospects, reflecting the broader trend of the sector, especially since the start of the pandemic. In particular, positive trends from e-commerce and supply chain on-shoring are generating record leasing speeds and investor demand for industrial buildings, while the office sector is facing a challenging situation marked by hot leasing activity as companies remain uncertain about returning to the office. plans, future local needs and their long-term growth prospects.”
Grt Property Management Inc
Mr. Escalante added, “The Board of Directors and management continue to actively evaluate all relevant opportunities, balancing the dual objectives of providing as much capital as possible amid the current capital market environment while increasing the value of the shares.”
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Revenue Total revenue grew 14.6% to approximately $116.2 million for the quarter ended March 31, 2022, an increase of $14.8 million compared to the same quarter last year. The increase was primarily due to $15.2 million of rental income related to the acquisition of CCIT II.
Net Income (Loss) Net income attributable to common shareholders was approximately $0.2 million, or nil per basic and diluted share, for the quarter ended March 31, 2022, compared to a net loss attributable to common shareholders of approximately $(4.8) million. , or $(0.02) per basic and diluted share, for the quarter ended March 31, 2021.
AFFO AFFO was approximately $55.2 million and $45.9 million, or $0.15 per basic and diluted share, for the quarter ended March 31, 2022 and 2021, respectively. In terms of net income, the increase was mainly due to assets acquired in connection with the acquisition of CCIT II, which were purchased with a lower termination benefit compared to the same quarter last year.
Adjusted EBITDA, as defined in the Company’s credit facility agreement, was approximately R77.0 million for the quarter ended March 31, 2022. This resulted in fixed charge and interest ratios of 3.3x and 3.9x, respectively, for the quarter.
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Lease Activity The Company signed a new lease for approximately 18,100 square feet and one lease renewal for approximately 6,100 square feet.
Consolidated Financial Statements The Company’s Total Debt was approximately $2.5 billion. Our Net Debt to Standard EBITDAre and Secondary Debt and Preferred Standard EBITDAre were 7.3x and 7.7x, respectively. The combined debt ratio, less cash and cash equivalents, and real estate, was 42.3%.
As of March 31, 2022, the Company’s estimated borrowing maturity was 3.5 years with 70% of the loan balance at a fixed interest rate, including the effect of interest rate swaps. About 40% of the Company’s consolidated debt was secured and about 60% was unsecured.
– is an internally held, publicly registered, non-traded REIT. The Company owns and operates a diversified portfolio of strategically located, prime, commercial office and industrial properties leased primarily to single tenants that the Company has determined to be creditworthy. The Company’s portfolio, as of March 31, 2022, consisted of 121 office and industrial buildings (144 buildings), totaling 29.2 million leasable square meters, in 26 states, representing a total business value of approximately $5.7 billion.
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Cautionary Statement Regarding Forward-Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company intends that all such forward-looking statements be subject to the applicable provisions of the harbor for forward-looking statements contained in Section 27A of the Industries Act and Section 21E of the Exchange Act. Forward-looking statements relate to expectations, beliefs, estimates, future plans and strategies, expected events or trends and similar statements regarding matters that are not historical facts. In some cases, you can identify forward-looking statements by using forward-looking words such as “may,” “likely,” “should,” “expect,” “intend,” “plan,” “anticipate,” “believe,” “estimates,” ” prediction, ” or “probability” or the impropriety of these words and phrases or similar words or phrases that predict or indicate future events or trends and do not relate solely to historical matters. You can also identify forward-looking statements by discussing strategies, plans or goals. The forward-looking statements contained in this press release reflect the Company’s current views regarding future events and are subject to a number of known and unknown risks, uncertainties, assumptions and changes in circumstances that could cause the Company’s actual results to differ materially from those expressed in any period. forward-looking statement.
The following factors, among others, could cause actual results and future events to differ materially from those expressed or implied in forward-looking statements: the ongoing severity, duration, rate of transmission and geographic spread of COVID-19 in the United States, the speed of vaccine rollout, effectiveness and people’s willingness to take the COVID-19 vaccine, the duration of protection related to its effectiveness against emerging variants and mutations of COVID-19, the extent and effectiveness of other preventive measures taken, and the response of the overall economy, financial markets and population, particularly in the areas where we operate to them and in relation to occupancy rates, rent deferrals and the financial condition of GRT tenants; general financial and economic conditions; statements about the benefits of the merger involving GRT and CCIT II and statements about operations, events or developments that GRT expects or expects to occur in the future, including but not limited to statements about expected synergies and savings in general and administrative costs of the merger, future financial results and operations, plans, objectives, expectations and objectives, expected sources of financing, expected asset planning, expected leadership and governance, creation of shareholder value, benefits of the merger to customers, employees, shareholders and other constituents of the merged company, the merger of GRT and CCIT II, cost savings related to consolidation with other non-historical statements; risks related to the distraction of management’s attention from ongoing business operations as a result of the merger; our net asset value (“NAV”) per share and whether and at what time our board of directors will decide whether to commence publication thereof; whether and by what amount our NAV per such share will be materially different from our most recent published NAV per share; the availability of suitable investment, redevelopment or exit opportunities; our use of energy; changes in interest rates; availability and terms of financing; market conditions; legislative and regulatory changes that may adversely affect GRT’s business; our future capital expenditures and allocations (including their amount and nature), business strategies, net sales, net income, operating expenses, operating income, net income, cash flows, financial condition, impairment, expenses, capital structure, organizational structure, and other developments and trends in the real estate industry and other factors, including those risks disclosed in Part I, Item 1A. “Risk Factors” filed with the U.S. Securities and Exchange Commission. The Company cautions investors not to place undue reliance on these forward-looking statements and urges you to carefully review the disclosures it makes regarding risks. Although forward-looking statements reflect the Company’s beliefs, assumptions and expectations, they are not guarantees of future performance. Forward-looking statements speak only as of the date of the press release. In addition, the Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, new information, data or methods, future events or other changes.
FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), is adjusted for net operating preference. Additionally, the Company uses AFFO as a non-GAAP financial measure to evaluate its performance. FFO and AFFO have been restated to include amounts available to both common shareholders and limited partners for all periods presented.
The enterprise value includes the balance of outstanding debt (value of cash and cash equivalents) (excluding deferred finance costs and premium/discounts), and unconsolidated debt – pro rata share, plus preferred equity, and total outstanding shares multiplied by NAV per share. Total shares outstanding include limited partnership units issued and shares issued pursuant to the Company’s distribution reinvestment plan, net of redemptions.
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Annual gross rent or “ABR” means the annual contract base rent before amortization and annual operating costs as of March 31, 2022, unless otherwise specified, multiplied by 12 months. For properties in our portfolio that had leases ending March 31, 2022, we used a monthly basis contract that is payable after the end of the amortization period. For our total modified lease, we subtract the base year’s operating expenses to arrive at the ABR.
Investment grade companies mean companies (eg, a tenant or guarantor or unguaranteed parent of the tenant) that have received an investment grade credit rating
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