Griffin Industrial Realty completes reincorporation, REIT conversion

Griffin Industrial Realty Inc. finalized its Maryland reincorporation, rebranding, and conversion into a real estate investment trust.

The company started operating as a REIT, effective Jan. 1, under the new name Indus Realty Trust Inc.

Under the reincorporation, Griffin Industrial Realty merged with and into Griffin Industrial Maryland Inc. unit Griffin Industrial Maryland LLC, with the latter as the surviving entity. Each outstanding common share of Griffin Industrial Realty was converted into 1 common share of Griffin Industrial Maryland Inc.

The REIT on Jan. 4 started trading its common stock on The Nasdaq Stock Market LLC under the new symbol INDT, changed from its former ticker GRIF.

The company owns 41 properties spanning about 4.6 million square feet, 4.2 million square feet of which is industrial/warehouse space, in Connecticut, Pennsylvania, North Carolina and Florida. It also owns more than 3,400 acres of undeveloped land.