The company notes that it plans to sell off the remaining office assetswhich would result in liquidation and cessation of the companys operations, with the spin-off entity surviving as a publicly-traded REIT. There have been no changes to the proposals to be voted on at the Annual Meeting. Written by WP Help September 2, 2022 This press release contains statements that constitute 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"). If you disable this cookie, we will not be able to save your preferences. The remaining portfolio, comprised primarily of office assets, will be sold over time, with the net proceeds distributed to stockholders. Do not miss the opportunity to let SSEK represent you. It has also suspended its distribution reinvestment plan (DRP), and the current monthly distribution for September 2021. Griffin Realty Trust (GRT) has sold a majority interest in a 41-property office portfolio, consisting of 53 buildings and one land parcel, valued at $1.132 billion. Griffin Realty Trust(formerly known as Griffin Capital Essential Asset REIT), a publicly registered non-traded REIT, is focused on business-essential office and industrial properties that are primarily net leased to single tenants, according to its website. Data as of December 31, 2022, unless otherwise noted. Even upon liquidation, there is a chance that investors will not profit much beyond the return of their capital. Username. The company recently completed a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc. and the portfolio now consists of 123 properties with a total asset value of $5.8 billion. I loved learning legal jargon from you. The offer expires on October 10, 2022. Griffin Capital Company, LLC (Griffin Capital) is a vertically-integrated real Guided us through a difficult process and was pleased with the outcome. Highlights for the Quarter Ended June. a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc. and the portfolio now consists of 123 properties with a total asset value of $5.8 billion. The definitive proxy statement was first mailed to GRT stockholders entitled to vote at the Annual Meeting on or about August 29, 2022. If you disable this cookie, we will not be able to save your preferences. "Managements Discussion and Analysis of Financial Condition and Results of Operations" of the Companys most recent Annual Report on Form 10-K and Part I, Item 2. Fill out the contact form or call us at (800) 259-9010 to schedule your free consultation. Liquidation and Possible listing on a Stock Exchange for, recent filings with the SEC, the company announced that later this year it would spin off a part of its portfolio, comprised predominantly of industrial andoffice assets, to list the new entitys shares on a stock exchange. You may reproduce materials available at this site for your own personal use and for non-commercial distribution. October 1, 2021, Griffin Realty Trust announced it was suspending its share redemption program starting its next cycle during the fourth quarter of the year. Many of our clients have lost a significant portion of their net worth as the result of the negligence of their financial professional. Griffin Realty Trust, Inc. is an internally managed, publicly-registered, non-traded REIT. To review a summary of the Risk Factors related to an investment in the Apollo Diversified Real Estate Fund click here. 149 0 obj
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Our REIT fraud attorneys at Shepherd Smith Edwards and Kantas (SSEK Law Firm at investorlawyers.com) represent Griffin Realty Trust investors in recovering their losses from the brokerage firms responsible for selling them this investment. On October 1, 2021, Griffin Realty Trust, Inc.suspended its share redemption program(SRP)and suspended its distribution reinvestment plan (DRP). If you have an ad-blocker enabled you may be blocked from proceeding. Investors looking to sell often have difficulty finding a buyer, and can suffer significant losses on the sale. The move was part of the REITs strategic monetization process that was announced in early August, which will involve a separation of the REIT by spinning off a new public company that will own a portfolio of primarily industrial assets, as well as certain office assets, and listing that companys shares on a national exchange. The . a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc. . In filings with the Securities and Exchange Commission (SEC), Griffin Realty Trust said it was suspending publishing its NAV per share of common stock every quarter because of strategic initiatives.. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. Chicago, DallasFort Worth, Denver, Detroit, Houston, Los Angeles, Miami, New York City, Philadelphia, Phoenix, San Bernardino-Riverside, San Diego, San Francisco, Seattle, St. Louis, TampaSt. The REIT also amended and restated its share redemption program (SRP) and will redeem shares in connection with a stockholders death, qualifying disability or determination of incompetence or incapacitation. Shareholders received a letter from the REITs board pressing them to disregard a tender offer by CMG Partners, LLC, and affiliates for 400,000 Class E stock shares at $4.08/share. Financial Advisors: Contact the GRT Advisor Services Team
[email protected]. . The forward-looking statements contained in this press release reflect the Company's current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances that may cause the Company's actual results to differ significantly from those expressed in any forward-looking statement. Petersburg, and Washington, D.C. "Managements Discussion and Analysis of Financial Condition and Results of Operations" and Part II, Item 1A. The White Law Group, LLC is a national securities fraud, securities arbitration, investor . Please click on the highlighted terms to review these. According to the filings, the company reported that the lowered NAV is due to thedecrease in the value of office properties, which was partially offset by an increase in the value of its industrial properties. The company reported an updated Net Asset Value (NAV) per share of $7.42 as of June 30, 2022, a decrease from last years NAV of $9.10 per share a decline of 18%. Merger proceeds to Griffin-American stockholders will be comprised of approximately two-thirds cash and one-third common stock of NorthStar Realty (NYSE: NRF). Non-traded REIT investors should expect to hold on to their investments for years. There is a quarterly cap of $5 million on total redemptions, and the next redemption date is September 30, 2022. link | Resources | GRIFFIN REALTY TRUST. catalyst for creating strong, risk-adjusted performance. a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc. and the portfolio now consists of 123 properties with a total asset value of $5.8 billion. ", "Good intelligent attorneys who never miss a beat. However, it did note that at some point, future additional liquidity might be available to investors although it couldnt guarantee if and when that would happen and whether the price would be greater than what CMG Partners was offering. Also, the company announced on October 1, 2021, it was suspending its share redemption program (SRP) beginning with the next cycle commencing fourth quarter 2021. The REIT also noted that it has temporarily suspended its quarterly publishing of net asset value per share of common stock due to certain strategic initiatives that the REIT currently is pursuing, according to filings with the SEC. Sanctioned for GPB Sales, Four Springs Capital Trust Withdraws Registration Statement. Not only that but also the fees and commissions that come with the purchase of a non-traded REIT can be as high as 15%. 1520 E. Grand Ave, El Segundo, CA 90245 | 310-606-3200. GRT has not approved or sponsored its tenants or their products and services. GCEA: Dividend Date & History for Griffin Realty Trust Inc. - Ordinary Shares - Class E - Dividend.com GCEA: OTC (Stock) Griffin Realty Trust Inc. - Ordinary Shares - Class E Payout Change None Price as of: DEC 19, 03:10 PM EST $5.5 +0.22 +0% Dividend (Fwd) $0.00 Yield (Fwd) 0.00% Overview Ratings Recommendation Payouts Div Growth Capture Strategy By investment grade we mean that we intend to invest in properties leased to blue chip tenants and/ or companies with investment grade credit ratings. Griffin Realty Trust is an internally managed non-traded REIT that owns and operates a portfolio of office and industrial properties that are primarily net leased to single tenants that the company has determined to be creditworthy. Lack of liquidity is often problematic for many investors. Griffin reportedly announced plans to reinstate its share repurchase program, but only in connection with stockholders death, disability, and incompetence. Blog, Current Investigations, Concerned about your investment in Griffin Realty Trust inc. (fkaGriffin Capital Essential Asset REIT?). Regulation FD Disclosure On October 1, 2021, Griffin Realty Trust, Inc. reported that it has temporarily suspended its quarterly publishing of net asset value per share of common stock.. | January 2, 2023. While forward-looking statements reflect the Companys good faith beliefs, assumptions and expectations, they are not guarantees of future performance. It owns and operates an institutional-quality portfolio of net-leased office and industrial assets.. Griffin Realty Trusts estimated net asset value (NAV) was $9.04 share. The Company owns and operates a geographically diversified portfolio of strategically located, high-quality, corporate office and industrial properties that are primarily net leased to single tenants that the Company has determined to be creditworthy. Broker dealers are required to inform clients of the risks associated with investment recommendations and to ensure that those recommendations are suitable for the investor in light of the investors age, risk tolerance, net worth, and investment experience. Griffin Capital has owned, managed, sponsored or co-sponsored investment programs encompassing over $20 billion in assets. Its initial offering price was $10/share. Form 8-K (Office Portfolio Sale 12.28.22), Second Amended and Restated Share Redemption Program, Stockholders/Investors: Contact the Investor Relations Team
[email protected] or 800-679-2112. Blue chip and investment grade descriptions are those of either tenants and/ or guarantors with investment grade credit ratings or whose non-guarantor parent companies have investment grade credit ratings or what management believes are generally equivalent ratings. This comes after the companycompleteda stock-for-stock merger transaction with Cole Office & Industrial REIT Inc. *Includes Class A, Class AA, and Class AAA, Nominating and Corporate Governance Committee Charter, 1520 E. Grand Ave, El Segundo, CA 90245 | 310-606-3200. The White Law Group is a national securities fraud, securities arbitration, investor protection and securities regulatory/compliance law firm with offices in Chicago, Illinois and Vero Beach, Florida. We pride ourselves on providing quality legal services to our clients and handle securities fraud cases throughout the country. Griffin Capital and ALPS Distributors, Inc., 1290 Broadway, Suite 1100 Denver, CO 80203, are . ", "My experience with Ryan Cook has been very positive. Please. Griffin Realty Trust, which recently finalized a stock-for-stock merger transaction with Cole Office & Industrial REIT Inc., now has more than 120 properties with a $5.8B total asset valuation. The White Law Group continues to investigate potential securities claims involving the liability that brokerage firms may have for improperly recommending Griffin Realty Trust Inc. to investors. Regulation FD Disclosure On October 1, 2021, Griffin Realty Trust, Inc. reported that it has temporarily suspended its . Griffin Realty Trust, Inc., a blue-chip landlord and non-traded real estate investment trust, announced selling its majority interest in properties worth more than $1.1 billion. Through every step of the litigation he explained what to expect to happen. The CMG offer price of $3.76 per share is approximately 49 percent less than the most recently published NAV for Class E shares of $7.43 as of June 30, 2022. 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