Griffin Industrial Realty : Investor Day Presentation

November 11, 2020 at 12:21 pm

VIRTUAL INVESTOR DAY

NOVEMBER 11, 2020

FORWARD-LOOKING INFORMATION

This presentation contains "forward-looking statements" based upon the Company's current best judgment & expectations. You can identify forward looking statements by the use of forward-looking expressions such as "may," "will," "should," "expect," "believe," "anticipate," "estimate," "intend," "plan," "annualized," "project," "continue" or any negative or other variations on such expressions. Although the Company believes that its plans, intentions and expectations as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that the plans, intentions or expectations will be achieved. The Company has listed below some important risks, uncertainties and contingencies which could cause its actual results, performance or achievements to be materially different from the forward-looking statements it makes in this presentation. These risks, uncertainties and contingencies include, but are not limited to, the following: the success or failure of the Company's efforts to implement its current business strategy; the planned conversion to a REIT and related rebranding; the Company's ability to complete contemplated acquisitions, dispositions and development projects, and identify and complete additional property acquisitions and non- core asset dispositions and risks of real estate acquisitions and dispositions; expectations regarding stabilization of current or future properties or developments; availability of investment opportunities on real estate assets; the performance and financial condition of tenants and corporate customers; expectations regarding potential lease-ups or rental yields; the adequacy of the Company's cash reserves, working capital and other forms of liquidity; the availability, terms and deployment of short-term and long-term capital; demand for industrial and office space; the actions of the Company's competitors and the Company's ability to respond to those actions; the timing of cash flows from the Company's investments; the cost and availability of the Company's financings, which depends in part on the Company's asset quality, the nature of the Company's relationships with its lenders and other capital providers, the Company's business prospects and outlook and general market conditions; increases in financing and other costs, including a rise in interest rates; economic conditions generally and in the real estate markets and the capital markets specifically; and local economic or political conditions that could adversely affect the Company's earnings and cash flows; and other factors discussed under Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended November 30, 2019 and under Part II, Item 1A, "Risk Factors" of the Company's Quarterly Report on Form 10-Q for the fiscal quarter ended August 31, 2020, in each case, as filed with the Securities and Exchange Commission (the "SEC").

Any forward-looking statements in this presentation, including guidance for future periods, speaks only as of the date on which it was made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. In evaluating forward-looking statements, you should consider these risks and uncertainties, together with the other risks described from time-to-time in the Company's reports and documents which are filed with the SEC, and you should not place undue reliance on those statements. The risks included here are not exhaustive. Other sections of this presentation may include additional factors that could adversely affect the Company's business and financial performance. Moreover, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

MANAGEMENT TEAM

Gordon DuGan	Michael	Anthony Galici	Tim Lescalleet	Scott Bosco	Ashley Pizzo
Chairman of the	Gamzon	Vice President, CFO	Senior Vice	Vice President -	Director of IR &
Board	President & Chief	& Secretary	President	Construction &	Capital Markets
9 months with Griffin	Executive Officer	23 years with Griffin	18 years with Griffin	Development	4 months with Griffin
	12 years with Griffin			15 years with Griffin
▪ Former CEO of	▪ Previously at Alson	▪ Previously with	▪ Previously EVP &	▪ Previously spent 14	▪ Previously VP of IR
Gramercy Property	Capital Partners,	Culbro Corporation	Partner at The	years with CASLE	& Capital Markets at
Trust from 2012 to	LLC, a New York	before joining Griffin	Codman Company	Corporation as	Gramercy Property
2018 and CEO of	investment firm, and	▪ B.S. in Accounting	▪ B.A. from the	construction project	Trust, and
W.P. Carey & Co.	previously at Cobalt	from St. John's	University of	manager.	previously,
from 2005 to 2010	Capital	University, CPA and	Vermont and a R.E.	▪ B.S. from the	acquisitions at GPT
▪ B.S. in Economics	▪ B.A. from Yale	a member of the	diploma from	University of Maine	and investment
from the Wharton	University and an	American Institute	Boston University	and an MBA from	banking at Bank of
School of the	M.B.A. from the	of Certified Public		the University of	America Merrill
University of	Harvard Business	Accountants		Hartford	Lynch
Pennsylvania	School				▪ B.S. from
					Georgetown
					University

TABLE OF CONTENTS

Who is Griffin?	5-7

Investment Highlights	8-15

High Quality Portfolio & Tenancy	16-19

Well-Positioned in the Right Sector	20-23

Disciplined & Proven Investment Strategy	24-35

Significant Internal & External Growth Opportunities	36-41

Strategic Initiatives Underway to Enhance Shareholder Value	42-47

Investment Highlights Recap & Closing Comments	48-49

Appendix	50

COVID-19 Update	51

Debt Summary & Liquidity Profile, Leverage Metrics	52-53

Griffin Implied Industrial Cap Rate Breakdown	54

Components of NAV & Other Assets	55-61

Core Values & ESG	62-65

Detailed Market Overviews	66-81

Hartford, CT	67-71

Lehigh Valley, PA	72-75

Charlotte, NC	76-78

Orlando, FL	79-81

Property Schedules	82-84
		4
Definitions & Non-GAAP Reconciliations	85-90

WHO IS GRIFFIN?

GRIFFIN HERITAGE: EARLY 1900S - TODAY

Early 1900s

1961

1967

1970s-80s

1997

2010

2014-15

2017

2019

2020

2021

Originally founded by the Cullman family, Griffin's predecessor was once a cigar leaf tobacco growing & trading business

Acquired a controlling interest in the publicly-traded General Cigar Company - a leading U.S. cigar manufacturer

Acquired American Sumatra Tobacco Corporation, which led to ownership of 6,000+ acres of land and a nursery business centered in Connecticut, and created a real estate & land development business

Master-planned and developed commercial, industrial & residential properties on excess agricultural land

Culbro split into two separate entities: General Cigar Holdings and a newly formed public company, Griffin Land &

Nurseries, Inc.

The business expanded into new markets outside Connecticut through acquisitions of an existing warehouse and 50 acres of land for industrial development in the Lehigh Valley of Pennsylvania

Sold nursery business and rebranded as Griffin Industrial Realty to reflect a new focus on managing & growing its

industrial / warehouse property portfolio

Entered the Charlotte industrial market

Entered the Orlando industrial market

In March, transition of board Chairmanship to Gordon DuGan, in addition to new Director, Molly North In August, completed first equity capital raise in Griffin's 23-year public company history

Planning to elect REIT status in 2021 and re-brand with new corporate name

MISSION

To be a leading logistics real estate company

focused on select high-growth,supply-constrained markets

that can meet multiple drivers of demand within the modern supply chain,

including local, regional and / or multi-market distribution.

✓	✓	✓
Well-located, flexibly	Strong local / regional	Critical supply-chain
designed industrial /	economies with	properties ranging
warehouse properties	growing populations &	from 75,000 to
	logistics markets	400,000 SF

INVESTMENT HIGHLIGHTS

01	High Quality Portfolio & Tenancy

02 Well-Positioned in the Right Sector

03	Disciplined & Proven Investment
Strategy

04 Significant Internal & External Growth

Opportunities

05 Strategic Initiatives Underway to Enhance Shareholder Value

01 HIGH-QUALITY INDUSTRIAL PORTFOLIO & TENANCY

Flexible & Modern Portfolio in High Barrier, Supply-Constrained Markets with Solid Tenancy

4.2M

Total Square Feet Across 30 Buildings

99.7%

Leased, excluding Unstabilized

In-Service Properties (2)

140,187

Average Building Size (SF)

30'

Weighted Average Clear Height

Average Building Age in

the Portfolio (Years)

Hartford, CT	73%

	of Industrial Leased SF to Tenants which are public
	companies or have annual revenue > $500M (1)
Lehigh Valley, PA	70%
	Industrial Tenant Retention YTD by
	number of leases (3)
Charlotte, NC	80,521
Average Lease Size (SF)
	4.5
	Weighted Avg. Remaining
Orlando, FL	Lease Term (Years) (4)
99%+

	Rent Collection Each Month During COVID-19(5)

Note: Portfolio metrics as of August 31, 2020. Includes all In-Service properties (see Appendix for definition of In-Service). Does not include development pipeline.

Includes parent companies of tenants in count for public company or revenue > $500M.
Unstabilized In-Service Properties excluded from the % leased statistics are recently developed 160 & 180 International Drive (Charlotte) and recently acquired 170 Sunport Lane (Orlando).

3.	Tenant retention calculated as: (Total industrial leases renewed or extended) ÷ (Total industrial leases renewed or extended + Total industrial leases that expired and were not renewed) during the period.	10
4.	Weighted average lease term is calculated as term remaining for each tenant as of August 31, 2020 and is weighted by square footage.
5.	See slide 51 for additional details on COVID-19 updates.

02 WELL-POSITIONED IN THE RIGHT SECTOR

Highly fragmented industrial real estate market in the U.S. experiencing strong tailwinds (1)
Young, well-locatedportfolio in strong markets - 67% of Griffin's industrial SF has been developed by the Company since 2005
Established track record of successful development and building acquisitions
Potential to grow faster than peers - starting from a small base (current TEV under $500 million)

Public Industrial REITs Own Less than 5% of Total U.S. Supply (1)

	Remaining Public
PLD	Industrial REITS
1.97%
2.89%

Other

95.14%

$1.75 trillion market size

Average Industrial Facility Age (years) (2)

33 32

28 27

21 19

14 12 11

PLYM TRNO STAG REXR EGP FR PLD GRIF DRE

Industrial market size estimations and industrial ownership calculations per Berenberg Capital Markets report from October 28, 2020, Industrial REITs: a race for the last mile. Remaining Public Industrial REITs include DRE, FR, ILPT, EGP, PSB, REXR, MNR, PLYM and TRNO.
Source for peer data: Public company filings & transcripts, SNL, Real Capital Analytics and other public sources. Average age reflects the later of year constructed or last major renovation (if disclosed) and is weighted by square

footage. DRE and STAG ages per company call transcripts. Griffin data as of August 31, 2020.	11

03 DISCIPLINED & PROVEN INVESTMENT STRATEGY

Markets	Buildings	Mindset

Concentrate on limited number	Focus on mid-sized, market-	Think like developers & use
of high-potential markets	appropriate industrial buildings	this to our advantage
	(not bulk or flex)	(We buy buildings, not leases)

History of Value Creation through Development Since 2005

2.8	93.3%		Illustrative Value Creation Sensitivity

Million SF delivered	Leased	$ in millions (excl. per share)	Low	Mid	High

$194M	$69.31		Anticipated Stabilized Cash Leasing NOI	$16.0	$16.0	$16.0
	from Completed Developments (3)

	Illustrative Cap Rate Range	5.50%	5.00%	4.50%
Total Costs (1)	Total Costs Per SF	Implied Value	$290.4	$319.5	$355.0

7.7%	8.1%		Illustrative Value Creation	$96.0	$125.0	$160.5

Illustrative Value Creation per Share	$16.97	$22.10	$28.38
In-Place Cash Yield (2)	Expected Stabilized Cash Yield (4)	Development Margin	48%	63%	81%

Note: See Appendix for definitions of development metrics and non-GAAP measures, such as Cash Leasing NOI.
1.	Total Costs include land, land improvements, building & building improvements as well as cumulative tenant improvements paid to date since building completion. Total cost excludes any depreciation.
2.	Calculated as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), divided by Total Costs.
3.	Defined as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), and includes additional adjustments to gross up for the value of free rent during the quarter at 160 International Drive (Charlotte), as well
	as anticipated lease up of remaining vacancy to 95% leased at 160 International Drive (Charlotte) and 180 International Drive (Charlotte) at assumed market rents of $5.00 PSF NNN. Cumulatively, these adjustments add an additional $1.1	12
	million in annualized Cash Leasing NOI from completed developments shown on slide 30. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed. See Appendix for definition of free rent.
4.	Calculated as: (Anticipated Stabilized Cash Leasing NOI from Completed Developments) ÷ (Total Costs for selected properties + anticipated additional Tenant Improvement costs in order to complete the adjustments for stabilized lease up of

selected properties).

TRACK RECORD OF INTERNAL GROWTH WITH

04 EXPERIENCED TEAM

All growth to date has been achieved without raising external equity

Developed and acquired	No joint venture	Historically financed typically	Nearly $65 million in proceeds generated through
1.6 million SF since 2015 /	partners or outside	with 10-year amortizing	assets/land sales reinvested in the industrial
entered 3 new markets	equity capital sources	mortgages at +/- 65% or less	portfolio since 2012 (the majority through 1031
		LTV on stabilized buildings only	like-kind exchanges)

Industrial Square Footage (millions)			Cash Leasing NOI from Industrial Properties ($mm)

61%					125%			$19.7	$22.0
Growth in							Growth in Industrial		$18.3
Industrial SF						Cash Leasing NOI	$15.8

					4.2	$9.8	$12.6
		3.3	3.6	4.0
	3.0
2.6



11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	8/31/2020	11/30/2015	11/30/2016	11/30/2017	11/30/2018	11/30/2019	8/31/2020
												(LQA)

Note: Cash Leasing NOI is a Non-GAAP measure. See Appendix for definition and reconciliation.	13

SIGNIFICANT INTERNAL & EXTERNAL GROWTH

04 OPPORTUNITIES

Griffin Opportunities to Create Value

Significant anticipated embedded growth (1)

in Industrial Cash Leasing NOI

$22.0M		$31.0M
LQA 8/31/20 Industrial	+41%	LQA 8/31/20 Industrial
Cash Leasing NOI	Cash Leasing NOI,
	Adjusted for Embedded

Growth (1)

Anticipated Embedded Industrial

Cash Leasing NOI Growth (1)

Free Rent Burn Off &	Expected Stabilization	Anticipated Completion
Estimated Lease	Adjustments for Recent	and Stabilization of
Escalations (2)	Developments &	Owned Developments
	Acquisitions (2)	and Developments
		Under Agreement (2)

Ability to complete developments on owned land or land under agreement - current development pipeline of $89M (3)
Continue to monetize non-core land / office assets and re-deploy capital into industrial real estate
- Most office/flex properties have no permanent financing, and all undeveloped land is unencumbered
- Convert assets contributing little to no operating income into income-producing industrial real estate
Ability to leverage G&A and fixed costs
Strategy to further penetrate existing markets and enter new geographies
Acquisitions & developments have large impact on growth due to current portfolio size

Note: Cash Leasing NOI is a Non-GAAP financial measure. See Appendix for definitions of Non-GAAP financial measures.
1.	See Appendix for definition of Embedded Industrial Cash Leasing NOI Growth ("Embedded Growth"). Additional details can be found on slide 38. Griffin cannot guarantee that assumptions underlying Embedded Industrial Cash
	Leasing NOI Growth will be realized at their projected terms, if at all.
2.	These are components of Embedded Industrial Cash Leasing NOI Growth and are defined in the Appendix as well.	14
3.	Represents total estimated budget for the Chapmans Road, Old Statesville / Metromont, American Parkway and Jetport developments. Amount includes land purchase as well as anticipated TIs & LCs to be paid for property
	stabilizations. As of 8/31/20, approximately $10.8 million of this budget has already been spent.

STRATEGIC INITIATIVES UNDERWAY TO ENHANCE

05 SHAREHOLDER VALUE

We are undertaking the following efforts to facilitate efficient access to the capital markets and to help

drive growth in earnings and net asset value per share over the long term

Increase liquidity /	Broaden	Improve leverage	Increase investor	Seek research
volume	shareholder base	metrics	outreach & dialogue	coverage

Changes to Corporate Structure	IR, Capital Raising & Investment Efforts
▪ Planned conversion to a REIT to become effective January 2021	▪ Recent private placement transaction with Conversant
	Capital in August

Changes to Board of Directors

✓	New Chairman	▪ Enhanced disclosure & communication
✓ Recent additions, including two female real estate CEOs	✓	Leasing releases
✓	New outside investor (Conversant Capital, formerly	✓	Earnings webcasts
	Cambiar Management)	✓	Supplemental presentation
		✓	Investor materials

Upcoming re-branding from Griffin Industrial Realty to new name

	(to be announced)	▪	Outreach
			✓	Investor Day
▪	Planned change of fiscal year end from November 30th to		✓ NAREIT & future conference participation
	December 31st		✓ Investor property tours / meetings
			✓	Equity research coverage meetings

Investment 01

Highlight #

HIGH QUALITY PORTFOLIO & TENANCY

INDUSTRIAL PORTFOLIO GEOGRAPHIC EVOLUTION

Beginning with the land in the Hartford area that Griffin has owned since inception, the Company has strategically expanded

into three additional growth markets, reducing its footprint in the Hartford market to less than 50%

2009	2015	2020
2.0 million Industrial SF	2.6 million Industrial SF	4.2 million industrial SF

			Orlando
			7%
			Charlotte
			13%
	Lehigh Valley,
	PA
Hartford	36%	Hartford	Hartford

100%		49%
	64%

			Lehigh Valley
			31%

Note: As of Fiscal Year End for 2009 & 2015. 2020 shown as of October 31, 2020.

FOCUS ON HIGH-GROWTH, SUPPLY CONSTRAINED MARKETS

Griffin	Broader Market

Hartford,

(inception)

2.1 million SF
18 buildings
100% leased

76 million SF industrial market (1)
Supply-constrainedindustrial market with solid fundamentals - 6th fastest growing secondary logistics market in U.S.(2)
Densely populated region, well-located for local & regional distribution
Significant recent investment by Amazon, UPS and FedEx in the region

Lehigh

Valley, PA

(entered 2010)

Charlotte,

(entered 2017)

Orlando, FL

(entered 2019)

Note: Griffin portfolio metrics as of August 31, 2019.

Source: CBRE Research. Hartford Industrial MarketView, Q3 2020.
Based on YTD absorption divided by inventory, per a CBRE U.S. Logistics Webinar from August 2020.
Source: CBRE Research. Pennsylvania I-78/I-81 Corridor Industrial, Q3 2020. Includes buildings over 40,000 SF.
Source: CBRE Research. U.S. Industrial & Logistics Figures, Q4 2019.
Source: CBRE Research. Charlotte Industrial Marketview, Q2 2020.
Source: CBRE Research. Orlando Industrial MarketView, Q3 2020.

▪	1.3 million SF	▪ 133 million SF industrial market (3)
▪	6 buildings	▪ Tier I market - I-78 /I-81 Corridor was 6th highest in
▪	99% leased	U.S. for absorption in 2019 with 10.7 million SF (4)
▪	306,000 SF	▪ Significant barriers to entry - limited properly-zoned,
	development	well-located sites and difficult entitlements
	pipeline	▪ Key distribution hub for NY metro, northeast and
		middle Atlantic; FedEx opened largest ground
		delivery site in the U.S. in the Lehigh Valley

▪	560,000 SF	▪ 225 million SF industrial market (5)
▪	3 buildings	▪ Over 18 million SF of absorption from Q1 2016 - Q2
▪	68% leased	2020 (5)
	(includes 2 spec	▪ Robust local economy coupled with strong
	buildings not yet	infrastructure - airport is the 6th busiest in North
	stabilized)	America, with intermodal rail yard and port access
▪	520,000 SF	▪ Well-located for local, regional and multi-market
	development	distribution
	pipeline

▪	277,000 SF	▪ 122 million SF industrial market (6)
▪	3 buildings	▪ Lack of industrial land near transportation corridors
▪	82% leased (one	▪ Last five years' absorption has outpaced new
	acquisition not yet	construction with 15.3 million SF of demand
	stabilized)	compared to 8.5 million SF delivered
▪	195,000 SF	▪ Key location for local and regional distribution; center
	development	of the third most populous state ("to Florida, from
	pipeline	Florida")	18

STRONG & STABLE INDUSTRIAL TENANTS

73% of Griffin's leased square footage is under lease to tenants which are (or subsidiaries of) public companies or have annual revenue > $500 million

Top Tenants by Annualized Base Rent			Top Tenant Industries by Leased SF

					Rank	Industry	Leased SF
		Ricoh Americas


		Corporation		1	3PL	871,440
		Smart Warehousing, LLC

			2	Automotive	491,977

		The Tire Rack, Inc.

Remaining	Top 10		3	E-Commerce	343,010

Kuehne + Nagel, Inc.

35+ Tenants	Tenants by
			4	Industrial	333,972
Ford Motor Company
44.4%	ABR
	55.6%	Eversource		5	Building Products	328,497
		SCA Pharmaceuticals, LLC

		FedEx		6	Trucking & Transport	294,654
		Novitex Enterprise Solutions

		Tesla				All Other	1,302,832

Tenant Size Breakdown

Leased Square Feet	% of Total Leased SF	% of Total Annualized
Base Rent


0 - 9,999 SF	1.0%	0.7%
10,000	- 24,999 SF	3.7%	3.5%
25,000	- 74,999 SF	24.4%	25.2%
75,000	- 149,999 SF	28.5%	27.1%
150,000 - 299,999 SF	27.1%	28.8%
300,000 SF +	15.3%	14.7%
TOTAL		100.0%	100.0%

The vast majority of Griffin's tenants lease over 25,000 SF, and have continued to operate in their leased spaces during the COVID-19 crisis

Note: Griffin portfolio metrics as of August 31, 2019.SCA Pharmaceuticals as top tenant is adjusted for upcoming expansion into neighboring tenant's space. See Appendix for definition of Annualized Base Rent ("ABR").

Investment 02

Highlight #

WELL-POSITIONED IN THE RIGHT SECTOR

INDUSTRIAL CONTINUES TO BENEFIT FROM MACROECONOMIC & SECULAR TAILWINDS

Continued growth & expansion	Necessity of "safety"
of categories within	inventories (e.g. to avoid future
e-commerce	toilet paper shortages)

Industrial

Tailwinds /

Drivers

Reshoring / adoption of "China	Logistics for online returns - as
e-commerce grows, so does
Plus One" strategy for
the footprint needed to handle
manufacturing
returns of goods

Source: CBRE Global Real Estate Market Outlook 2020, Midyear Review.

GRIFFIN'S ASSETS COMPARE FAVORABLY TO PEER INDUSTRIAL REITS…

Average Industrial Facility Size	Weighted Average Industrial
(Square Feet 000s)	Facility Age (Years)

33 32

295

28 27

203	186						21	19

	160	143	140					14
		120				12
				106				11

					63

DRE STAG PLD PLYM FR	GRIF REXR EGP TRNO	PLYM TRNO STAG REXR EGP FR PLD GRIF DRE

Source for peer data: Public company filings & transcripts, SNL, Real Capital Analytics and other public sources.	22
Note: Average age reflects the later of year constructed or last major renovation (if disclosed) and is weighted by square footage. DRE and STAG ages per company call transcripts. Griffin data as of August 31, 2020.

…AND COMMAND SIMILAR RENTAL RATES

LQA (Q3 2020) Cash Leasing NOI per Square Foot

$9.87
	$8.24
		$5.97	$5.71	$5.61	$5.33	$5.01

						$4.12
							$3.17

TRNO	REXR	EGP	PLD	GRIF	FR	DRE	STAG	PLYM

Note: Griffin data for Stabilized, In-Service Industrial portfolio as of the fiscal quarter ending August 31, 2020. See Appendix for definition of Stabilized In-Service Portfolio. Peer data is per each company's filings for Q3 as of September 30, 2020.	23

Investment 03

Highlight #

DISCIPLINED & PROVEN

INVESTMENT STRATEGY

GRIFFIN'S 3-PRONGED APPROACH

MarketsBuildings

Mindset

What we do:

Concentrate on limited number

of high-potential markets.

Dive deep into current & future demand drivers
Who are tenants / why are they there?
Economic / population growth
Supply (recent and pipeline) & barriers
Identify key sub-market differences

What we do:

We focus on smaller industrial

buildings (not bulk or flex).

Minimize risk / exposure from big box
Avoid management intensive, weak credit tenants in flex / last-mile buildings
Flexibly-designed/easyto re-tenant assets with broad uses

What we do:

We think like developers & use this to our advantage.

We buy buildings, not leases.

Understand economics of renovation, maintenance costs, development, TI
Avoid specialized buildings / improvements

What it leads to:

Off-marketdeals
Confidence in rent growth / value appreciation over time (minimize downside)
Purchases of "less obvious" buildings

What it leads to:

Acquisitions that may be below target size or equity check for larger competitors
Somewhat less competitive markets / sizes for acquisitions

What it leads to:

Willingness to buy value-add assets and unlock value through redevelopment and repositioning
Understand how to price assets vis-a- vis replacement costs
Understand barriers / challenges to development that influence future pricing & demand for properties

MARKETS: GRIFFIN MARKETS STRATEGY

Aim to check at least two, if not all three, criteria for investment into additional markets

Markets that have access to a large

Criteria #1 population and / or are experiencing favorable population & economic growth

Markets that have high barriers to entry /

Criteria #2 supply constraints in "A" locations and/or "A" submarkets

Criteria #3	Serves Multiple Drivers of Demand (Local,
Regional and / or Multi-Market)

Hartford
Lehigh Valley
Charlotte
Orlando

Local	Regional	Multi-Market
• Infill locations or close	• Less than 1-day drive to target delivery	• Key transport hubs / 1-day drive or further
proximity to city centers	market	deliveries
• Direct to consumer or	• Direct delivery or delivery to local / last	• Delivery to regional or local facilities
business to business	mile facilities	• Serves multiple states / large geographic
deliveries	• Serves a single state or small region	regions (East coast, Southeast)

MARKETS: INITIAL TARGET MARKETS

Market Type:

Current Market Target Market

Demand Drivers:

Local

Regional

Multi-Market

Lehigh Valley

Hartford

Southern NJ / Philadelphia

Baltimore / Washington

Raleigh

Nashville

Charlotte

Greenville / Spartanburg

Charleston / Savannah

Orlando

Tampa /

I-4 Corridor

BUILDINGS: "SWEET SPOT" FOR BUILDING SIZE

Under75K SF

Flex / Small Tenant / Small Bay

Constant leasing and rollover
Management & capital intensive - diseconomies of scale & inefficiencies with smaller tenants
- Improvements have disproportionately high cost / SF
- More tenants can lead to more repair & maintenance
Tenants often will have weak credit

✓

75-400K SF

Mid-Sized

Industrial Properties



Over 400K SF

Bulk / Big Box Warehouses

Big boxes create large exposures to individual tenants / properties
Fewer tenants / transactions of that size within a market in a typical year
Less of an opportunity to locate
"closer-in" to population centers
Lower rents - typically better rents for smaller tenants

Within this sweet spot, we seek buildings that provide

a greater range of re-leasing scenarios:

Flexible	Market appropriate	Avoid specialized
design	features	designs
Generally suitable for 1-3	Truck courts, building depth,	E.G., L-shapes, exceedingly deep
tenants	clear height	buildings, limited loading

BUILDINGS: U.S. SUPPLY ACROSS INDUSTRIAL SIZES

12 Month Completions as % of Inventory is Consistently Lowest

in Smaller Building Sizes Over the Last 20 years

Source: Morgan Stanley Research from August 11, 2020:	Revisiting the Big Box vs. Small Box Debate Post Earnings.	29

MINDSET: WE THINK LIKE DEVELOPERS

Griffin has developed 67% of its total industrial / warehouse square footage, or 2.8 million square feet since 2005

History of Value Creation Across Markets Since 2005

				In-Place Cash	Expected Stabilized
Market	Total SF Delivered	Total Costs ($mm) (1)	% Leased	Yield (2)	Cash Yield (4)
Hartford, CT	1,325,564	$91.7	100.0%	9.1%	9.1%
Lehigh Valley, PA	1,196,640	$81.9	99.1%	7.6%	7.6%
Charlotte, NC	283,213	$20.8	37.1%	1.7%	6.3%
Total	2,805,417	$194.4	93.3%	7.7%	8.1%

Illustrative Value Creation Sensitivity

$ in millions (excl. per share)	Low	Mid	High
Anticipated Stabilized Cash Leasing NOI from	$16.0	$16.0	$16.0
Completed Developments (3)

Illustrative Cap Rate Range	5.50%	5.00%	4.50%
Implied Value	$290.4	$319.5	$355.0
Illustrative Value Creation	$96.0	$125.0	$160.5

Illustrative Value Creation per Share	$16.97	$22.10	$28.38
Development Margin	48%	63%	81%

Griffin's "development DNA" resulted in high returns across the portfolio
Historically, all development activity has been self- funded (no external equity and no JV partners)
Griffin also has developed and continues to seek build-to-suit opportunities when appropriate for owned land sites (e.g., Ford, Tire Rack)

Note: See Appendix for definitions of development metrics and non-GAAP measures, such as Cash Leasing NOI.

1.	Total Costs include land, land improvements, building & building improvements as well as cumulative tenant improvements paid to date since building completion. Total cost excludes any depreciation.
2.	Calculated as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), divided by Total Costs.
3.	Defined as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), and includes additional adjustments to gross up for the value of free rent during the quarter at 160 International Drive (Charlotte), as
	well as anticipated lease up of remaining vacancy to 95% leased at 160 International Drive (Charlotte) and 180 International Drive (Charlotte) at assumed market rents of $5.00 PSF NNN. Cumulatively, these adjustments add an additional	30
	$1.1 million in annualized Cash Leasing NOI from completed developments shown on slide 30. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed. See Appendix for definition of free rent.
4.	Calculated as: (Anticipated Stabilized Cash Leasing NOI from Completed Developments) ÷ (Total Costs for selected properties + anticipated additional Tenant Improvement costs in order to complete the adjustments for stabilized lease up

of selected properties).

MINDSET: WE THINK LIKE DEVELOPERS

Significantly Higher Potential Growth Through Development

as Compared to Peers (1)

Development Pipeline (% of Total Industrial SF)

24.3%

	Includes an additional 203,000 SF in
	the Lehigh Valley and 195,000 SF in
9.5%	Orlando under agreement (2)

	Includes 520,000 SF in Charlotte and
	103,000 SF in the Lehigh Valley
14.8%
	4.6%	4.4%	3.9%	1.8%	1.8%	1.5%	0.3%
				0.0%

GRIF	DRE	PLD	REXR	TRNO	FR	EGP	STAG	PLYM

1.	Griffin data as of the fiscal quarter ending August 31, 2020 and reflects planned developments on owned land as of that date, and additional prospective developments on land that is in the pipeline, as shown in the upper portion of the
	bar stack. Peer data is per each company's filings for Q3 as of September 30, 2020. TRNO & STAG numbers represent redevelopment SF. For EGP, chart does not include 1,528,000 square feet of properties in "lease-up" as part of	31
	the development pipeline.

2.	Developments in Griffin's pipeline are subject to satisfactory completion of due diligence and receipt of necessary approvals, which cannot be guaranteed.

LEHIGH VALLEY DEVELOPMENTS IN PROGRESS

Chapmans Road (Under Construction)

American Parkway (Under Agreement) (1)

103,000 SF single building under construction
Expected completion in Q3 2021

Coca

Cola

Park

203,000 SF single building proposed - land is under agreement and subject to completion of diligence and approvals
Expected completion in Q2 2022

Map Source: Google Earth.	32

1.	Subject to satisfactory completion of due diligence and receipt of necessary approvals, which cannot be guaranteed.

CHARLOTTE & ORLANDO DEVELOPMENTS IN PROGRESS

Charlotte: Old Statesville Road (Entitled)

Orlando: Jetport (Under Agreement) (1)

520,000 SF entitled across 3 buildings, but evaluating alternative site plans, including one for 2 larger buildings

195,000 SF planned across 2 buildings
Expected completion in Q1 2022

Map Source: Google Earth.	33

1.	Subject to satisfactory completion of due diligence and receipt of necessary approvals, which cannot be guaranteed.

ORLANDO CASE STUDY: THE STRATEGY

Within 10 months acquired 3 buildings totaling 277,000 SF and put under agreement

land to develop an additional 195,000 SF

Markets

Deep Dive

Strong local economy and demographics with supply constrained market suitable for local/last mile and regional distribution
"Groundwork" on the market led to off-market /softly-marketed acquisition opportunities and allowed us to respond quickly to lock up the properties
Flexible acquisition mandate within targeted market; ability to buy stabilized (low cap rate), value-add and land for development

Buildings

+/- 75k to 400K SF

Targeted smaller, one-off opportunities (less competitive)
Average building size of five assets will be approximately 95,000 square feet (including pipeline development) - market appropriate size
Buildings are / will be used for local & regional distribution

Mindset

Think Like a Developer

By looking to create a portfolio, we could start with a "core" acquisition to seed the higher yielding follow-on opportunities
Took on a significant renovation at a value-add property (170 Sunport Lane)
Experience with building acquisitions informed land acquisition which resulted in a modified site plan

▪ Created value by assembling the portfolio	34

ORLANDO CASE STUDY: THE ASSETS

Portfolio with estimated stabilized cost PSF of $95 (1) and yield of approximately 6.1% (2)

- At a cap rate of 5.25%, value of the portfolio would be $110 PSF
A portfolio with buildings similar to Sunport sold for estimated 5.1% stabilized cap rate or ~$135 PSF

Chancellor

Drive

(Oct 2019)

Marketed deal - paid market cap rate (low 5% cap) with credit tenant
However as a one-off asset was not as competitive as if part of a portfolio or a larger building

Maggie

Boulevard (Feb 2020)

Off-marketdeal found through broker relationship - paid cap rate of nearly 6% with long-timetenant
Seller "liked" the Griffin story and that we closed recently on similar building nearby

Sunport Lane	Jetport Land
(Mar 2020)	(Under
	Agreement) (3)

Softly marketed for sale - difficult for showings as vacant space needed renovation
Griffin's value-add work just completed; Expect stabilized yield between 6.5%-7.0%

Under agreement and seeking entitlements for two- building development totaling 195,000 SF
Acted quickly to secure the land once previous buyer backed out due to COVID-19
Expect stabilized yield above 6%

1. Stabilized Cost PSF includes purchase price, inclusive of acquisition costs, for each Chancellor Drive, Maggie Boulevard and Sunport Lane. Stabilized Cost PSF also includes approximately $1.6 million in renovation and anticipated leasing costs for Sunport Lane value-add acquisition and $19.6 million in total purchase, construction and leasing costs for Jetport Land under agreement to construct two buildings totaling 195,000 SF. Square footage includes 100,045 SF for

	Chancellor Drive, 108,312 SF for Maggie Boulevard, 68,320 SF for Sunport Lane and planned development of 195,000 SF for Jetport.
2.	Estimated yield of approximately 6.1% based on Cash Leasing NOI for the assets shown here divided by the stabilized costs as explained in footnote #1 above. Cash Leasing NOI for Chancellor Boulevard and Maggie Drive, which are both	35
	100% leased, are as of Q3 2020, annualized. Cash Leasing NOI for 170 Sunport Lane assumes lease up of remaining vacancy at assumed market rents of $7.25 PSF NNN. Cash Leasing NOI for Jetport assumes completion of land

acquisition and development of land into 195,000 SF of industrial, which is assumed to be leased at market rents of $6.50 PSF NNN.

3. Subject to satisfactory completion of due diligence and receipt of necessary approvals.

Investment 04

Highlight #

SIGNIFICANT INTERNAL & EXTERNAL GROWTH OPPORTUNITIES

HISTORY OF PORTFOLIO GROWTH WITH NO EXTERNAL EQUITY

Industrial Square Feet (in millions)		Industrial Cash Leasing NOI ($ in millions)

61%	125%	$22.0
Growth in Industrial SF	Growth in Cash	$19.7
	Leasing NOI
	$18.3

			$15.8
			$12.6
		4.2	$9.8
	4.0

	3.6
3.0	3.3

2.6

11/30/2015

11/30/2016

11/30/2017

11/30/2018

11/30/2019

8/31/2020

11/30/2015

11/30/2016

11/30/2017

11/30/2018

11/30/2019

8/31/2020

(LQA)

Stabilized Industrial Portfolio % Leased

92.5%

95.9%

99.8%

98.6%

98.7%

99.7%

Note: Data shown is for fiscal year end, unless otherwise noted. See Appendix for definition of Cash Leasing NOI and Stabilized Portfolio.	37

EMBEDDED INDUSTRIAL CASH LEASING NOI GROWTH (1)

+41% growth

in Cash Leasing NOI
including completion &
lease up of current		$2.6
development pipeline
+14% growth		$3.3
	$31.0
in Cash Leasing NOI
within the existing		$1.2
portfolio

		$1.4
	$0.5	$25.1

$22.0

LQA Industrial Cash	Approx. 2.25% Estimated	Free Rent Burn Off (3)	Estimated Stabilization	LQA Industrial Cash	Anticipated Completion and Anticipated Completion and	LQA Industrial Cash
Leasing NOI	Lease Escalations (2)		Adjustments for Recent	Leasing NOI, Adjusted for	Stabilization of Owned	Stabilization of	Leasing NOI, Adjusted for
			Developments &	Embedded Growth	Developments (5)	Developments Under	Embedded Growth
			Acquisitions (4)	(Existing Portfolio)		Agreement (6)	(Existing Portfolio +
							Development Pipeline)

Note: Dollars shown in millions. Example is illustrative only. Griffin cannot guarantee that Cash Leasing NOI will grow as suggested, if at all. Cash Leasing NOI is a non-GAAP financial measure. See Appendix for non-GAAP reconciliations.

See Appendix for full definition of Embedded Industrial Cash Leasing NOI Growth ("Embedded Growth").
Griffin approximates that the weighted average base rental rate contractual escalation across its industrial portfolio for leases in-place as of August 31, 2020 is approximately 2.25% over the course of the next year. Embedded Industrial Cash Leasing NOI Growth includes $0.5 million from Estimated Lease Escalations, to reflect an increase of 2.25% on LQA Cash Leasing NOI from industrial properties of $22.0 million.
During fiscal Q3, Griffin had instances of foregone revenue as a result of rent abatement provisions (free rent) in the respective leases at the following properties: 20 International Drive (CT), 75 International Drive (CT), 4270 Fritch Drive (PA), 6975 Ambassador Drive (PA) and 160 International Drive (NC). Embedded Industrial Cash Leasing NOI Growth includes $1.4 million from Free Rent Burn Off, to reflect the amount of rent in abatement during the third quarter's Cash Leasing NOI from industrial properties on an annualized basis.
Assumes lease up of remaining vacancy to 95% occupancy at 160 & 180 International Drive in Charlotte and 170 Sunport Lane in Orlando would add an additional $1.2 million in annualized Cash Leasing NOI, assuming market rents of $5.00 PSF NNN in Charlotte and assuming market rents of $7.25 PSF NNN in Orlando. This $1.2 million is included in Embedded Industrial Cash Leasing NOI Growth. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed.
Assumes completion of 3 buildings in Charlotte totaling 520,000 SF, leased at assumed market rents of $5.00 PSF NNN and assumes completion of a 103,000 SF building in the Lehigh Valley, leased at assumed market rents of $6.75 PSF NNN.

	The completion of these developments and leasing activity for these developments at these assumed rents, or at all, cannot be guaranteed. These assumption contribute $3.3 million to Embedded Industrial Cash Leasing NOI Growth.	38
6.	Assumes acquisition of land for development and completion of the development of two buildings in Orlando totaling 195,000 SF leased at assumed market rents of $6.50 PSF NNN. Also assumes acquisition of land for development and
	completion of the development of one 203,000 SF building in the Lehigh Valley leased at assumed market rents of $6.65 PSF NNN. The acquisition of the land in Griffin's pipeline for development, the completion of these developments and leasing

activity for these developments at these assumed rents, or at all, cannot be guaranteed. These assumption contribute $2.6 million to Embedded Industrial Cash Leasing NOI Growth.

ABILITY TO LEVERAGE G&A

As Griffin's portfolio and Cash Leasing NOI continues to grow,

we expect G&A as a percentage of this NOI to also continue to decrease

($ in 000s)

LQA Q3 2020

G&A Expenses

$9,160

$428 $740

$1,324

$1,180

$1,924

$3,564

Description & Growth Expectations

Over Time

REIT Conversion & Strategic Initiatives

Holding Costs of Undeveloped Land

Other G&A (1)

Public Company Expenses (2)

Non-Cash Comp Expenses (3)

Cash Compensation Expenses

(Includes Operating Personnel such as Asset Management and Construction / Development)

Strong "flow-through" of incremental NOI…

		Adjusted
		for
	LQA	Embedded
($ in millions)	8/31/20	Growth (4)
Industrial Cash Leasing NOI	$22.0	$31.0
% Growth		41.0%

Less: G&A Expenses	($9.2)	($9.2)

Industrial Cash Leasing NOI	$12.8	$21.8
after G&A
% Growth		70.2%

G&A leverage can lead to significantly higher growth

LQA 8/31/20

Note: Example is illustrative only. Griffin cannot guarantee that Cash Leasing NOI will grow as suggested, if at all. Cash Leasing NOI is a non-GAAP financial measure. See Appendix for non-GAAP reconciliations.

1. Includes items such as marketing costs, liability insurance, occupancy costs, etc.

2.	Includes items such as audit and tax preparation fees, board expenses, legal costs (excluding REIT conversion), etc.	39
3.	Includes stock options and deferred comp plans.
4.	See previous slide for detail on Embedded Industrial Cash Leasing NOI Growth. Full definition and components are also available in the Appendix.

SAME PROPERTY NOI ("SPNOI") & LEASING SPREADS

Industrial SPNOI - Cash Basis

As of 8/31/2020

Q3	9 Months	Trailing 12
	Ended	Months Ended

0.0%	4.8%	6.0%

Considerations for SPNOI Growth

Given smaller portfolio, a few larger leases (200K SF+) can have disproportionate impact on SPNOI growth in a given period:
- Free rent (including deals struck during early stages of COVID-19 pandemic)
- Scheduled downtime as part of tenant expansions
We are 99.7% occupied in what is expected to be 2021's same property pool
- Growth in 2021 limited to renewals and escalations
- No benefit from lease up of unstabilized properties as they will not yet be in the 2021 same property pool

Industrial Weighted Averaged Rent Growth from Leasing Activity

	Q3	9 Months
	8/31/20	Ended 8/31/20

Cash Basis	3.6%	4.6%

Straight Line Basis	16.5%	16.6%

Considerations for Rent Growth from Leasing

Griffin historical approach to leasing vs. typical industrial REIT practice
- Did not disaggregate "above-standard" TI from base rent for turn-key deals
- Amortization of excess TI, making capex for certain deals look "heavy"
- Reimbursement for excess tenant work could lead to amortized "non- cash" rent as revenue over the lease term
Large deals can disproportionately impact metrics
Certain deals struck during early stages of COVID-19 impact 2020 results

Note: See Appendix for definitions of SPNOI, the same property pool and leasing activity metrics.	40

MONETIZATION OF NON-CORE ASSETS

Strong history of monetizing non-core assets and deploying proceeds into acquisitions of industrial buildings

and land for development outside of Connecticut

Office / Flex & Land Summary

				Remaining
	8/31/20 Total	Properties Under	Portfolio after
Office / Flex		Office	Agreement for	Anticipated
	Properties	Sale (1)	Sales
Square Footage	432,970	201,374	231,596

# of Buildings	12	3	9

% of Total Industrial	9.3%	4.3%	5.2%
& Office Portfolio SF


Net Book Value		$17.0M	$7.9M	$9.1M

LQA Leasing NOI		$2.2M	$0.3M	$1.9

Percent Leased	64.7%	41.9%	84.5%


			Land Under	Remaining Land
Land		8/31/20	Agreement for	after Anticipated
	Total Land	Sale (1)	Sales
Acres	3,394.1	579.3	2,814.8

Net Book Value		$14.3M	$6.0M	$8.2M

Griffin has a successful track record of selling land and redeploying the proceeds into income-producing industrial real estate
Nearly $65 million in proceeds generated through assets / land sales reinvested in the industrial portfolio since 2012 (the majority through 1031 like-kind exchanges)
Nearly $20 million ($7.65 million of office & $12.0 million of land) under agreement currently (1) with no expected dilution to operating income
- Current office sales reflect weakest performing assets
- - 5 & 7 Waterside Crossing - 52% leased
  - 55 Griffin Road South - fully vacant
- Land under agreement for sale currently generates no Cash Leasing NOI and has carrying costs embedded in G&A
Recent land sales were deployed into 1031 land purchases for developments of:
- 6975 Ambassador Drive (Lehigh Valley)
- 160 & 180 International Drive (Charlotte)
- Chapmans Road (Lehigh Valley - under development)
- Old Statesville Road (development pipeline)
- Plus - a 277,000 SF building acquisition at 215 International Drive (Charlotte)

Note: Portfolio metrics as of August 31, 2020. Office dispositions under agreement include 5 & 7 Waterside Crossing as well as 55 Griffin Road South. Details on land under agreement for sale can be found on slide 58 in the Appendix.	41
1.	Subject to satisfactory completion of buyers' due diligence.

Investment 05

Highlight #

STRATEGIC INITIATIVES

UNDERWAY TO ENHANCE

SHAREHOLDER VALUE

SHAREHOLDERS HAVE ENJOYED STRONG RELATIVE PERFORMANCE…

1-Year Total Shareholder Return

40.0%

35.9%

35.0%

30.0%

25.0%24.0%

20.0%19.4%

15.0%
12.3%
10.6%	10.6%	9.6%
10.0%

5.0%			3.8%
0.0%

3-Year Stock Price Indexation

180.0

160.0

140.0

120.0

100.0

80.0

60.0

6-Nov-17

6-Jan-186-Mar-18

6-May-18

6-Jul-18

6-Sep-18

6-Nov-18

6-Jan-196-Mar-19

6-May-19

6-Jul-19

6-Sep-19

6-Nov-19

6-Jan-206-Mar-20

6-May-20

6-Jul-20

6-Sep-20

Industrial

REITs

146.7

GRIF 142.7

S&P 500

135.5

RMZ

90.7

Source: 3-Year Factset data from November 6, 2017 through November 5, 2020. 1-Year Factset data from November 6, 2019 through November 5, 2020. Industrial REITs peer average in stock price indexation chart is comprised of the	43
same industrial REIT peers listed in the total shareholder return chart at left.

…HOWEVER, GRIFFIN IS STILL VALUED AT A DISCOUNT TO PEERS

Implied Cap Rate (1)

Premium / (Discount) to NAV (2)

6.3%								35.9%
	5.8%								32.2%	31.9%

		4.8%
						Peer Avg: 4.0%				25.0%	Peer Avg: 20.6%
			4.1%
			4.0%								Premium

					3.4%	3.2%
						3.0%

												12.2%
													4.0%	2.8%	?


GRIF	STAG	FR	DRE	EGP	PLD	REXR	TRNO	TRNO	REXR	PLD	EGP	DRE	FR	STAG	GRIF

Note: See Appendix for calculation of Griffin implied Industrial Cap Rate.

1.	Implied Cap Rate is per Citi Investment Banking estimates as of November 5, 2020.	44
2.	Peer NAV Data per Green Street estimates, excluding STAG which represents FactSet consensus estimates as of November 6, 2020. Premium calculated against share price as of November 5, 2020.

2020 - WHY NOW?

Proven, Repeatable

Strategy w/ Team in Place

Proven and repeated success entering new markets over the past several years
Employed effective strategy to both acquire and develop in new markets
Strong platform with most of the infrastructure in place to support future growth

Stakeholder Support

Generational transition at CEO & Chairman levels
Desire to increase stock liquidity and accelerate shareholder value
Expanded number of independent board directors with significant real estate experience

Constructive Market

Conditions & Industrial

Tailwinds

Planned transition to REIT structure
Market education / enhanced disclosure efforts underway combined with existing investor interest in industrial sector
Opportunity to raise capital to increase rate of growth & scale through combination of acquisitions and developments

2020 - LAYING THE GROUNDWORK

March Announced intention to convert to a REIT, appointment of Gordon DuGan as Board Chairman and Molly North as Director

June Reported on FY Q2 2020 cash & straight-line leasing spreads, a new reporting metric for Griffin

Held first earnings webcast in public company history with Q2 July FY 2020 earnings & hired Director of IR & Capital Markets

August	Raised $27.2 million from issuance of equity and warrant in
private placement - first equity capital raise in Griffin's history

Held second earnings webcast in company history and released

October Griffin's first financial supplemental presentation to accompany earnings

November Virtual Investor Day TODAY! & Griffin's first participation in NAREIT conference from November 17th-19th

January 2021Planned REIT Conversion & re-branding

Gordon F. DuGan

Chairman of the Board

CEO of Gramercy Property Trust from June 2012 to October 2018
CEO of W.P. Carey & Co. from 2005 to 2010

Case Study: Gramercy Property

Trust ("GPT")

Gordon joined GPT in July 2012, when the equity market capitalization of the business was below $200M
Gordon and his team spent the next five years pivoting the business from a commercial lending & net lease business to a pure play equity REIT focused on industrial properties, which grew to over 80 million square feet
In October 2018, Gramercy was acquired by Blackstone for $7.6 billion, or over $4.5 billion in equity value

NEXT STEPS

Execute on our plans and investment strategies to drive growth in

earnings, NAV and shareholder value over time

Planned conversion to a REIT & fiscal year change from November 30th to December 31st
Planned re-branding from Griffin Industrial Realty to new name (to be announced)
Work towards more efficient access to the capital markets for external growth
- Improve leverage metrics through growth in assets
- Seek research coverage
- Continue to provide enhanced disclosure and communication
- Investor outreach, events, conferences to broaden shareholder base and increase liquidity & volume

Capital Markets Case Study: August 2020 PIPE

Goals

Raise equity capital but minimize dilution
Find structure that would provide us access to an initial amount of capital and potential access to additional capital
Desire to send a strong message that stock is undervalued and the capital raise was from a position of relative strength

Outcome

$50.00 / share was priced with effectively no discount
Warrant structure allows Griffin to potentially access another $30 million at a 20% increase over original issue price ($60.00 / share)
Conversant Capital's team is well-known in the real estate investment community and they wanted the option to provide more capital at a higher price down the road - conviction in Griffin's growth story

INVESTMENT HIGHLIGHTS RECAP & CLOSING COMMENTS

High Quality Portfolio & Tenancy
Well-Positionedin the Right Sector
Disciplined & Proven Investment Strategy
Significant Internal & External Growth Opportunities
Strategic Initiatives Underway to Enhance Shareholder Value

APPENDIX

COVID-19 UPDATE

Griffin's Portfolio Has Performed Well During the Pandemic to Date

Portfolio Metrics Remain

Healthy…

In-Service,Stabilized Industrial Portfolio is 99.7% leased as of 8/31/20, 100 bps higher than the end of fiscal 2019 (pre- pandemic levels)
Strong leasing interest and activity in recently repositioned Orlando asset (acquired <30% leased)

…But We Continue to Operate with Caution

Proactive tenant outreach / ongoing discussions and active asset management

Rent Collection, inclusive of Deferrals/Rent Relief

99.0% or higher of rent has been collected each month during the COVID-19

pandemic since April

Rent Relief Update

Agreements with two tenants for rent relief aggregating approx. 0.5% of anticipated total annual rental revenue for the 2020 fiscal year
- Provided rent relief to a subsidiary of a Fortune 500 company as a concession for an early 5-year renewal of approx. 131,000 SF
- Deferral agreement with one tenant occupying 20,000 SF; tenant is currently meeting its deferral obligations
In September, an industrial tenant that leases 59,000 square feet in CT requested relief under its lease that expires on December 31st of this year
- The relief was not granted; the tenant remains current on its rent
- Lease will not be renewed, as Griffin previously entered into an agreement with the adjoining tenant to expand into that space

Note: See Definitions in Appendix for definition of Stabilized, In-Service properties.

DEBT SUMMARY & LIQUIDITY PROFILE

Debt Summary as of 8/31/2020 ($000s)

			Weighted	Weighted
		Amount	Average	Average
	Capacity	Outstanding	Rate	Maturity	(1)

Debt
Mortgages	N/A	$164,423	4.19%	5/2028
Revolving Credit Facility	$19,500	$0	L + 2.50%	9/2021
Acquisition Credit Facility	$15,000	$0	L + 2.75%	9/2021
Total	$34,500	$164,423

Liquidity as of 8/31/2020 ($000s)

Cash & Cash Equivalents		$27,767
Revolver Capacity		$19,500
Acquisition Facility Capacity		$15,000
Total Liquidity		$62,267
Other Potential Sources of Liquidity
ATM Facility		$30,000
Office Dispositions Under Agreement	(3)	$7,650

Land Sites under Agreement
for Sale	(3)		$12,004

Debt Maturity Schedule as of 8/31/2020 ($000s) (2)

						$36,985				$42,671

	$15,000				$18,653		$21,337
							$17,747						$13,795

									$9,139
	$19,500	$4,096


2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034	2035

1.	Revolver and Acquisition facilities may be extended to September 2022 at Griffin's option.
2.	Does not show the impact of mortgage amortization. Based on mortgage and revolving facility balances as of August 31, 2020. Mortgage loan due in 2022 will be repaid with the proceeds from the sale of 5 & 7 Waterside Crossing.
3.	Office dispositions reflect agreements to sell 5 & 7 Waterside Crossing and 55 Griffin Road South, which remain subject to satisfactory completion of buyers' due diligence. Land sites include parcels shown on Slide 58. There can be	52
	no assurances that the office buildings or land sales for expected proceeds shown will be completed in the near-term, if at all.

LEVERAGE METRICS

Leverage Metrics

($ in 000s)

35%

Debt / Total

Enterprise Value (1)

6.6x

Debt / LQA Cash

Leasing NOI

7.8x

Debt / Q3 Adjusted EBITDA

(Last Quarter Annualized)

Q3 2020	Cash Leasing NOI	$6,234

Last Quarter Annualized	$24,936

Q3 2020	Adjusted EBITDA	$5,281

Last Quarter Annualized	$21,124

Decreasing Debt As a % of Total Enterprise Value

	Debt / Total Enterprise Value
42%	35%

	Debt ($mm)	$465


	Equity ($mm)

	$324	$344
$309
	$301

	$177	$194
$178

$131	$147	$150	$164


11/30/2017	11/30/2018	11/30/2019	8/31/2020

Note: See Appendix for definition of Non-GAAP measures such as Adjusted EBITDA and Cash Leasing NOI. Last Quarter Annualized calculations are Q3 numbers multiplied by four.	53
1.	Based on share price as of November 5, 2020 of $52.99 per share. Debt amount used in this calculation is not net of cash.

GRIFFIN IMPLIED INDUSTRIAL CAP RATE BREAKDOWN

$ in 000s

	Total Mortgage Debt	$164,423	Shares Outstanding	5,657,302

	Cash & Cash Equivalents	($27,767)	Share Price as of 11/5/20	$52.99

	Total Net Debt	$136,656	Equity Market Capitalization	$299,780

	$436,436
Market value of land is considerably higher (see
components of land in NAV on slide 56)	Total Enterprise Value


Land Under Agreement for Sale (1)	$12,004

Remaining Undeveloped Land at Net Book Value	$8,239	Office Under Agreement for Sale (1)	$7,650

Buildings Under Construction at Net Book Value	$10,543	Remaining Office / Flex at Net Book Value	$9,110
Land Values to be Subtracted	$30,786	Office Values to be Subtracted	$16,760
	$388,890	6.3%
Implied Industrial Building Value	Implied
Cap Rate

$5,497		$357		$293	$24,588
+	+	X 4 = LQA Q3 Cash Leasing
Q3 Cash Leasing NOI	Free Rent Impacting Q3 which	Estimated Stabilization to 95%
from Industrial Properties		will Burn Off in Future Periods (2)		Occupancy at 160 & 180 International and	NOI with Adjustments
			170 Sunport (3)

Note: Data as of 8/31/2020.

Dispositions remain subject to satisfactory completion of buyers' due diligence. There can be no assurances that the office buildings or land sales for expected proceeds shown will be completed in the near-term, if at all.
Foregone revenue as a result of rent abatement provisions (free rent) in the respective leases is not included in the LQA Cash Leasing NOI numbers. Free rent includes value of abated base rent at the following properties during the

	quarter: 20 International Drive (CT), 75 International Drive (CT), 4270 Fritch Drive (PA), 6975 Ambassador Drive (PA) and 160 International Drive (NC).	54
3.	Lease up of remaining vacancy to 95% occupancy at 160 & 180 International Drive in Charlotte and 170 Sunport Lane in Orlando could add an additional $1.2 million in annualized NOI, assuming market rents of $5.00 PSF in

Charlotte and $7.25 PSF in Orlando. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed.

COMPONENTS OF NAV & OTHER ASSETS

COMPONENTS OF NET ASSET VALUE

Operating Real Estate & Land (1)

Non CRE Assets & Liabilities as of 8/31/20

	LQA Cash
Industrial Real Estate	Leasing NOI	SF		% Leased
	($mm)
Hartford, CT	$12.4	2,051,932	100.0%
Lehigh Valley, PA	$6.9	1,316,540	99.2%
Charlotte, NC	$1.7	560,466	68.2%
Orlando, FL	$1.0	276,677	81.7%
Total Industrial	$22.0	4,205,615		94.3%
Industrial NOI Does not Include:
Free Rent (2)	$1.4
Estimated Stabilization Adjustments for Recent	$1.2
Developments & Acquisitions (3)


Assets Under Agreement for Sale	Sale Value	Area		% Leased
($mm)

Office / Flex (3 buildings) (4)	$7.7	201,374 SF	41.9%
Land Sites (5)	$12.0	579 acres
Total Sale Value	$19.7

Construction in Progress/Land for Development(5)	Net Book Value	Area	% Leased
	("NBV") ($mm)
Chapmans Road (PA) (103,000 SF)	$3.3	14 acres	n/a
Old Statesville (NC) Developments (520,000 SF)	$7.2	44 acres	n/a
Total NBV of Land & Construction in Progress	$10.5	58 acres

	($mm)
Cash & Cash Equivalents	$27.8
Deferred Income Taxes	$5.0

Other Assets	$23.1

Total Non-CRE Assets	$55.9
Revolving Credit Facilities	$0.0

Mortgage Debt	$164.4

Deferred Revenue	$11.5
AP & Accrued Liabilities	$4.1
Other Liabilities (6)	$24.2
Total Liabilities	$204.3

Share Count

Share Count
Common Shares Outstanding at October 6, 2020	5,657,302

Other Office/Flex & Land(5)	NBV ($mm)	Area	% Leased

Remaining Office/Flex (4)	$9.1	231,596 SF	84.5%
Entitled & Planned Industrial Land (980,000 SF)	$2.8	131 acres	n/a
Other Developable Industrial Land	$0.9	73 acres	n/a
Florida Farm Land	$0.3	1,066 acres	0.0%
CT Farm (tenant has option to purchase for $9.5M)	$0.3	676 acres	100.0%
Commercial / Mixed Use Land	$1.6	370 acres	n/a
Entitled Residential Land (18 residential lots)	$0.9	17 acres	n/a
All Other Land	$1.4	481 acres	n/a
Total Remaining Office / Flex & Land	$17.3

Note: Last Quarter Annualized ("LQA") calculations are Q3 numbers multiplied by four.

1. Data as of 8/31/20.

2. Foregone revenue as a result of rent abatement agreements ("free rent") is not included in the LQA Cash Leasing NOI numbers. Free rent includes value of abated base rent at the following properties during the quarter: 20 International Drive (CT), 75 International Drive (CT), 4270 Fritch Drive (PA), 6975 Ambassador Drive (PA), 160 International Drive (NC). Free rent is shown on an annualized basis.

3. Lease up of remaining vacancy to 95% occupancy at 160 & 180 International Drive in Charlotte and 170 Sunport Lane in Orlando could add an additional $1.2 million in annualized NOI, assuming market rents of $5.00 PSF in Charlotte and $7.25 PSF in Orlando. Leasing activity for current vacancies at these assumed rents or at all cannot be guaranteed.

4. LQA Cash Leasing NOI for Office Properties Under Agreement for Sale is $0.3 million. LQA Cash Leasing NOI for Remaining Office / Flex is $1.7 million.

5. See slide 58 for additional details on land.

6. Includes a $5.4 million warrant liability and a $1.3 million contingent value rights liability, both as a result of the August 2020 equity raise. For more information on valuation of these financial instruments, see Note 3 to the

Consolidated Financial Statements on Fair Value in Griffin's Q3 Form 10-Q.

OTHER ASSETS: OFFICE

Summary

			Remaining
	8/31/20 Total	Properties Under	Portfolio after
	Office	Agreement for	Anticipated
	Properties	Sale	Sales

Square Footage	432,970	201,374	231,596

# of Buildings	12	3	9

% of Total Industrial	9.3%	4.1%	5.2%
& Office Portfolio SF


Net Book Value	$17.0M	$7.9M (1)	$9.1M

LQA Leasing NOI	$2.2M	$0.3M	$1.9M

Percent Leased	64.7%	41.9%	84.5%

Remaining 9 Office/Flex Properties

21 Griffin Road	1936 Blue
North
Hills Ave

29-35 Griffin

Road South

204 West	206 West	340 West
Newberry Road
Newberry Road	Newberry Road

310, 320, & 330 West Newberry Road

Note: Portfolio metrics as of August 31, 2020. Weighted average lease term calculated as term remaining as of August 31, 2020. Dispositions under agreement include 5 & 7 Waterside Crossing as well as 55 Griffin Road South, in each case, subject	57
to the completion of due diligence.
1.	Under agreement for $7.65 million.

OTHER ASSETS: LAND

Land Sites Under Agreement for Sale (1)

($ in 000s)				NBV of Land &	Estimated Sale or
Address	Town	State	Acreage	Improvements	Fixed Option Value	Zoning	Notes
Land Sites Under Agreement for Sale
Meadowood Parcels	Simsbury	CT	276.5	$5,437	$5,419	Residential	Under agreement for land preservation
151	Phoenix Crossing - Lot 4	Bloomfield	CT	14.5	$49	$300	Industrial	Parking use; significant unuseable acreage
957	Stone Road	Windsor	CT	8.3	$12	$285	Agricultural	Farmland with storage barns
Windsor / East Granby Parcels	East Granby / Windsor	CT	280.0	$550	$6,000	Agricultural	Under agreement for min. of $6M for solar project
Subtotal - Land Sites Under Agreement for Sale			579.3	$6,048	$12,004

Undeveloped Land by Category

	($ in 000s)				NBV of Land &
	Address	Town	State	Acreage	Improvements	Notes
	Entitled & Planned Industrial
A	4741 Chapmans Road	Allentown	PA	13.8	$3,341	In Development Pipeline. Being readied for an industrial building (approx. 103,000 SF)
B Old Statesville / Metromont Parcels	Charlotte	NC	44.2	$7,202	In Development Pipeline. Being readied for up to 3 industrial buildings (approx. 520,000 SF)
C	110 Tradeport Drive	Windsor	CT	16.5	$1,238	Entitled for 234K SF industrial building in New England Tradeport ("NETP")
D	105 International Drive	Windsor	CT	59.7	$642	Designed for 248K SF industrial building in NETP (not yet entitled)
E	11 Goodwin Drive (Approved Portion - Lot B)	Windsor	CT	26.6	$634	Entitled for 267K SF industrial building
F	755 Marshall Phelps Road	Windsor	CT	28.4	$283	Entitled for 231K SF industrial cross-docked building
Subtotal - Entitled & Planned Industrial			189.2	$13,341

	Other Developable Industrial
	1975 Blue Hills Avenue Extension	Windsor	CT	19.3	$82
	1995 Blue Hills Avenue Extension	Windsor	CT	19.3	$19
	11 Goodwin Drive (Lots A & C)	Windsor	CT	34.9	$829
	Subtotal - Other Developable Industrial			73.5	$930
	All Remaining Land
	Quincy Florida Farm	Quincy	FL	1,066.0	$279
	Connecticut Nursery Farm	Granby & East Granby	CT	676.3	$392	Tenant has right to purchase for $9.5 million under the lease
	Commercial / Mixed Use	Various	CT, MA	370.1	$1,573
	Entitled Residential	Suffield & Bloomfield	CT	16.5	$884	Entitled for 18 residential housing lots
	Undeveloped Land - General	Various CT & MA	CT, MA	481.2	$1,384
	Subtotal - All Remaining Land			2,610.1	$4,512
	All Land Acres - CT, FL, MA, PA & NC			3,452.1	$24,830

Note: Schedule as of 8/31/20. Excludes land under agreement for purchase in the Lehigh Valley and Orlando.	58
1.	Dispositions remain subject to satisfactory completion of buyers' due diligence. There can be no assurances that land sales for expected proceeds shown will be completed in the near-term, if at all.

ENTITLED & PLANNED INDUSTRIAL LAND AS OF 8/31/20

A	Chapmans Road (Lehigh Valley)	B	Old Statesville / Metromont (Charlotte)

ENTITLED & PLANNED INDUSTRIAL LAND AS OF 8/31/20

C	110 Tradeport Drive (Hartford)	D	105 International Drive (Hartford)

Walgreens	National Tire Wholesale	Tradeport Drive
110
Tire Rack		Ford

Dollar Tree

105

International

Drive

15 acres in New England Tradeport fully approved for a 234,000 SF industrial/warehouse building

105 International Drive - 59.67 acres in New England Tradeport with site plan for a 248,000 SF industrial/warehouse building

ENTITLED & PLANNED INDUSTRIAL LAND AS OF 8/31/20

E	11 Goodwin Drive Lot B (Hartford)	F	755 Marshall Phelps Road (Hartford)

Day Hill Road

▪ 11 Goodwin Drive is comprised of several parcels totaling +/- 62 acres with industrial zoning and a potential developmental capacity of 500,000 - 600,000 SF

▪ A 26.6-acre portion of the site is fully approved for a 267,000 SF industrial/warehouse facility

28.4 acres located off I-91 at Exit 38 (Day Hill Road) with industrial zoning
Fully approved for a 231,000 SF "double loaded" industrial/warehouse facility

CORE VALUES & ESG

GRIFFIN'S CORE VALUES

	Diligence			Quality			Agility			Trust

We are driven by a focused strategy and guided by established criteria for success that creates value for employees, tenants, business partners and investors.

We believe in creating modern, flexible and best-in-class properties that meet our tenants' needs. We carefully consider location, size, sustainability and market-appropriate building features. Our high standards of excellence power our growth and success.

We believe that responsiveness and adaptability are critical in driving value. We are constantly seeking ways to innovate and improve efficiency and productivity.

We rely on our relationships to support our vision and growth. We approach our business with unwavering integrity; we believe in the importance of collaboration and remaining true to our word.

ESG: COMMITMENT TO DOING THE RIGHT THING

For Our Tenants & For Our Community

98%

Of Industrial SF is Covered by LED or T-5 /T-8 Energy Efficient Lighting

100%

Of Industrial SF Built Since 2012 Features Clerestory Windows

100%

White Reflective Roof Decks in North Carolina and Florida Properties (1)

Embracing Solar

Griffin has sold 280 acres for the purpose of being converted to solar farms with another 280 acres under agreement for solar use (2)

Land

Preservation

Hundreds of acres of owned land have been sold or donated for open space or preservation uses in Connecticut

Water Conservation

Where possible, Griffin's buildings utilize low-flow plumbing fixtures as well as sensor flushes and sinks

Waste Reduction

Griffin has implemented a single- stream recycling program for all tenants and staff

Community Events & Sponsorships

Griffin has sponsored the Windsor, CT Bike MS ride to support the National Multiple Sclerosis Society since 1990, the Special Olympics Winter Games since 2016 and the New England Donor Services' Blue & Green Fun Run (5K) fundraiser for tissue and organ donation since 2015

Protecting the environment & supporting the communities in which we live and work

are paramount to Griffin and its employees

1. Dark roofs reduce heating costs in cold weather climates and are preferable in warehouse locations without air-conditioning.

2.	Dispositions remain subject to satisfactory completion of buyers' due diligence. There can be no assurances that the sale of land under agreement for solar use shown will be completed in the near-term, if at all.	64

ESG: OUR CULTURE & GOVERNANCE

Culture

Governance

Griffin is recognized for a culture that is based on unwavering

integrity, an entrepreneurial spirit, and collaboration. We rely on our relationships to support our vision and growth, and we believe in the importance of remaining true to our word.

Our Code of Business Conduct

and Ethics reflects our

commitment to the highest

standards of integrity, transparency and accountability. The Code offers

an Ethics Hotline in addition to a

Shareholder Rights

✓ Majority vote standard for M&A,

charter amendments and bylaw

amendments

✓ Right to act by written consent

Gender Diversity

Corporate Headcount

Female

50%

Male 50%

Employee Tenure

14 years

Average tenure of our workforce

We believe our culture supports our employees and creates a positive environment that encourages team members to build long-term career paths at Griffin.

moral framework for our operations and business decisions, applicable to our directors, officers and employees.

50%

Diversity of

Independent

Directors

✓ No poison pill

✓ Not a controlled company

✓ No classified board

✓ No employment contracts

Board Committee

Composition

100% Independent Audit Committee
100% Independent Nominating Committee
100% Independent Compensation Committee

Note: Corporate headcount and tenure includes all employees except for maintenance and landscaping staff.	65

DETAILED MARKET OVERVIEWS

HARTFORD, CT

GRIFFIN'S HARTFORD INDUSTRIAL PORTFOLIO

New England Tradeport Map		Hartford Building Photos

220 Tradeport Drive	75 International Drive
100 International Drive	330 Stone Road

Representative Hartford Tenancy		Hartford Portfolio Statistics

Map Source: Google Earth.

Note: Portfolio data as of August 31, 2020.

2.1M	114K
Square feet	Avg. building size
5.3	$5.97
Years of Weighted	ABR per leased SF
Avg. Lease Term	68

GRIFFIN'S NEW ENGLAND TRADEPORT ("NETP")

NETP is one the leading industrial parks in New England with 4.0 million total square feet

(1.8 million owned by Griffin)

✓600-acre,master-planned industrial park developed by

Griffin. 15 of Griffin's 18

Hartford Industrial Assets

are in NETP

✓Griffinplannedownssitestwototalingentitled / 482,000 SF plus two possible building expansions totaling

200,000 SF

✓NETP provides easy access to Bradley Int'l Airport and the I-

91, 1-84 and I-90 corridors and is a federally-approved Foreign Trade Zone.

✓NETP is home to some of America's top companies, including Dollar Tree, Walgreens, Domino's, Eaton, FedEx, Wayfair, Pepsi, Ford, Tesla/Solar City,

UPS and Tire Rack.

HARTFORD: GATEWAY TO NEW ENGLAND

Market Drivers

Gateway to New England and equidistant to Boston, New York City and
Connecticut's "Gold Coast"
30% of the U.S. population is reachable within a one day drive (one way)
Densely populated region with significant consumer spending power and historic industrial and corporate base
High barriers to entry with limited, well-locatedindustrial-zoned land and difficult entitlement process

Industrial Fundamentals

Total market size of 76 million SF, with nearly 10 million SF added over the last 8 years and average asking rents growing 19% over the same period
A CBRE U.S. Logistics Webinar from August 2020 classified Hartford as the 6th fastest growing secondary logistics market in the U.S. based on YTD absorption divided by inventory, ahead of markets such as Salt Lake City, Memphis, & Nashville
Supply-constrainedwith solid industrial dynamics
- Positive trends in leasing, occupancy and employment rate
- Over the trailing 5 calendar years, recorded 3.3 million SF of positive net absorption, compared to 2.8 million SF of completions
Well-locatedfor local & regional distribution with major users like Amazon,
DollarTree, Walgreens, Home Depot, Ford, FedEx, UPS, Trader Joe's, Wayfair and Domino's
Institutional ownership base includes:

200 Mile Radius from Hartford, CT (1)

MSA	Population	Distance	Drive Time
Hartford	1.2 M	n/a	n/a
Boston	4.9 M	100 mi	+/- 1.5 hrs
New York	20.3 M	130 mi	+/- 2 hrs
Philadelphia	6.1 M	220 mi	+/- 3.3 hrs

Map Source: Maptive software using US Census Subcounty Resident Population Estimates data sets for 2019.	70

Data Source: CBRE National Partners materials and CBRE Research: Hartford Industrial Marketview (Q3 2020).

I-91 CORRIDOR: NEW ENGLAND'S PRIMARY LOGISTICS HUB

Logistics market leaders including Amazon, FedEx and UPS

all operate major hubs along CT's I-91 Corridor

Map Source: Maptive.	71

LEHIGH VALLEY, PA

GRIFFIN'S LEHIGH VALLEY INDUSTRIAL PORTFOLIO

Lehigh Valley Property Map

Lehigh Valley

International Airport

Existing

Development Pipeline

Representative Lehigh Valley Tenancy

Map Source: Maptive.

Note: Portfolio data as of August 31, 2020.

Lehigh Valley Building Photos

4270 Fritch Drive

5210 & 5220 Jaindl Blvd

4275 Fritch Drive

871 Nestle Way

Lehigh Valley Portfolio Statistics

1.3M	306K	219K
Square feet	Avg. building size

3.6	SF development	$5.98
pipeline
Years of		ABR per leased SF

Weighted Avg.	73
Lease Term

GRIFFIN VS. PEERS IN THE LEHIGH VALLEY

Griffin vs. Peer Lehigh Valley Portfolios

Industrial REIT

Comps(1)

# of Buildings	6	42	6	1	5

SF (000s)	1,317	21,894	4,312	290	1,193

% of Portfolio	31.3%	4.1%(3)	2.7%	0.3%	1.9%

Avg. Age (years)	6	13	4	22	27

Occupancy	99.2%	91.3%(2)	83.7%(2)	100.0%	94.5%(2)

Source: Public company filings, SNL.
1.	Data reflects Lehigh Valley industrial portfolio defined by the Allentown - Easton MSA and "Industrial", "Warehouse / Distribution Center", "Industrial Park" assets. Not inclusive of "Land", "Flex / Service Center", "Manufacturing".
2.	Occupancy data from most recent financials for their "Lehigh Valley" / "Central / Eastern PA" portfolios, inclusive of properties outside of defined Allentown - Easton MSA.	74
3.	% of PLD's U.S. Portfolio.

LEHIGH VALLEY: TOP TIER INDUSTRIAL MARKET WITH INDUSTRY-LEADING GROWTH

Market Drivers		Primary Inland Hub for NY-Metro Area

Key distribution hub for New York Metro, Northeast and Middle Atlantic due to multi- directional interstate connectivity
- Located within a two-hour drive of major cities such as Baltimore, Washington D.C., Philadelphia and New York City
Large population to serve:
- Access to 48% of the US population and 60% of the Canadian population within a one-day truck drive (one way)
- 30.8 million people within a 100-mile radius accounting for $1 trillion in annual expenditures
More affordable labor base than competing Central New Jersey locations

Industrial Fundamentals

133 million square foot market(1) including Berks, Lehigh and Northampton Counties
Ranked 4th U.S. Industrial & Logistics market in Net Absorption YTD with 10.5 million SF
Significant barriers to entry and supply constrained
- Scarcity of well-located development sites with unfettered access to major industrial interchanges and logistics infrastructure
- Protracted zoning, approval, and entitlement processes can span two years or longer
Key location for major national retailers, consumer product companies, e- commerce, and 3PL firms and home to FedEx's largest ground hub in the nation)
U.S. Institutional ownership base includes:

Lehigh Valley International Airport
(one of 20 Amazon Prime Air
Shipping Locations)	Newark Liberty

International Airport

Port of Newark-

Elizabeth

Philadelphia PhilaPort

International Airport

Significant Rent Growth Driven by Barriers to

Entry and Strong Demand

	Top 5 Markets In 5-Year Rent Growth Through 2019
Rank	Major US Industrial Markets	Rent Growth


1	New Jersey	63.1%
2	Lehigh Valley	39.2%
3	Seattle	33.3%
4	Los Angeles	27.5%
5	Inland Empire	25.0%

Map Source: Maptive.	75
Data Source: CBRE National Partners materials and CBRE Research: Pennsylvania I-78/I-81 Corridor Industrial (Q3 2020) and U.S Industrial & Logistics Figures (Q3 2020).
1.	Based on properties over 40,000 SF as per CBRE Q3 2020 Industrial MarketView report.

CHARLOTTE, NC

GRIFFIN'S CHARLOTTE INDUSTRIAL PORTFOLIO

Charlotte Property Map		Charlotte Building Photos

Existing

Development Pipeline

Charlotte Tenancy

Map Source: Maptive.

Note: Portfolio data as of August 31, 2020.

180 International Drive

160 International Drive

215 International Drive

Charlotte Portfolio Statistics

0.6M	520K	187K
Square feet	Avg. building size

3.1	SF development	$5.01
pipeline
Years of		ABR per leased SF

Weighted Avg.	77
Lease Term

CHARLOTTE: GROWING POPULATION + ROBUST TRANSPORT INFRASTRUCTURE

Market Drivers

The third-fastestgrowing major city in the country with 50.8% cumulative population growth since 2000
− Charlotte is the 15th most populous city in the U.S.
Significant and growing corporate base: major financial center with increased relocation of major corporations (home to 8 Fortune 500 corporations)
Low unionization rate making the region appealing to employers with manufacturing, distribution and logistics needs

Industrial Fundamentals

Industrial inventory is comprised of 225 million square feet and has seen 9.8% rent growth since Q1 2018
Industrial demand to serve local / last-mile population, regional needs and multi-market / national distribution
Over the past 24 months, the market has posted more than 8.7 million square feet of positive net absorption
- Positive net absorption over an impressive 35 of the last 38 quarters
Institutional ownership includes:

Data & Map Source: JLL materials and CBRE Research: Charlotte Industrial Marketview (Q2 2020).

Transport & Market Access

Charlotte has emerged as a major East Coast logistics hub due to

its centralized location along the Eastern seaboard and

the presence of the country's 6th busiest airport

Roads & Highways

▪ I-85 connects south to Atlanta and north to Greensboro, Raleigh, Richmond and

▪ I-77 connects north to Cleveland and south with I-26 in Columbia.

▪ Just south of I-40,one of the US's longest interstates that runs east-to-westfrom NC to CA

CLT Airport

▪ 6th busiest airport in North America

and 12th busiest for passenger traffic

▪ Major passenger & freight hub

Rail Access

▪ Charlotte Intermodal Terminal at CLT creates a hub between air, rail and truck to all major ports on the eastern seaboard

▪ Norfolk Southern Railway and CSX bring more than 300 trains through Charlotte weekly

Ports

▪ 3 hours from the Port of Charleston (direct access by rail) & 4 hours from the Port of Savannah

▪ 4 hours from NC's two largest ports in Wilmington & Morehead City

ORLANDO, FL

GRIFFIN'S ORLANDO INDUSTRIAL PORTFOLIO

Orlando Property Map		Orlando Building Photos

Universal Studios

Existing

Development Pipeline

Orlando Tenancy

Map Source: Maptive.

Note: Portfolio data as of August 31, 2020.

7466 Chancellor Drive

3320 Maggie Blvd

170 Sunport Lane

Orlando Portfolio Statistics

0.3M	195K	92K
Square feet	Avg. building size

5.1	SF development	$5.09

Years of	pipeline	ABR per leased SF

Weighted Avg.
Lease Term		80

ORLANDO: BURGEONING POPULATION IN CENTER OF THE STATE

Market Drivers		Transport & Market Access

Centrally located in the nation's third most populous state
- Florida has a population over 21.6 million people and is projected to add an additional 6.0 million residents in the next decade
The Orlando MSA is home to a population of nearly 2.7 million people and is the second fastest growing region in the state with an additional 1,500 new residents moving to Central FL each week
Key location for FL-centricdistribution model: "to Florida, from Florida"
- Orlando is at the eastern end of the I-4 Corridor, FL's primary east/west artery connecting population centers of Tampa and Orlando
- Direct access to I-75,I-95 and the FL Turnpike making Central FL a critical logistics hub for FL and the South
Traditional strength in tourism and hospitality and increasing corporate relocations due to favorable tax environment and quality of life

Industrial Fundamentals

122M square foot industrial market with a market vacancy of 7.9%
Rental rates have climbed steadily over the last five years, averaging 6.8% of growth annually from 2013 - 2019
Lack of industrial land available near the transportation corridors
In the past five years, absorption has outpaced new construction nearly 2:1, as 15.3M square feet of demand exceed deliveries of 8.5M square feet
Institutional ownership base includes:

Roads & Highways

I-4and the Florida Turnpike are two of the state's most critical thoroughfares
I-4is Orlando's primary east-west interstate highway, connecting I-75 in Tampa to I-95 in Daytona
Florida Turnpike is a north- south artery connecting I- 75 NW of Orlando to I-95 in Miami Gardens
Wekiva Parkway: $1.7B project to complete a beltway around the metro

MCO Airport

Busiest airport in FL and 10th busiest in the U.S.
One of the few airports in the world that can accommodate the new generation, Class 6 aircraft (more cargo opportunities)
$2.8 billion expansion to add South Terminal

Data & Map Source: CBRE National Partners materials and CBRE Research: Orlando Industrial MarketView (Q3 2020).

Port Canaveral

45 miles east of Orlando; 2nd busiest cruise port in the world
Handled 6.0 million tons of cargo through its recently widened channel and six additional Neo-Panamax cranes in 2020 increased capacity

Rail Access

Two major CSX rail yards,

two TDSI auto distribution terminals, a bulk transfer terminal and an intermodal

terminal81

PROPERTY SCHEDULES

INDUSTRIAL PROPERTY SCHEDULE AS OF 8/31/20

Building								Annualized	Wtd. Avg.	Year
Count	Address	Town	State	Building SF	Leased SF	% Leased	Base Rent	Lease Term	Built
1	1985 Blue Hills Avenue	Windsor	CT	165,000	165,000	100.0%		3.6	2001
2	210	West Newberry Road	Bloomfield	CT	18,432	18,432	100.0%		-	1988
3	14 International Drive	E. Granby	CT	40,060	40,060	100.0%		11.6	1982
4	15 International Drive	E. Granby	CT	41,632	41,632	100.0%		3.4	1978
5	16 International Drive	E. Granby	CT	58,370	58,370	100.0%		2.7	1980
6	20 International Drive	Windsor	CT	99,840	99,840	100.0%		6.6	1999
7	25 International Drive	Windsor	CT	57,190	57,190	100.0%		1.3	2001
8	35 International Drive	Windsor	CT	97,605	97,605	100.0%		5.4	1998
9	75 International Drive	Windsor	CT	117,000	117,000	100.0%		6.0	2003
10	758	Rainbow Road	Windsor	CT	138,395	138,395	100.0%		4.7	2005
11	754	Rainbow Road	Windsor	CT	136,867	136,867	100.0%		3.6	2006
12	759	Rainbow Road	Windsor	CT	126,852	126,852	100.0%		1.5	2007
13	755	Rainbow Road	Windsor	CT	148,484	148,484	100.0%		7.3	2007
14	131	Phoenix Crossing	Bloomfield	CT	31,239	31,239	100.0%		5.8	1997
15	40 International Drive	Windsor	CT	99,840	99,840	100.0%		2.6	2008
16	100	International Drive	Windsor	CT	304,200	304,200	100.0%		4.9	2009
17	330	Stone Road	Windsor	CT	136,926	136,926	100.0%		3.9	2017
18	220	Tradeport Drive	Windsor	CT	234,000	234,000	100.0%		10.6	2018
	Subtotal - Hartford, CT Industrial			2,051,932	2,051,932	100.0%	$12,251,882	5.3	2005
	Annualized Base Rent / Leased SF						$5.97 PSF
19	871	Nestle Way	Breinigsville	PA	119,900	119,900	100.0%		5.3	2006
20	4275 Fritch Drive	Lower Nazareth	PA	228,000	228,000	100.0%		1.1	2012
21	4270 Fritch Drive	Lower Nazareth	PA	302,640	302,640	100.0%		5.8	2014
22	5220 Jaindl Boulevard	Bethlehem	PA	280,000	280,000	100.0%		1.0	2015
23	5210 Jaindl Boulevard	Bethlehem	PA	252,000	252,000	100.0%		4.2	2016
24	6975 Ambassador Drive	Allentown	PA	134,000	123,545	92.2%		5.8	2018
	Subtotal - Lehigh Valley, PA Industrial			1,316,540	1,306,085	99.2%	$7,806,943	3.6	2014
	Annualized Base Rent / Leased SF			31.3%			$5.98 PSF
25	215	International Drive NW	Concord	NC	277,253	277,253	100.0%		2.2	2015
26	160	International Drive	Concord	NC	147,213	105,070	71.4%		5.5	2019
27	180	International Drive	Concord	NC	136,000	-	0.0%			2019
	Subtotal - Charlotte, NC Industrial			560,466	382,323	68.2%	$1,917,038	3.1	2017
	Annualized Base Rent / Leased SF						$5.01 PSF
28	7466 Chancellor Drive	Orlando	FL	100,045	100,045	100.0%		4.4	1973
29	170	Sunport Lane	Orlando	FL	68,320	17,685	25.9%		0.9	1997
30	3320 Maggie Boulevard	Orlando	FL	108,312	108,312	100.0%		6.4	1985
	Subtotal - Orlando, FL Industrial			276,677	226,042	81.7%	$1,150,860	5.1	1984
	Annualized Base Rent / Leased SF						$5.09 PSF

30	Total In-Service Industrial Portfolio			4,205,615	3,966,382	94.3%	$23,126,721	4.5	2008
	Stabilized In-Service Industrial Portfolio (1)			3,854,082	3,843,627	99.7%
1.	Excludes 160 International Drive, 180 International Drive and 170 Sunport Lane.							83

OFFICE / FLEX PROPERTY SCHEDULE AS OF 8/31/20

Building							Annualized	Wtd. Avg.	Year
Count	Address	Town	State	Building SF	Leased SF	% Leased	Base Rent	Lease Term	Built
1	1936 Blue Hills Avenue	Windsor	CT	7,199	7,199	100.0%		2.8	1983
2	5 Waterside Crossing	Windsor	CT	80,524	44,254	55.0%	$702,258	3.6	1982
3	7 Waterside Crossing	Windsor	CT	80,520	40,165	49.9%	$634,527	4.8	1987
4	29-35 Griffin Road South	Bloomfield	CT	57,500	46,287	80.5%		3.8	1977
5	55 Griffin Road South	Bloomfield	CT	40,330	-	0.0%	$0		1985
6	204 West Newberry Road	Bloomfield	CT	22,331	6,690	30.0%		-	1988
7	206 West Newberry Road	Bloomfield	CT	22,826	22,826	100.0%		7.6	1989
8	310 West Newberry Road	Bloomfield	CT	11,361	11,361	100.0%		4.8	1990
9	320 West Newberry Road	Bloomfield	CT	11,137	11,137	100.0%		0.7	1991
10	330 West Newberry Road	Bloomfield	CT	11,932	11,932	100.0%		1.0	1991
11	340 West Newberry Road	Bloomfield	CT	38,964	29,872	76.7%		3.6	2001
12	21 Griffin Road North	Windsor	CT	48,346	48,346	100.0%		2.9	2002
12	Total Office / Flex			432,970	280,069	64.7%	$3,863,691	3.8	1988

Note: Properties highlighted in grey represent those currently under agreement for sale.	84

DEFINITIONS & NON-GAAP RECONCILIATIONS

PORTFOLIO METRICS

Annualized Base Rent ("ABR")

Represents monthly in-place base rent for each individual lease as of August 31, 2020, annualized. Excludes any impact of free rent. For leases which are currently in rent abatement periods, annualized base rent will show the annualized rent for the month of the commencement of rent payments.

In-Service Properties

All current properties / buildings owned by Griffin, including those which have been acquired or developed. In-Service Properties do not include those which are currently under development.

Stabilized In-Service Properties

In-Service properties / buildings are considered "Stabilized" if they have either (a) reached 90.0% leased or (b) have exceeded 12 months since their development completion or acquisition date, whichever is earlier.

Unstabilized In-Service Properties

In-Service properties / buildings are considered "Unstabilized" if they are either (a) less than 90.0% leased or (b) have not been owned or completed (in the case of developments) for the entire prior 12-month period.

Percentage Leased

Represents percentage of square footage of executed leases, regardless of whether or not the leases have commenced.

Leasing NOI

Griffin defines Leasing NOI as rental revenue (calculated in accordance with GAAP) less operating expenses of rental properties.

Cash Leasing NOI

Griffin defines Cash Leasing NOI as Leasing NOI less non-cash components of rental revenue, including straight-line rent adjustments.

Non-GAAP Reconciliation of Net (Loss) Income to Leasing NOI and Cash Leasing NOI, and Industrial Portfolio Component of Cash Leasing NOI

($ in 000s)		For the 3 Months Ended		For the 9 Months Ended			For the FY Ended
		8/31/2020	8/31/2019	8/31/2020	8/31/2019	11/30/2019	11/30/2018	11/30/2017	11/30/2016	11/30/2015
Net (Loss) Income	($641)	$1,017	($1,654)	$6,250	$3,668	($1,653)	$4,627	$576	$425
Income Tax (Benefit) Provision	($291)	($814)	($562)	$689	($213)	$505	$2,673	$735	$380
Investment Income	($3)	($61)	($31)	($242)	($264)	($151)	($93)	($107)	($161)
Interest Expense	$1,776	$1,508	$5,467	$4,776	$6,408	$6,270	$5,690	$4,545	$3,670
Change in Fair Value of Financial Instruments	$414	-	$414	-		-	-	-	-	-
Gain on Insurance Recovery	-	-		-	($126)	($126)	-	-	-	-
Gain on Sale of Common Stock of Centaur Media plc & Other							-	-	($275)	($122)	-
Impairment Loss	-	-		-	-	$3,100	-	-	-	-
Costs Related to Property Sales	$129	$176	$314	$1,999	$1,999	$144	$3,780	$810	$634
Depreciation and Amortization Expense	$3,594	$2,925	$10,188	$8,806	$11,801	$11,404	$10,064	$8,797	$7,668
General and Administrative Expenses	$2,290	$1,668	$6,785	$5,567	$7,677	$7,749	$8,552	$7,367	$7,057
Revenue from Property Sales	($288)	($302)	($1,139)	($9,828)		($9,828)	($1,023)	($13,945)	($4,364)	($3,483)
Leasing NOI	$6,980	$6,117	$19,782	$17,891	$24,222	$23,245	$21,073	$18,237	$16,190
Non-cash Rental Revenue Including Straight-line Rents	($746)	($321)	($1,798)	($1,329)		($1,567)	($1,669)	($2,097)	($1,596)	($2,112)
Cash Leasing NOI	$6,234	$5,796	$17,984	$16,562	$22,655	$21,576	$18,976	$16,641	$14,078
Industrial Component	$5,497	$5,029	$16,015	$14,451	$19,729	$18,347	$15,846	$12,623	$9,787
Office & Land Lease Component	$737	$767	$1,969	$2,111	$2,926	$3,229	$3,130	$4,018	$4,291	86

DEFINITIONS & NON-GAAP RECONCILIATIONS

SAME PROPERTY PORTFOLIO METRICS

Same Property Portfolio

Griffin considers properties to be included in the Same Property Portfolio if they were owned and part of the Stabilized In-Service portfolio during the entire current and prior year reporting periods. Properties developed or acquired are excluded until held in the Stabilized In-Service portfolio for both the current and prior year reporting periods. Properties sold during the current or prior year reporting periods are excluded.

The Same Property Portfolio for the Trailing Twelve Months ending August 31, 2020 includes properties which were included in the Stabilized In-Service portfolio for the entire period from September 1, 2018 through August 31, 2020.
The Same Property Portfolio for the Nine Months ending August 31, 2020 includes properties which were included in the Stabilized In-Service portfolio for the entire period from December 1, 2018 through August 31, 2020.
The Same Property Portfolio for the Quarter ending August 31, 2020 includes properties which were included in the Stabilized In-Service portfolio for the entire period from June 1, 2019 through August 31, 2020.

Same Property Leasing NOI ("SPNOI") - Cash Basis

Griffin defines SPNOI - Cash Basis as Cash Leasing NOI only for properties included in the Same Property Portfolio pool for the reporting period.

Non-GAAP Reconciliation of Net (Loss) Income to SPNOI - Cash Basis

($ in 000s)	For the Three Months Ended		For the Nine Months Ended		For the Trailing Twelve Months Ended
	8/31/2020	8/31/2019	8/31/2020	8/31/2019	8/31/2020	8/31/2019
Net (Loss) Income	($641)	$1,017	($1,654)	$6,250	($4,236)	$6,111
Income Tax (Benefit) Provision	($291)	($814)	($562)	$689	($1,464)	$461
Investment Income	($3)	($61)	($31)	($242)	($53)	($318)
Interest Expense	$1,776	$1,508	$5,467	$4,776	$7,099	$6,480
Change in Fair Value of Financial Instruments	$414	-	$414	-	$414	-
Gain on Insurance Recovery	-	-		-	($126)		-	($126)
Impairment Loss						$3,100	-
Costs Related to Property Sales	$129	$176	$314	$1,999	$314	$1,999
Depreciation and Amortization Expense	$3,594	$2,925	$10,188	$8,806	$13,183	$11,760
General and Administrative Expenses	$2,290	$1,668	$6,785	$5,567	$8,895	$7,501
Revenue from Property Sales	($288)	($302)	($1,139)	($9,828)		($1,139)	($9,828)
Leasing NOI	$6,980	$6,117	$19,782	$17,891	$26,113	$24,040
Non-cash Rental Revenue Including Straight-line Rents	($746)	($321)	($1,798)	($1,329)		($2,046)	($1,973)
Cash Leasing NOI	$6,234	$5,796	$17,984	$16,562	$24,067	$22,067
Cash Leasing NOI from Acquistions & Developments During the Same Property Period	($408)	$56	($681)	$186	($723)	$204
Cash Leasing NOI from Property Dispositions During the Same Property Period	-	-		-	-		-	-
Same Property Leasing NOI ("SPNOI") - Cash Basis	$5,826	$5,852	$17,303	$16,748	$23,344	$22,271
Same Property Cash Leasing NOI from Office Properties	($495)	($556)	($1,256)	($1,543)	($1,797)	($2,092)
Same Property Cash Leasing NOI from Land	($246)	($211)	($713)	($567)		($992)	($795)
Industrial Same Property Leasing NOI ("SPNOI") - Cash Basis	$5,085	$5,085	$15,333	$14,638	$20,554	$19,384
Industrial SPNOI - Cash Basis Year over Year Growth	0.0%		4.8%		6.0%

DEFINITIONS & NON-GAAP RECONCILIATIONS

ADJUSTED EBITDA METRICS

Adjusted Earnings Before Interest Taxes Depreciation and Amortization for Real Estate ("Adjusted EBITDA")

Griffin defines Adjusted EBITDA as: GAAP Net Income plus (a) interest expense, (b) income tax expense, (c) depreciation and amortization, plus or minus (d) losses and gains on the disposition of property, including losses/gains on change of control, plus (e) impairment write-downs of depreciated property, (f) G&A related to REIT Conversion and Related Expenses, (g) non-cash compensation expenses in G&A, which include stock- based compensation and expenses or credits related to the performance of the non-qualified savings plan, (h) change in fair value of financial instruments, and (i) gains or losses on the extinguishment of debt or derivative instruments.

Non-GAAP Reconciliation of Net (Loss) Income to Adjusted EBITDA
($ in 000s)	For the Three Months Ended	For the Nine Months Ended
	8/31/2020	8/31/2019	8/31/2020	8/31/2019
Net (Loss) Income	($641)	$1,017	($1,654)	$6,250
Interest Expense	$1,776	$1,508	$5,467	$4,776
Depreciation and Amortization	$3,594	$2,925	$10,188	$8,806
Gains on Sales of Properties & Land	($159)	($126)	($825)	($7,829)
Income Tax (Benefit) Provision	($291)	($814)	($562)	$689
G&A Expenses Related to REIT Conversion Costs and Strategic Growth Initiatives	$107	-	$751	-
Non-Cash Compensation Expenses in G&A	$481	$155	$597	$385
Change in Fair Value of Financial Instruments	$414	-	$414	-
Adjusted EBITDA	$5,281	$4,665	$14,376	$13,077
Growth over prior year period	13.2%	-	9.9%	-

LEASING ACTIVITY METRICS

Note: All leasing activity calculations exclude leases with terms less than 12 months and leases for first generation space on properties acquired or developed by Griffin.

Annualized Rent (Cash Basis)

Griffin defines this as the first monthly cash base rent payment due under the new lease x 12 or the last monthly cash base rent payment due under the prior lease x 12.

Annualized Rent (Straight Line Basis)

Griffin defines this as the average annual base rental payments on a straight-line basis for the term of the lease including free rent periods.

Weighted Average Rent Growth

Griffin defines this as the % change of annualized rental rates between the previous leases and the current leases.

Tenant Retention

Griffin calculates Tenant Retention as: (Total industrial leases renewed or extended) ÷ (Total industrial leases renewed or extended + Total industrial leases that expired and were not renewed) during the period shown.

DEFINITIONS & NON-GAAP RECONCILIATIONS

DEVELOPMENT METRICS

Total Costs

Includes land, land improvements, building & building improvements as well as tenant improvements paid to date.

In-Place Cash Yield

Calculated as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), divided by Total Costs for the same selected properties.

Anticipated Stabilized Cash Leasing NOI from Completed Developments

Defined as Q3 2020 Cash Leasing NOI for selected properties on an annualized basis (multiplied by four), and includes additional adjustments to gross up for the value of abated rent during the quarter at 160 International Drive (Charlotte), as well as anticipated lease up of remaining vacancy to 95% leased at 160 International Drive (Charlotte) and 180 International Drive (Charlotte) at assumed market rents of $5.00 PSF

Cumulatively, these adjustments add an additional $1.1 million in annualized Cash Leasing NOI from completed developments shown on slide 30. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed.

Expected Stabilized Cash Yield

Calculated as: (Anticipated Stabilized Cash Leasing NOI from Completed Developments) ÷ (Total Costs for selected properties + anticipated additional Tenant Improvement costs in order to complete the adjustments for stabilized lease up of selected properties).

Development Margin

Calculated as: (Estimated Stabilized Cash Yield - Estimated Market Cap Rate) ÷ (Estimated Market Cap Rate).

DEFINITIONS & NON-GAAP RECONCILIATIONS

OTHER

Last Quarter Annualized ("LQA")

Griffin defines last quarter annualized as the last quarter's metric multiplied by four.

Net Debt

Griffin defines net debt as total reported debt at face value, less cash & cash equivalents as of the ending date of the period shown.

Free Rent

Griffin defines Free Rent as foregone revenue as a result of rent abatement agreements. Free rent is not included in Cash Leasing NOI and, as such, Griffin shows an adjustment for free rent burn-off in Cash Leasing NOI and LQA Cash Leasing NOI numbers on slides 38, 54 and 56 to approximate what Cash Leasing NOI may look like in the selected portfolio once rent abatement periods within that portfolio are completed. During fiscal Q3, Griffin had instances of foregone revenue as a result of rent abatement agreements, or free rent, at the following properties: 20 International Drive (CT), 75 International Drive (CT), 4270 Fritch Drive (PA), 6975 Ambassador Drive (PA) and 160 International Drive (NC).

Embedded Industrial Cash Leasing NOI Growth ("Embedded Growth")

Griffin defines Embedded Industrial Cash Leasing NOI Growth as anticipated incremental Cash Leasing NOI within its existing industrial portfolio and industrial development pipeline, shown on an annualized basis. Griffin's Embedded Industrial Cash Leasing NOI Growth as of 8/31/20, on an annualized basis, is estimated to be approximately $9.0 million and is comprised of the following factors:

Estimated Lease Escalations: Griffin approximates that the weighted average base rental rate contractual escalation across its industrial portfolio for leases in-place as of August 31, 2020 is approximately 2.25% over the course of the next twelve months. Embedded Industrial Cash Leasing NOI Growth includes $0.5 million from Estimated Lease Escalations, to reflect an increase of 2.25% on LQA Cash Leasing NOI from industrial properties of $22.0 million.
Free Rent Burn Off: As noted above, during fiscal Q3, Griffin had instances of foregone revenue as a result of rent abatement provisions (free rent) in the respective leases at the following properties: 20 International Drive (CT), 75 International Drive (CT), 4270 Fritch Drive (PA), 6975 Ambassador Drive (PA) and 160 International Drive (NC). Embedded Industrial Cash Leasing NOI Growth includes $1.4 million from Free Rent Burn Off, to reflect the amount of rent in abatement during the third quarter's Cash Leasing NOI from industrial properties on an annualized basis.
Estimated Stabilization Adjustments for Recent Developments & Acquisitions: Lease up of remaining vacancy to 95% occupancy at 160 & 180 International Drive in Charlotte and 170 Sunport Lane in Orlando could add an additional $1.2 million in annualized Cash Leasing NOI, assuming market rents of $5.00 PSF NNN in Charlotte and assuming market rents of $7.25 PSF NNN in Orlando. This $1.2 million is included in Embedded Industrial Cash Leasing NOI Growth. Leasing activity for current vacancies at these assumed rents, or at all, cannot be guaranteed.
Anticipated Completion and Stabilization of Owned Developments: Assumes completion of 3 buildings in Charlotte totaling 520,000 SF, leased at assumed market rents of $5.00 PSF NNN and assumes completion of a 103,000 SF building in the Lehigh Valley, leased at assumed market rents of $6.75 PSF NNN. The completion of these developments and leasing activity for these developments at these assumed rents, or at all, cannot be guaranteed. These assumption contribute $3.3 million to Embedded Industrial Cash Leasing NOI Growth.
Anticipated Completion and Stabilization of Developments Under Agreement: Assumes acquisition of land for development and completion of the development of two buildings in Orlando totaling 195,000 SF leased at assumed market rents of $6.50 PSF NNN. Also assumes acquisition of land for development and completion of the development of one 203,000 SF building in the Lehigh Valley leased at assumed market rents of $6.65 PSF NNN. The acquisition of the land in Griffin's pipeline for development, the completion of these developments and leasing activity for these developments at these assumed rents, or at all, cannot be guaranteed. These assumption contribute $2.6 million to Embedded Industrial Cash Leasing NOI Growth.

This is an excerpt of the original content. To continue reading it, access the original document here.

Attachments

Original document
Permalink

Disclaimer

Griffin Industrial Realty Inc. published this content on 10 November 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 November 2020 12:20:06 UTC

INDUS Realty Trust, Inc.

Equities

INDT

US45580R1032

Commercial REITs

Griffin Industrial Realty : Investor Day Presentation

Latest news about INDUS Realty Trust, Inc.

Chart INDUS Realty Trust, Inc.

Company Profile

Sector Industrial REITs

INDUS Realty Trust, Inc. acquired Industrial property totaling approximately 263,000 square feet in Summerville from Scannell Development Company.	02-28	CI
INDUS Realty Trust, Inc. (Nasdaq: INDT) completed the acquisition of Two-Building Industrial/Logistics Portfolio in Nashville, Tennessee.	30/10/23	CI
INDUS Realty Trust, Inc.(NasdaqGM:INDT) dropped from S&P TMI Index	30/06/23	CI
INDUS Realty Trust, Inc.(NasdaqGM:INDT) dropped from S&P Global BMI Index	30/06/23	CI
Indus Realty Trust, Inc. Announces Board Appointments	29/06/23	CI
INDUS Realty Trust, Inc.(NasdaqGM:INDT) dropped from NASDAQ Composite Index	29/06/23	CI
Abu Dhabi Investment Authority, GIC Real Estate, Inc. and Centerbridge Partners, L.P. on behalf of one or more funds or other entities managed by its affiliates completed the acquisition of remaining 85.2% stake in in INDUS Realty Trust, Inc. from a group of shareholders.	28/06/23	CI
GIC Real Estate, Inc. and Centerbridge Partners, L.P. Entered into a definitive agreement to acquire Outstanding shares of INDUS Realty Trust, Inc.	27/06/23	CI
INDUS Realty Trust Says Merger With Centerbridge, GIC Real Estate Cleared by Committee on Foreign Investment in US	23/06/23	MT
INDUS Realty Trust Keeps Quarterly Dividend at $0.18 a Share, Payable June 28 to Stockholders as of June 22	12/06/23	MT
INDUS Realty Trust, Inc. Announces Quarterly Cash Dividend, Payable on June 28, 2023	12/06/23	CI
INDUS Realty Trust Says Shareholders Approve Merger	17/05/23	MT
Citigroup Adjusts INDUS Realty Trust's Price Target to $67 From $65, Keeps Neutral Rating	10/05/23	MT
INDUS Realty Trust, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2023	03/05/23	CI
INDUS Realty Trust Keeps Quarterly Dividend at $0.18 a Share, Payable April 14 to Shareholders of Record March 31	15/03/23	MT
INDUS Realty Trust, Inc. Declares Cash Dividend for the First Quarter of 2023, Payable on April 14, 2023	15/03/23	CI
INDUS Realty Trust's Q4 Core Funds From Continuing Operations, Revenue Rise	06/03/23	MT
INDUS Realty Trust, Inc. Reports Earnings Results for the Full Year Ended December 31, 2022	06/03/23	CI
INDUS Realty Trust, Inc. Reports Earnings Results for the Fourth Quarter Ended December 31, 2022	06/03/23	CI
Earnings Flash (INDT) INDUS REALTY TRUST Reports Q4 Revenue $12.9M	06/03/23	MT
North American Morning Briefing : Focus This Week -3-	06/03/23	DJ
North American Morning Briefing : Stock Futures -3-	24/02/23	DJ
JMP Securities Downgrades INDUS Realty Trust to Market Perform From Market Outperform	23/02/23	MT
Indus Realty Trust to Be Acquired for $868 Million	22/02/23	MT
INDUS Realty Trust, Inc. Agrees to Suspend Payment of Any Further Regular Quarterly Dividends	22/02/23	CI

	1st Jan change	Capi.
PROLOGIS, INC.	-17.11%	102B
GOODMAN GROUP	+32.49%	42.27B
REXFORD INDUSTRIAL REALTY, INC.	-19.14%	9.86B
EASTGROUP PROPERTIES, INC.	-10.00%	7.94B
AMERICOLD REALTY TRUST, INC.	-11.89%	7.58B
WAREHOUSES DE PAUW SA	-6.11%	6.49B
STAG INDUSTRIAL, INC.	-10.70%	6.38B
FIRST INDUSTRIAL REALTY TRUST, INC.	-10.54%	6.24B
TERRENO REALTY CORPORATION	-9.72%	5.47B