The burden of clearing snow this winter from its Hartford area commercial office-industrial properties helped push landlord Griffin Land & Nurseries Inc. into the red in the fiscal first quarter.
For three months ended Feb. 28, Griffin lost $1.4 million, or 27 cents a diluted share. That contrasts to $1.3 million, or 25 cents a diluted share, the landlord-developer netted the comparable quarter last year.
First-quarter revenue fell to $5.1 million vs. $5.6 million a year ago.
Griffin, which completed the sale of its remaining landscape-nursery operations in January, said fewer land sales was to blame for the revenue falloff. Rental income from its properties, however, was higher.
Expenses also grew in the quarter, Griffin said, paced by more severe winter weather than in 2013.
Based in New York, Griffin’s vast Connecticut portfolio of office and business parks and acreage, primarily in Bloomfield, Granby and Windsor, rank it as one of the state’s largest commercial landlords.
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