In spite of current market disruption, the outlook for industrial NOI growth remains strong, industry sources say.

The relatively small family of publicly-traded industrial REITs is about to gain a new member, as publicly-held Griffin Industrial Realty Inc. plans to convert to a REIT structure.

New York City-based Griffin Industrial Realty said in a March 4 news release that its board had approved the REIT conversion as a way to “maximize stockholder value and generate growth opportunities.” If the move goes as planned, the company’s REIT status will take effect for the 2021 tax year.

In the news release, Michael Gamzon, Griffin’s president and CEO, said the REIT conversion could improve the company’s access to capital, lower its overall cost of capital and expand its investor base.