INDUS Realty Trust Key Executives
This section highlights INDUS Realty Trust's key executives, including their titles and compensation details.
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INDUS Realty Trust Earnings
This section highlights INDUS Realty Trust's earnings, including key dates, EPS, earnings reports, and earnings call transcripts.
Next Earnings Date
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| Transcript | Quarter | Year | Date | Estimated EPS | Actual EPS |
|---|
INDUS Realty Trust, Inc. is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/warehouse properties. INDUS owns 41 buildings totaling approximately 4.6 million square feet (4.2 million of which is industrial/warehouse space) in Connecticut, Pennsylvania, North Carolina and Florida in addition to over 3,400 acres of undeveloped land.
$66.99
Stock Price
$683.16M
Market Cap
33
Employees
New York, NY
Location
Financial Statements
Access annual & quarterly financial statements for INDUS Realty Trust, including income statements, balance sheets, and cash flow statements..
Annual Income Statement
| Breakdown | December 31, 2022 | December 31, 2021 | December 31, 2020 | November 30, 2019 | November 30, 2018 |
|---|---|---|---|---|---|
| Revenue | $49.20M | $42.34M | $37.65M | $44.05M | $33.80M |
| Cost of Revenue | $11.08M | $11.30M | $10.32M | $11.99M | $9.68M |
| Gross Profit | $38.12M | $31.04M | $27.33M | $32.05M | $24.12M |
| Gross Profit Ratio | 77.48% | 73.30% | 72.60% | 72.77% | 71.37% |
| Research and Development Expenses | $- | $- | $- | $- | $- |
| General and Administrative Expenses | $12.39M | $11.82M | $10.50M | $7.68M | $7.75M |
| Selling and Marketing Expenses | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $12.39M | $11.82M | $10.50M | $7.68M | $7.75M |
| Other Expenses | $18.37M | $15.35M | $13.69M | $11.80M | $11.40M |
| Operating Expenses | $30.76M | $27.17M | $24.19M | $19.48M | $19.15M |
| Cost and Expenses | $41.84M | $38.46M | $34.51M | $31.47M | $28.83M |
| Interest Income | $- | $- | $- | $- | $- |
| Interest Expense | $4.73M | $6.88M | $7.29M | $6.41M | $6.27M |
| Depreciation and Amortization | $18.37M | $15.35M | $13.69M | $14.78M | $11.40M |
| EBITDA | $25.70M | $19.24M | $16.55M | $24.37M | $16.38M |
| EBITDA Ratio | 52.23% | 45.45% | 43.96% | 55.34% | 48.45% |
| Operating Income | $7.33M | $3.89M | $2.86M | $9.60M | $4.97M |
| Operating Income Ratio | 14.89% | 9.19% | 7.61% | 21.79% | 14.71% |
| Total Other Income Expenses Net | $-585.00K | $54.04M | $-12.79M | $-6.14M | $-6.12M |
| Income Before Tax | $2.19M | $14.17M | $-7.33M | $3.46M | $-1.15M |
| Income Before Tax Ratio | 4.44% | 33.47% | -19.47% | 7.84% | -3.40% |
| Income Tax Expense | $-585.00K | $26.00K | $3.15M | $-213.00K | $505.00K |
| Net Income | $2.77M | $14.14M | $-10.48M | $3.67M | $-1.65M |
| Net Income Ratio | 5.63% | 33.41% | -27.84% | 8.33% | -4.89% |
| EPS | $0.27 | $1.79 | $-1.97 | $0.72 | $-0.33 |
| EPS Diluted | $0.27 | $1.75 | $-1.97 | $0.72 | $-0.33 |
| Weighted Average Shares Outstanding | 10.19M | 7.91M | 5.31M | 5.07M | 5.02M |
| Weighted Average Shares Outstanding Diluted | 10.35M | 8.08M | 5.31M | 5.11M | 5.02M |
| SEC Filing | Source | Source | Source | Source | Source |
| Breakdown | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | November 30, 2020 | August 31, 2020 | May 31, 2020 | February 29, 2020 | November 30, 2019 | August 31, 2019 | May 31, 2019 | February 28, 2019 | November 30, 2018 | August 31, 2018 | May 31, 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $13.57M | $12.90M | $13.04M | $11.73M | $11.52M | $11.66M | $10.75M | $9.84M | $10.09M | $9.69M | $9.86M | $9.31M | $9.66M | $8.76M | $8.90M | $17.08M | $9.30M | $8.40M | $8.00M | $9.09M |
| Cost of Revenue | $3.06M | $2.90M | $2.85M | $2.55M | $2.78M | $2.73M | $2.90M | $2.59M | $3.08M | $2.56M | $2.72M | $2.49M | $3.02M | $2.43M | $2.66M | $3.43M | $3.48M | $2.25M | $2.19M | $2.47M |
| Gross Profit | $10.52M | $10.00M | $10.19M | $9.18M | $8.74M | $8.93M | $7.85M | $7.25M | $7.01M | $7.13M | $7.14M | $6.83M | $6.64M | $6.33M | $6.24M | $13.65M | $5.82M | $6.15M | $5.81M | $6.62M |
| Gross Profit Ratio | 77.50% | 77.50% | 78.10% | 78.30% | 75.90% | 76.60% | 73.00% | 73.70% | 69.50% | 73.62% | 72.38% | 73.28% | 68.73% | 72.28% | 70.13% | 79.93% | 62.60% | 73.18% | 72.64% | 72.86% |
| Research and Development Expenses | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| General and Administrative Expenses | $9.55M | $4.15M | $2.91M | $2.40M | $2.93M | $3.84M | $2.28M | $2.72M | $2.97M | $3.17M | $2.29M | $2.44M | $2.06M | $2.11M | $1.67M | $1.81M | $2.09M | $1.93M | $1.84M | $1.84M |
| Selling and Marketing Expenses | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Selling General and Administrative Expenses | $9.55M | $4.15M | $2.91M | $2.40M | $2.93M | $3.84M | $2.28M | $2.72M | $2.97M | $3.17M | $2.29M | $2.44M | $2.06M | $2.11M | $1.67M | $1.81M | $2.09M | $1.93M | $1.84M | $1.84M |
| Other Expenses | $5.11M | $5.07M | $4.82M | $4.32M | $4.16M | $14.00K | $- | $- | $- | $-10.19M | $305.00K | $32.00K | $799.00K | $-6.49M | $815.00K | $126.00K | $575.00K | $-8.14M | $347.00K | $576.00K |
| Operating Expenses | $14.66M | $9.22M | $7.73M | $6.72M | $7.09M | $8.49M | $6.22M | $6.15M | $6.31M | $6.61M | $5.88M | $5.80M | $5.29M | $5.11M | $4.59M | $4.75M | $5.03M | $4.89M | $4.58M | $4.72M |
| Cost and Expenses | $17.72M | $12.12M | $10.58M | $9.27M | $9.87M | $11.22M | $9.12M | $8.73M | $9.39M | $9.16M | $8.61M | $8.29M | $8.31M | $7.53M | $7.25M | $8.18M | $8.51M | $7.14M | $6.77M | $7.19M |
| Interest Income | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Interest Expense | $1.76M | $1.56M | $1.51M | $152.00K | $1.52M | $1.72M | $1.70M | $1.71M | $1.75M | $1.81M | $1.78M | $1.90M | $1.79M | $1.63M | $1.51M | $1.62M | $1.65M | $1.70M | $1.49M | $1.55M |
| Depreciation and Amortization | $5.11M | $5.07M | $4.82M | $4.32M | $4.40M | $4.65M | $3.94M | $3.42M | $3.34M | $3.44M | $3.59M | $3.36M | $3.23M | $3.00M | $2.92M | $2.94M | $2.94M | $2.95M | $2.74M | $2.89M |
| EBITDA | $962.00K | $5.85M | $7.26M | $6.78M | $6.05M | $5.11M | $5.57M | $4.53M | $4.04M | $3.96M | $4.85M | $4.39M | $4.58M | $4.22M | $4.58M | $11.84M | $3.73M | $4.21M | $3.97M | $4.79M |
| EBITDA Ratio | 7.09% | 45.35% | 55.65% | 57.81% | 52.49% | 43.80% | 51.79% | 46.01% | 40.02% | 40.84% | 49.16% | 47.11% | 47.44% | 48.19% | 51.39% | 69.34% | 40.14% | 50.16% | 49.62% | 52.67% |
| Operating Income | $-4.15M | $783.00K | $2.44M | $2.46M | $1.65M | $458.00K | $1.64M | $1.10M | $694.00K | $520.00K | $1.25M | $1.03M | $1.35M | $-1.87M | $1.65M | $9.03M | $792.00K | $1.26M | $1.23M | $1.90M |
| Operating Income Ratio | -30.57% | 6.07% | 18.68% | 20.96% | 14.32% | 3.93% | 15.20% | 11.20% | 6.88% | 5.37% | 12.72% | 11.05% | 13.97% | -21.40% | 18.54% | 52.87% | 8.51% | 15.01% | 15.34% | 20.89% |
| Total Other Income Expenses Net | $- | $-1.51M | $- | $-585.00K | $- | $19.15M | $-5.16M | $-2.25M | $-1.46M | $-7.95M | $-2.19M | $-1.90M | $-1.77M | $-1.61M | $-1.45M | $-1.53M | $-1.56M | $-1.63M | $-1.44M | $-1.54M |
| Income Before Tax | $-5.78M | $-723.00K | $830.00K | $1.93M | $152.00K | $19.61M | $-3.52M | $-1.15M | $-768.00K | $-7.42M | $-932.00K | $-868.00K | $-416.00K | $-3.48M | $203.00K | $7.50M | $-766.00K | $-367.00K | $-211.00K | $363.00K |
| Income Before Tax Ratio | -42.57% | -5.60% | 6.36% | 16.42% | 1.32% | 168.17% | -32.76% | -11.70% | -7.61% | -76.66% | -9.45% | -9.32% | -4.30% | -39.78% | 2.28% | 43.92% | -8.23% | -4.37% | -2.64% | 3.99% |
| Income Tax Expense | $7.54M | $1.56M | $-286.00K | $-585.00K | $-117.00K | $2.00K | $24.00K | $1.71M | $1.75M | $3.64M | $-291.00K | $-175.00K | $-96.00K | $-902.00K | $-814.00K | $1.68M | $-180.00K | $-228.00K | $-89.00K | $32.00K |
| Net Income | $-13.31M | $-2.28M | $1.12M | $2.82M | $269.00K | $19.61M | $-3.55M | $-1.15M | $-768.00K | $-11.06M | $-641.00K | $-693.00K | $-320.00K | $-2.58M | $1.02M | $5.82M | $-586.00K | $-139.00K | $-122.00K | $331.00K |
| Net Income Ratio | -98.10% | -17.66% | 8.56% | 24.06% | 2.34% | 168.15% | -32.98% | -11.70% | -7.61% | -114.23% | -6.50% | -7.44% | -3.31% | -29.48% | 11.42% | 34.07% | -6.30% | -1.65% | -1.52% | 3.64% |
| EPS | $-1.31 | $-0.22 | $0.11 | $0.27 | $0.03 | $1.98 | $-0.46 | $-0.15 | $-0.12 | $-1.96 | $-0.12 | $-0.14 | $-0.06 | $-0.51 | $0.20 | $1.15 | $-0.12 | $-0.03 | $-0.02 | $0.07 |
| EPS Diluted | $-1.31 | $-0.22 | $0.11 | $0.27 | $0.03 | $1.94 | $-0.46 | $-0.15 | $-0.12 | $-1.96 | $-0.12 | $-0.14 | $-0.06 | $-0.51 | $0.20 | $1.14 | $-0.12 | $-0.03 | $-0.02 | $0.07 |
| Weighted Average Shares Outstanding | 10.19M | 10.19M | 10.19M | 10.19M | 10.19M | 9.92M | 7.72M | 7.72M | 6.24M | 5.66M | 5.18M | 5.12M | 5.08M | 5.07M | 5.07M | 5.07M | 5.07M | 5.05M | 5.03M | 5.01M |
| Weighted Average Shares Outstanding Diluted | 10.19M | 10.27M | 10.29M | 10.34M | 10.42M | 10.13M | 7.72M | 7.72M | 6.24M | 5.66M | 5.18M | 5.12M | 5.08M | 5.07M | 5.11M | 5.11M | 5.07M | 5.05M | 5.03M | 5.06M |
| SEC Filing | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source | Source |
Annual Balance Sheet
| Breakdown | December 31, 2022 | December 31, 2021 | December 31, 2020 | November 30, 2019 | November 30, 2018 |
|---|---|---|---|---|---|
| Cash and Cash Equivalents | $52.01M | $150.26M | $28.12M | $5.87M | $8.59M |
| Short Term Investments | $- | $- | $- | $1.01M | $17.00M |
| Cash and Short Term Investments | $52.01M | $150.26M | $28.12M | $6.88M | $25.59M |
| Net Receivables | $2.79M | $713.00K | $254.00K | $6.64M | $6.01M |
| Inventory | $-6.38M | $- | $- | $2.14M | $2.65M |
| Other Current Assets | $3.97M | $- | $- | $3.44M | $3.23M |
| Total Current Assets | $52.40M | $160.91M | $41.15M | $19.11M | $37.48M |
| Property Plant Equipment Net | $19.50M | $10.76M | $1.25M | $193.00K | $245.00K |
| Goodwill | $- | $- | $- | $- | $- |
| Intangible Assets | $5.81M | $5.50M | $2.13M | $- | $- |
| Goodwill and Intangible Assets | $5.81M | $5.50M | $2.13M | $1.91M | $1.40M |
| Long Term Investments | $- | $- | $- | $243.57M | $222.24M |
| Tax Assets | $- | $- | $- | $3.28M | $1.56M |
| Other Non-Current Assets | $519.09M | $413.48M | $254.86M | $435.00K | $546.00K |
| Total Non-Current Assets | $544.41M | $429.74M | $258.24M | $249.39M | $225.98M |
| Other Assets | $- | $- | $- | $- | $- |
| Total Assets | $596.81M | $590.65M | $299.38M | $268.50M | $263.47M |
| Account Payables | $10.94M | $9.74M | $1.19M | $2.14M | $1.21M |
| Short Term Debt | $- | $- | $- | $5.88M | $- |
| Tax Payables | $- | $- | $- | $- | $- |
| Deferred Revenue | $6.74M | $7.99M | $10.93M | $11.93M | $11.73M |
| Other Current Liabilities | $1.95M | $1.63M | $2.48M | $4.71M | $4.40M |
| Total Current Liabilities | $19.64M | $19.35M | $14.60M | $24.66M | $17.34M |
| Long Term Debt | $168.37M | $169.82M | $161.39M | $142.57M | $145.05M |
| Deferred Revenue Non-Current | $- | $- | $- | $10.92M | $10.60M |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $-1.10M | $-153.31M |
| Other Non-Current Liabilities | $11.54M | $15.40M | $24.27M | $680.00K | $148.95M |
| Total Non-Current Liabilities | $179.90M | $185.22M | $185.67M | $153.07M | $151.30M |
| Other Liabilities | $- | $- | $- | $- | $- |
| Total Liabilities | $199.54M | $204.57M | $200.27M | $177.73M | $168.64M |
| Preferred Stock | $- | $- | $- | $- | $- |
| Common Stock | $102.00K | $102.00K | $57.00K | $57.00K | $56.00K |
| Retained Earnings | $-11.49M | $-10.87M | $-9.82M | $919.00K | $-211.00K |
| Accumulated Other Comprehensive Income Loss | $7.28M | $-2.91M | $-7.86M | $-3.14M | $2.40M |
| Other Total Stockholders Equity | $401.37M | $399.75M | $116.73M | $92.93M | $92.59M |
| Total Stockholders Equity | $397.27M | $386.08M | $99.12M | $90.76M | $94.83M |
| Total Equity | $397.27M | $386.08M | $99.12M | $90.76M | $94.83M |
| Total Liabilities and Stockholders Equity | $596.81M | $590.65M | $299.38M | $268.50M | $263.47M |
| Minority Interest | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $596.81M | $590.65M | $299.38M | $268.50M | $263.47M |
| Total Investments | $- | $- | $- | $1.01M | $17.00M |
| Total Debt | $168.37M | $169.82M | $161.39M | $148.45M | $145.05M |
| Net Debt | $116.35M | $19.55M | $133.27M | $142.58M | $136.46M |
Balance Sheet Charts
| Breakdown | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | November 30, 2020 | August 31, 2020 | May 31, 2020 | February 29, 2020 | November 30, 2019 | August 31, 2019 | May 31, 2019 | February 28, 2019 | November 30, 2018 | August 31, 2018 | May 31, 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash and Cash Equivalents | $23.32M | $52.01M | $25.74M | $76.17M | $125.73M | $150.26M | $37.13M | $66.20M | $132.03M | $28.54M | $27.77M | $4.03M | $8.70M | $5.87M | $4.41M | $6.97M | $7.75M | $8.59M | $11.97M | $28.78M |
| Short Term Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $1.01M | $- | $- | $- | $1.01M | $9.01M | $12.00M | $15.00M | $17.00M | $11.00M | $- |
| Cash and Short Term Investments | $23.32M | $52.01M | $25.74M | $76.17M | $125.73M | $150.26M | $37.13M | $66.20M | $132.03M | $28.54M | $27.77M | $4.03M | $8.70M | $6.88M | $13.42M | $18.97M | $22.75M | $25.59M | $22.97M | $28.78M |
| Net Receivables | $2.35M | $2.79M | $1.50M | $1.30M | $1.33M | $713.00K | $1.48M | $568.00K | $7.40M | $7.11M | $8.47M | $6.73M | $7.25M | $6.64M | $7.12M | $6.57M | $6.35M | $6.01M | $6.56M | $6.12M |
| Inventory | $- | $-6.38M | $- | $-2.54M | $- | $- | $4.63M | $6.38M | $6.40M | $6.80M | $6.92M | $6.94M | $7.50M | $2.14M | $2.14M | $1.04M | $1.86M | $2.65M | $1.22M | $1.22M |
| Other Current Assets | $- | $3.97M | $15.13M | $10.66M | $11.11M | $- | $6.55M | $1.25M | $4.65M | $27.34M | $5.16M | $1.77M | $2.98M | $3.44M | $4.95M | $1.72M | $2.90M | $3.23M | $4.55M | $1.50M |
| Total Current Assets | $23.77M | $52.40M | $42.37M | $85.59M | $138.17M | $160.91M | $49.79M | $74.40M | $150.49M | $48.14M | $48.32M | $19.46M | $26.43M | $19.11M | $27.63M | $28.29M | $33.85M | $37.48M | $35.30M | $37.61M |
| Property Plant Equipment Net | $3.80M | $19.50M | $16.24M | $12.26M | $13.05M | $10.76M | $7.78M | $1.02M | $895.00K | $899.00K | $942.00K | $967.00K | $1.00M | $193.00K | $206.00K | $223.00K | $235.00K | $245.00K | $268.00K | $282.00K |
| Goodwill | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Intangible Assets | $- | $5.81M | $- | $- | $- | $5.50M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Goodwill and Intangible Assets | $5.50M | $5.81M | $6.12M | $6.44M | $5.23M | $5.50M | $4.47M | $4.23M | $1.99M | $2.17M | $2.31M | $2.44M | $2.65M | $1.91M | $1.18M | $1.25M | $1.32M | $1.40M | $1.47M | $1.55M |
| Long Term Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $252.57M | $252.49M | $245.50M | $243.57M | $233.36M | $224.37M | $220.78M | $222.24M | $223.59M | $213.39M |
| Tax Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $5.02M | $4.79M | $4.22M | $3.28M | $2.84M | $1.23M | $2.15M | $1.56M | $1.44M | $1.31M |
| Other Non-Current Assets | $558.05M | $519.09M | $503.05M | $482.53M | $435.41M | $413.48M | $359.96M | $330.59M | $251.44M | $250.15M | $970.00K | $585.00K | $664.00K | $435.00K | $2.81M | $8.17M | $515.00K | $546.00K | $475.00K | $1.29M |
| Total Non-Current Assets | $567.35M | $544.41M | $525.41M | $501.23M | $453.69M | $429.74M | $372.21M | $335.84M | $254.33M | $253.22M | $261.81M | $261.26M | $254.03M | $249.39M | $240.40M | $235.25M | $225.00M | $225.98M | $227.25M | $217.82M |
| Other Assets | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Assets | $591.12M | $596.81M | $567.78M | $586.82M | $591.86M | $590.65M | $422.00M | $410.23M | $404.81M | $301.36M | $310.13M | $280.72M | $280.46M | $268.50M | $268.02M | $263.54M | $258.85M | $263.47M | $262.55M | $255.43M |
| Account Payables | $15.12M | $10.94M | $6.63M | $11.29M | $10.29M | $9.74M | $7.88M | $9.45M | $2.97M | $1.35M | $1.88M | $1.38M | $2.68M | $2.14M | $2.67M | $3.93M | $2.95M | $1.21M | $3.56M | $6.64M |
| Short Term Debt | $- | $- | $- | $- | $- | $- | $- | $-6.28M | $-5.17M | $-8.81M | $- | $4.10M | $4.10M | $5.88M | $- | $- | $- | $- | $- | $- |
| Tax Payables | $711.00K | $- | $841.00K | $916.00K | $460.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Deferred Revenue | $6.33M | $6.74M | $9.14M | $5.30M | $7.90M | $7.99M | $11.02M | $8.51M | $9.90M | $11.56M | $12.79M | $10.05M | $11.31M | $11.93M | $13.25M | $10.27M | $10.68M | $11.73M | $12.96M | $10.97M |
| Other Current Liabilities | $1.12M | $1.95M | $6.63M | $1.50M | $4.90M | $1.63M | $3.18M | $10.16M | $8.69M | $11.55M | $2.23M | $2.86M | $2.08M | $4.71M | $2.15M | $1.40M | $1.41M | $4.40M | $1.96M | $1.95M |
| Total Current Liabilities | $23.28M | $19.64M | $23.24M | $19.01M | $23.55M | $19.35M | $22.08M | $21.84M | $16.39M | $15.65M | $16.90M | $18.39M | $20.17M | $24.66M | $18.07M | $15.60M | $15.04M | $17.34M | $18.48M | $19.57M |
| Long Term Debt | $167.91M | $168.37M | $139.35M | $165.35M | $169.54M | $169.82M | $171.93M | $158.41M | $160.17M | $161.80M | $162.99M | $159.18M | $160.32M | $142.57M | $143.57M | $143.54M | $144.30M | $145.05M | $141.11M | $133.97M |
| Deferred Revenue Non-Current | $- | $- | $- | $- | $- | $- | $- | $7.03M | $8.47M | $10.12M | $11.54M | $8.89M | $9.98M | $10.92M | $11.90M | $8.91M | $9.68M | $10.60M | $11.82M | $9.84M |
| Deferred Tax Liabilities Non-Current | $- | $- | $- | $- | $- | $- | $- | $13.87M | $10.44M | $14.72M | $7.89M | $5.02M | $1.05M | $-1.10M | $-608.00K | $-1.20M | $-3.96M | $-5.23M | $-6.24M | $-4.34M |
| Other Non-Current Liabilities | $12.27M | $11.54M | $7.79M | $12.39M | $9.14M | $15.40M | $14.39M | $4.15M | $2.02M | $2.18M | $2.79M | $1.59M | $858.00K | $680.00K | $625.00K | $626.00K | $912.00K | $872.00K | $980.00K | $907.00K |
| Total Non-Current Liabilities | $180.18M | $179.90M | $147.15M | $177.74M | $178.69M | $185.22M | $186.32M | $183.45M | $181.11M | $188.81M | $185.21M | $174.67M | $172.22M | $153.07M | $155.49M | $151.87M | $150.93M | $151.30M | $147.67M | $140.36M |
| Other Liabilities | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities | $203.46M | $199.54M | $170.38M | $196.75M | $202.23M | $204.57M | $208.40M | $205.29M | $197.50M | $204.46M | $202.10M | $193.06M | $192.39M | $177.73M | $173.56M | $167.47M | $165.98M | $168.64M | $166.15M | $159.93M |
| Preferred Stock | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock | $102.00K | $102.00K | $102.00K | $102.00K | $102.00K | $102.00K | $77.00K | $83.00K | $83.00K | $63.00K | $62.00K | $57.00K | $57.00K | $57.00K | $57.00K | $57.00K | $56.00K | $56.00K | $56.00K | $56.00K |
| Retained Earnings | $-19.10M | $-11.49M | $-11.55M | $-11.04M | $-12.23M | $-10.87M | $-28.85M | $-24.14M | $-21.84M | $-11.80M | $-735.00K | $-94.00K | $599.00K | $919.00K | $6.04M | $5.02M | $-797.00K | $-211.00K | $2.21M | $2.33M |
| Accumulated Other Comprehensive Income Loss | $4.82M | $7.28M | $7.88M | $452.00K | $1.75M | $-2.91M | $-4.27M | $-4.89M | $-4.38M | $-8.05M | $-7.86M | $-8.07M | $-5.57M | $-3.14M | $-4.43M | $-1.79M | $937.00K | $2.40M | $2.20M | $1.97M |
| Other Total Stockholders Equity | $401.84M | $401.37M | $400.96M | $400.56M | $400.00M | $399.75M | $246.64M | $233.90M | $233.45M | $116.69M | $116.56M | $95.77M | $92.98M | $92.93M | $92.80M | $92.78M | $92.68M | $92.59M | $91.93M | $91.14M |
| Total Stockholders Equity | $387.66M | $397.27M | $397.40M | $390.07M | $389.63M | $386.08M | $213.60M | $204.95M | $207.32M | $96.90M | $108.02M | $87.66M | $88.07M | $90.76M | $94.47M | $96.07M | $92.87M | $94.83M | $96.40M | $95.50M |
| Total Equity | $387.66M | $397.27M | $397.40M | $390.07M | $389.63M | $386.08M | $213.60M | $204.95M | $207.32M | $96.90M | $108.02M | $87.66M | $88.07M | $90.76M | $94.47M | $96.07M | $92.87M | $94.83M | $96.40M | $95.50M |
| Total Liabilities and Stockholders Equity | $591.12M | $596.81M | $567.78M | $586.82M | $591.86M | $590.65M | $422.00M | $410.23M | $404.81M | $301.36M | $310.13M | $280.72M | $280.46M | $268.50M | $268.02M | $263.54M | $258.85M | $263.47M | $262.55M | $255.43M |
| Minority Interest | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Total Liabilities and Total Equity | $591.12M | $596.81M | $567.78M | $586.82M | $591.86M | $590.65M | $422.00M | $410.23M | $404.81M | $301.36M | $310.13M | $280.72M | $280.46M | $268.50M | $268.02M | $263.54M | $258.85M | $263.47M | $262.55M | $255.43M |
| Total Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $1.01M | $252.57M | $252.49M | $245.50M | $1.01M | $9.01M | $12.00M | $15.00M | $17.00M | $11.00M | $213.39M |
| Total Debt | $167.91M | $168.37M | $139.35M | $165.35M | $169.54M | $169.82M | $171.93M | $158.41M | $160.17M | $161.80M | $162.99M | $163.28M | $164.42M | $148.45M | $143.57M | $143.54M | $144.30M | $145.05M | $141.11M | $133.97M |
| Net Debt | $144.59M | $116.35M | $113.61M | $89.18M | $43.82M | $19.55M | $134.79M | $92.21M | $28.14M | $133.26M | $135.22M | $159.25M | $155.73M | $142.58M | $139.16M | $136.57M | $136.56M | $136.46M | $129.14M | $105.19M |
Annual Cash Flow
| Breakdown | December 31, 2022 | December 31, 2021 | December 31, 2020 | November 30, 2019 | November 30, 2018 |
|---|---|---|---|---|---|
| Net Income | $6.11M | $14.14M | $-10.48M | $3.67M | $-1.65M |
| Depreciation and Amortization | $18.61M | $15.35M | $13.69M | $11.80M | $11.40M |
| Deferred Income Tax | $-1.81M | $-18.87M | $3.36M | $-388.00K | $389.00K |
| Stock Based Compensation | $1.49M | $1.11M | $532.00K | $261.00K | $350.00K |
| Change in Working Capital | $-49.00K | $689.00K | $1.93M | $2.00M | $-1.68M |
| Accounts Receivables | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- |
| Accounts Payables | $2.32M | $148.00K | $1.14M | $-119.00K | $-339.00K |
| Other Working Capital | $-2.37M | $541.00K | $787.00K | $2.12M | $-1.34M |
| Other Non Cash Items | $-5.38M | $-1.57M | $701.00K | $-6.08M | $-371.00K |
| Net Cash Provided by Operating Activities | $18.97M | $10.85M | $9.72M | $11.27M | $8.44M |
| Investments in Property Plant and Equipment | $-69.20M | $-135.40M | $-14.04M | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $- |
| Purchases of Investments | $- | $- | $- | $- | $-17.00M |
| Sales Maturities of Investments | $- | $- | $- | $15.99M | $- |
| Other Investing Activities | $-50.44M | $-8.64M | $-8.06M | $-31.02M | $-28.33M |
| Net Cash Used for Investing Activities | $-119.64M | $-144.04M | $-22.10M | $-15.03M | $-45.33M |
| Debt Repayment | $- | $- | $- | $- | $- |
| Common Stock Issued | $147.00K | $261.48M | $27.28M | $- | $- |
| Common Stock Repurchased | $- | $26.71M | $2.54M | $- | $- |
| Dividends Paid | $-6.52M | $-5.72M | $- | $-2.28M | $-2.00M |
| Other Financing Activities | $-1.34M | $269.14M | $38.22M | $3.32M | $17.42M |
| Net Cash Used Provided by Financing Activities | $-7.86M | $263.42M | $38.22M | $1.04M | $15.42M |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $- |
| Net Change in Cash | $-108.53M | $130.23M | $25.84M | $-2.72M | $-21.48M |
| Cash at End of Period | $52.37M | $160.91M | $30.68M | $5.87M | $8.59M |
| Cash at Beginning of Period | $160.91M | $30.68M | $4.84M | $8.59M | $30.07M |
| Operating Cash Flow | $18.97M | $10.85M | $9.72M | $11.27M | $8.44M |
| Capital Expenditure | $-69.20M | $-135.40M | $-14.04M | $- | $- |
| Free Cash Flow | $-50.23M | $-124.55M | $-4.32M | $11.27M | $8.44M |
Cash Flow Charts
| Breakdown | March 31, 2023 | December 31, 2022 | September 30, 2022 | June 30, 2022 | March 31, 2022 | December 31, 2021 | September 30, 2021 | June 30, 2021 | March 31, 2021 | November 30, 2020 | August 31, 2020 | May 31, 2020 | February 29, 2020 | November 30, 2019 | August 31, 2019 | May 31, 2019 | February 28, 2019 | November 30, 2018 | August 31, 2018 | May 31, 2018 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $-5.78M | $1.90M | $1.12M | $2.82M | $269.00K | $19.61M | $-3.55M | $-1.15M | $-768.00K | $-11.06M | $-641.00K | $-693.00K | $-320.00K | $-2.58M | $1.02M | $5.82M | $-586.00K | $-139.00K | $-122.00K | $331.00K |
| Depreciation and Amortization | $5.11M | $5.07M | $4.82M | $4.32M | $4.40M | $4.65M | $3.94M | $3.42M | $3.34M | $3.44M | $3.59M | $3.36M | $3.23M | $3.00M | $2.92M | $2.94M | $2.94M | $2.95M | $2.74M | $2.89M |
| Deferred Income Tax | $- | $- | $- | $-585.00K | $- | $-22.83M | $3.58M | $657.00K | $-280.00K | $3.68M | $-291.00K | $-175.00K | $-96.00K | $-990.00K | $-814.00K | $1.60M | $-180.00K | $-206.00K | $-227.00K | $32.00K |
| Stock Based Compensation | $503.00K | $407.00K | $404.00K | $408.00K | $273.00K | $300.00K | $305.00K | $291.00K | $214.00K | $125.00K | $125.00K | $203.00K | $57.00K | $56.00K | $21.00K | $94.00K | $90.00K | $89.00K | $83.00K | $88.00K |
| Change in Working Capital | $4.39M | $672.00K | $-2.65M | $1.94M | $-13.00K | $2.61M | $-2.01M | $1.18M | $-1.09M | $2.19M | $-909.00K | $239.00K | $-1.48M | $3.47M | $122.00K | $-757.00K | $-832.00K | $625.00K | $-1.26M | $-370.00K |
| Accounts Receivables | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Inventory | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Accounts Payables | $2.09M | $2.32M | $- | $- | $-225.00K | $148.00K | $- | $- | $-423.00K | $1.14M | $- | $- | $936.00K | $-119.00K | $- | $- | $122.00K | $-339.00K | $- | $- |
| Other Working Capital | $2.31M | $-1.65M | $-2.65M | $1.94M | $212.00K | $2.61M | $-2.01M | $1.18M | $-1.09M | $2.19M | $-909.00K | $239.00K | $-1.48M | $3.47M | $122.00K | $-757.00K | $-832.00K | $625.00K | $-1.26M | $-370.00K |
| Other Non Cash Items | $-543.00K | $-3.12M | $-928.00K | $-1.60M | $-958.00K | $-23.61M | $3.23M | $479.00K | $-551.00K | $5.46M | $-381.00K | $-514.00K | $-993.00K | $1.64M | $-61.00K | $-7.71M | $53.00K | $122.00K | $128.00K | $-713.00K |
| Net Cash Provided by Operating Activities | $3.69M | $4.93M | $2.76M | $7.31M | $3.97M | $3.57M | $1.91M | $4.22M | $1.15M | $3.83M | $1.50M | $2.42M | $405.00K | $4.59M | $3.21M | $1.99M | $1.49M | $3.44M | $1.34M | $2.26M |
| Investments in Property Plant and Equipment | $-19.18M | $-500.00K | $-9.43M | $-31.87M | $-27.40M | $-50.99M | $-24.31M | $-60.10M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Acquisitions Net | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Purchases of Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $-6.00M | $- | $- |
| Sales Maturities of Investments | $- | $- | $- | $- | $- | $- | $- | $- | $- | $-1.01M | $- | $- | $1.01M | $8.00M | $2.99M | $3.00M | $2.00M | $- | $- | $- |
| Other Investing Activities | $-10.70M | $-5.88M | $-15.51M | $-20.61M | $-8.45M | $17.56M | $-18.07M | $-7.14M | $-988.00K | $-1.74M | $-4.35M | $-8.48M | $-11.13M | $-16.01M | $-8.73M | $-5.04M | $-1.25M | $-5.27M | $-25.98M | $-5.90M |
| Net Cash Used for Investing Activities | $-29.87M | $-6.38M | $-24.94M | $-52.48M | $-35.85M | $-33.43M | $-42.38M | $-67.24M | $-988.00K | $-1.74M | $-4.35M | $-8.48M | $-10.12M | $-8.01M | $-5.74M | $-2.04M | $753.00K | $-11.27M | $-25.98M | $-5.90M |
| Debt Repayment | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Common Stock Issued | $- | $147.00K | $- | $- | $- | $152.80M | $- | $- | $108.68M | $-24.57M | $24.78M | $- | $- | $166.00K | $- | $- | $- | $1.80M | $- | $- |
| Common Stock Repurchased | $- | $- | $- | $- | $- | $- | $- | $- | $6.00K | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Dividends Paid | $-1.83M | $-1.63M | $-1.63M | $-1.63M | $-1.63M | $- | $-1.16M | $-1.16M | $-3.40M | $- | $- | $- | $-2.54M | $- | $- | $- | $-2.28M | $- | $- | $- |
| Other Financing Activities | $-576.00K | $29.44M | $-26.90M | $-2.88M | $-1.01M | $151.08M | $12.56M | $-1.66M | $107.16M | $-1.32M | $26.59M | $1.39M | $15.08M | $4.89M | $-28.00K | $-730.00K | $-808.00K | $4.45M | $7.83M | $-836.00K |
| Net Cash Used Provided by Financing Activities | $-2.41M | $27.81M | $-28.53M | $-4.51M | $-2.64M | $151.08M | $11.40M | $-2.82M | $103.75M | $-1.32M | $26.59M | $1.39M | $12.54M | $4.89M | $-28.00K | $-730.00K | $-3.09M | $4.45M | $7.83M | $-836.00K |
| Effect of Forex Changes on Cash | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Net Change in Cash | $-28.60M | $26.36M | $-50.70M | $-49.68M | $-34.52M | $123.77M | $-29.07M | $-65.83M | $103.91M | $773.00K | $23.74M | $-4.67M | $2.82M | $1.46M | $-2.56M | $-779.00K | $-847.00K | $-3.38M | $-16.81M | $-4.48M |
| Cash at End of Period | $23.77M | $52.37M | $26.01M | $76.71M | $126.39M | $160.91M | $37.13M | $66.20M | $132.03M | $28.54M | $27.77M | $4.03M | $8.70M | $5.87M | $4.41M | $6.97M | $7.75M | $8.59M | $11.97M | $28.78M |
| Cash at Beginning of Period | $52.37M | $26.01M | $76.71M | $126.39M | $160.91M | $37.13M | $66.20M | $132.03M | $28.12M | $27.77M | $4.03M | $8.70M | $5.87M | $4.41M | $6.97M | $7.75M | $8.59M | $11.97M | $28.78M | $33.26M |
| Operating Cash Flow | $3.69M | $4.93M | $2.76M | $7.31M | $3.97M | $3.57M | $1.91M | $4.22M | $1.15M | $3.83M | $1.50M | $2.42M | $405.00K | $4.59M | $3.21M | $1.99M | $1.49M | $3.44M | $1.34M | $2.26M |
| Capital Expenditure | $-19.18M | $-500.00K | $-9.43M | $-31.87M | $-27.40M | $-50.99M | $-24.31M | $-60.10M | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- | $- |
| Free Cash Flow | $-15.49M | $4.43M | $-6.67M | $-24.56M | $-23.43M | $-47.42M | $-22.39M | $-55.88M | $1.15M | $3.83M | $1.50M | $2.42M | $405.00K | $4.59M | $3.21M | $1.99M | $1.49M | $3.44M | $1.34M | $2.26M |
INDUS Realty Trust Dividends
Explore INDUS Realty Trust's dividend history, including dividend yield, payout ratio, and historical payments.
Dividend Yield
1.01%
Dividend Payout Ratio
235.42%
Dividend Paid & Capex Coverage Ratio
0.25x
INDUS Realty Trust Dividend History
| Dividend | Adjusted Dividend | Date | Record Date | Payment Date | Declaration Date |
|---|---|---|---|---|---|
| $0.18 | $0.18 | June 21, 2023 | June 22, 2023 | June 28, 2023 | June 12, 2023 |
| $0.18 | $0.18 | March 30, 2023 | March 31, 2023 | April 14, 2023 | March 15, 2023 |
| $0.18 | $0.18 | December 29, 2022 | December 30, 2022 | January 17, 2023 | December 06, 2022 |
| $0.16 | $0.16 | September 29, 2022 | September 30, 2022 | October 14, 2022 | September 13, 2022 |
| $0.16 | $0.16 | June 29, 2022 | June 30, 2022 | July 15, 2022 | June 13, 2022 |
| $0.16 | $0.16 | March 30, 2022 | March 31, 2022 | April 15, 2022 | March 14, 2022 |
| $0.16 | $0.16 | December 29, 2021 | December 30, 2021 | January 14, 2022 | December 15, 2021 |
| $0.15 | $0.15 | September 15, 2021 | September 16, 2021 | September 30, 2021 | September 02, 2021 |
| $0.15 | $0.15 | June 15, 2021 | June 16, 2021 | June 30, 2021 | May 10, 2021 |
| $1.99 | $1.99 | January 21, 2021 | January 22, 2021 | March 08, 2021 | January 13, 2021 |
| $0.5 | $0.5 | December 05, 2019 | December 06, 2019 | December 16, 2019 | November 19, 2019 |
| $0.45 | $0.45 | November 29, 2018 | November 30, 2018 | December 07, 2018 | November 15, 2018 |
| $0.4 | $0.4 | November 30, 2017 | December 01, 2017 | December 08, 2017 | November 16, 2017 |
| $0.3 | $0.3 | November 29, 2016 | December 01, 2016 | December 08, 2016 | November 16, 2016 |
| $0.3 | $0.3 | November 30, 2015 | December 02, 2015 | December 09, 2015 | November 18, 2015 |
| $0.2 | $0.2 | November 28, 2014 | December 02, 2014 | December 09, 2014 | November 19, 2014 |
| $0.2 | $0.2 | November 29, 2013 | December 03, 2013 | December 10, 2013 | November 20, 2013 |
| $0.2 | $0.2 | November 26, 2012 | November 28, 2012 | December 06, 2012 | November 14, 2012 |
| $0.1 | $0.1 | November 25, 2011 | November 29, 2011 | December 06, 2011 | November 16, 2011 |
| $0.1 | $0.1 | August 23, 2011 | August 25, 2011 | September 01, 2011 | July 13, 2011 |
INDUS Realty Trust News
Read the latest news about INDUS Realty Trust, including recent articles, headlines, and updates.
INDUS Realty Trust Acquires Majority Interest in 4.3 Million Square Foot Carolinas Portfolio From Childress Klein
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. ("INDUS" or the "Company"), a U.S.-based logistics real estate business, today announced its acquisition of a majority interest in a modern 4.3 million square foot logistics portfolio comprising 21 buildings (the "Carolinas Portfolio"). This acquisition is part of a recapitalization of approximately one-third of Childress Klein's ("CK") 13.2 million square foot industrial portfolio. INDUS and CK have entered into a joint venture on the Carolin.
INDUS Realty Trust Announces 1.5 Million Square Feet of New Industrial Development Projects in Atlanta and Savannah
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (“INDUS” or the “Company”) a U.S.-based industrial/logistics real estate business, announced that it recently formed joint ventures to develop Class A industrial properties with Scannell Properties (“Scannell”) in the Atlanta and Savannah, GA markets. The Atlanta development (“Chastain Crossings”), located in Kennesaw, Georgia, broke ground in December 2023 and will include two buildings totaling approximately 440,000 square feet. The Savannah.
Centerbridge Partners and GIC Complete Acquisition of INDUS Realty Trust, Inc.
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, announced today the completion of the previously announced merger whereby affiliates of Centerbridge Partners, L.P. (“Centerbridge”), a global private investment firm with deep experience in real estate, and GIC, a global institutional investor, have acquired all of the outstanding shares of INDUS' common stock in an all-cash transaction valued at approximately.
Indus Announces Receipt of CFIUS Approval
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) a U.S.-based industrial/logistics REIT, announced that it has received written notice from the Committee on Foreign Investment in the United States (“CFIUS”) that it has concluded its review and cleared the transaction contemplated by the previously announced Agreement and Plan of Merger, dated as of February 22, 2023 (the “Merger Agreement”) by and among the Company, IR Parent, LLC, a Delaware limited.
INDUS Announces Quarterly Cash Dividend
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) a U.S.-based industrial/logistics REIT, announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.18 per share for the second quarter of 2023. The dividend will be payable on June 28, 2023 (the “Payment Date”) to stockholders of record on June 22, 2023 (the “Record Date”). Pending Merger Transaction As previously announced, on February 22, 2023, INDUS entere.
Picking A Winner In Industrial REITs
Demand for Industrial REIT space continues to substantially outpace supply, resulting in astonishing rental spreads averaging over 40%, while occupancy rates and same-store NOI have reached record highs. The five major industrial REITs raised full-year guidance this quarter, growing FFO much faster than the next closest major property sector.
INDUS Stockholders Approve Merger at Special Meeting
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, announced that at a special meeting of stockholders held on May 17, 2023, stockholders voted to approve the previously announced proposed merger, whereby affiliates of Centerbridge Partners, L.P. and GIC will acquire all outstanding shares of INDUS' common stock (the “Merger”). At the special meeting, a total of 8,817,234 shares of common stock of the Company (“.
Industrial REITs: We Love Logistics
No slowdown here. After the worst year of performance on record in 2022, Industrial REITs have rebounded this year after earnings results showed a surprising re-strengthening of property-level fundamentals. Recent earnings results showed that demand continues to substantially outpace available supply. Rent growth reaccelerated in early-2023, with rental spreads averaging over 40%, while occupancy rates climbed to fresh record.
INDUS Announces First Quarter 2023 Results
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, reported financial results for the quarter ended March 31, 2023: 2023 First Quarter & Recent Highlights Net loss of $5.8 million, or $0.57 per basic share, for the 2023 first quarter compared to net income of $0.3 million, or $0.03 per basic and diluted share, for the 2022 first quarter Core Funds from Continuing Operations (“Core FFO from continuing operati.
INDUS REALTY INVESTOR ALERT by the Former Attorney General of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of INDUS Realty Trust, Inc. - INDT
NEW ORLEANS--(BUSINESS WIRE)--Former Attorney General of Louisiana Charles C. Foti, Jr., Esq. and the law firm of Kahn Swick & Foti, LLC (“KSF”) are investigating the proposed sale of INDUS Realty Trust, Inc. (NasdaqGM: INDT) to affiliates of Centerbridge Partners, L.P. and GIC Real Estate, Inc. Under the terms of the proposed transaction, shareholders of INDUS will receive $67.00 in cash for each share of INDUS that they own. KSF is seeking to determine whether this consideration and the process that led to it are adequate, or whether the consideration undervalues the Company. If you believe that this transaction undervalues the Company and/or if you would like to discuss your legal rights regarding the proposed sale, you may, without obligation or cost to you, e-mail or call KSF Managing Partner Lewis S. Kahn (lewis.kahn@ksfcounsel.com) toll free at any time at 855-768-1857, or visit https://www.ksfcounsel.com/cases/nasdaqgm-indt/ to learn more. To learn more about KSF, whose partners include the Former Louisiana Attorney General, visit www.ksfcounsel.com.
SHAREHOLDER UPDATE: Halper Sadeh LLC Investigates NATI, MNTV, INDT, DHC
NEW YORK , April 18, 2023 /PRNewswire/ -- Halper Sadeh LLC, an investor rights law firm, is investigating the following companies for potential violations of the federal securities laws and/or breaches of fiduciary duties to shareholders relating to: National Instruments Corporation (NASDAQ: NATI)'s sale to Emerson Electric Co. for $60.00 per share in cash. If you are a National Instruments shareholder, click here to learn more about your rights and options.
INDUS Recognized With Green Lease Leader Gold and Great Employers in Connecticut Awards
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) a U.S.-based industrial/logistics REIT, announced that the Company achieved Gold recognition as a 2023 Green Lease Leader and received the “Great Employers in Connecticut” award from the Best Companies Group. On April 12, 2023, the Institute for Market Transformation (IMT) and the U.S. Department of Energy’s (DOE) Better Buildings Alliance announced INDUS as a 2023 Green Lease Leader during the Better Buildings, Better Plants Summit. Launched in 2014, Green Lease Leaders sets standards for what constitutes a green lease, while recognizing landlords and tenants who modernize their leases to spur collaborative action on energy efficiency, cost-savings, air quality improvement, and sustainability in buildings. INDUS received Green Lease Leader Gold recognition for its innovation in environmental stewardship, including collaborative tenant sustainability engagement efforts. Additionally, in early 2023 the Best Companies Group, a research firm focused on workplace excellence, recognized INDUS as one of the winners of the “Great Employers in Connecticut” award. This award recognizes companies that have created outstanding workplace environments, based on employee feedback, company policies, and overall satisfaction. Michael Gamzon, President and Chief Executive Officer of INDUS, commented, “We are proud to receive Green Lease Leader Gold recognition and the Great Employers in Connecticut award for 2023. These are meaningful accomplishments that represent our efforts to engage with tenants to enhance sustainability within our portfolio and our people-first culture that emphasizes the importance of our employees’ experiences and well-being. We are committed to continuously enhance our Environmental, Social and Governance efforts which remain an important part of our mission and corporate strategy.” About INDUS INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial/logistics properties. INDUS owns 42 industrial/logistics buildings aggregating approximately 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.
INDUS Files Preliminary Proxy Statement
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, announced that it has filed its preliminary proxy statement with the U.S. Securities and Exchange Commission in connection with the previously announced definitive merger agreement under which affiliates of Centerbridge Partners, L.P.
This Time Is Different
Amid intensifying concerns over the potential fallout from several major tech-focused bank failures, this report examines high-level REIT fundamentals to chart the likely path forward for the real estate industry. Real estate equities have been slammed particularly hard as investors draw parallels to the early stages of the 2008 financial crisis when locked-up credit markets created a cascade of distress.
Failure Fallout
U.S. equity markets tumbled this week after the sudden collapse of a pair of technology-focused banks sparked concerns over financial stability and overshadowed a generally solid slate of employment data. Effectively erasing all of its gains for the year and posting its worst week since September 2022, the S&P 500 dipped 4.5% while the Mid-Cap and Small-Cap benchmarks plunged 7%.
INDUS Announces Fourth Quarter and Full Year 2022 Results
NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”), a U.S. based industrial/logistics REIT, reported financial results for the quarter and full year ended December 31, 2022: 2022 Fourth Quarter & Recent Highlights Net income of $1.9 million, or $0.19 per diluted share, for the 2022 fourth quarter compared to net income of $19.6 million, or $1.94 per diluted share, for the 2021 fourth quarter Core Funds from Continuing Operations (“Core FFO from continuing operations”)1 of $5.3 million, or $0.52 per diluted share, for the 2022 fourth quarter compared to $3.6 million, or $0.35 per diluted share, for the 2021 fourth quarter Net Operating Income from Continuing Operations (“NOI from continuing operations”)1 of $10.0 million for the 2022 fourth quarter compared to $8.7 million for the 2021 fourth quarter As of December 31, 2022, stabilized2 portfolio was 98.8% leased; total in-service portfolio was 97.2% leased Executed six leases totaling 543,000 square feet across both the Company’s portfolio and its acquisitions under contract in the 2022 fourth quarter Completed the sale of the Company’s office/flex portfolio for a sales price of $11.0 million Announced a quarterly cash dividend of $0.18 per share of common stock for the fourth quarter of 2022 which represents a 12.5% increase over the prior quarter Subsequent to quarter end, completed the previously disclosed acquisitions of land parcels in the Orlando, Florida and Lehigh Valley, Pennsylvania markets for a total purchase price of $19.7 million Subsequent to quarter end, entered into a definitive merger agreement under which affiliates of Centerbridge Partners, L.P. (“Centerbridge”) and GIC Real Estate, Inc. (“GIC”) have agreed to acquire all of the outstanding shares of the Company for $67.00 per share in cash, subject to certain adjustments Results of Operations INDUS reported total rental revenue of approximately $12.9 million and $49.2 million for the 2022 fourth quarter and full year 2022, respectively, as compared to approximately $11.2 million and $40.2 million for the 2021 fourth quarter and full year, respectively. The 16% increase in rental revenue for the fourth quarter over the comparable prior year period was primarily due to property acquisitions in 2022, as well as properties developed and placed in-service in 2022, the commencement of leases on first generation space, and to a lesser extent, rent changes on second generation space. Rental revenue during the 2022 full year period also benefitted by $0.4 million from a one-time termination fee related to the early termination of a tenant lease in the third quarter of 2022. For the 2022 fourth quarter and full year, INDUS recorded net income of approximately $1.9 million and $6.1 million, respectively, as compared to net income of approximately $19.6 million and $14.1 million for the comparable quarter and full year prior year periods. Core FFO from continuing operations for the 2022 fourth quarter and full year increased to approximately $5.3 million and $20.0 million, or $0.52 and $1.94 per diluted share, respectively, compared to approximately $3.6 million and $12.7 million, or $0.35 and $1.57 per diluted share, for the comparable prior year periods. NOI from continuing operations, which is defined as rental revenue less operating expenses of rental properties and real estate taxes, increased to approximately $10.0 million and $38.1 in the 2022 fourth quarter and full year, respectively, from approximately $8.7 million and $30.0 million in the 2021 fourth quarter and full year periods. The increases in NOI from continuing operations are primarily attributable to the same acquisitions and developments as noted above for rental revenue, offset by a one-time tax payment expense of approximately $0.3 million in the 2022 fourth quarter related to a previous acquisition. Cash NOI from continuing operations for the 2022 fourth quarter and full year increased to approximately $9.2 million and $34.3 million, respectively, as compared to approximately $7.8 million and $27.7 million for the comparable prior year periods. The increases in Cash NOI from continuing operations were primarily attributable to property acquisitions in 2022, properties developed and placed in-service in 2022, and escalations on existing leases in the portfolio. Additionally, 2022 NOI from continuing operations and Cash NOI from continuing operations benefited from the full year impact of acquisitions and developments that closed or were placed in service during 2021, slightly offset by the sale of properties that were sold in 2021 and were not part of discontinued operations. General and administrative expenses increased to approximately $4.1 million and $12.4 million for the 2022 fourth quarter and full year period, respectively, as compared to approximately $3.8 million and $11.8 million for the comparable prior year periods primarily due to additional costs related to the Company’s review of strategic alternatives of approximately $0.8 million in the 2022 fourth quarter and additional compensation costs due to higher employee head count and incentive compensation expense as compared to prior periods. These increases were partially offset by a reduction in expenses related to the Company’s non-qualified deferred compensation plan due to lower stock market performance in 2022 than in prior year periods. Interest expense decreased to approximately $1.6 million and $4.7 million for the 2022 fourth quarter and full year period, respectively, as compared to approximately $1.7 million and $6.9 million in the 2021 fourth quarter and full year period, primarily reflecting the reduction in the aggregate debt balance over this time period and higher capitalized interest related to construction development activities in 2022. Additionally, the full year 2022 included a gain of approximately $1.2 million from the termination of several interest rate swap agreements in connection with the repayment of mortgage debt. Leasing Activity During the 2022 fourth quarter, INDUS executed six leases totaling 543,000 square feet across its portfolio and acquisitions under contract. 127,000 square foot lease extension in the Hartford, Connecticut market that is expected to commence in 2024. This early extension is for an additional two years at a starting cash rent that is 15.9% above the recently executed renewal rate. 48,000 square feet across two first generation leases at the Company’s recently delivered two-building development project in the Orlando, Florida market (“Landstar Logistics”). With the addition of these leases, Landstar Logistics is now 49.3% leased. 105,000 square feet across two first generation leases at the Company’s planned acquisition in the Nashville, Tennessee market, bringing the project to 100.0% pre-leased prior to closing (see below section on “Acquisitions Under Contract”). 263,000 square foot first generation lease at the Company’s planned acquisition in the Charleston, South Carolina market, bringing the building to 100.0% pre-leased prior to closing (see below section on “Acquisitions Under Contract”). For the 2022 full year period, INDUS reported the following second generation leasing metrics3: Number of Leases Square Feet Weighted Avg. Lease Term in Years Weighted Avg. Lease Costs PSF per Year4 Weighted Avg. Rent Growth5 Straight-line Basis Cash Basis New Lease 2 226,615 5.1 $1.42 45.8% 38.4% Renewal/Extension Leases 5 438,073 2.7 $0.36 31.2% 26.5% Total /Average 7 664,688 3.5 $0.72 35.1% 29.6% As of December 31, 2022, INDUS’ 42 buildings aggregated 6.1 million square feet. INDUS’ portfolio percentage leased and percentage leased of stabilized properties were as follows: Dec. 31, 2022 Sept. 30, 2022 June 30, 2022 Mar. 31, 2022 Dec. 31, 2021 Percentage Leased 97.2% 97.6% 99.4% 100.0% 98.4% Percentage Leased – Stabilized Properties 98.8% 100.0% 100.0% 100.0% 100.0% Acquisitions Under Contract The following is a summary of INDUS’ acquisitions under contract as of December 31, 2022: Market Building Count Building Size (SF) Type Purchase Price (in millions) Charleston 1 263,000 Forward (100.0% pre-leased) $28.0 Nashville6 2 184,000 Forward (100.0% pre-leased) $28.4 Greenville-Spartanburg 1 284,400 Forward $28.5 Charlotte 1 231,000 Forward $21.2 Total Acquisitions Under Contract 5 962,400 $106.1 The acquisitions under contract are each subject to certain remaining contingencies. There can be no guarantee that these transactions will be completed under their current terms, anticipated timelines, or at all. Development Activities As of December 31, 2022, INDUS had one ongoing development project in the Lehigh Valley (“American Parkway”). The American Parkway development is a speculative development project consisting of one building totaling approximately 206,000 square feet. During the 2022 fourth quarter, INDUS completed the acquisition of 8 acres of land in the Lehigh Valley for a purchase price of $6.5 million, before transaction costs (the “Windsor Land”). The Windsor Land is entitled to support the development of one industrial/logistics building totaling 91,000 square feet. Additionally, as of December 31, 2022, INDUS was under contract to acquire 11 acres of land in the Lehigh Valley, Pennsylvania market (the “Lehigh Valley Land”), 75 acres of land in the greater Orlando, Florida market (the “Orlando Land”), and 231 acres of land in the greater Charlotte, North Carolina market (the “Charlotte Land”). The Lehigh Valley land is entitled to support the development of a 90,000 square foot industrial/logistics building and the Orlando Land is entitled to support the development of three industrial/logistics buildings totaling 574,000 square feet. The Charlotte Land currently is undergoing its entitlement process. Subsequent to the end of the quarter, INDUS completed its acquisitions of the Lehigh Valley Land and the Orlando Land, for a combined purchase price of $19.7 million, before transaction costs. INDUS remains under contract to purchase the Charlotte Land for a contractual purchase price of $4.8 million. Closing on the purchase of Charlotte Land and the commencement, completion and/or stabilization of any existing or new development projects are each subject to a number of contingencies. There can be no guarantee that these transactions and developments will be completed under their current terms, anticipated timelines, or at all. Disposition Activities During the 2022 fourth quarter, the Company completed the sale of its office/flex portfolio, including a small storage building used in the operations of the portfolio (the “Office/Flex Portfolio”), for a sale price of $11.0 million. The Office/Flex Portfolio was comprised of eight buildings totaling 193,000 square feet located in Bloomfield, Connecticut. During 2022, the Office/Flex Portfolio was reported under Discontinued Operations. Additionally, the Company has several agreements in place to sell undeveloped land parcels in Connecticut and Massachusetts for total proceeds of approximately $26.7 million. These land sales are subject to a number of contingencies, including the completion of due diligence and/or receipt of regulatory approvals by the purchasers. There can be no guarantee that these transactions will be completed under their current terms, anticipated timelines, or at all. Liquidity & Capital Resources During December 2022, the Company completed the second draw totaling $30.0 million under its Delayed Draw Term Loan facility (the “DDTL Facility”). As of December 31, 2022, the Company has drawn $90.0 million under the $150.0 million DDTL Facility. As of December 31, 2022, the Company maintained approximately $206.5 million of liquidity which reflects approximately $52.4 million of cash and cash equivalents (including $0.4 million in restricted cash), $60.0 million of available draws under the Company’s DDTL Facility and $94.1 million of borrowing capacity under the revolving credit facility. The Company currently has no borrowings outstanding under its revolving credit facility, however, as of December 31, 2022, the revolving credit facility was used to secure approximately $5.9 million in standby letters of credit related to INDUS’ development activities. Additionally, the Company has no floating rate debt outstanding as the Company’s DDTL Facility, including future available draws, is hedged at a fixed effective interest rate of 4.15%. Common Stock Dividend During the 2022 fourth quarter, INDUS’ board of directors declared a quarterly cash distribution on its common stock of $0.18 per share, or $0.64 per share on an annualized basis. The 2022 fourth quarter dividend was paid on January 17, 2023 to stockholders of record on December 30, 2022. Pending Merger Transaction On February 22, 2023, INDUS entered into an Agreement and Plan of Merger (the “Merger Agreement”) whereby affiliates of Centerbridge Partners, L.P., a leading global private investment firm with deep experience in real estate, and GIC Real Estate, Inc., a global institutional investor, will acquire all outstanding shares of INDUS’ common stock through a merger transaction (the “Merger”) in which INDUS will be the surviving entity. Subject to the terms and conditions set forth in the Merger Agreement, each share of INDUS’ common stock will be cancelled and converted into the right to receive an amount in cash equal to $67.00, without interest, subject to certain adjustments as set forth in the Merger Agreement. The Merger is expected to close in the summer of 2023, subject to the satisfaction or waiver of certain closing conditions, including approval of the Merger by the affirmative vote of the holders of at least a majority of the outstanding shares of the INDUS’ common stock entitled to vote on the Merger and the clearance by the Committee on Foreign Investment in the United States and the approval by the European Commission under Council Regulation (EC) No. 139/2004 (as amended). INDUS can provide no assurances regarding whether the Merger will close when expected or at all. About INDUS INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties. INDUS owns 42 industrial/logistics buildings totaling 6.1 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. Additional Information and Where to Find It In connection with the proposed transaction, the Company will file with the Securities and Exchange Commission (“SEC”) a proxy statement on Schedule 14A. Promptly after filing its definitive proxy statement with the SEC, the Company will mail the definitive proxy statement and a proxy card to each stockholder entitled to vote at the special meeting relating to the proposed transaction. INVESTORS AND SECURITY HOLDERS OF THE COMPANY ARE URGED TO READ THE PROXY STATEMENT (INCLUDING ANY AMENDMENTS OR SUPPLEMENTS THERETO) AND ANY OTHER RELEVANT DOCUMENTS IN CONNECTION WITH THE TRANSACTION THAT THE COMPANY FILES WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. The definitive proxy statement, the preliminary proxy statement and any other documents filed by the Company with the SEC (when available) may be obtained free of charge at the SEC’s website at www.sec.gov or by accessing the Investor Relations section of the Company’s website at https://www.indusrt.com. Participants in the Solicitation The Company and its directors and certain of its executive officers may be deemed to be participants in the solicitation of proxies from the Company’s stockholders with respect to the proposed transaction. Information about the Company’s directors and executive officers and their ownership of the Company’s securities is set forth in the Company’s proxy statement on Schedule 14A for its 2022 annual meeting of stockholders, filed with the SEC on April 27, 2022, and subsequent documents filed with the SEC. Additional information regarding the identity of participants in the solicitation of proxies, and a description of their direct or indirect interests in the proposed transaction, by security holdings or otherwise, will be set forth in the proxy statement and other materials to be filed with the SEC in connection with the proposed transaction when they become available. Cautionary Statement Regarding Forward Looking Statements Some of the statements contained in this release constitute forward-looking statements within the meaning of the federal securities laws. Forward-looking statements relate to expectations, beliefs, projections, future plans and strategies, anticipated events or trends and similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by the use of forward-looking terminology such as “may,” “will,” “should,” “expects,” “intends,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” or “potential” or the negative of these words and phrases or similar words or phrases which are predictions of or indicate future events or trends and which do not relate solely to historical matters. You can also identify forward-looking statements by discussions of strategy, plans or intentions. The forward-looking statements contained in this release reflect the Company’s current views about future events and are subject to numerous known and unknown risks, uncertainties, assumptions and changes in circumstances, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement, which risks and uncertainties include, but are not limited to: the ability to complete the proposed Merger on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to securing the necessary stockholder approval and satisfaction of other closing conditions to consummate the Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger; the failure to realize the expected benefits of the proposed Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the Merger or any further announcements or the consummation of the proposed Merger on the market price of the Company’s common stock. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events. Any forward-looking statement speaks only as of the date on which it was made. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, of new information, data or methods, future events or other changes. For a further discussion of these and other factors that could cause the Company’s future results to differ materially from any forward-looking statements, see the section entitled “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022, as updated by the Company’s subsequent periodic reports filed with the SEC. Note Regarding Non-GAAP Financial Measures: The Company uses FFO, Core FFO from continuing operations, Core FFO from continuing operations per share, Adjusted FFO from continuing operations, NOI from continuing operations, and Cash NOI from continuing operations, as supplemental non-GAAP performance measures. Management believes that the use of these measures combined with net income (loss) (which remains the Company’s primary measure of performance), improves the understanding of the Company’s operating results among the investing public and makes comparisons of operating results to other REITs more meaningful. The Company presents a funds from operations metric substantially similar to funds from operations as calculated in accordance with standards established by Nareit (“Nareit FFO”). Nareit FFO is calculated as net income (calculated in accordance with U.S. GAAP), excluding: (a) depreciation and amortization related to real estate, (b) gains and losses from the sale of certain real estate assets, (c) gains and losses from change in control and (d) impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity. The Company defines Core FFO from continuing operations and Core FFO per share from continuing operations as FFO and FFO per share, respectively, excluding: (a) discontinued operations, (b) strategic transaction costs, (c) expense related to the performance of the non-qualified deferred compensation plan, (d) gains or losses on insurance recoveries and/or extinguishment of debt or derivative instruments, (e) change in fair value of financial instruments, and (f) costs related to the conversion to a REIT . Per share metrics are calculated as Core FFO from continuing operations for the period divided by the weighted average diluted share count for the period. The Company defines Adjusted FFO from continuing operations as Core FFO from continuing operations less (a) noncash rental revenue including straight-line rents, (b) amortization of debt issuance costs, (c) noncash compensation expenses, (d) non-real estate depreciation and amortization expense, (e) tenant improvements and leasing commissions of second generation space and (f) maintenance capital expenditures needed to maintain the Company’s existing buildings. NOI from continuing operations is a non-GAAP measure that includes the rental revenue and operating expenses and real estate taxes directly attributable to the Company’s real estate properties. The Company uses NOI from continuing operations as a supplemental performance measure because, in excluding income tax benefit, real estate depreciation and amortization expense, general and administrative expenses, interest expense, change in fair value of financial instruments, gains (or losses) on the sale of real estate assets, impairment of real estate assets, gains (or losses) on debt extinguishment, investment income and other income, other expenses and other non-operating items, it provides a performance measure that, when compared year over year, captures trends in occupancy rates, rental rates and operating costs. The Company also believes that NOI from continuing operations will be useful to investors as a basis to compare its operating performance with that of other REITs. However, because NOI from continuing operations excludes depreciation and amortization expense and captures neither the changes in the value of the Company’s properties that result from use or market conditions, nor the level of capital expenditures and leasing commissions necessary to maintain the operating performance of its properties (all of which have a real economic effect and could materially impact the Company’s results from operations), the utility of NOI from continuing operations as a measure of the Company’s performance is limited. Other equity REITs may not calculate NOI from continuing operations in a similar manner and, accordingly, the Company’s NOI from continuing operations may not be comparable to such other REITs’ NOI from continuing operations. Accordingly, NOI from continuing operations should be considered only as a supplement to net income (loss) as a measure of the Company’s performance. NOI from continuing operations should not be used as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs. NOI from continuing operations should not be used as a substitute for cash flow from operating activities in accordance with U.S. GAAP. Cash NOI from continuing operations is a non-GAAP measure that the Company calculates by adding or subtracting non-cash rental revenue, including straight-line rental revenue, from NOI from continuing operations. The Company uses Cash NOI from continuing operations together with NOI from continuing operations, as supplemental performance measures. Cash NOI from continuing operations should not be used as a measure of the Company’s liquidity, nor is it indicative of funds available to fund the Company’s cash needs. Cash NOI from continuing operations should not be used as a substitute for cash flow from operating activities computed in accordance with U.S. GAAP. INDUS REALTY TRUST, INC. Consolidated Statements of Operations (dollars and share count in thousands, except per share data) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31 2022 2021 2022 2021 Rental revenue $ 12,904 $ 11,151 $ 49,195 $ 40,227 Expenses: Operating expenses of rental properties 409 858 3,942 4,267 Real estate taxes 2,494 1,628 7,137 5,969 Depreciation and amortization expense 5,069 4,407 18,370 14,455 General and administrative expenses 4,149 3,839 12,387 11,816 Total expenses 12,121 10,732 41,836 36,507 Other income (expense): Interest expense (1,556) (1,717) (4,734) (6,877) Impairment of real estate assets — — — (3,000) Change in fair value of financial instruments — — — (2,746) Losses on early extinguishment of debt — (2,114) (653) (2,114) Gain on sales of real estate assets — 22,966 — 24,758 Investment and other income 50 19 245 260 Other expense — 14 (32) 14 (1,506) 19,168 (5,174) 10,295 Income (loss) from continuing operations before income taxes (723) 19,587 2,185 14,015 Income tax (provision) benefit — (2) 585 (26) Income (loss) from continuing operations (723) 19,585 2,770 13,989 Gain from discontinued operations 2,503 — 2,706 — Income from discontinued operations 123 25 634 155 2,626 25 3,340 155 Net income (loss) $ 1,903 $ 19,610 $ 6,110 $ 14,144 Income (loss) from continuing operations ($ 0.07 ) $ 1.98 $ 0.27 $ 1.77 Income from discontinued operations $ 0.26 $ 0.00 $ 0.33 $ 0.02 Net income (loss) per common share - basic $ 0.19 $ 1.98 $ 0.60 $ 1.79 Income (loss) from continuing operations ($ 0.07 ) $ 1.94 $ 0.27 $ 1.73 Income from discontinued operations $ 0.26 $ 0.00 $ 0.32 $ 0.02 Net income (loss) per common share – diluted $ 0.19 $ 1.94 $ 0.59 $ 1.75 Weighted average shares outstanding - basic 10,192 9,920 10,189 7,908 Weighted average shares outstanding - diluted 10,273 10,131 10,348 8,081 INDUS REALTY TRUST, INC. Consolidated Balance Sheets (dollars in thousands) (unaudited) December 31, 2022 December 31, 2021 ASSETS Real estate assets at cost, net $ 489,661 $ 387,647 Cash and cash equivalents 52,014 150,263 Restricted cash 358 10,644 Interest rate swap assets 6,971 188 Assets of discontinued operations 29 7,990 Other assets 47,774 33,914 Total assets $ 596,807 $ 590,646 LIABILITIES AND STOCKHOLDERS' EQUITY Mortgage loans and construction loan, net of debt issuance costs $ 79,653 $ 169,818 Delayed draw term loan, net of debt issuance costs 88,713 — Deferred revenue 6,741 7,365 Accounts payable and accrued liabilities 10,940 9,671 Interest rate swap liabilities — 3,995 Dividends payable 1,835 1,629 Liabilities of discontinued operations 119 832 Other liabilities 11,537 11,259 Total liabilities 199,538 204,569 Stockholders' equity Common stock 102 102 Additional paid-in capital 401,370 399,754 Accumulated deficit (11,486) (10,869) Accumulated other comprehensive income (loss) 7,283 (2,910) Total stockholders' equity 397,269 386,077 Total liabilities and stockholders' equity $ 596,807 $ 590,646 INDUS REALTY TRUST, INC. Non-GAAP Reconciliations – Funds from Operations (“FFO”) and Core FFO (dollars and share count in thousands, except per share measures) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2022 20218 2022 20218 Net income (loss): $ 1,903 $ 19,610 $ 6,110 $ 14,144 Exclude: Depreciation and amortization expense 5,069 4,407 18,370 14,455 FFO adjustments related to discontinued operations — 243 236 897 Non-real estate depreciation & amortization expense (49) (25) (112) (88) Gain on sales of real estate assets — (22,966) — (24,758) Impairment of real estate assets — — — 3,000 FFO 6,923 1,269 24,604 7,650 Exclude: Core FFO adjustments related to discontinued operations7 (2,626) (268) (3,576) (1,052) Amortization of terminated swap agreement — 66 (1,812) 66 General and administrative expenses related to non-qualified deferred compensation plan performance 272 335 (616) 686 General and administrative expenses related to strategic transaction costs 774 — 774 — Change in fair value of financial instruments — — — 2,746 Losses on early extinguishment of debt — 2,114 653 2,114 General and administrative expenses related to REIT conversion — 63 — 470 Core FFO from continuing operations 5,343 3,579 20,027 12,680 Exclude: Noncash rental revenue including straight-line rents (776) (830) (3,832) (2,311) Amortization of debt issuance costs 179 228 898 1,047 Noncash compensation expenses 407 300 1,492 1,110 Non-real estate depreciation and amortization expense 49 25 112 88 Tenant improvements and leasing commissions (2nd generation space) (432) (1,104) (1,347) (2,330) Maintenance capital expenditures (98) (638) (1,403) (1,158) Adjusted FFO from continuing operations $ 4,672 $ 1,560 $ 15,947 $ 9,126 Weighted average number of shares outstanding - basic 10,192 9,920 10,189 7,908 Dilutive securities 81 211 159 173 Weighted average number of shares outstanding – diluted 10,273 10,131 10,348 8,081 Core FFO from continuing operations/share – diluted $ 0.52 $ 0.35 $ 1.94 $ 1.57 INDUS REALTY TRUST, INC. Non-GAAP Reconciliations – NOI and Cash NOI (dollars in thousands) (unaudited) Three Months Ended Twelve Months Ended December 31, December 31, 2022 20218 2022 20218 Income (loss) from continuing operations $ (723) $ 19,585 $ 2,770 $ 13,989 Income tax provision (benefit) — 2 (585) 26 Pretax income (loss) from continuing operations (723) 19,587 2,185 14,015 Exclude: Depreciation and amortization expense 5,069 4,407 18,370 14,455 General and administrative expenses 4,149 3,839 12,387 11,816 Interest expense 1,556 1,717 4,734 6,877 Change in fair value of financial instruments — — — 2,746 Gain on sales of real estate assets — (22,966) — (24,758) Impairment of real estate assets — — — 3,000 Other expense — (14) 32 (14) Losses on early extinguishment of debt — 2,114 653 2,114 Investment and other income (50) (19) (245) (260) NOI from continuing operations 10,001 8,665 38,116 29,991 Noncash rental revenue including straight-line rents (776) (830) (3,832) (2,311) Cash NOI from continuing operations $ 9,225 $ 7,835 $ 34,284 $ 27,680 1 Core FFO, Core FFO from continuing operations per share, NOI from continuing operations and Cash NOI from continuing operations are not financial measures in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). For additional information see “Note Regarding Non-GAAP Financial Measures.” 2 Stabilized Properties reflect buildings that have reached 90% leased or have been in service for at least one year since development completion or acquisition date, whichever is earlier. 3 Leasing metrics exclude new and renewal leases which have an initial term of twelve months or less, as well as leases for first generation space on properties acquired or developed by INDUS. Leasing metrics also exclude leases tied to properties undergoing redevelopment or repositioning. 4 Lease cost per square foot per year reflects total lease costs (tenants improvements, leasing commissions and legal costs) per square foot per year of the lease term. Lease costs exclude any base building improvements. 5 Weighted average rent growth reflects the percentage change of annualized rental rates between the previous leases and the current leases. The rental rate change on a straight-line basis represents average annual base rental payments on a straight-line basis for the term of each lease including free rent periods. Cash basis rent growth represents the change in starting rental rates per the lease agreement on new and renewed leases signed during the period, as compared to the previous ending rental rates for that same space. The cash rent growth calculation excludes free rent periods. 6 In December 2022, INDUS and the seller of the two-building Nashville forward portfolio executed an amendment to the Purchase and Sale Agreement which lowered the purchase price on the portfolio from $31.5 million to $28.4 million. 7 The 2022 fourth quarter and full year periods include the gain on sale of discontinued operations of $2,706. 8 The year and three months ended December 31, 2021 includes the results of four office/flex properties that were sold in 2021 and were not part of discontinued operations.
Inflation Remains A Problem
U.S. equity markets posted their worst week of the year as benchmark interest rates jumped to three-month highs on data showing a surprising reacceleration in inflation and economic activity in January. Declining for a third straight week - a skid that follows a stretch of four-of-five weekly gains to start the year - the S&P 500 dipped 2.7% while the Nasdaq declined over 3%.
SHAREHOLDER ALERT: The M&A Class Action Firm Announces the Investigation of INDUS Realty Trust, Inc. - INDT
NEW YORK , Feb. 22, 2023 /PRNewswire/ -- Juan Monteverde , founder and managing partner of the class action firm Monteverde & Associates PC (the "M&A Class Action Firm"), a national securities firm rated Top 50 in the 2018-2021 ISS Securities Class Action Services Report and headquartered at the Empire State Building in New York City, is investigating INDUS Realty Trust, Inc. (NASDAQ: INDT), relating to its proposed sale to affiliates of Centerbridge Partners, L.P. and GIC Real Estate, Inc..
SHAREHOLDER ALERT: Weiss Law Investigates INDUS Realty Trust, Inc.
NEW YORK , Feb. 22, 2023 /PRNewswire/ -- Weiss Law is investigating possible breaches of fiduciary duty and other violations of law by the board of directors of INDUS Realty Trust, Inc. ("INDUS" or the "Company") (NASDAQ: INDT), in connection with the proposed acquisition of the Company by affiliates of Centerbridge Partners, L.P. Under the terms of the merger agreement, the Company's shareholders will receive $67.00 for each share of INDUS common stock owned.
ALERT: Rowley Law PLLC is Investigating Proposed Acquisition of INDUS Realty Trust, Inc.
NEW YORK , Feb. 22, 2023 /PRNewswire/ -- Rowley Law PLLC is investigating potential securities law violations by INDUS Realty Trust, Inc. (NASDAQ: INDT) and its board of directors concerning the proposed acquisition of the company by affiliates of Centerbridge Partners, L.P. and GIC Real Estate, Inc. Stockholders will receive $67.00 for each share of INDUS Realty Trust stock that they hold.
Shareholder Alert: Ademi LLP investigates whether INDUS Realty Trust, Inc. has obtained a Fair Price in its transaction with Centerbridge
MILWAUKEE , Feb. 22, 2023 /PRNewswire/ -- Ademi LLP is investigating INDUS (NASDAQ: INDT) for possible breaches of fiduciary duty and other violations of law in its transaction with Centerbridge. Click here to learn how to join the action https://www.ademilaw.com/case/indus-realty-trust-inc or call Guri Ademi toll-free at 866-264-3995.
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