INDUS REALTY TRUST, INC. Item 7.01 Regulation FD Disclosure
On
Leasing Activity
During the three months ended
A lease extension was signed for approximately 127,000 square feet in the
The Company executed 48,000 square feet of two first generation leases at the
Company's recently delivered two-building development project in the
Two first generation leases totaling 105,000 square feet at the Company's
planned acquisition in the
Additionally, a 263,000 square foot first generation lease at the Company's
planned acquisition in the
As ofDecember 31, 2022 , INDUS' 42 buildings aggregated 6.1 million square feet. INDUS' portfolio percentage leased and percentage leased of stabilized1 properties were as follows: Dec. 31, Sept. 30, June 30, Mar. 31, 2022 2022 2022 2022 Percentage Leased 97.2% 97.6% 99.4% 100.0%
Percentage Leased -
Acquisition Pipeline
The following is a summary of INDUS' pipeline of acquisitions under contract as ofDecember 31, 2022 : Purchase Building Price Expected Market Building Count Size (SF) Type (in millions) Closing Forward (100% Charleston 1 263,000 pre-leased)$28.0 Q1 2023 Forward (100% Nashville2 2 184,000 pre-leased)$28.4 Q2 2023 Greenville-Spartanburg 1 280,000 Forward$28.5 Q2 2023 Charlotte 1 231,000 Forward$21.2 Q3 2023 Total Acquisition Pipeline 5 958,000$106.1
The acquisitions in INDUS' pipeline 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 Pipeline
The following is a summary of INDUS' development pipeline as ofDecember 31, 2022 : Estimated Building Total Budget Expected Project Market Size (SF) Type (in millions) Delivery
Additionally, the following is a summary of INDUS' land for future expected
development that is owned or under contract as of
Purchase Expected
Building Price of Land Land
Project Market Size (SF) Acreage (in millions) Closing
Windsor Land (one building) Lehigh Valley 91,000 8 $6.5 Completed
Lehigh Valley Land (one building) Lehigh Valley 90,000 11 $2.3 Q1 2023
$4.8 Q4 2023
Closing on the purchase of the land parcels under contract and the commencement, completion and/or stabilization of the projects in the development pipeline and on the land for expected future development 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.
Corporate Updates
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
Additionally, INDUS entered into an agreement to sell approximately 11.5 acres
in
In November, the Company completed the second draw totaling
During the 2022 fourth quarter, INDUS announced that its Board of Directors
declared a cash dividend of
As previously disclosed, on
1. 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.
2. In
Forward-Looking Statements:
This Press Release includes "forward-looking statements" within the meaning of
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These forward-looking statements
include INDUS' beliefs and expectations regarding future events or conditions
including, without limitation, statements regarding the completion of
acquisitions and dispositions under agreements, pre-leasing agreements,
construction and development plans and timelines, the expected total development
and stabilization costs of developments in INDUS' pipeline and the non-binding
proposal to acquire the Company and the Company's related evaluation.. Although
INDUS believes that its plans, intentions and expectations reflected in such
forward-looking statements are reasonable, it can give no assurance that such
plans, intentions or expectations will be achieved. The projected information
disclosed herein is based on assumptions and estimates that, while considered
reasonable by INDUS as of the date hereof, are inherently subject to significant
business, economic, competitive and regulatory uncertainties and contingencies,
many of which are beyond the control of INDUS, and which could cause actual
results and events to differ materially from those expressed or implied in the
forward-looking statements. Other important factors that could affect the
outcome of the events set forth in these statements are described in INDUS'
Item 9.01 Financial Statements and Exhibits.
99.1 The Company's Press Release dated
within the Inline XBRL document)
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