INDUS Announces Fourth Quarter and Full Year 2022 Results
INDUS Realty Trust reported its 2022 financial results, showing a fourth-quarter net income of $1.9 million ($0.19 per share), down from $19.6 million ($1.94 per share) in Q4 2021. Core Funds from Continuing Operations rose to $5.3 million ($0.52 per share) from $3.6 million ($0.35 per share) year-over-year. The company executed leases totaling 543,000 square feet and recorded a 16% increase in rental revenue, largely due to property acquisitions. A quarterly cash dividend of $0.18 per share was declared, a 12.5% increase. Additionally, INDUS entered a merger agreement for $67.00 per share in cash, set to close in summer 2023, pending regulatory approvals.
- 16% increase in rental revenue to $12.9 million for Q4 2022 compared to Q4 2021.
- Core FFO from continuing operations increased to $5.3 million ($0.52 per share) from $3.6 million ($0.35 per share).
- NOI from continuing operations grew to $10.0 million for Q4 2022 from $8.7 million in Q4 2021.
- Quarterly cash dividend increased by 12.5% to $0.18 per share.
- Executed leases totaling 543,000 square feet in Q4 2022.
- Net income fell to $1.9 million in Q4 2022 from $19.6 million in Q4 2021.
- General and administrative expenses increased to $4.1 million in Q4 2022 from $3.8 million in Q4 2021.
2022
-
Net income of
, or$1.9 million per diluted share, for the 2022 fourth quarter compared to net income of$0.19 , or$19.6 million per diluted share, for the 2021 fourth quarter$1.94 -
Core Funds from Continuing Operations (“Core FFO from continuing operations”)1 of
, or$5.3 million per diluted share, for the 2022 fourth quarter compared to$0.52 , or$3.6 million per diluted share, for the 2021 fourth quarter$0.35 -
Net Operating Income from Continuing Operations (“NOI from continuing operations”)1 of
for the 2022 fourth quarter compared to$10.0 million for the 2021 fourth quarter$8.7 million -
As of
December 31, 2022 , stabilized2 portfolio was98.8% leased; total in-service portfolio was97.2% 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
per share of common stock for the fourth quarter of 2022 which represents a$0.18 12.5% increase over the prior quarter -
Subsequent to quarter end, completed the previously disclosed acquisitions of land parcels in the
Orlando, Florida andLehigh 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”) andGIC Real Estate, Inc. (“GIC”) have agreed to acquire all of the outstanding shares of the Company for per share in cash, subject to certain adjustments$67.00
Results of Operations
INDUS reported total rental revenue of approximately
For the 2022 fourth quarter and full year, INDUS recorded net income of approximately
Core FFO from continuing operations for the 2022 fourth quarter and full year increased to approximately
NOI from continuing operations, which is defined as rental revenue less operating expenses of rental properties and real estate taxes, increased to approximately
Cash NOI from continuing operations for the 2022 fourth quarter and full year increased to approximately
General and administrative expenses increased to approximately
Interest expense decreased to approximately
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 is15.9% 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 now49.3% leased. -
105,000 square feet across two first generation leases at the Company’s planned acquisition in the
Nashville, Tennessee market, bringing the project to100.0% 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 to100.0% 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
|
Square Feet |
Weighted Avg.
|
Weighted
|
Weighted Avg. Rent Growth5 |
|
|
Straight-line
|
Cash
|
||||
New Lease |
2 |
226,615 |
5.1 |
|
|
|
Renewal/Extension Leases |
5 |
438,073 |
2.7 |
|
|
|
Total /Average |
7 |
664,688 |
3.5 |
|
|
|
As of
|
|
|
|
|
|
Percentage Leased |
|
|
|
|
|
Percentage Leased – |
|
|
|
|
|
Acquisitions Under Contract
The following is a summary of INDUS’ acquisitions under contract as of
Market |
Building
|
Building Size
|
Type |
Purchase
|
|
1 |
263,000 |
Forward ( |
|
|
2 |
184,000 |
Forward ( |
|
|
1 |
284,400 |
Forward |
|
Charlotte |
1 |
231,000 |
Forward |
|
Total Acquisitions Under Contract |
5 |
962,400 |
|
|
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
During the 2022 fourth quarter, INDUS completed the acquisition of 8 acres of land in the
Additionally, as of
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
Closing on the purchase of
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
Additionally, the Company has several agreements in place to sell undeveloped land parcels in
Liquidity & Capital Resources
During
As of
Common Stock Dividend
During the 2022 fourth quarter, INDUS’ board of directors declared a quarterly cash distribution on its common stock of
Pending Merger Transaction
On
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
Additional Information and Where to Find It
In connection with the proposed transaction, the Company will file with the
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
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
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
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
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
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
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Consolidated Statements of Operations |
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(dollars and share count in thousands, except per share data) |
||||||||||||||||
(unaudited) |
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended |
|
Twelve Months Ended |
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|
|
|
|
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 |
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|
|
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
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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 |
|
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Consolidated Balance Sheets |
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(dollars in thousands) |
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(unaudited) |
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ASSETS |
|
|
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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 |
|
|
|
|
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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 |
|
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Non-GAAP Reconciliations – Funds from Operations (“FFO”) and Core FFO |
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(dollars and share count in thousands, except per share measures) |
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(unaudited) |
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Three Months Ended |
|
Twelve Months Ended |
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|
|
|
||||||||
|
|
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 |
|||
|
|||||||||||
Non-GAAP Reconciliations – NOI and Cash NOI |
|||||||||||
(dollars in thousands) |
|||||||||||
(unaudited) |
|||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||
|
|
||||||||||
|
|
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 |
2 |
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 |
7 The 2022 fourth quarter and full year periods include the gain on sale of discontinued operations of |
8 The year and three months ended |
View source version on businesswire.com: https://www.businesswire.com/news/home/20230306005263/en/
Vice President, Capital Markets & Investor Relations
(212) 218-7914
apizzo@indusrt.com
Jon Clark
Executive Vice President, Chief Financial Officer
(860) 286-2419
jclark@indusrt.com
Source:
FAQ
What were INDUS Realty Trust's Q4 2022 financial results?
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