INDUS Announces Repayment of Construction Loan

Rhea-AI Summary

INDUS Realty Trust, Inc. (Nasdaq: INDT) announced the repayment of a $26.3 million construction loan using cash reserves. This repayment eliminates floating rate debt and postpones any debt maturities until 2027. The property at 9817 Old Statesville Road, Charlotte, North Carolina, previously secured by the loan, is now fully owned by INDUS, enhancing the company's asset base.

Positive

• Elimination of $26.3 million construction loan improves financial stability.
• No floating rate debt outstanding enhances financial flexibility.
• Debt maturities extended to 2027 reduce near-term refinancing risks.
• The property in Charlotte is now an unencumbered asset.

Negative

• None.

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 repaid its $26.3 million construction loan using cash on hand. As a result of the paydown, the Company has no floating rate debt outstanding and no debt maturities prior to 2027. Additionally, the property located at 9817 Old Statesville Road in Charlotte, North Carolina, which was previously encumbered by the loan, has become an unencumbered asset of the Company.

About INDUS
INDUS is a real estate business principally engaged in developing, acquiring, managing and leasing industrial/logistics properties. INDUS owns 39 buildings totaling approximately 5.7 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220912005930/en/

Ashley Pizzo

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: INDUS Realty Trust, Inc.

FAQ

What recent financial action did INDUS Realty Trust (INDT) take regarding its debt?

INDUS Realty Trust repaid a $26.3 million construction loan using cash on hand.

What impact did the loan repayment have on INDUS Realty Trust's financial position?

The repayment eliminated floating rate debt and deferred any debt maturities until 2027.

Which property has become unencumbered after INDUS Realty Trust paid off its loan?

The property located at 9817 Old Statesville Road, Charlotte, North Carolina is now unencumbered.

What is the stock symbol for INDUS Realty Trust?

The stock symbol for INDUS Realty Trust is INDT.