INDUS Completes Sale of Office/Flex Portfolio for $11.0 Million

Rhea-AI Summary

INDUS Realty Trust, Inc. (NASDAQ: INDT) has sold its office/flex portfolio, comprised of eight buildings totaling 194,000 square feet in Bloomfield, Connecticut, for $11.0 million. This sale, recorded in discontinued operations, transforms INDUS into a pure-play industrial/logistics real estate firm. Now, the company owns 42 industrial/logistics buildings totaling approximately 6.1 million square feet across key U.S. markets including Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida, focusing on high-growth areas.

Positive

• Completed the sale of office/flex portfolio for $11.0 million, enhancing liquidity.
• Transformation into a pure-play industrial/logistics REIT may attract more investors.

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 the Company has 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 194,000 square feet located in Bloomfield, Connecticut, and has been recorded in the Company’s discontinued operations since the beginning of the year. With the disposition of the Office/Flex Portfolio, INDUS is now a pure-play industrial/logistics real estate business with a modern portfolio located in select high-growth markets.

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.

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 INDUS’ strategy as a pure-play industrial/logistics business focused on high-growth markets. 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’ Securities and Exchange Commission (“SEC”) filings, including the “Business,” “Risk Factors” and “Forward-Looking Statements” sections in INDUS’ Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on March 11, 2022, as updated by other filings with the SEC. INDUS disclaims any obligation to update any forward-looking statements as a result of developments occurring after the date of this press release except as required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20221205005189/en/

INDUS REALTY TRUST, INC.

Ashley Pizzo

Vice President, Capital Markets & IR

(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 sale did INDUS Realty Trust complete?

INDUS Realty Trust completed the sale of its office/flex portfolio for $11.0 million.

How many industrial/logistics buildings does INDUS Realty Trust own?

INDUS Realty Trust owns 42 industrial/logistics buildings totaling approximately 6.1 million square feet.

Where is the office/flex portfolio sold by INDUS Realty Trust located?

The office/flex portfolio sold by INDUS Realty Trust is located in Bloomfield, Connecticut.

What is the significance of INDUS becoming a pure-play industrial/logistics REIT?

Becoming a pure-play industrial/logistics REIT may enhance INDUS's focus on high-growth markets and attract more investors.