NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT) (\u201cINDUS\u201d or the \u201cCompany\u201d), a U.S. based industrial\/logistics REIT, announced the following updates on leasing, its acquisition pipeline, development pipeline and corporate updates for the three months ended June 30, 2022 (the \u201c2022 second quarter\u201d)1:\n<\/p>\n
<\/a><\/p>\n \nHighlights\n<\/p>\n Completed the acquisition of a fully leased, approximately 205,000 square foot portfolio of last-mile facilities located in the Orlando and Palm Beach, Florida markets<\/p>\n Completed two leases of first generation space totaling approximately 102,000 square feet and two lease renewals totaling approximately 256,000 square feet<\/p>\n Developed and placed in service a 67% pre-leased, approximately 102,000 square foot building in Lehigh Valley, Pennsylvania<\/p>\n Stabilized2 portfolio was 100.0% leased as of June 30, 2022; total in-service portfolio was 99.4% leased as of June 30, 2022<\/p>\n Amended and restated the existing $100 million Credit Agreement to increase the size to $250 million with the addition of a new $150 million delayed draw term loan with a term of five years (the \u201cTerm Loan\u201d)<\/p>\n Repaid four existing mortgages covering ten buildings with $60 million in proceeds from the Term Loan resulting in no fixed-rate debt maturities until 2027<\/p>\n \nLeasing Activity3\n<\/p>\n \nINDUS reported the following second generation leasing metrics for the 2022 second quarter:\n<\/p>\n \u00a0<\/p>\n \n\u00a0Number of\n<\/p>\n \nLeases\n<\/p>\n \u00a0<\/p>\n \nSquare Feet\n<\/p>\n \u00a0<\/p>\n \nWeighted Avg.\n<\/p>\n \nLease Term in Years\n<\/p>\n \u00a0<\/p>\n \nWeighted Avg. Lease\n<\/p>\n \nCosts PSF per Year4\n<\/p>\n \u00a0<\/p>\n \nWeighted Avg. Rent Growth5\n<\/p>\n \u00a0 \nStraight-line Basis\n<\/p>\n \u00a0<\/p>\n \nCash Basis\n<\/p>\n \nRenewals\n<\/p>\n \u00a0<\/p>\n \n2\n<\/p>\n \u00a0<\/p>\n \n256,000\n<\/p>\n \u00a0<\/p>\n \n3.2\n<\/p>\n \u00a0<\/p>\n \n$0.46\n<\/p>\n \u00a0<\/p>\n \n41.1%\n<\/p>\n \u00a0<\/p>\n \n34.7%\n<\/p>\n \nIn addition to the above leases signed during the period, INDUS also executed two first generation leases totaling approximately 102,000 square feet for projects currently in its development pipeline (see below section on \u201cDevelopment Pipeline\u201d). One lease is for the expansion of a seven-year agreement with a leading global shipping and logistics company for the balance of 110 Tradeport Drive. The tenant had previously signed a lease for 156,000 square feet and in the 2022 second quarter opted to lease the remaining 78,000 square feet. The other lease is a five-year agreement for approximately 24,000 square feet at Landstar Logistics. These leases are expected to commence in the third quarter of 2022.\n<\/p>\n \nAs of June 30, 2022, INDUS\u2019 39 buildings aggregated approximately 5.7 million square feet. INDUS\u2019 portfolio percentage leased and percentage leased of stabilized properties were as follows:\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \nJune 30,\n<\/p>\n \n2022\n<\/p>\n \u00a0<\/p>\n \nMar. 31,\n<\/p>\n \n2022\n<\/p>\n \u00a0<\/p>\n \nDec. 31,\n<\/p>\n \n2021\n<\/p>\n \u00a0<\/p>\n \nSept. 30,\n<\/p>\n \n2021\n<\/p>\n \nPercentage Leased\n<\/p>\n \u00a0<\/p>\n \n99.4%\n<\/p>\n \u00a0<\/p>\n \n100.0%\n<\/p>\n \u00a0<\/p>\n \n98.4%\n<\/p>\n \u00a0<\/p>\n \n95.4%\n<\/p>\n \nPercentage Leased \u2013 Stabilized Properties\n<\/p>\n \u00a0<\/p>\n \n100.0%\n<\/p>\n \u00a0<\/p>\n \n100.0%\n<\/p>\n \u00a0<\/p>\n \n100.0%\n<\/p>\n \u00a0<\/p>\n \n99.4%\n<\/p>\n \nAs of June 30, 2022, INDUS\u2019 only vacancy reflects approximately 34,000 square feet in the Lehigh Valley, Pennsylvania building that was developed and placed in service in the 2022 second quarter (see below section on \u201cDevelopment Pipeline\u201d).\n<\/p>\n \nThe short-term full-building lease of approximately 216,000 square feet at 782 Paragon Way in the Charlotte, North Carolina market is expected to expire in the third quarter of 2022. INDUS is currently marketing the space for lease and believes current market rents are significantly above the previous in-place rent.\n<\/p>\n \nAcquisition Pipeline\n<\/p>\n \nDuring the 2022 second quarter, INDUS completed the acquisition of a fully leased, approximately 205,000 square foot portfolio located in the Orlando and Palm Beach, Florida markets. The Company used cash on hand to pay the $31.6 million purchase price, before transaction costs, which equates to an in-place cash capitalization rate of approximately 4.6%. With this addition, in Florida INDUS owns approximately 621,000 square feet across seven buildings in addition to a two-building project totaling 195,000 square feet currently under development.\n<\/p>\n \nThe following is a summary of INDUS\u2019 acquisition pipeline as of June 30, 2022:\n<\/p>\n \nAcquisition\n<\/p>\n \u00a0<\/p>\n \nMarket\n<\/p>\n \u00a0<\/p>\n \nBuilding Size (SF)\n<\/p>\n \u00a0<\/p>\n \nType\n<\/p>\n \u00a0<\/p>\n \nPurchase Price\n<\/p>\n \n(in millions)\n<\/p>\n \u00a0<\/p>\n \nExpected Closing\n<\/p>\n \nAcquisitions Under Contract\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \nNashville Acquisition (two buildings)\n<\/p>\n \u00a0<\/p>\n \nNashville, TN\n<\/p>\n \u00a0<\/p>\n \n184,000\n<\/p>\n \u00a0<\/p>\n \nForward (42.9%\n<\/p>\n \npre-leased)\n<\/p>\n \u00a0<\/p>\n \n$31.5\n<\/p>\n \u00a0<\/p>\n \nQ4 2022\n<\/p>\n \nCharleston Forward Acquisition (one building)\n<\/p>\n \u00a0<\/p>\n \nCharleston, SC\n<\/p>\n \u00a0<\/p>\n \n263,000\n<\/p>\n \u00a0<\/p>\n \nForward\n<\/p>\n \u00a0<\/p>\n \n$28.0\n<\/p>\n \u00a0<\/p>\n \nQ1 2023\n<\/p>\n \nGreenville-Spartanburg Acquisition\n<\/p>\n \n(one building)\n<\/p>\n \u00a0<\/p>\n \nGreenville-Spartanburg, SC\n<\/p>\n \u00a0<\/p>\n \n280,000\n<\/p>\n \u00a0<\/p>\n \nForward\n<\/p>\n \u00a0<\/p>\n \n$28.5\n<\/p>\n \u00a0<\/p>\n \nQ2 2023\n<\/p>\n \nCharlotte Forward Acquisition (one building)\n<\/p>\n \u00a0<\/p>\n \nCharlotte, NC\n<\/p>\n \u00a0<\/p>\n \n231,000\n<\/p>\n \u00a0<\/p>\n \nForward\n<\/p>\n \u00a0<\/p>\n \n$21.2\n<\/p>\n \u00a0<\/p>\n \nQ3 2023\n<\/p>\n \nTotal Acquisition Pipeline\n<\/p>\n \n958,000\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n$109.2\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \nThe acquisitions in INDUS\u2019 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.\n<\/p>\n \nDevelopment Pipeline\n<\/p>\n \nDuring the 2022 second quarter, INDUS completed and placed into service its approximately 102,000 square foot building in Lehigh Valley, Pennsylvania. INDUS had pre-leased approximately 68,000 square feet of this building and is currently marketing the remaining approximately 34,000 square feet (see above section on \u201cLeasing Activity\u201d).\n<\/p>\n \nThe following is a summary of INDUS\u2019 development pipeline as of June 30, 2022:\n<\/p>\n \nName\n<\/p>\n \u00a0<\/p>\n \nMarket\n<\/p>\n \nBuilding Size (SF)\n<\/p>\n \u00a0<\/p>\n \nType\n<\/p>\n \nExpected Delivery\n<\/p>\n \nOwned Land\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \n110 Tradeport Drive (one building)\n<\/p>\n \u00a0<\/p>\n \nHartford, CT\n<\/p>\n \n234,000\n<\/p>\n \u00a0<\/p>\n \n100% Pre-leased\n<\/p>\n \nQ3 2022\n<\/p>\n \nLandstar Logistics (two buildings)\n<\/p>\n \u00a0<\/p>\n \nOrlando, FL\n<\/p>\n \n195,000\n<\/p>\n \u00a0<\/p>\n \nSpeculative\/12.3% Pre-leased\n<\/p>\n \nQ3 2022\n<\/p>\n \nAmerican Parkway (one building)\n<\/p>\n \u00a0<\/p>\n \nLehigh Valley, PA\n<\/p>\n \n206,000\n<\/p>\n \u00a0<\/p>\n \nSpeculative\n<\/p>\n \nQ2 2023\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nLand Under Purchase & Sale Agreement\n<\/p>\n \nLehigh Valley Land parcel (one building)\n<\/p>\n \u00a0<\/p>\n \nLehigh Valley, PA\n<\/p>\n \n90,000\n<\/p>\n \u00a0<\/p>\n \nSpeculative\n<\/p>\n \nQ1 2024\n<\/p>\n \nLehigh Valley Land 2 parcel (one building)\n<\/p>\n \u00a0<\/p>\n \nLehigh Valley, PA\n<\/p>\n \n91,000\n<\/p>\n \u00a0<\/p>\n \nSpeculative\n<\/p>\n \nQ1 2024\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nTotal Development Pipeline\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n816,000\n<\/p>\n \u00a0<\/p>\n \n\u00a0\n<\/p>\n \n\u00a0\n<\/p>\n \nINDUS expects that the total development and stabilization costs of developments in its pipeline will total approximately $102 million, of which $36 million has been spent. The Company estimates that the underwritten weighted average stabilized Cash NOI yield on its development pipeline is between 6.0% – 6.5%.[6] Actual initial full year stabilized Cash NOI yields may vary from INDUS\u2019 estimated underwritten stabilized Cash NOI yield range based on the actual total cost to complete a project or acquire a property and its actual initial full year stabilized Cash NOI.\n<\/p>\n \nClosing on the purchase of the Lehigh Valley Land parcels and the completion and stabilization of the projects in the development pipeline 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, at the Company\u2019s estimated underwritten yields, or at all.\n<\/p>\n \nCorporate Updates\n<\/p>\n \nOn April 21, 2022, the Company amended its Credit Agreement to increase the size to $250 million with the addition of the new $150 million Term Loan. In addition, INDUS amended the maturity of its existing $100 million revolving credit facility under the Amended Credit Agreement from August 2024 to a new expiration date of April 2025 which remains subject to two, one-year extension options. The Amended Credit Agreement includes an accordion feature enabling the Company to increase the total borrowing up to an aggregate of $500 million which may take the form of additional revolving loan capacity or additional term loans, subject to certain conditions. The Term Loan bears an interest rate subject to a pricing grid based upon the Company\u2019s ratio of total indebtedness to total asset value. Based on the Company\u2019s current indebtedness, the Term Loan would bear an interest rate of SOFR plus a spread of 1.15%. Concurrent with the closing on the Term Loan, the Company entered into an interest rate swap to fix the interest rate on the Term Loan at an effective rate of 4.15%.\n<\/p>\n \nIn May, the Company made an initial draw of $60 million from the Term Loan to repay approximately $62 million of existing mortgage debt (the \u201cRepaid Debt\u201d) which had encumbered ten buildings. In the third quarter of 2022, the properties previously secured by the Repaid Debt will be added to the Company\u2019s borrowing capacity under the Amended Credit Agreement. The Company currently has no borrowings outstanding under its revolving credit facility and no fixed rate debt maturities until 2027.\n<\/p>\n \nAbout INDUS\n<\/p>\n \nINDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial\/logistics properties. INDUS owns 39 buildings aggregating approximately 5.7 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.\n<\/p>\n \nForward-Looking Statements:\n<\/p>\n \nThis Press Release includes \u201cforward-looking statements\u201d 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\u2019 beliefs and expectations regarding future events or conditions including, without limitation, statements regarding the completion of acquisitions under agreements, pre-leasing agreements, construction and development plans and timelines, expected total development and stabilization costs of developments in INDUS\u2019 pipeline, and the estimated underwritten stabilized Cash NOI yield of the Company\u2019s development pipeline. 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\u2019 Securities and Exchange Commission (\u201cSEC\u201d) filings, including the \u201cBusiness,\u201d \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections in INDUS\u2019 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.\n<\/p>\n \n1 Portfolio information and statistics are comprised solely of the Company\u2019s industrial\/logistics buildings and excludes the Company\u2019s office\/flex portfolio and other properties held for sale. Contacts <\/p>\n \nJon Clark
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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.
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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.
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4 Lease cost per square foot per year reflects total lease costs (tenant improvements, leasing commissions and legal costs) per square foot per year of the lease term.
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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.
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6 As a part of INDUS\u2019 standard development and acquisition underwriting process, INDUS analyzes the targeted initial full year stabilized Cash NOI yield for each development project and acquisition target and establishes a range of initial full year stabilized Cash NOI yields, which it refers to as \u201cunderwritten stabilized Cash NOI yields.\u201d Underwritten stabilized Cash NOI yields are calculated as a development project\u2019s or acquisition\u2019s initial full year stabilized Cash NOI as a percentage of its estimated total investment, including costs to stabilize the buildings to 95% occupancy (other than in connection with build-to-suit development projects and single tenant properties). INDUS calculates initial full year stabilized Cash NOI for a development project or acquisition by subtracting its estimate of the development project\u2019s or acquisition\u2019s initial full year stabilized operating expenses, real estate taxes and non-cash rental revenue, including straight-line rents (before interest, income taxes, if any, and depreciation and amortization), from its estimate of its initial full year stabilized rental revenue.\n<\/p>\n
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Executive Vice President, Chief Financial Officer
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(860) 286-2419
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jclark@indusrt.com<\/a>\n<\/p>\n
![<\/a><\/p>\n\nHighlights\n<\/p>\nCompleted the acquisition of a fully leased, approximately 205,000 square foot portfolio of last-mile facilities located in the Orlando and Palm Beach, Florida markets<\/p>\nCompleted two leases of first generation space totaling approximately 102,000 square feet and two lease renewals totaling approximately 256,000 square feet<\/p>\nDeveloped and placed in service a 67% pre-leased, approximately 102,000 square foot building in Lehigh Valley, Pennsylvania<\/p>\nStabilized2 portfolio was 100.0% leased as of June 30, 2022; total in-service portfolio was 99.4% leased as of June 30, 2022<\/p>\nAmended and restated the existing $100 million Credit Agreement to increase the size to $250 million with the addition of a new $150 million delayed draw term loan with a term of five years (the \u201cTerm Loan\u201d)<\/p>\nRepaid four existing mortgages covering ten buildings with $60 million in proceeds from the Term Loan resulting in no fixed-rate debt maturities until 2027<\/p>\n\nLeasing Activity3\n<\/p>\n\nINDUS reported the following second generation leasing metrics for the 2022 second quarter:\n<\/p>\n\u00a0<\/p>\n\n\u00a0Number of\n<\/p>\n\nLeases\n<\/p>\n\u00a0<\/p>\n\nSquare Feet\n<\/p>\n\u00a0<\/p>\n\nWeighted Avg.\n<\/p>\n\nLease Term in Years\n<\/p>\n\u00a0<\/p>\n\nWeighted Avg. Lease\n<\/p>\n\nCosts PSF per Year4\n<\/p>\n\u00a0<\/p>\n\nWeighted Avg. Rent Growth5\n<\/p>\n\u00a0\n\u00a0\n\u00a0\n\u00a0\n\u00a0<\/p>\n\nStraight-line Basis\n<\/p>\n\u00a0<\/p>\n\nCash Basis\n<\/p>\n\nRenewals\n<\/p>\n\u00a0<\/p>\n\n2\n<\/p>\n\u00a0<\/p>\n\n256,000\n<\/p>\n\u00a0<\/p>\n\n3.2\n<\/p>\n\u00a0<\/p>\n\n$0.46\n<\/p>\n\u00a0<\/p>\n\n41.1%\n<\/p>\n\u00a0<\/p>\n\n34.7%\n<\/p>\n\nIn addition to the above leases signed during the period, INDUS also executed two first generation leases totaling approximately 102,000 square feet for projects currently in its development pipeline (see below section on \u201cDevelopment Pipeline\u201d). One lease is for the expansion of a seven-year agreement with a leading global shipping and logistics company for the balance of 110 Tradeport Drive. The tenant had previously signed a lease for 156,000 square feet and in the 2022 second quarter opted to lease the remaining 78,000 square feet. The other lease is a five-year agreement for approximately 24,000 square feet at Landstar Logistics. These leases are expected to commence in the third quarter of 2022.\n<\/p>\n\nAs of June 30, 2022, INDUS\u2019 39 buildings aggregated approximately 5.7 million square feet. INDUS\u2019 portfolio percentage leased and percentage leased of stabilized properties were as follows:\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\nJune 30,\n<\/p>\n\n2022\n<\/p>\n\u00a0<\/p>\n\nMar. 31,\n<\/p>\n\n2022\n<\/p>\n\u00a0<\/p>\n\nDec. 31,\n<\/p>\n\n2021\n<\/p>\n\u00a0<\/p>\n\nSept. 30,\n<\/p>\n\n2021\n<\/p>\n\nPercentage Leased\n<\/p>\n\u00a0<\/p>\n\n99.4%\n<\/p>\n\u00a0<\/p>\n\n100.0%\n<\/p>\n\u00a0<\/p>\n\n98.4%\n<\/p>\n\u00a0<\/p>\n\n95.4%\n<\/p>\n\nPercentage Leased \u2013 Stabilized Properties\n<\/p>\n\u00a0<\/p>\n\n100.0%\n<\/p>\n\u00a0<\/p>\n\n100.0%\n<\/p>\n\u00a0<\/p>\n\n100.0%\n<\/p>\n\u00a0<\/p>\n\n99.4%\n<\/p>\n\nAs of June 30, 2022, INDUS\u2019 only vacancy reflects approximately 34,000 square feet in the Lehigh Valley, Pennsylvania building that was developed and placed in service in the 2022 second quarter (see below section on \u201cDevelopment Pipeline\u201d).\n<\/p>\n\nThe short-term full-building lease of approximately 216,000 square feet at 782 Paragon Way in the Charlotte, North Carolina market is expected to expire in the third quarter of 2022. INDUS is currently marketing the space for lease and believes current market rents are significantly above the previous in-place rent.\n<\/p>\n\nAcquisition Pipeline\n<\/p>\n\nDuring the 2022 second quarter, INDUS completed the acquisition of a fully leased, approximately 205,000 square foot portfolio located in the Orlando and Palm Beach, Florida markets. The Company used cash on hand to pay the $31.6 million purchase price, before transaction costs, which equates to an in-place cash capitalization rate of approximately 4.6%. With this addition, in Florida INDUS owns approximately 621,000 square feet across seven buildings in addition to a two-building project totaling 195,000 square feet currently under development.\n<\/p>\n\nThe following is a summary of INDUS\u2019 acquisition pipeline as of June 30, 2022:\n<\/p>\n\nAcquisition\n<\/p>\n\u00a0<\/p>\n\nMarket\n<\/p>\n\u00a0<\/p>\n\nBuilding Size (SF)\n<\/p>\n\u00a0<\/p>\n\nType\n<\/p>\n\u00a0<\/p>\n\nPurchase Price\n<\/p>\n\n(in millions)\n<\/p>\n\u00a0<\/p>\n\nExpected Closing\n<\/p>\n\nAcquisitions Under Contract\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\nNashville Acquisition (two buildings)\n<\/p>\n\u00a0<\/p>\n\nNashville, TN\n<\/p>\n\u00a0<\/p>\n\n184,000\n<\/p>\n\u00a0<\/p>\n\nForward (42.9%\n<\/p>\n\npre-leased)\n<\/p>\n\u00a0<\/p>\n\n$31.5\n<\/p>\n\u00a0<\/p>\n\nQ4 2022\n<\/p>\n\nCharleston Forward Acquisition (one building)\n<\/p>\n\u00a0<\/p>\n\nCharleston, SC\n<\/p>\n\u00a0<\/p>\n\n263,000\n<\/p>\n\u00a0<\/p>\n\nForward\n<\/p>\n\u00a0<\/p>\n\n$28.0\n<\/p>\n\u00a0<\/p>\n\nQ1 2023\n<\/p>\n\nGreenville-Spartanburg Acquisition\n<\/p>\n\n(one building)\n<\/p>\n\u00a0<\/p>\n\nGreenville-Spartanburg, SC\n<\/p>\n\u00a0<\/p>\n\n280,000\n<\/p>\n\u00a0<\/p>\n\nForward\n<\/p>\n\u00a0<\/p>\n\n$28.5\n<\/p>\n\u00a0<\/p>\n\nQ2 2023\n<\/p>\n\nCharlotte Forward Acquisition (one building)\n<\/p>\n\u00a0<\/p>\n\nCharlotte, NC\n<\/p>\n\u00a0<\/p>\n\n231,000\n<\/p>\n\u00a0<\/p>\n\nForward\n<\/p>\n\u00a0<\/p>\n\n$21.2\n<\/p>\n\u00a0<\/p>\n\nQ3 2023\n<\/p>\n\nTotal Acquisition Pipeline\n<\/p>\n\n958,000\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n$109.2\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\nThe acquisitions in INDUS\u2019 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.\n<\/p>\n\nDevelopment Pipeline\n<\/p>\n\nDuring the 2022 second quarter, INDUS completed and placed into service its approximately 102,000 square foot building in Lehigh Valley, Pennsylvania. INDUS had pre-leased approximately 68,000 square feet of this building and is currently marketing the remaining approximately 34,000 square feet (see above section on \u201cLeasing Activity\u201d).\n<\/p>\n\nThe following is a summary of INDUS\u2019 development pipeline as of June 30, 2022:\n<\/p>\n\nName\n<\/p>\n\u00a0<\/p>\n\nMarket\n<\/p>\n\nBuilding Size (SF)\n<\/p>\n\u00a0<\/p>\n\nType\n<\/p>\n\nExpected Delivery\n<\/p>\n\nOwned Land\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\n110 Tradeport Drive (one building)\n<\/p>\n\u00a0<\/p>\n\nHartford, CT\n<\/p>\n\n234,000\n<\/p>\n\u00a0<\/p>\n\n100% Pre-leased\n<\/p>\n\nQ3 2022\n<\/p>\n\nLandstar Logistics (two buildings)\n<\/p>\n\u00a0<\/p>\n\nOrlando, FL\n<\/p>\n\n195,000\n<\/p>\n\u00a0<\/p>\n\nSpeculative\/12.3% Pre-leased\n<\/p>\n\nQ3 2022\n<\/p>\n\nAmerican Parkway (one building)\n<\/p>\n\u00a0<\/p>\n\nLehigh Valley, PA\n<\/p>\n\n206,000\n<\/p>\n\u00a0<\/p>\n\nSpeculative\n<\/p>\n\nQ2 2023\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nLand Under Purchase & Sale Agreement\n<\/p>\n\nLehigh Valley Land parcel (one building)\n<\/p>\n\u00a0<\/p>\n\nLehigh Valley, PA\n<\/p>\n\n90,000\n<\/p>\n\u00a0<\/p>\n\nSpeculative\n<\/p>\n\nQ1 2024\n<\/p>\n\nLehigh Valley Land 2 parcel (one building)\n<\/p>\n\u00a0<\/p>\n\nLehigh Valley, PA\n<\/p>\n\n91,000\n<\/p>\n\u00a0<\/p>\n\nSpeculative\n<\/p>\n\nQ1 2024\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nTotal Development Pipeline\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n816,000\n<\/p>\n\u00a0<\/p>\n\n\u00a0\n<\/p>\n\n\u00a0\n<\/p>\n\nINDUS expects that the total development and stabilization costs of developments in its pipeline will total approximately $102 million, of which $36 million has been spent. The Company estimates that the underwritten weighted average stabilized Cash NOI yield on its development pipeline is between 6.0% – 6.5%.[6] Actual initial full year stabilized Cash NOI yields may vary from INDUS\u2019 estimated underwritten stabilized Cash NOI yield range based on the actual total cost to complete a project or acquire a property and its actual initial full year stabilized Cash NOI.\n<\/p>\n\nClosing on the purchase of the Lehigh Valley Land parcels and the completion and stabilization of the projects in the development pipeline 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, at the Company\u2019s estimated underwritten yields, or at all.\n<\/p>\n\nCorporate Updates\n<\/p>\n\nOn April 21, 2022, the Company amended its Credit Agreement to increase the size to $250 million with the addition of the new $150 million Term Loan. In addition, INDUS amended the maturity of its existing $100 million revolving credit facility under the Amended Credit Agreement from August 2024 to a new expiration date of April 2025 which remains subject to two, one-year extension options. The Amended Credit Agreement includes an accordion feature enabling the Company to increase the total borrowing up to an aggregate of $500 million which may take the form of additional revolving loan capacity or additional term loans, subject to certain conditions. The Term Loan bears an interest rate subject to a pricing grid based upon the Company\u2019s ratio of total indebtedness to total asset value. Based on the Company\u2019s current indebtedness, the Term Loan would bear an interest rate of SOFR plus a spread of 1.15%. Concurrent with the closing on the Term Loan, the Company entered into an interest rate swap to fix the interest rate on the Term Loan at an effective rate of 4.15%.\n<\/p>\n\nIn May, the Company made an initial draw of $60 million from the Term Loan to repay approximately $62 million of existing mortgage debt (the \u201cRepaid Debt\u201d) which had encumbered ten buildings. In the third quarter of 2022, the properties previously secured by the Repaid Debt will be added to the Company\u2019s borrowing capacity under the Amended Credit Agreement. The Company currently has no borrowings outstanding under its revolving credit facility and no fixed rate debt maturities until 2027.\n<\/p>\n\nAbout INDUS\n<\/p>\n\nINDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial\/logistics properties. INDUS owns 39 buildings aggregating approximately 5.7 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.\n<\/p>\n\nForward-Looking Statements:\n<\/p>\n\nThis Press Release includes \u201cforward-looking statements\u201d 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\u2019 beliefs and expectations regarding future events or conditions including, without limitation, statements regarding the completion of acquisitions under agreements, pre-leasing agreements, construction and development plans and timelines, expected total development and stabilization costs of developments in INDUS\u2019 pipeline, and the estimated underwritten stabilized Cash NOI yield of the Company\u2019s development pipeline. 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\u2019 Securities and Exchange Commission (\u201cSEC\u201d) filings, including the \u201cBusiness,\u201d \u201cRisk Factors\u201d and \u201cForward-Looking Statements\u201d sections in INDUS\u2019 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.\n<\/p>\n\n1 Portfolio information and statistics are comprised solely of the Company\u2019s industrial\/logistics buildings and excludes the Company\u2019s office\/flex portfolio and other properties held for sale.\n2 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.\n3 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.\n4 Lease cost per square foot per year reflects total lease costs (tenant improvements, leasing commissions and legal costs) per square foot per year of the lease term.\n5 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.\n6 As a part of INDUS\u2019 standard development and acquisition underwriting process, INDUS analyzes the targeted initial full year stabilized Cash NOI yield for each development project and acquisition target and establishes a range of initial full year stabilized Cash NOI yields, which it refers to as \u201cunderwritten stabilized Cash NOI yields.\u201d Underwritten stabilized Cash NOI yields are calculated as a development project\u2019s or acquisition\u2019s initial full year stabilized Cash NOI as a percentage of its estimated total investment, including costs to stabilize the buildings to 95% occupancy (other than in connection with build-to-suit development projects and single tenant properties). INDUS calculates initial full year stabilized Cash NOI for a development project or acquisition by subtracting its estimate of the development project\u2019s or acquisition\u2019s initial full year stabilized operating expenses, real estate taxes and non-cash rental revenue, including straight-line rents (before interest, income taxes, if any, and depreciation and amortization), from its estimate of its initial full year stabilized rental revenue.\n<\/p>\nContacts <\/p>\n\nJon Clark\nExecutive Vice President, Chief Financial Officer\n(860) 286-2419\njclark@indusrt.com<\/a>\n<\/p>\n\nInvestor Relations\ninvestor@indusrt.com<\/a><\/p>","protected":false},"excerpt":{"rendered":"NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT) (\u201cINDUS\u201d or the \u201cCompany\u201d), a U.S. based industrial\/logistics REIT, announced the following updates on leasing, its acquisition pipeline, development pipeline and corporate updates for the three months ended June 30, 2022 (the \u201c2022 second quarter\u201d)1: Highlights Completed the acquisition of a fully leased, approximately 205,000 square foot […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[49630],"tags":[],"settori":[],"slider_categorie_and_home_page":[],"class_list":["post-805934","post","type-post","status-publish","format-standard","hentry","category-real-estate-in-asia-pacific"],"acf":[],"yoast_head":"\nIndus Announces 2022 Second Quarter Leasing, Pipeline and Corporate Updates - BeBeez<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Indus Announces 2022 Second Quarter Leasing, Pipeline and Corporate Updates - BeBeez\" \/>\n<meta property=\"og:description\" content=\"NEW YORK–(BUSINESS WIRE)–INDUS Realty Trust, Inc. (Nasdaq: INDT) (\u201cINDUS\u201d or the \u201cCompany\u201d), a U.S. based industrial\/logistics REIT, announced the following updates on leasing, its acquisition pipeline, development pipeline and corporate updates for the three months ended June 30, 2022 (the \u201c2022 second quarter\u201d)1: Highlights Completed the acquisition of a fully leased, approximately 205,000 square foot […]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\" \/>\n<meta property=\"og:site_name\" content=\"BeBeez\" \/>\n<meta property=\"article:published_time\" content=\"2022-07-08T05:01:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/bebeez.it\/wp-content\/uploads\/2019\/10\/be-beez-logo-x2.png\" \/>\n\t<meta property=\"og:image:width\" content=\"683\" \/>\n\t<meta property=\"og:image:height\" content=\"242\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data1\" content=\"9 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\"},\"author\":{\"name\":\"\",\"@id\":\"\"},\"headline\":\"Indus Announces 2022 Second Quarter Leasing, Pipeline and Corporate Updates\",\"datePublished\":\"2022-07-08T05:01:52+00:00\",\"dateModified\":\"2022-07-08T05:01:52+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\"},\"wordCount\":1841,\"publisher\":{\"@id\":\"https:\/\/15.161.165.86\/#organization\"},\"articleSection\":[\"Real Estate in Asia Pacific\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\",\"url\":\"https:\/\/bebeez.it\/en\/real-estate-in-asia-pacific\/indus-announces-2022-second-quarter-leasing-pipeline-and-corporate-updates\/\",\"name\":\"Indus Announces 2022 Second Quarter Leasing, Pipeline and Corporate Updates - 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