FORM 4
☐ Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).         
 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

MAY JONATHAN P		 2. Issuer Name and Ticker or Trading Symbol

INDUS REALTY TRUST, INC. [ INDT ] 		5. Relationship of Reporting Person(s) to Issuer (Check all applicable)

__X__ Director                    _____ 10% Owner
_____ Officer (give title below)    _____ Other (specify below)
(Last)          (First)          (Middle)

641 LEXINGTON AVENUE		 3. Date of Earliest Transaction (MM/DD/YYYY)

4/18/2023
(Street)

NEW YORK, NY 10022		 4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
 6. Individual or Joint/Group Filing (Check Applicable Line)

_X _ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)        (State)        (Zip)
Rule 10b5-1(c) Transaction Indication
☐ Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3) 		2. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. Code
(Instr. 8) 		4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5) 		5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4) 		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock (exercise of options) 4/18/2023  M  1381 A$28.95 1381 D  

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3)		2. Conversion or Exercise Price of Derivative Security3. Trans. Date3A. Deemed Execution Date, if any4. Trans. Code
(Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)		8. Price of Derivative Security
(Instr. 5)		9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Common Stock Options (right to buy) $27.52           5/13/2016 5/12/2024 Common Stock 1453  1453 D  
Common Stock Options (right to buy) $30.71           5/12/2017 5/11/2025 Common Stock 1302  1302 D  
Common Stock Options (right to buy) $25.6           5/10/2018 5/10/2026 Common Stock 1562  1562 D  
Common Stock Options (right to buy) $29.78           5/9/2019 5/9/2027 Common Stock 1343  1343 D  
Common Stock Options (right to buy) $37.65           5/15/2020 5/15/2028 Common Stock 1061  1061 D  
Common Stock Options (right to buy) $36.19           5/14/2021 5/14/2029 Common Stock 1104  1104 D  
Common Stock Options (right to buy) $37.49           5/7/2022 5/7/2030 Common Stock 1067  1067 D  
Restricted Stock Units  (1)           (2) (2)Common Stock 678.72  678.72 D  
Restricted Stock Units  (1)           (3) (3)Common Stock 795.93  795.93 D  
Explanation of Responses:
(1) Each restricted stock unit represents the contingent right to receive one share of common stock upon vesting of the unit.
(2) The restricted stock units vested June 16, 2022 and were deferred.
(3) The restricted stock units are scheduled to vest on June 14, 2023.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director10% OwnerOfficerOther
MAY JONATHAN P
641 LEXINGTON AVENUE
NEW YORK, NY 10022		X
Signatures
/s/Jonathan P. May4/20/2023
**Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
**Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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