INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”) announced today that its Board of Directors has
declared a dividend to distribute the Company’s accumulated
earnings and profits (the “E&P Distribution”) based on the
Company’s taxable income through December 31, 2020. The
E&P Distribution will be $11,250,000 or $1.99 per share payable
to holders of record as of January 22, 2021. Subject to the
stockholder elections described below, the E&P Distribution
will be a special dividend payable in a combination of cash and
shares of the Company’s common stock (the “Common Stock”) with the
total amount of cash payable to stockholders set at $3,397,824,
equating to $0.60 per share. Stockholders of record will receive
election materials to elect, subject to certain limitations, to
receive the E&P Distribution either in cash, shares of Common
Stock or a fixed combination of cash and shares of Common Stock.
The E&P Distribution is expected to be paid on March 8, 2021,
following the solicitation period. The Common Stock component of
the E&P Distribution will be based on the Company’s two-day
volume weighted average price on February 25, 2021 and February 26,
2021. Going forward, INDUS expects to begin making regular
quarterly dividend payments, commencing with the quarter ending
June 30, 2021.
About INDUS
INDUS (formerly known as Griffin Industrial Realty, Inc.) is a
real estate business principally engaged in developing, acquiring,
managing and leasing industrial/warehouse properties. INDUS owns 41
buildings totaling approximately 4.6 million square feet (4.2
million of which is industrial/warehouse space) in Connecticut,
Pennsylvania, North Carolina and Florida in addition to over 3,400
acres of undeveloped land.
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’s beliefs
and expectations regarding future events or conditions including,
without limitation, the E&P Distribution and payment of future
dividends. 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’s Securities and Exchange Commission filings,
including the “Business,” “Risk Factors” and “Forward-Looking
Statements” sections in INDUS’s Annual Report on Form 10-K for the
fiscal year ended November 30, 2019 and the “Risk Factors” sections
in each of INDUS’s Quarterly Report on Form 10-Q for the fiscal
quarter ended August 31, 2020 and INDUS’s Post-Effective Amendment
No. 1 to its Registration Statement on Form S-3, filed with the
Securities and Exchange Commission on January 4, 2021,
respectively. 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.
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoDirector of Investor
Relations & Capital Markets(212)
218-7914 apizzo@indusrt.com
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