INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”) today reported financial results for the three
months ended March 31, 2021 (the “2021 first quarter”) and the
month of December 2020. In connection with its anticipated election
to become a real estate investment trust (“REIT”) for the year
ending December 31, 2021, the Company changed its fiscal year from
November 30 to December 31 effective with the 2021 fiscal year that
began on January 1, 2021. As a result of this change, INDUS had a
one-month transition period of December 2020 (the “Transition
Period”).
2021 First Quarter & Recent Highlights
- Net loss of $0.8 million for the
2021 first quarter compared to a net loss of $0.3 million for the
three months ended March 31, 2020 (the “2020 first quarter”)
- Net Operating Income (“NOI”)1 of
$7.0 million for the 2021 first quarter as compared to $6.3 million
for the 2020 first quarter
- Cash NOI2 for industrial/logistics
properties of $5.9 million for the 2021 first quarter, as compared
to $5.2 million for the 2020 first quarter
- Completed a public offering of
1,927,049 shares of common stock for net proceeds of $108.7
million, after expenses
- Industrial/logistics portfolio was
99.2% leased as of March 31, 2021; subsequently increased to 99.4%
leased in April 2021
- Signed approximately 202,000 square feet of first generation
leases on in-service industrial/logistics portfolio
- Signed approximately 297,000 square feet of first generation
leases for industrial/logistics buildings in its development
pipeline
- Subsequent to quarter end, entered into a construction loan
agreement to provide a portion of the funds for the development
costs of the build-to-suit in Charlotte, North Carolina
- Subsequent to quarter end, entered into an agreement to acquire
a fully leased approximately 127,500 square foot
industrial/logistics building in the Lehigh Valley of
Pennsylvania
- Subsequent to quarter end, closed on the acquisition of
approximately 14 acres of undeveloped land in Orlando, Florida for
$5.25 million
- Announced total potential proceeds of approximately $44.0
million from sales of non-core properties currently under agreement
($26.0 million) and the sale of an industrial/logistics building in
Connecticut under agreement ($18.0 million), if all sales were to
close
- Declared a quarterly dividend on its common stock of $0.15 per
share payable on June 30, 2021 to holders of record as of the close
of business on June 16, 2021
Quarterly DividendOn May 7,
2021, INDUS’s Board of Directors declared a dividend on its common
stock of $0.15 per share payable on June 30, 2021 to holders of
record as of the close of business on June 16, 2021. The cash
dividend is intended to be paid quarterly and represents an
annualized dividend rate of $0.60 per share. Prior to 2021, INDUS
typically paid an annual cash dividend, but in connection with the
Company’s election to be taxed as a REIT, INDUS has updated its
dividend policy to commence payment of a quarterly cash dividend.
The Company will revisit the amount of its dividend from time to
time in accordance with the growth in its earnings.
2021 First Quarter Results of
OperationsINDUS reported total rental revenue of
approximately $10.1 million for the 2021 first quarter, as compared
to approximately $8.9 million for the 2020 first quarter. The
approximately $1.2 million increase in rental revenue was
principally due to new leases of first generation space that
commenced subsequent to the end of the 2020 first quarter and, to a
lesser extent, leases of previously vacant second generation space,
an increase in expense reimbursements and renewals on leases that
drove rent increases subsequent to the end of the 2020 first
quarter.
Net Operating Income (“NOI”), which is defined
as rental revenue less operating expenses of rental properties and
real estate taxes, increased to approximately $7.0 million in the
2021 first quarter, from approximately $6.3 million in the 2020
first quarter. The increase in NOI reflected the increase in rental
revenue, as noted above, partially offset by an increase in
operating expenses of rental properties principally due to higher
snow removal costs.
Cash NOI for the 2021 first quarter was
approximately $6.6 million, as compared to approximately $5.8
million for the comparable prior year period. The $0.8 million
increase in Cash NOI principally reflects an increase in rental
revenue partially offset by the increase in operating expenses, as
noted above.
NOI and Cash NOI for INDUS’s
industrial/logistics properties and total portfolio were as
follows:
($ in 000s) |
For the Three Months Ended |
|
For the Month Ended |
|
Mar. 31, 2021 |
|
Mar. 31, 2020 |
|
Increase |
|
Dec. 31, 2020 |
|
Dec. 31, 2019 |
|
Increase |
Industrial/logistics portfolio: |
|
|
|
|
|
|
|
|
|
|
NOI |
$ |
6,329 |
|
$ |
5,531 |
|
14.4 |
% |
|
$ |
2,114 |
|
$ |
1,777 |
|
19.0 |
% |
Cash NOI |
$ |
5,933 |
|
$ |
5,222 |
|
13.6 |
% |
|
$ |
1,882 |
|
$ |
1,662 |
|
13.2 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
Total
portfolio: |
|
|
|
|
|
|
|
|
|
|
NOI |
$ |
7,007 |
|
$ |
6,309 |
|
11.1 |
% |
|
$ |
2,366 |
|
$ |
1,944 |
|
21.7 |
% |
Cash NOI |
$ |
6,570 |
|
$ |
5,777 |
|
13.7 |
% |
|
$ |
2,116 |
|
$ |
1,787 |
|
18.4 |
% |
General and administrative expenses increased to
approximately $3.0 million in the 2021 first quarter from
approximately $2.1 million in the 2020 first quarter,
principally reflecting a $0.8 million increase in expense
related to INDUS’s non-qualified deferred compensation plan.
INDUS incurred a net loss of approximately
$0.8 million in the 2021 first quarter, as compared to a net
loss of approximately $0.3 million for the 2020 first quarter.
In addition to the items described above, contributing to the
higher net loss was a decrease of approximately $0.6 million
in gain on sales of real estate assets, partially offset by the
inclusion in the 2021 first quarter of an approximately
$0.3 million gain from the change in the fair value of
financial instruments that were issued on August 24, 2020 in
connection with the private placement of the Company’s common stock
completed at that time.
Leasing ActivityDuring the 2021
first quarter, INDUS executed four first generation leases totaling
approximately 202,000 square feet at 160 and 180 International
Drive in the Charlotte market and 170 Sunport Lane in the Orlando
market. These new leases had a weighted average lease term of 6.5
years and a weighted average lease cost per square foot per year of
$1.19.3 Additionally, including a lease signed subsequent to the
2021 first quarter, the Company’s most recent value-add
acquisition, 170 Sunport Lane is over 60% leased with only
approximately 27,000 square feet of vacancy remaining.
Additionally, during the 2021 first quarter,
INDUS executed two first generation leases totaling approximately
297,000 square feet for projects currently in its development
pipeline (see below section on “Acquisition & Development
Pipeline”). One lease is for a fifteen-year lease agreement and
development agreement with Amazon for a build-to-suit development
(the “Charlotte Build-to-Suit”) on the Company’s 44 acre land
parcel located on Old Statesville Road in Charlotte (the “Charlotte
Land”). The other lease is for a seven-year agreement with a
leading global shipping and logistics company for a portion of a
to-be-constructed approximately 234,000 square foot
industrial/logistics building on the Company’s 16 acre land parcel
at 110 Tradeport Drive (the “110 Tradeport Development”) in New
England Tradeport, the Company’s industrial park in Windsor and
East Granby, Connecticut.
During the Transition Period, INDUS executed a
12-month renewal for an approximately 228,000 square foot full
building lease in the Lehigh Valley with a third-party logistics
company that was originally scheduled to expire on September 30,
2021.
As of March 31, 2021, INDUS’s thirty
industrial/logistics buildings aggregated approximately 4,206,000
square feet and represented 91.5% of INDUS’s total real estate
portfolio. As a result of the activity described above, INDUS’s
in-service industrial/logistics portfolio’s percentage leased was
as follows:
|
Mar 31,2021 |
Dec 31,2020 |
Aug 31,2020 |
May 31,2020 |
Percentage Leased |
99.2% |
94.5% |
94.3% |
94.3% |
Percentage Leased – Stabilized Properties4 |
99.2% |
95.7% |
99.7% |
99.7% |
No new office/flex leasing was completed during
the Transition Period or the 2021 first quarter. INDUS’s eleven
office/flex buildings, which aggregate approximately 393,000 square
feet and comprise 8.5% of INDUS’s total real estate portfolio, were
71.3% leased as of March 31, 2021, unchanged from December 31,
2020.
Acquisition & Development
PipelineSubsequent to March 31, 2021, INDUS entered into
an agreement to purchase an approximately 127,500 square foot
industrial/logistics building on approximately 13.7 acres of land
in the Lehigh Valley for a purchase price of $11.7 million (the
“Lehigh Valley Acquisition”). The Lehigh Valley Acquisition is
fully leased through December 2022 to a subsidiary of a publicly
traded multinational chemical company and has a 4.5% in-place cash
capitalization rate (first full year Cash NOI/purchase price). The
Lehigh Valley Acquisition has excess, unutilized land that INDUS
believes could receive approvals to be used for additional parking,
for outdoor storage or to expand the existing building. The Company
expects the Lehigh Valley Acquisition to close by May 31, 2021.
The following is a summary of INDUS’s
development pipeline for its industrial/logistics portfolio as of
May 7, 2021, which includes the closing on April 13, 2021 of
the purchase of an approximately 14 acre parcel of undeveloped land
in Orlando for $5.25 million (the “Jetport Land”), a portion of
which was funded using proceeds of Section 1031 like-kind exchanges
from previous non-core asset sales:
Name |
Market |
BuildingSize (SF) |
Type |
ExpectedDelivery |
Owned Land |
|
|
|
|
Charlotte Build-to-Suit |
Charlotte, NC |
141,000 |
Build-to-Suit |
Q3 2021 |
Chapmans Road |
Lehigh Valley, PA |
103,000 |
Speculative |
Q4 2021 |
110 Tradeport Development |
Hartford, CT |
234,000 |
67% Pre-leased |
Q2 2022 |
Jetport Land |
Orlando, FL |
195,000 |
Speculative |
Q3 2022 |
|
|
|
|
|
Land Under Purchase & Sale Agreement |
First & Second Allentown Purchase Agreements |
Lehigh Valley, PA |
206,000 |
Speculative |
Q4 2022 |
Total |
|
879,000 |
|
|
INDUS expects that the total development and
stabilization costs of developments in its pipeline will total
approximately $113.5 million, of which approximately $20.6 million
has been expended through April 13, 2021. The Company has
underwritten a weighted average stabilized Cash NOI yield between
6.1% - 6.6% on its development pipeline. Included in this total is
the 110 Tradeport Development which will benefit from the low cost
basis of the already entitled 16 acre land parcel owned by INDUS.
The Company estimates the 110 Tradeport Development will generate
an underwritten stabilized Cash NOI yield between 7.7% - 8.1%.5
Actual initial full year stabilized Cash NOI yields may vary from
INDUS’s underwritten stabilized Cash NOI yield ranges based on the
actual total cost to complete a project or acquire a property and
its actual initial full year stabilized Cash NOI.
DispositionsSubsequent to the
end of the 2021 first quarter, INDUS entered into agreements to
sell a number of non-core properties, in addition to land placed
under agreement during the quarter. These include agreements to
sell approximately 217,000 square feet from INDUS’s office/flex
portfolio (which represents over 55% of its remaining office/flex
square footage as of March 31, 2021), in addition to the agreement
to sell one of the Company’s specialized industrial buildings
totaling 165,000 square feet in Windsor, CT to the user of the
building (see below). The properties under agreement for sale have
a combined mortgage balance of approximately $9.1 million as of
March 31, 2021, which INDUS intends to repay with proceeds from the
sales of these properties.
On April 20, 2021, INDUS entered into the third
amendment to the lease with the tenant in its approximately 7,200
square foot restaurant building in the Hartford market (included in
the office/flex portfolio). Under the terms of this amendment, the
tenant exercised its option to purchase the restaurant building for
approximately $0.6 million with the closing to take place on or
before May 31, 2021.
On April 28, 2021, INDUS entered into an
agreement (the “Windsor Office Sale Agreement”) to sell: (a) 5 and
7 Waterside Crossing, two adjacent multi-story office buildings
aggregating approximately 161,000 square feet; (b) 21 Griffin Road
North, an approximately 48,000 square foot office/flex building;
and (c) 25 Griffin Road North, an approximately 8 acre parcel of
undeveloped land, for a total purchase price of $6.6 million.
On April 29, 2021, INDUS entered into an
agreement (the “Blue Hills Sale Agreement”) with the full-building
tenant in 1985 Blue Hills Avenue (“1985 Blue Hills”), an
approximately 165,000 square foot industrial/logistics building in
the Hartford market, to sell 1985 Blue Hills and two adjacent
parcels of undeveloped land aggregating approximately 39 acres to
the tenant for a purchase price of $18.0 million. Under the terms
of the Blue Hills Sale Agreement, closing on the sale is to take
place upon 30 days written notice from INDUS to the buyer, but in
no event shall it be later than December 15, 2021.
In summary, as of May 7, 2021, INDUS has entered
into agreements to sell the following non-core buildings and
undeveloped land parcels:
Name |
Type |
Location |
Property Size |
ExpectedClosing |
Sale Price($ in millions) |
1936 Blue Hills Ave |
Office/Flex |
Windsor, CT |
7,199 SF |
Q2 2021 |
$0.6 |
5 & 7 Waterside Crossing, 21 & 25 Griffin Road North |
Office/Flex |
Windsor, CT |
209,390 SF and 8 acres |
Q3 2021 |
$6.6 |
1975, 1985 & 1995 Blue Hills Ave |
Industrial + Land |
Windsor, CT |
165,000 SF and 39 acres |
Q4 2021 |
$18.0 |
Subtotal Gross Proceeds of Property Dispositions Under
Agreement, if Consummated |
|
$25.2 |
|
|
|
|
|
|
Floydville Road Lot #13 |
Land |
East Granby, CT |
8 acres |
Q3 2021 |
$0.1 |
Florida Nursery Farm |
Land |
Quincy, FL |
1,066 acres |
Q3 2021 |
$1.1 |
Southwick, MA Land |
Land |
Southwick, MA |
91 acres |
Q3 2021 |
$5.2 |
Stratton Farms Residential Parcels6 |
Land |
Suffield, CT |
6 acres (7 lots) |
Q3 2021 |
$0.4 |
60 Griffin Road South Land |
Land |
Bloomfield, CT |
34 acres |
Q3 2021 |
$0.6 |
Meadowood Residential Parcels |
Land |
Simsbury, CT |
277 acres |
Q4 2021 |
$5.4 |
East Granby / Windsor Parcels |
Land |
East Granby / Windsor, CT |
280 acres |
2022 |
$6.0 |
Total Gross Proceeds of Land & Property Dispositions
Under Agreement, if Consummated |
|
$44.0 |
The completion of the sales contemplated under
these agreements is subject to satisfactory completion of due
diligence by the buyers, among other contingencies. There can be no
guarantee that the transactions contemplated will be completed
under their current terms, or at all.
Liquidity & Capital
ResourcesOn February 2, 2021, INDUS filed a universal
shelf registration statement on Form S-3 (the “Universal Shelf”)
with the Securities and Exchange Commission. Under the Universal
Shelf, INDUS may offer and sell up to $500 million of a variety of
securities during the three year period that commenced upon the
effective date of the Universal Shelf. On March 5, 2021, under its
Universal Shelf, INDUS completed an underwritten public offering of
1,750,000 shares of its common stock at a price to the underwriters
of $56.85 per share. On March 15, 2021, the underwriters exercised
their option to purchase an additional 177,049 shares of common
stock from INDUS at the same offering price. INDUS received total
net proceeds of approximately $108.7 million, after expenses, from
the sale of its common stock and intends to use the proceeds to
finance its development pipeline and acquisitions and for other
corporate purposes.
On May 7, 2021, a subsidiary of INDUS entered
into a construction loan agreement (the “2021 JPM Construction
Loan”) with JPMorgan Chase Bank N.A. to provide a portion of the
funds for the development costs of the Charlotte Build-to-Suit.
Total borrowings under the JPM Construction Loan will be the lesser
of $28.4 million or 67.5% of the total cost (as defined) of the
Charlotte Build-to-Suit. The term of the 2021 JPM Construction Loan
is two years, with a one-year extension at the Company’s option.
Interest under the 2021 JPM Construction Loan, to be adjusted
monthly, is one-month LIBOR plus 1.65%, reduced to one-month LIBOR
plus 1.40% upon completion of the Charlotte Build-to-Suit and
commencement of rental payments by Amazon.
As of March 31, 2021, the Company maintained
approximately $182.0 million of liquidity which reflects
approximately $132.0 million of cash and cash equivalents
(primarily from the 2021 first quarter public offering) as well as
$50.0 million of capacity under its revolving credit facilities. As
of March 31, 2021, there were no borrowings outstanding under the
Company’s revolving credit facilities.
First Quarter Earnings Conference Call,
Earnings Supplement and Investor PresentationINDUS is
hosting a live earnings conference call that will take place
tomorrow, May 11, 2021 at 11:00 A.M. Eastern Time, to discuss its
2021 first quarter and Transition Period operating results.
Supplemental materials containing additional financial and
operating information will be available on INDUS’s website at the
start of the call. All investors and other interested parties are
invited to either dial in to the call (to participate in live
Q&A) or log in to a listen-only webcast which, together with
the supplemental information, can be accessed via the Investors
section of INDUS’s website at www.indusrt.com/investors or by
calling the following numbers:
PARTICIPANT DIAL IN (TOLL FREE):
1-866-777-2509PARTICIPANT INTERNATIONAL DIAL IN: 1-412-317-5413
An archived recording of the webcast will be
available for three months under the Investors section of INDUS’s
website at www.indusrt.com.
About INDUSINDUS (formerly
known as Griffin Industrial Realty, Inc.) is a real estate business
principally engaged in developing, acquiring, managing and leasing
industrial/logistics properties. INDUS owns 41 buildings totaling
approximately 4.6 million square feet (including 30
industrial/logistics buildings aggregating approximately 4.2
million square feet) 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, statements regarding
INDUS’s intention to elect to be taxed as a REIT, the completion of
acquisitions and dispositions under agreements, construction and
development plans and timelines, the estimated underwritten
stabilized Cash NOI of the 110 Tradeport Development and Cash NOI
yield estimates, expected total development and stabilization costs
of developments in INDUS’s pipeline, anticipated leasing activity,
expectations regarding excess, unutilized land at the Lehigh Valley
Acquisition, and expected capital availability and liquidity.
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,
2020 filed with the SEC on February 18, 2021. 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.
Note Regarding Non-GAAP Financial Measures:
The Company uses NOI, Cash NOI, NOI of
Industrial/Logistics Properties and Cash NOI of
Industrial/Logistics Properties, as supplemental non-GAAP
performance measures. Management believes that the use of these
measures combined with net income (loss) (which remains the
Company’s primary measure of performance), improves the
understanding of the Company’s operating results among the
investing public and makes comparisons of operating results to
other REITs more meaningful.
NOI is a non-GAAP measure that includes the
rental revenue and operating expense directly attributable to the
Company’s real estate properties. NOI of Industrial/Logistics
Properties is NOI excluding NOI for the Company’s
non-industrial/logistics properties. The Company uses NOI and NOI
of Industrial/Logistics Properties as supplemental performance
measures because, in excluding real estate depreciation and
amortization expense, general and administrative expenses, interest
expense, gains (or losses) on the sale of real estate and other
non-operating items, they provide a performance measure that, when
compared year over year, captures trends in occupancy rates, rental
rates and operating costs. The Company also believes that NOI and
NOI of Industrial/Logistics Properties will be useful to investors
as a basis to compare its operating performance with that of other
REITs. However, because NOI and NOI of Industrial/Logistics
Properties excludes depreciation and amortization expense and
captures neither the changes in the value of the Company’s
properties that result from use or market conditions, nor the level
of capital expenditures and leasing commissions necessary to
maintain the operating performance of its properties (all of which
have real economic effect and could materially impact the Company’s
results from operations), the utility of NOI and NOI of
Industrial/Logistics Properties as measures of the Company’s
performance is limited. Other equity REITs may not calculate NOI or
NOI of Industrial/Logistics Properties in a similar manner and,
accordingly, the Company’s NOI and NOI of Industrial/Logistics
Properties may not be comparable to such other REITs’ NOI.
Accordingly, NOI and NOI of Industrial/Logistics Properties should
be considered only as a supplement to net income (loss) as a
measure of the Company’s performance. NOI and NOI of
Industrial/Logistics Properties should not be used as a measure of
the Company’s liquidity, nor is it indicative of funds available to
fund the Company’s cash needs. NOI and NOI of Industrial/Logistics
Properties should not be used as a substitute for cash flow from
operating activities in accordance with U.S. GAAP.
Cash NOI is a non-GAAP measure that the Company
calculates by adding or subtracting non-cash rental revenue,
including straight-line rental revenue, from NOI. Cash NOI of
Industrial/Logistics Properties is Cash NOI excluding NOI for the
Company’s non-industrial/logistics properties. The Company uses
Cash NOI and Cash NOI of Industrial/Logistics Properties, together
with NOI and NOI of Industrial/Logistics Properties, as
supplemental performance measures. Cash NOI and Cash NOI of
Industrial/Logistics Properties should not be used as measures of
the Company’s liquidity, nor are they indicative of funds available
to fund the Company’s cash needs. Cash NOI and Cash NOI of
Industrial/Logistics Properties should not be used as a substitute
for cash flow from operating activities computed in accordance with
U.S. GAAP.
_______________________________
1 NOI is not a financial measure in conformity
with generally accepted accounting principles in the United States
of America (“U.S. GAAP”). For additional information, see “Note
Regarding Non-GAAP Financial Measures.”2 Cash NOI is not a
financial measure in conformity with U.S. GAAP. For additional
information, see “Note Regarding Non-GAAP Financial Measures.”3
Weighted average 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.4 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. 170 Sunport Lane, which
was 53.4% leased as of March 31, 2021, was acquired in March 2020
and is now included in the Stabilized Properties pool for the 2021
first quarter.5 As a part of INDUS’s 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
“underwritten stabilized Cash NOI yields.” Underwritten stabilized
Cash NOI yields are calculated as a development project’s or
acquisition’s 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’s or acquisition’s 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.6 The
sale of the 16 Stratton Farms residential parcels for a total of
approximately $0.9 million is to be completed in two parts. The
sale of the first 9 lots closed in February 2021 and accounted for
approximately $0.5 million of the gross sales price. The sale of
the remaining 7 lots is expected to close in the 2021 third quarter
and represents approximately $0.4 million of the total gross sales
price.
INDUS REALTY TRUST, INC. |
Consolidated Statements of Operations |
(dollars in thousands, except per share data) |
(unaudited) |
|
|
|
For the Three Months Ended |
|
For the Month Ended |
|
|
Mar. 31,2021 |
|
Mar. 31,2020 |
|
Dec. 31,2020 |
|
Dec. 31,2019 |
Rental revenue |
|
$ |
10,087 |
|
|
$ |
8,862 |
|
|
$ |
3,345 |
|
|
$ |
3,083 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses of rental
properties |
|
|
1,633 |
|
|
|
1,172 |
|
|
|
497 |
|
|
|
681 |
|
Real estate taxes |
|
|
1,447 |
|
|
|
1,381 |
|
|
|
482 |
|
|
|
458 |
|
Depreciation and amortization
expense |
|
|
3,343 |
|
|
|
3,306 |
|
|
|
1,122 |
|
|
|
1,059 |
|
General and administrative
expenses |
|
|
2,970 |
|
|
|
2,143 |
|
|
|
1,172 |
|
|
|
629 |
|
Total operating expenses |
|
|
9,393 |
|
|
|
8,002 |
|
|
|
3,273 |
|
|
|
2,827 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense): |
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,749 |
) |
|
|
(1,840 |
) |
|
|
(602 |
) |
|
|
(589 |
) |
Change in fair value of
financial instruments |
|
|
260 |
|
|
|
— |
|
|
|
2,785 |
|
|
|
— |
|
Gain on sales of real estate
assets |
|
|
20 |
|
|
|
584 |
|
|
|
— |
|
|
|
— |
|
Other expense |
|
|
— |
|
|
|
— |
|
|
|
(281 |
) |
|
|
— |
|
Investment income |
|
|
7 |
|
|
|
25 |
|
|
|
7 |
|
|
|
2 |
|
|
|
|
(1,462 |
) |
|
|
(1,231 |
) |
|
|
1,909 |
|
|
|
(587 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
(Loss) income before income
tax benefit |
|
|
(768 |
) |
|
|
(371 |
) |
|
|
1,981 |
|
|
|
(331 |
) |
Income tax benefit |
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
76 |
|
Net (loss) income |
|
$ |
(768 |
) |
|
$ |
(286 |
) |
|
$ |
1,981 |
|
|
$ |
(255 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net (loss) income per
common share |
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.35 |
|
|
$ |
(0.05 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net (loss) income per
common share |
|
$ |
(0.12 |
) |
|
$ |
(0.06 |
) |
|
$ |
0.34 |
|
|
$ |
(0.05 |
) |
INDUS REALTY TRUST, INC. |
Non-GAAP Reconciliations – NOI and Cash NOI |
(dollars in thousands) |
|
|
|
|
|
|
|
|
(dollars in thousands) |
2021 |
|
2020 |
|
|
|
|
|
First |
|
First |
|
December |
|
December |
|
Quarter |
|
Quarter |
|
2020 |
|
2019 |
Net (loss) income |
($768 |
) |
|
($286 |
) |
|
$1,981 |
|
|
($255 |
) |
Income tax benefit |
|
- |
|
|
|
(85 |
) |
|
|
- |
|
|
|
(76 |
) |
Pretax (loss) income |
|
(768 |
) |
|
|
(371 |
) |
|
|
1,981 |
|
|
|
(331 |
) |
Exclude: |
|
|
|
|
|
|
|
Depreciation and amortization expense |
|
3,343 |
|
|
|
3,306 |
|
|
|
1,122 |
|
|
|
1,059 |
|
General and administrative expenses |
|
2,970 |
|
|
|
2,143 |
|
|
|
1,172 |
|
|
|
629 |
|
Interest expense |
|
1,749 |
|
|
|
1,840 |
|
|
|
602 |
|
|
|
589 |
|
Change in fair value of financial instruments |
|
(260 |
) |
|
|
- |
|
|
|
(2,785 |
) |
|
|
- |
|
Other expense |
|
- |
|
|
|
- |
|
|
|
281 |
|
|
|
- |
|
Gain on sales of real estate assets |
|
(20 |
) |
|
|
(584 |
) |
|
|
- |
|
|
|
- |
|
Investment income |
|
(7 |
) |
|
|
(25 |
) |
|
|
(7 |
) |
|
|
(2 |
) |
NOI |
|
7,007 |
|
|
|
6,309 |
|
|
|
2,366 |
|
|
|
1,944 |
|
Noncash rental revenue
including straight-line rents |
|
(437 |
) |
|
|
(532 |
) |
|
|
(250 |
) |
|
|
(157 |
) |
Cash NOI |
$6,570 |
|
|
$5,777 |
|
|
$2,116 |
|
|
$1,787 |
|
|
|
|
|
|
|
|
|
NOI |
$7,007 |
|
|
$6,309 |
|
|
$2,366 |
|
|
$1,944 |
|
Exclude: |
|
|
|
|
|
|
|
Rental revenue from non-industrial/logistics properties |
|
(1,443 |
) |
|
|
(1,535 |
) |
|
|
(477 |
) |
|
|
(509 |
) |
Operating expenses of non-industrial/logistics properties |
|
567 |
|
|
|
539 |
|
|
|
159 |
|
|
|
269 |
|
Real estate taxes of non-industrial/logistics properties |
|
198 |
|
|
|
218 |
|
|
|
66 |
|
|
|
73 |
|
NOI of industrial/logistics
properties |
|
6,329 |
|
|
|
5,531 |
|
|
|
2,114 |
|
|
|
1,777 |
|
Noncash rental revenue
including straight-line rents of industrial/logistics
properties |
|
(396 |
) |
|
|
(309 |
) |
|
|
(232 |
) |
|
|
(115 |
) |
Cash NOI of
Industrial/Logistics Properties |
$5,933 |
|
|
$5,222 |
|
|
$1,882 |
|
|
$1,662 |
|
CONTACT:Anthony
GaliciChief Financial
Officer(860) 286-1307
agalici@indusrt.com
Ashley PizzoDirector, IR & Capital
Markets(212) 218-7914
apizzo@indusrt.com
INDUS Realty (NASDAQ:INDT)
Historical Stock Chart
From Jun 2024 to Jul 2024
INDUS Realty (NASDAQ:INDT)
Historical Stock Chart
From Jul 2023 to Jul 2024