INDUS Announces Intention to Dispose of Its Remaining Office/Flex Assets
March 07 2022 - 6:00AM
Business Wire
INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT, announced
today that it intends to sell its remaining office/flex buildings
(the “Office/Flex Portfolio”) and fully exit its legacy investment
in office properties. The Office/Flex Portfolio is comprised of
seven buildings located in Windsor and Bloomfield Connecticut
totaling approximately 175,200 square feet. The Office/Flex
Portfolio is currently approximately 70% leased and includes
certain space occupied by INDUS. Additionally, INDUS intends to
sell an approximately 18,000 square foot building that is located
adjacent to the Office/Flex Portfolio and is principally used for
storage by INDUS’ property management group. Following the sale of
the Office/Flex Portfolio, INDUS is expected to be a pure-play
industrial/logistics REIT 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 36 industrial/logistics buildings
aggregating approximately 5.4 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 the intended disposition
of the Office/Flex Portfolio and the 18,000 square foot building
that is located adjacent to the Office/Flex Portfolio and the
Company’s strategy of being a pure-play Industrial/Logistics REIT.
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 fiscal year ended November 30,
2020, filed with the SEC on February 18, 2021, as updated by the
Company's Quarterly Report on Form 10-Q for the quarter ended
September 30, 2021 and other filings with the Securities and
Exchange Commission. 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20220307005249/en/
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
INDUS Realty (NASDAQ:INDT)
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