INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the
“Company”), a U.S. based industrial/logistics REIT, today
reported financial results for the first quarter of 2022.
2022 First Quarter & Recent
Highlights
- Net Income of $0.3 million, or $0.03 per diluted share, for the
first quarter of 2022 compared to a net loss of $0.8 million, or
$(0.12) per diluted share, for the first quarter of 2021
- Core Funds from Continuing Operations (“Core FFO from
continuing operations”)1 of $4.0 million, or $0.38 per diluted
share, for the first quarter of 2022 compared to $2.4 million, or
$0.39 per diluted share, for the first quarter of 2021
- Net Operating Income from Continuing Operations (“NOI from
continuing operations”)1 of $8.7 million for the first quarter of
2022 compared to $6.8 million for the first quarter of 2021
- Stabilized2 and total portfolio were both 100.0% leased
- Acquired a fully-leased, approximately 217,000 square foot
building in Charlotte, North Carolina for a purchase price of $23.6
million, before transaction costs
- Entered into an agreement to acquire a to-be-constructed
approximately 280,000 square foot building in the
Greenville/Spartanburg, South Carolina market
- Commenced the sale process to dispose of the Company’s
remaining legacy office/flex portfolio (“Office/Flex Portfolio”)
along with a small storage facility that is located in the same
park
- Subsequent to quarter end, added a 91,000 square foot project
in the Lehigh Valley to the Company’s development pipeline
- Subsequent to quarter end, entered into an agreement to
purchase a fully-leased, approximately 205,000 square foot
portfolio of last-mile industrial/logistics buildings located in
the Orlando and Palm Beach, Florida markets
- Subsequent to quarter end, amended the Company’s existing
Revolving Credit Facility to increase the size to $250.0 million
with the addition of a $150.0 million delayed draw term loan
First Quarter of 2022 Results of
Operations
INDUS reported total rental revenue of $11.5 million for the
first quarter of 2022 as compared to $9.5 million for the first
quarter of 2021. The 21% increase in rental revenue was primarily
due to acquisition activity in 2021 and the Charlotte build to suit
placed in service in October 2021 as well as increases in overall
total portfolio occupancy to 100% from 99.2%.
For the first quarter of 2022, INDUS recorded net income of
approximately $0.3 million, an increase of 138%, as compared to a
net loss of $0.8 million for the comparable prior year period.
NOI from continuing operations, which is defined as rental
revenue less operating expenses of rental properties and real
estate taxes, increased 29% to approximately $8.7 million in the
first quarter of 2022 from $6.8 million in the first quarter of
2021.
Cash NOI from continuing operations for the first quarter of
2022 increased 24% to $7.9 million as compared to $6.4 million for
the comparable prior year period.
Core FFO from continuing operations for the first quarter of
2022 increased to approximately $4.0 million, or $0.38 per diluted
share, compared to approximately $2.4 million, or $0.39 per diluted
share, for the comparable prior year period.
General and administrative expenses were $2.9 million for the
first quarter of 2022 as compared to $3.0 million for the
comparable prior year period. General and administrative expense in
2022 was reduced by the reversal of an accrual for $0.2 million for
capital-based state taxes no longer due after the Company’s REIT
election and a reduction of $0.3 million related to the deferred
compensation plan.
Interest expense was reduced to approximately $1.5 million for
the first quarter of 2022 as compared to $1.7 million for the
comparable prior year period. The change principally reflected an
increase in capitalized interest of $0.2 million due to an increase
in the Company’s development pipeline on March 31, 2022 as compared
to March 31, 2021.
Discontinued Operations – Office/Flex
Property Portfolio
In March 2022, INDUS commenced the sale process to fully exit
its Office/Flex Portfolio, which comprises seven buildings totaling
approximately 175,000 square feet located in Windsor and
Bloomfield, Connecticut. Additionally, INDUS intends to sell an
approximate 18,000 square foot storage building which had been used
in the operations of the Office/Flex Portfolio and is located
within the same business park. INDUS has reported the related
assets and liabilities as discontinued operations and included the
operating results and cash flows of the Office/Flex Portfolio
business in discontinued operations for all periods presented.
Leasing Activity
INDUS reported the following second generation leasing metrics
for the first quarter of 2022:
Number of Leases
Square Feet
Weighted Avg. Lease Term in
Years
Weighted Avg. Lease Costs PSF
per Year3
Weighted Avg. Rent
Growth4
Straight-line Basis
Cash Basis
New Leases
1
10,000
5.0
$0.49
46.3%
28.6%
Renewals
1
38,846
2.1
$0.13
12.6%
12.1%
Total / Avg.
2
48,846
2.7
$0.62
18.5%
15.0%
In addition to the above leases signed during the period, INDUS
also executed a first generation lease with the existing tenant to
expand into the balance of the Charleston, South Carolina property
acquired in November 2021. This lease totaled approximately 84,000
square feet and is expected to commence in June 2022.
In April 2022, INDUS entered into an amendment to renew a
228,000 square foot lease for three years at a base rent that is
43% higher than the current rent on a GAAP basis and 38% higher
than the current rent on a cash basis. The lease represented the
largest lease expiration in the portfolio for 2022.
As of March 31, 2022, INDUS’ 35 buildings aggregated
approximately 5.4 million square feet. INDUS’ portfolio percentage
leased and percentage leased stabilized properties were as
follows:
Mar. 31,
2022
Dec. 31,
2021
Sept. 30,
2021
June 30,
2021
Percentage Leased
100.0%
98.4%
95.4%
95.3%
Percentage Leased – Stabilized
Properties
100.0%
100.0%
99.4%
99.4%
Acquisition Pipeline
During the first quarter of 2022, INDUS completed the
acquisition of a recently constructed, 217,000 square foot building
in the Charlotte, North Carolina market (“782 Paragon Way”). 782
Paragon Way is fully leased on a short-term basis through July
2022. The Company used cash on hand to pay the $23.6 million
purchase price, before transaction costs.
Also during the first quarter of 2022, the Company announced
that it entered into a purchase agreement to acquire a
to-be-constructed, approximately 280,000 square foot building in
the Greenville/Spartanburg, South Carolina market (the
“Greenville/Spartanburg Acquisition”), which is being developed on
speculation by the seller.
The following is a summary of INDUS’ acquisition pipeline as of
March 31, 2022:
Acquisition
Market
Building Size (SF)
Type
Purchase Price (in
millions)
Expected Closing
Acquisitions Under Contract
Nashville Acquisition (two buildings)
Nashville, TN
184,000
Forward (42.9%
pre-leased)
$31.5
Q3 2022
Charleston Forward Acquisition (one
building)
Charleston, SC
263,000
Forward
$28.0
Q1 2023
Greenville-Spartanburg Acquisition
(one building)
Greenville-Spartanburg, SC
280,000
Forward
$28.5
Q1 2023
Charlotte Forward Acquisition (one
building)
Charlotte, NC
231,000
Forward
$21.2
Q2 2023
Total – Acquisitions Under
Contract
958,000
$109.2
Subsequent to quarter end, the Company entered into an agreement
to purchase a fully leased, approximately 205,000 square foot
portfolio of last-mile industrial/logistics buildings located in
the Orlando and Palm Beach, Florida markets.
The acquisitions in INDUS’ 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.
Development Pipeline
Subsequent to quarter end, INDUS added an approximate 8 acre
parcel of land in the Lehigh Valley, PA to its development pipeline
(see Lehigh Valley Land 2 parcel in table below). This parcel is in
an infill location and is designed to support an approximately
91,000 square foot building.
The following is a summary of INDUS’ development pipeline as of
March 31, 2022:
Name
Market
Building Size (SF)
Type
Expected Delivery
Owned Land
Chapmans Road (one building)
Lehigh Valley, PA
103,000
66% Pre-leased
Q2 2022
110 Tradeport Drive (one building)
Hartford, CT
234,000
67% Pre-leased
Q3 2022
Landstar Logistics (two buildings)
Orlando, FL
195,000
Speculative
Q3 2022
American Parkway (one building)
Lehigh Valley, PA
206,000
Speculative
Q2 2023
Land Under Purchase & Sale
Agreement
Lehigh Valley Land parcel (one
building)
Lehigh Valley, PA
90,000
Speculative
Q3 2023
Lehigh Valley Land 2 parcel (one
building)
Lehigh Valley, PA
91,000
Speculative
Q3 2023
Total Development Pipeline
919,000
INDUS expects that the total development and stabilization costs
of developments in its pipeline will total approximately $115.7
million, of which $41.4 million was spent as of March 31, 2022. The
Company estimates that the underwritten weighted average stabilized
Cash NOI yield on its development pipeline is between 6.0% - 6.5%.5
Actual initial full year stabilized Cash NOI yields may vary from
INDUS’ 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 from
continuing operations.
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’s estimated underwritten yields, or at all.
Liquidity & Capital
Resources
As of March 31, 2022, the Company maintained $226.4 million of
liquidity which reflects $126.4 million of cash and cash
equivalents (including restricted cash) and $100.0 million of
borrowing capacity under the revolving credit facility.
Delayed Draw Term Loan & Revolving
Credit Facility Amendment
On April 25, 2022, INDUS amended and restated its Credit
Agreement (the “Amended Credit Agreement”) to add a new $150
million delayed draw term loan with a term of five years (the “Term
Loan”). In addition, INDUS has amended the maturity of its existing
$100 million revolving credit agreement facility from August 2024
to a new expiration date of April 2025 which remains subject to
two, one-year extension options. The facility 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’s ratio of total indebtedness
to total asset value. Based on the Company’s current indebtedness,
the Term Loan would bear an interest rate of SOFR plus a spread of
1.15%.
The Company intends to make an initial draw from the Term Loan
to repay approximately $62.0 million of existing mortgage debt (the
“Repaid Debt”) during the second quarter of 2022. Upon these
repayments, the properties previously secured by the Repaid Debt
will be unencumbered and available to increase the Company’s
borrowing capacity under the Amended Credit Agreement. The
remaining Term Loan proceeds will be available to fund acquisitions
and developments, repay additional debt and for general corporate
purposes. The Company has approximately one year to draw down the
entire $150 million in available proceeds from the Term Loan.
Common Stock Dividend
INDUS’ board of directors declared a quarterly cash distribution
on its common stock of $0.16 per share, or $0.64 per share on an
annualized basis. The first quarter dividend was paid on April 15,
2022 to shareholders of record on March 31, 2022.
2022 Earning Guidance
INDUS’ expects second quarter 2022 NOI from continuing
operations of $8.8 to $9.2 and full year NOI from continuing
operations of $35.0 million to $38.0 million. The Company’s 2022
guidance reflects expectations that INDUS will maintain current
high occupancy levels and continue to produce rent growth metrics
similar to recent results. INDUS’ guidance also includes the impact
of acquisitions and developments as provided in the corresponding
tables of this press release (which excludes the Orlando and Palm
Beach last-mile portfolio).
A full reconciliation of the forecasted NOI from continuing
operations to net income, their most-directly comparable GAAP
metric, cannot be provided without unreasonable efforts due to the
inherent difficulty in forecasting and quantifying with reasonable
accuracy certain non-cash, nonrecurring or other items that are
included in net income and required for the reconciliations.
First Quarter Earnings Conference Call,
Earnings Supplement and Investor Presentation
INDUS is hosting a live earnings conference call on Tuesday, May
10, 2022, at 11:00 am Eastern Time, to discuss its results and to
provide a business update, followed by a live question and answer
session. Supplemental materials containing additional financial and
operating information will be available on INDUS’ 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 a 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’ website at ir.indusrt.com, by clicking this link,
or by calling the following numbers:
PARTICIPANT DIAL IN (TOLL FREE): 1-866-777-2509 PARTICIPANT
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’ website at
ir.indusrt.com.
About INDUS
INDUS is a real estate business principally engaged in
developing, acquiring, managing and leasing industrial/logistics
properties. INDUS owns 35 industrial/logistics buildings totaling
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, the completion of acquisitions and dispositions
under agreements, construction and development plans and timelines,
the estimated underwritten stabilized Cash NOI of its developments
from continuing operations and Cash NOI yield estimates, expected
total development and stabilization costs of developments in INDUS’
pipeline, statements regarding expected draw downs on the Term
Loan, uses of funding from the Term Loan and Amended Credit
Agreement, the Company’s expected capital availability and the
sufficiency of its 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’ 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 year ended December 31, 2021, filed
with the SEC on March 11, 2022, as updated by 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.
Note Regarding Non-GAAP Financial Measures:
The Company uses FFO, Core FFO from continuing operations, Core
FFO from continuing operations per share, NOI from continuing
operations, and Cash NOI from continuing operations, 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.
The Company presents a funds from operations metric
substantially similar to funds from operations as calculated in
accordance with standards established by Nareit (“Nareit FFO”).
Nareit FFO is calculated as net income (calculated in accordance
with U.S. GAAP), excluding: (a) depreciation and amortization
related to real estate, (b) gains and losses from the sale of
certain real estate assets, (c) gains and losses from change in
control and (d) impairment write-downs of certain real estate
assets and investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
The Company defines Core FFO from continuing operations and Core
FFO per share from continuing operations as FFO and FFO per share,
respectively, excluding: (a) costs related to conversion to a REIT;
(b) expense related to the performance of the non-qualified
deferred compensation plan; (c) change in fair value of financial
instruments; (d) gains or losses on insurance recoveries and/or
extinguishment of debt or derivative instruments; (e) discontinued
operations and (f) non-recurring items. Per share metrics are
calculated as Core FFO from continuing operations for the period
divided by the weighted average diluted share count for the
period.
NOI from continuing operations is a non-GAAP measure that
includes the rental revenue and operating expenses and real estate
taxes directly attributable to the Company’s real estate
properties. The Company uses NOI from continuing operations as a
supplemental performance measure because, in excluding real estate
depreciation and amortization expense, general and administrative
expenses, interest expense, gains (or losses) on the sale of real
estate assets, investment income and other non-operating items, it
provides 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 from continuing
operations will be useful to investors as a basis to compare its
operating performance with that of other REITs. However, because
NOI from continuing operations 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 a real economic effect and could
materially impact the Company’s results from operations), the
utility of NOI from continuing operations as a measure of the
Company’s performance is limited. Other equity REITs may not
calculate NOI from continuing operations in a similar manner and,
accordingly, the Company’s NOI from continuing operations may not
be comparable to such other REITs’ NOI from continuing operations.
Accordingly, NOI from continuing operations should be considered
only as a supplement to net income (loss) as a measure of the
Company’s performance. NOI from continuing operations 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 from
continuing operations should not be used as a substitute for cash
flow from operating activities in accordance with U.S. GAAP.
Cash NOI from continuing operations is a non-GAAP measure that
the Company calculates by adding or subtracting non-cash rental
revenue, including straight-line rental revenue, from NOI from
continuing operations. The Company uses Cash NOI from continuing
operations together with NOI from continuing operations, as
supplemental performance measures. Cash NOI from continuing
operations 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. Cash NOI from continuing operations should
not be used as a substitute for cash flow from operating activities
computed in accordance with U.S. GAAP.
INDUS REALTY TRUST, INC.
Consolidated Statements of Operations (dollars and share count in
thousands, except per share data) (unaudited)
Three Months Ended March
31,
2022
2021
Rental revenue
$ 11,519
$ 9,530
Expenses:
Operating expenses of rental
properties
1,299
1,410
Real estate taxes
1,477
1,367
Depreciation and amortization expense
4,156
3,106
General and administrative expenses
2,934
2,970
Total expenses
9,866
8,853
Other income (expense):
Interest expense
(1,519)
(1,749)
Change in fair value of financial
instruments
—
260
Gain on sales of real estate assets
—
20
Investment and other income
21
7
Other expense
(3)
—
Total other income (expense)
(1,501)
(1,462)
Income (loss) from continuing
operations
152
(785)
Discontinued operations:
Loss on operations of discontinued
portfolio
(86)
17
Gain on sale of equipment
203
—
Income from discontinued
operations
117
17
Net income (loss)
$ 269
($ 768)
Income (loss) per Common
Share-Basic:
Income (loss) from continuing operations,
net
$0.02
$(0.12)
Income from discontinued operations,
net
0.01
—
Net income (loss) per common share
$0.03
$(0.12)
Income (loss) per Common
Share-Diluted:
Income (loss) from continuing operations,
net
$0.02
$(0.12)
Income from discontinued operations,
net
0.01
—
Net income (loss) per common share
$0.03
$(0.12)
Weighted average shares outstanding -
basic
10,185
6,236
Weighted average shares outstanding –
diluted
10,421
6,236
INDUS REALTY TRUST, INC.
Consolidated Balance Sheets (dollars in thousands) (unaudited)
March 31, 2022
December 31, 2021
ASSETS
Real estate assets at cost, net
$ 419,888
$ 387,647
Cash and cash equivalents
125,727
150,263
Restricted cash
665
10,644
Asset of discontinued operations
7,930
7,990
Other assets
37,650
34,102
Total assets
$ 591,860
$ 590,646
LIABILITIES AND STOCKHOLDERS'
EQUITY
Mortgage loans and construction loan, net
of debt issuance costs
$ 168,950
$ 169,818
Deferred revenue
6,423
7,365
Accounts payable and accrued
liabilities
13,183
9,671
Dividends payable
1,630
1,629
Liabilities of discontinued operations
830
832
Other liabilities
11,216
15,254
Total liabilities
$ 202,232
$ 204,569
Stockholders' Equity
Common stock
102
102
Additional paid-in capital
400,004
399,754
Accumulated deficit
(12,230)
(10,869)
Accumulated other comprehensive income
(loss)
1,752
(2,910)
Total stockholders' equity
389,628
386,077
Total liabilities and stockholders'
equity
$ 591,860
$ 590,646
INDUS REALTY TRUST, INC. Non-GAAP
Reconciliations – Funds from Operations (“FFO”) and Core FFO
(dollars and share count in thousands, except per share measures)
(unaudited)
Three Months Ended March
31,
2022
2021
Net income (loss)
$ 269
($ 768)
Exclude:
Depreciation and amortization expense
4,156
3,106
FFO adjustments related to discontinued
operations
240
237
Non-real estate depreciation &
amortization expense
(26)
(16)
Gain on sales of real estate assets
—
(20)
FFO
$ 4,639
$ 2,539
Exclude:
CORE FFO adjustments related to
discontinued operations
(357)
(254)
General and administrative expenses
related to non- qualified deferred compensation plan
performance
(288)
176
Change in fair value of financial
instruments
—
(260)
General and administrative expenses
related to REIT conversion
—
207
Core FFO from continuing
operations
$ 3,994
$ 2,408
Exclude:
Noncash rental revenue including
straight-line rents
(843)
(376)
Amortization of debt issuance costs
228
166
Noncash compensation expenses
273
214
Non-real estate depreciation and
amortization expense
26
16
Tenant improvements and leasing
commissions (2nd generation space)
(225)
(546)
Maintenance capital expenditures
(23)
(2)
Adjusted FFO from continuing
operations
$ 3,430
$ 1,880
Weighted average number of shares
outstanding - Basic
10,185
6,236
Dilutive securities
236
—
Weighted average number of shares
outstanding - Diluted
10,421
6,236
Core FFO from continuing
operations/Share – Diluted
$ 0.38
$ 0.39
INDUS REALTY TRUST, INC. Non-GAAP
Reconciliations – NOI and Cash NOI (dollars in thousands)
(unaudited)
Three Months Ended March
31,
2022
2021
Net income (loss) from continuing
operations
$ 152
($ 785)
Exclude:
Depreciation and amortization expense
4,156
3,106
General and administrative expenses
2,934
2,970
Interest expense
1,519
1,749
Change in fair value of financial
instruments
—
(260)
Investment and other income
(21)
(7)
Gain on sales of real estate assets
—
(20)
Other expense
3
—
NOI from continuing operations
$ 8,743
$ 6,753
Noncash rental revenue including
straight-line rents
(843)
(376)
Cash NOI from continuing
operations
$ 7,900
$ 6,377
INDUS REALTY TRUST, INC.
Reconciliation of Company Guidance to NOI from continuing
operations (dollars in millions) (unaudited)
Second quarter 2022
Full Year
Lower End of Guidance
Higher End of Guidance
Lower End of Guidance
Higher End of Guidance
Net income from continuing
operations
($0.6)
($0.7)
($3.0)
($2.2)
Exclude:
Depreciation and amortization expense
4.9
5.1
19.0
20.0
General and administrative expenses
3.1
3.3
13.0
13.6
Interest expense
1.4
1.5
6.0
6.6
NOI from continuing operations
$8.8
$9.2
$35.0
$38.0
1 Core FFO, Core FFO from continuing operations per share, NOI
from continuing operations and Cash NOI from continuing operations
are not financial measures 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 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. 3 Lease cost per square foot per year reflects total lease
costs (tenants improvements, leasing commissions and legal costs)
per square foot per year of the lease term. 4 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. 5 As a part of
INDUS’ 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 from continuing operations 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220510005628/en/
Jon Clark Executive Vice President, Chief Financial
Officer (860) 286-2419 jclark@indusrt.com
Investor Relations investor@indusrt.com
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