NEW YORK, April 13, 2021 (GLOBE NEWSWIRE) -- INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) announced the following updates on leasing, its acquisition and development pipeline, its potential dispositions and the impact of the COVID-19 pandemic on the Company’s rent collections:
Highlights
Signed approximately 202,000 square feet of first generation leases on in-service industrial/logistics portfolio bringing industrial/logistics portfolio to 99.2% leased as of March 31, 2021; subsequently increased to 99.4% leasedSigned a fifteen-year lease agreement and development agreement with Amazon for an approximately 141,000 square foot build-to-suit industrial/logistics building on the Company’s land parcel on Old Statesville Road in Charlotte, North CarolinaAnnounced development of a new approximately 234,000 square foot industrial/logistics building on the Company’s undeveloped land at 110 Tradeport Drive in the Hartford, Connecticut market that is 67% pre-leasedSubsequent to quarter end, entered into an agreement to acquire, for a purchase price of approximately $11.7 million, a fully leased approximately 127,500 square foot industrial/logistics building in the Lehigh Valley of PennsylvaniaSubsequent to quarter end, closed on the acquisition of approximately 14 acres of undeveloped land in Orlando for $5.25millionTotal potential proceeds of approximately $18.8 million from sales of non-core land currently under agreement, if all agreements were to closeLeasing Activity
During the three months ended March 31, 2021 (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, Florida market.