Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 05, 2022 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2022 | |
Entity File Number | 1-12879 | |
Entity Registrant Name | INDUS REALTY TRUST, INC. | |
Entity Incorporation, State or Country Code | MD | |
Entity Tax Identification Number | 06-0868496 | |
Entity Address, Address Line One | 641 Lexington Avenue | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10022 | |
City Area Code | 212 | |
Local Phone Number | 218-7910 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | INDT | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 10,192,316 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001037390 | |
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
ASSETS | ||
Real estate assets at cost, net | $ 463,525 | $ 387,647 |
Cash and cash equivalents | 76,172 | 150,263 |
Restricted cash | 541 | 10,644 |
Assets of discontinued operations | 8,880 | 7,990 |
Other assets | 37,704 | 34,102 |
Total assets | 586,822 | 590,646 |
LIABILITIES AND STOCKHOLDERS' EQUITY | ||
Mortgage loans and construction loan, net of debt issuance costs | 106,790 | 169,818 |
Delayed draw term loan, net of debt issuance costs | 58,564 | |
Deferred revenue | 5,305 | 7,365 |
Accounts payable and accrued liabilities | 11,289 | 9,671 |
Dividends payable | 1,631 | 1,629 |
Liabilities of discontinued operations | 786 | 832 |
Other liabilities | 12,386 | 15,254 |
Total liabilities | 196,751 | 204,569 |
Stockholders' Equity | ||
Common stock, par value $0.01 per share, 50,000,000 shares authorized, 10,192,316 and 10,183,730 shares issued and outstanding, respectively | 102 | 102 |
Additional paid-in capital | 400,556 | 399,754 |
Accumulated deficit | (11,039) | (10,869) |
Accumulated other comprehensive income (loss) | 452 | (2,910) |
Total stockholders' equity | 390,071 | 386,077 |
Total liabilities and stockholders' equity | $ 586,822 | $ 590,646 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Consolidated Balance Sheets | ||
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 10,192,316 | 10,183,730 |
Common stock, shares outstanding | 10,192,316 | 10,183,730 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statements of Operations | ||||
Rental revenue | $ 11,728 | $ 9,303 | $ 23,247 | $ 18,833 |
Operating expenses of rental properties | 1,040 | 959 | 2,339 | 2,369 |
Real estate taxes | 1,507 | 1,373 | 2,984 | 2,740 |
Depreciation and amortization expense | 4,322 | 3,203 | 8,478 | 6,309 |
General and administrative expenses | 2,398 | 2,724 | 5,332 | 5,694 |
Total expenses | 9,267 | 8,259 | 19,133 | 17,112 |
Interest expense | (152) | (1,711) | (1,671) | (3,460) |
Change in fair value of financial instruments | (979) | (719) | ||
Losses on early extinguishment of debt | (464) | (464) | ||
Gain on sales of real estate assets | 322 | 342 | ||
Investment and other income | 84 | 115 | 105 | 122 |
Other expense | (3) | (6) | ||
Total other income (expense) | (535) | (2,253) | (2,036) | (3,715) |
Income (loss) from continuing operations before income taxes | 1,926 | (1,209) | 2,078 | (1,994) |
Income tax benefit | 585 | 585 | ||
Income (loss) from continuing operations | 2,511 | (1,209) | 2,663 | (1,994) |
Discontinued operations: | ||||
Income from discontinued operations | 311 | 58 | 225 | 75 |
Gain on sale of equipment | 203 | |||
Income from discontinued operations | 311 | 58 | 428 | 75 |
Net income (loss) | $ 2,822 | $ (1,151) | $ 3,091 | $ (1,919) |
Income (loss) per Common Share-Basic: | ||||
Income (loss) from continuing operations | $ 0.25 | $ (0.16) | $ 0.26 | $ (0.28) |
Income from discontinued operations | 0.03 | 0.01 | 0.04 | 0.01 |
Net income (loss) per common share | 0.28 | (0.15) | 0.30 | (0.27) |
Income (loss) per Common Share-Diluted: | ||||
Income (loss) from continuing operations | 0.24 | (0.16) | 0.26 | (0.28) |
Income from discontinued operations | 0.03 | 0.01 | 0.04 | 0.01 |
Net income (loss) per common share | $ 0.27 | $ (0.15) | $ 0.30 | $ (0.27) |
Weighted average shares outstanding - basic | 10,186,000 | 7,718,000 | 10,184,000 | 6,981,000 |
Weighted average shares outstanding - diluted | 10,342,000 | 7,718,000 | 10,384,000 | 6,981,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statements of Comprehensive Income (Loss) | ||||
Net income (loss) | $ 2,822 | $ (1,151) | $ 3,091 | $ (1,919) |
Other comprehensive (loss) income: | ||||
Reclassifications included in net income (loss) | (900) | 506 | (449) | 994 |
Unrealized (loss) gain on cash flow hedges | (400) | (1,022) | 3,811 | 1,969 |
Total other comprehensive (loss) income | (1,300) | (516) | 3,362 | 2,963 |
Total comprehensive income (loss) | $ 1,522 | $ (1,667) | $ 6,453 | $ 1,044 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Accumulated Other Comprehensive Income (Loss) | Total |
Balance at beginning of period at Dec. 31, 2020 | $ 57 | $ 116,732 | $ (9,817) | $ (7,855) | $ 99,117 |
Balance (in shares) at Dec. 31, 2020 | 5,663,040 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation expense | 505 | 505 | |||
Exercise of stock options | 168 | 168 | |||
Exercise of stock options (in shares) | 6,370 | ||||
Sale of common stock, net | $ 19 | 108,657 | 108,676 | ||
Sale of common stock, net (in shares) | 1,927,049 | ||||
Special dividend | $ 1 | 7,845 | (11,250) | (3,404) | |
Special dividend (in shares) | 125,212 | ||||
Common stock dividends | (1,158) | (1,158) | |||
Net income (loss) | (1,919) | (1,919) | |||
Total other comprehensive income, net of tax | 2,963 | 2,963 | |||
Balance at end of period at Jun. 30, 2021 | $ 77 | 233,907 | (24,144) | (4,892) | 204,948 |
Balance (in shares) at Jun. 30, 2021 | 7,721,671 | ||||
Balance at beginning of period at Mar. 31, 2021 | $ 77 | 233,454 | (21,835) | (4,376) | 207,320 |
Balance (in shares) at Mar. 31, 2021 | 7,715,534 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Stock-based compensation expense | 291 | 291 | |||
Exercise of stock options | 162 | 162 | |||
Exercise of stock options (in shares) | 6,137 | ||||
Common stock dividends | (1,158) | (1,158) | |||
Net income (loss) | (1,151) | (1,151) | |||
Total other comprehensive income, net of tax | (516) | (516) | |||
Balance at end of period at Jun. 30, 2021 | $ 77 | 233,907 | (24,144) | (4,892) | 204,948 |
Balance (in shares) at Jun. 30, 2021 | 7,721,671 | ||||
Balance at beginning of period at Dec. 31, 2021 | $ 102 | 399,754 | (10,869) | (2,910) | 386,077 |
Balance (in shares) at Dec. 31, 2021 | 10,183,730 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Equity awards issued (in shares) | 3,371 | ||||
Stock-based compensation expense | 681 | 681 | |||
Shares acquired to satisfy employee tax withholding requirements on stock awards | (23) | (23) | |||
Shares acquired to satisfy employee tax withholding requirements on stock awards (in shares) | (285) | ||||
Exercise of stock options | 144 | 144 | |||
Exercise of stock options (in shares) | 5,500 | ||||
Common stock dividends | (3,261) | (3,261) | |||
Net income (loss) | 3,091 | 3,091 | |||
Total other comprehensive income, net of tax | 3,362 | 3,362 | |||
Balance at end of period at Jun. 30, 2022 | $ 102 | 400,556 | (11,039) | 452 | 390,071 |
Balance (in shares) at Jun. 30, 2022 | 10,192,316 | ||||
Balance at beginning of period at Mar. 31, 2022 | $ 102 | 400,004 | (12,230) | 1,752 | 389,628 |
Balance (in shares) at Mar. 31, 2022 | 10,186,143 | ||||
Increase (Decrease) in Stockholders' Equity | |||||
Equity awards issued (in shares) | 673 | ||||
Stock-based compensation expense | 408 | 408 | |||
Exercise of stock options | 144 | 144 | |||
Exercise of stock options (in shares) | 5,500 | ||||
Common stock dividends | (1,631) | (1,631) | |||
Net income (loss) | 2,822 | 2,822 | |||
Total other comprehensive income, net of tax | (1,300) | (1,300) | |||
Balance at end of period at Jun. 30, 2022 | $ 102 | $ 400,556 | $ (11,039) | $ 452 | $ 390,071 |
Balance (in shares) at Jun. 30, 2022 | 10,192,316 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares | 3 Months Ended | 6 Months Ended | ||||
Jul. 15, 2022 | Apr. 15, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Consolidated Statements of Changes in Stockholders' Equity | ||||||
Common dividend per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.32 | $ 0.15 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income (loss) | $ 3,091 | $ (1,919) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 8,714 | 6,767 |
Noncash rental revenue including straight-line rents | (2,080) | (856) |
Amortization of terminated swap agreements and related income tax benefit | (1,812) | |
Stock-based compensation expense | 681 | 505 |
Amortization of debt issuance costs | 492 | 407 |
Losses on early extinguishment of debt | 464 | |
Gain on sales of equipment | (203) | |
Change in fair value of financial instruments | 719 | |
Gain on sales of real estate assets | (342) | |
Changes in assets and liabilities: | ||
Other assets | 3,426 | (100) |
Accounts payable and accrued liabilities | 130 | (505) |
Deferred revenue | (1,276) | (1,659) |
Other liabilities | (349) | 685 |
Net cash provided by operating activities | 11,278 | 3,702 |
Investing activities: | ||
Acquisitions of land and buildings | (55,784) | (60,100) |
Additions to real estate assets | (28,459) | (10,388) |
Deposits on building and land acquisitions | (3,488) | |
Deferred leasing costs and other | (845) | (883) |
Proceeds from sale of equipment, net of expenses | 250 | |
Proceeds from sales of real estate assets, net of expenses | 3,141 | |
Net cash used in investing activities | (88,326) | (68,230) |
Financing activities: | ||
Principal payments on mortgage loans | (63,829) | (2,540) |
Proceeds from delayed draw term loan and construction loan | 60,069 | |
Dividends paid to stockholders | (3,259) | (4,562) |
Payment of debt issuance costs | (1,498) | (807) |
Proceeds from termination of interest rate swap agreements | 1,227 | |
Proceeds from exercise of stock options | 144 | 168 |
Proceeds from sale of common stock | 108,676 | |
Net cash (used in) provided by financing activities | (7,146) | 100,935 |
Net (decrease) increase in cash and cash equivalents and restricted cash | (84,194) | 36,407 |
Cash and cash equivalents and restricted cash at beginning of period | 160,907 | 30,675 |
Cash and cash equivalents and restricted cash at end of period | $ 76,713 | $ 67,082 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Summary of Significant Accounting Policies | 1. Summary of Significant Accounting Policies Basis of Presentation INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) is a real estate business that has elected to be taxed as a real estate investment trust (“REIT”) as defined in the Internal Revenue Service Code of 1986, as amended (the “Code”) and is principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained and high growth markets in the United States. The Company conducts substantially all of its business through its operating partnership, INDUS RT, LP, a Maryland limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to INDUS Realty Trust, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of June 30, 2022, INDUS owned 39 industrial/logistics properties aggregating approximately 5.7 million square feet located in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. INDUS seeks to add to its property portfolio through the acquisition and development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, therefore, the Company sells certain parcels periodically over time. The results of operations for the three months and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year periods have been reclassified to conform to the current presentation. INDUS’ consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if INDUS is the primary beneficiary of a variable interest entity (“VIE”). There have been no VIEs in which INDUS is not a primary beneficiary. These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in INDUS’ audited consolidated financial statements for the year ended December 31, 2021 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 11, 2022. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The actual results experienced by INDUS may differ materially and adversely from INDUS’ estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. There are various accounting updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. INDUS does not expect the application of any of these updates to have an impact on its consolidated financial statements. Cash, Cash Equivalents and Restricted Cash INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. INDUS’ restricted cash primarily consists of reserves for real estate taxes as required by certain mortgage note obligations as well as proceeds from property sales held by a qualified intermediary to be used for a tax deferred Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Code. The following table presents a reconciliation of cash, cash equivalents and restricted cash: June 30, 2022 December 31, 2021 Cash and cash equivalents $ 76,172 $ 150,263 Restricted cash 541 10,644 Total cash, cash equivalents and restricted cash $ 76,713 $ 160,907 Discontinued Operations Operating results and the gain or loss on sale for a component or groups of components, whose disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, are presented as discontinued operations in the consolidated statements of operations and the assets and liabilities of the component to be disposed of are classified as held for sale. In March 2022, INDUS commenced the sale process to fully exit its legacy investment in its remaining office/flex properties (“Office/Flex Portfolio”). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Windsor and Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. In March 2022, the Company closed its Landscaping Division which primarily served the Office/Flex Portfolio and recorded a gain on sale of $203 for the six months ended June 30, 2022. The disposition of the Office/Flex Portfolio represents a strategic shift and following the sale, the Company will be positioned as a pure-play industrial/logistics real estate business with a modern portfolio located in select high-growth markets. The Office/Flex Portfolio is recorded as a discontinued operation as of June 30, 2022 and for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operation on the consolidated balance sheets and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (see Note 4). Reclassifications Reclassifications were made related to discontinued operations as discussed in Discontinued Operations above. These reclassifications did not affect the Company's total financial position, results of operations or cash flows. |
Sales of Common Stock
Sales of Common Stock | 6 Months Ended |
Jun. 30, 2022 | |
Sales of Common Stock | |
Sales of Common Stock | 2. Sales of Common Stock Public Offering On February 2, 2021, INDUS filed a universal shelf registration statement on Form S-3 (the “Universal Shelf”) with the SEC. Under the Universal Shelf, the Company could offer and sell up to $500,000 of a variety of securities including the Company’s common stock (“Common Stock”), preferred stock, warrants, depositary shares, units or any combination of such securities. Under the Universal Shelf, the Company may periodically offer one or more types of securities in amounts, at prices and on terms announced. 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 price. INDUS received net proceeds of $108,676, after expenses, from the aggregate of 1,927,049 shares issued on March 5, 2021, and March 15, 2021. The Company has used the proceeds from the issuance of its Common Stock to finance its acquisition and development pipeline and for other corporate purposes. |
Fair Value
Fair Value | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value | |
Fair Value | 3. Fair Value INDUS applies the provisions of ASC 820, “Fair Value Measurement,” which establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs, when measuring fair value. The categorization of an asset or liability within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value, as follows: Level 1 applies to assets or liabilities for which there are quoted market prices in active markets for identical assets or liabilities. Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 2 assets and liabilities include INDUS’ interest rate swap agreements (see Note 5). These inputs are readily available in public markets or can be derived from information available in publicly quoted markets, therefore, INDUS has categorized these derivative instruments as Level 2 within the fair value hierarchy. Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. The following are INDUS’ financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: June 30, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 1,197 $ — Interest rate swap liabilities $ — $ 1,057 $ — December 31, 2021 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset $ — $ 188 $ — Interest rate swap liabilities $ — $ 3,995 $ — The amounts included in the consolidated financial statements for cash and cash equivalents, leasing receivables from tenants, accounts payable and accrued liabilities and interest rate swap assets and liabilities approximate their fair values because of the short-term maturities of these instruments. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current Overnight Index Swap Rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of INDUS for liabilities. The fair values of the mortgage loans, delayed draw term loan and construction loan, net of debt issuance costs, are estimated based on current rates offered to INDUS for similar debt of the same remaining maturities and, additionally, INDUS considers its credit worthiness in determining the fair value of its mortgage loans. At June 30, 2022 and December 31, 2021, the carrying values of the mortgage loans, delayed draw term loan and construction loan were $165,354 and $169,818, respectively, and the fair values of the mortgage loans, delayed draw term loan and construction loan were $165,447 and $180,731, respectively. |
Real Estate Assets and Disconti
Real Estate Assets and Discontinued Operations | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate Assets And Discontinued Operations | |
Real Estate Assets And Discontinued Operations | 4. Real Estate Assets and Discontinued Operations Real estate assets consist of: Estimated Useful Lives June 30, 2022 December 31, 2021 Land $ 64,559 $ 55,104 Land improvements 10 to 30 years 67,149 65,520 Buildings and improvements 10 to 40 years 342,610 295,964 Tenant improvements Shorter of useful life or terms of related lease 32,956 31,576 Construction in progress 44,818 20,799 Development costs 3,834 3,673 555,926 472,636 Accumulated depreciation (92,401) (84,989) $ 463,525 $ 387,647 Total depreciation expense related to real estate assets was as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Depreciation expense $ 3,753 $ 2,766 $ 7,390 $ 5,445 On June 8, 2022, INDUS closed on the purchase of an approximately 205,000 square foot, fully leased portfolio in Florida for $31,758, including transaction costs. This portfolio is comprised of two buildings in the Palm Beach market totaling approximately 84,000 square feet and an approximately 121,000 square foot building in the Orlando market. On January 19, 2022, INDUS closed on the purchase of 782 Paragon Way (“782 Paragon”), an approximately 217,000 square foot, fully leased building in the Charlotte, North Carolina market for $24,026, including transaction costs. The purchase prices for acquisitions as of June 30, 2022 were allocated as follows: 782 Paragon Way 3312 Shader Road 6600 High Ridge Road 7700 High Ridge Road Total Land $ 1,469 $ 2,832 $ 1,679 $ 2,354 $ 8,334 Land improvements 329 213 194 175 911 Buildings and improvements 22,228 11,195 6,340 5,715 45,478 Tenant improvements — 107 44 40 191 Intangible assets — 685 422 385 1,492 Intangible liabilities — (158) — (464) (622) $ 24,026 $ 14,874 $ 8,679 $ 8,205 $ 55,784 In March 2022, the Company announced its intention to sell its Office/Flex Portfolio (see Note 1). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Windsor and Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. The disposition of the Office/Flex Portfolio represents a strategic shift for the Company and, as such, is being treated as a discontinued operation as of June 30, 2022. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operations on the consolidated balance sheets. Real estate assets in discontinued operations consist of: June 30, 2022 December 31, 2021 Land $ 31 $ 31 Land improvements 1,843 1,840 Buildings and improvements 15,403 15,396 Tenant improvements 3,485 3,485 Construction in progress 1,492 338 22,254 21,090 Accumulated depreciation (14,778) (14,571) 7,476 6,519 Other assets 1,404 1,471 Total assets of discontinued operations $ 8,880 $ 7,990 Accounts payable and accrued liabilities $ 136 $ 67 Deferred revenue 511 620 Other liabilities 139 145 Total liabilities of discontinued operations $ 786 $ 832 |
Mortgages Loans, Construction L
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps | 6 Months Ended |
Jun. 30, 2022 | |
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps | |
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps | 5. Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps INDUS’ nonrecourse mortgage loans and construction loan consist of: Mortgage loans: June 30, 2022 December 31, 2021 3.97%, due September 1, 2027 $ 11,048 $ 11,174 4.57%, due February 1, 2028 * 16,908 17,145 3.60%, due January 2, 2030 * 6,095 6,182 3.48%, due February 1, 2030 14,084 14,287 3.50%, due July 1, 2030 * 4,847 4,914 4.33%, due August 1, 2030 15,672 15,867 4.51%, due April 1, 2034 13,185 13,356 4.39%, due January 2, 2025 * — 17,824 4.17%, due May 1, 2026 * — 12,291 3.79%, due November 17, 2026 * — 23,152 4.39%, due August 1, 2027 * — 9,476 Mortgage loans 81,839 145,668 Debt issuance costs (1,155) (1,745) Mortgage loans, net of debt issuance costs 80,684 143,923 Construction loan: One-month LIBOR plus 1.40%, due May 7, 2023 26,342 26,273 Debt issuance costs (236) (378) Construction loan, net of debt issuance costs 26,106 25,895 Mortgage loans and construction loan, net of debt issuance costs $ 106,790 $ 169,818 *Variable rate loans for which INDUS entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above. INDUS’ weighted average interest rate on its mortgage loans, delayed draw term loan and construction loan, including the effect of its interest rate swap agreements, was 3.79% and 3.76% as of June 30, 2022 and December 31, 2021, respectively. The Company accounts for its interest rate swap agreements as effective cash flow hedges. Amounts in accumulated other comprehensive income (“AOCI”) will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each variable rate mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the six months ended June 30, 2022 and 2021, INDUS recognized gains, included in other comprehensive income, of $3,362 and $2,963, respectively, on its interest rate swap agreements. As of June 30, 2022, $432 was expected to be reclassified over the next twelve months to AOCI from interest expense. Interest income related to INDUS’ interest rate swap agreements in the six months ended June 30, 2022 was $449 and interest expense related to INDUS’ interest rate swap agreements in the six months ended June 30, 2021 was $994. On April 21, 2022, INDUS entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) for a $250,000 secured credit facility (the “New Credit Facility”) (see Note 6), amending and restating the $100,000 credit facility executed on August 5, 2021 (the “Existing Credit Facility”) to include the addition of a delayed draw term loan facility (the “DDTL Facility”) of $150,000 for a term of five years , pursuant to which up to three separate draws may be made prior to April 21, 2023 (the first two of which must each be in a minimum amount of $25,000 ). The Company made the first of such draws under the DDTL Facility in May 2022 and as of June 30, 2022, INDUS had drawn $60,000 under the DDTL Facility (see Note 6). The Company used these proceeds to repay four of its nonrecourse mortgage loans, that had encumbered ten buildings, in the amount of $61,787, resulting in a loss on early extinguishment of debt of $464. In connection with the repayments, the Company also terminated associated interest rate hedges resulting in a gain of $1,227 recorded against interest expense and recognized an income tax benefit of $585 related to the reclassification of gains included in other comprehensive income for the six months ended June 30, 2022. As of June 30, 2022, the net debt issuance costs related to the DDTL Facility were $1,436. Subsequent to June 30, 2022, the ten buildings previously encumbered by the nonrecourse mortgage loans that were prepaid (as discussed above) were added to the borrowing base of the Company’s New Credit Facility. The DDTL Facility bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 1.15%, based on the Company’s ratio of total indebtedness to total assets. Concurrent with the closing on the DDTL Facility, the Company entered into an interest rate swap agreement to fix the interest rate on the DDTL Facility at an effective rate of 4.15%. The following table summarizes the notional and fair values of our interest rate swaps designated as cash flow hedges at June 30, 2022 and December 31, 2021: Fair Value of Interest Rate LIBOR SOFR Current Notional Value Derivative Assets/(Liabilities) Effective Maturity Interest Interest June 30, December 31, June 30, December 31, Date Date Strike Rate Strike Rate 2022 2021 2022 2021 July 1, 2022 April 21, 2027 n/a 2.933% $ 60,000 $ - ($ 1,057) $ - March 15, 2017 March 1, 2027 (a) 2.501% n/a 10,457 10,621 163 (641) February 1, 2018 February 1, 2028 (a) 2.782% n/a 6,451 6,524 28 (641) January 2, 2020 January 1, 2030 1.849% n/a 6,095 6,182 374 (219) July 1, 2020 July 1, 2030 0.942% n/a 4,847 4,914 632 188 September 1, 2013 September 1, 2023 (b) 2.840% n/a - 7,204 - (249) January 1, 2015 January 1, 2025 (b) 2.260% n/a - 9,068 - (390) January 1, 2016 January 1, 2025 (b) 1.932% n/a - 1,552 - (40) September 1, 2015 September 1, 2025 (c) 2.118% n/a - 9,608 - (334) December 10, 2015 September 1, 2025 (c) 2.015% n/a - 2,185 - (68) November 17, 2016 November 17, 2026 (c) 2.085% n/a - 11,359 - (518) May 3, 2016 May 1, 2026 1.910% n/a - 12,291 - (369) July 14, 2017 August 1, 2027 4.390% n/a - 9,476 - (526) $ 87,850 $ 90,984 $ 140 ($ 3,807) (a) (b) and (c) represent multiple interest rate swap agreements against a single mortgage In July 2017, the Financial Conduct Authority in the United Kingdom, which regulates the London Interbank Offered Rate (“LIBOR”), announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after June 30, 2023. INDUS currently expects LIBOR-indexed rates to be available through that date, however, it is possible that they will become unavailable prior to that time. The interest rate on INDUS’ floating rate debt under nonrecourse mortgage loans is based on LIBOR, however, INDUS entered into interest rate swap agreements whereby the floating LIBOR rates under all mortgage loans are hedged, effectively fixing the interest rate on those loans. INDUS’ loan documents contain provisions that contemplate alternative methods to determine the base rate applicable to our LIBOR-indexed debt to the extent LIBOR-indexed rates are not available. INDUS will continue to monitor and evaluate the impact, if any, on debt payments and the value of the Company’s floating rate debt. |
Revolving and Delayed Draw Term
Revolving and Delayed Draw Term Loan Facility Credit Agreement | 6 Months Ended |
Jun. 30, 2022 | |
Revolving and Delayed Draw Term Loan Facility Credit Agreement | |
Revolving and Delayed Draw Term Loan Facility Credit Agreements | 6. Revolving and Delayed Draw Term Loan Facility Credit Agreement On April 21, 2022, the Credit Agreement was amended and restated to provide for, among other things: (1) the addition of the DDTL Facility of $150,000 (see Note 5), pursuant to which up to three separate draws may be made prior to April 21, 2023 (the first two of which must each be in a minimum amount of $25,000 ), and (2) the transition from LIBOR to SOFR for floating rate borrowings for all purposes under the Credit Agreement. The DDTL Facility will mature on April 21, 2027. The New Credit Facility continues to include a $100,000 revolving credit facility (the “Revolving Credit Facility”), however, the maturity of the Revolving Credit Facility has been extended to April 21, 2025. The two one-year extensions at the Company’s option under the Existing Credit Facility remain in place under the New Credit Facility. The New Credit Facility also increases the uncommitted incremental facility, which, as amended, would enable the Company to increase the New Credit Facility by up to $250,000 in the aggregate, for a total of $500,000 . Borrowings under the New Credit Facility will continue to bear interest subject to a pricing grid for changes in the Company’s total leverage. Based on the Company’s current leverage, the initial annual interest rates under the New Credit Facility would be (i) SOFR plus 1.20% for revolving borrowings (the same applicable margin as under the Existing Credit Facility), and (ii) SOFR plus 1.15% for term borrowings (compared with LIBOR plus 1.20% under the Existing Credit Facility). The annual interest rate under the Existing Credit Facility was the one-month LIBOR plus 1.20% . As of June 30, 2022, the Company had drawn Under the terms of the New Credit Facility, INDUS must maintain: (i) a consolidated tangible net worth of $319,149 plus 75% of the aggregate increases in stockholders’ equity of the Company by reason of issuance or sale of equity of the Company after March 31, 2021; (ii) a fixed charge coverage ratio of (a) 1.25 to 1.0 through March 31, 2022, and (b) 1.50 to 1.0 on and after June 30, 2022; (iii) a maximum leverage ratio of total indebtedness to total assets of less than 60% on the last day of any fiscal quarter; (iv) a maximum secured leverage ratio of total secured indebtedness to total asset value of (a) 50% through December 31, 2022, and (b) 40% on and after March 31, 2023; (v) a minimum borrowing base of (a) $75,000 through December 30, 2022 (compared with $30,000 under the Existing Credit Facility), (b) $125,000 from December 31, 2022 through December 30, 2023 (compared with $50,000 under the Existing Credit Facility), and (c) $250,000 on and after December 31, 2023 (compared with $100,000 under the Existing Credit Facility); and (vi) a minimum of (a) five industrial unencumbered properties from June 30, 2021 through December 30, 2023, and (b) eight industrial unencumbered properties on and after December 31, 2023. As of June 30, 2022, the Company was in compliance with the covenants of the New Credit Facility. Based on the collateral in place as of June 30, 2022, $111,181 could be borrowed under the New Credit Facility. In addition to the $60,000 drawn under the DDTL Facility, the New Credit Facility also secures certain unused standby letters of credit aggregating $5,873 that are related to INDUS' development activities. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity | |
Stockholders' Equity | 7. Stockholders’ Equity Per Share Results Basic and diluted per share results were based on the following: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income (loss) $ 2,822 $ (1,151) $ 3,091 $ (1,919) Weighted average shares outstanding for computation of basic per share results 10,186,000 7,718,000 10,184,000 6,981,000 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) 156,000 — 200,000 — Adjusted weighted average shares for computation of diluted per share results 10,342,000 7,718,000 10,384,000 6,981,000 (a) Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and a warrant for the three months and six months ended June 30, 2021 would have been 137,000 and 136,000 , respectively. Equity Compensation Plans Stock Options There were no stock options granted in either the 2022 six month period or the 2021 six month period. As of June 30, 2022, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows: Balance of 2022 $ 179 2023 $ 231 2024 $ 111 2025 $ 15 Number of option holders at June 30, 2022 14 A summary of INDUS’ stock option activity is as follows: For the Six Months Ended June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Weighted Avg. Shares Exercise Price Shares Exercise Price Outstanding at beginning of period 220,937 $ 36.47 246,150 $ 36.06 Adjustment for stock dividend — $ — 5,413 $ 34.29 Exercised (5,500) $ 26.31 (6,370) $ 26.46 Forfeited (1,724) $ 23.19 (1,067) $ 37.49 Outstanding at end of period 213,713 $ 36.83 244,126 $ 35.50 Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options June 30, 2022 Exercise Price (in years) Value $23.00 - $28.00 74,763 $ 26.29 3.8 $ 2,472 $28.00 - $32.00 14,073 $ 29.84 3.0 416 $32.00 - $47.00 124,877 $ 43.93 7.5 1,926 213,713 $ 36.83 5.9 $ 4,814 Vested options 111,503 $ 28.92 4.3 $ 3,394 Restricted Stock Units A summary of restricted stock units of Common Stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the six months ended June 30, 2022 and 2021 is as follows: Time-based vesting June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Grant Date Units Exercise Price Units Fair Value Outstanding at beginning of period 12,829 $ 64.43 — $ — Granted 13,514 $ 68.68 13,191 $ 64.62 Adjustment for dividends 64 $ — 47 $ — Vested and distributed (3,391) $ 63.97 — $ — Forfeited (813) $ 63.15 (409) $ 63.15 Outstanding at end of period 22,203 $ 66.95 12,829 $ 64.43 Performance-based vesting June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Grant Date Units Exercise Price Units Fair Value Outstanding at beginning of period 8,136 $ 78.97 — $ — Granted 7,999 $ 100.19 8,508 $ 79.33 Adjustment for dividends 49 $ — 37 $ — Forfeited (1,219) $ 79.33 (409) $ 79.33 Outstanding at end of period 14,965 $ 90.03 8,136 $ 78.97 The time-based vesting RSUs granted to employees vest over three years in equal installments subject to the recipient’s continued employment. The time-based vesting RSUs granted to non-employee directors vest in one year . The performance-based vesting RSUs granted to employees vest after a period of three years and will be measured over the three-year period on pre-established goals. The holders of RSUs will receive credit for dividends, but do not have voting rights. The RSUs may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to risk of forfeiture prior to the expiration of the applicable vesting period. As of June 30, 2022, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows: Balance of 2022 $ 615 2023 $ 830 2024 $ 359 2025 $ 585 Compensation expense for stock options and RSUs was as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Compensation expense $ 408 $ 291 $ 681 $ 505 Dividends For the six months ended June 30, 2022, the Company’s common dividends were as follows: Quarter Ended Record Date Payment Date Common dividend per share March 31, 2022 March 31, 2022 April 15, 2022 $0.16 June 30, 2022 June 30, 2022 July 15, 2022 $0.16 On January 13, 2021, in conjunction with its election to be taxed as a REIT, INDUS announced a special dividend of $11,250 or $1.99 per share payable on March 8, 2021 in the form of cash or additional shares of the Company’s Common Stock, to holders of record as of January 22, 2021. The cash portion of the special dividend paid to stockholders was $3,404 and 125,212 shares of Common Stock were issued. INDUS declared a cash dividend on its Common Stock on May 7, 2021, of $0.15 per share and paid $1,158 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Leases | 8. Leases The Company’s rental revenue reflects the leasing of space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. INDUS does not have any variable payment leases with its tenants. The following is a schedule of minimum future cash rentals on the Company’s industrial/logistics operating leases as of June 30, 2022. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases or for leases on facilities not yet in service and excludes real estate taxes and property operating expense reimbursements: Balance of 2022 $ 17,773 2023 34,089 2024 33,722 2025 30,171 2026 23,708 Thereafter 67,996 $ 207,459 Expenses related to operating leases where INDUS is the lessee were $69 in each of the 2022 and 2021 six month periods. The weighted average remaining lease term for these leases as of June 30, 2022, was 4.3 years. Maturities of lease liabilities as of June 30, 2022 are as follows: Balance of 2022 $ 71 2023 144 2024 143 2025 143 2026 117 Total undiscounted payments 618 Less: imputed interest (45) Present value of minimum lease payments $ 573 |
Supplemental Financial Statemen
Supplemental Financial Statement Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Financial Statement Information | |
Supplemental Financial Statement Information | 9. Supplemental Financial Statement Information Other Assets INDUS' other assets are comprised of the following: June 30, 2022 December 31, 2021 Deposits on building and land acquisitions $ 11,288 $ 9,800 Deferred leasing costs, net 6,943 6,310 Straight-line rents 6,815 5,909 Intangible assets, net 6,439 5,495 Accounts receivable (primarily leases) 1,298 399 Interest rate swap assets 1,197 188 Prepaid expenses 973 3,236 Deferred financing costs related to revolving lines of credit 755 917 Right-of-use assets 544 593 Furniture, fixtures and equipment, net 431 369 Registration statement costs 341 341 Prepaid development costs 271 143 Other 409 402 Total other assets $ 37,704 $ 34,102 Accounts Payable and Accrued Liabilities INDUS' accounts payable and accrued liabilities are comprised of the following: June 30, 2022 December 31, 2021 Accrued construction costs and retainage $ 6,888 $ 5,800 Accrued lease commissions 937 468 Accrued real estate taxes 916 46 Accrued salaries, wages and other compensation 815 1,796 Accrued interest payable 543 556 Trade payables 470 481 Other 720 524 Total accounts payable and accrued liabilities $ 11,289 $ 9,671 Other Liabilities INDUS' other liabilities are comprised of the following: June 30, 2022 December 31, 2021 Deferred compensation plan $ 4,322 $ 5,097 Intangible liability, net 3,413 3,000 Prepaid rent from tenants 1,784 1,483 Security deposits of tenants 1,084 900 Interest rate swap liabilities 1,057 3,995 Lease liabilities 573 626 Other 153 153 Total other liabilities $ 12,386 $ 15,254 Supplemental Cash Flow Information Accounts payable and accrued liabilities related to additions to real estate assets increased by $1,088 and $8,767 in the six months ended June 30, 2022 and 2021, respectively. Interest payments were as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 $ 409 $ 1,699 $ 2,017 $ 3,390 Capitalized interest related to real estate assets was as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 $ 468 $ 223 $ 824 $ 345 Cash flows from discontinued operations were as follows: For the Six Months Ended June 30, 2022 June 30, 2021 Net cash provided by operating activities of discontinued operations $ 183 $ 304 Net cash used in investing activities of discontinued operations (914) (26) Net cash provided by financing activities of discontinued operations — — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. Commitments and Contingencies From time to time, INDUS is a party to various litigation matters that are considered routine litigation arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to the Company’s consolidated financial position, results of operations or cash flows. As of June 30, 2022, INDUS had commitments of approximately $29,523 for construction work and tenant improvements under the terms of leases with certain of the Company’s tenants. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events. | |
Subsequent Events | 11. Subsequent Events In accordance with FASB ASC 855, “Subsequent Events,” INDUS has evaluated all events or transactions occurring after June 30, 2022, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended June 30, 2022, other than the disclosures herein. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Basis of Presentation | Basis of Presentation INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) is a real estate business that has elected to be taxed as a real estate investment trust (“REIT”) as defined in the Internal Revenue Service Code of 1986, as amended (the “Code”) and is principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained and high growth markets in the United States. The Company conducts substantially all of its business through its operating partnership, INDUS RT, LP, a Maryland limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to INDUS Realty Trust, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. As of June 30, 2022, INDUS owned 39 industrial/logistics properties aggregating approximately 5.7 million square feet located in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. INDUS seeks to add to its property portfolio through the acquisition and development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, therefore, the Company sells certain parcels periodically over time. The results of operations for the three months and six months ended June 30, 2022 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year periods have been reclassified to conform to the current presentation. INDUS’ consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if INDUS is the primary beneficiary of a variable interest entity (“VIE”). There have been no VIEs in which INDUS is not a primary beneficiary. These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in INDUS’ audited consolidated financial statements for the year ended December 31, 2021 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 11, 2022. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. The actual results experienced by INDUS may differ materially and adversely from INDUS’ estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. There are various accounting updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. INDUS does not expect the application of any of these updates to have an impact on its consolidated financial statements. |
Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. INDUS’ restricted cash primarily consists of reserves for real estate taxes as required by certain mortgage note obligations as well as proceeds from property sales held by a qualified intermediary to be used for a tax deferred Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Code. The following table presents a reconciliation of cash, cash equivalents and restricted cash: June 30, 2022 December 31, 2021 Cash and cash equivalents $ 76,172 $ 150,263 Restricted cash 541 10,644 Total cash, cash equivalents and restricted cash $ 76,713 $ 160,907 |
Discontinued Operations | Discontinued Operations Operating results and the gain or loss on sale for a component or groups of components, whose disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, are presented as discontinued operations in the consolidated statements of operations and the assets and liabilities of the component to be disposed of are classified as held for sale. In March 2022, INDUS commenced the sale process to fully exit its legacy investment in its remaining office/flex properties (“Office/Flex Portfolio”). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Windsor and Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. In March 2022, the Company closed its Landscaping Division which primarily served the Office/Flex Portfolio and recorded a gain on sale of $203 for the six months ended June 30, 2022. The disposition of the Office/Flex Portfolio represents a strategic shift and following the sale, the Company will be positioned as a pure-play industrial/logistics real estate business with a modern portfolio located in select high-growth markets. The Office/Flex Portfolio is recorded as a discontinued operation as of June 30, 2022 and for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operation on the consolidated balance sheets and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations (see Note 4). |
Reclassifications | Reclassifications Reclassifications were made related to discontinued operations as discussed in Discontinued Operations above. These reclassifications did not affect the Company's total financial position, results of operations or cash flows. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Summary of Significant Accounting Policies | |
Schedule of reconciliation of cash, cash equivalents and restricted cash | June 30, 2022 December 31, 2021 Cash and cash equivalents $ 76,172 $ 150,263 Restricted cash 541 10,644 Total cash, cash equivalents and restricted cash $ 76,713 $ 160,907 |
Fair Value (Tables)
Fair Value (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value | |
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | June 30, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets $ — $ 1,197 $ — Interest rate swap liabilities $ — $ 1,057 $ — December 31, 2021 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset $ — $ 188 $ — Interest rate swap liabilities $ — $ 3,995 $ — |
Real Estate Assets and Discon_2
Real Estate Assets and Discontinued Operations (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Real Estate Assets And Discontinued Operations | |
Schedule of real estate assets | Estimated Useful Lives June 30, 2022 December 31, 2021 Land $ 64,559 $ 55,104 Land improvements 10 to 30 years 67,149 65,520 Buildings and improvements 10 to 40 years 342,610 295,964 Tenant improvements Shorter of useful life or terms of related lease 32,956 31,576 Construction in progress 44,818 20,799 Development costs 3,834 3,673 555,926 472,636 Accumulated depreciation (92,401) (84,989) $ 463,525 $ 387,647 |
Schedule of total depreciation expense and capitalized interest related to real estate assets | For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Depreciation expense $ 3,753 $ 2,766 $ 7,390 $ 5,445 |
Schedule of purchase price allocation | 782 Paragon Way 3312 Shader Road 6600 High Ridge Road 7700 High Ridge Road Total Land $ 1,469 $ 2,832 $ 1,679 $ 2,354 $ 8,334 Land improvements 329 213 194 175 911 Buildings and improvements 22,228 11,195 6,340 5,715 45,478 Tenant improvements — 107 44 40 191 Intangible assets — 685 422 385 1,492 Intangible liabilities — (158) — (464) (622) $ 24,026 $ 14,874 $ 8,679 $ 8,205 $ 55,784 |
Schedule of real estate held for sale | June 30, 2022 December 31, 2021 Land $ 31 $ 31 Land improvements 1,843 1,840 Buildings and improvements 15,403 15,396 Tenant improvements 3,485 3,485 Construction in progress 1,492 338 22,254 21,090 Accumulated depreciation (14,778) (14,571) 7,476 6,519 Other assets 1,404 1,471 Total assets of discontinued operations $ 8,880 $ 7,990 Accounts payable and accrued liabilities $ 136 $ 67 Deferred revenue 511 620 Other liabilities 139 145 Total liabilities of discontinued operations $ 786 $ 832 |
Mortgages Loans, Construction_2
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps | |
Schedule of mortgage and construction loans | Mortgage loans: June 30, 2022 December 31, 2021 3.97%, due September 1, 2027 $ 11,048 $ 11,174 4.57%, due February 1, 2028 * 16,908 17,145 3.60%, due January 2, 2030 * 6,095 6,182 3.48%, due February 1, 2030 14,084 14,287 3.50%, due July 1, 2030 * 4,847 4,914 4.33%, due August 1, 2030 15,672 15,867 4.51%, due April 1, 2034 13,185 13,356 4.39%, due January 2, 2025 * — 17,824 4.17%, due May 1, 2026 * — 12,291 3.79%, due November 17, 2026 * — 23,152 4.39%, due August 1, 2027 * — 9,476 Mortgage loans 81,839 145,668 Debt issuance costs (1,155) (1,745) Mortgage loans, net of debt issuance costs 80,684 143,923 Construction loan: One-month LIBOR plus 1.40%, due May 7, 2023 26,342 26,273 Debt issuance costs (236) (378) Construction loan, net of debt issuance costs 26,106 25,895 Mortgage loans and construction loan, net of debt issuance costs $ 106,790 $ 169,818 *Variable rate loans for which INDUS entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above. |
Schedule of notional and fair value of our interest rate swaps | Fair Value of Interest Rate LIBOR SOFR Current Notional Value Derivative Assets/(Liabilities) Effective Maturity Interest Interest June 30, December 31, June 30, December 31, Date Date Strike Rate Strike Rate 2022 2021 2022 2021 July 1, 2022 April 21, 2027 n/a 2.933% $ 60,000 $ - ($ 1,057) $ - March 15, 2017 March 1, 2027 (a) 2.501% n/a 10,457 10,621 163 (641) February 1, 2018 February 1, 2028 (a) 2.782% n/a 6,451 6,524 28 (641) January 2, 2020 January 1, 2030 1.849% n/a 6,095 6,182 374 (219) July 1, 2020 July 1, 2030 0.942% n/a 4,847 4,914 632 188 September 1, 2013 September 1, 2023 (b) 2.840% n/a - 7,204 - (249) January 1, 2015 January 1, 2025 (b) 2.260% n/a - 9,068 - (390) January 1, 2016 January 1, 2025 (b) 1.932% n/a - 1,552 - (40) September 1, 2015 September 1, 2025 (c) 2.118% n/a - 9,608 - (334) December 10, 2015 September 1, 2025 (c) 2.015% n/a - 2,185 - (68) November 17, 2016 November 17, 2026 (c) 2.085% n/a - 11,359 - (518) May 3, 2016 May 1, 2026 1.910% n/a - 12,291 - (369) July 14, 2017 August 1, 2027 4.390% n/a - 9,476 - (526) $ 87,850 $ 90,984 $ 140 ($ 3,807) (a) (b) and (c) represent multiple interest rate swap agreements against a single mortgage |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Schedule of basic and diluted per share results | For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Net income (loss) $ 2,822 $ (1,151) $ 3,091 $ (1,919) Weighted average shares outstanding for computation of basic per share results 10,186,000 7,718,000 10,184,000 6,981,000 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) 156,000 — 200,000 — Adjusted weighted average shares for computation of diluted per share results 10,342,000 7,718,000 10,384,000 6,981,000 (a) Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and a warrant for the three months and six months ended June 30, 2021 would have been 137,000 and 136,000 , respectively. |
Schedule of unrecognized compensation expense related to nonvested stock options | Balance of 2022 $ 179 2023 $ 231 2024 $ 111 2025 $ 15 |
Schedule of option holders | Number of option holders at June 30, 2022 14 |
Summary of the activity under the INDUS Stock Option Plan | For the Six Months Ended June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Weighted Avg. Shares Exercise Price Shares Exercise Price Outstanding at beginning of period 220,937 $ 36.47 246,150 $ 36.06 Adjustment for stock dividend — $ — 5,413 $ 34.29 Exercised (5,500) $ 26.31 (6,370) $ 26.46 Forfeited (1,724) $ 23.19 (1,067) $ 37.49 Outstanding at end of period 213,713 $ 36.83 244,126 $ 35.50 |
Schedule of options by range of exercise prices | Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options June 30, 2022 Exercise Price (in years) Value $23.00 - $28.00 74,763 $ 26.29 3.8 $ 2,472 $28.00 - $32.00 14,073 $ 29.84 3.0 416 $32.00 - $47.00 124,877 $ 43.93 7.5 1,926 213,713 $ 36.83 5.9 $ 4,814 Vested options 111,503 $ 28.92 4.3 $ 3,394 |
Summary of company's common dividends | Quarter Ended Record Date Payment Date Common dividend per share March 31, 2022 March 31, 2022 April 15, 2022 $0.16 June 30, 2022 June 30, 2022 July 15, 2022 $0.16 |
Restricted Stock Units (RSUs) | |
Schedule of unrecognized compensation expense related to nonvested stock options | Balance of 2022 $ 615 2023 $ 830 2024 $ 359 2025 $ 585 |
Schedule of compensation expense and related tax benefits for stock options | For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 Compensation expense $ 408 $ 291 $ 681 $ 505 |
Time Based Restricted Stock Units | |
Summary of activity for restricted stock units | Time-based vesting June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Grant Date Units Exercise Price Units Fair Value Outstanding at beginning of period 12,829 $ 64.43 — $ — Granted 13,514 $ 68.68 13,191 $ 64.62 Adjustment for dividends 64 $ — 47 $ — Vested and distributed (3,391) $ 63.97 — $ — Forfeited (813) $ 63.15 (409) $ 63.15 Outstanding at end of period 22,203 $ 66.95 12,829 $ 64.43 |
Performance Shares | |
Summary of activity for restricted stock units | Performance-based vesting June 30, 2022 June 30, 2021 Number of Weighted Avg. Number of Grant Date Units Exercise Price Units Fair Value Outstanding at beginning of period 8,136 $ 78.97 — $ — Granted 7,999 $ 100.19 8,508 $ 79.33 Adjustment for dividends 49 $ — 37 $ — Forfeited (1,219) $ 79.33 (409) $ 79.33 Outstanding at end of period 14,965 $ 90.03 8,136 $ 78.97 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases | |
Schedule of future minimum lease payments to be received under noncancelable operating leases | The following is a schedule of minimum future cash rentals on the Company’s industrial/logistics operating leases as of June 30, 2022. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases or for leases on facilities not yet in service and excludes real estate taxes and property operating expense reimbursements: Balance of 2022 $ 17,773 2023 34,089 2024 33,722 2025 30,171 2026 23,708 Thereafter 67,996 $ 207,459 |
Schedule of maturities of lease liabilities | Balance of 2022 $ 71 2023 144 2024 143 2025 143 2026 117 Total undiscounted payments 618 Less: imputed interest (45) Present value of minimum lease payments $ 573 |
Supplemental Financial Statem_2
Supplemental Financial Statement Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Financial Statement Information | |
Schedule of other assets | June 30, 2022 December 31, 2021 Deposits on building and land acquisitions $ 11,288 $ 9,800 Deferred leasing costs, net 6,943 6,310 Straight-line rents 6,815 5,909 Intangible assets, net 6,439 5,495 Accounts receivable (primarily leases) 1,298 399 Interest rate swap assets 1,197 188 Prepaid expenses 973 3,236 Deferred financing costs related to revolving lines of credit 755 917 Right-of-use assets 544 593 Furniture, fixtures and equipment, net 431 369 Registration statement costs 341 341 Prepaid development costs 271 143 Other 409 402 Total other assets $ 37,704 $ 34,102 |
Schedule of accounts payable and accrued liabilities | June 30, 2022 December 31, 2021 Accrued construction costs and retainage $ 6,888 $ 5,800 Accrued lease commissions 937 468 Accrued real estate taxes 916 46 Accrued salaries, wages and other compensation 815 1,796 Accrued interest payable 543 556 Trade payables 470 481 Other 720 524 Total accounts payable and accrued liabilities $ 11,289 $ 9,671 |
Schedule of other liabilities | June 30, 2022 December 31, 2021 Deferred compensation plan $ 4,322 $ 5,097 Intangible liability, net 3,413 3,000 Prepaid rent from tenants 1,784 1,483 Security deposits of tenants 1,084 900 Interest rate swap liabilities 1,057 3,995 Lease liabilities 573 626 Other 153 153 Total other liabilities $ 12,386 $ 15,254 |
Schedule of interest payments and Capitalized interest | Interest payments were as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 $ 409 $ 1,699 $ 2,017 $ 3,390 Capitalized interest related to real estate assets was as follows: For the Three Months Ended For the Six Months Ended June 30, 2022 June 30, 2021 June 30, 2022 June 30, 2021 $ 468 $ 223 $ 824 $ 345 |
Schedule of cash flows from discontinued operations | For the Six Months Ended June 30, 2022 June 30, 2021 Net cash provided by operating activities of discontinued operations $ 183 $ 304 Net cash used in investing activities of discontinued operations (914) (26) Net cash provided by financing activities of discontinued operations — — |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) $ in Thousands | 1 Months Ended | 6 Months Ended |
Mar. 31, 2022 ft² building | Jun. 30, 2022 USD ($) ft² property | |
Real Estate Properties [Line Items] | ||
Gain on disposition of property | $ | $ 203 | |
Industrial/Logistics Building | ||
Real Estate Properties [Line Items] | ||
Number of properties owned | property | 39 | |
Area of property | 5.7 | |
Area of building | 18,000 | |
Industrial/Logistics Building | Sale of building | ||
Real Estate Properties [Line Items] | ||
Area of building | 18,000 | |
Office Building | Sale of building | ||
Real Estate Properties [Line Items] | ||
Area of building | 175,000 | |
Number of planned development buildings | building | 7 | |
Office/Flex Portfolio Division | ||
Real Estate Properties [Line Items] | ||
Gain on disposition of property | $ | $ 203 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Summary of Significant Accounting Policies | ||||
Cash and cash equivalents | $ 76,172 | $ 150,263 | ||
Restricted cash | 541 | 10,644 | ||
Total cash, cash equivalents and restricted cash | $ 76,713 | $ 160,907 | $ 67,082 | $ 30,675 |
Sale of Common Stock (Details)
Sale of Common Stock (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | ||||
Mar. 15, 2021 | Mar. 15, 2021 | Mar. 05, 2021 | Jun. 30, 2021 | Feb. 02, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||||
Maximum offering from universal shelf registration | $ 500,000 | ||||
Sale of common stock, net (in shares) | 1,927,049 | ||||
Proceeds from sale of common stock | $ 108,676 | $ 108,676 | |||
Public Offering [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of common stock, net (in shares) | 1,750,000 | ||||
Share price | $ 56.85 | ||||
Over-Allotment Option [Member] | |||||
Subsidiary, Sale of Stock [Line Items] | |||||
Sale of common stock, net (in shares) | 177,049 |
Fair Value (Details)
Fair Value (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | ||
Interest rate swap liabilities | $ 1,057 | $ 3,995 |
Recurring basis | Significant Observable Inputs (Level 2) | ||
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | ||
Interest rate swap assets | 1,197 | 188 |
Interest rate swap liabilities | 1,057 | 3,995 |
Carrying Value | ||
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | ||
Contingent value rights liability | 165,354 | 169,818 |
Estimated Fair Value | ||
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: | ||
Contingent value rights liability | $ 165,447 | $ 180,731 |
Real Estate Assets and Discon_3
Real Estate Assets and Discontinued Operations (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
Jun. 08, 2022 USD ($) ft² | Jan. 19, 2022 USD ($) ft² | Mar. 31, 2022 ft² building | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Assets and Discontinued Operations | ||||||||
Land | $ 64,559 | $ 64,559 | $ 55,104 | |||||
Land improvements | 67,149 | 67,149 | 65,520 | |||||
Buildings and improvements | 342,610 | 342,610 | 295,964 | |||||
Tenant improvements | 32,956 | 32,956 | 31,576 | |||||
Construction in progress | 44,818 | 44,818 | 20,799 | |||||
Development costs | 3,834 | 3,834 | 3,673 | |||||
Real estate assets, gross | 555,926 | 555,926 | 472,636 | |||||
Accumulated depreciation | (92,401) | (92,401) | (84,989) | |||||
Real estate assets, net | 463,525 | 463,525 | $ 387,647 | |||||
Depreciation expense | $ 3,753 | $ 2,766 | $ 7,390 | $ 5,445 | ||||
Office Building | Sale of building | ||||||||
Real estate assets | ||||||||
Number of Buildings Comprised | building | 7 | |||||||
Area Of Building | ft² | 175,000 | |||||||
Industrial/Logistics Building | ||||||||
Real estate assets | ||||||||
Area Of Building | ft² | 18,000 | |||||||
Industrial/Logistics Building | Sale of building | ||||||||
Real estate assets | ||||||||
Area Of Building | ft² | 18,000 | |||||||
782 Paragon Way | ||||||||
Real Estate Assets and Discontinued Operations | ||||||||
Land | $ 1,469 | |||||||
Land improvements | 329 | |||||||
Buildings and improvements | 22,228 | |||||||
Real estate assets, net | $ 24,026 | |||||||
Real estate assets | ||||||||
Area of Land | ft² | 217,000 | |||||||
Cash paid for real estate | $ 24,026 | |||||||
Palm Beach and Orlando | ||||||||
Real estate assets | ||||||||
Area of Land | ft² | 205,000 | |||||||
Cash paid for real estate | $ 31,758 | |||||||
Palm Beach | ||||||||
Real estate assets | ||||||||
Area of Land | ft² | 84,000 | |||||||
Orlando | ||||||||
Real estate assets | ||||||||
Area of Land | ft² | 121,000 | |||||||
Land improvements | Minimum | ||||||||
Real Estate Assets and Discontinued Operations | ||||||||
Estimated Useful Lives | 10 years | |||||||
Land improvements | Maximum | ||||||||
Real Estate Assets and Discontinued Operations | ||||||||
Estimated Useful Lives | 30 years | |||||||
Buildings and improvements | Minimum | ||||||||
Real Estate Assets and Discontinued Operations | ||||||||
Estimated Useful Lives | 10 years | |||||||
Buildings and improvements | Maximum | ||||||||
Real Estate Assets and Discontinued Operations | ||||||||
Estimated Useful Lives | 40 years |
Real Estate Assets and Discon_4
Real Estate Assets and Discontinued Operations - Assets held for sale (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Real Estate Assets and Discontinued Operations | ||
Other assets | $ 37,704 | $ 34,102 |
Tenant improvements | 32,956 | 31,576 |
Accounts payable and accrued liabilities | 11,289 | 9,671 |
Deferred revenue | 5,305 | 7,365 |
Other liabilities | 12,386 | 15,254 |
Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | 22,254 | 21,090 |
Accumulated depreciation | (14,778) | (14,571) |
Real estate assets held for sale, net | 7,476 | 6,519 |
Other assets | 1,404 | 1,471 |
Total assets of discontinued operations | 8,880 | 7,990 |
Accounts payable and accrued liabilities | 136 | 67 |
Deferred revenue | 511 | 620 |
Other liabilities | 139 | 145 |
Total liabilities of discontinued operations | 786 | 832 |
Land. | Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | 31 | 31 |
Land improvements | Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | 1,843 | 1,840 |
Buildings and improvements | Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | 15,403 | 15,396 |
Other building and tenant improvements | Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | 3,485 | 3,485 |
Development costs | Real estate assets held for sale | ||
Real Estate Assets and Discontinued Operations | ||
Real Estate Held-for-sale, Gross | $ 1,492 | $ 338 |
Real Estate Assets and Discon_5
Real Estate Assets and Discontinued Operations - 2022 Acquisitions (Details) $ in Thousands | 1 Months Ended | ||||
Jan. 19, 2022 USD ($) ft² | Mar. 31, 2022 ft² | Jun. 30, 2022 USD ($) | Jun. 08, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Real Estate Properties [Line Items] | |||||
Land | $ 64,559 | $ 55,104 | |||
Land improvements | 67,149 | 65,520 | |||
Buildings and improvements | 342,610 | 295,964 | |||
Tenant improvements | 32,956 | 31,576 | |||
Real estate assets, net | 463,525 | $ 387,647 | |||
Industrial/Logistics Building | |||||
Real Estate Properties [Line Items] | |||||
Area of building | ft² | 18,000 | ||||
2022 Acquisitions | |||||
Real Estate Properties [Line Items] | |||||
Land | 8,334 | ||||
Land improvements | 911 | ||||
Buildings and improvements | 45,478 | ||||
Tenant improvements | 191 | ||||
Intangible assets | 1,492 | ||||
Intangible liabilities | (622) | ||||
Real estate assets, net | $ 55,784 | ||||
782 Paragon Way | |||||
Real Estate Properties [Line Items] | |||||
Land | $ 1,469 | ||||
Land improvements | 329 | ||||
Buildings and improvements | 22,228 | ||||
Real estate assets, net | 24,026 | ||||
Cash paid for real estate | $ 24,026 | ||||
Area of land | ft² | 217,000 | ||||
3312 Shader Road | |||||
Real Estate Properties [Line Items] | |||||
Land | $ 2,832 | ||||
Land improvements | 213 | ||||
Buildings and improvements | 11,195 | ||||
Tenant improvements | 107 | ||||
Intangible assets | 685 | ||||
Intangible liabilities | (158) | ||||
Real estate assets, net | 14,874 | ||||
6600 High Ridge Road | |||||
Real Estate Properties [Line Items] | |||||
Land | 1,679 | ||||
Land improvements | 194 | ||||
Buildings and improvements | 6,340 | ||||
Tenant improvements | 44 | ||||
Intangible assets | 422 | ||||
Real estate assets, net | 8,679 | ||||
7700 High Ridge Road | |||||
Real Estate Properties [Line Items] | |||||
Land | 2,354 | ||||
Land improvements | 175 | ||||
Buildings and improvements | 5,715 | ||||
Tenant improvements | 40 | ||||
Intangible assets | 385 | ||||
Intangible liabilities | (464) | ||||
Real estate assets, net | $ 8,205 |
Mortgages Loans, Construction_3
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps (Details) $ in Thousands | 2 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 21, 2022 USD ($) item | Jun. 30, 2022 USD ($) item | Jun. 30, 2022 USD ($) item | Mar. 31, 2021 USD ($) | Jun. 30, 2022 USD ($) building loan item | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
Long-Term Debt | |||||||
Mortgage loans, net of debt issuance costs | $ 106,790 | $ 106,790 | $ 106,790 | $ 169,818 | |||
Debt disclosures | |||||||
Losses on early extinguishment of debt | (464) | $ (464) | |||||
Number of mortgage loans repaid | loan | 4 | ||||||
Number of buildings mortgaged | building | 10 | ||||||
Income tax benefit | $ 585 | $ 585 | |||||
Interest rate swap agreement | |||||||
Debt disclosures | |||||||
Number of agreements containing credit risk related contingent features | item | 0 | 0 | 0 | ||||
Recognized net gains (losses) (included in other comprehensive loss), before taxes, on interest rate swap agreements | $ 2,963 | $ 3,362 | |||||
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense | $ (432) | $ (432) | (432) | ||||
Interest income | $ 449 | ||||||
Interest expense | $ 994 | ||||||
LIBOR | Maximum | |||||||
Debt disclosures | |||||||
Variable interest rate margin (as a percent) | 1.40% | 1.40% | |||||
Nonrecourse mortgage loans | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | 81,839 | 81,839 | $ 81,839 | $ 145,668 | |||
Debt issuance costs, net | (1,155) | (1,155) | (1,155) | (1,745) | |||
Mortgage loans, net of debt issuance costs | $ 80,684 | $ 80,684 | $ 80,684 | $ 143,923 | |||
Weighted average interest rate | 3.79% | 3.79% | 3.79% | 3.76% | |||
Debt disclosures | |||||||
Repayment of debt | $ 61,787 | ||||||
Losses on early extinguishment of debt | $ 464 | ||||||
Deferred financing costs | 1,155 | $ 1,155 | 1,155 | $ 1,745 | |||
Nonrecourse mortgage loans | Interest rate swap agreement | Cash flow hedges | |||||||
Debt disclosures | |||||||
Gain on hedge | 1,227 | ||||||
Income tax benefit | 585 | ||||||
Construction loan | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | 26,342 | 26,342 | 26,342 | 26,273 | |||
Debt issuance costs, net | (236) | (236) | (236) | (378) | |||
Mortgage loans, net of debt issuance costs | 26,106 | 26,106 | 26,106 | 25,895 | |||
Debt disclosures | |||||||
Deferred financing costs | 236 | 236 | 236 | 378 | |||
Delayed Draw Term Loan Facility | |||||||
Long-Term Debt | |||||||
Debt issuance costs, net | (1,436) | (1,436) | (1,436) | ||||
Debt disclosures | |||||||
Maximum borrowing capacity | $ 150,000 | ||||||
Term of debt | 5 years | ||||||
Proceeds from debt | 60,000 | ||||||
Deferred financing costs | 1,436 | 1,436 | 1,436 | ||||
Interest rate | 4.15% | ||||||
Number of separate draws | item | 3 | ||||||
Number of facilities with minimum draw amount | item | 2 | ||||||
Minimum draw amount | $ 25,000 | ||||||
Delayed Draw Term Loan Facility | SOFR | |||||||
Debt disclosures | |||||||
Variable interest rate margin (as a percent) | 1.15% | ||||||
Existing Credit Facility | |||||||
Debt disclosures | |||||||
Maximum borrowing capacity | $ 100,000 | ||||||
New Credit Facility | |||||||
Debt disclosures | |||||||
Maximum borrowing capacity | $ 250,000 | ||||||
New Credit Facility | LIBOR | |||||||
Debt disclosures | |||||||
Variable interest rate margin (as a percent) | 1.20% | ||||||
3.97%, due September 1, 2027 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 11,048 | $ 11,048 | $ 11,048 | $ 11,174 | |||
Interest rate (as a percent) | 3.97% | 3.97% | 3.97% | 3.97% | |||
4.57%, due February 1, 2028 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 16,908 | $ 16,908 | $ 16,908 | $ 17,145 | |||
Interest rate (as a percent) | 4.57% | 4.57% | 4.57% | 4.57% | |||
3.60%, due January 2, 2030 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 6,095 | $ 6,095 | $ 6,095 | $ 6,182 | |||
Interest rate (as a percent) | 3.60% | 3.60% | 3.60% | 3.60% | |||
3.48% due February 1 2030 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 14,084 | $ 14,084 | $ 14,084 | $ 14,287 | |||
Interest rate (as a percent) | 3.48% | 3.48% | 3.48% | 3.48% | |||
3.50%, due July 1, 2030 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 4,847 | $ 4,847 | $ 4,847 | $ 4,914 | |||
Interest rate (as a percent) | 3.50% | 3.50% | 3.50% | ||||
4.33%, due August 1, 2030 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 15,672 | $ 15,672 | $ 15,672 | $ 15,867 | |||
Interest rate (as a percent) | 4.33% | 4.33% | 4.33% | 4.33% | |||
4.51%, due April 1, 2034 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 13,185 | $ 13,185 | $ 13,185 | $ 13,356 | |||
Interest rate (as a percent) | 4.51% | 4.51% | 4.51% | 4.51% | |||
4.39%, due January 2, 2025 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 17,824 | ||||||
Interest rate (as a percent) | 4.39% | 4.39% | 4.39% | 4.39% | |||
4.17%, due May 1, 2026 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 12,291 | ||||||
Interest rate (as a percent) | 4.17% | 4.17% | 4.17% | 4.17% | |||
3.79%, November 17, 2026 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 23,152 | ||||||
Interest rate (as a percent) | 3.79% | 3.79% | 3.79% | 3.79% | |||
4.39%, due August 1, 2027 | |||||||
Long-Term Debt | |||||||
Loans, prior to debt issuance costs | $ 9,476 | ||||||
Interest rate (as a percent) | 4.39% | 4.39% | 4.39% | 4.39% |
Mortgages Loans, Construction_4
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps - Schedule of Notional and Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Long-Term Debt | ||
Fair value interest rate derivative liabilities | $ (1,057) | $ (3,995) |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | ||
Long-Term Debt | ||
Current Notional Value | 87,850 | 90,984 |
Interest rate swap agreements | 140 | (3,807) |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on April 21, 2027 | ||
Long-Term Debt | ||
Current Notional Value | 60,000 | |
Fair value interest rate derivative liabilities | (1,057) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on March 1, 2027 | ||
Long-Term Debt | ||
Current Notional Value | 10,457 | 10,621 |
Fair value Interest Rate Derivative Assets | 163 | |
Fair value interest rate derivative liabilities | (641) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on February 1, 2028 | ||
Long-Term Debt | ||
Current Notional Value | 6,451 | 6,524 |
Fair value Interest Rate Derivative Assets | 28 | |
Fair value interest rate derivative liabilities | (641) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on January 1, 2030 | ||
Long-Term Debt | ||
Current Notional Value | 6,095 | 6,182 |
Fair value Interest Rate Derivative Assets | 374 | |
Fair value interest rate derivative liabilities | (219) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on July 1, 2030 | ||
Long-Term Debt | ||
Current Notional Value | 4,847 | 4,914 |
Fair value Interest Rate Derivative Assets | $ 632 | 188 |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due On September 1, 2023 | ||
Long-Term Debt | ||
Current Notional Value | 7,204 | |
Fair value interest rate derivative liabilities | (249) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due On January 1, 2025 | ||
Long-Term Debt | ||
Current Notional Value | 9,068 | |
Fair value interest rate derivative liabilities | (390) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on January 1, 2025. | ||
Long-Term Debt | ||
Current Notional Value | 1,552 | |
Fair value interest rate derivative liabilities | (40) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on September 1, 2025 | ||
Long-Term Debt | ||
Current Notional Value | 9,608 | |
Fair value interest rate derivative liabilities | (334) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on September 1, 2025. | ||
Long-Term Debt | ||
Current Notional Value | 2,185 | |
Fair value interest rate derivative liabilities | (68) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on November 17, 2026 | ||
Long-Term Debt | ||
Current Notional Value | 11,359 | |
Fair value interest rate derivative liabilities | (518) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on May 1, 2026 | ||
Long-Term Debt | ||
Current Notional Value | 12,291 | |
Fair value interest rate derivative liabilities | (369) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on August 1, 2027 | ||
Long-Term Debt | ||
Current Notional Value | 9,476 | |
Fair value interest rate derivative liabilities | $ (526) | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on March 1, 2027 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.501% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on February 1, 2028 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.782% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on January 1, 2030 | ||
Long-Term Debt | ||
Interest Strike Rate | 1.849% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on July 1, 2030 | ||
Long-Term Debt | ||
Interest Strike Rate | 0.942% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due On September 1, 2023 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.84% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due On January 1, 2025 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.26% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on January 1, 2025. | ||
Long-Term Debt | ||
Interest Strike Rate | 1.932% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on September 1, 2025 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.118% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on September 1, 2025. | ||
Long-Term Debt | ||
Interest Strike Rate | 2.015% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on November 17, 2026 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.085% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on May 1, 2026 | ||
Long-Term Debt | ||
Interest Strike Rate | 1.91% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on August 1, 2027 | ||
Long-Term Debt | ||
Interest Strike Rate | 4.39% | |
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | SOFR | Mortgage due on April 21, 2027 | ||
Long-Term Debt | ||
Interest Strike Rate | 2.933% |
Revolving and Delayed Draw Te_2
Revolving and Delayed Draw Term Loan Facility Credit Agreement (Details) $ in Thousands | 6 Months Ended | ||
Apr. 21, 2022 USD ($) property item | Jun. 30, 2022 USD ($) loan | Aug. 05, 2021 USD ($) | |
Revolving credit agreement | |||
Increased line of credit | $ 250,000 | ||
Number of Non Recourse Mortgage Loans Repaid | loan | 4 | ||
LIBOR | Term Borrowings | |||
Revolving credit agreement | |||
Interest rate (as a percent) | 1.20% | ||
SOFR | Revolving Credit Facility | |||
Revolving credit agreement | |||
Interest rate (as a percent) | 1.20% | ||
SOFR | Term Borrowings | |||
Revolving credit agreement | |||
Interest rate (as a percent) | 1.15% | ||
New Credit Facility | |||
Revolving credit agreement | |||
Maximum borrowing capacity | $ 250,000 | ||
Number of extension term | item | 2 | ||
Renewal term | 1 year | ||
Increased line of credit | $ 500,000 | ||
Tangible net worth | $ 319,149 | ||
Percentage of aggregate increases in the shareholder's equity | 75% | ||
Threshold percentage of maximum leverage ratio of total indebtedness total assets | 60% | ||
Line of credit borrowings | $ 111,181 | ||
Standby letters of credit aggregate amount | 5,873 | ||
New Credit Facility | Revolving Credit Facility | |||
Revolving credit agreement | |||
Maximum borrowing capacity | $ 100,000 | ||
New Credit Facility | Through March 31, 2022 | |||
Revolving credit agreement | |||
Fixed charge coverage ratio | 1.25 | ||
New Credit Facility | Through June 30, 2022 | |||
Revolving credit agreement | |||
Fixed charge coverage ratio | 1.50 | ||
New Credit Facility | Through December 31, 2022 | |||
Revolving credit agreement | |||
Percentage of maximum secured leverage ratio of total secured indebtedness total assets | 50% | ||
Minimum borrowing base | $ 75,000 | ||
New Credit Facility | Through March 31, 2023 | |||
Revolving credit agreement | |||
Percentage of maximum secured leverage ratio of total secured indebtedness total assets | 40% | ||
New Credit Facility | From December 31, 2022 to December 31, 2023 | |||
Revolving credit agreement | |||
Minimum borrowing base | $ 125,000 | ||
New Credit Facility | From June 30, 2021 to December 31, 2023 | |||
Revolving credit agreement | |||
Threshold number of industrial unencumbered properties | property | 5 | ||
New Credit Facility | Through December 31, 2023 | |||
Revolving credit agreement | |||
Minimum borrowing base | $ 250,000 | ||
Threshold number of industrial unencumbered properties | property | 8 | ||
New Credit Facility | LIBOR | |||
Revolving credit agreement | |||
Variable interest rate margin (as a percent) | 1.20% | ||
Delayed Draw Term Loan Facility | |||
Revolving credit agreement | |||
Maximum borrowing capacity | $ 150,000 | ||
Term of debt | 5 years | ||
Number of separate draws | item | 3 | ||
Number of facilities with minimum draw amount | item | 2 | ||
Minimum draw amount | $ 25,000 | ||
Line of credit borrowings | $ 60,000 | ||
Delayed Draw Term Loan Facility | SOFR | |||
Revolving credit agreement | |||
Variable interest rate margin (as a percent) | 1.15% | ||
Existing Credit Facility | |||
Revolving credit agreement | |||
Maximum borrowing capacity | $ 100,000 | ||
Existing Credit Facility | Through December 31, 2022 | |||
Revolving credit agreement | |||
Minimum borrowing base | $ 30,000 | ||
Existing Credit Facility | From December 31, 2022 to December 31, 2023 | |||
Revolving credit agreement | |||
Minimum borrowing base | 50,000 | ||
Existing Credit Facility | Through December 31, 2023 | |||
Revolving credit agreement | |||
Minimum borrowing base | $ 100,000 |
Stockholders' Equity - Per Shar
Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Earnings per share: | ||||
Net income (loss) | $ 2,822 | $ (1,151) | $ 3,091 | $ (1,919) |
Weighted average shares outstanding - basic | 10,186,000 | 7,718,000 | 10,184,000 | 6,981,000 |
Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units | 156,000 | 200,000 | ||
Adjusted weighted average shares for computation of diluted per share results | 10,342,000 | 7,718,000 | 10,384,000 | 6,981,000 |
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect | 137,000 | 136,000 |
Stockholders' Equity - Stock Op
Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 USD ($) individual $ / shares shares | Jun. 30, 2021 $ / shares shares | |
Other Disclosures | ||
Number of option holders | individual | 14 | |
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods | ||
Balance of 2022 | $ | $ 179 | |
2023 | $ | 231 | |
2024 | $ | 111 | |
2025 | $ | $ 15 | |
INDUS stock option plan | ||
Outstanding at beginning of period (in shares) | 220,937,000 | 246,150,000 |
Adjustment for stock dividend (in shares) | 5,413,000 | |
Exercised (in shares) | (5,500,000) | (6,370,000) |
Forfeited (in shares) | (1,724,000) | (1,067,000) |
Outstanding at end of period (in shares) | 213,713,000 | 244,126,000 |
Weighted Avg. Exercise Price | ||
Outstanding at beginning of period (in dollars per share) | $ / shares | $ 36.47 | $ 36.06 |
Adjustment for stock dividend (in dollars per share) | $ / shares | 34.29 | |
Exercised (in dollars per share) | $ / shares | 26.31 | 26.46 |
Forfeited (in dollars per share) | $ / shares | 23.19 | 37.49 |
Outstanding at end of period (in dollars per share) | $ / shares | $ 36.83 | $ 35.50 |
2020 Incentive Award Plan | ||
2009 Stock Option Plan | ||
Granted (in shares) | 0 | 0 |
INDUS stock option plan | ||
Granted (in shares) | 0 | 0 |
Stockholders' Equity - Range Of
Stockholders' Equity - Range Of Exercise Prices (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Vested options | |
2009 Stock Option Plan | |
Outstanding at ending of the year (in shares) | shares | 111,503 |
Weighted Avg. Exercise Price (in dollars per share) | $ 28.92 |
Weighted Avg. Remaining Contractual Life | 4 years 3 months 18 days |
Total Intrinsic Value | $ | $ 3,394 |
2009 Stock Option Plan | |
2009 Stock Option Plan | |
Outstanding at ending of the year (in shares) | shares | 213,713 |
Weighted Avg. Exercise Price (in dollars per share) | $ 36.83 |
Weighted Avg. Remaining Contractual Life | 5 years 10 months 24 days |
Total Intrinsic Value | $ | $ 4,814 |
$23.00 - $28.00 | 2009 Stock Option Plan | |
2009 Stock Option Plan | |
Exercise prices, low end of range (in dollars per share) | $ 23 |
Exercise prices, high end of range (in dollars per share) | $ 28 |
Outstanding at ending of the year (in shares) | shares | 74,763 |
Weighted Avg. Exercise Price (in dollars per share) | $ 26.29 |
Weighted Avg. Remaining Contractual Life | 3 years 9 months 18 days |
Total Intrinsic Value | $ | $ 2,472 |
$28.00 - $32.00 | 2009 Stock Option Plan | |
2009 Stock Option Plan | |
Exercise prices, low end of range (in dollars per share) | $ 28 |
Exercise prices, high end of range (in dollars per share) | $ 32 |
Outstanding at ending of the year (in shares) | shares | 14,073 |
Weighted Avg. Exercise Price (in dollars per share) | $ 29.84 |
Weighted Avg. Remaining Contractual Life | 3 years |
Total Intrinsic Value | $ | $ 416 |
$32.00 - $47.00 | 2009 Stock Option Plan | |
2009 Stock Option Plan | |
Exercise prices, low end of range (in dollars per share) | $ 32 |
Exercise prices, high end of range (in dollars per share) | $ 47 |
Outstanding at ending of the year (in shares) | shares | 124,877 |
Weighted Avg. Exercise Price (in dollars per share) | $ 43.93 |
Weighted Avg. Remaining Contractual Life | 7 years 6 months |
Total Intrinsic Value | $ | $ 1,926 |
Stockholders' Equity - Restrict
Stockholders' Equity - Restricted Stock (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Time Based Restricted Stock Units | ||
Number of Units | ||
Outstanding at beginning of period (in shares) | 12,829 | |
Granted (in shares) | 13,514 | 13,191 |
Adjustment for dividend (in shares) | 64 | 47 |
Vested and distributed (in shares) | (3,391) | |
Forfeited (in share) | (813) | (409) |
Outstanding at end of period (in shares) | 22,203 | 12,829 |
Grant Date Fair Value | ||
Outstanding at beginning of period (in per share) | $ 64.43 | |
Granted (in per share) | 68.68 | $ 64.62 |
Vested and distributed (in per share) | 63.97 | |
Forfeited (in per share) | 63.15 | 63.15 |
Outstanding at end of period (in per share) | $ 66.95 | $ 64.43 |
Time Based Restricted Stock Units | Employee | ||
Grant Date Fair Value | ||
Vesting period | 3 years | |
Time Based Restricted Stock Units | Non-employee directors. | ||
Grant Date Fair Value | ||
Vesting period | 1 year | |
Performance Shares | ||
Number of Units | ||
Outstanding at beginning of period (in shares) | 8,136 | |
Granted (in shares) | 7,999 | 8,508 |
Adjustment for dividend (in shares) | 49 | 37 |
Forfeited (in share) | (1,219) | (409) |
Outstanding at end of period (in shares) | 14,965 | 8,136 |
Grant Date Fair Value | ||
Outstanding at beginning of period (in per share) | $ 78.97 | |
Granted (in per share) | 100.19 | $ 79.33 |
Forfeited (in per share) | 79.33 | 79.33 |
Outstanding at end of period (in per share) | $ 90.03 | $ 78.97 |
Performance Shares | Employee | ||
Grant Date Fair Value | ||
Vesting period | 3 years |
Stockholders' Equity - Compensa
Stockholders' Equity - Compensation Expense & Tax Benefit (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Compensation expense for stock options | ||||
Compensation expense | $ 408 | $ 291 | $ 681 | $ 505 |
Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Balance of 2022 | 615 | 615 | ||
2023 | 830 | 830 | ||
2024 | 359 | 359 | ||
2025 | $ 585 | $ 585 |
Stockholders' Equity - Stock Re
Stockholders' Equity - Stock Repurchases, Special Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||||
Jul. 15, 2022 | Apr. 15, 2022 | Jan. 13, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | Mar. 08, 2021 | |
Cash Dividends | |||||||||
Cash dividends declared (in dollars per share) | $ 0.15 | ||||||||
Dividends Payable | $ 1,631 | $ 1,631 | $ 1,629 | ||||||
Common stock dividends | $ 1,631 | $ 1,158 | $ 3,261 | $ 1,158 | |||||
Common dividend per share (in dollars per share) | $ 0.16 | $ 0.16 | $ 0.16 | $ 0.15 | $ 0.32 | $ 0.15 | |||
E & P Distribution | |||||||||
Cash Dividends | |||||||||
Dividends Payable | $ 11,250 | ||||||||
Dividend payable per share | $ 1.99 | ||||||||
Dividend paid | $ 3,404 | ||||||||
Special dividend (in shares) | 125,212 |
Leases - Lessor (Details)
Leases - Lessor (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Future minimum rental payments to be received under noncancelable leases | |
Balance of 2022 | $ 17,773 |
2023 | 34,089 |
2024 | 33,722 |
2025 | 30,171 |
2026 | 23,708 |
Thereafter | 67,996 |
Total | $ 207,459 |
Leases - Lessee (Details)
Leases - Lessee (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Lease terms | ||
Lease expense | $ 69 | $ 69 |
Weighted-average remaining lease term | 4 years 3 months 18 days |
Leases - Lease Liabilities (Det
Leases - Lease Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Maturities of leases liabilities | ||
Balance of 2022 | $ 71 | |
2023 | 144 | |
2024 | 143 | |
2025 | 143 | |
2026 | 117 | |
Total undiscounted payments | 618 | |
Less: imputed interest | (45) | |
Present value of minimum lease payments | $ 573 | $ 626 |
Supplemental Financial Statem_3
Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Other Assets | ||
Deposits on building and land acquisitions | $ 11,288 | $ 9,800 |
Deferred leasing costs, net | 6,943 | 6,310 |
Straight- line rents | 6,815 | 5,909 |
Intangible assets, net | 6,439 | 5,495 |
Account receivable (primary leases) | 1,298 | 399 |
Interest rate swap assets | 1,197 | 188 |
Prepaid expenses | 973 | 3,236 |
Deferred financing costs related to revolving lines of credit | 755 | 917 |
Right-of-use assets | $ 544 | $ 593 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Total other assets | Total other assets |
Furniture, fixtures and equipment, net | $ 431 | $ 369 |
Registration statement costs | 341 | 341 |
Prepaid development costs | 271 | 143 |
Other | 409 | 402 |
Total other assets | $ 37,704 | $ 34,102 |
Supplemental Financial Statem_4
Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities | ||
Accrued construction costs and retainage | $ 6,888 | $ 5,800 |
Accrued lease commissions | 937 | 468 |
Accrued real estate taxes | 916 | 46 |
Accrued salaries, wages and other compensation | 815 | 1,796 |
Accrued interest payable | 543 | 556 |
Trade payables | 470 | 481 |
Other | 720 | 524 |
Total accounts payable and accrued liabilities | 11,289 | 9,671 |
Other Liabilities | ||
Deferred compensation plan | 4,322 | 5,097 |
Intangible liability, net | 3,413 | 3,000 |
Prepaid rent from tenants | 1,784 | 1,483 |
Security deposits of tenants | 1,084 | 900 |
Interest rate swap liabilities | 1,057 | 3,995 |
Lease liabilities | 573 | 626 |
Other | 153 | 153 |
Total other liabilities | $ 12,386 | $ 15,254 |
Supplemental Financial Statem_5
Supplemental Financial Statement Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Information | ||||
Increase in accounts payable and accrued liabilities related to additions to real estate assets | $ 1,088 | $ 8,767 | ||
Interest paid | ||||
Interest payments | $ 409 | $ 1,699 | 2,017 | 3,390 |
Interest capitalized included in interest payments | $ 468 | $ 223 | 824 | 345 |
Cash Flows From Discontinued Operations | ||||
Net cash provided by operating activities of discontinued operations | 183 | 304 | ||
Net cash used in investing activities of discontinued operations | $ (914) | $ (26) |
Commitments and Contingencies (
Commitments and Contingencies (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Under Construction Industrial Logistic Portfolio, Nashville, Tennessee | Forward Purchase Agreement | |
Other Commitments [Line Items] | |
Other commitments | $ 29,523 |