INDUS Provides Update on 2024 Portfolio Activity

NEW YORK--(BUSINESS WIRE)--INDUS Realty Trust, Inc. (“INDUS” or the “Company”), a U.S.-based logistics real estate business, provided an update on the Company’s 2024 acquisition, development and leasing activity. INDUS owns or has majority ownership in 71 properties and projects under development aggregating 13.6 million square feet. This reflects an 87.3% increase in INDUS’ portfolio since the start of 2024.

2024 Highlights

• Acquired a majority interest in a 4,304,000 square foot, 21 building portfolio in the Charlotte, NC and Charleston, SC markets.
• Acquired properties totaling 941,000 square feet in Jacksonville, FL and Phoenix, AZ.
• Commenced construction on 5 buildings totaling 1,099,000 square feet spread across the Atlanta, GA, Savannah, GA, and Lehigh Valley, PA markets.
• Completed debt financings and credit facilities totaling $622.4 million.
• Signed 16 new, renewal and expansion leases totaling 835,000 square feet.
• Achieved blended cash leasing spreads of 62.0% on 2024 leases.
• INDUS’ same store portfolio¹ was 98.7% leased as of year-end (93.4% leased including all in service buildings).
• As of December 2024, 79.1% of INDUS’ portfolio has LED lighting.

“Our strong leasing activity in 2024 highlights the quality of our portfolio and our ability to meet the evolving needs of our tenants,” commented Michael Gamzon, President and CEO of INDUS. “These transactions not only demonstrate the resilience of the industrial real estate sector but also emphasize our commitment to providing strategically located and well-designed spaces that attract new tenants and support the growth of those currently in our portfolio,” said Mr. Gamzon.

In 2024, INDUS closed on the acquisition of 23 buildings totaling 5,245,000 square feet, has 5 buildings totaling 1,099,000 under construction and has a future development pipeline of 8 buildings totaling an additional 1,363,000 square feet. “Since we were taken private in June 2023, we have grown our portfolio over 87%, expanded our pipeline of future developments and entered the Atlanta, Jacksonville, Phoenix and Savannah markets. With the support of our investors, Centerbridge, GIC and ADIA, we are well-positioned to grow our platform through further investment in acquisitions of individual properties, portfolios, industrial land and development opportunities in select high growth markets across the United States,” added Mr. Gamzon.

About INDUS Realty Trust, Inc.

INDUS is a real estate business principally engaged in developing, acquiring, managing, and leasing industrial properties. As of December 2024, INDUS owns or has majority ownership in properties and projects under development aggregating 13.6 million square feet. INDUS’ properties are located in North Carolina, South Carolina, Connecticut, Pennsylvania, Florida, Georgia, Arizona and Tennessee. INDUS is owned by affiliates of Centerbridge Partners, L.P., a global private investment firm with deep experience in real estate, and GIC, a global institutional investor. Additionally, a wholly owned subsidiary of the Abu Dhabi Investment Authority (“ADIA”) is a strategic investor alongside Centerbridge in the ownership of INDUS. For more information, please visit our website at www.indusrt.com.

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¹ Same store portfolio excludes developments completed since the start of 2023 and acquisitions completed in 2024.