INDUS Announces Quarterly Cash Dividend

INDUS Realty Trust, Inc. (Nasdaq: INDT) (“INDUS” or the “Company”) a U.S.-based industrial/logistics REIT, announced that its Board of Directors has declared a quarterly cash dividend on its common stock of $0.18 per share for the second quarter of 2023. The dividend will be payable on June 28, 2023 (the “Payment Date”) to stockholders of record on June 22, 2023 (the “Record Date”).

Pending Merger Transaction
As previously announced, on February 22, 2023, INDUS entered into an Agreement and Plan of Merger by and among the Company, IR Parent, LLC and IR Merger Sub II, Inc. (the “Merger Agreement”), whereby affiliates of Centerbridge Partners, L.P., a private investment firm with deep experience in real estate, and GIC, a global institutional investor, will acquire all outstanding shares of INDUS’ common stock through a merger transaction (the “Merger”), subject to the terms and conditions set forth in the Merger Agreement. The Merger was approved at a special meeting of INDUS stockholders held on May 17, 2023. Subject to the terms and conditions set forth in the Merger Agreement, concurrently with the closing of the Merger, each share of INDUS’ common stock will be cancelled and converted into the right to receive an amount in cash equal to $67.00, without interest, subject to certain adjustments as set forth in the Merger Agreement (the “Merger Consideration”). Pursuant to the terms of the Merger Agreement, assuming the Merger closes after the Record Date, the second quarter dividend will be paid on the Payment Date to the Company’s stockholders of record as of the Record Date and the Merger Consideration will not be adjusted for the second quarter dividend payment. However, if the Merger closes on or before the Record Date, then instead the Merger Consideration payable to the Company’s public stockholders would be increased by $0.18 per share and the second quarter dividend would not separately be paid to the Company’s public stockholders. If the Merger does not close until after the end of the second quarter, the Merger Consideration may be adjusted for a subsequent period dividend on a prorated basis in accordance with the terms of the Merger Agreement.