INDUS Realty Trust, Inc.

NasdaqGM:INDT Rapport sur les actions

Capitalisation boursière : US$683.2m

This company has been acquired

The company may no longer be operating, as it has been acquired. Find out why through their latest events.

INDUS Realty Trust Croissance future

Future contrôle des critères 3/6

Nous ne disposons actuellement pas d'une couverture d'analyste suffisante pour prévoir la croissance et les revenus de INDUS Realty Trust.

Informations clés

93.5%

Taux de croissance des bénéfices

n/a

Taux de croissance du BPA

Industrial REITs croissance des bénéfices1.2%
Taux de croissance des recettesn/a
Rendement futur des capitaux propres2.12%
Couverture par les analystes

Low

Dernière mise à jour10 May 2023

Mises à jour récentes de la croissance future

Article d’analyse • Mar 10

INDUS Realty Trust, Inc. Surprised Analysts With A Profit, And Analysts Boosted Their EPS Forecasts

Last week, you might have seen that INDUS Realty Trust, Inc. ( NASDAQ:INDT ) released its annual result to the market...

Recent updates

Seeking Alpha • Oct 11

INDUS Realty Trust executes leases totaling ~418K sq. ft. in Q3

Industrial/logistics REIT INDUS Realty Trust (NASDAQ:INDT) said it executed five leases totaling ~418K sq. ft. across the company's portfolio in Q3. The five leases are a 217K sq. ft. full building lease in Charlotte, North Carolina; a 143K sq. ft. of renewals across two leases in Hartford, Connecticut; a 34.5K sq. ft. first generation lease in the Lehigh Valley, Pennsylvania; and a 24K sq. ft. first generation in Orlando, Florida. Two development projects were completed in Hartford, Connecticut, and Orlando, Florida, totaling ~430K sq. ft. Additionally, the real estate investment trust acquired an ~7.6 acre parcel of land in Allentown, Pennsylvania, for $6.5M. The company said a 100% of its stabilized portfolio and a 97.6% of its in-service portfolio was leased as of Sep. 30. INDT repaid a $26.3M construction loan with cash on hand. An ~63K sq. ft. lease was signed at the two-building forward acquisition in Nashville, Tennessee. This lease brings the to-be-acquired Nashville portfolio to 77.2% pre-leased. The company's 42 buildings aggregated ~6.1M sq. ft. as of Sep. 30. Source: Press Release
Seeking Alpha • Sep 09

INDUS Realty Trust: Solid Portfolio And Balance Sheet But Way Overvalued

Summary INDT is an East Coast industrial REIT with an in-house development arm. The portfolio is growing rapidly this year, and both internal and external growth are surging. Management might be overpaid. The stock is very richly valued even after a 25% drop year-to-date. Thesis: Solid Company That's Overpriced INDUS Realty Trust (INDT) is a small-cap (~$610 million market cap) real estate investment trust that owns, operates, and develops a portfolio of industrial and logistics properties. Recently, the REIT's portfolio has experienced a high degree of turnover. Over 10% of INDT's portfolio was added just since the beginning of 2022. There are still a few flex/office properties and parcels of land yet to be disposed, which will result in further turnover. After adding 520,000 square feet of space to the portfolio in the first half of 2022, management says they plan to add another 875,000 square feet in the second half of the year. Though the company itself is firing on all cylinders, the issue with INDT relates to valuation. The stock price roughly doubled in the 2.5 years from mid-2019 to the end of 2021 and has since pulled back by some 25%. INDT data by YCharts Even so, INDT still strikes me as overvalued. My conservative estimate of AFFO per share for 2022 is $1.55, which would put INDT's price to AFFO at about 39.3x as of this writing. Meanwhile, the analysts give a consensus estimate of $1.76 per share in FFO, which puts INDT at a price to FFO of 34.1x. That is far higher than industrial REIT leader Prologis (PLD) with its 25x FFO multiple, despite only slightly lower growth rates from the larger peer. In fact, it is on par with Rexford Industrial Realty (REXR) with its 34.3x FFO multiple, despite REXR enjoying far higher growth rates than INDT (due largely to its trophy locations in Southern California). INDT is trading at an AFFO yield of 2.6% and an FFO yield of 2.9%, which is a significant premium to its average property cap rate of around 4%. Though INDT is a solid company with attractive properties that are underleveraged, the stock is still too expensive. But let's get into the details of the REIT, and perhaps your opinion will differ from mine. Overview of INDUS Realty Though I normally start with a look at a REIT's property portfolio before turning to performance, this time I want to highlight INDT's recent per-share performance - namely, INDT's AFFO per share growth of 12.5% year-over-year in the first half of 2022 and 14.7% in Q2 2022. That is strong growth in profits! It underscores what a strong property type industrial assets have been in recent years. INDT's portfolio consists of 39 buildings averaging 145,000 square feet each. For context, that's a little smaller than the average Walmart supercenter footprint of about 180,000 square feet. INDT Q2 Presentation The portfolio is almost 100% leased, reflecting not just particular strength in INDT's portfolio, but also the low single-digit vacancy rate of industrial properties in most of INDT's markets. The portfolio spans the East Coast, with most properties concentrated in Connecticut and Eastern Pennsylvania. But INDT also has a growing presence in Central Florida and the Carolinas. Like other industrial REITs, INDT's portfolio has plenty of exposure to e-commerce, with Amazon (AMZN) as its largest tenant by revenue and third-party logistics as its largest tenant industry by leased square footage. INDT Q2 Presentation About one-third of tenants by revenue are investment grade rated. But in industrial, building specifications and location matter more than the credit of the tenant, because demand is incredibly high for these mission-critical assets. This demand can be measured by same-property net operating income growth. For INDT, SPNOI rose about 11% in Q2 and ~8.5% for the first half of 2022. INDT Q2 Presentation Though INDT has rent escalations built into its leases that ensure organic rent growth, the primary source of same-property NOI growth has been rent growth on new and renewed leases, which averaged around 30% in Q2. As long as this strong lease-over-lease rent growth continues, INDT's relatively short weighted average remaining lease term of 4.8 years will continue to be a major strength, as leases rolling over should continue to produce big jumps in rental revenue and NOI. Another feature of INDT is that acquisitions are not the only method of inorganic growth available to it. The REIT also develops properties in-house from its fairly sizable land bank. INDT Q2 Presentation While most of these developments are on spec (constructed without a tenant in place yet), demand for space in its chosen markets is so high that there is little doubt the space will be leased. Moreover, the ability to develop is a major advantage at a time when cap rates for stabilized properties is around 4%. This year, INDT has purchased existing properties at cap rates of about 4% to 4.5%, while it has the ability to develop new properties from the ground up at projected cap rates of 6.1% to 6.6%. That two-point spread is tantamount to millions of dollars of value creation. Taking into account ongoing development projects and the pipeline of likely acquisitions, INDT's geographic diversification should expand in the coming quarters. INDT Q2 Presentation In some ways, INDT might be considered the East Coast version of REXR (although far smaller), which is concentrated on the West Coast and specifically Southern California. Balance Sheet Like the portfolio, INDT's balance sheet exudes quality and strength. The REIT is too small to have a credit rating, but the balance sheet certainly exhibits investment grade characteristics. Though debt to Q2 2022's annualized EBITDA looks rather high at 7.6x, that is a function of portfolio turnover resulting in a large cash position that has not yet been reinvested. Cash currently sits at 12.5% of INDT's market cap. Net debt to Q2's annualized EBITDA is much lower at 4.1x. INDT Q2 Presentation Long-term debt to gross real estate assets (at cost) sits at 23%, while debt to enterprise value is a touch lower at 22%. Aside from a short-term construction loan maturing in 2023, INDT has no debt maturities until 2027. And that construction loan, upon stabilization of the property in question with a lease, should easily be replaced with a mortgage or equity issuance. High G&A Costs The biggest red flag I see with INDT is the company's high general & administrative costs, which investors might consider the management fee. G&A as a percentage of total rental revenue was 23% in 1H 2022, falling slightly to 20% in Q2 2022. Compare that to the G&A to revenue percentages for PLD of about 6.5% and REXR of about 10%. Admittedly, PLD and REXR are much larger than INDT and thus enjoy more economies of scale. But look even at Plymouth Industrial REIT (PLYM), which is only a little larger than INDT in market cap (~$815 million). PLYM's G&A to revenue is about 9%. Likewise, LXP Industrial Trust (LXP), with a market cap a little under $3 billion, has a G&A to revenue of about 10.5%.
Seeking Alpha • Jul 07

INDUS Realty Trust reports 100% leased in stabilized properties portfolio

INDUS Realty Trust (NASDAQ:INDT) provided updates on leasing, its acquisition and development pipeline and other corporate matters for Q2. As of June 30, stabilized portfolio was 100.0% leased; total in-service portfolio was 99.4% leased. The firm repaid four existing mortgages covering ten buildings with $60M in proceeds from the Term Loan resulting in no fixed-rate debt maturities until 2027. The company acquired a fully leased, ~205K square foot portfolio of last-mile facilities located in the Orlando and Palm Beach, Florida markets. It has completed two leases of first generation space totaling ~102K square feet and two lease renewals totaling ~256K square feet. It has developed and placed in service a 67% pre-leased, ~102K square foot building in Lehigh Valley, Pennsylvania. The firm has amended and restated the existing $100M credit pact to increase the size to $250M with the addition of a new $150M delayed draw term loan with a term of five years. It has repaid four existing mortgages covering ten buildings with $60M in proceeds from the Term Loan resulting in no fixed-rate debt maturities until 2027.
Article d’analyse • Mar 10

INDUS Realty Trust, Inc. Surprised Analysts With A Profit, And Analysts Boosted Their EPS Forecasts

Last week, you might have seen that INDUS Realty Trust, Inc. ( NASDAQ:INDT ) released its annual result to the market...
Article d’analyse • Jun 10

This Is Why INDUS Realty Trust, Inc.'s (NASDAQ:INDT) CEO Compensation Looks Appropriate

The performance at INDUS Realty Trust, Inc. ( NASDAQ:INDT ) has been rather lacklustre of late and shareholders may be...
Article d’analyse • Feb 14

Should You Buy INDUS Realty Trust, Inc. (NASDAQ:INDT) For Its 0.8% Dividend?

Is INDUS Realty Trust, Inc. ( NASDAQ:INDT ) a good dividend stock? How can we tell? Dividend paying companies with...

Prévisions de croissance des bénéfices et des revenus

NasdaqGM:INDT - Estimations futures des analystes et données financières antérieures (USD Millions )
DateRecettesLes revenusFlux de trésorerie disponibleCash from OpMoy. Nombre d'analystes
3/31/202351-31919N/A
12/31/20224931919N/A
9/30/202247231919N/A
6/30/202244191818N/A
3/31/202242151111N/A
12/31/202140141111N/A
9/30/202139-141010N/A
6/30/202138-1199N/A
3/31/202138-111212N/A
12/31/202038-101010N/A
11/30/202037-1388N/A
8/31/202038-499N/A
5/31/202037-31111N/A
2/29/20204441010N/A
11/30/20193441212N/A
8/31/20194461010N/A
5/31/201943588N/A
2/28/201935-199N/A
11/30/201833-288N/A
8/31/201834-299N/A
5/31/201836-11010N/A
2/28/20184541010N/A
11/30/201744599N/A
8/31/201745699N/A
5/31/201743577N/A
2/28/2017310N/A7N/A
11/30/2016311N/A7N/A
8/31/201628-1N/A7N/A
5/31/2016291N/A8N/A
2/29/2016291N/A12N/A
11/30/2015280N/A13N/A
8/31/2015281N/A15N/A
5/31/201526-1N/A13N/A
2/28/201525-1N/A9N/A
11/30/201424-1N/A5N/A
8/31/2014250N/A1N/A
5/31/201424-1N/A4N/A
2/28/201425-1N/A2N/A
11/30/2013262N/A1N/A
8/31/2013121N/A0N/A
6/1/2013193N/A-1N/A
3/2/2013253N/A0N/A
12/1/2012240N/A2N/A
9/1/2012411N/A3N/A

Prévisions de croissance des analystes

Taux de revenus par rapport au taux d'épargne: INDT devrait devenir rentable au cours des 3 prochaines années, ce qui est considéré comme une croissance plus rapide que le taux d'épargne ( 2.1% ).

Bénéfices vs marché: INDT devrait devenir rentable au cours des 3 prochaines années, ce qui est considéré comme une croissance supérieure à la moyenne du marché.

Croissance élevée des bénéfices: INDT devrait devenir rentable dans les 3 prochaines années.

Chiffre d'affaires vs marché: Données insuffisantes pour déterminer si les revenus de INDT devraient croître plus rapidement que le marché US.

Croissance élevée des revenus: Données insuffisantes pour déterminer si les revenus de INDT devraient croître plus rapidement que 20% par an.

Prévisions de croissance du bénéfice par action

Rendement futur des capitaux propres

ROE futur: Le retour sur capitaux propres de INDT devrait être faible dans 3 ans ( 2.1 %).

Découvrir les entreprises en croissance

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Analyse de l'entreprise et données financières

DonnéesDernière mise à jour (heure UTC)
Analyse de l'entreprise2023/07/01 06:08
Cours de l'action en fin de journée2023/06/28 00:00
Les revenus2023/03/31
Revenus annuels2022/12/31

Sources de données

Les données utilisées dans notre analyse de l'entreprise proviennent de S&P Global Market Intelligence LLC. Les données suivantes sont utilisées dans notre modèle d'analyse pour générer ce rapport. Les données sont normalisées, ce qui peut entraîner un délai avant que la source ne soit disponible.

PaquetDonnéesCadre temporelExemple de source américaine *
Finances de l'entreprise10 ans
  • Compte de résultat
  • Tableau des flux de trésorerie
  • Bilan
Estimations consensuelles des analystes+3 ans
  • Prévisions financières
  • Objectifs de prix des analystes
Prix du marché30 ans
  • Cours des actions
  • Dividendes, scissions et actions
Propriété10 ans
  • Actionnaires principaux
  • Délits d'initiés
Gestion10 ans
  • L'équipe dirigeante
  • Conseil d'administration
Principaux développements10 ans
  • Annonces de l'entreprise

* Exemple pour les titres américains ; pour les titres non américains, des formulaires réglementaires et des sources équivalentes sont utilisés.

Sauf indication contraire, toutes les données financières sont basées sur une période annuelle mais mises à jour trimestriellement. C'est ce qu'on appelle les données des douze derniers mois (TTM) ou des douze derniers mois (LTM). En savoir plus.

Modèle d'analyse et flocon de neige

Les détails du modèle d’analyse utilisé pour générer ce rapport sont disponibles sur notre page Github; nous proposons également des guides expliquant comment utiliser nos rapports et des tutoriels sur Youtube.

Découvrez l'équipe de classe mondiale qui a conçu et construit le modèle d'analyse Simply Wall St.

Indicateurs de l'industrie et du secteur

Nos indicateurs de secteur et de section sont calculés toutes les 6 heures par Simply Wall St. Les détails de notre processus sont disponibles sur Github.

Sources des analystes

INDUS Realty Trust, Inc. est couverte par 9 analystes. 1 de ces analystes ont soumis les estimations de revenus ou de bénéfices utilisées comme données d'entrée dans notre rapport. Les soumissions des analystes sont mises à jour tout au long de la journée.

AnalysteInstitution
Brian HollendenAegis Capital Corporation
David RodgersBaird
Connor SiverskyBerenberg