INDUS Realty Trust, Inc.

NasdaqGM:INDT Stok Raporu

Piyasa değeri: 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 Gelecekteki Büyüme

Future kriter kontrolleri 3/6

Şu anda INDUS Realty Trust için büyüme ve gelir tahmini yapmak üzere yeterli analist kapsamımız yok.

Anahtar bilgiler

93.5%

Kazanç büyüme oranı

n/a

EPS büyüme oranı

Industrial REITs kazanç büyümesi1.2%
Gelir büyüme oranın/a
Gelecekteki özkaynak getirisi2.12%
Analist kapsamı

Low

Son güncelleme10 May 2023

Gelecekteki son büyüme güncellemeleri

Analiz Makalesi • 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.
Analiz Makalesi • 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...
Analiz Makalesi • 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...
Analiz Makalesi • 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...

Kazanç ve Gelir Büyüme Tahminleri

NasdaqGM:INDT - Analistlerin gelecek tahminleri ve geçmiş finansal verileri (USD Millions )
TarihGelirKazançlarSerbest Nakit AkışıFaaliyetlerden NakitAvg. Analist Sayısı
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

Analist Gelecek Büyüme Tahminleri

Kazançlar ve Tasarruf Oranları: INDT önümüzdeki 3 yıl içerisinde kârlı hale gelmesi öngörülüyor; bu da tasarruf oranından ( 2.1% ) daha hızlı bir büyüme olarak değerlendiriliyor.

Kazançlar ve Piyasa: INDT önümüzdeki 3 yıl içerisinde karlı hale gelmesi öngörülüyor ki bu da ortalama piyasa büyümesinin üzerinde kabul ediliyor.

Yüksek Büyüme Kazançları: INDT önümüzdeki 3 yıl içinde karlı hale gelmesi bekleniyor.

Gelir ve Pazar: INDT şirketinin gelirinin US pazarından daha hızlı büyüyeceğinin tahmin edilip edilmediğini belirlemek için yeterli veri yok.

Yüksek Büyüme Geliri: INDT şirketinin gelirinin yıllık 20% oranından daha hızlı artacağının tahmin edilip edilmediğini belirlemek için yeterli veri yok.

Hisse Başına Kazanç Büyüme Tahminleri

Gelecekteki Özkaynak Getirisi

Gelecekteki ROE: INDT 'nin Özsermaye Getirisi'nin 3 yıl içinde düşük olması tahmin ediliyor ( 2.1 %).

Büyüyen şirketleri keşfedin

7D

1Y

7D

1Y

7D

1Y

Şirket Analizi ve Finansal Veri Durumu

VeriSon Güncelleme (UTC saati)
Şirket Analizi2023/07/01 07:34
Gün Sonu Hisse Fiyatı2023/06/28 00:00
Kazançlar2023/03/31
Yıllık Kazançlar2022/12/31

Veri Kaynakları

Şirket analizimizde kullanılan veriler S&P Global Market Intelligence LLC'den alınmıştır. Bu raporu oluşturmak için analiz modelimizde aşağıdaki veriler kullanılmıştır. Veriler normalize edilmiştir, bu da kaynağın mevcut olmasından kaynaklanan bir gecikmeye neden olabilir.

PaketVeriZaman ÇerçevesiÖrnek ABD Kaynağı *
Şirket Finansalları10 yıl
  • Gelir tablosu
  • Nakit akış tablosu
  • Bilanço
Analist Konsensüs Tahminleri+3 yıl
  • Finansal tahminler
  • Analist fiyat hedefleri
Piyasa Fiyatları30 yıl
  • Hisse senedi fiyatları
  • Temettüler, Bölünmeler ve Eylemler
Sahiplik10 yıl
  • En büyük hissedarlar
  • İçeriden öğrenenlerin ticareti
Yönetim10 yıl
  • Liderlik ekibi
  • Yönetim Kurulu
Önemli Gelişmeler10 yıl
  • Şirket duyuruları

* ABD menkul kıymetleri için örnek, ABD dışı için eşdeğer düzenleyici formlar ve kaynaklar kullanılmıştır.

Belirtilmediği sürece tüm finansal veriler yıllık bir döneme dayanmaktadır ancak üç ayda bir güncellenmektedir. Bu, İzleyen On İki Ay (TTM) veya Son On İki Ay (LTM) Verileri olarak bilinir. Daha fazla bilgi edinin.

Analiz Modeli ve Kar Tanesi

Bu raporu oluşturmak için kullanılan analiz modelinin ayrıntılarına GitHub sayfamızdan ulaşabilirsiniz, ayrıca raporlarımızı nasıl kullanacağınızı anlatan kılavuzlarımız ve Youtube'da eğitim videolarımız da bulunmaktadır.

Simply Wall St analiz modelini tasarlayan ve oluşturan dünya standartlarındaki ekip hakkında bilgi edinin.

Endüstri ve Sektör Metrikleri

Sektör ve bölüm metriklerimiz Simply Wall St tarafından her 6 saatte bir hesaplanmaktadır, sürecimizin ayrıntıları Github'da mevcuttur.

Analist Kaynakları

INDUS Realty Trust, Inc. 9 Bu analistlerden 1, raporumuzun girdisi olarak kullanılan gelir veya kazanç tahminlerini sunmuştur. Analistlerin gönderimleri gün boyunca güncellenmektedir.

AnalistKurum
Brian HollendenAegis Capital Corporation
David RodgersBaird
Connor SiverskyBerenberg