INDUS Realty Trust (INDT)

Management Discussion

• The Company’s net income was approximately $2.8 million for the three months ended June 30, 2022 as compared to a net loss of approximately $1.2 million for the three months ended June 30, 2021. The Company’s rental revenue increased approximately 26% compared to the same quarter of the prior year.  
• The Company’s net income was approximately $3.1 million for the six months ended June 30, 2022 as compared to a net loss of $1.9 million for the six months ended June 30, 2021. The Company’s rental revenue increased approximately 23% compared to the same six month period of the prior year.  The Company’s in-service occupancy was 99.4% and 95.3% as of June 30, 2022 and 2021, respectively.  At June 30, 2022, the Company owned 39 buildings aggregating approximately 5.7 million square feet as compared to 32 buildings aggregating approximately 4.7 million square feet as of June 30, 2021. In addition, as of June 30, 2022, the Company had five buildings under contract for purchase comprising approximately 1.0 million square feet at an estimated purchase price of approximately $109.2 million and land under development or under contract to develop six buildings comprising an additional 0.8 million square feet with an estimated investment of $103.8 million, of which $40.5 million had been spent as of June 30, 2022.
• Net income from discontinued operations was approximately $0.3 million and $0.1 million for the three months ended June 30, 2022 and 2021, respectively. Net income from discontinued operations was approximately $0.4 million and $0.1 million for the six months ended June 30, 2022 and 2021, respectively. Included in net income from