INDUS Realty Trust, Inc. (NASDAQ: INDT) has confirmed the acquisition of to-be-constructed, around 280,000 square foot industrial/logistics building (the Forward Acquisition) in Greenville-Spartanburg which is being developed on assumption by the seller. Presently, INDUS is the owner of 36 industrial/logistics buildings aggregating nearly 5.4 million square feet in Connecticut, Pennsylvania, North Carolina, South Carolina, and Florida.
INDUS is looking forward to expanding its presence in the southeast, particularly along the vital I-85 corridor, which is seeing substantial economic and population expansion. A substantial manufacturing base, the Inland Port Greer railyard, a robust labor force, and a strategic location between Charlotte and Atlanta help the Greenville-Spartanburg industrial/logistics region.
The Forward Acquisition has great access to I-85 and is well-positioned to fulfill both local and regional distribution needs, as well as the market's primary demand drivers. The Forward Acquisition is expected to be completed in the first quarter of 2023. The buying of the Forward Acquisition is contingent on several factors, including INDUS's complete completion of due diligence.
Furthermore, INDUS has also shared financial results for the three months completed December 31, 2021 (the 2021 Q4) and the twelve months completed December 31, 2021 (the full year 2021). As per the company report, it has earned a net income of $19.6 million, or $1.94 per diluted share, for the 2021 Q4 compared to a net loss of $8.8 million, or a net loss of $1.56 per diluted share, for the three months completed December 31, 2020.
Additionally, the company confirmed that the rental revenue increase in the Q4 and full year of 2021 over the comparable before year periods was due mainly to rental revenue from properties purchased in 2021, the Charlotte Build-to-Suit that went into service in October 2021, and first-generation space leases that started in 2021.