INDUS Realty Trust : Q1 Supplemental Information

Q1 2021 SUPPLEMENT

MAY 10, 2021

FORWARD-LOOKING INFORMATION

This presentation contains "forward-looking statements" based upon the Company's current best judgment & expectations. You can identify forward looking statements by the use of forward-looking expressions such as "may," "will," "should," "expect," "believe," "anticipate," "assume," "estimate," "intend," "plan," "annualized," "project," "continue" or any negative or other variations on such expressions. Any statements contained in this presentation that relate to future events, including, without limitation, statements regarding our expected future growth, potential sales and acquisitions, planned development and construction, anticipated leasing activities, anticipated stabilization and stabilization yield, development margins and value creation, and expectations regarding our tax status, are forward-looking statements. Although the Company believes that its plans, intentions and expectations as reflected in or suggested by those forward-looking statements are reasonable, the Company can give no assurance that the plans, intentions or expectations will be achieved. The Company has listed below some important risks, uncertainties and contingencies which could cause its actual results, performance or achievements to be materially different from the forward-looking statements it makes in this presentation. These risks, uncertainties and contingencies include, but are not limited to, the following: risks related to the COVID-19 pandemic; the success or failure of the Company's efforts to implement its current business strategy; the Company's ability to complete contemplated acquisitions, dispositions and development projects, and identify and complete additional property acquisitions and non-core asset dispositions and risks of real estate acquisitions and dispositions; expectations regarding stabilization of current or future properties or developments; availability of investment opportunities on real estate assets; the performance and financial condition of tenants and corporate customers; expectations regarding potential lease-ups or rental yields; the adequacy of the Company's cash reserves, working capital and other forms of liquidity; the availability, terms and deployment of short-term and long-term capital; demand for industrial and office space; the actions of the Company's competitors and the Company's ability to respond to those actions; the timing of cash flows from the Company's investments; the cost and availability of the Company's financings, which depends in part on the Company's asset quality, the nature of the Company's relationships with its lenders and other capital providers, the Company's business prospects and outlook and general market conditions; increases in financing and other costs, including a rise in interest rates; economic conditions generally and in the real estate markets and the capital markets specifically; local economic or political conditions that could adversely affect the Company's earnings and cash flows; risks related to or associated with owning our common stock, our charter and bylaws provisions and Maryland law; risks related to our REIT structure; and other factors discussed under Part I, Item 1A, "Risk Factors" of the Company's Annual Report on Form 10-K for the year ended November 30, 2020, as filed with the Securities and Exchange Commission (the "SEC").

Any forward-looking statements in this presentation, including guidance for future periods, speaks only as of the date on which it was made. Factors or events that could cause actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company assumes no obligation to update any forward-looking statements, whether as a result of new information, future events, or otherwise. In evaluating forward-looking statements, you should consider these risks and uncertainties, together with the other risks described from time to time in the Company's reports and documents which are filed with the SEC, and you should not place undue reliance on those statements. The risks included here are not exhaustive. Other sections of this presentation may include additional factors that could adversely affect the Company's business and financial performance. Moreover, the Company operates in a very competitive and rapidly changing environment. New risk factors emerge from time to time and it is not possible for management to predict all such risk factors, nor can it assess the impact of all such risk factors on the Company's business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results.

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TABLE OF CONTENTS

Quarterly Snapshot	4
Financial Information	5-13
Portfolio Information	14-17
Tenancy & Leasing Performance	18-21
Growth Updates & Valuation	22-25
Components
Capitalization, Debt & Leverage Metrics	26-29
Appendix	30-38
Property & Land Details	31-34
Definitions	35-38

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QUARTERLY SNAPSHOT

Q1	Net Loss		($768) thousand, or ($0.12) per diluted common share
Q1	Cash Net Operating		$6,570 thousand, a 13.7% increase versus Q1 2020, comprised of:
Income		 $5,933 thousand from Industrial, 13.6% growth versus Q1 2020
			 $637 thousand from Office and Land leases, 14.8% increase versus Q1 2020
Q1	Adjusted EBITDAre		$4,641 thousand, a 21.8% increase versus Q1 2020
Q1	Core FFO		$2,486 thousand, a 1.9% increase versus Q1 2020
Q1	Cash Core FFO		$2,621 thousand, a 69.9% increase versus Q1 2020
Q1 AFFO		$2,073 thousand, a 179.4% increase versus Q1 2020
Industrial/Logistics		4,205,615 SF across 30 buildings
Portfolio		99.2% leased (subsequent to quarter end, increased to 99.4% leased)
Development Activity		Ongoing construction on a 103,000 SF development in the Lehigh Valley
			Commenced construction on a 141,000 SF build-to-suit development for a leading e-commerce company in Charlotte
		 Announced development of a 234,000 SF, 67% pre-leased industrial development on the Company's land in New England Tradeport industrial park
			Subsequent to quarter end, closed on purchase of 14 acres of land for $5.25 million for the development two buildings totaling 195,000 SF in Orlando
Acquisition Activity		Agreements in place to acquire a stabilized industrial/logistics building and land in the Lehigh Valley, in each case subject to contingencies
			− $4.2 million in two purchase agreements for approximately 23 acres in the Lehigh Valley with plans to pursue the development of a 206,000 SF
			warehouse (American Parkway)
			− $11.7 million purchase agreement for 127,500 SF industrial/logistics building that is 100% leased (Farm Bureau)
Disposition Activity		Subsequent to quarter end, closed on the sale of 0.5 acres at 440 Tunxis Avenue for $50 thousand
			Remaining dispositions include 1,800 acres and 381,589 building SF under agreement for sale for a total of $44.0 million
			− Includes four office/flex properties totaling 216,589 SF and one 165,000 SF industrial/logistics building in Windsor, CT being sold to the user
Q2	Cash Dividend		Announced cash dividend for Q2 2021 of $0.15 per share of common stock to holders of record as of June 16, 2021
Leverage	Net Debt Metrics:	Total Debt Metrics:
			Net Debt / Total Enterprise Value of 6% (1)	 Debt / Total Enterprise Value (before cash) of 25% (1)
			Net Debt / LQA Q1 Cash NOI of 1.1x		Debt / LQA Q1 Cash NOI of 6.1x
			Net Debt / LQA Q1 Adjusted EBITDAre of 1.6x		Debt / LQA Q1 Adjusted EBITDAre of 8.7x
Liquidity		Ended the 2021 first quarter with liquidity of $182.0 million, comprised of $132.0 million in cash and cash equivalents and $50.0 million in borrowing
			capacity under INDUS's revolving and acquisition credit facilities
			Subsequent to quarter end, on May 7, 2021, entered into an agreement for an approximately $28.4 million construction loan for the development of
			the Old Statesville build-to-suit
Q1	Industrial Leasing		Executed four first generation leases totaling approximately 202,000 SF at 160 and 180 International Drive and 170 Sunport Lane. These new leases
Performance		had a weighted average lease term of 6.5 years and a weighted average lease cost per square foot per year of $1.19
			Additionally, executed two first generation leases totaling approximately 297,000 SF for projects currently in the development pipeline
Other Portfolio		Office: 392,640 SF as of 3/31/2021 (excluding office properties under agreement for sale, remaining office portfolio would be 176,051 SF)

• Undeveloped Land: 3,419 acres as of 3/31/2021 (excluding land under agreement for sale or closed subsequent to quarter end, remaining land portfolio would be 1,619 acres, of which 75 acres belongs to Chapmans Road, Old Statesville and 110 Tradeport industrial developments)

Note: See definitions of non-GAAP measures in Appendix.	4
1.	Enterprise value calculated with share price of $63.61 as of May 6, 2021.

FINANCIAL INFORMATION

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