Indus Realty Trust declares quarterly dividend for Q2 2023 amid pending merger transaction
INDUS Realty Trust, Inc. (INDUS), a U.S.-based industrial/logistics real estate investment trust (REIT), has announced the declaration of a quarterly cash dividend on its common stock for the second quarter of 2023. This dividend announcement comes amidst a pending merger transaction that will see INDUS' common stock being acquired by affiliates of Centerbridge Partners, L.P. and GIC. The dividend is set to be paid to stockholders of record on June 22, 2023, and is an important development for investors as the merger approaches its closing.
INDUS Realty Trust, Inc. has declared a cash dividend of $0.18 per share on its common stock for the second quarter of 2023. This dividend is a reflection of INDUS' commitment to providing value to its shareholders and is payable on June 28, 2023. Shareholders of record on June 22, 2023, will be eligible to receive the dividend, underscoring the importance of the record date for investors.
As previously announced, INDUS Realty Trust is set to undergo a merger transaction with affiliates of Centerbridge Partners, L.P. and GIC. The merger was approved at a special meeting of INDUS stockholders held on May 17, 2023. In light of the pending merger, the dividend payment will be handled differently depending on the timing of the merger's completion.
If the merger closes after the record date (June 22, 2023), the second quarter dividend will be paid to INDUS' stockholders as scheduled on the payment date (June 28, 2023). In this scenario, the merger consideration, which is the cash amount per share to be received by stockholders upon the merger's completion, will not be adjusted for the dividend payment.
However, if the merger closes on or before the record date, the merger consideration payable to INDUS' public stockholders will be increased by $0.18 per share. In this case, the second quarter dividend will not be separately paid to INDUS' public stockholders, as it will be accounted for within the adjusted merger consideration.
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