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Michael Gamzon
Director, President and CEO |
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Gordon DuGan
Chairman of the Board of Directors |
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| | | | A-1 | | | |
| | | | B-1 | | |
| | |
Fiscal Year Ending December 31,
|
| |||||||||||||||||||||||||||
(dollar amounts in millions)
|
| |
2023E
|
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2024E
|
| |
2025E
|
| |
2026E
|
| |
2027E
|
| |||||||||||||||
Cash NOI from continuing operations(1)
|
| | | $ | 42 | | | | | $ | 51 | | | | | $ | 53 | | | | | $ | 57 | | | | | $ | 62 | | |
EBITDA(2) | | | | $ | 30 | | | | | $ | 39 | | | | | $ | 41 | | | | | $ | 44 | | | | | $ | 48 | | |
Unlevered free cash flow(3)
|
| | | $ | (83) | | | | | $ | 36 | | | | | $ | 36 | | | | | $ | 41 | | | | | $ | 43 | | |
| | |
Range
|
| |
Implied Per Share
Equity Value Range |
| ||||||||||||||||||
| | |
Low
|
| |
High
|
| |
Low
|
| |
High
|
| ||||||||||||
Next Twelve Months (NTM) Implied Capitalization Rate
|
| | | | 6.1% | | | | | | 5.4% | | | | | $ | 61.32 | | | | | $ | 68.94 | | |
Premium / (Discount) to the consensus estimated NAV
|
| | | | (15)% | | | | | | (5)% | | | | | $ | 58.88 | | | | | $ | 65.81 | | |
|
Implied Per Share Equity Value Reference Range
|
|
|
$60.10 to $67.37
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$58.42 to $66.68
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$57.26 to $64.56
|
|
|
Implied Per Share Equity Value Reference Range
|
|
|
$58.69 to $64.43
|
|
|
52 Weeks Ending
November 25, 2022 |
| |
Period Beginning
April 28, 2022 and Ending November 25, 2022 |
| |
30-Trading Day
Period Ending November 25, 2022 |
| |
60-Trading Day
Period Ending November 25, 2022 |
|
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$49.22 to $82.25
|
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$49.22 to $73.71
|
| |
$53.02
|
| |
$55.59
|
|
|
Research Analyst Price Targets
|
|
|
$60.00 to $74.00
|
|
|
Research Analyst NAV Per Share Estimates
|
|
|
$58.33 to $79.93
|
|
Transaction
Announcement Date |
| |
Target
|
| |
Acquiror
|
|
May 10, 2022 | | | Duke Realty Corporation | | | Prologis, Inc. | |
November 5, 2021 | | | Monmouth Real Estate Investment Corporation | | | Industrial Logistics Properties Trust | |
October 27, 2019 | | | Liberty Property Trust | | | Prologis, Inc. | |
May 7, 2018 | | | Gramercy Property Trust | | | Blackstone Real Estate Advisors L.P. | |
April 29, 2018 | | | DCT Industrial Trust Inc. | | | Prologis, Inc. | |
February 10, 2006 | | | Bedford Property Investors, Inc. | | | LBA Realty LLC | |
June 6, 2005 | | | Catellus Development Corporation | | | Prologis, Inc. | |
May 4, 2004 | | | Keystone Property Trust | | |
ProLogis & Eaton Vance Management
|
|
October 29, 2001 | | | Cabot Industrial Trust | | | CalWest Industrial Properties, LLC (CalPERS & RREEF) | |
|
Implied Per Share Equity Value Reference Range
|
|
|
$66.15 to $68.69
|
|
Name
|
| |
Value of
Stock Options ($) |
| |
Value of
Restricted Stock Units ($) |
| |
Value of
Performance Stock Units ($) |
| |
Value of
Dividend Equivalents ($) |
| |
Total
($) |
| |||||||||||||||
Michael S. Gamzon
|
| | | | 2,287,429 | | | | | | 536,405 | | | | | | 695,609 | | | | | | 14,123 | | | | | | 3,533,566 | | |
Thomas M. Lescalleet
|
| | | | 203,450 | | | | | | 158,147 | | | | | | 211,234 | | | | | | 4,305 | | | | | | 577,136 | | |
Jon W. Clark
|
| | | | — | | | | | | 96,205 | | | | | | 118,523 | | | | | | 1,434 | | | | | | 216,162 | | |
Thomas M. Daniells
|
| | | | — | | | | | | 83,100 | | | | | | 83,147 | | | | | | 1,005 | | | | | | 167,252 | | |
Non-Employee Directors (As a group)
|
| | | | 3,332,726 | | | | | | 586,076 | | | | | | — | | | | | | 9,921 | | | | | | 3,928,723 | | |
Name
|
| |
Cash(1)
($) |
| |
Equity(2)
($) |
| |
Pension /
NQDC |
| |
Perquisites/
Benefits ($) |
| |
Other(3)
|
| |
Total
($)(4) |
| ||||||||||||||||||
Michael S. Gamzon
President and Chief Executive Officer |
| | | | — | | | | | | 3,533,566 | | | | | | | | | | | | — | | | | | | 768,044 | | | | | | 4,301,610 | | |
Thomas M. Lescalleet
Executive Vice President – INDUS Realty, LLC |
| | | | — | | | | | | 577,136 | | | | | | | | | | | | — | | | | | | 181,644 | | | | | | 758,780 | | |
Jon W. Clark
Chief Financial Officer |
| | | | — | | | | | | 216,162 | | | | | | — | | | | | | — | | | | | | — | | | | | | 216,162 | | |
Name
|
| |
Value of
Stock Options ($) |
| |
Value of
Restricted Stock Units ($) |
| |
Value of
Performance Stock Units ($) |
| |
Value of
Dividend Equivalents |
| |
Total
($) |
| |||||||||||||||
Michael S. Gamzon
|
| | | | 2,287,429 | | | | | | 536,405 | | | | | | 695,609 | | | | | | 14,123 | | | | | | 3,533,566 | | |
Thomas M. Lescalleet
|
| | | | 203,450 | | | | | | 158,147 | | | | | | 211,234 | | | | | | 4,305 | | | | | | 577,136 | | |
Jon W. Clark
|
| | | | — | | | | | | 96,205 | | | | | | 118,523 | | | | | | 1,434 | | | | | | 216,162 | | |
Year
|
| |
High
|
| |
Low
|
| |
Cash Dividend
per Share |
| |||||||||
Fiscal Year Ended December 31, 2020 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 48.60 | | | | | $ | 30.50 | | | | | * | | | |
Second Quarter
|
| | | $ | 56.70 | | | | | $ | 32.05 | | | | | * | | | |
Third Quarter
|
| | | $ | 55.69 | | | | | $ | 48.67 | | | | | * | | | |
Fourth Quarter
|
| | | $ | 78.61 | | | | | $ | 52.99 | | | | | * | | | |
Fiscal Year Ended December 31, 2021 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 72.70 | | | | | $ | 57.50 | | | | | * | | | |
Second Quarter
|
| | | $ | 68.72 | | | | | $ | 59.40 | | | | | $ | 0.15 | | |
Third Quarter
|
| | | $ | 73.01 | | | | | $ | 65.38 | | | | | $ | 0.15 | | |
Fourth Quarter
|
| | | $ | 81.06 | | | | | $ | 63.75 | | | | | $ | 0.16 | | |
Fiscal Year Ending December 31, 2022 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 82.25 | | | | | $ | 71.79 | | | | | $ | 0.16 | | |
Second Quarter
|
| | | $ | 74.60 | | | | | $ | 57.73 | | | | | $ | 0.16 | | |
Third Quarter
|
| | | $ | 65.52 | | | | | $ | 51.70 | | | | | $ | 0.16 | | |
Fourth Quarter
|
| | | $ | 64.31 | | | | | $ | 49.22 | | | | | $ | 0.18 | | |
Fiscal Year Ending December 31, 2023 | | | | | | | | | | | | | | | | | | | |
First Quarter
|
| | | $ | 66.53 | | | | | $ | 62.91 | | | | | $ | 0.18 | | |
Second Quarter (through , 2023)
|
| | | | | | | | | | | | | | | | | | |
Name of Beneficial Owner
|
| |
Shares of
Common Stock |
| |
Rights to Acquire
Shares of Common Stock(1) |
| |
Common
Stock Beneficial Ownership Percentage(2) |
| |||||||||
5% or more Stockholders | | | | | | | | | | | | | | | | | | | |
Cullman and Ernst Group(3)
|
| | | | 2,249,654 | | | | | | — | | | | | | 22.8% | | |
CCP SBS GP, LLC et al.
375 Park Ave., 11th Floor New York, NY 10152(4) |
| | | | 1,512,432 | | | | | | — | | | | | | 14.8% | | |
Gabelli Funds, LLC et al.
Gabelli Funds, LLC One Corporate Center Rye, NY 10580(5) |
| | | | 1,187,139 | | | | | | — | | | | | | 11.6% | | |
Conversant Capital LLC et al.
Conversant Capital LLC 90 Park Avenue, 32nd Floor New York, NY 10016(6) |
| | | | 1,049,088 | | | | | | — | | | | | | 10.3% | | |
Monarch Alternative Capital LP et al.
Monarch Alternative Capital LP 535 Madison Avenue New York, NY 10022(7) |
| | | | 714,000 | | | | | | — | | | | | | 7.0% | | |
Edgar M. Cullman, Jr.(3)
|
| | | | 110,644 | | | | | | 7,024 | | | | | | 1.1% | | |
Named Executive Officers and Directors | | | | | | | | | | | | | | | | | | | |
David R. Bechtel(8)
|
| | | | 8,714 | | | | | | 6,918 | | | |
*
|
| |||
Gordon DuGan(9)
|
| | | | 91,771 | | | | | | 36,621 | | | |
*
|
| |||
Frederick M. Danziger(3)(10)
|
| | | | 224,295 | | | | | | 1,067 | | | | | | 2.2% | | |
Michael S. Gamzon(3)
|
| | | | 149,793 | | | | | | 56,216 | | | | | | 1.5% | | |
Jonathan P. May(11)
|
| | | | 10,951 | | | | | | 10,273 | | | |
*
|
|
Name of Beneficial Owner
|
| |
Shares of
Common Stock |
| |
Rights to Acquire
Shares of Common Stock(1) |
| |
Common
Stock Beneficial Ownership Percentage(2) |
| |||||||||
Molly J. North(12)
|
| | |
|
3,230
|
| | | |
|
2,552
|
| | |
*
|
| |||
Amy Rose Silverman(13)
|
| | |
|
3,402
|
| | | |
|
2,724
|
| | |
*
|
| |||
Albert H. Small, Jr.(14)
|
| | |
|
16,307
|
| | | |
|
10,273
|
| | |
*
|
| |||
Michael Simanovsky(15)
|
| | |
|
1,049,088
|
| | | |
|
—
|
| | | |
|
10.3%
|
| |
Jon W. Clark(16)
|
| | |
|
1,220
|
| | | |
|
—
|
| | | |
|
—
|
| |
Thomas M. Lescalleet(17)
|
| | |
|
5,930
|
| | | |
|
5,000
|
| | |
*
|
| |||
Thomas M. Daniells(18)
|
| | |
|
153
|
| | | |
|
—
|
| | |
*
|
| |||
All directors and current executive officers as a group
(12 persons) |
| | |
|
1,564,176
|
| | | |
|
131,644
|
| | | |
|
15.1%
|
| |
|
Name
|
| |
Shares
Beneficially Owned |
| |
Shares with
Sole Voting and Dispositive Power |
| |
Shares with
Shared Voting and Dispositive Power |
| |||||||||
Cullman Jr., Edgar M.
|
| | | | 110,644 | | | | | | 43,231 | | | | | | 67,413 | | |
Cullman, Susan R.
|
| | | | 286,408 | | | | | | 48,320 | | | | | | 238,088 | | |
Danziger, Lucy C.
|
| | | | 223,617 | | | | | | 56,289 | | | | | | 167,328 | | |
Danziger, David M.
|
| | | | 79,978 | | | | | | 13,338 | | | | | | 66,640 | | |
Gamzon, Rebecca D.
|
| | | | 152,041 | | | | | | 10,734 | | | | | | 141,734 | | |
Ernst, John L.
|
| | | | 245,358 | | | | | | 4,751 | | | | | | 240,607 | | |
Sicher, Carolyn B.
|
| | | | 21,796 | | | | | | 21,796 | | | | | | — | | |
Cullman, Georgina D.
|
| | | | 9,717 | | | | | | 9,717 | | | | | | — | | |
Cullman, Elissa F.
|
| | | | 110,644 | | | | | | 15,109 | | | | | | 95,535 | | |
Cullman, Samuel B.
|
| | | | 13,831 | | | | | | 13,831 | | | | | | — | | |
Cullman III, Edgar M.
|
| | | | 11,455 | | | | | | 11,455 | | | | | | — | | |
Danziger, Frederick M.
|
| | | | 223,617 | | | | | | 67,550 | | | | | | 156,067 | | |
B Bros. Realty LLC(a)
|
| | | | 237,882 | | | | | | 237,882 | | | | | | — | | |
Gamzon, Michael S.
|
| | | | 152,041 | | | | | | 78,753 | | | | | | 73,288 | | |
Ernst, Alexandra
|
| | | | 1,575 | | | | | | 1,575 | | | | | | — | | |
Kerns, Jessica P.
|
| | | | 1,271 | | | | | | 1,271 | | | | | | — | | |
Estate of Louise B. Cullman(b)
|
| | | | 7,038 | | | | | | 7,038 | | | | | | — | | |
Name
|
| |
Shares
Beneficially Owned |
| |
Shares with
Sole Voting and Dispositive Power |
| |
Shares with
Shared Voting and Dispositive Power |
| |||||||||
Ernst, Margot P.(c)
|
| | | | 7,476 | | | | | | — | | | | | | 7,476 | | |
Ernst, Matthew L.
|
| | | | 1,474 | | | | | | 1,271 | | | | | | 203 | | |
Danziger, Richard M.
|
| | | | 69,290 | | | | | | — | | | | | | 69,290 | | |
Ernst, Dorothy P.
|
| | | | 2,725 | | | | | | — | | | | | | 2,725 | | |
Siegel, Cooper S.
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Ernst, Jonah
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Ernst, Odessa
|
| | | | 203 | | | | | | — | | | | | | 203 | | |
Danziger, Sunaina L.
|
| | | | 15,617 | | | | | | — | | | | | | 15,617 | | |
Danziger, Sameena J.
|
| | | | 15,617 | | | | | | — | | | | | | 15,617 | | |
Gamzon, Sarah D.
|
| | | | 14,148 | | | | | | — | | | | | | 14,148 | | |
Gamzon, Andrew B.
|
| | | | 17,552 | | | | | | — | | | | | | 17,552 | | |
Stewart, Benjamin C.
|
| | | | 6,100 | | | | | | 6,100 | | | | | | — | | |
| | |
Page
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| | | | A-2 | | | |
| | | | A-2 | | | |
| | | | A-12 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-13 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-14 | | | |
| | | | A-15 | | | |
| | | | A-17 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-19 | | | |
| | | | A-20 | | | |
| | | | A-21 | | | |
| | | | A-21 | | | |
| | | | A-23 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-25 | | | |
| | | | A-26 | | | |
| | | | A-26 | | | |
| | | | A-28 | | | |
| | | | A-28 | | | |
| | | | A-30 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-33 | | | |
| | | | A-35 | | | |
| | | | A-35 | | | |
| | | | A-36 | | |
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Page
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| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-36 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-37 | | | |
| | | | A-38 | | | |
| | | | A-38 | | | |
| | | | A-39 | | | |
| | | | A-39 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-40 | | | |
| | | | A-41 | | | |
| | | | A-41 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-45 | | | |
| | | | A-46 | | | |
| | | | A-47 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-52 | | | |
| | | | A-55 | | | |
| | | | A-55 | | | |
| | | | A-56 | | | |
| | | | A-58 | | | |
| | | | A-58 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-63 | | | |
| | | | A-64 | | |
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Page
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| | | | A-65 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-66 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-67 | | | |
| | | | A-69 | | | |
| | | | A-69 | | | |
| | | | A-71 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-72 | | | |
| | | | A-73 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-74 | | | |
| | | | A-75 | | | |
| | | | A-75 | | | |
| | | | A-75 | | | |
| | | | A-77 | | | |
| | | | A-77 | | | |
| | | | A-78 | | | |
Exhibits | | | | | | | |
Exhibit A – Form of REIT Opinion | | | | | | | |
Annexes | | | |||||
Annex A-1 – Charter of the Company | | | | | | | |
Annex A-2 – Amended and Restated Bylaws of the Company | | | | | | | |
Defined Term
|
| |
Location of Definition
|
|
1031 Exchange | | | Section 7.17(b) | |
Adverse Recommendation Change | | | Section 7.3(d)(i) | |
Agreement | | | Preamble | |
Alternative Acquisition Agreement | | | Section 7.3(a) | |
Articles of Merger | | | Section 2.3 | |
Assumed Indebtedness | | | Section 7.11(b)(i) | |
Assumption Documents | | | Section 7.11(b)(i) | |
Board Recommendation | | | Section 4.2(c) | |
Capitalization Date | | | Section 4.4(a) | |
Centerbridge Sponsor | | | Recitals | |
Certificates | | | Section 3.2(b) | |
Charter Restrictions | | | Section 7.13 | |
Chosen Courts | | | Section 10.7(b) | |
Closing | | | Section 2.2 | |
Closing Date | | | Section 2.2 | |
Company | | | Preamble | |
Company Board | | | Recitals | |
Company Capital Stock | | | Section 4.4(a) | |
Company Disclosure Letter | | | Article IV | |
Company Held Excluded Stock | | | Section 3.1(a)(ii) | |
Company Preferred Stock | | | Section 4.4(a) | |
Company Related-Party Agreements | | | Section 4.19 | |
Company SEC Documents | | | Section 4.5(a) | |
Company Subsidiary Partnership | | | Section 4.13(k) | |
Company Terminating Breach | | | Section 9.1(d)(i) | |
Competing Proposal | | | Section 7.3(i)(i) | |
Continuing Employee | | | Section 7.8(a) | |
Defined Term
|
| |
Location of Definition
|
|
Current Premium | | | Section 7.9(a) | |
Debt Financing | | | Section 7.11(a) | |
Equity Commitment Letters | | | Recitals | |
Equity Financing | | | Section 5.4(a) | |
Exchange Fund | | | Section 3.2(a) | |
Excluded Stock | | | Section 3.1(a)(iii) | |
Existing Lender | | | Section 7.11(b)(i) | |
Final Dividend | | | Section 7.17(d) | |
Financing Indemnified Parties | | | Section 7.11(a)(iii) | |
FLSA | | | Section 4.18(b) | |
G Sponsor | | | Recitals | |
Gross-Up Commitment | | | Section 4.17(d) | |
Guarantees | | | Recitals | |
Indemnified Parties | | | Section 7.9(b) | |
Inquiry | | | Section 7.3(i)(iv) | |
Insurance Policies | | | Section 4.16 | |
Interim Period | | | Section 6.1(a) | |
Intervening Event | | | Section 7.3(i)(iii) | |
IRCA | | | Section 4.18(d) | |
Letter of Transmittal | | | Section 3.2(b) | |
Management Agreements | | | Section 4.12(e) | |
Match Period | | | Section 7.3(e)(ii) | |
Material Contract | | | Section 4.12(c) | |
Merger | | | Recitals | |
Merger Consideration | | | Section 3.1(a)(i) | |
Merger Effective Time | | | Section 2.3 | |
Merger Sub | | | Preamble | |
MGCL | | | Recitals | |
Non-Continuing Employee | | | Section 7.8(a) | |
Notice of Intervening Event Period | | | Section 7.3(f)(ii) | |
Option Consideration | | | Section 3.3(a) | |
Outside Date | | | Section 9.1(b)(i) | |
Parent | | | Preamble | |
Parent Held Excluded Stock | | | Section 3.1(a)(iii) | |
Parent Liability Cap | | | Section 10.10(c) | |
Parent Parties | | | Preamble | |
Parent Terminating Breach | | | Section 9.1(c)(i) | |
Partially Completed 1031 | | | Section 7.17(b) | |
Party(ies) | | | Preamble | |
Paying Agent | | | Section 3.2(a) | |
Permits | | | Section 4.8(a) | |
Proxy Statement | | | Section 4.23 | |
Qualified REIT Subsidiary | | | Section 4.1(c) | |
Defined Term
|
| |
Location of Definition
|
|
Qualifying Income | | | Section 9.4(a) | |
Recovery Costs | | | Section 9.3(c) | |
Rent Rolls | | | Section 4.10(b) | |
Sarbanes-Oxley Act | | | Section 4.5(a) | |
SDAT | | | Section 2.3 | |
Solvent | | | Section 5.5 | |
Sponsors | | | Recitals | |
Superior Proposal | | | Section 7.3(i)(ii) | |
Surviving Entity | | | Section 2.1 | |
Surviving Entity Common Stock | | | Section 3.1(a)(iv) | |
Takeover Statutes | | | Section 4.22 | |
Tax Protection Agreements | | | Section 4.13(k) | |
Taxable REIT Subsidiary | | | Section 4.1(c) | |
Transaction Litigation | | | Section 7.7(b) | |
Transfer Taxes | | | Section 7.16(c) | |
Voting Debt | | | Section 4.4(d) | |
WARN Act | | | Section 4.18(c) | |
Warrant Consideration | | | Section 3.3(e) | |
Exhibit 107
CALCULATION OF FILING FEE TABLES
Schedule 14A
(Form Type)
INDUS Realty Trust, Inc.
(Exact Name of Registrant as Specified in its Charter)
Table 1: Transaction Valuation
Proposed Maximum Aggregate Value of Transaction |
Fee Rate | Amount of Filing Fee | ||||
Fees to Be Paid | $699,385,265.82 (1) | 0.0001102 | $77,072.26 (2) | |||
Fees Previously Paid | — | — | ||||
Total Transaction Valuation | $699,385,265.82 | |||||
Total Fees Due for Filing | $77,072.26 | |||||
Total Fees Previously Paid | — | |||||
Total Fee Offsets | — | |||||
Net Fee Due | $77,072.26 |
(1) Capitalized terms used below but not defined herein shall have the meanings assigned to such terms in the Agreement and Plan of Merger, dated as of February 22, 2023, by and among IR Parent, LLC, IR Merger Sub II, Inc., and INDUS Realty Trust, Inc. (the “Company”).
(i) | Title of each class of securities to which the transaction applies: Common stock, par value $0.01 per share (“Common Stock”), of the Company. |
(ii) | Aggregate number of securities to which the transaction applies: As of the close of business on March 28, 2023, the maximum number of shares of Common Stock to which this transaction applies is estimated to be 11,007,004.50, which consists of: |
a. | 10,195,206 issued and outstanding shares of Common Stock; |
b. | 211,702 shares of Common Stock underlying Company Options with exercise prices below $67.00; |
c. | 30,786.82 shares of Common Stock underlying Company RSU Awards; | |
d. | 53,562.68 shares of Common Stock underlying Company PSU Awards, subject to performance-based vesting based on maximum-level performance; and | |
e. | 515,747 shares of Common Stock underlying the Company Warrant. |
(iii) | Per unit price or other underlying value of the transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount on which the filing fee is calculated and state how it was determined): Solely for the purpose of calculating the filing fee, as of the close of business on March 28, 2023, the underlying value of the transaction was calculated as the sum of: |
a. | the product of 10,195,206 shares of Common Stock multiplied by the Merger Consideration of $67.00; |
b. | the product of 211,702 shares of Common Stock subject to issuance pursuant to outstanding Company Options with exercise prices below $67.00, multiplied by $30.11 (which is the excess of $67.00 over $36.89, the weighted average exercise price of such Company Options); |
c. | the product of 30,786.82 shares of Common Stock subject to issuance pursuant to outstanding Company RSU Awards multiplied by the Merger Consideration of $67.00; |
d. | the product of 53,562.68 shares of Common Stock subject to issuance pursuant to outstanding Company PSU Awards, subject to performance-based vesting based on maximum-level performance, multiplied by the Merger Consideration of $67.00; and | |
e. | the product of 515,747 shares of Common Stock subject to issuance pursuant to the Company Warrant, multiplied by $8.30 (which is the excess of $67.00 over $58.70, the exercise price of such Company Warrant). |
(such sum, the “Total Consideration”)
(2) In accordance with Section 14(g) of the Exchange Act, the filing fee was determined by multiplying the Total Consideration by 0.0001102.
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