INDUS Realty Trust, Inc. (NASDAQ:INDT) Q3 2022 Earnings Call Transcript

So if we can find a really good strategic land site that we think is going to generate good returns over time. We are sort of motivated to try to figure out a way, assuming the returns pencil out to be certainly better than if we acquired something, we are going to look to do that.

Mitch Germain: Great. Last one for me and I have to apologize, I had some IT issues. Of the asset sales, $35 million, I think, Craig asked about. How much of that is land versus occupied properties, I am just trying to understand just..

Michael Gamzon: Yeah. So it’s $11 million of that is the office flex portfolio that’s in our discontinued operations. So in our NOI numbers and our core FFO numbers, that’s been stripped out already and it’s discontinued op on our balance sheet. So there’s really no — in the metrics sort of, I think, we generally sort of report and talk to two that income is not in any of that and that’s $11 million. The other $25 million are three separate land parcels, none of which produced any income. They are all effectively unimproved land, if that added…

Mitch Germain: Appreciate it. Thank you so much.

Michael Gamzon: Perfect. Thanks, Mitch.

Operator: With no more questions, this concludes INDUS Realty Trust 2022 third quarter earnings call. Thank you for joining us and enjoy your week. You may now disconnect.