*Variable rate loans for which INDUS entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above.

INDUS’s weighted average interest rate on its mortgage loans, including the effect of its interest rate swap agreements, was 4.18% as of March 31, 2021, December 31, 2020 and November 30, 2020. As of March 31, 2021, INDUS was a party to thirteen interest rate swap agreements with notional amounts totaling $97,142, $97,868 and $98,108 at March 31, 2021, December 31, 2020 and November 30, 2020, respectively, related to its variable rate nonrecourse mortgage loans on certain of its real estate assets. The Company accounts for its interest rate swap agreements as effective cash flow hedges (see Note 3). Amounts in accumulated other comprehensive income (“AOCI”) will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each variable rate mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the 2021 first quarter, INDUS recognized a gain, included in other comprehensive income, of $3,479 on its interest rate swap agreements. In the 2020 first quarter, INDUS recognized a loss, included in other comprehensive loss, of $6,467, before taxes, on its interest rate swap agreements. As of March 31, 2021, $1,972 was expected to be reclassified over the next twelve months to AOCI from interest expense. As of March 31, 2021, the net fair value of INDUS’s interest rate swap agreements was a liability of $5,287, with $249 included in other assets and $5,536 included in other liabilities on

INDUS’s consolidated balance sheet. Interest expense related to INDUS’s interest rate swap agreements in the 2021 first quarter and 2020 first quarter was $488 and $135 (before tax), respectively.

On January 23, 2020, two wholly-owned subsidiaries of INDUS closed on a nonrecourse mortgage loan (the “2020 State Farm Mortgage”) with State Farm Life Insurance Company (“State Farm”) for $15,000. The 2020 State Farm Mortgage is collateralized by two industrial/logistics buildings, 6975 Ambassador Drive and 871 Nestle Way, each in the Lehigh Valley of Pennsylvania, that aggregate approximately 254,000 square feet. The 2020 State Farm Mortgage has a ten-year term with monthly principal payments based on a twenty-five-year amortization schedule. The interest rate for the 2020 State Farm Mortgage is 3.48%. $3,191 of the proceeds from the 2020 State Farm Mortgage were used to repay the mortgage loan on 871 Nestle Way that was scheduled to mature on January 27, 2020.

See Note 11 on INDUS entering into a construction loan subsequent to March 31, 2021.