Leases

6 Months Ended

Jun. 30, 2021

Leases

Leases

8.     Leases

The Company’s rental revenue reflects the leasing of industrial/logistics and, to a lesser extent, office/flex space and certain land parcels. INDUS does not have any variable payment leases with its tenants. All of INDUS’s leases with its tenants are classified as operating leases.

The following is a schedule of minimum future cash rentals on leases as of June 30, 2021. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases or for leases on facilities not yet in service and excludes real estate taxes and property operating expense reimbursements:

Balance of fiscal 2021	$	14,579
2022		29,136
2023		25,626
2024		22,826
2025		19,343
Later years		34,484
	$	145,994

In 2016, INDUS entered into a ten-year sublease (the “New York Office Lease”) for approximately 1,920 square feet in New York City for its executive offices. The sublease is with Bloomingdale Properties, Inc., an entity that is controlled by certain members of the Cullman and Ernst Group, which is considered a related party to the Company. The New York Office Lease was approved by the Audit Committee of INDUS’s Board of Directors and the lease rates under the sublease were at market rate at the time the sublease was signed.

Expenses related to operating leases were $69 in each of the 2021 and 2020 six month periods. The weighted average remaining lease term for INDUS’s operating leases as of June 30, 2021, was 5.3 years.

Maturities of lease liabilities as of June 30, 2021 are as follows:

Balance of Fiscal 2021	$	69
Fiscal 2022		143
Fiscal 2023		140
Fiscal 2024		141
Fiscal 2025		140
Fiscal 2026		117
Total undiscounted payments		750
Less: imputed interest		(66)
Present value of minimum lease payments	$	684