Leases

3 Months Ended

Mar. 31, 2022

Leases

Leases

8.     Leases

The Company’s rental revenue reflects the leasing of space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. INDUS does not have any variable payment leases with its tenants.

The following is a schedule of minimum future cash rentals on the Company’s industrial/logistics operating leases as of March 31, 2022. 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 2022	$	24,681
2023		30,576
2024		30,060
2025		27,091
2026		22,247
Thereafter		61,792
	$	196,447

Expenses related to operating leases where INDUS is the lessee were $35 in each of the 2022 and 2021 first quarters. The weighted average remaining lease term for these leases as of March 31, 2022, was 4.6 years.

Maturities of lease liabilities as of March 31, 2022 are as follows:

Balance of 2022	$	106
2023		140
2024		141
2025		141
2026		117
Total undiscounted payments		645
Less: imputed interest		(50)
Present value of minimum lease payments	$	595