Mortgage Loans, Construction Loan and Interest Rate Swaps (Tables)

3 Months Ended

Mar. 31, 2022

Mortgage Loans, Construction Loan and Interest Rate Swaps

Schedule of mortgage and construction loans

Mortgage loans:	March 31, 2022		December 31, 2021
4.39%, due January 2, 2025 *	$	17,661	$	17,824
4.17%, due May 1, 2026 *		12,185		12,291
3.79%, due November 17, 2026 *		22,958		23,152
4.39%, due August 1, 2027 *		9,405		9,476
3.97%, due September 1, 2027		11,111		11,174
4.57%, due February 1, 2028 *		17,025		17,145
3.60%, due January 2, 2030 *		6,139		6,182
3.48%, due February 1, 2030		14,186		14,287
3.50%, due July 1, 2030 *		4,881		4,914
4.33%, due August 1, 2030		15,770		15,867
4.51%, due April 1, 2034		13,271		13,356
Mortgage loans		144,592		145,668
Debt issuance costs		(1,677)		(1,745)
Mortgage loans, net of debt issuance costs		142,915		143,923
Construction loan:
One-month LIBOR plus 1.40%, due May 7, 2023		26,342		26,273
Debt issuance costs		(307)		(378)
Construction loan, net of debt issuance costs		26,035		25,895
Mortgage loans and construction loan, net of debt issuance costs	$	168,950	$	169,818

*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.

Schedule of notional and fair value of our interest rate swaps

						Fair Value of Interest Rate
				Current Notional Value		Derivative Assets/(Liabilities)
			LIBOR	(in thousands)		(in thousands)
Effective	Maturity		Interest	March 31,	December 31,	March 31,	December 31,
Date	Date		Strike Rate	2022	2021	2022	2021
September 1, 2013	September 1, 2023	(a)	2.840%	$ 7,133	$ 7,204	($ 71)	($ 249)
January 1, 2015	January 1, 2025	(a)	2.260%	8,990	9,068	88	(390)
January 1, 2016	January 1, 2025	(a)	1.932%	1,538	1,552	20	(40)
September 1, 2015	September 1, 2025	(b)	2.118%	2,165	9,608	93	(334)
December 10, 2015	September 1, 2025	(b)	2.015%	9,521	2,185	28	(68)
November 17, 2016	November 17, 2026	(b)	2.085%	11,272	11,359	129	(518)
May 3, 2016	May 1, 2026		1.910%	12,185	12,291	216	(369)
March 15, 2017	March 1, 2027	(c)	2.501%	10,538	10,621	(73)	(641)
February 1, 2018	February 1, 2028	(c)	2.782%	6,487	6,524	(213)	(641)
July 14, 2017	August 1, 2027		4.390%	9,405	9,476	(8)	(526)
January 2, 2020	January 1, 2030		1.849%	6,139	6,182	158	(219)
July 1, 2020	July 1, 2030		0.942%	4,881	4,914	488	188
				$ 90,254	$ 90,984	$ 855	($ 3,807)
(a) (b) and (c) represent multiple interest rate swap agreements against a single mortgage