Leases

3 Months Ended

Mar. 31, 2023

Leases

Leases

7.     Leases

The Company’s rental revenue reflects the leasing of industrial/logistics properties and certain land parcels. INDUS does not have any variable payment leases with its tenants. All of INDUS’ leases with its tenants are classified as operating leases.

The following is a schedule of minimum future cash rentals on the Company’s operating leases as of March 31, 2023. 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 2023	$	30,509
2024		40,781
2025		37,390
2026		29,903
2027		21,383
Thereafter		57,221
	$	217,187

Expenses related to operating leases where INDUS is the lessee were $84 and $35 in the first quarter of 2023 and 2022, respectively. The weighted average remaining lease term for these leases as of March 31, 2023, was 8.3 years. As of March 31, 2023 and December 31, 2022, our operating leases had weighted-average discount rates of 3.69% and 3.70%, respectively.

Maturities of lease liabilities as of March 31, 2023 are as follows:

Balance of 2023	$	245
2024		330
2025		332
2026		310
2027		197
Thereafter		1,028
Total undiscounted payments		2,442
Less: imputed interest		(354)
Present value of minimum lease payments	$	2,088