Leases

3 Months Ended

Mar. 31, 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 March 31, 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	$	20,973
2022		27,244
2023		24,068
2024		21,187
2025		17,660
Later years		29,489
	$	140,621

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 $35 in each of the 2021 and 2020 first quarters. The weighted average remaining lease term for INDUS’s operating leases as of March 31, 2021, was 5.5 years.

Maturities of lease liabilities as of March 31, 2021 are as follows:

Balance of Fiscal 2021	$	103
Fiscal 2022		143
Fiscal 2023		140
Fiscal 2024		141
Fiscal 2025		140
Fiscal 2026		117
Total undiscounted payments		784
Less: imputed interest		(73)
Present value of minimum lease payments	$	711