*Variable rate loans for which INDUS has entered into interest rate swap agreements to effectively fix the interest rates on these loans to the rates reflected above.

INDUS’ weighted average interest rate on its mortgage and construction loans, including the effect of its interest rate swap agreements, was 3.76% and 4.18% as of December 31, 2021 and 2020, respectively.

The aggregate annual principal payment requirements under the terms of the nonrecourse mortgage loans for the years 2022 through 2026 are $4,349, $4,535, $4,722, $19,932 and $33,233, respectively. The aggregate book value of land and buildings that are collateral for the nonrecourse mortgage loans was $164,736 at December 31, 2021.

On December 1, 2021, INDUS repaid two of its nonrecourse mortgage loans with the proceeds from the Blue Hills Sale (see Note 4). The first nonrecourse loan was collateralized by 1985 BHA with a fixed interest rate of 5.09% and a due date of July 1, 2029. INDUS paid the principal amount then outstanding of $4,759 and incurred $1,226 in debt extinguishment costs. The second nonrecourse loan was collateralized by two industrial/logistics buildings, 20 and 25 International Drive, in Windsor, Connecticut with a fixed interest rate of 5.09% and a due date of July 1, 2029. INDUS paid the principal amount then outstanding on that loan of $3,335 and incurred $873 in debt extinguishment costs.

On November 16, 2021, INDUS repaid its nonrecourse mortgage loan collateralized by 5&7 WSC (the “Webster Loan”) with the proceeds from the 5&7 WSC Sale (see Note 4). The Webster Loan was a nonrecourse loan with a floating rate of the one-month LIBOR plus 2.75% with a due date of October 3, 2022. The Webster Loan was effectively fixed at 4.72% with an interest rate swap agreement (the “Webster Swap”). INDUS paid the principal amount

then outstanding of $3,961 and incurred $15 in debt extinguishment costs. INDUS paid $66 in connection with the termination of the Webster Swap, which was recorded as interest expense.

On May 7, 2021, a subsidiary of INDUS entered into a construction loan agreement (the “2021 JPM Construction Loan”) with JPMorgan to provide a portion of the funds for the site work and development of the Charlotte Build-to-Suit. Total borrowings under the 2021 JPM Construction Loan will be the lesser of $28,400 or 67.5% of the project cost (as defined in the 2021 JPM Construction Loan) of the Charlotte Build-to-Suit. INDUS expects to complete the final borrowing on the 2021 JPM Construction Loan in the first quarter of 2022. The term of the 2021 JPM Construction Loan is two years, with a one-year extension at the Company’s option. Initial interest under the 2021 JPM Construction Loan, adjusted monthly, is one-month LIBOR plus 1.65%, reduced to one-month LIBOR plus 1.40% upon completion of the Charlotte Build-to-Suit. INDUS completed the Charlotte Build-to-Suit and the commencement of rental payments by the tenant in the Charlotte Build-to-Suit began in October 2021. The final certificate of occupancy was received in the first quarter of 2022 and the interest rate on the 2021 JPM Construction Loan was reduced to one-month LIBOR plus 1.40% at that time.

On June 30, 2020, a wholly-owned subsidiary of INDUS (the “2020 Borrower”) closed on a nonrecourse mortgage loan (the “2020 Webster Mortgage”) with Webster Bank, N.A. (“Webster Bank”) for $5,100, collateralized by 3320 Maggie. The 2020 Webster Mortgage has a ten-year term with monthly principal payments based on a twenty-five year amortization schedule. The interest rate for the 2020 Webster Mortgage is a floating rate of the one month LIBOR rate plus 2.56%. At the time the 2020 Webster Mortgage closed, INDUS entered into an interest rate swap agreement with Webster Bank that effectively fixes the interest rate of the 2020 Webster Mortgage at 3.50% for the entire loan term.

Under the terms of the 2020 Webster Mortgage, the 2020 Borrower must maintain a minimum debt service coverage ratio (the “DSCR”), calculated by dividing the trailing twelve months net operating income of 3320 Maggie by the debt service on the 2020 Webster Mortgage for the DSCR test period, as further described under the terms of the 2020 Webster Mortgage, equal to or greater than 1.25 times, and the Loan to Value Ratio (as defined and further described under the 2020 Webster Mortgage) may not exceed 65%. The terms of the 2020 Webster Mortgage require that commencing on January 1, 2024, an annual amount equal to a total of $1.00 per square foot shall be deposited by the 2020 Borrower into an escrow account with Webster Bank until such escrow account balance reaches $300. Subject to certain terms and conditions under the 2020 Webster Mortgage, (i) the funds in the escrow account may be released by Webster Bank upon extension of 3320 Maggie’s existing lease, or entry into any other Approved Lease (as defined and further described under the 2020 Webster Mortgage) on terms and conditions acceptable to Webster Bank, in each case for a term that runs for a minimum of one year beyond the maturity date of the 2020 Webster Mortgage, or (ii) a portion of the funds in the escrow account may be released by Webster Bank for tenant improvements and lease commissions related to Approved Leases (as defined under the 2020 Webster Mortgage).

On January 23, 2020, two wholly-owned subsidiaries of INDUS closed on a nonrecourse mortgage loan (the “2020 State Farm Mortgage”) with State Farm Life Insurance Company (“State Farm”) for $15,000. The 2020 State Farm Mortgage is collateralized by two industrial/logistics buildings, 6975 Ambassador Drive and 871 Nestle Way, each in the Lehigh Valley of Pennsylvania, that aggregate approximately 254,000 square feet. The 2020 State Farm Mortgage has a ten-year term with monthly principal payments based on a twenty-five-year amortization schedule. The interest rate for the 2020 State Farm Mortgage is 3.48%. $3,191 of the proceeds from the 2020 State Farm Mortgage were used to repay the mortgage loan on 871 Nestle Way that was scheduled to mature on January 27, 2020.

As of December 31, 2021, INDUS was a party to twelve interest rate swap agreements with notional amounts totaling $90,984 related to its variable rate nonrecourse mortgages on certain of its real estate assets. On December 31, 2020, INDUS was a party to thirteen interest rate swap agreements with notional amounts totaling $97,868 related to its variable rate nonrecourse mortgages on certain of its real estate assets. The Company accounts for its interest rate swap agreements as effective cash flow hedges (see Notes 1, 3 and 8). Amounts in AOCI will be reclassified into interest expense over the term of the swap agreements to achieve fixed rates on each mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In 2021 and the Transition Period, INDUS recognized

gains, included in other comprehensive income, of $4,945 and $196, respectively, on its interest rate swap agreements. In 2020, INDUS recognized a loss, included in other comprehensive loss, of $5,315, on its interest rate swap agreements.

As of December 31, 2021, $1,557 is expected to be reclassified over the next twelve months from AOCI to interest expense. As of December 31, 2021, the net fair value of the Company’s interest rate swap agreements was a liability of $3,807, with $188 included in other assets and $3,995 included in other liabilities on INDUS’ consolidated balance sheet. As of December 31, 2020, the net fair value of the Company’s interest rate swap agreements was a liability of $8,766, which is included in other liabilities on INDUS’ consolidated balance sheet. Total interest expense recognized during the years ended December 31, 2021, December 31, 2020 and the Transition Period was $6,877, $7,294 and $602 respectively, of which, $2,082, $1,246 and $182, respectively, was recognized related to interest rate swaps.