Leases

6 Months Ended

Jun. 30, 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 June 30, 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	$	17,773
2023		34,089
2024		33,722
2025		30,171
2026		23,708
Thereafter		67,996
	$	207,459

Expenses related to operating leases where INDUS is the lessee were $69 in each of the 2022 and 2021 six month periods. The weighted average remaining lease term for these leases as of June 30, 2022, was 4.3 years.

Maturities of lease liabilities as of June 30, 2022 are as follows:

Balance of 2022	$	71
2023		144
2024		143
2025		143
2026		117
Total undiscounted payments		618
Less: imputed interest		(45)
Present value of minimum lease payments	$	573