INDUS Realty Trust (INDT) 10-Q 9 Aug 21 2021 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2021	Aug. 06, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2021
Entity File Number	1-12879
Entity Registrant Name	INDUS REALTY TRUST, INC.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	06-0868496
Entity Address, Address Line One	641 Lexington Avenue
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
City Area Code	212
Local Phone Number	218-7910
Title of 12(b) Security	Common Stock, $0.01 par value per share
Trading Symbol	INDT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Security Exchange Name	NASDAQ
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		7,722,437
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001037390
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
ASSETS
Real estate assets at cost, net	$ 315,292	$ 242,321
Cash and cash equivalents	66,200	28,124
Real estate assets held for sale, net	6,380	6,802
Other assets	22,362	22,137
Total assets	410,234	299,384
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	157,724	160,655
Deferred revenue	7,028	9,586
Warrant liability	10,165	8,790
Accounts payable and accrued liabilities	13,328	3,669
Other liabilities	17,041	17,567
Total liabilities	205,286	200,267
Commitments and Contingencies (Note 10)
Stockholders' Equity
Common stock, par value $0.01 per share, 50,000,000 and 10,000,000 shares authorized, respectively, 8,339,487 and 6,280,856 shares issued, respectively, and 7,721,671 and 5,663,040 shares outstanding, respectively	83	63
Additional paid-in capital	255,588	138,413
Accumulated deficit	(24,144)	(9,817)
Accumulated other comprehensive loss, net of tax	(4,892)	(7,855)
Treasury stock, at cost, 617,816 shares	(21,687)	(21,687)
Total stockholders' equity	204,948	99,117
Total liabilities and stockholders' equity	$ 410,234	$ 299,384

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	10,000,000
Common stock, shares issued	8,339,487	6,280,856
Common stock, shares outstanding	7,721,671	5,663,040
Treasury stock, shares	617,816	617,816

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Operations
Rental revenue	$ 9,836	$ 9,270	$ 19,923	$ 18,132
Operating expenses of rental properties	1,132	1,080	2,765	2,252
Real estate taxes	1,454	1,416	2,901	2,797
Depreciation and amortization expense	3,424	3,509	6,767	6,815
General and administrative expenses	2,724	2,413	5,694	4,556
Total operating expenses	8,734	8,418	18,127	16,420
Interest expense	(1,711)	(1,836)	(3,460)	(3,676)
Change in fair value of financial instruments	(979)		(719)
Gain on sales of real estate assets	322	115	342	699
Investment and other income	115	1	122	26
Other Nonoperating Income (Expense), Total	(2,253)	(1,720)	(3,715)	(2,951)
Loss before income tax benefit	(1,151)	(868)	(1,919)	(1,239)
Income tax benefit		174		259
Net loss	$ (1,151)	$ (694)	$ (1,919)	$ (980)
Basic and diluted loss per common share
Basic and diluted loss per common share	$ (0.15)	$ (0.14)	$ (0.27)	$ (0.19)

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Consolidated Statements of Comprehensive Income (Loss)
Net loss	$ (1,151)	$ (694)	$ (1,919)	$ (980)
Other comprehensive (loss) income, net of tax:
Reclassifications included in net loss	506	331	994	434
Unrealized (loss) gain on cash flow hedges	(1,022)	(1,115)	1,969	(6,079)
Total other comprehensive (loss) income, net of tax	(516)	(784)	2,963	(5,645)
Total comprehensive (loss) income	$ (1,667)	$ (1,478)	$ 1,044	$ (6,625)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	(Deficit) Retained Earnings	Accumulated Other Comprehensive Income (Loss)	Treasury Stock	Total
Balance at beginning of period at Dec. 31, 2019	$ 57	$ 113,275	$ 664	$ (2,540)	$ (20,329)	$ 91,127
Balance (in shares) at Dec. 31, 2019	5,668,043
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		80				80
Exercise of stock options (in shares)	2,734
Sale of common stock, net		2,500				2,500
Sale of common stock, net (in shares)	53,293
Stock-based compensation expense		282				282
Net loss			(980)			(980)
Total other comprehensive income (loss), net of tax				(5,645)		(5,645)
Balance at end of period at Jun. 30, 2020	$ 57	116,137	(316)	(8,185)	(20,329)	87,364
Balance (in shares) at Jun. 30, 2020	5,724,070
Balance at beginning of period at Mar. 31, 2020	$ 57	115,897	378	(7,401)	(20,329)	88,602
Balance (in shares) at Mar. 31, 2020	5,721,336
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		80				80
Exercise of stock options (in shares)	2,734
Stock-based compensation expense		160				160
Net loss			(694)			(694)
Total other comprehensive income (loss), net of tax				(784)		(784)
Balance at end of period at Jun. 30, 2020	$ 57	116,137	(316)	(8,185)	(20,329)	87,364
Balance (in shares) at Jun. 30, 2020	5,724,070
Balance at beginning of period at Dec. 31, 2020	$ 63	138,413	(9,817)	(7,855)	(21,687)	99,117
Balance (in shares) at Dec. 31, 2020	6,280,856
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		168				168
Exercise of stock options (in shares)	6,370
Common stock dividend, $0.15 per share			(1,158)			(1,158)
Sale of common stock, net	$ 19	108,657				108,676
Sale of common stock, net (in shares)	1,927,049
Special dividend	$ 1	7,845	(11,250)			(3,404)
Special dividend (in shares)	125,212
Stock-based compensation expense		505				505
Net loss			(1,919)			(1,919)
Total other comprehensive income (loss), net of tax				2,963		2,963
Balance at end of period at Jun. 30, 2021	$ 83	255,588	(24,144)	(4,892)	(21,687)	204,948
Balance (in shares) at Jun. 30, 2021	8,339,487
Balance at beginning of period at Mar. 31, 2021	$ 83	255,135	(21,835)	(4,376)	(21,687)	207,320
Balance (in shares) at Mar. 31, 2021	8,333,350
Increase (Decrease) in Stockholders' Equity
Exercise of stock options		162				162
Exercise of stock options (in shares)	6,137
Common stock dividend, $0.15 per share			(1,158)			(1,158)
Stock-based compensation expense		291				291
Net loss			(1,151)			(1,151)
Total other comprehensive income (loss), net of tax				(516)		(516)
Balance at end of period at Jun. 30, 2021	$ 83	$ 255,588	$ (24,144)	$ (4,892)	$ (21,687)	$ 204,948
Balance (in shares) at Jun. 30, 2021	8,339,487

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares	3 Months Ended	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2021
Consolidated Statements of Changes in Stockholders' Equity
Dividends declared, per share (in dollars per share)	$ 0.15	$ 0.15

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating activities:
Net loss	$ (1,919)	$ (980)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	6,767	6,815
Noncash rental revenue including straight-line rents	(856)	(1,118)
Change in fair value of financial instruments	719
Stock-based compensation expense	505	282
Amortization of debt issuance costs	407	212
Gain on sales of real estate assets	(342)	(699)
Deferred income taxes		(259)
Changes in assets and liabilities:
Other assets	1,569	2,223
Accounts payable and accrued liabilities	(505)	(581)
Deferred revenue	(1,659)	(1,111)
Other liabilities	685	(330)
Net cash provided by operating activities	5,371	4,454
Investing activities:
Acquisitions of land and buildings	(60,100)	(13,670)
Additions to real estate assets	(10,388)	(5,825)
Proceeds from sales of real estate assets, net of expenses	3,141	880
Deferred leasing costs and other	(883)	(958)
Changes in short-term investments, net		1,011
Net cash used in investing activities	(68,230)	(18,562)
Financing activities:
Proceeds from sale of common stock	108,676	2,500
Dividends paid to stockholders	(4,562)
Principal payments on mortgage loans	(2,540)	(5,483)
Payment of debt issuance costs	(807)	(362)
Net repayment on revolving lines of credit		(3,000)
Proceeds from mortgage loans		20,100
Proceeds from exercise of stock options	168	80
Net cash provided by financing activities	100,935	13,835
Net increase (decrease) in cash and cash equivalents	38,076	(273)
Cash and cash equivalents at beginning of period	28,124	4,837
Cash and cash equivalents at end of period	$ 66,200	$ 4,564

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies ​ Basis of Presentation ​ INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) (f/k/a Griffin Industrial Realty, Inc.) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. INDUS seeks to add to its property portfolio through the development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. Although the Company’s real estate holdings primarily consist of industrial/logistics properties, it also owns a limited number of office/flex properties and undeveloped land parcels. INDUS periodically sells certain office/flex properties or portions of its undeveloped land that it has owned for an extended time and the use of which is not consistent with the Company’s core industrial and logistics strategy. ​ On December 30, 2020, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among INDUS, Griffin Industrial Realty, Inc., a Delaware corporation, and Griffin Industrial Maryland, LLC, a Maryland limited liability company and a wholly-owned subsidiary of INDUS, the Company completed an internal merger to reincorporate in Maryland. On December 30, 2020, following this merger, the Company changed its name to INDUS Realty Trust, Inc. On February 5, 2021, Griffin Industrial Maryland, LLC changed its name to INDUS Realty Trust, LLC and on June 28, 2021, was converted to INDUS RT, LP, a Maryland limited partnership. ​ On January 4, 2021, the Company announced that it intends to elect to be taxed as a real estate investment trust (“REIT”) under sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ending December 31, 2021 (see Note 9). This decision was based on the Company’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/logistics portfolio. On March 8, 2021, INDUS paid a special dividend to distribute the Company’s estimated accumulated earnings and profits (the “E&P Distribution”) based on the Company’s estimated taxable income through December 31, 2020 (see Note 7). ​ Through November 30, 2020, INDUS reported on a twelve month fiscal year that ended on November 30. On November 17, 2020, in connection with the anticipated election to become a REIT, the Company’s Board of Directors approved a change in the Company’s fiscal year from November 30 to December 31, effective beginning with the Company’s next fiscal year, which began on January 1, 2021 and will end on December 31, 2021 (“fiscal 2021”). As a result of this change, INDUS had a one-month transition period (the “Transition Period”) that began on December 1, 2020 and ended on December 31, 2020. The results of the Transition Period were reported in the Company’s Form 10-Q for the three months ended March 31, 2021, filed with the United States Securities and Exchange Commission (the “SEC”) on May 10, 2021. ​ The results of operations for the three months ended June 30, 2021 (the “2021 second quarter”) and the six months ended June 30, 2021 (the “2021 six month period”) are not necessarily indicative of the results to be expected for the full year. The three months and six months ended June 30, 2020 are referred to herein as the “2020 second quarter” and “2020 six month period,” respectively. The months included in the Company’s 2020 second quarter and 2020 six month period have been presented to conform to the months reflected in the 2021 second quarter and 2021 six month period . ​ INDUS’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if INDUS is the primary beneficiary of a variable interest entity (“VIE”). There have been no VIEs in which INDUS is not a primary beneficiary. ​ INDUS may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under Section 1031 of the Code, to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) is in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is owned by the qualified intermediary, INDUS retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. As discussed in Note 4, the VIE (including the Parked Property) is included in INDUS’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Company upon completion of the Reverse 1031 Like-Kind Exchange. There were two consolidated VIEs on INDUS's consolidated balance sheet as of June 30, 2021. ​ These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in INDUS’s audited consolidated financial statements for the fiscal year ended November 30, 2020 (“fiscal 2020”) included in INDUS’s Annual Report on Form 10-K, filed with the SEC on February 18, 2021. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. ​ The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. INDUS regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense and the valuation of derivative financial instruments. INDUS bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by INDUS may differ materially and adversely from INDUS’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. ​ COVID-19 ​ Since March 2020, the world has been impacted by the coronavirus (“COVID-19”) pandemic, which has created significant economic uncertainty and volatility. The full extent to which the coronavirus pandemic further impacts the Company’s business or impacts the Company’s operations, liquidity and financial results will depend on numerous evolving factors that the Company is not able to predict at this time, including: the duration and scope of the pandemic; development and spread of new variants of the virus; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the availability, adoption and effectiveness of vaccines to combat COVID-19; the impact on economic activity from the pandemic and actions taken in response, including ongoing travel restrictions; the impact on the availability and pricing of certain materials and supplies; the effect on the Company’s tenants and their businesses; the ability of tenants to make their rental payments; any closures of tenants’ facilities; the ability of existing or prospective tenants to evaluate or enter into leases; and the Company’s ability to complete sales and acquisitions of real estate assets or planned construction and development. Any of these events could materially adversely impact the Company’s business, financial condition, results of operations or stock price. COVID-19 has also disrupted the availability, supply and costs of raw materials, particularly the increased cost of steel bar joists, insulation materials and PVC piping used in sitework, which has resulted in an increase in the Company’s cost of construction and a delay in completion of the Company’s construction projects. If these disruptions and higher costs worsen, it could have material adverse impacts on the Company’s business, financial results and financial position in the future. ​ COVID-19 did not have a material impact on the Company’s rent collections in the 2021 six month period as over 99% of cash rent due each month in the 2021 six month period, inclusive of rent relief agreements, was collected. In the 2021 first quarter, the Company entered into an agreement with a tenant that leased an approximately 7,000 square foot restaurant building that would have provided rent relief of approximately $20 over the remainder of that tenant’s lease term. Subsequent to that agreement, the building was sold. As a result of the pandemic there could be future reductions in the Company’s rental revenue, particularly with respect to its office/flex properties. Recent Accounting Pronouncements Adopted ​ In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU No. 2018-13”). ASU No. 2018-13 removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively in the year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU No. 2018-13 became effective for INDUS in the Transition Period. The application of ASU No. 2018-13 did not have an impact on INDUS’s consolidated financial statements.

Sales of Common Stock

Sales of Common Stock	6 Months Ended
	Jun. 30, 2021
Sales of Common Stock
Sales of Common Stock	2. Sales of Common Stock ​ Public Offering ​ On February 2, 2021, INDUS filed a universal shelf registration statement on Form S-3 (the “Universal Shelf”) with the SEC. Under the Universal Shelf, the Company could offer and sell up to $500,000 of a variety of securities including common stock, preferred stock, warrants, depositary shares, units or any combination of such securities during the three year period that commenced on February 22, 2021. Under the Universal Shelf, the Company may periodically offer one or more types of securities in amounts, at prices and on terms announced. When INDUS obtains additional capital by issuing equity, the interests of its existing stockholders will be diluted. If the Company incurs additional indebtedness, that indebtedness may impose financial and other covenants that may significantly restrict INDUS’s operations. ​ On March 5, 2021, under its Universal Shelf, INDUS completed an underwritten public offering of 1,750,000 shares of its Common Stock at a price to the underwriters of $56.85 per share. On March 15, 2021, the underwriters exercised their option to purchase an additional 177,049 shares of common stock from INDUS at the same price. INDUS received net proceeds of $108,676, after expenses of $877, from the aggregate of 1,927,049 shares sold on March 5, 2021 and March 15, 2021. The Company intends to use the proceeds from the sale of its Common Stock to finance its development pipeline and acquisitions and for other corporate purposes. ​ As of June 30, 2021, the Company had approximately $384,377 available for issuance under its Universal Shelf. See Note 11 for the subsequent event related to INDUS’s Universal Shelf. ​ ​ ​

Fair Value

Fair Value	6 Months Ended
	Jun. 30, 2021
Fair Value
Fair Value	3. Fair Value ​ INDUS applies the provisions of ASC 820, which establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs, when measuring fair value. The categorization of an asset or liability within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value, as follows: ​ Level 1 applies to assets or liabilities for which there are quoted market prices in active markets for identical assets or liabilities. ​ Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities in active markets; quoted prices for assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data. Level 2 assets and liabilities include INDUS’s interest rate swap agreements (see Note 5). These inputs are readily available in public markets or can be derived from information available in publicly quoted markets, therefore, INDUS has categorized these derivative instruments as Level 2 within the fair value hierarchy. ​ Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities. INDUS’s consolidated balance sheet includes the Warrant liability and Contingent Value Rights (“CVR”) liability related to the private placement on August 24, 2020 (see Note 9). INDUS derived these values based on the Cox-Ross-Rubenstein option-pricing model and a Monte Carlo simulation valuation methodology, respectively. Therefore, INDUS recognized these liabilities as Level 3 within the fair value hierarchy and they will be measured on a recurring basis. ​ The following are INDUS’s financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset ​ $ — ​ $ 134 ​ $ — Interest rate swap liabilities ​ $ — ​ $ 5,937 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 10,165 Contingent value rights liability ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dec. 31, 2020 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities ​ $ — ​ $ 8,766 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 8,790 Contingent value rights liability ​ $ — ​ $ — ​ $ 656 ​ The amounts included in the consolidated financial statements for cash and cash equivalents, leasing receivables from tenants, accounts payable and accrued liabilities and interest rate swap assets and liabilities approximate their fair values because of the short-term maturities of these instruments. The fair values of the interest rate swaps (used for purposes other than trading) are determined based on discounted cash flow models that incorporate the cash flows of the derivatives as well as the current Overnight Index Swap Rate and swap curve along with other market data, taking into account current interest rates and the credit worthiness of the counterparty for assets and the credit worthiness of INDUS for liabilities. ​ The fair values of the mortgage loans, net of debt issuance costs, are estimated based on current rates offered to INDUS for similar debt of the same remaining maturities and, additionally, INDUS considers its credit worthiness in determining the fair value of its mortgage loans. At June 30, 2021 and December 31, 2020, the carrying values of the mortgage loans were $157,724 and $160,655, respectively, and the fair values of the mortgage loans were $161,335 and $163,906, respectively. ​ The fair value of the Warrant liability was estimated using the Cox-Ross-Rubenstein option-pricing model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining fair value of the Warrant liability is as follows: ​ ​ ​ ​ ​ ​ ​ Warrant Liability Expected volatility ​ 46.63 % Risk free interest rate ​ 0.28 % Expected term (in years) ​ 2.15 ​ Annual dividend yield ​ 0.93 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Warrant Liability ​ Fair value at December 31, 2020 ​ $ 8,790 ​ Change in fair value ​ ​ 1,375 ​ Fair value at June 30, 2021 ​ $ 10,165 ​ ​ Although the fair value of the Warrant was $10,165 as of June 30, 2021, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018. On August 24, 2021, the cash settlement feature of the Warrant liability terminates and the fair value of the Warrant liability on that date will be reclassified to equity on INDUS’s consolidated balance sheet. ​ The fair value of the CVR liability (see Note 9) was estimated using a Monte Carlo simulation valuation methodology. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining fair value of the CVR liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Contingent Value Rights Liability ​ Expected volatility ​ ​ 24.15 % Risk free interest rate ​ ​ 0.05 % Expected term (in years) ​ ​ 0.15 ​ Annual dividend yield ​ ​ — % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Contingent Value Rights Liability ​ Fair value at December 31, 2020 ​ $ 656 ​ Change in fair value ​ ​ (656) ​ Fair value at June 30, 2021 ​ $ — ​ ​

Real Estate Assets

Real Estate Assets	6 Months Ended
	Jun. 30, 2021
Real Estate Assets
Real Estate Assets	4. Real Estate Assets ​ Real estate assets consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Useful Lives June 30, 2021 ​ Dec. 31, 2020 Land ​ ​ ​ $ 45,464 ​ $ 33,084 Land improvements ​ 10 to 30 years ​ 47,074 ​ 45,827 Buildings and improvements ​ 10 to 40 years ​ 279,235 ​ 233,250 Tenant improvements ​ Shorter of useful life or terms of related lease ​ 35,249 ​ 34,899 Machinery and equipment ​ 3 to 20 years ​ ​ 10,958 ​ ​ 10,958 Construction in progress ​ ​ ​ ​ 22,306 ​ ​ 4,036 Development costs ​ ​ ​ 3,856 ​ 5,106 ​ ​ ​ ​ 444,142 ​ 367,160 Accumulated depreciation ​ ​ ​ (128,850) ​ (124,839) ​ ​ ​ ​ $ 315,292 ​ $ 242,321 ​ Total depreciation expense related to real estate assets were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Depreciation expense ​ $ 2,987 ​ $ 3,049 ​ $ 5,903 ​ $ 5,950 ​ On June 28, 2021, INDUS, through a consolidated VIE, purchased 7800 Tuckaseegee Road (“7800 Tuckaseegee”), an approximately 395,000 square foot industrial/logistics building in Charlotte, North Carolina for $42,514, including acquisition costs. On May 12, 2021, INDUS, through a consolidated VIE, purchased 6355 Farm Bureau Road (“6355 Farm Bureau”), an approximately 128,000 square foot industrial/logistics building in the Lehigh Valley of Pennsylvania for $11,928, including acquisition costs. For both acquisitions, INDUS provided all of the funding to the VIEs for the purchases and determined the fair value of the assets acquired approximated the purchase price, which was allocated to the real estate assets and intangible assets (see Note 9) on a relative fair value basis. The acquisitions of 7800 Tuckaseegee and 6355 Farm Bureau were made utilizing Reverse 1031 Like-Kind Exchanges that were entered into at the time the properties were acquired. As such, as of June 30, 2021, these properties are in the possession of a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchanges until the potential real estate sales transactions and the Reverse 1031 Like-Kind Exchanges are completed. ​ On April 13, 2021, INDUS closed on the purchase of an approximately 14 acre parcel of undeveloped land in Orlando, Florida (the “Jetport Land”) for a purchase price of $5,658, after transaction and entitlement costs. The Jetport Land is a replacement property as part of a Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Internal Revenue Code. INDUS acquired the Jetport Land utilizing $1,993 of proceeds from the sales of one of its office/flex buildings and two smaller land parcels in November 2020. The balance of the purchase price for the Jetport Land was paid from the Company’s cash on hand. INDUS plans to construct two industrial/logistics buildings totaling approximately 195,000 square feet on the Jetport Land. ​ The purchase prices for acquisitions in the 2021 six month period were allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7800 Tuckaseegee ​ 6355 Farm Bureau ​ Jetport Land ​ Total Land ​ $ 4,606 ​ $ 2,163 ​ $ 5,658 ​ $ 12,427 Land improvements ​ ​ 927 ​ ​ 388 ​ ​ — ​ ​ 1,315 Buildings and improvements ​ ​ 35,959 ​ ​ 10,036 ​ ​ — ​ ​ 45,995 Tenant improvements ​ ​ 200 ​ ​ 132 ​ ​ — ​ ​ 332 Value of in-place lease ​ ​ 1,462 ​ ​ 918 ​ ​ — ​ ​ 2,380 Value of below market lease ​ ​ (640) ​ ​ (1,709) ​ ​ — ​ ​ (2,349) ​ ​ $ 42,514 ​ $ 11,928 ​ $ 5,658 ​ $ 60,100 ​ ​ See Note 11 for subsequent events related to INDUS’s real estate assets. ​ Real estate assets held for sale consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Land ​ $ 522 ​ $ 505 ​ Land improvements ​ ​ 269 ​ ​ 269 ​ Development costs ​ ​ 5,589 ​ ​ 6,028 ​ ​ ​ $ 6,380 ​ $ 6,802 ​ ​ The decrease in real estate assets held for sale in the 2021 six month period reflected $771 for sales of real estate assets that closed partially offset by $349 that was reclassified from real estate assets into real estate assets held for sale as a result of entering into agreements to sell such real estate. The amounts remaining in real estate assets held for sale are related to sales currently under contract which INDUS expects to close within the next six to nine months. ​

Mortgage Loans and Interest Rat

Mortgage Loans and Interest Rate Swaps	6 Months Ended
	Jun. 30, 2021
Mortgage Loans and Interest Rate Swaps
Mortgage Loans and Interest Rate Swaps	5. Mortgages Loans, Construction Loan and Interest Rate Swaps ​ INDUS’s mortgage loans and construction loan consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: June 30, 2021 Dec. 31, 2020 4.72%, due October 3, 2022 * ​ $ 4,007 ​ $ 4,061 ​ 4.39%, due January 2, 2025 * ​ ​ 18,140 ​ ​ 18,453 ​ 4.17%, due May 1, 2026 * ​ ​ 12,495 ​ ​ 12,696 ​ 3.79%, due November 17, 2026 * ​ ​ 23,535 ​ ​ 23,911 ​ 4.39%, due August 1, 2027 * ​ ​ 9,614 ​ ​ 9,750 ​ 3.97%, due September 1, 2027 ​ ​ 11,298 ​ ​ 11,419 ​ 4.57%, due February 1, 2028 * ​ ​ 17,375 ​ ​ 17,601 ​ 5.09%, due July 1, 2029 ​ ​ 4,968 ​ ​ 5,214 ​ 5.09%, due July 1, 2029 ​ ​ 3,481 ​ ​ 3,653 ​ 3.60%, due January 2, 2030 * ​ ​ 6,267 ​ ​ 6,350 ​ 3.48%, due February 1, 2030 ​ ​ 14,486 ​ ​ 14,682 ​ 3.50%, due July 1, 2030 * ​ ​ 4,981 ​ ​ 5,046 ​ 4.33%, due August 1, 2030 ​ ​ 16,057 ​ ​ 16,244 ​ 4.51%, due April 1, 2034 ​ ​ 13,524 ​ ​ 13,688 ​ Nonrecourse mortgage loans ​ ​ 160,228 ​ ​ 162,768 ​ Debt issuance costs ​ ​ (1,964) ​ ​ (2,113) ​ Nonrecourse mortgage loans, net of debt issuance costs ​ ​ 158,264 ​ ​ 160,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction loan: ​ ​ ​ ​ ​ ​ ​ LIBOR plus 1.65% ​ ​ — ​ ​ — ​ Debt issuance costs ​ ​ (540) ​ ​ — ​ Construction loan, net of debt issuance costs ​ ​ (540) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans and construction loan, net of debt issuance costs ​ $ 157,724 ​ $ 160,655 ​ *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. ​ INDUS’s weighted average interest rate on its mortgage loans, including the effect of its interest rate swap agreements, was 4.18% as of June 30, 2021 and December 31, 2020. As of June 30, 2021, INDUS was a party to thirteen interest rate swap agreements with notional amounts totaling $96,414 and $97,868 at June 30, 2021 and December 31, 2020, respectively, related to its variable rate nonrecourse mortgage loans on certain of its real estate assets. The Company accounts for its interest rate swap agreements as effective cash flow hedges (see Note 3). Amounts in accumulated other comprehensive income (“AOCI”) will be reclassified into interest expense over the term of the swap agreements to achieve fixed interest rates on each variable rate mortgage. None of the interest rate swap agreements contain any credit risk related contingent features. In the 2021 six month period, INDUS recognized a gain, included in other comprehensive loss, of $2,963 on its interest rate swap agreements. In the 2020 six month period, INDUS recognized a loss, included in other comprehensive loss, of $7,091, before taxes, on its interest rate swap agreements. As of June 30, 2021, $1,964 was expected to be reclassified over the next twelve months to AOCI from interest expense. As of June 30, 2021, the net fair value of INDUS’s interest rate swap agreements was a liability of $5,803, with $134 included in other assets and $5,937 included in other liabilities on INDUS’s consolidated balance sheet. Interest expense related to INDUS’s interest rate swap agreements in the 2021 and 2020 six month periods was $994 and $549 (before tax), respectively. ​ On May 7, 2021, a subsidiary of INDUS entered into a construction loan agreement (the “2021 JPM Construction Loan”) with JPMorgan Chase Bank N.A. to provide a portion of the funds for the site work and development costs of an approximately 141,000 square foot industrial/logistics building in Charlotte, North Carolina (the “Charlotte Build-to-Suit”). Total borrowings under the 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. The term of the 2021 JPM Construction Loan is two years , with a one-year extension at the Company’s option. Interest under the 2021 JPM Construction Loan, to be 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 and commencement of rental payments by the tenant in the Charlotte Build-to-Suit. There were no borrowings against the 2021 JPM Construction Loan as of June 30, 2021. Subsequent to June 30, 2021, the Company borrowed $9,594 under the 2021 JPM Construction Loan. ​

Revolving Credit Agreements

Revolving Credit Agreements	6 Months Ended
	Jun. 30, 2021
Revolving Credit Agreements
Revolving Credit Agreements	6. Revolving Credit Agreements ​ Subsequent to the end of the 2021 second quarter, on August 5, 2021, INDUS, as parent guarantor, INDUS RT, LP, as borrower, certain subsidiaries of INDUS RT, LP as guarantors, JPMorgan Chase Bank, N.A. (“JPMorgan”) as Administrative Agent, Joint Lead Arranger and Joint Bookrunner, CITIBANK, N.A. as Joint Lead Arranger, Joint Bookrunner and Syndication Agent and the other parties thereto entered into an agreement for a new secured revolving credit facility of up to $100,000 (the “New Credit Facility”) with several banks that replaced the Company’s existing revolving credit line and acquisition credit line with Webster Bank, N.A. (“Webster Bank”) (see below). The New Credit Facility has a three year term with two one-year extensions at the Company’s option. The New Credit Facility also includes an uncommitted incremental facility, which would enable the New Credit Facility to be increased up to $250,000 in the aggregate. Borrowings under the New Credit Facility will bear interest subject to a pricing grid for changes in the Company’s total leverage. Based on the Company’s current leverage, the initial annual interest rate under the New Credit Facility is the one-month LIBOR plus 1.20% compared to a rate of one-month LIBOR plus 2.50% and one-month LIBOR plus 2.75% under its current revolving credit line and acquisition credit line, respectively, with Webster Bank immediately prior to entering into the New Credit Facility. In the event that JPMorgan determines that LIBOR is no longer available, the New Credit Facility contemplates that JPMorgan shall transition to a comparable rate of interest to the LIBOR rate. Under the terms of the New Credit Facility, INDUS must maintain: (i) a consolidated tangible net worth of 75% of the consolidated tangible net worth as of the last day of the most-recent fiscal quarter ending on or prior to the closing date plus 75% of the aggregate increases in stockholders’ equity of the Company by reason of issuance or sale of equity of the Company; (ii) a fixed charge coverage ratio of (a) 1.25 to 1.0 through March 31, 2022, and (b) 1.50 to 1.0 on and after June 30, 2022; (iii) a maximum leverage ratio of total indebtedness to total assets of less than 60% on the last day of any fiscal quarter; (iv) a maximum secured leverage ratio of total secured indebtedness to total asset value of (a) 50% through December 31, 2022, and (b) 40% on and after March 31, 2023; (v) a minimum borrowing base of (a) $30,000 through December 30, 2022, (b) $50,000 from December 31, 2022 through December 30, 2023, and (c) $100,000 on and after December 31, 2023; and (vi) a minimum of (a) five industrial unencumbered properties from June 30, 2021 through December 30, 2023, and (b) eight industrial unencumbered properties on and after December 31, 2023. ​ On March 17, 2021, INDUS executed an amendment (the “Revolving Credit Line Amendment”) to its $19,500 revolving credit line (the “Webster Credit Line” and, as amended by the Revolving Credit Line Amendment, the “Amended Webster Credit Line”) with Webster Bank that was scheduled to expire on September 30, 2021. The Revolving Credit Line Amendment increased the amount of the Amended Webster Credit Line from $19,500 to $35,000, while adding two industrial/logistics buildings totaling approximately 283,000 square feet in the Charlotte, North Carolina area, to the collateral for the Amended Webster Credit Line. Interest on borrowings under the Amended Webster Credit Line remained the same at the one-month LIBOR rate plus 2.50%. In addition to the two industrial/logistics properties in the Charlotte area, the collateral pool for the Amended Webster Credit Line consisted of the Company’s eight office/flex buildings aggregating approximately 224,000 square feet and two industrial/logistics buildings aggregating approximately 50,000 square feet in Connecticut and 170 Sunport Lane, an approximately 68,000 square foot industrial/logistics building in Orlando, Florida, acquired in fiscal 2020. At June 30, 2021, there were no borrowings outstanding under the Amended Webster Credit Line, however, the Amended Webster Credit Line secured certain unused standby letters of credit aggregating $3,097 that were related to INDUS's development activities. The Amended Webster Credit Line was replaced by the New Credit Facility (see above). ​ INDUS also had a credit line of $15,000 with Webster Bank that was used to finance property acquisitions (the “Acquisition Credit Line”). The Acquisition Credit Line was unsecured and scheduled to expire on September 30, 2021 and could have been used to fund up to 65% of the purchase price of real estate acquisitions. Interest on advances under the Acquisition Credit Line were at the one-month LIBOR rate plus 2.75%. At June 30, 2021, there were no borrowings outstanding under the Acquisition Credit Line. The Acquisition Credit Line was replaced by the New Credit Facility (see above). ​ ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2021
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity ​ Per Share Results ​ Basic and diluted per share results were based on the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Net loss ​ $ (1,151) ​ $ (694) ​ $ (1,919) ​ $ (980) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 7,718,000 ​ 5,130,000 ​ 6,981,000 ​ 5,109,000 Incremental shares from assumed exercise of stock options and warrants (a) ​ — ​ — ​ — ​ — Adjusted weighted average shares for computation of diluted per share results ​ 7,718,000 ​ 5,130,000 ​ 6,981,000 ​ 5,109,000 (a) Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and the Warrant for the 2021 second quarter and 2020 second quarter would have been 127,000 and 57,000 , respectively. The incremental shares from the assumed exercise of the Warrant and stock options for the 2021 six month period and 2020 six month period would have been 126,000 and 55,000 , respectively. ​ Equity Compensation Plans ​ Stock Options ​ There were no stock options granted in the 2021 six month period. The following options were granted by INDUS in the 2020 six month period under the 2020 Incentive Award Plan and the 2009 Stock Option Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value per ​ ​ Number of ​ Option at ​ ​ Shares ​ Grant Date Non-employee directors ​ 111,258 ​ $ 11.00 - 14.17 ​ ​ ​ ​ Number of option holders at June 30, 2021 21 ​ As of June 30, 2021, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 199 Fiscal 2022 ​ $ 372 Fiscal 2023 ​ $ 231 Fiscal 2024 ​ $ 111 Fiscal 2025 ​ $ 15 ​ A summary of INDUS’s stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ ​ Number of ​ ​ Weighted Avg. ​ Number of ​ ​ Weighted Avg. ​ ​ Shares ​ ​ Exercise Price ​ Shares ​ ​ Exercise Price Outstanding at beginning of period 246,150 ​ $ 36.06 189,822 ​ $ 28.23 Adjustment for stock dividend ​ 5,413 ​ $ 34.29 ​ — ​ $ — Granted — ​ $ — 111,258 ​ $ 45.72 Exercised (6,370) ​ $ 26.46 (2,734) ​ $ 29.25 Forfeited (1,067) ​ $ 37.49 — ​ $ — Outstanding at end of period 244,126 ​ $ 35.50 298,346 ​ $ 34.74 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options June 30, 2021 Exercise Price (in years) Value $23.00 - $28.00 105,176 ​ $ 26.25 4.8 $ 4,144 $28.00 - $32.00 14,073 ​ $ 29.84 4.0 ​ 504 $32.00 - $47.00 124,877 ​ $ 43.93 8.5 ​ 2,712 ​ 244,126 ​ $ 35.50 6.6 ​ $ 7,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 134,447 ​ $ 27.82 4.9 $ 5,087 ​ Restricted Stock Units ​ Under the 2020 Incentive Award Plan, INDUS granted the following restricted stock units of Common Stock (“RSUs”) in the 2021 six month period; ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ Performance-based vesting ​ ​ Fair Value per ​ Fair Value per ​ ​ Number of ​ Unit at ​ Number of ​ Option at ​ ​ Units ​ Grant Date ​ Shares ​ Grant Date Employees ​ 8,508 ​ $ 63.15 ​ 8,508 ​ $ 79.33 Non-employee directors ​ 4,682 ​ $ 67.28 ​ - ​ ​ ​ ​ ​ 13,190 ​ ​ ​ 8,508 ​ ​ ​ ​ The time-based RSUs granted to employees were effective February 1, 2021 and, subject to the recipient’s continued employment, will vest over three years in equal installments on February 1 of each year beginning in 2022. The performance based RSUs granted in fiscal 2021 will vest after a period of three years and be measured over the three-year period on pre-established goals. The time-based RSUs granted to non-employee directors were effective on June 17, 2021 and will vest over one year . The holders of RSUs will receive credit for dividends, but do not have voting rights. The RSUs may not be sold, assigned, transferred, pledged or otherwise disposed of and are subject to a risk of forfeiture prior to the expiration of the applicable vesting period. ​ As of June 30, 2021, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 425 Fiscal 2022 ​ $ 521 Fiscal 2023 ​ $ 282 Fiscal 2024 ​ $ 23 ​ Compensation expense and related tax benefits for stock options and restricted stock units were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Compensation expense ​ $ 291 ​ $ 160 ​ $ 505 ​ $ 282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit ​ $ — ​ $ 34 ​ $ — ​ $ 62 ​ Accumulated Other Comprehensive Income (Loss) ​ Accumulated other comprehensive loss, net of tax, comprised of unrealized gains on cash flow hedges is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2021 ​ ​ June 30, 2020 Balance at beginning of period $ (7,855) $ (2,540) Other comprehensive gain (loss) before reclassifications ​ 1,969 ​ (6,079) Amounts reclassified ​ 994 ​ 434 Net activity for other comprehensive gain (loss) ​ 2,963 ​ (5,645) Balance at end of period $ (4,892) $ (8,185) ​ Changes in accumulated other comprehensive income (loss), net are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ June 30, 2021 June 30, 2020 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 506 $ — $ 506 $ 414 $ (83) $ 331 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease in fair value of cash flow hedges ​ (1,022) ​ — ​ (1,022) ​ (1,038) ​ (77) ​ (1,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (516) $ — $ (516) $ (624) $ (160) $ (784) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2021 June 30, 2020 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 994 $ — $ 994 $ 549 $ (115) $ 434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in fair value of cash flow hedges ​ 1,969 ​ — ​ 1,969 ​ (7,640) ​ 1,561 ​ (6,079) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ​ $ 2,963 $ — $ 2,963 $ (7,091) $ 1,446 $ (5,645) ​ Dividends ​ On January 13, 2021, INDUS declared a special dividend to distribute the E&P Distribution, which was based on the Company’s estimated taxable income through December 31, 2020. The E&P Distribution was made on March 8, 2021 in the amount of $11,250 or $1.99 per share to holders of record as of January 22, 2021. The E&P Distribution was paid in a combination of cash and shares of the Company’s Common Stock. The cash portion of the E&P Distribution paid to stockholders was $3,404 and 125,212 shares of Common Stock were issued. ​ INDUS declared a cash dividend on its common stock on May 7, 2021, of $0.15 per share. INDUS paid $1,158 for this dividend on June 30, 2021. INDUS did not declare or pay a cash dividend in the 2020 six month period. ​

Leases

Leases	6 Months Ended
	Jun. 30, 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 June 30, 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 $ 14,579 ​ 2022 ​ ​ 29,136 ​ 2023 ​ 25,626 ​ 2024 ​ 22,826 ​ 2025 ​ 19,343 ​ Later years ​ 34,484 ​ ​ ​ $ 145,994 ​ ​ 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 $69 in each of the 2021 and 2020 six month periods. The weighted average remaining lease term for INDUS’s operating leases as of June 30, 2021, was 5.3 years. ​ Maturities of lease liabilities as of June 30, 2021 are as follows: ​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 69 Fiscal 2022 ​ ​ 143 Fiscal 2023 ​ ​ 140 Fiscal 2024 ​ ​ 141 Fiscal 2025 ​ ​ 140 Fiscal 2026 ​ ​ 117 Total undiscounted payments ​ ​ 750 Less: imputed interest ​ ​ (66) Present value of minimum lease payments ​ $ 684 ​

Supplemental Financial Statemen

Supplemental Financial Statement Information	6 Months Ended
	Jun. 30, 2021
Supplemental Financial Statement Information
Supplemental Financial Statement Information	​ ​ 9. Supplemental Financial Statement Information ​ Other Assets ​ INDUS's other assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Deferred leasing costs, net ​ $ 6,810 ​ $ 5,352 Straight-line rents ​ ​ 6,623 ​ ​ 6,700 Intangible assets, net ​ 4,228 ​ 2,126 Deposits ​ ​ 1,017 ​ ​ 1,163 Mortgage escrows ​ 882 ​ 558 Right-of-use assets ​ ​ 650 ​ ​ 707 Accounts receivable (primarily leases) ​ ​ 568 ​ ​ 254 Furniture, fixtures and equipment, net ​ ​ 368 ​ ​ 181 Prepaid expenses ​ 367 ​ 2,618 Registration statement costs ​ ​ 172 ​ ​ — Deferred financing costs related to revolving lines of credit ​ ​ 171 ​ ​ 162 Interest rate swap asset ​ ​ 134 ​ ​ — Proceeds from sales of real estate assets held in escrow ​ ​ — ​ ​ 1,993 Other ​ 372 ​ 323 Total other assets ​ $ 22,362 ​ $ 22,137 ​ Accounts Payable and Accrued Liabilities ​ INDUS's accounts payable and accrued liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Accrued construction costs and retainage ​ $ 8,861 ​ $ 94 Accrued lease commissions ​ ​ 1,630 ​ ​ 233 Accrued interest payable ​ ​ 588 ​ ​ 580 Trade payables ​ ​ 586 ​ ​ 1,093 Accrued salaries, wages and other compensation ​ ​ 578 ​ ​ 1,027 Other ​ ​ 1,085 ​ ​ 642 Total accounts payable and accrued liabilities ​ $ 13,328 ​ $ 3,669 ​ Other Liabilities ​ INDUS's other liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Interest rate swap liabilities ​ $ 5,937 ​ $ 8,766 Deferred compensation plan ​ ​ 4,791 ​ ​ 4,335 Intangible liability, net ​ ​ 2,969 ​ ​ 695 Prepaid rent from tenants ​ ​ 1,483 ​ ​ 1,345 Security deposits of tenants ​ ​ 856 ​ ​ 710 Lease liabilities ​ ​ 684 ​ ​ 739 Contingent value rights liability ​ ​ — ​ ​ 656 Other ​ ​ 321 ​ ​ 321 Total other liabilities ​ $ 17,041 ​ $ 17,567 ​ Supplemental Cash Flow Information ​ Accounts payable and accrued liabilities related to additions to real estate assets increased by $8,767 and $515 in the 2021 six month period and 2020 six month period, respectively. ​ Interest payments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 $ 1,699 $ 1,762 ​ $ 3,390 $ 3,446 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 $ 223 ​ $ 33 ​ $ 345 ​ $ 33 ​ Warrants and Contingent Value Rights ​ On August 24, 2020, pursuant to the Securities Purchase Agreement, INDUS: (i) sold 504,590 shares of its Common Stock; and (ii) issued a warrant (the “Warrant”) to Conversant to acquire 504,590 additional shares of Common Stock (subject to adjustment as set forth therein) at an exercise price of $60.00 per share (the “Exercise Price”). Conversant paid $50.00 per share of Common Stock and $4.00 per Warrant Share for the Warrant for total proceeds of $27,248 , before expenses of $449 . Pursuant to the Securities Purchase Agreement, for so long as Conversant owns shares of Common Stock constituting more than 4.9% of INDUS’s Common Stock issued and outstanding, Conversant will have the right to designate one member (the “Purchaser Nominee”) to INDUS’s Board of Directors (subject to certain terms and conditions set forth therein) and such Purchaser Nominee shall be nominated by the Board for re-election as a director at each subsequent meeting of the Company’s stockholders. Until the one-year anniversary of the date of the Securities Purchase Agreement, Conversant may not transfer any of the shares of Common Stock without INDUS’s prior written consent. ​ On August 24, 2020, INDUS and Conversant also entered into a Contingent Value Rights Agreement (the “Contingent Value Rights Agreement”), pursuant to which Conversant is entitled to a one-time cash payment in the event that INDUS’s volume weighted average share price per share of Common Stock for the thirty trading day period ending on the date of the one-year anniversary of the date of the Securities Purchase Agreement (the “ 30-Day VWAP”) is less than the purchase price paid by Conversant in respect of each common share (the “Common Shares Purchase Price”), subject to adjustment as described therein. If the 30-Day VWAP is less than the Common Shares Purchase Price, Conversant is entitled to a one-time cash payment per CVR calculated on a linear basis relative to the difference between the 30-Day VWAP and the Common Shares Purchase Price. Such payment will in no event exceed $2,523 , which is 10% of the total paid by Conversant to purchase the Common Stock. ​ The Warrant is exercisable from the date of issuance and has a term of three years . The Exercise Price and the number of shares of Common Stock issuable upon exercise of the Warrant is subject to appropriate adjustments in the event of certain stock dividends, stock splits, stock combinations, reclassifications or similar events affecting the Common Stock. Upon a Fundamental Transaction (as defined in the Warrant) in which the consideration consists solely of cash, solely of marketable securities or a combination thereof, the remaining unexercised portion of the Warrant will automatically be deemed to be exercised or the Warrant will be terminated, depending on whether the purchase price per share of one share of Common Stock in such fundamental transaction is greater or less than the Exercise Price. In addition, if such Fundamental Transaction occurs prior to the one-year anniversary of the date of the Warrant, and the price per share of one share of Common Stock in such Fundamental Transaction is less than the Exercise Price, or if it is greater than the Exercise Price but less than the purchase price paid by the holder per Warrant Share, then the holder will be entitled to receive a cash payment up to an amount equal to the purchase price paid by the holder per Warrant Share in respect of any unexercised portion of the Warrant. ​ Both the Warrant and the CVRs are derivative financial instruments and reported as liabilities at their fair values on INDUS’s consolidated balance sheet as of June 30, 2021 (see Note 3). Although the fair value of the Warrant was $10,165 as of June 30, 2021, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018. On August 24, 2021, the cash settlement feature of the Warrant liability terminates and the fair value of the Warrant liability on that date will be reclassified to equity on INDUS’s consolidated balance sheet. ​ Income Taxes ​ As discussed above (see Note 1), INDUS intends to elect to be taxed as a REIT for the taxable year ending December 31, 2021. To qualify as a REIT, INDUS is required (among other things) to distribute at least 90% of its REIT taxable income to its stockholders and meet various other organization and operating requirements. Provided the Company qualifies for taxation as a REIT, it generally will not be subject to federal income taxes if it distributes 100% of its taxable income for each year to its stockholders. However, any taxable income from a taxable REIT subsidiary will be subject to federal, state and local income taxes. If INDUS fails to qualify as a REIT in any taxable year, and it is unable to avail itself of certain savings provisions set forth in the Code, all of its taxable income will be subject to regular federal corporate income tax, and it may not be able to qualify as a REIT for four subsequent taxable years. Additionally, even if INDUS qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property and to federal income taxes and excise taxes on its undistributed taxable income. INDUS may also be subject to a corporate income tax on any gains recognized during a five-year period following the REIT conversion that are attributable to built-in gains with respect to assets that were owned on January 1, 2021. ​ In connection with the election to be taxable as a REIT for the taxable year ending December 31, 2021, INDUS reassessed its deferred tax assets and deferred tax liabilities during the fourth quarter of fiscal 2020, which resulted in de-recognizing all of its deferred tax assets and deferred tax liabilities prior to December 31, 2020. Accordingly, there is no income tax benefit reflected in the Company’s results of operations for the 2021 second quarter and 2021 six month period. INDUS’s income tax benefit was $259 in the 2020 six month period reflecting an effective tax rate of 20.9%. The effective tax benefit rate for the 2020 six month period reflected the federal statutory income tax rate of 21% adjusted for effects of permanent differences and state income taxes. ​ INDUS’s federal income tax returns for fiscal 2017, fiscal 2018 and fiscal 2019 are open to examination by the Internal Revenue Service. ​

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2021
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies ​ From time to time, INDUS is involved, as a defendant, in various litigation matters arising in the ordinary course of business. In the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to the Company’s consolidated financial position, results of operations or cash flows. ​ ​

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2021
Subsequent Events.
Subsequent Events	11. Subsequent Events ​ In accordance with FASB ASC 855, “Subsequent Events,” INDUS has evaluated all events or transactions occurring after June 30, 2021, the balance sheet date, and noted that there have been no such events or transactions which would require recognition or disclosure in the consolidated financial statements as of and for the period ended June 30, 2021, other than the disclosures herein. ​ On August 5, 2021, INDUS closed on the purchase of an approximately 139,500 square foot fully leased industrial/logistics building in Lakeland, Florida for a purchase price of $17,800, before transaction costs. ​ On July 9, 2021, INDUS and INDUS RT, LP filed an updated universal shelf registration statement on Form S-3 (the “Updated Universal Shelf”) with the SEC. Under the Updated Universal Shelf, the Company may offer and sell up to $500,000 of a variety of securities including common stock, preferred stock, debt securities, warrants, depositary shares, rights or units, INDUS RT, LP’s debt securities or guarantees thereof by the Company, or any combination of such securities during the three year period that will commence with the effective date, which has not yet occurred. Under the Updated Universal Shelf, which adds debt securities of the Company and of INDUS RT, LP that the Universal Shelf did not include, the Company may periodically offer one or more types of securities in amounts, at prices and on terms announced. When INDUS obtains additional capital by issuing equity, the interests of its existing stockholders will be diluted. If the Company incurs additional indebtedness, that indebtedness may impose financial and other covenants that may significantly restrict INDUS’s operations. ​ See Note 6 on INDUS entering into the New Credit Facility subsequent to June 30, 2021. ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2021
Basis of Presentation	Basis of Presentation ​ INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) (f/k/a Griffin Industrial Realty, Inc.) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. INDUS seeks to add to its property portfolio through the development of land or the acquisition of modern, market-appropriate logistics buildings in the markets it targets, all of which can serve multiple drivers of demand in the modern supply chain. Although the Company’s real estate holdings primarily consist of industrial/logistics properties, it also owns a limited number of office/flex properties and undeveloped land parcels. INDUS periodically sells certain office/flex properties or portions of its undeveloped land that it has owned for an extended time and the use of which is not consistent with the Company’s core industrial and logistics strategy. ​ On December 30, 2020, pursuant to an Agreement and Plan of Merger (the “Merger Agreement”), by and among INDUS, Griffin Industrial Realty, Inc., a Delaware corporation, and Griffin Industrial Maryland, LLC, a Maryland limited liability company and a wholly-owned subsidiary of INDUS, the Company completed an internal merger to reincorporate in Maryland. On December 30, 2020, following this merger, the Company changed its name to INDUS Realty Trust, Inc. On February 5, 2021, Griffin Industrial Maryland, LLC changed its name to INDUS Realty Trust, LLC and on June 28, 2021, was converted to INDUS RT, LP, a Maryland limited partnership. ​ On January 4, 2021, the Company announced that it intends to elect to be taxed as a real estate investment trust (“REIT”) under sections 856 through 860 of the Internal Revenue Code of 1986, as amended (the “Code”) for its taxable year ending December 31, 2021 (see Note 9). This decision was based on the Company’s consideration of ways to maximize stockholder value and generate growth opportunities as the Company continues to expand its industrial/logistics portfolio. On March 8, 2021, INDUS paid a special dividend to distribute the Company’s estimated accumulated earnings and profits (the “E&P Distribution”) based on the Company’s estimated taxable income through December 31, 2020 (see Note 7). ​ Through November 30, 2020, INDUS reported on a twelve month fiscal year that ended on November 30. On November 17, 2020, in connection with the anticipated election to become a REIT, the Company’s Board of Directors approved a change in the Company’s fiscal year from November 30 to December 31, effective beginning with the Company’s next fiscal year, which began on January 1, 2021 and will end on December 31, 2021 (“fiscal 2021”). As a result of this change, INDUS had a one-month transition period (the “Transition Period”) that began on December 1, 2020 and ended on December 31, 2020. The results of the Transition Period were reported in the Company’s Form 10-Q for the three months ended March 31, 2021, filed with the United States Securities and Exchange Commission (the “SEC”) on May 10, 2021. INDUS’s consolidated financial statements reflect its accounts and its consolidated subsidiaries. INDUS consolidates the subsidiaries it controls through (i) voting rights or similar rights or (ii) by means other than voting rights if INDUS is the primary beneficiary of a variable interest entity (“VIE”). There have been no VIEs in which INDUS is not a primary beneficiary. ​ INDUS may acquire property using a reverse like-kind exchange structure (a “Reverse 1031 Like-Kind Exchange”) under Section 1031 of the Code, to defer taxable gains on the subsequent sale of real estate property. As such, the acquired property (the “Parked Property”) is in the possession of a VIE whose legal equity interests are owned by a qualified intermediary engaged to execute the Reverse 1031 Like-Kind Exchange until the subsequent sale transaction and the Reverse 1031 Like-Kind Exchange are completed. Although the VIE is owned by the qualified intermediary, INDUS retains essentially all of the legal and economic benefits and obligations related to the VIE (which holds the legal title to the Parked Property prior to the completion of the Reverse 1031 Like-Kind Exchange) and, as its designated manager, has the key decision-making power over the Parked Property. As discussed in Note 4, the VIE (including the Parked Property) is included in INDUS’s consolidated financial statements as a consolidated VIE until legal title is transferred to the Company upon completion of the Reverse 1031 Like-Kind Exchange. There were two consolidated VIEs on INDUS's consolidated balance sheet as of June 30, 2021. ​ These financial statements have been prepared in conformity with the standards of accounting measurement set forth by the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 270, “Interim Reporting” and in accordance with the accounting policies stated in INDUS’s audited consolidated financial statements for the fiscal year ended November 30, 2020 (“fiscal 2020”) included in INDUS’s Annual Report on Form 10-K, filed with the SEC on February 18, 2021. These financial statements should be read in conjunction with the Notes to Consolidated Financial Statements appearing in that report. All adjustments, comprising only normal recurring adjustments which are, in the opinion of management, necessary for a fair presentation of results for the interim periods, have been reflected and all intercompany transactions have been eliminated. ​ The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses in the reporting period. INDUS regularly evaluates estimates and assumptions related to the useful life and recoverability of long-lived assets, stock-based compensation expense and the valuation of derivative financial instruments. INDUS bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by INDUS may differ materially and adversely from INDUS’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected.
Fiscal Year	The results of operations for the three months ended June 30, 2021 (the “2021 second quarter”) and the six months ended June 30, 2021 (the “2021 six month period”) are not necessarily indicative of the results to be expected for the full year. The three months and six months ended June 30, 2020 are referred to herein as the “2020 second quarter” and “2020 six month period,” respectively. The months included in the Company’s 2020 second quarter and 2020 six month period have been presented to conform to the months reflected in the 2021 second quarter and 2021 six month period
Recent Accounting Pronouncements Adopted	Recent Accounting Pronouncements Adopted ​ In August 2018, the FASB issued ASU No. 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (“ASU No. 2018-13”). ASU No. 2018-13 removes, modifies and adds certain disclosure requirements in FASB ASC 820, “Fair Value Measurement” (“ASC 820”). The amendments on changes in unrealized gains and losses, the range and weighted average of significant unobservable inputs used to develop Level 3 fair value measurements, and the narrative description of measurement uncertainty should be applied prospectively in the year of adoption. All other amendments should be applied retrospectively to all periods presented upon their effective date. ASU No. 2018-13 became effective for INDUS in the Transition Period. The application of ASU No. 2018-13 did not have an impact on INDUS’s consolidated financial statements.
COVID 19
COVID-19	COVID-19 ​ Since March 2020, the world has been impacted by the coronavirus (“COVID-19”) pandemic, which has created significant economic uncertainty and volatility. The full extent to which the coronavirus pandemic further impacts the Company’s business or impacts the Company’s operations, liquidity and financial results will depend on numerous evolving factors that the Company is not able to predict at this time, including: the duration and scope of the pandemic; development and spread of new variants of the virus; governmental, business and individuals’ actions that have been and continue to be taken in response to the pandemic; the availability, adoption and effectiveness of vaccines to combat COVID-19; the impact on economic activity from the pandemic and actions taken in response, including ongoing travel restrictions; the impact on the availability and pricing of certain materials and supplies; the effect on the Company’s tenants and their businesses; the ability of tenants to make their rental payments; any closures of tenants’ facilities; the ability of existing or prospective tenants to evaluate or enter into leases; and the Company’s ability to complete sales and acquisitions of real estate assets or planned construction and development. Any of these events could materially adversely impact the Company’s business, financial condition, results of operations or stock price. COVID-19 has also disrupted the availability, supply and costs of raw materials, particularly the increased cost of steel bar joists, insulation materials and PVC piping used in sitework, which has resulted in an increase in the Company’s cost of construction and a delay in completion of the Company’s construction projects. If these disruptions and higher costs worsen, it could have material adverse impacts on the Company’s business, financial results and financial position in the future. ​ COVID-19 did not have a material impact on the Company’s rent collections in the 2021 six month period as over 99% of cash rent due each month in the 2021 six month period, inclusive of rent relief agreements, was collected. In the 2021 first quarter, the Company entered into an agreement with a tenant that leased an approximately 7,000 square foot restaurant building that would have provided rent relief of approximately $20 over the remainder of that tenant’s lease term. Subsequent to that agreement, the building was sold. As a result of the pandemic there could be future reductions in the Company’s rental revenue, particularly with respect to its office/flex properties.

Fair Value (Tables)

Fair Value (Tables)	6 Months Ended
	Jun. 30, 2021
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset ​ $ — ​ $ 134 ​ $ — Interest rate swap liabilities ​ $ — ​ $ 5,937 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 10,165 Contingent value rights liability ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dec. 31, 2020 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap liabilities ​ $ — ​ $ 8,766 ​ $ — Common stock warrant liability ​ $ — ​ $ — ​ $ 8,790 Contingent value rights liability ​ $ — ​ $ — ​ $ 656
Summary of the weighted-average significant unobservable inputs used in determining fair value of the warrant liability	The fair value of the Warrant liability was estimated using the Cox-Ross-Rubenstein option-pricing model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining fair value of the Warrant liability is as follows: ​ ​ ​ ​ ​ ​ ​ Warrant Liability Expected volatility ​ 46.63 % Risk free interest rate ​ 0.28 % Expected term (in years) ​ 2.15 ​ Annual dividend yield ​ 0.93 % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Derivative Warrant Liability ​ Fair value at December 31, 2020 ​ $ 8,790 ​ Change in fair value ​ ​ 1,375 ​ Fair value at June 30, 2021 ​ $ 10,165 ​ ​ Although the fair value of the Warrant was $10,165 as of June 30, 2021, the maximum amount that INDUS would be required to pay if the Warrant were to be settled in cash is $2,018. On August 24, 2021, the cash settlement feature of the Warrant liability terminates and the fair value of the Warrant liability on that date will be reclassified to equity on INDUS’s consolidated balance sheet. ​ The fair value of the CVR liability (see Note 9) was estimated using a Monte Carlo simulation valuation methodology. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in determining fair value of the CVR liability is as follows: ​ ​ ​ ​ ​ ​ ​ ​ Contingent Value Rights Liability ​ Expected volatility ​ ​ 24.15 % Risk free interest rate ​ ​ 0.05 % Expected term (in years) ​ ​ 0.15 ​ Annual dividend yield ​ ​ — % ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Contingent Value Rights Liability ​ Fair value at December 31, 2020 ​ $ 656 ​ Change in fair value ​ ​ (656) ​ Fair value at June 30, 2021 ​ $ — ​

Real Estate Assets (Tables)

Real Estate Assets (Tables)	6 Months Ended
	Jun. 30, 2021
Real Estate Assets
Schedule of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ Useful Lives June 30, 2021 ​ Dec. 31, 2020 Land ​ ​ ​ $ 45,464 ​ $ 33,084 Land improvements ​ 10 to 30 years ​ 47,074 ​ 45,827 Buildings and improvements ​ 10 to 40 years ​ 279,235 ​ 233,250 Tenant improvements ​ Shorter of useful life or terms of related lease ​ 35,249 ​ 34,899 Machinery and equipment ​ 3 to 20 years ​ ​ 10,958 ​ ​ 10,958 Construction in progress ​ ​ ​ ​ 22,306 ​ ​ 4,036 Development costs ​ ​ ​ 3,856 ​ 5,106 ​ ​ ​ ​ 444,142 ​ 367,160 Accumulated depreciation ​ ​ ​ (128,850) ​ (124,839) ​ ​ ​ ​ $ 315,292 ​ $ 242,321
Schedule of total depreciation expense and capitalized interest related to real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended ​ June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Depreciation expense ​ $ 2,987 ​ $ 3,049 ​ $ 5,903 ​ $ 5,950
Schedule of real estate held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Land ​ $ 522 ​ $ 505 ​ Land improvements ​ ​ 269 ​ ​ 269 ​ Development costs ​ ​ 5,589 ​ ​ 6,028 ​ ​ ​ $ 6,380 ​ $ 6,802 ​
2021 Acquisitions
Real Estate Assets
Schedule of purchase price allocation	The purchase prices for acquisitions in the 2021 six month period were allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 7800 Tuckaseegee ​ 6355 Farm Bureau ​ Jetport Land ​ Total Land ​ $ 4,606 ​ $ 2,163 ​ $ 5,658 ​ $ 12,427 Land improvements ​ ​ 927 ​ ​ 388 ​ ​ — ​ ​ 1,315 Buildings and improvements ​ ​ 35,959 ​ ​ 10,036 ​ ​ — ​ ​ 45,995 Tenant improvements ​ ​ 200 ​ ​ 132 ​ ​ — ​ ​ 332 Value of in-place lease ​ ​ 1,462 ​ ​ 918 ​ ​ — ​ ​ 2,380 Value of below market lease ​ ​ (640) ​ ​ (1,709) ​ ​ — ​ ​ (2,349) ​ ​ $ 42,514 ​ $ 11,928 ​ $ 5,658 ​ $ 60,100

Mortgage Loans and Interest R_2

Mortgage Loans and Interest Rate Swaps (Tables)	6 Months Ended
	Jun. 30, 2021
Mortgage Loans and Interest Rate Swaps
Schedule of mortgage and construction loans	​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: June 30, 2021 Dec. 31, 2020 4.72%, due October 3, 2022 * ​ $ 4,007 ​ $ 4,061 ​ 4.39%, due January 2, 2025 * ​ ​ 18,140 ​ ​ 18,453 ​ 4.17%, due May 1, 2026 * ​ ​ 12,495 ​ ​ 12,696 ​ 3.79%, due November 17, 2026 * ​ ​ 23,535 ​ ​ 23,911 ​ 4.39%, due August 1, 2027 * ​ ​ 9,614 ​ ​ 9,750 ​ 3.97%, due September 1, 2027 ​ ​ 11,298 ​ ​ 11,419 ​ 4.57%, due February 1, 2028 * ​ ​ 17,375 ​ ​ 17,601 ​ 5.09%, due July 1, 2029 ​ ​ 4,968 ​ ​ 5,214 ​ 5.09%, due July 1, 2029 ​ ​ 3,481 ​ ​ 3,653 ​ 3.60%, due January 2, 2030 * ​ ​ 6,267 ​ ​ 6,350 ​ 3.48%, due February 1, 2030 ​ ​ 14,486 ​ ​ 14,682 ​ 3.50%, due July 1, 2030 * ​ ​ 4,981 ​ ​ 5,046 ​ 4.33%, due August 1, 2030 ​ ​ 16,057 ​ ​ 16,244 ​ 4.51%, due April 1, 2034 ​ ​ 13,524 ​ ​ 13,688 ​ Nonrecourse mortgage loans ​ ​ 160,228 ​ ​ 162,768 ​ Debt issuance costs ​ ​ (1,964) ​ ​ (2,113) ​ Nonrecourse mortgage loans, net of debt issuance costs ​ ​ 158,264 ​ ​ 160,655 ​ ​ ​ ​ ​ ​ ​ ​ ​ Construction loan: ​ ​ ​ ​ ​ ​ ​ LIBOR plus 1.65% ​ ​ — ​ ​ — ​ Debt issuance costs ​ ​ (540) ​ ​ — ​ Construction loan, net of debt issuance costs ​ ​ (540) ​ ​ — ​ ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans and construction loan, net of debt issuance costs ​ $ 157,724 ​ $ 160,655 ​ *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.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2021
Schedule of basic and diluted per share results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Net loss ​ $ (1,151) ​ $ (694) ​ $ (1,919) ​ $ (980) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 7,718,000 ​ 5,130,000 ​ 6,981,000 ​ 5,109,000 Incremental shares from assumed exercise of stock options and warrants (a) ​ — ​ — ​ — ​ — Adjusted weighted average shares for computation of diluted per share results ​ 7,718,000 ​ 5,130,000 ​ 6,981,000 ​ 5,109,000 (a) Incremental shares from the assumed exercise of INDUS stock options are not included in periods where the inclusion of such shares would be anti-dilutive. The incremental shares from the assumed exercise of stock options and the Warrant for the 2021 second quarter and 2020 second quarter would have been 127,000 and 57,000 , respectively. The incremental shares from the assumed exercise of the Warrant and stock options for the 2021 six month period and 2020 six month period would have been 126,000 and 55,000 , respectively.
Schedule of options granted by INDUS under the Stock Option Plan to non-employee directors	​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value per ​ ​ Number of ​ Option at ​ ​ Shares ​ Grant Date Non-employee directors ​ 111,258 ​ $ 11.00 - 14.17 ​ ​ ​ ​ Number of option holders at June 30, 2021 21
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 199 Fiscal 2022 ​ $ 372 Fiscal 2023 ​ $ 231 Fiscal 2024 ​ $ 111 Fiscal 2025 ​ $ 15
Summary of the activity under the INDUS Stock Option Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2021 ​ June 30, 2020 ​ ​ Number of ​ ​ Weighted Avg. ​ Number of ​ ​ Weighted Avg. ​ ​ Shares ​ ​ Exercise Price ​ Shares ​ ​ Exercise Price Outstanding at beginning of period 246,150 ​ $ 36.06 189,822 ​ $ 28.23 Adjustment for stock dividend ​ 5,413 ​ $ 34.29 ​ — ​ $ — Granted — ​ $ — 111,258 ​ $ 45.72 Exercised (6,370) ​ $ 26.46 (2,734) ​ $ 29.25 Forfeited (1,067) ​ $ 37.49 — ​ $ — Outstanding at end of period 244,126 ​ $ 35.50 298,346 ​ $ 34.74
Schedule of options by range of exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options June 30, 2021 Exercise Price (in years) Value $23.00 - $28.00 105,176 ​ $ 26.25 4.8 $ 4,144 $28.00 - $32.00 14,073 ​ $ 29.84 4.0 ​ 504 $32.00 - $47.00 124,877 ​ $ 43.93 8.5 ​ 2,712 ​ 244,126 ​ $ 35.50 6.6 ​ $ 7,360 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 134,447 ​ $ 27.82 4.9 $ 5,087
Schedule of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ ​ June 30, 2021 ​ ​ June 30, 2020 Balance at beginning of period $ (7,855) $ (2,540) Other comprehensive gain (loss) before reclassifications ​ 1,969 ​ (6,079) Amounts reclassified ​ 994 ​ 434 Net activity for other comprehensive gain (loss) ​ 2,963 ​ (5,645) Balance at end of period $ (4,892) $ (8,185)
Schedule of components of accumulated other comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ June 30, 2021 June 30, 2020 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 506 $ — $ 506 $ 414 $ (83) $ 331 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Decrease in fair value of cash flow hedges ​ (1,022) ​ — ​ (1,022) ​ (1,038) ​ (77) ​ (1,115) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive loss ​ $ (516) $ — $ (516) $ (624) $ (160) $ (784) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Six Months Ended ​ June 30, 2021 June 30, 2020 Tax Tax (Expense) Net-of (Expense) Net-of Pre-Tax Benefit Tax Pre-Tax Benefit Tax Reclassification included in net loss: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Loss on cash flow hedges (interest expense) ​ $ 994 $ — $ 994 $ 549 $ (115) $ 434 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Change in other comprehensive income (loss): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Increase (decrease) in fair value of cash flow hedges ​ 1,969 ​ — ​ 1,969 ​ (7,640) ​ 1,561 ​ (6,079) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other comprehensive income (loss) ​ $ 2,963 $ — $ 2,963 $ (7,091) $ 1,446 $ (5,645)
Restricted Stock Units (RSUs) [Member]
Schedule of options granted under RSU	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ Performance-based vesting ​ ​ Fair Value per ​ Fair Value per ​ ​ Number of ​ Unit at ​ Number of ​ Option at ​ ​ Units ​ Grant Date ​ Shares ​ Grant Date Employees ​ 8,508 ​ $ 63.15 ​ 8,508 ​ $ 79.33 Non-employee directors ​ 4,682 ​ $ 67.28 ​ - ​ ​ ​ ​ ​ 13,190 ​ ​ ​ 8,508 ​ ​ ​
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 425 Fiscal 2022 ​ $ 521 Fiscal 2023 ​ $ 282 Fiscal 2024 ​ $ 23
Schedule of compensation expense and related tax benefits for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 Compensation expense ​ $ 291 ​ $ 160 ​ $ 505 ​ $ 282 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Related tax benefit ​ $ — ​ $ 34 ​ $ — ​ $ 62

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2021
Leases
Schedule of future minimum lease payments to be received under noncancelable operating leases	The following is a schedule of minimum future cash rentals on leases as of June 30, 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 $ 14,579 ​ 2022 ​ ​ 29,136 ​ 2023 ​ 25,626 ​ 2024 ​ 22,826 ​ 2025 ​ 19,343 ​ Later years ​ 34,484 ​ ​ ​ $ 145,994 ​ ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Balance of Fiscal 2021 $ 69 Fiscal 2022 ​ ​ 143 Fiscal 2023 ​ ​ 140 Fiscal 2024 ​ ​ 141 Fiscal 2025 ​ ​ 140 Fiscal 2026 ​ ​ 117 Total undiscounted payments ​ ​ 750 Less: imputed interest ​ ​ (66) Present value of minimum lease payments ​ $ 684

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	6 Months Ended
	Jun. 30, 2021
Supplemental Financial Statement Information
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Deferred leasing costs, net ​ $ 6,810 ​ $ 5,352 Straight-line rents ​ ​ 6,623 ​ ​ 6,700 Intangible assets, net ​ 4,228 ​ 2,126 Deposits ​ ​ 1,017 ​ ​ 1,163 Mortgage escrows ​ 882 ​ 558 Right-of-use assets ​ ​ 650 ​ ​ 707 Accounts receivable (primarily leases) ​ ​ 568 ​ ​ 254 Furniture, fixtures and equipment, net ​ ​ 368 ​ ​ 181 Prepaid expenses ​ 367 ​ 2,618 Registration statement costs ​ ​ 172 ​ ​ — Deferred financing costs related to revolving lines of credit ​ ​ 171 ​ ​ 162 Interest rate swap asset ​ ​ 134 ​ ​ — Proceeds from sales of real estate assets held in escrow ​ ​ — ​ ​ 1,993 Other ​ 372 ​ 323 Total other assets ​ $ 22,362 ​ $ 22,137
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Accrued construction costs and retainage ​ $ 8,861 ​ $ 94 Accrued lease commissions ​ ​ 1,630 ​ ​ 233 Accrued interest payable ​ ​ 588 ​ ​ 580 Trade payables ​ ​ 586 ​ ​ 1,093 Accrued salaries, wages and other compensation ​ ​ 578 ​ ​ 1,027 Other ​ ​ 1,085 ​ ​ 642 Total accounts payable and accrued liabilities ​ $ 13,328 ​ $ 3,669
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, 2021 Dec. 31, 2020 Interest rate swap liabilities ​ $ 5,937 ​ $ 8,766 Deferred compensation plan ​ ​ 4,791 ​ ​ 4,335 Intangible liability, net ​ ​ 2,969 ​ ​ 695 Prepaid rent from tenants ​ ​ 1,483 ​ ​ 1,345 Security deposits of tenants ​ ​ 856 ​ ​ 710 Lease liabilities ​ ​ 684 ​ ​ 739 Contingent value rights liability ​ ​ — ​ ​ 656 Other ​ ​ 321 ​ ​ 321 Total other liabilities ​ $ 17,041 ​ $ 17,567
Schedule of interest payments and Capitalized interest	Interest payments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 $ 1,699 $ 1,762 ​ $ 3,390 $ 3,446 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Six Months Ended June 30, 2021 June 30, 2020 ​ June 30, 2021 June 30, 2020 $ 223 ​ $ 33 ​ $ 345 ​ $ 33

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details)	6 Months Ended
	Jun. 30, 2021
Fiscal Year
Length of fiscal year	12 months
Transition period	1 month

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - COVID-19 (Details) - COVID 19 $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)ft²
Unusual or Infrequent Item, or Both [Line Items]
Rent collected (as a percent)	99.00%
Area of land | ft²	7,000
Maximum
Unusual or Infrequent Item, or Both [Line Items]
Rent relief granted | $	$ 20

Sale of Common Stock (Details)

Sale of Common Stock (Details) - USD ($)	Mar. 15, 2021	Mar. 15, 2021	Mar. 05, 2021	Feb. 02, 2021	Jun. 30, 2021	Jun. 30, 2020
Subsidiary, Sale of Stock [Line Items]
Maximum offering from universal shelf registration				$ 500,000
Term Of Securities Offered Under Self Registration				3 years
Sale of common stock, net (in shares)		1,927,049
Proceeds from sale of common stock		$ 108,676,000			$ 108,676,000	$ 2,500,000
Issuance cost		$ 877,000
Value Of Securities Available For Issuance Under Self Registration					$ 384,377
Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)			1,750,000
Share price			$ 56.85
Over-Allotment Option [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)	177,049

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap liabilities	$ 5,937	$ 8,766
Warrant Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability	10,165
Contingent Value Rights Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability		656
Recurring basis | Significant Observable Inputs (Level 2)
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap assets	134
Interest rate swap liabilities	5,937	8,766
Recurring basis | Level 3 | Warrant Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability	10,165	8,790
Recurring basis | Level 3 | Contingent Value Rights Liability
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Derivative liability		656
Carrying Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Value of mortgage loan	157,724	160,655
Estimated Fair Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Value of mortgage loan	$ 161,335	$ 163,906

Fair Value - Fair value of warr

Fair Value - Fair value of warrant liability (Details) - Level 3 - Valuation Technique, Option Pricing Model	Jun. 30, 2021
Expected volatility | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	46.63
Expected volatility | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	24.15
Risk free interest rates | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.28
Risk free interest rates | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.05
Expected term (in years) | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	2.15
Expected term (in years) | Contingent Value Rights Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.15
Annual dividend yield | Warrant Liability
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Weighted average significant input for fair value measurement	0.93

Fair Value - Fair value of wa_2

Fair Value - Fair value of warrant liability reconciliation (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)
Warrant Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial fair value at inception, Beginning balance	$ 8,790
Change in fair value	1,375
Fair value of warrant liability, Ending balance	10,165
Maximum cash settlement of warrant	2,018
Contingent Value Rights Liability
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Initial fair value at inception, Beginning balance	656
Change in fair value	$ (656)

Real Estate Assets (Details)

Real Estate Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
Real Estate Assets
Land	$ 45,464		$ 45,464		$ 33,084
Land improvements	47,074		47,074		45,827
Buildings and improvements	279,235		279,235		233,250
Tenant improvements	35,249		35,249		34,899
Machinery and equipment	10,958		10,958		10,958
Construction in progress	22,306		22,306		4,036
Development costs	3,856		3,856		5,106
Real estate assets, gross	444,142		444,142		367,160
Accumulated depreciation	(128,850)		(128,850)		(124,839)
Real estate assets, net	315,292		315,292		$ 242,321
Depreciation expense	$ 2,987	$ 3,049	$ 5,903	$ 5,950
Land improvements | Minimum
Real Estate Assets
Estimated Useful Lives			10 years
Land improvements | Maximum
Real Estate Assets
Estimated Useful Lives			30 years
Buildings and improvements | Minimum
Real Estate Assets
Estimated Useful Lives			10 years
Buildings and improvements | Maximum
Real Estate Assets
Estimated Useful Lives			40 years
Machinery and equipment | Minimum
Real Estate Assets
Estimated Useful Lives			3 years
Machinery and equipment | Maximum
Real Estate Assets
Estimated Useful Lives			20 years

Real Estate Assets - 2021 Acqui

Real Estate Assets - 2021 Acquisitions (Details) $ in Thousands	Jun. 28, 2021USD ($)ft²	May 12, 2021USD ($)ft²	Apr. 13, 2021USD ($)aft²building	Jun. 30, 2021USD ($)	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Land				$ 45,464	$ 33,084
Land improvements				47,074	45,827
Buildings and improvements				279,235	233,250
Tenant improvements				35,249	34,899
Real estate assets, net				315,292	$ 242,321
2021 Acquisitions
Real Estate Properties [Line Items]
Land				12,427
Land improvements				1,315
Buildings and improvements				45,995
Tenant improvements				332
Value of in-place lease				2,380
Value of below market lease				(2,349)
Real estate assets, net				$ 60,100
7800 Tuckaseegee
Real Estate Properties [Line Items]
Land	$ 4,606
Land improvements	927
Buildings and improvements	35,959
Tenant improvements	200
Value of in-place lease	1,462
Value of below market lease	(640)
Real estate assets, net	$ 42,514
Area of building | ft²	395,000
Cash paid for real estate	$ 42,514
6355 Farm Bureau
Real Estate Properties [Line Items]
Land		$ 2,163
Land improvements		388
Buildings and improvements		10,036
Tenant improvements		132
Value of in-place lease		918
Value of below market lease		(1,709)
Real estate assets, net		$ 11,928
Area of building | ft²		128,000
Cash paid for real estate		$ 11,928
Jetport Land
Real Estate Properties [Line Items]
Land			$ 5,658
Real estate assets, net			$ 5,658
Area of land | a			14
Sale price of land			$ 5,658
Escrow deposit disbursements related to property acquisition			$ 1,993
Number of planned development buildings | building			2
Area of land to be acquired | ft²			195,000

Real Estate Assets - Assets hel

Real Estate Assets - Assets held for sale (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Real Estate Assets
Real estate assets held for sale, net	$ 6,380	$ 6,802
Reduction in real estate held for sale, net	771
Value of real estate assets reclassified as held for sale	349
Land
Real Estate Assets
Real estate assets held for sale, net	522	505
Land improvements
Real Estate Assets
Real estate assets held for sale, net	269	269
Development costs
Real Estate Assets
Real estate assets held for sale, net	$ 5,589	$ 6,028

Mortgage Loans and Interest R_3

Mortgage Loans and Interest Rate Swaps (Details) $ in Thousands	May 07, 2021USD ($)ft²	Mar. 17, 2021	Jun. 30, 2021USD ($)derivativeitem	Jun. 30, 2020USD ($)	Aug. 09, 2021USD ($)	Dec. 31, 2020USD ($)
Long-Term Debt
Loans, net of debt issuance costs			$ 157,724			$ 160,655
Interest rate swap agreement
Debt disclosures
Number of interest rate swap derivatives | derivative			13
Notional amount of interest rate swap agreement			$ 96,414			97,868
Number of agreements containing credit risk related contingent features | item			0
Recognized net gains (losses) (included in other comprehensive loss), before taxes, on interest rate swap agreements			$ 2,963	$ (7,091)
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense			(1,964)
Net derivative liability fair value			5,803
Interest expense			994	$ 549
Interest rate swap agreement | Other assets
Debt disclosures
Derivative asset fair value			134
Interest rate swap agreement | Other liabilities
Debt disclosures
Derivative liability fair value			$ 5,937
LIBOR | Maximum
Debt disclosures
Variable interest rate margin (as a percent)			1.65%
Nonrecourse mortgage loans
Long-Term Debt
Loans, prior to debt issuance costs			$ 160,228			162,768
Debt issuance costs, net			(1,964)			(2,113)
Loans, net of debt issuance costs			$ 158,264			$ 160,655
Weighted average interest rate			4.18%			4.18%
Construction loan
Long-Term Debt
Debt issuance costs, net			$ (540)
Acquisition Credit Line | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)		2.75%
4.72%, due October 3, 2022
Long-Term Debt
Loans, prior to debt issuance costs			$ 4,007			$ 4,061
Interest rate (as a percent)			4.72%			4.72%
4.39%, due January 2, 2025
Long-Term Debt
Loans, prior to debt issuance costs			$ 18,140			$ 18,453
Interest rate (as a percent)			4.39%			4.39%
4.17%, due May 1, 2026
Long-Term Debt
Loans, prior to debt issuance costs			$ 12,495			$ 12,696
Interest rate (as a percent)			4.17%			4.17%
3.79%, November 17, 2026
Long-Term Debt
Loans, prior to debt issuance costs			$ 23,535			$ 23,911
Interest rate (as a percent)			3.79%			3.79%
4.39%, due August 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs			$ 9,614			$ 9,750
Interest rate (as a percent)			4.39%			4.39%
3.97%, due September 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs			$ 11,298			$ 11,419
Interest rate (as a percent)			3.97%			3.97%
4.57%, due February 1, 2028
Long-Term Debt
Loans, prior to debt issuance costs			$ 17,375			$ 17,601
Interest rate (as a percent)			4.57%			4.57%
5.09%, due July 1, 2029 GCD mortgage loan
Long-Term Debt
Loans, prior to debt issuance costs			$ 4,968			$ 5,214
Interest rate (as a percent)			5.09%			5.09%
5.09%, due July 1, 2029 TD mortgage Loan
Long-Term Debt
Loans, prior to debt issuance costs			$ 3,481			$ 3,653
Interest rate (as a percent)			5.09%			5.09%
3.60%, due January 2, 2030
Long-Term Debt
Loans, prior to debt issuance costs			$ 6,267			$ 6,350
Interest rate (as a percent)			3.60%	3.60%
3.48% due February 1 2030
Long-Term Debt
Loans, prior to debt issuance costs			$ 14,486			$ 14,682
Interest rate (as a percent)			3.48%			3.48%
3.50%, due July 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs			$ 4,981			$ 5,046
Interest rate (as a percent)			3.50%
4.33%, due August 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs			$ 16,057			$ 16,244
Interest rate (as a percent)			4.33%			4.33%
4.51%, due April 1, 2034
Long-Term Debt
Loans, prior to debt issuance costs			$ 13,524			$ 13,688
Interest rate (as a percent)			4.51%			4.51%
JPM Construction Loan Two Thousand Twenty One [Member]
Long-Term Debt
Loans, net of debt issuance costs			$ 0		$ 9,594
Debt disclosures
Area Of Building | ft²	141,000
Term of debt	2 years
Extension term of debt	1 year
JPM Construction Loan Two Thousand Twenty One [Member] | Maximum
Debt disclosures
Loan amount	$ 28,400
Face amount as a percentage of total cost	67.50%
JPM Construction Loan Two Thousand Twenty One [Member] | LIBOR | Completion of Charlotte build to suit and commencement of rental payment
Debt disclosures
Variable interest rate margin (as a percent)	1.40%
JPM Construction Loan Two Thousand Twenty One [Member] | LIBOR | Maximum
Debt disclosures
Variable interest rate margin (as a percent)	1.65%

Revolving Credit Agreements (De

Revolving Credit Agreements (Details)	Aug. 09, 2021USD ($)propertyitem	Mar. 17, 2021USD ($)ft²building	Aug. 09, 2022USD ($)	Jun. 30, 2021USD ($)
Industrial/warehouse building
Revolving credit agreement
Area of collateralized properties (in square feet) | ft²		68,000
International Drive Buildings [Member]
Revolving credit agreement
Number of buildings used as collateral | building		2
Area of collateralized properties (in square feet) | ft²		283,000
Office Or Flex Buildings [Member]
Revolving credit agreement
Number of buildings used as collateral | building		8
Area of collateralized properties (in square feet) | ft²		224,000
Sunport Building [Member]
Revolving credit agreement
Number of buildings used as collateral | building		2
Area of collateralized properties (in square feet) | ft²		50,000
New Credit Facility
Revolving credit agreement
Maximum borrowing capacity			$ 100,000,000
Term of debt	3 years
Number of extension term | item	2
Renewal term	1 year
Increased line of credit	$ 250,000,000
Tangible net worth percentage	75.00%
Percentage of aggregate increases in the shareholder's equity	75.00%
Threshold percentage of maximum leverage ratio of total indebtedness total assets	60.00%
New Credit Facility | Through March 31, 2022
Revolving credit agreement
Fixed charge coverage ratio	1.25
New Credit Facility | Through June 30, 2022
Revolving credit agreement
Fixed charge coverage ratio	1.50
New Credit Facility | Through December 31, 2022
Revolving credit agreement
Percentage of maximum secured leverage ratio of total secured indebtedness total assets	50.00%
Minimum borrowing base	$ 30,000,000
New Credit Facility | Through March 31, 2023
Revolving credit agreement
Percentage of maximum secured leverage ratio of total secured indebtedness total assets	40.00%
New Credit Facility | From December 31, 2022 to December 31, 2023
Revolving credit agreement
Minimum borrowing base	$ 50,000,000
New Credit Facility | From June 30, 2021 to December 31, 2023
Revolving credit agreement
Threshold number of industrial unencumbered properties | property	5
New Credit Facility | Through December 31, 2023
Revolving credit agreement
Minimum borrowing base	$ 100,000,000
Threshold number of industrial unencumbered properties | property	8
New Credit Facility | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)	1.20%
Webster Credit Line
Revolving credit agreement
Maximum borrowing capacity		$ 19,500,000
Increased line of credit		$ 35,000,000
Standby letters of credit aggregate amount				$ 3,097,000
Outstanding borrowings under credit line				0
Webster Credit Line | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)		2.50%
Acquisition Credit Line
Revolving credit agreement
Maximum borrowing capacity		$ 15,000
Purchase price of real estate acquisitions (as a percent)		65.00%
Outstanding borrowings under credit line				$ 0
Acquisition Credit Line | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)		2.75%

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2019
Earnings per share:
Net loss	$ (1,151)	$ (694)	$ (1,919)	$ (980)
Weighted average shares outstanding for computation of basic per share results	7,718,000	5,130,000	6,981,000	5,109,000
Adjusted weighted average shares for computation of diluted per share results	7,718,000	5,130,000	6,981,000	5,109,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	127,000	57,000	126,000		55,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)individual$ / sharesshares	Jun. 30, 2020$ / sharesshares
2009 Stock Option Plan
Granted (in shares)		111,258,000
Other Disclosures
Number of option holders | individual	21
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of Fiscal 2021 | $	$ 199
Fiscal 2022 | $	372
Fiscal 2023 | $	231
Fiscal 2024 | $	111
Fiscal 2025 | $	$ 15
INDUS stock option plan
Outstanding at beginning of period (in shares)	246,150,000	189,822,000
Adjustment for stock dividend (in shares)	5,413,000
Granted (in shares)		111,258,000
Exercised (in shares)	(6,370,000)	(2,734,000)
Forfeited (in shares)	(1,067,000)
Outstanding at end of period (in shares)	244,126,000	298,346,000
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 36.06	$ 28.23
Adjustment for stock dividend (in dollars per share) | $ / shares	34.29
Granted (in dollars per share) | $ / shares		45.72
Exercised (in dollars per share) | $ / shares	26.46	29.25
Forfeited (in dollars per share) | $ / shares	37.49
Outstanding at end of period (in dollars per share) | $ / shares	$ 35.50	$ 34.74
2020 Incentive Award Plan
2009 Stock Option Plan
Granted (in shares)	0
INDUS stock option plan
Granted (in shares)	0
2020 Incentive Award Plan | Non-employee directors
2009 Stock Option Plan
Granted (in shares)		111,258
INDUS stock option plan
Granted (in shares)		111,258
2020 Incentive Award Plan | Minimum | Non-employee directors
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares		$ 11
2020 Incentive Award Plan | Maximum | Non-employee directors
2009 Stock Option Plan
Fair values of stock options granted (in dollars per share) | $ / shares		$ 14.17

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021USD ($)$ / sharesshares
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	244,126
Weighted Avg. Exercise Price (in dollars per share)	$ 35.50
Weighted Avg. Remaining Contractual Life	6 years 7 months 6 days
Total Intrinsic Value | $	$ 7,360
Vested options
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	134,447
Weighted Avg. Exercise Price (in dollars per share)	$ 27.82
Weighted Avg. Remaining Contractual Life	4 years 10 months 24 days
Total Intrinsic Value | $	$ 5,087
$23.00-$28.00
2009 Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 23
Exercise prices, high end of range (in dollars per share)	$ 28
Outstanding at ending of the year (in shares) | shares	105,176
Weighted Avg. Exercise Price (in dollars per share)	$ 26.25
Weighted Avg. Remaining Contractual Life	4 years 9 months 18 days
Total Intrinsic Value | $	$ 4,144
$28.00-$32.00
2009 Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 28
Exercise prices, high end of range (in dollars per share)	$ 32
Outstanding at ending of the year (in shares) | shares	14,073
Weighted Avg. Exercise Price (in dollars per share)	$ 29.84
Weighted Avg. Remaining Contractual Life	4 years
Total Intrinsic Value | $	$ 504
$32.00 - $47.00
2009 Stock Option Plan
Exercise prices, low end of range (in dollars per share)	$ 32
Exercise prices, high end of range (in dollars per share)	$ 47
Outstanding at ending of the year (in shares) | shares	124,877
Weighted Avg. Exercise Price (in dollars per share)	$ 43.93
Weighted Avg. Remaining Contractual Life	8 years 6 months
Total Intrinsic Value | $	$ 2,712

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock (Details)	6 Months Ended
	Jun. 30, 2021$ / sharesshares
Time Based Restricted Stock Units [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	13,190
Time Based Restricted Stock Units [Member] | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	8,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 63.15
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years
Time Based Restricted Stock Units [Member] | Non-employee directors
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	4,682
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 67.28
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	1 year
Performance Shares [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	8,508
Performance Shares [Member] | Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	8,508
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares	$ 79.33
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	3 years

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense & Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Compensation expense for stock options
Compensation expense (benefit)	$ 291	$ 160	$ 505	$ 282
Related tax benefit (expense)		$ 34		$ 62
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance of Fiscal 2021	425		425
Fiscal 2022	521		521
Fiscal 2023	282		282
Fiscal 2024	$ 23		$ 23

Stockholders' Equity - Accumula

Stockholders' Equity - Accumulated Other Comprehensive Income Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			$ (7,855)
Other comprehensive gain (loss) before reclassifications	$ (1,022)	$ (1,115)	1,969	$ (6,079)
Reclassifications included in net loss	506	331	994	434
Balance at end of period	(4,892)		(4,892)
Unrealized Gain (Loss) on Cash Flow Hedges
Change in accumulated other comprehensive loss, net of tax
Balance at beginning of period			(7,855)	(2,540)
Other comprehensive gain (loss) before reclassifications			1,969	(6,079)
Reclassifications included in net loss			994	434
Net activity for other comprehensive gain (loss)			2,963	(5,645)
Balance at end of period	$ (4,892)	$ (8,185)	$ (4,892)	$ (8,185)

Stockholders' Equity - AOCI T2

Stockholders' Equity - AOCI T2 rows (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Accumulated Other Comprehensive Income (Loss)
Reclassifications, before tax	$ 506	$ 414	$ 994	$ 549
Reclassifications, tax (expense) benefit		(83)		(115)
Reclassifications, net of tax	506	331	994	434
Other changes, before reclassifications, before tax	(1,022)	(1,038)	1,969	(7,640)
Other changes, before reclassifications, tax (expense) benefit		(77)		1,561
Total other changes before reclassifications, net of tax	(1,022)	(1,115)	1,969	(6,079)
Total other comprehensive (loss) income, before tax			2,963	(7,091)
Total income tax benefit (expense) included in other comprehensive (loss) income				1,446
Total other comprehensive (loss) income, net of tax	(516)	(784)	2,963	(5,645)
Accumulated Other Comprehensive Income (Loss)
Accumulated Other Comprehensive Income (Loss)
Total other comprehensive (loss) income, before tax	(516)	(624)
Total income tax benefit (expense) included in other comprehensive (loss) income		(160)
Total other comprehensive (loss) income, net of tax	$ (516)	$ (784)	2,963	(5,645)
Unrealized Gain (Loss) on Cash Flow Hedges
Accumulated Other Comprehensive Income (Loss)
Reclassifications, net of tax			994	434
Total other changes before reclassifications, net of tax			$ 1,969	$ (6,079)

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Special Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 13, 2021	Jun. 30, 2021	Jun. 30, 2021	Mar. 08, 2021
Cash Dividends
Cash dividends declared (in dollars per share)			$ 0.15
Common stock dividend		$ 1,158	$ 1,158
Dividends declared, per share (in dollars per share)		$ 0.15	$ 0.15
E & P Distribution
Cash Dividends
Dividends Payable				$ 11,250
Dividend payable per share				$ 1.99
Dividend paid	$ 3,404
Special dividend (in shares)	125,212

Leases - Lessor (Details)

Leases - Lessor (Details) $ in Thousands	Jun. 30, 2021USD ($)
Future minimum rental payments to be received under noncancelable leases
Balance of fiscal 2021	$ 14,579
2022	29,136
2023	25,626
2024	22,826
2025	19,343
Later years	34,484
Total	$ 145,994

Leases - Lessee (Details)

Leases - Lessee (Details) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2021USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2016ft²
Lessee, Operating Sublease, Description [Abstract]
Term of sublease			10 years
Area of subleased property | ft²			1,920
Lease terms
Lease expense | $	$ 69	$ 69
Weighted-average remaining lease term	5 years 3 months 18 days

Leases - Lease Liabilities (Det

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Maturities of leases liabilities
Balance of Fiscal 2021	$ 69
Fiscal 2022	143
Fiscal 2023	140
Fiscal 2024	141
Fiscal 2025	140
Fiscal 2026	117
Total undiscounted payments	750
Less: imputed interest	(66)
Present value of minimum lease payments	$ 684	$ 739
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Present value of minimum lease payments	Present value of minimum lease payments

Supplemental Financial Statem_3

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Other Assets
Deferred leasing costs, net	$ 6,810	$ 5,352
Straight- line rents	6,623	6,700
Intangible assets, net	4,228	2,126
Deposits	1,017	1,163
Mortgage escrows	882	558
Right-of-use assets	650	707
Account receivable (primary leases)	568	254
Furniture, fixtures and equipment, net	368	181
Prepaid expenses	367	2,618
Registration statement costs	172
Deferred financing costs related to revolving lines of credit	171	162
Interest rate swap assets	134
Proceeds from sales of real estate assets held in escrow		1,993
Other	372	323
Total other assets	$ 22,362	$ 22,137

Supplemental Financial Statem_4

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 8,861	$ 94
Accrued lease commissions	1,630	233
Accrued interest payable	588	580
Trade payables	586	1,093
Accrued salaries, wages and other compensation	578	1,027
Other	1,085	642
Total accounts payable and accrued liabilities	13,328	3,669
Other Liabilities
Interest rate swap liabilities	5,937	8,766
Deferred compensation plan	4,791	4,335
Intangible liability, net	2,969	695
Prepaid rent from tenants	1,483	1,345
Security deposits of tenants	856	710
Lease liabilities	$ 684	$ 739
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Lease liabilities	Lease liabilities
Other	$ 321	$ 321
Total other liabilities	17,041	17,567
Warrant Liability
Other Liabilities
Contingent value rights liability	$ 10,165
Contingent Value Rights Liability
Other Liabilities
Contingent value rights liability		$ 656

Supplemental Financial Statem_5

Supplemental Financial Statement Information - Cash flow, etc. (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Supplemental Cash Flow Information
Increase in accounts payable and accrued liabilities related to additions to real estate assets			$ 8,767	$ 515
Interest paid
Interest payments	$ 1,699	$ 1,762	3,390	3,446
Interest capitalized included in interest payments	$ 223	33	$ 345	33
Income tax rate
Income tax benefit		$ 174		$ 259
Income tax benefit rate (as a percent)				20.90%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent				21.00%

Supplemental Financial Statem_6

Supplemental Financial Statement Information - Warrants and Contingent Value Rights (Details) - USD ($) $ / shares in Units, $ in Thousands	Mar. 15, 2021	Aug. 24, 2020	Jun. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)	1,927,049
Total proceeds before expenses	$ 877
Warrant Term		3 years
Warrant Liability
Subsidiary, Sale of Stock [Line Items]
Derivative liability			$ 10,165
Fair value portion of warrants			$ 2,018
Securities Purchase Agreement
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)		504,590
Additional shares of common stock		504,590
Exercise price		$ 60
Share price		50
Warrant Price		$ 4
Total warrant proceeds		$ 27,248
Total proceeds before expenses		$ 449
Percentage of ownership interest		4.90%
Threshold Period for Holding of Shares		1 year
Contingent Value Rights Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Number of trading days, Weighted average price		30 days
Maximum amount of contingent value right		$ 2,523
Percentage of contingent value rights eligible on total proceeds		10.00%

Subsequent Events (Details)

Subsequent Events (Details)	Aug. 05, 2021USD ($)ft²	Jul. 09, 2021USD ($)	Feb. 02, 2021USD ($)
Subsequent events
Maximum offering from universal shelf registration			$ 500,000
Term Of Securities Offered Under Self Registration			3 years
Subsequent events
Subsequent events
Area of building | ft²	139,500
Sale price of land	$ 17,800,000
Maximum offering from universal shelf registration		$ 500,000
Term Of Securities Offered Under Self Registration		3 years