INDUS Realty Trust (INDT) 10-Q 7 Nov 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Nov. 03, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
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
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		10,192,416
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001037390
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
ASSETS
Real estate assets at cost, net	$ 479,561	$ 387,647
Cash and cash equivalents	25,741	150,263
Restricted cash	267	10,644
Interest rate swap assets	7,573	188
Assets of discontinued operations	9,585	7,990
Other assets	45,054	33,914
Total assets	567,781	590,646
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans and construction loan, net of debt issuance costs	80,172	169,818
Delayed draw term loan, net of debt issuance costs	58,639
Deferred revenue	7,377	7,365
Accounts payable and accrued liabilities	11,608	9,671
Interest rate swap liabilities		3,995
Dividends payable	1,631	1,629
Liabilities of discontinued operations	859	832
Other liabilities	10,099	11,259
Total liabilities	170,385	204,569
Stockholders' Equity
Common stock, par value $0.01 per share, 50,000,000 shares authorized, 10,192,416 and 10,183,730 shares issued and outstanding, respectively	102	102
Additional paid-in capital	400,963	399,754
Accumulated deficit	(11,554)	(10,869)
Accumulated other comprehensive income (loss)	7,885	(2,910)
Total stockholders' equity	397,396	386,077
Total liabilities and stockholders' equity	$ 567,781	$ 590,646

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	50,000,000	50,000,000
Common stock, shares issued	10,192,416	10,183,730
Common stock, shares outstanding	10,192,416	10,183,730

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Operations
Rental revenue	$ 13,044	$ 10,243	$ 36,291	$ 29,076
Operating expenses of rental properties	1,194	1,040	3,533	3,409
Real estate taxes	1,659	1,601	4,643	4,341
Depreciation and amortization expense	4,823	3,739	13,301	10,048
General and administrative expenses	2,906	2,283	8,238	7,977
Total expenses	10,582	8,663	29,715	25,775
Interest expense	(1,507)	(1,700)	(3,178)	(5,160)
Impairment of real estate assets		(3,000)		(3,000)
Change in fair value of financial instruments		(2,027)		(2,746)
Gain on sales of real estate assets		1,450		1,792
Investment and other income	90	119	195	241
Losses on early extinguishment of debt	(189)		(653)
Other expense	(26)		(32)
Total other income (expense)	(1,632)	(5,158)	(3,668)	(8,873)
Income (loss) from continuing operations before income taxes	830	(3,578)	2,908	(5,572)
Income tax (provision) benefit		(24)	585	(24)
Income (loss) from continuing operations	830	(3,602)	3,493	(5,596)
Discontinued operations:
Income from discontinued operations	286	55	511	130
Gain on sale of equipment			203
Income from discontinued operations	286	55	714	130
Net income (loss)	$ 1,116	$ (3,547)	$ 4,207	$ (5,466)
Income (loss) per Common Share-Basic:
Income (loss) from continuing operations	$ 0.08	$ (0.47)	$ 0.34	$ (0.78)
Income from discontinued operations	0.03	0.01	0.07	0.02
Net income (loss) per common share	0.11	(0.46)	0.41	(0.76)
Income (loss) per Common Share-Diluted:
Income (loss) from continuing operations	0.08	(0.47)	0.34	(0.78)
Income from discontinued operations	0.03	0.01	0.07	0.02
Net income (loss) per common share	$ 0.11	$ (0.46)	$ 0.41	$ (0.76)
Weighted average shares outstanding - basic	10,192	7,724	10,188	7,231
Weighted average shares outstanding - diluted	10,292	7,724	10,365	7,231

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Comprehensive Income (Loss)
Net income (loss)	$ 1,116	$ (3,547)	$ 4,207	$ (5,466)
Other comprehensive income (loss):
Reclassifications included in net income (loss)	46	510	(403)	1,504
Unrealized gain on cash flow hedges	7,387	114	11,198	2,083
Total other comprehensive income	7,433	624	10,795	3,587
Total comprehensive income (loss)	$ 8,549	$ (2,923)	$ 15,002	$ (1,879)

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance at beginning of period at Dec. 31, 2020	$ 57	$ 116,732	$ (9,817)	$ (7,855)	$ 99,117
Balance (in shares) at Dec. 31, 2020	5,663,040
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		810			810
Exercise of stock options		407			407
Exercise of stock options (in shares)	15,422
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
Common stock dividends			(2,317)		(2,317)
Net income (loss)			(5,466)		(5,466)
Total other comprehensive income, net of tax				3,587	3,587
Reclassification of warrants		12,192			12,192
Balance at end of period at Sep. 30, 2021	$ 77	246,643	(28,850)	(4,268)	213,602
Balance (in shares) at Sep. 30, 2021	7,730,723
Balance at beginning of period at Jun. 30, 2021	$ 77	233,907	(24,144)	(4,892)	204,948
Balance (in shares) at Jun. 30, 2021	7,721,671
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		305			305
Exercise of stock options		239			239
Exercise of stock options (in shares)	9,052
Common stock dividends			(1,159)		(1,159)
Net income (loss)			(3,547)		(3,547)
Total other comprehensive income, net of tax				624	624
Reclassification of warrants		12,192			12,192
Balance at end of period at Sep. 30, 2021	$ 77	246,643	(28,850)	(4,268)	213,602
Balance (in shares) at Sep. 30, 2021	7,730,723
Balance at beginning of period at Dec. 31, 2021	$ 102	399,754	(10,869)	(2,910)	386,077
Balance (in shares) at Dec. 31, 2021	10,183,730
Increase (Decrease) in Stockholders' Equity
Equity awards issued (in shares)	3,371
Stock-based compensation expense		1,085			1,085
Shares acquired to satisfy employee tax withholding requirements on stock awards		(23)			(23)
Shares acquired to satisfy employee tax withholding requirements on stock awards (in shares)	(285)
Exercise of stock options		147			147
Exercise of stock options (in shares)	5,600
Common stock dividends			(4,892)		(4,892)
Net income (loss)			4,207		4,207
Total other comprehensive income, net of tax				10,795	10,795
Balance at end of period at Sep. 30, 2022	$ 102	400,963	(11,554)	7,885	397,396
Balance (in shares) at Sep. 30, 2022	10,192,416
Balance at beginning of period at Jun. 30, 2022	$ 102	400,556	(11,039)	452	390,071
Balance (in shares) at Jun. 30, 2022	10,192,316
Increase (Decrease) in Stockholders' Equity
Stock-based compensation expense		404			404
Exercise of stock options		3			3
Exercise of stock options (in shares)	100
Common stock dividends			(1,631)		(1,631)
Net income (loss)			1,116		1,116
Total other comprehensive income, net of tax				7,433	7,433
Balance at end of period at Sep. 30, 2022	$ 102	$ 400,963	$ (11,554)	$ 7,885	$ 397,396
Balance (in shares) at Sep. 30, 2022	10,192,416

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares				3 Months Ended		9 Months Ended
	Oct. 14, 2022	Jul. 15, 2022	Apr. 15, 2022	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Consolidated Statements of Changes in Stockholders' Equity
Common dividend per share (in dollars per share)	$ 0.16	$ 0.16	$ 0.16	$ 0.16	$ 0.15	$ 0.48	$ 0.30

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating activities:
Net income (loss)	$ 4,207	$ (5,466)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	13,537	10,702
Noncash rental revenue including straight-line rents	(3,424)	(1,610)
Amortization of terminated swap agreements and related income tax benefit	(1,812)
Stock-based compensation expense	1,085	810
Amortization of debt issuance costs	719	819
Losses on early extinguishment of debt	653
Gain on sales of equipment	(203)
Change in fair value of financial instruments		2,746
Gain on sales of real estate assets		(1,792)
Noncash impairment charge		3,000
Changes in assets and liabilities:
Other assets	(2,765)	(5,110)
Accounts payable and accrued liabilities	1,822	(331)
Deferred revenue	1,692	1,371
Other liabilities	(1,470)	553
Net cash provided by operating activities	14,041	5,692
Investing activities:
Acquisitions of land and buildings	(63,413)	(77,954)
Additions to real estate assets	(43,322)	(33,692)
Deposits on building and land acquisitions	(5,288)	(6,455)
Deferred leasing costs and other	(1,493)	(2,490)
Proceeds from sale of equipment, net of expenses	250
Proceeds from sales of real estate assets, net of expenses		9,982
Net cash used in investing activities	(113,266)	(110,609)
Financing activities:
Principal payments on mortgage loans and construction loan	(90,720)	(3,826)
Proceeds from delayed draw term loan and construction loan	60,069	14,662
Dividends paid to stockholders	(4,890)	(5,721)
Payment of debt issuance costs	(1,507)	(1,863)
Proceeds from termination of interest rate swap agreements	1,227
Proceeds from exercise of stock options	147	407
Proceeds from sale of common stock		108,676
Net cash (used in) provided by financing activities	(35,674)	112,335
Net (decrease) increase in cash and cash equivalents and restricted cash	(134,899)	7,418
Cash and cash equivalents and restricted cash at beginning of period	160,907	30,675
Cash and cash equivalents and restricted cash at end of period	$ 26,008	$ 38,093

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
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”) is a real estate business that has elected to be taxed as a real estate investment trust (“REIT”) as defined in the Internal Revenue Service Code of 1986, as amended (the “Code”) and is principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained and high growth markets in the United States. The Company conducts substantially all of its business through its operating partnership, INDUS RT, LP, a Maryland limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to INDUS Realty Trust, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. ​ As of September 30, 2022, INDUS owned 42 industrial/logistics properties aggregating approximately 6.1 million square feet located in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. INDUS seeks to add to its property portfolio through the acquisition and development of land or the acquisition of modern, market-appropriate logistics buildings in the regions it targets, all of which can serve multiple drivers of demand in the modern supply chain. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, as such, the Company sells certain parcels periodically over time. ​ The results of operations for the three months and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year periods have been reclassified to conform to the current presentation. ​ INDUS’ 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. ​ 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’ audited consolidated financial statements for the year ended December 31, 2021 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 11, 2022. 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. The actual results experienced by INDUS may differ materially and adversely from INDUS’ estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. ​ There are various accounting updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. INDUS does not expect the application of any of these updates to have an impact on its consolidated financial statements. ​ Cash, Cash Equivalents and Restricted Cash ​ INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. INDUS’ restricted cash primarily consists of reserves for real estate taxes as required by certain mortgage note obligations as well as proceeds from property sales held by a qualified intermediary to be used for a tax deferred Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Code. ​ The following table presents a reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 Cash and cash equivalents $ 25,741 ​ $ 150,263 Restricted cash ​ 267 ​ ​ 10,644 Total cash, cash equivalents and restricted cash $ 26,008 ​ $ 160,907 ​ Discontinued Operations ​ Operating results and the gain or loss on sale for a component or groups of components, whose disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, are presented as discontinued operations in the consolidated statements of operations and the assets and liabilities of the component to be disposed of are classified as held for sale. In March 2022, INDUS commenced the sale process to fully exit its legacy investment in its remaining office/flex properties (“Office/Flex Portfolio”). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. In March 2022, the Company closed its Landscaping Division which primarily served the Office/Flex Portfolio and recorded a gain on sale of $203 for the nine months ended September 30, 2022. The disposition of the Office/Flex Portfolio represents a strategic shift and following the sale, the Company will be positioned as a pure-play industrial/logistics real estate business with a modern portfolio located in select high-growth markets. The Office/Flex Portfolio is recorded as a discontinued operation as of September 30, 2022 and for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operations on the consolidated balance sheets and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations. In September 2022, the Company signed a definitive agreement for the sale of the Office/Flex Portfolio at a gross purchase price of ​ Reclassifications ​ Reclassifications were made related to discontinued operations as discussed in Discontinued Operations above. These reclassifications did not affect the Company's total financial position, results of operations or cash flows.

Sales of Common Stock

Sales of Common Stock	9 Months Ended
	Sep. 30, 2022
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 the Company’s common stock (“Common Stock”), preferred stock, warrants, depositary shares, units or any combination of such securities. Under the Universal Shelf, the Company may periodically offer one or more types of securities in amounts, at prices and on terms announced. ​ 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, from the aggregate of 1,927,049 shares issued on March 5, 2021, and March 15, 2021. The Company has used the proceeds from the issuance of its Common Stock to finance its acquisition and development pipeline and for other corporate purposes. ​ 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 commenced on August 10, 2021. 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. Effective September 1, 2021, the Company’s Board of Directors approved the establishment of an “at the market” equity issuance program (“ATM Program”), pursuant to which the Company may offer and sell Common Stock with an aggregate gross sales price of up to $100,000 . There have not been any issuances of Common Stock under the ATM Program. ​ ​

Fair Value

Fair Value	9 Months Ended
	Sep. 30, 2022
Fair Value
Fair Value	3. Fair Value ​ INDUS applies the provisions of ASC 820, “Fair Value Measurement,” 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’ 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. ​ The following are INDUS’ financial assets and liabilities carried at fair value and measured at fair value on a recurring basis: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets ​ $ — ​ $ 7,573 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ — ​ $ 188 ​ $ — Interest rate swap liabilities ​ $ — ​ $ 3,995 ​ $ — ​ 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, delayed draw term loan and construction loan, 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 September 30, 2022 and December 31, 2021, the carrying values of the mortgage loans, delayed draw term loan and construction loan were $138,811 and $169,818, respectively, and the fair values of the mortgage loans, delayed draw term loan and construction loan were $136,669 and $180,731, respectively.

Real Estate Assets and Disconti

Real Estate Assets and Discontinued Operations	9 Months Ended
	Sep. 30, 2022
Real Estate Assets And Discontinued Operations
Real Estate Assets And Discontinued Operations	4. Real Estate Assets and Discontinued Operations ​ Real estate assets consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ September 30, 2022 ​ December 31, 2021 Land ​ $ 71,155 $ 55,104 Land improvements ​ 10 to 30 years ​ ​ 72,198 ​ ​ 65,520 Buildings and improvements ​ 10 to 40 years ​ ​ 349,962 ​ ​ 295,964 Tenant improvements ​ Shorter of useful life or terms of related lease ​ ​ 30,249 ​ ​ 31,576 Construction in progress ​ ​ ​ ​ 45,992 ​ ​ 20,799 Development costs ​ ​ ​ ​ 3,831 ​ ​ 3,673 ​ ​ ​ ​ ​ 573,387 ​ ​ 472,636 Accumulated depreciation ​ ​ ​ ​ (93,826) ​ ​ (84,989) ​ ​ ​ ​ $ 479,561 ​ $ 387,647 ​ Total depreciation expense related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Depreciation expense ​ $ 4,187 ​ $ 3,126 ​ $ 11,577 ​ $ 8,571 ​ On June 8, 2022, INDUS closed on the purchase of an approximately 205,000 square foot, fully leased portfolio in Florida for $31,652, including transaction costs. This portfolio is comprised of two buildings in the Palm Beach market totaling approximately 84,000 square feet and an approximately 121,000 square foot property in the Orlando market. ​ On January 19, 2022, INDUS closed on the purchase of 782 Paragon Way, an approximately 217,000 square foot, fully leased building in the Charlotte, North Carolina market for $24,026, including transaction costs. ​ The purchase prices for acquisitions for the nine month period ended September 30, 2022 were allocated as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 782 Paragon Way ​ 3312 Shader Road ​ 6600 High Ridge Road ​ 7700 High Ridge Road ​ Rock Hill, SC Land ​ Allentown, PA Land ​ Total Land ​ $ 1,469 ​ $ 2,828 ​ $ 1,673 ​ $ 2,346 ​ $ 1,121 ​ $ 6,614 ​ $ 16,051 Land improvements ​ ​ 329 ​ ​ 213 ​ ​ 194 ​ ​ 174 ​ ​ — ​ ​ — ​ ​ 910 Buildings and improvements ​ ​ 22,228 ​ ​ 11,179 ​ ​ 6,318 ​ ​ 5,696 ​ ​ — ​ ​ — ​ ​ 45,421 Tenant improvements ​ ​ — ​ ​ 107 ​ ​ 44 ​ ​ 40 ​ ​ — ​ ​ — ​ ​ 191 Intangible assets ​ ​ — ​ ​ 684 ​ ​ 421 ​ ​ 383 ​ ​ — ​ ​ — ​ ​ 1,488 Intangible liabilities ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (462) ​ ​ — ​ ​ — ​ ​ (648) ​ ​ $ 24,026 ​ $ 14,825 ​ $ 8,650 ​ $ 8,177 ​ $ 1,121 ​ $ 6,614 ​ $ 63,413 ​ In March 2022, the Company announced its intention to sell its Office/Flex Portfolio (see Note 1). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. The disposition of the Office/Flex Portfolio represents a strategic shift for the Company and, as such, is being treated as a discontinued operation as of September 30, 2022. Accordingly, for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operations on the consolidated balance sheets. ​ In September 2022, the Company signed a definitive agreement for the sale of the Office/Flex Portfolio at a gross purchase price of $11,000 and expects to complete the transaction in the fourth quarter of 2022. ​ Real estate assets in discontinued operations consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 Land ​ $ 31 ​ $ 31 Land improvements ​ ​ 1,844 ​ ​ 1,840 Buildings and improvements ​ ​ 15,622 ​ ​ 15,396 Tenant improvements ​ ​ 3,758 ​ ​ 3,485 Construction in progress ​ ​ 1,771 ​ ​ 338 ​ ​ ​ 23,026 ​ ​ 21,090 Accumulated depreciation ​ ​ (14,778) ​ ​ (14,571) ​ ​ ​ 8,248 ​ ​ 6,519 Other assets ​ ​ 1,337 ​ ​ 1,471 Total assets of discontinued operations ​ $ 9,585 ​ $ 7,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 122 ​ $ 67 Deferred revenue ​ ​ 581 ​ ​ 620 Other liabilities ​ ​ 156 ​ ​ 145 Total liabilities of discontinued operations ​ $ 859 ​ $ 832 ​ ​ In the three months ended September 30, 2021, the Company recorded an impairment charge of $3,000 to reduce the carrying values of two of its office/flex properties in Windsor, Connecticut, based on management’s assessment of the current market prices for those properties. Both of those properties were sold in the fourth quarter of 2021.

Mortgages Loans, Construction L

Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps	9 Months Ended
	Sep. 30, 2022
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps	5. Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps ​ INDUS’ nonrecourse mortgage loans and construction loan consist of: ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: September 30, 2022 December 31, 2021 3.97%, due September 1, 2027 ​ $ 10,984 ​ $ 11,174 4.57%, due February 1, 2028 * ​ ​ 16,789 ​ ​ 17,145 3.60%, due January 2, 2030 * ​ ​ 6,051 ​ ​ 6,182 3.48%, due February 1, 2030 ​ ​ 13,982 ​ ​ 14,287 3.50%, due July 1, 2030 * ​ ​ 4,813 ​ ​ 4,914 4.33%, due August 1, 2030 ​ ​ 15,573 ​ ​ 15,867 4.51%, due April 1, 2034 ​ ​ 13,098 ​ ​ 13,356 4.39%, due January 2, 2025 * ​ ​ — ​ ​ 17,824 4.17%, due May 1, 2026 * ​ ​ — ​ ​ 12,291 3.79%, due November 17, 2026 * ​ ​ — ​ ​ 23,152 4.39%, due August 1, 2027 * ​ ​ — ​ ​ 9,476 Mortgage loans ​ ​ 81,290 ​ ​ 145,668 Debt issuance costs ​ ​ (1,118) ​ ​ (1,745) Mortgage loans, net of debt issuance costs ​ ​ 80,172 ​ ​ 143,923 ​ ​ ​ ​ ​ ​ ​ Construction loan: ​ ​ ​ ​ ​ ​ One-month LIBOR plus 1.40%, due May 7, 2023 ​ ​ — ​ ​ 26,273 Debt issuance costs ​ ​ — ​ ​ (378) Construction loan, net of debt issuance costs ​ ​ — ​ ​ 25,895 ​ ​ ​ ​ ​ ​ ​ Mortgage loans and construction loan, net of debt issuance costs ​ $ 80,172 ​ $ 169,818 ​ *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’ weighted average interest rate on its outstanding mortgage loans, delayed draw term loan and construction loan, including the effect of its interest rate swap agreements, was 4.13% and 3.76% as of September 30, 2022 and December 31, 2021, respectively. The Company accounts for its interest rate swap agreements as effective cash flow hedges. 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 nine months ended September 30, 2022 and 2021, INDUS recognized gains, included in other comprehensive income, of $10,795 and $3,587, respectively, on its interest rate swap agreements. As of September 30, 2022, $2,121 was expected to be reclassified over the next twelve months to AOCI from interest expense. Interest income related to INDUS’ interest rate swap agreements in the nine months ended September 30, 2022 was $403 and interest expense related to INDUS’ interest rate swap agreements in the nine months ended September 30, 2021 was $1,504. ​ On April 21, 2022, INDUS entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) for a $250,000 secured credit facility (the “New Credit Facility”) (see Note 6), amending and restating the $100,000 credit facility executed on August 5, 2021 (the “Existing Credit Facility”) to include the addition of a delayed draw term loan facility (the “DDTL Facility”) of $150,000 for a term of five years , pursuant to which up to three separate draws may be made prior to April 21, 2023 (the first two of which must each be in a minimum amount of $25,000 ). ​ The Company made the first of such draws under the DDTL Facility in May 2022 and as of September 30, 2022, INDUS had drawn $60,000 under the DDTL Facility (see Note 6). The Company used these proceeds to repay four of its nonrecourse mortgage loans, that had encumbered ten buildings, in the amount of $61,787, resulting in a loss on early extinguishment of debt of $464. In connection with the repayments, the Company also terminated associated interest rate hedges resulting in a gain of $1,227 recorded against interest expense and recognized an income tax benefit of $585 related to the reclassification of gains included in other comprehensive income for the nine months ended September 30, 2022. As of September 30, 2022, the net debt issuance costs related to the DDTL Facility were $1,361. The ten buildings previously encumbered by the nonrecourse mortgage loans that were prepaid (as discussed above) were added to the borrowing base of the Company’s New Credit Facility. ​ The DDTL Facility bears interest at the Secured Overnight Financing Rate (“SOFR”) plus 1.15%, based on the Company’s ratio of total indebtedness to total assets. Concurrent with the closing on the DDTL Facility, the Company entered into an interest rate swap agreement to fix the interest rate on the DDTL Facility at an effective rate of 4.15%. ​ On August 25, 2022, INDUS repaid its construction loan (the “JPM Construction Loan”) with JPMorgan, which had provided the funds for the site work and development of 9817 Old Statesville Road, Charlotte, North Carolina. The JPM Construction Loan was due on May 7, 2023, held a one-year extension at the Company’s option and a rate of one-month LIBOR plus 1.40%. INDUS paid the principal amount then outstanding of $26,342 and wrote off $189 of unamortized financing costs recorded as a loss on early extinguishment of debt for the three months ended September 30, 2022. ​ The following table summarizes the notional and fair values of our interest rate swaps designated as cash flow hedges at September 30, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Interest Rate ​ ​ ​ ​ LIBOR ​ SOFR ​ Current Notional Value ​ Derivative Assets/(Liabilities) Effective ​ Maturity ​ Interest ​ Interest ​ September 30, ​ December 31, ​ September 30, ​ December 31, Date ​ Date ​ Strike Rate ​ Strike Rate ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2022 ​ April 21, 2027 ​ n/a ​ 2.933% ​ $ 60,000 ​ $ - ​ $ 5,148 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 15, 2017 ​ March 1, 2027 (a) 2.501% ​ n/a ​ 10,375 ​ 10,621 ​ 569 ​ (641) February 1, 2018 ​ February 1, 2028 (a) 2.782% ​ n/a ​ 6,414 ​ 6,524 ​ 363 ​ (641) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2020 ​ January 1, 2030 ​ 1.849% ​ n/a ​ 6,051 ​ 6,182 ​ 658 ​ (219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2020 ​ July 1, 2030 ​ 0.942% ​ n/a ​ 4,813 ​ 4,914 ​ 835 ​ 188 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 1, 2013 ​ September 1, 2023 (b) 2.840% ​ n/a ​ - ​ 7,204 ​ - ​ (249) January 1, 2015 ​ January 1, 2025 (b) 2.260% ​ n/a ​ - ​ 9,068 ​ - ​ (390) January 1, 2016 ​ January 1, 2025 (b) 1.932% ​ n/a ​ - ​ 1,552 ​ - ​ (40) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 1, 2015 ​ September 1, 2025 (c) 2.118% ​ n/a ​ - ​ 9,608 ​ - ​ (334) December 10, 2015 ​ September 1, 2025 (c) 2.015% ​ n/a ​ - ​ 2,185 ​ - ​ (68) November 17, 2016 ​ November 17, 2026 (c) 2.085% ​ n/a ​ - ​ 11,359 ​ - ​ (518) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 3, 2016 ​ May 1, 2026 ​ 1.910% ​ n/a ​ - ​ 12,291 ​ - ​ (369) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 14, 2017 ​ August 1, 2027 ​ 4.390% ​ n/a ​ - ​ 9,476 ​ - ​ (526) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 87,653 ​ $ 90,984 ​ $ 7,573 ​ ($ 3,807) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) (b) and (c) represent multiple interest rate swap agreements against a single mortgage ​ In July 2017, the Financial Conduct Authority in the United Kingdom, which regulates the London Interbank Offered Rate (“LIBOR”), announced that it intends to stop compelling banks to submit rates for the calculation of LIBOR after June 30, 2023. INDUS currently expects LIBOR-indexed rates to be available through that date, however, it is possible that they will become unavailable prior to that time. The interest rate on INDUS’ floating rate debt under nonrecourse mortgage loans is based on LIBOR, however, INDUS entered into interest rate swap agreements whereby the floating LIBOR rates under all mortgage loans are hedged, effectively fixing the interest rate on those loans. INDUS’ loan documents contain provisions that contemplate alternative methods to determine the base rate applicable to our LIBOR-indexed debt to the extent LIBOR-indexed rates are not available. INDUS will continue to monitor and evaluate the impact, if any, on debt payments and the value of the Company’s floating rate debt.

Revolving and Delayed Draw Term

Revolving and Delayed Draw Term Loan Facility Credit Agreement	9 Months Ended
	Sep. 30, 2022
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Revolving and Delayed Draw Term Loan Facility Credit Agreements	6. Revolving and Delayed Draw Term Loan Facility Credit Agreement ​ On April 21, 2022, the Credit Agreement was amended and restated to provide for, among other things: (1) the addition of the DDTL Facility of $150,000 (see Note 5), pursuant to which up to three separate draws may be made prior to April 21, 2023 (the first two of which each must be in a minimum amount of $25,000 ), and (2) the transition from LIBOR to SOFR for floating rate borrowings for all purposes under the Credit Agreement. The DDTL Facility will mature on April 21, 2027. The New Credit Facility continues to include a $100,000 revolving credit facility (the “Revolving Credit Facility”), however, the maturity of the Revolving Credit Facility has been extended to April 21, 2025. The two one-year extensions at the Company’s option under the Existing Credit Facility remain in place under the New Credit Facility. The New Credit Facility also increases the uncommitted incremental facility, which, as amended, would enable the Company to increase the New Credit Facility by up to $250,000 in the aggregate, for a total of $500,000 . ​ Borrowings under the New Credit Facility will continue to 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 rates under the New Credit Facility would be (i) SOFR plus 1.20% for revolving borrowings (the same applicable margin as under the Existing Credit Facility), and (ii) SOFR plus 1.15% for term borrowings (compared with LIBOR plus 1.20% under the Existing Credit Facility). The annual interest rate under the Existing Credit Facility was one-month LIBOR plus 1.20% . As of September 30, 2022, the Company had drawn ​ Under the terms of the New Credit Facility, INDUS must maintain: (i) a consolidated tangible net worth of $319,149 plus 75% of the aggregate increases in stockholders’ equity of the Company by reason of issuance or sale of equity of the Company after March 31, 2021; (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) $75,000 through December 30, 2022 (compared with $30,000 under the Existing Credit Facility), (b) $125,000 from December 31, 2022 through December 30, 2023 (compared with $50,000 under the Existing Credit Facility), and (c) $250,000 on and after December 31, 2023 (compared with $100,000 under the Existing Credit Facility); 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. ​ As of September 30, 2022, the Company was in compliance with the covenants of the New Credit Facility and based on the unencumbered properties pledged, the maximum amount available could be borrowed. In addition to the $60,000 drawn under the DDTL Facility, the New Credit Facility also secures certain unused standby letters of credit aggregating $5,873 that are related to INDUS' development activities. ​ ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2022
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 Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Net income (loss) ​ $ 1,116 ​ $ (3,547) ​ $ 4,207 ​ $ (5,466) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 10,192 ​ 7,724 ​ 10,188 ​ 7,231 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) ​ 100 ​ — ​ 177 ​ — Adjusted weighted average shares for computation of diluted per share results ​ 10,292 ​ 7,724 ​ 10,365 ​ 7,231 (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 warrants for the three months and nine months ended September 30, 2021 would have been 175 and 150 , respectively. ​ Equity Compensation Plans ​ Stock Options ​ There were no stock options granted in either the 2022 nine month period or the 2021 nine month period. ​ As of September 30, 2022, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of 2022 ​ $ 90 2023 ​ $ 231 2024 ​ $ 111 2025 ​ $ 15 ​ ​ ​ ​ Number of option holders at September 30, 2022 14 ​ A summary of INDUS’ stock option activity is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Weighted Avg. ​ Number of ​ ​ Weighted Avg. ​ ​ Shares ​ ​ Exercise Price ​ Shares ​ ​ Exercise Price Outstanding at beginning of period 220,937 ​ $ 36.47 246,150 ​ $ 36.06 Adjustment for stock dividend ​ — ​ $ — ​ 5,413 ​ $ 34.29 Exercised (5,600) ​ $ 26.31 (15,422) ​ $ 26.37 Forfeited (3,635) ​ $ 27.50 (1,067) ​ $ 37.49 Outstanding at end of period 211,702 ​ $ 36.89 235,074 ​ $ 35.85 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options September 30, 2022 Exercise Price (in years) Value $23.00 - $28.00 74,663 ​ $ 26.29 3.5 $ 1,947 $28.00 - $32.00 14,073 ​ $ 29.84 2.8 ​ 317 $32.00 - $47.00 122,966 ​ $ 44.13 7.3 ​ 1,014 ​ 211,702 ​ $ 36.89 5.7 ​ $ 3,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 109,492 ​ $ 28.88 4.1 $ 2,572 ​ Restricted Stock Units ​ A summary of restricted stock units of Common Stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the nine months ended September 30, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 12,829 ​ $ 64.43 ​ — ​ $ — Granted 13,514 ​ $ 68.68 ​ 13,191 ​ $ 64.62 Adjustment for dividends 121 ​ $ — ​ 47 ​ $ — Vested and distributed ​ (3,391) ​ $ 63.97 ​ — ​ $ — Forfeited (813) ​ $ 63.15 ​ (409) ​ $ 63.15 Outstanding at end of period 22,260 ​ $ 66.78 ​ 12,829 ​ $ 64.43 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-based vesting ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 8,136 ​ $ 78.97 — ​ $ — Granted 7,999 ​ $ 100.19 8,508 ​ $ 79.33 Adjustment for dividends 89 ​ $ — 37 ​ $ — Forfeited (1,219) ​ $ 79.33 (409) ​ $ 79.33 Outstanding at end of period 15,005 ​ $ 89.79 8,136 ​ $ 78.97 ​ The time-based vesting RSUs granted to employees vest over three years in equal installments subject to the recipient’s continued employment. The time-based vesting RSUs granted to non-employee directors vest in one year . The performance-based vesting RSUs granted to employees vest after a period of three years and will be measured over the three-year period on pre-established goals. 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 risk of forfeiture prior to the expiration of the applicable vesting period. ​ As of September 30, 2022, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of 2022 ​ $ 307 2023 ​ $ 830 2024 ​ $ 359 2025 ​ $ 585 ​ Compensation expense for stock options and RSUs was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Compensation expense ​ $ 404 ​ $ 305 ​ $ 1,085 ​ $ 810 ​ ​ ​ Dividends ​ For the nine months ended September 30, 2022, the Company’s common dividends were as follows: ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2022 ​ March 31, 2022 ​ April 15, 2022 ​ $0.16 ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2022 ​ July 15, 2022 ​ $0.16 ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ September 30, 2022 ​ October 14, 2022 ​ $0.16 ​ On January 13, 2021, in conjunction with its election to be taxed as a REIT, INDUS announced a special dividend of $11,250 or $1.99 per share payable on March 8, 2021 in the form of cash or additional shares of the Company’s Common Stock, to holders of record as of January 22, 2021. The cash portion of the special dividend paid to stockholders was $3,404 and 125,212 shares of Common Stock were issued. ​ INDUS declared cash dividends of $0.15 per share on its Common Stock on September 1, 2021 and May 7, 2021. INDUS paid

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases
Leases	8. Leases ​ The Company’s rental revenue reflects the leasing of space to tenants primarily under non-cancelable operating leases that generally contain provisions for minimum base rents plus reimbursement for certain operating expenses. Total minimum lease payments are recognized in rental income on a straight-line basis over the term of the related lease and estimated reimbursements from tenants for real estate taxes, insurance, common area maintenance and other recoverable operating expenses are recognized in rental income in the period that the expenses are incurred. INDUS does not have any variable payment leases with its tenants. ​ All of INDUS’ leases with its tenants are classified as operating leases with the exception of a sixty-five year ground lease of a small land parcel which is a sale-type lease. As such, a gain of approximately $1,000 on that lease is included in gain on sales of real estate assets in the Company’s consolidated statements of operations for the three months and nine months ended September 30, 2021. ​ The following is a schedule of minimum future cash rentals on the Company’s industrial/logistics operating leases as of September 30, 2022. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases or for leases on facilities not yet in service and excludes real estate taxes and property operating expense reimbursements: ​ ​ ​ ​ ​ Balance of 2022 $ 9,539 ​ 2023 ​ ​ 39,086 ​ 2024 ​ 38,193 ​ 2025 ​ 34,692 ​ 2026 ​ 28,269 ​ Thereafter ​ 76,506 ​ ​ ​ $ 226,285 ​ ​ Expenses related to operating leases where INDUS is the lessee were $104 in each of the 2022 and 2021 nine month periods. The weighted average remaining lease term for these leases as of September 30, 2022, was 4.1 years. ​ Maturities of lease liabilities as of September 30, 2022 are as follows: ​ ​ ​ ​ ​ Balance of 2022 $ 36 2023 ​ ​ 144 2024 ​ ​ 143 2025 ​ ​ 143 2026 ​ ​ 117 Total undiscounted payments ​ ​ 583 Less: imputed interest ​ ​ (40) Present value of minimum lease payments ​ $ 543 ​

Supplemental Financial Statemen

Supplemental Financial Statement Information	9 Months Ended
	Sep. 30, 2022
Supplemental Financial Statement Information
Supplemental Financial Statement Information	9. Supplemental Financial Statement Information ​ Other Assets ​ INDUS' other assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Deposits on building and land acquisitions ​ $ 15,088 ​ $ 9,800 Straight-line rents ​ ​ 7,244 ​ ​ 5,909 Deferred leasing costs, net ​ ​ 7,181 ​ ​ 6,310 Intangible assets, net ​ 6,124 ​ 5,495 Prepaid expenses ​ 5,190 ​ 3,236 Accounts receivable (primarily leases) ​ ​ 1,497 ​ ​ 399 Deferred financing costs related to revolving lines of credit ​ ​ 696 ​ ​ 917 Furniture, fixtures and equipment, net ​ ​ 636 ​ ​ 369 Right-of-use assets ​ ​ 514 ​ ​ 593 Registration statement costs ​ ​ 341 ​ ​ 341 Prepaid development costs ​ ​ 89 ​ ​ 143 Other ​ 454 ​ 402 Total other assets ​ $ 45,054 ​ $ 33,914 ​ Accounts Payable and Accrued Liabilities ​ INDUS' accounts payable and accrued liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accrued construction costs and retainage ​ $ 5,300 ​ $ 5,800 Accrued salaries, wages and other compensation ​ ​ 1,497 ​ ​ 1,796 Trade payables ​ ​ 1,331 ​ ​ 481 Accrued lease commissions ​ ​ 1,069 ​ ​ 468 Accrued real estate taxes ​ ​ 841 ​ ​ 46 Accrued interest payable ​ ​ 595 ​ ​ 556 Other ​ ​ 975 ​ ​ 524 Total accounts payable and accrued liabilities ​ $ 11,608 ​ $ 9,671 ​ Other Liabilities ​ INDUS' other liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Intangible liability, net ​ $ 3,321 ​ $ 3,000 Deferred compensation plan ​ ​ 3,091 ​ ​ 5,097 Prepaid rent from tenants ​ ​ 1,762 ​ ​ 1,483 Security deposits of tenants ​ ​ 1,229 ​ ​ 900 Lease liabilities ​ ​ 543 ​ ​ 626 Other ​ ​ 153 ​ ​ 153 Total other liabilities ​ $ 10,099 ​ $ 11,259 ​ Supplemental Cash Flow Information ​ Accounts payable and accrued liabilities related to additions to real estate assets decreased by $431 in the nine months ended September 30, 2022 and increased $6,910 in the nine months ended September 30, 2021. ​ Interest payments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 $ 1,657 $ 1,727 ​ $ 3,674 $ 5,117 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 $ 430 ​ $ 470 ​ $ 1,254 ​ $ 815 ​ Cash flows from discontinued operations were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, 2022 September 30, 2021 Net cash provided by operating activities of discontinued operations ​ $ 511 ​ $ 455 Net cash used in investing activities of discontinued operations ​ $ (1,686) ​ $ (64) Net cash provided by financing activities of discontinued operations ​ $ — ​ $ — ​

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies
Commitments and Contingencies	10. Commitments and Contingencies ​ From time to time, INDUS is a party to various litigation matters that are considered routine litigation 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. ​ As of September 30, 2022, INDUS had commitments of approximately $84,425 for construction work and tenant improvements under the terms of leases with certain of the Company’s tenants. ​

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2022
Subsequent Events.
Subsequent Events	11. Subsequent Events ​ In accordance with FASB ASC 855, “Subsequent Events,” INDUS has evaluated all events or transactions occurring after September 30, 2022, 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 September 30, 2022, other than the disclosures herein. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation ​ INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) is a real estate business that has elected to be taxed as a real estate investment trust (“REIT”) as defined in the Internal Revenue Service Code of 1986, as amended (the “Code”) and is principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained and high growth markets in the United States. The Company conducts substantially all of its business through its operating partnership, INDUS RT, LP, a Maryland limited partnership (the “Operating Partnership”). The Company is the sole general partner of the Operating Partnership. As used herein, the “Company” refers to INDUS Realty Trust, Inc. and its consolidated subsidiaries and partnerships, including the Operating Partnership, except where context otherwise requires. ​ As of September 30, 2022, INDUS owned 42 industrial/logistics properties aggregating approximately 6.1 million square feet located in Connecticut, Pennsylvania, North Carolina, South Carolina and Florida. INDUS seeks to add to its property portfolio through the acquisition and development of land or the acquisition of modern, market-appropriate logistics buildings in the regions it targets, all of which can serve multiple drivers of demand in the modern supply chain. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, as such, the Company sells certain parcels periodically over time. ​ The results of operations for the three months and nine months ended September 30, 2022 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year periods have been reclassified to conform to the current presentation. ​ INDUS’ 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. ​ 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’ audited consolidated financial statements for the year ended December 31, 2021 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 11, 2022. 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. The actual results experienced by INDUS may differ materially and adversely from INDUS’ estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. ​ There are various accounting updates recently issued which represent technical corrections to the accounting literature or apply to specific industries. INDUS does not expect the application of any of these updates to have an impact on its consolidated financial statements.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash ​ INDUS considers all highly liquid investments with a maturity of three months or less at the date of purchase to be cash equivalents. INDUS’ restricted cash primarily consists of reserves for real estate taxes as required by certain mortgage note obligations as well as proceeds from property sales held by a qualified intermediary to be used for a tax deferred Section 1031 Like-Kind Exchange (“1031 Like-Kind Exchange”) under the Code. ​ The following table presents a reconciliation of cash, cash equivalents and restricted cash: ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 Cash and cash equivalents $ 25,741 ​ $ 150,263 Restricted cash ​ 267 ​ ​ 10,644 Total cash, cash equivalents and restricted cash $ 26,008 ​ $ 160,907
Discontinued Operations	Discontinued Operations ​ Operating results and the gain or loss on sale for a component or groups of components, whose disposition represents a strategic shift that has or will have a major effect on the Company’s operations and financial results, are presented as discontinued operations in the consolidated statements of operations and the assets and liabilities of the component to be disposed of are classified as held for sale. In March 2022, INDUS commenced the sale process to fully exit its legacy investment in its remaining office/flex properties (“Office/Flex Portfolio”). The Office/Flex Portfolio is comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut. Additionally, INDUS intends to sell an approximately 18,000 square foot storage building that had been used in the operations of the Office/Flex Portfolio and is located within the same business park. In March 2022, the Company closed its Landscaping Division which primarily served the Office/Flex Portfolio and recorded a gain on sale of $203 for the nine months ended September 30, 2022. The disposition of the Office/Flex Portfolio represents a strategic shift and following the sale, the Company will be positioned as a pure-play industrial/logistics real estate business with a modern portfolio located in select high-growth markets. The Office/Flex Portfolio is recorded as a discontinued operation as of September 30, 2022 and for all prior periods presented, the related assets and liabilities are presented as assets and liabilities of discontinued operations on the consolidated balance sheets and the related operating results are presented as income (loss) from discontinued operations on the consolidated statements of operations. In September 2022, the Company signed a definitive agreement for the sale of the Office/Flex Portfolio at a gross purchase price of
Reclassifications	Reclassifications ​ Reclassifications were made related to discontinued operations as discussed in Discontinued Operations above. These reclassifications did not affect the Company's total financial position, results of operations or cash flows.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2022
Summary of Significant Accounting Policies
Schedule of reconciliation of cash, cash equivalents and restricted cash	​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 Cash and cash equivalents $ 25,741 ​ $ 150,263 Restricted cash ​ 267 ​ ​ 10,644 Total cash, cash equivalents and restricted cash $ 26,008 ​ $ 160,907

Fair Value (Tables)

Fair Value (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets ​ $ — ​ $ 7,573 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 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 ​ $ — ​ $ 188 ​ $ — Interest rate swap liabilities ​ $ — ​ $ 3,995 ​ $ —

Real Estate Assets and Discon_2

Real Estate Assets and Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Real Estate Assets And Discontinued Operations
Schedule of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ September 30, 2022 ​ December 31, 2021 Land ​ $ 71,155 $ 55,104 Land improvements ​ 10 to 30 years ​ ​ 72,198 ​ ​ 65,520 Buildings and improvements ​ 10 to 40 years ​ ​ 349,962 ​ ​ 295,964 Tenant improvements ​ Shorter of useful life or terms of related lease ​ ​ 30,249 ​ ​ 31,576 Construction in progress ​ ​ ​ ​ 45,992 ​ ​ 20,799 Development costs ​ ​ ​ ​ 3,831 ​ ​ 3,673 ​ ​ ​ ​ ​ 573,387 ​ ​ 472,636 Accumulated depreciation ​ ​ ​ ​ (93,826) ​ ​ (84,989) ​ ​ ​ ​ $ 479,561 ​ $ 387,647
Schedule of total depreciation expense and capitalized interest related to real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended ​ September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Depreciation expense ​ $ 4,187 ​ $ 3,126 ​ $ 11,577 ​ $ 8,571
Schedule of purchase price allocation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 782 Paragon Way ​ 3312 Shader Road ​ 6600 High Ridge Road ​ 7700 High Ridge Road ​ Rock Hill, SC Land ​ Allentown, PA Land ​ Total Land ​ $ 1,469 ​ $ 2,828 ​ $ 1,673 ​ $ 2,346 ​ $ 1,121 ​ $ 6,614 ​ $ 16,051 Land improvements ​ ​ 329 ​ ​ 213 ​ ​ 194 ​ ​ 174 ​ ​ — ​ ​ — ​ ​ 910 Buildings and improvements ​ ​ 22,228 ​ ​ 11,179 ​ ​ 6,318 ​ ​ 5,696 ​ ​ — ​ ​ — ​ ​ 45,421 Tenant improvements ​ ​ — ​ ​ 107 ​ ​ 44 ​ ​ 40 ​ ​ — ​ ​ — ​ ​ 191 Intangible assets ​ ​ — ​ ​ 684 ​ ​ 421 ​ ​ 383 ​ ​ — ​ ​ — ​ ​ 1,488 Intangible liabilities ​ ​ — ​ ​ (186) ​ ​ — ​ ​ (462) ​ ​ — ​ ​ — ​ ​ (648) ​ ​ $ 24,026 ​ $ 14,825 ​ $ 8,650 ​ $ 8,177 ​ $ 1,121 ​ $ 6,614 ​ $ 63,413
Schedule of real estate held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 Land ​ $ 31 ​ $ 31 Land improvements ​ ​ 1,844 ​ ​ 1,840 Buildings and improvements ​ ​ 15,622 ​ ​ 15,396 Tenant improvements ​ ​ 3,758 ​ ​ 3,485 Construction in progress ​ ​ 1,771 ​ ​ 338 ​ ​ ​ 23,026 ​ ​ 21,090 Accumulated depreciation ​ ​ (14,778) ​ ​ (14,571) ​ ​ ​ 8,248 ​ ​ 6,519 Other assets ​ ​ 1,337 ​ ​ 1,471 Total assets of discontinued operations ​ $ 9,585 ​ $ 7,990 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 122 ​ $ 67 Deferred revenue ​ ​ 581 ​ ​ 620 Other liabilities ​ ​ 156 ​ ​ 145 Total liabilities of discontinued operations ​ $ 859 ​ $ 832

Mortgages Loans, Construction_2

Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps (Tables)	9 Months Ended
	Sep. 30, 2022
Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Schedule of mortgage and construction loans	​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: September 30, 2022 December 31, 2021 3.97%, due September 1, 2027 ​ $ 10,984 ​ $ 11,174 4.57%, due February 1, 2028 * ​ ​ 16,789 ​ ​ 17,145 3.60%, due January 2, 2030 * ​ ​ 6,051 ​ ​ 6,182 3.48%, due February 1, 2030 ​ ​ 13,982 ​ ​ 14,287 3.50%, due July 1, 2030 * ​ ​ 4,813 ​ ​ 4,914 4.33%, due August 1, 2030 ​ ​ 15,573 ​ ​ 15,867 4.51%, due April 1, 2034 ​ ​ 13,098 ​ ​ 13,356 4.39%, due January 2, 2025 * ​ ​ — ​ ​ 17,824 4.17%, due May 1, 2026 * ​ ​ — ​ ​ 12,291 3.79%, due November 17, 2026 * ​ ​ — ​ ​ 23,152 4.39%, due August 1, 2027 * ​ ​ — ​ ​ 9,476 Mortgage loans ​ ​ 81,290 ​ ​ 145,668 Debt issuance costs ​ ​ (1,118) ​ ​ (1,745) Mortgage loans, net of debt issuance costs ​ ​ 80,172 ​ ​ 143,923 ​ ​ ​ ​ ​ ​ ​ Construction loan: ​ ​ ​ ​ ​ ​ One-month LIBOR plus 1.40%, due May 7, 2023 ​ ​ — ​ ​ 26,273 Debt issuance costs ​ ​ — ​ ​ (378) Construction loan, net of debt issuance costs ​ ​ — ​ ​ 25,895 ​ ​ ​ ​ ​ ​ ​ Mortgage loans and construction loan, net of debt issuance costs ​ $ 80,172 ​ $ 169,818 ​ *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.
Schedule of notional and fair value of our interest rate swaps	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Interest Rate ​ ​ ​ ​ LIBOR ​ SOFR ​ Current Notional Value ​ Derivative Assets/(Liabilities) Effective ​ Maturity ​ Interest ​ Interest ​ September 30, ​ December 31, ​ September 30, ​ December 31, Date ​ Date ​ Strike Rate ​ Strike Rate ​ 2022 ​ 2021 ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2022 ​ April 21, 2027 ​ n/a ​ 2.933% ​ $ 60,000 ​ $ - ​ $ 5,148 ​ $ - ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 15, 2017 ​ March 1, 2027 (a) 2.501% ​ n/a ​ 10,375 ​ 10,621 ​ 569 ​ (641) February 1, 2018 ​ February 1, 2028 (a) 2.782% ​ n/a ​ 6,414 ​ 6,524 ​ 363 ​ (641) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2020 ​ January 1, 2030 ​ 1.849% ​ n/a ​ 6,051 ​ 6,182 ​ 658 ​ (219) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2020 ​ July 1, 2030 ​ 0.942% ​ n/a ​ 4,813 ​ 4,914 ​ 835 ​ 188 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 1, 2013 ​ September 1, 2023 (b) 2.840% ​ n/a ​ - ​ 7,204 ​ - ​ (249) January 1, 2015 ​ January 1, 2025 (b) 2.260% ​ n/a ​ - ​ 9,068 ​ - ​ (390) January 1, 2016 ​ January 1, 2025 (b) 1.932% ​ n/a ​ - ​ 1,552 ​ - ​ (40) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 1, 2015 ​ September 1, 2025 (c) 2.118% ​ n/a ​ - ​ 9,608 ​ - ​ (334) December 10, 2015 ​ September 1, 2025 (c) 2.015% ​ n/a ​ - ​ 2,185 ​ - ​ (68) November 17, 2016 ​ November 17, 2026 (c) 2.085% ​ n/a ​ - ​ 11,359 ​ - ​ (518) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ May 3, 2016 ​ May 1, 2026 ​ 1.910% ​ n/a ​ - ​ 12,291 ​ - ​ (369) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 14, 2017 ​ August 1, 2027 ​ 4.390% ​ n/a ​ - ​ 9,476 ​ - ​ (526) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 87,653 ​ $ 90,984 ​ $ 7,573 ​ ($ 3,807) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) (b) and (c) represent multiple interest rate swap agreements against a single mortgage

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2022
Schedule of basic and diluted per share results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Net income (loss) ​ $ 1,116 ​ $ (3,547) ​ $ 4,207 ​ $ (5,466) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 10,192 ​ 7,724 ​ 10,188 ​ 7,231 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) ​ 100 ​ — ​ 177 ​ — Adjusted weighted average shares for computation of diluted per share results ​ 10,292 ​ 7,724 ​ 10,365 ​ 7,231 (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 warrants for the three months and nine months ended September 30, 2021 would have been 175 and 150 , respectively.
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of 2022 ​ $ 90 2023 ​ $ 231 2024 ​ $ 111 2025 ​ $ 15
Schedule of option holders	​ ​ ​ ​ Number of option holders at September 30, 2022 14
Summary of the activity under the INDUS Stock Option Plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Weighted Avg. ​ Number of ​ ​ Weighted Avg. ​ ​ Shares ​ ​ Exercise Price ​ Shares ​ ​ Exercise Price Outstanding at beginning of period 220,937 ​ $ 36.47 246,150 ​ $ 36.06 Adjustment for stock dividend ​ — ​ $ — ​ 5,413 ​ $ 34.29 Exercised (5,600) ​ $ 26.31 (15,422) ​ $ 26.37 Forfeited (3,635) ​ $ 27.50 (1,067) ​ $ 37.49 Outstanding at end of period 211,702 ​ $ 36.89 235,074 ​ $ 35.85
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 September 30, 2022 Exercise Price (in years) Value $23.00 - $28.00 74,663 ​ $ 26.29 3.5 $ 1,947 $28.00 - $32.00 14,073 ​ $ 29.84 2.8 ​ 317 $32.00 - $47.00 122,966 ​ $ 44.13 7.3 ​ 1,014 ​ 211,702 ​ $ 36.89 5.7 ​ $ 3,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 109,492 ​ $ 28.88 4.1 $ 2,572
Summary of company's common dividends	​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2022 ​ March 31, 2022 ​ April 15, 2022 ​ $0.16 ​ ​ ​ ​ ​ ​ ​ June 30, 2022 ​ June 30, 2022 ​ July 15, 2022 ​ $0.16 ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ September 30, 2022 ​ October 14, 2022 ​ $0.16
Restricted Stock Units (RSUs)
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of 2022 ​ $ 307 2023 ​ $ 830 2024 ​ $ 359 2025 ​ $ 585
Schedule of compensation expense and related tax benefits for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 Compensation expense ​ $ 404 ​ $ 305 ​ $ 1,085 ​ $ 810 ​
Time Based Restricted Stock Units
Summary of activity for restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 12,829 ​ $ 64.43 ​ — ​ $ — Granted 13,514 ​ $ 68.68 ​ 13,191 ​ $ 64.62 Adjustment for dividends 121 ​ $ — ​ 47 ​ $ — Vested and distributed ​ (3,391) ​ $ 63.97 ​ — ​ $ — Forfeited (813) ​ $ 63.15 ​ (409) ​ $ 63.15 Outstanding at end of period 22,260 ​ $ 66.78 ​ 12,829 ​ $ 64.43
Performance Shares
Summary of activity for restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-based vesting ​ ​ September 30, 2022 ​ September 30, 2021 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 8,136 ​ $ 78.97 — ​ $ — Granted 7,999 ​ $ 100.19 8,508 ​ $ 79.33 Adjustment for dividends 89 ​ $ — 37 ​ $ — Forfeited (1,219) ​ $ 79.33 (409) ​ $ 79.33 Outstanding at end of period 15,005 ​ $ 89.79 8,136 ​ $ 78.97

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
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 the Company’s industrial/logistics operating leases as of September 30, 2022. The schedule does not reflect future rental revenues from the renewal or replacement of existing leases or for leases on facilities not yet in service and excludes real estate taxes and property operating expense reimbursements: ​ ​ ​ ​ ​ Balance of 2022 $ 9,539 ​ 2023 ​ ​ 39,086 ​ 2024 ​ 38,193 ​ 2025 ​ 34,692 ​ 2026 ​ 28,269 ​ Thereafter ​ 76,506 ​ ​ ​ $ 226,285 ​ ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Balance of 2022 $ 36 2023 ​ ​ 144 2024 ​ ​ 143 2025 ​ ​ 143 2026 ​ ​ 117 Total undiscounted payments ​ ​ 583 Less: imputed interest ​ ​ (40) Present value of minimum lease payments ​ $ 543

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	9 Months Ended
	Sep. 30, 2022
Supplemental Financial Statement Information
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Deposits on building and land acquisitions ​ $ 15,088 ​ $ 9,800 Straight-line rents ​ ​ 7,244 ​ ​ 5,909 Deferred leasing costs, net ​ ​ 7,181 ​ ​ 6,310 Intangible assets, net ​ 6,124 ​ 5,495 Prepaid expenses ​ 5,190 ​ 3,236 Accounts receivable (primarily leases) ​ ​ 1,497 ​ ​ 399 Deferred financing costs related to revolving lines of credit ​ ​ 696 ​ ​ 917 Furniture, fixtures and equipment, net ​ ​ 636 ​ ​ 369 Right-of-use assets ​ ​ 514 ​ ​ 593 Registration statement costs ​ ​ 341 ​ ​ 341 Prepaid development costs ​ ​ 89 ​ ​ 143 Other ​ 454 ​ 402 Total other assets ​ $ 45,054 ​ $ 33,914
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Accrued construction costs and retainage ​ $ 5,300 ​ $ 5,800 Accrued salaries, wages and other compensation ​ ​ 1,497 ​ ​ 1,796 Trade payables ​ ​ 1,331 ​ ​ 481 Accrued lease commissions ​ ​ 1,069 ​ ​ 468 Accrued real estate taxes ​ ​ 841 ​ ​ 46 Accrued interest payable ​ ​ 595 ​ ​ 556 Other ​ ​ 975 ​ ​ 524 Total accounts payable and accrued liabilities ​ $ 11,608 ​ $ 9,671
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 December 31, 2021 Intangible liability, net ​ $ 3,321 ​ $ 3,000 Deferred compensation plan ​ ​ 3,091 ​ ​ 5,097 Prepaid rent from tenants ​ ​ 1,762 ​ ​ 1,483 Security deposits of tenants ​ ​ 1,229 ​ ​ 900 Lease liabilities ​ ​ 543 ​ ​ 626 Other ​ ​ 153 ​ ​ 153 Total other liabilities ​ $ 10,099 ​ $ 11,259
Schedule of interest payments and Capitalized interest	Interest payments were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 $ 1,657 $ 1,727 ​ $ 3,674 $ 5,117 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ For the Nine Months Ended September 30, 2022 September 30, 2021 ​ September 30, 2022 September 30, 2021 $ 430 ​ $ 470 ​ $ 1,254 ​ $ 815
Schedule of cash flows from discontinued operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Nine Months Ended ​ ​ September 30, 2022 September 30, 2021 Net cash provided by operating activities of discontinued operations ​ $ 511 ​ $ 455 Net cash used in investing activities of discontinued operations ​ $ (1,686) ​ $ (64) Net cash provided by financing activities of discontinued operations ​ $ — ​ $ —

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended
	Mar. 31, 2022 ft² building	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) ft² property	Sep. 30, 2021 USD ($)
Real Estate Properties [Line Items]
Gain on disposition of property			$ 203
Impairment charges		$ 3,000		$ 3,000
Industrial/Logistics Building
Real Estate Properties [Line Items]
Number of properties owned | property			42
Area of property | ft²			6,100,000
Area of building | ft²	18,000
Industrial/Logistics Building | Sale of building
Real Estate Properties [Line Items]
Area of building | ft²	18,000
Office Building | Sale of building
Real Estate Properties [Line Items]
Area of building | ft²	175,000
Number of planned development buildings | building	7
Office/Flex Portfolio Division
Real Estate Properties [Line Items]
Gain on disposition of property			$ 203
Office/Flex Portfolio Division | Discontinued Operations, Held-for-sale
Real Estate Properties [Line Items]
Gross purchase price			$ 11,000
Office Or Flex Buildings
Real Estate Properties [Line Items]
Impairment charges		$ 3,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021	Sep. 30, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Cash and cash equivalents	$ 25,741	$ 150,263
Restricted cash	267	10,644
Total cash, cash equivalents and restricted cash	$ 26,008	$ 160,907	$ 38,093	$ 30,675

Sale of Common Stock (Details)

Sale of Common Stock (Details) - USD ($)					9 Months Ended
	Jul. 09, 2021	Mar. 15, 2021	Mar. 15, 2021	Mar. 05, 2021	Sep. 30, 2021	Feb. 02, 2021
Subsidiary, Sale of Stock [Line Items]
Maximum offering from universal shelf registration	$ 500,000					$ 500,000,000
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
Public Offering
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)				1,750,000
Share price				$ 56.85
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Sale of common stock, net (in shares)		177,049
At The Market Offering
Subsidiary, Sale of Stock [Line Items]
Aggregate gross sale offering amount	$ 100,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap assets	$ 7,573	$ 188
Interest rate swap liabilities		3,995
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	7,573	188
Interest rate swap liabilities		3,995
Carrying Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Contingent value rights liability	138,811	169,818
Estimated Fair Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Contingent value rights liability	$ 136,669	$ 180,731

Real Estate Assets and Discon_3

Real Estate Assets and Discontinued Operations (Details) $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended
	Jun. 08, 2022 USD ($) ft² building	Jan. 19, 2022 USD ($) ft²	Mar. 31, 2022 ft² building	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($) building	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Assets and Discontinued Operations
Land				$ 71,155		$ 71,155		$ 55,104
Land improvements				72,198		72,198		65,520
Buildings and improvements				349,962		349,962		295,964
Tenant improvements				30,249		30,249		31,576
Construction in progress				45,992		45,992		20,799
Development costs				3,831		3,831		3,673
Real estate assets, gross				573,387		573,387		472,636
Accumulated depreciation				(93,826)		(93,826)		(84,989)
Real estate assets, net				479,561		479,561		$ 387,647
Depreciation expense				4,187	$ 3,126	11,577	$ 8,571
Real estate assets
Noncash impairment charge					$ 3,000		$ 3,000
Office/Flex Portfolio Division | Discontinued Operations, Held-for-sale
Real estate assets
Gross purchase price				$ 11,000		$ 11,000
Office Building | Sale of building
Real estate assets
Number of Buildings Comprised | building			7
Area Of Building | ft²			175,000
Industrial/Logistics Building
Real estate assets
Area Of Building | ft²			18,000
Industrial/Logistics Building | Sale of building
Real estate assets
Area Of Building | ft²			18,000
782 Paragon Way
Real Estate Assets and Discontinued Operations
Land		$ 1,469
Land improvements		329
Buildings and improvements		22,228
Real estate assets, net		$ 24,026
Real estate assets
Area of Land | ft²		217,000
Cash paid for real estate		$ 24,026
Office or Flex Building at 55 Griffin Road South
Real estate assets
Number of Buildings Comprised | building					2
Palm Beach and Orlando
Real estate assets
Area of Land | ft²	205,000
Cash paid for real estate	$ 31,652
Number of Buildings Comprised | building	2
Palm Beach
Real estate assets
Area of Land | ft²	84,000
Orlando
Real estate assets
Area of Land | ft²	121,000
Land improvements | Minimum
Real Estate Assets and Discontinued Operations
Estimated Useful Lives						10 years
Land improvements | Maximum
Real Estate Assets and Discontinued Operations
Estimated Useful Lives						30 years
Buildings and improvements | Minimum
Real Estate Assets and Discontinued Operations
Estimated Useful Lives						10 years
Buildings and improvements | Maximum
Real Estate Assets and Discontinued Operations
Estimated Useful Lives						40 years

Real Estate Assets and Discon_4

Real Estate Assets and Discontinued Operations - Assets held for sale (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Real Estate Assets and Discontinued Operations
Other assets	$ 45,054	$ 33,914
Tenant improvements	30,249	31,576
Accounts payable and accrued liabilities	11,608	9,671
Deferred revenue	7,377	7,365
Other liabilities	10,099	11,259
Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	23,026	21,090
Accumulated depreciation	(14,778)	(14,571)
Real estate assets held for sale, net	8,248	6,519
Other assets	1,337	1,471
Total assets of discontinued operations	9,585	7,990
Accounts payable and accrued liabilities	122	67
Deferred revenue	581	620
Other liabilities	156	145
Total liabilities of discontinued operations	859	832
Land. | Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	31	31
Land improvements | Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	1,844	1,840
Buildings and improvements | Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	15,622	15,396
Other building and tenant improvements | Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	3,758	3,485
Development costs | Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Real Estate Held-for-sale, Gross	$ 1,771	$ 338

Real Estate Assets and Discon_5

Real Estate Assets and Discontinued Operations - 2022 Acquisitions (Details) $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Jan. 19, 2022 USD ($) ft²	Mar. 31, 2022 ft²	Sep. 30, 2021 USD ($)	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($)	Jun. 08, 2022 USD ($)	Dec. 31, 2021 USD ($)
Real Estate Properties [Line Items]
Land					$ 71,155		$ 55,104
Land improvements					72,198		65,520
Buildings and improvements					349,962		295,964
Tenant improvements					30,249		31,576
Real estate assets, net					479,561		$ 387,647
Impairment charges			$ 3,000	$ 3,000
Industrial/Logistics Building
Real Estate Properties [Line Items]
Area of building | ft²		18,000
2022 Acquisitions
Real Estate Properties [Line Items]
Land					16,051
Land improvements					910
Buildings and improvements					45,421
Tenant improvements					191
Intangible assets					1,488
Intangible liabilities					(648)
Real estate assets, net					63,413
Office Or Flex Buildings
Real Estate Properties [Line Items]
Impairment charges			$ 3,000
782 Paragon Way
Real Estate Properties [Line Items]
Land	$ 1,469
Land improvements	329
Buildings and improvements	22,228
Real estate assets, net	24,026
Cash paid for real estate	$ 24,026
Area of land | ft²	217,000
3312 Shader Road
Real Estate Properties [Line Items]
Land						$ 2,828
Land improvements						213
Buildings and improvements						11,179
Tenant improvements						107
Intangible assets						684
Intangible liabilities						(186)
Real estate assets, net						14,825
6600 High Ridge Road
Real Estate Properties [Line Items]
Land						1,673
Land improvements						194
Buildings and improvements						6,318
Tenant improvements						44
Intangible assets						421
Real estate assets, net						8,650
7700 High Ridge Road
Real Estate Properties [Line Items]
Land						2,346
Land improvements						174
Buildings and improvements						5,696
Tenant improvements						40
Intangible assets						383
Intangible liabilities						(462)
Real estate assets, net						$ 8,177
Rock Hill, SC Land
Real Estate Properties [Line Items]
Land					1,121
Real estate assets, net					1,121
Allentown, PA Land
Real Estate Properties [Line Items]
Land					6,614
Real estate assets, net					$ 6,614

Mortgages Loans, Construction_3

Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps (Details) $ in Thousands			1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Aug. 25, 2022	Apr. 21, 2022 USD ($) item	May 31, 2022 USD ($)	Sep. 30, 2022 USD ($) item	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) building item loan	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Long-Term Debt
Mortgage loans, net of debt issuance costs				$ 80,172		$ 80,172		$ 169,818
Debt disclosures
Losses on early extinguishment of debt				(189)		(653)
Payment on secured debt						90,720	$ 3,826
Aggregate book value of land and buildings pledged as collateral				$ 636		$ 636		$ 369
Number of mortgage loans repaid | loan						4
Number of buildings mortgaged | building						10
Income tax (provision) benefit					$ (24)	$ 585	(24)
Interest rate swap agreement
Debt disclosures
Number of agreements containing credit risk related contingent features | item				0		0
Recognized net gains (losses) (included in other comprehensive loss), before taxes, on interest rate swap agreements						$ 10,795	3,587
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense				$ (2,121)		(2,121)
Interest income						$ 403
Interest expense							$ 1,504
LIBOR | Maximum
Debt disclosures
Variable interest rate margin (as a percent)						1.40%		1.40%
Nonrecourse mortgage loans
Long-Term Debt
Loans, prior to debt issuance costs				81,290		$ 81,290		$ 145,668
Debt issuance costs, net				(1,118)		(1,118)		(1,745)
Mortgage loans, net of debt issuance costs				$ 80,172		$ 80,172		$ 143,923
Weighted average interest rate				4.13%		4.13%		3.76%
Debt disclosures
Repayment of debt			$ 61,787
Losses on early extinguishment of debt						$ 464
Deferred financing costs				$ 1,118		1,118		$ 1,745
Nonrecourse mortgage loans | Interest rate swap agreement | Cash flow hedges
Debt disclosures
Gain on hedge			1,227
Income tax (provision) benefit						585
Construction loan
Long-Term Debt
Loans, prior to debt issuance costs								26,273
Debt issuance costs, net								(378)
Mortgage loans, net of debt issuance costs								25,895
Debt disclosures
Deferred financing costs								378
Delayed Draw Term Loan Facility
Long-Term Debt
Debt issuance costs, net				(1,361)		(1,361)
Debt disclosures
Maximum borrowing capacity		$ 150,000
Term of debt		5 years
Proceeds from debt			$ 60,000
Deferred financing costs				1,361		1,361
Interest rate		4.15%
Number of separate draws | item		3
Number of facilities with minimum draw amount | item		2
Minimum draw amount		$ 25,000
Delayed Draw Term Loan Facility | SOFR
Debt disclosures
Variable interest rate margin (as a percent)		1.15%
Existing Credit Facility
Debt disclosures
Maximum borrowing capacity		$ 100,000
New Credit Facility
Debt disclosures
Maximum borrowing capacity		$ 250,000
New Credit Facility | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)		1.20%
JPM Construction Loan
Debt disclosures
Payment on secured debt				26,342
Unamortized financing costs				189
JPM Construction Loan | LIBOR
Debt disclosures
Variable interest rate margin (as a percent)	1.40%
3.97%, due September 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs				$ 10,984		$ 10,984		$ 11,174
Interest rate (as a percent)				3.97%		3.97%		3.97%
4.57%, due February 1, 2028
Long-Term Debt
Loans, prior to debt issuance costs				$ 16,789		$ 16,789		$ 17,145
Interest rate (as a percent)				4.57%		4.57%		4.57%
3.60%, due January 2, 2030
Long-Term Debt
Loans, prior to debt issuance costs				$ 6,051		$ 6,051		$ 6,182
Interest rate (as a percent)				3.60%		3.60%		3.60%
3.48% due February 1 2030
Long-Term Debt
Loans, prior to debt issuance costs				$ 13,982		$ 13,982		$ 14,287
Interest rate (as a percent)				3.48%		3.48%		3.48%
3.50%, due July 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs				$ 4,813		$ 4,813		$ 4,914
Interest rate (as a percent)				3.50%		3.50%
4.33%, due August 1, 2030
Long-Term Debt
Loans, prior to debt issuance costs				$ 15,573		$ 15,573		$ 15,867
Interest rate (as a percent)				4.33%		4.33%		4.33%
4.51%, due April 1, 2034
Long-Term Debt
Loans, prior to debt issuance costs				$ 13,098		$ 13,098		$ 13,356
Interest rate (as a percent)				4.51%		4.51%		4.51%
4.39%, due January 2, 2025
Long-Term Debt
Loans, prior to debt issuance costs								$ 17,824
Interest rate (as a percent)				4.39%		4.39%		4.39%
4.17%, due May 1, 2026
Long-Term Debt
Loans, prior to debt issuance costs								$ 12,291
Interest rate (as a percent)				4.17%		4.17%		4.17%
3.79%, November 17, 2026
Long-Term Debt
Loans, prior to debt issuance costs								$ 23,152
Interest rate (as a percent)				3.79%		3.79%		3.79%
4.39%, due August 1, 2027
Long-Term Debt
Loans, prior to debt issuance costs								$ 9,476
Interest rate (as a percent)				4.39%		4.39%		4.39%

Mortgages Loans, Construction_4

Mortgages Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps - Schedule of Notional and Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Long-Term Debt
Fair value Interest Rate Derivative Assets	$ 7,573	$ 188
Fair value interest rate derivative liabilities		(3,995)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement
Long-Term Debt
Current Notional Value	87,653	90,984
Interest rate swap agreements	7,573	(3,807)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on April 21, 2027
Long-Term Debt
Current Notional Value	60,000
Fair value Interest Rate Derivative Assets	5,148
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on March 1, 2027
Long-Term Debt
Current Notional Value	10,375	10,621
Fair value Interest Rate Derivative Assets	569
Fair value interest rate derivative liabilities		(641)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on February 1, 2028
Long-Term Debt
Current Notional Value	6,414	6,524
Fair value Interest Rate Derivative Assets	363
Fair value interest rate derivative liabilities		(641)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on January 1, 2030
Long-Term Debt
Current Notional Value	6,051	6,182
Fair value Interest Rate Derivative Assets	658
Fair value interest rate derivative liabilities		(219)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on July 1, 2030
Long-Term Debt
Current Notional Value	4,813	4,914
Fair value Interest Rate Derivative Assets	$ 835	188
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due On September 1, 2023
Long-Term Debt
Current Notional Value		7,204
Fair value interest rate derivative liabilities		(249)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due On January 1, 2025
Long-Term Debt
Current Notional Value		9,068
Fair value interest rate derivative liabilities		(390)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on January 1, 2025.
Long-Term Debt
Current Notional Value		1,552
Fair value interest rate derivative liabilities		(40)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on September 1, 2025
Long-Term Debt
Current Notional Value		9,608
Fair value interest rate derivative liabilities		(334)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on September 1, 2025.
Long-Term Debt
Current Notional Value		2,185
Fair value interest rate derivative liabilities		(68)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on November 17, 2026
Long-Term Debt
Current Notional Value		11,359
Fair value interest rate derivative liabilities		(518)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on May 1, 2026
Long-Term Debt
Current Notional Value		12,291
Fair value interest rate derivative liabilities		(369)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on August 1, 2027
Long-Term Debt
Current Notional Value		9,476
Fair value interest rate derivative liabilities		$ (526)
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on March 1, 2027
Long-Term Debt
Interest Strike Rate	2.501%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on February 1, 2028
Long-Term Debt
Interest Strike Rate	2.782%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on January 1, 2030
Long-Term Debt
Interest Strike Rate	1.849%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on July 1, 2030
Long-Term Debt
Interest Strike Rate	0.942%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due On September 1, 2023
Long-Term Debt
Interest Strike Rate	2.84%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due On January 1, 2025
Long-Term Debt
Interest Strike Rate	2.26%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on January 1, 2025.
Long-Term Debt
Interest Strike Rate	1.932%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on September 1, 2025
Long-Term Debt
Interest Strike Rate	2.118%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on September 1, 2025.
Long-Term Debt
Interest Strike Rate	2.015%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on November 17, 2026
Long-Term Debt
Interest Strike Rate	2.085%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on May 1, 2026
Long-Term Debt
Interest Strike Rate	1.91%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on August 1, 2027
Long-Term Debt
Interest Strike Rate	4.39%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | SOFR | Mortgage due on April 21, 2027
Long-Term Debt
Interest Strike Rate	2.933%

Revolving and Delayed Draw Te_2

Revolving and Delayed Draw Term Loan Facility Credit Agreement (Details) $ in Thousands		9 Months Ended
	Apr. 21, 2022 USD ($) item property	Sep. 30, 2022 USD ($) loan	Aug. 05, 2021 USD ($)
Revolving credit agreement
Increased line of credit	$ 250,000
Number of Non Recourse Mortgage Loans Repaid | loan		4
LIBOR | Term Borrowings
Revolving credit agreement
Interest rate (as a percent)	1.20%
SOFR | Revolving Credit Facility
Revolving credit agreement
Interest rate (as a percent)	1.20%
SOFR | Term Borrowings
Revolving credit agreement
Interest rate (as a percent)	1.15%
New Credit Facility
Revolving credit agreement
Maximum borrowing capacity	$ 250,000
Number of extension term | item	2
Renewal term	1 year
Increased line of credit	$ 500,000
Tangible net worth	$ 319,149
Percentage of aggregate increases in the shareholder's equity	75%
Threshold percentage of maximum leverage ratio of total indebtedness total assets	60%
Standby letters of credit aggregate amount		$ 5,873
New Credit Facility | Revolving Credit Facility
Revolving credit agreement
Maximum borrowing capacity	$ 100,000
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%
Minimum borrowing base	$ 75,000
New Credit Facility | Through March 31, 2023
Revolving credit agreement
Percentage of maximum secured leverage ratio of total secured indebtedness total assets	40%
New Credit Facility | From December 31, 2022 to December 31, 2023
Revolving credit agreement
Minimum borrowing base	$ 125,000
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	$ 250,000
Threshold number of industrial unencumbered properties | property	8
New Credit Facility | LIBOR
Revolving credit agreement
Variable interest rate margin (as a percent)	1.20%
Delayed Draw Term Loan Facility
Revolving credit agreement
Maximum borrowing capacity	$ 150,000
Term of debt	5 years
Number of separate draws | item	3
Number of facilities with minimum draw amount | item	2
Minimum draw amount	$ 25,000
Line of credit borrowings		$ 60,000
Delayed Draw Term Loan Facility | SOFR
Revolving credit agreement
Variable interest rate margin (as a percent)	1.15%
Existing Credit Facility
Revolving credit agreement
Maximum borrowing capacity	$ 100,000
Existing Credit Facility | Through December 31, 2022
Revolving credit agreement
Minimum borrowing base			$ 30,000
Existing Credit Facility | From December 31, 2022 to December 31, 2023
Revolving credit agreement
Minimum borrowing base			50,000
Existing Credit Facility | Through December 31, 2023
Revolving credit agreement
Minimum borrowing base			$ 100,000

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Earnings per share:
Net income (loss)	$ 1,116	$ (3,547)	$ 4,207	$ (5,466)
Weighted average shares outstanding - basic	10,192,000	7,724,000	10,188,000	7,231,000
Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units	100,000		177,000
Adjusted weighted average shares for computation of diluted per share results	10,292,000	7,724,000	10,365,000	7,231,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect		175		150

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) individual $ / shares shares	Sep. 30, 2021 $ / shares shares
Other Disclosures
Number of option holders | individual	14
Unrecognized compensation expense related to non-vested stock options that will be recognized during future periods
Balance of 2022 | $	$ 90
2023 | $	231
2024 | $	111
2025 | $	$ 15
INDUS stock option plan
Outstanding at beginning of period (in shares)	220,937,000	246,150,000
Adjustment for stock dividend (in shares)		5,413,000
Exercised (in shares)	(5,600,000)	(15,422,000)
Forfeited (in shares)	(3,635,000)	(1,067,000)
Outstanding at end of period (in shares)	211,702,000	235,074,000
Weighted Avg. Exercise Price
Outstanding at beginning of period (in dollars per share) | $ / shares	$ 36.47	$ 36.06
Adjustment for stock dividend (in dollars per share) | $ / shares		34.29
Exercised (in dollars per share) | $ / shares	26.31	26.37
Forfeited (in dollars per share) | $ / shares	27.50	37.49
Outstanding at end of period (in dollars per share) | $ / shares	$ 36.89	$ 35.85
2020 Incentive Award Plan
2009 Stock Option Plan
Granted (in shares)	0	0
INDUS stock option plan
Granted (in shares)	0	0

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Vested options
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	109,492
Weighted Avg. Exercise Price (in dollars per share)	$ 28.88
Weighted Avg. Remaining Contractual Life	4 years 1 month 6 days
Total Intrinsic Value | $	$ 2,572
2009 Stock Option Plan
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	211,702
Weighted Avg. Exercise Price (in dollars per share)	$ 36.89
Weighted Avg. Remaining Contractual Life	5 years 8 months 12 days
Total Intrinsic Value | $	$ 3,278
$23.00 - $28.00 | 2009 Stock Option Plan
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	74,663
Weighted Avg. Exercise Price (in dollars per share)	$ 26.29
Weighted Avg. Remaining Contractual Life	3 years 6 months
Total Intrinsic Value | $	$ 1,947
$28.00 - $32.00 | 2009 Stock Option Plan
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	2 years 9 months 18 days
Total Intrinsic Value | $	$ 317
$32.00 - $47.00 | 2009 Stock Option Plan
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	122,966
Weighted Avg. Exercise Price (in dollars per share)	$ 44.13
Weighted Avg. Remaining Contractual Life	7 years 3 months 18 days
Total Intrinsic Value | $	$ 1,014

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Time Based Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares)	12,829
Granted (in shares)	13,514	13,191
Adjustment for dividend (in shares)	121	47
Vested and distributed (in shares)	(3,391)
Forfeited (in share)	(813)	(409)
Outstanding at end of period (in shares)	22,260	12,829
Grant Date Fair Value
Outstanding at beginning of period (in per share)	$ 64.43
Granted (in per share)	68.68	$ 64.62
Vested and distributed (in per share)	63.97
Forfeited (in per share)	63.15	63.15
Outstanding at end of period (in per share)	$ 66.78	$ 64.43
Time Based Restricted Stock Units | Employee
Grant Date Fair Value
Vesting period	3 years
Time Based Restricted Stock Units | Non-employee directors.
Grant Date Fair Value
Vesting period	1 year
Performance Shares
Number of Units
Outstanding at beginning of period (in shares)	8,136
Granted (in shares)	7,999	8,508
Adjustment for dividend (in shares)	89	37
Forfeited (in share)	(1,219)	(409)
Outstanding at end of period (in shares)	15,005	8,136
Grant Date Fair Value
Outstanding at beginning of period (in per share)	$ 78.97
Granted (in per share)	100.19	$ 79.33
Forfeited (in per share)	79.33	79.33
Outstanding at end of period (in per share)	$ 89.79	$ 78.97
Performance Shares | Employee
Grant Date Fair Value
Vesting period	3 years

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense & Tax Benefit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Compensation expense for stock options
Compensation expense	$ 404	$ 305	$ 1,085	$ 810
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance of 2022	307		307
2023	830		830
2024	359		359
2025	$ 585		$ 585

Stockholders' Equity - Warrants

Stockholders' Equity - Warrants (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021
Stockholders' Equity
Fair value of warrants	$ 12,192	$ 12,192

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Special Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands							3 Months Ended			9 Months Ended
	Oct. 14, 2022	Jul. 15, 2022	Apr. 15, 2022	Sep. 01, 2021	May 07, 2021	Jan. 13, 2021	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021	Mar. 08, 2021
Cash Dividends
Cash dividends declared (in dollars per share)				$ 0.15	$ 0.15
Dividends Payable							$ 1,631			$ 1,631		$ 1,629
Common stock dividends							$ 1,631	$ 1,159	$ 1,158	$ 4,892	$ 2,317
Common dividend per share (in dollars per share)	$ 0.16	$ 0.16	$ 0.16				$ 0.16	$ 0.15		$ 0.48	$ 0.30
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) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2021	Sep. 30, 2022
Future minimum rental payments to be received under noncancelable leases
Balance of 2022			$ 9,539
2023			39,086
2024			38,193
2025			34,692
2026			28,269
Thereafter			76,506
Total			$ 226,285
Lessor operating leases
Operating lease term			65 years
Gain on Sale of Real Estate Assets
Lessor operating leases
Gain on lease sale of real estate	$ 1,000	$ 1,000

Leases - Lessee (Details)

Leases - Lessee (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Lease terms
Lease expense	$ 104	$ 104
Weighted-average remaining lease term	4 years 1 month 6 days

Leases - Lease Liabilities (Det

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Maturities of leases liabilities
Balance of 2022	$ 36
2023	144
2024	143
2025	143
2026	117
Total undiscounted payments	583
Less: imputed interest	(40)
Present value of minimum lease payments	$ 543	$ 626
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Other Liabilities.	Other Liabilities.

Supplemental Financial Statem_3

Supplemental Financial Statement Information - Other And Intangible Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Other Assets
Deposits on building and land acquisitions	$ 15,088	$ 9,800
Straight- line rents	7,244	5,909
Deferred leasing costs, net	7,181	6,310
Intangible assets, net	6,124	5,495
Prepaid expenses	5,190	3,236
Account receivable (primarily leases)	1,497	399
Deferred financing costs related to revolving lines of credit	696	917
Furniture, fixtures and equipment, net	636	369
Right-of-use assets	$ 514	$ 593
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Registration statement costs	$ 341	$ 341
Prepaid development costs	89	143
Other	454	402
Total other assets	$ 45,054	$ 33,914

Supplemental Financial Statem_4

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 5,300	$ 5,800
Accrued salaries, wages and other compensation	1,497	1,796
Trade payables	1,331	481
Accrued lease commissions	1,069	468
Accrued real estate taxes	841	46
Accrued interest payable	595	556
Other	975	524
Total accounts payable and accrued liabilities	11,608	9,671
Other Liabilities
Intangible liability, net	3,321	3,000
Deferred compensation plan	3,091	5,097
Prepaid rent from tenants	1,762	1,483
Security deposits of tenants	1,229	900
Lease liabilities	543	626
Other	153	153
Total other liabilities	$ 10,099	$ 11,259
Operating Lease, Liability, Statement of Financial Position [Extensible List]	Total other liabilities	Total other liabilities

Supplemental Financial Statem_5

Supplemental Financial Statement Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Supplemental Cash Flow Information
Increase in accounts payable and accrued liabilities related to additions to real estate assets			$ (431)	$ 6,910
Interest paid
Interest payments	$ 1,657	$ 1,727	3,674	5,117
Interest capitalized included in interest payments	$ 430	$ 470	1,254	815
Cash Flows From Discontinued Operations
Net cash provided by operating activities of discontinued operations			511	455
Net cash used in investing activities of discontinued operations			$ (1,686)	$ (64)

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Under Construction Industrial Logistic Portfolio, Nashville, Tennessee | Forward Purchase Agreement
Other Commitments [Line Items]
Other commitments	$ 84,425