INDUS Realty Trust (INDT) 10-Q 3 May 23 2023 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2023	May 01, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2023
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		10,197,968
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001037390
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
ASSETS
Real estate assets at cost, net	$ 517,813	$ 489,661
Cash and cash equivalents	23,323	52,014
Restricted cash	450	358
Interest rate swap assets	4,504	6,971
Assets of discontinued operations		29
Other assets	45,031	47,774
Total assets	591,121	596,807
LIABILITIES AND STOCKHOLDERS' EQUITY
Mortgage loans, net of debt issuance costs	79,125	79,653
Delayed draw term loan, net of debt issuance costs	88,787	88,713
Deferred revenue	6,332	6,741
Accounts payable and accrued liabilities	15,115	10,940
Dividends payable	1,835	1,835
Liabilities of discontinued operations		119
Other liabilities	12,267	11,537
Total liabilities	203,461	199,538
Stockholders' Equity
Common stock, par value $0.01 per share, 50,000,000 shares authorized, 10,195,206 and 10,192,416 shares issued and outstanding, respectively	102	102
Additional paid-in capital	401,840	401,370
Accumulated deficit	(19,098)	(11,486)
Accumulated other comprehensive income	4,816	7,283
Total stockholders' equity	387,660	397,269
Total liabilities and stockholders' equity	$ 591,121	$ 596,807

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
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	10,195,206	10,192,416
Common stock, shares outstanding	10,195,206	10,192,416

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Operations
Rental revenue	$ 13,570	$ 11,318
Operating expenses of rental properties	1,213	1,098
Real estate taxes	1,842	1,477
Depreciation and amortization expense	5,110	4,156
General and administrative expenses	9,552	2,934
Total expenses	17,717	9,665
Interest expense	(1,759)	(1,519)
Investment and other income	130	21
Other expense	(1)	(3)
Total other income (expense)	(1,630)	(1,501)
(Loss) income from continuing operations	(5,777)	152
Discontinued operations:
Gain on sale of properties and equipment		203
Loss from discontinued operations	(86)	(86)
Income from discontinued operations		117
Net (loss) income	$ (5,777)	$ 269
(Loss) income per Common Share-Basic:
(Loss) income from continuing operations	$ (0.57)	$ 0.02
Income from discontinued operations		0.01
Net (loss) income per common share	(0.57)	0.03
(Loss) income per Common Share-Diluted:
(Loss) income from continuing operations	(0.57)	0.02
Income from discontinued operations		0.01
Net (loss) income per common share	$ (0.57)	$ 0.03
Weighted average shares outstanding - basic	10,194	10,185
Weighted average shares outstanding - diluted	10,194	10,421

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Comprehensive Income
Net (loss) income	$ (5,777)	$ 269
Other comprehensive (loss) income:
Reclassifications included in net income	522	451
Unrealized (loss) gain on cash flow hedges	(2,989)	4,211
Total other comprehensive (loss) income	(2,467)	4,662
Total comprehensive (loss) income	$ (8,244)	$ 4,931

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, 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)	2,698
Stock-based compensation expense		273			273
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)
Common stock dividends			(1,630)		(1,630)
Net (loss) income			269		269
Other comprehensive income (loss)				4,662	4,662
Balance at end of period at Mar. 31, 2022	$ 102	400,004	(12,230)	1,752	389,628
Balance (in shares) at Mar. 31, 2022	10,186,143
Balance at beginning of period at Dec. 31, 2022	$ 102	401,370	(11,486)	7,283	397,269
Balance (in shares) at Dec. 31, 2022	10,192,416
Increase (Decrease) in Stockholders' Equity
Equity awards issued (in shares)	3,278
Stock-based compensation expense		503			503
Shares acquired to satisfy employee tax withholding requirements on stock awards		(33)			(33)
Shares acquired to satisfy employee tax withholding requirements on stock awards (in shares)	(488)
Common stock dividends			(1,835)		(1,835)
Net (loss) income			(5,777)		(5,777)
Other comprehensive income (loss)				(2,467)	(2,467)
Balance at end of period at Mar. 31, 2023	$ 102	$ 401,840	$ (19,098)	$ 4,816	$ 387,660
Balance (in shares) at Mar. 31, 2023	10,195,206

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Stockholders' Equity (Parenthetical) - $ / shares			3 Months Ended
	Apr. 14, 2023	Apr. 15, 2022	Mar. 31, 2023	Mar. 31, 2022
Consolidated Statements of Changes in Stockholders' Equity
Common dividend per share (in dollars per share)	$ 0.18	$ 0.16	$ 0.18	$ 0.16

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities:
Net (loss) income	$ (5,777)	$ 269
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation and amortization	5,110	4,396
Noncash rental revenue including straight-line rents	(724)	(983)
Stock-based compensation expense	503	273
Amortization of debt issuance costs	181	228
Gain on sales of equipment		(203)
Changes in assets and liabilities:
Other assets	1,531	1,051
Accounts payable and accrued liabilities	2,088	(225)
Deferred revenue	(52)	(600)
Other liabilities	826	(239)
Net cash provided by operating activities	3,686	3,967
Investing activities:
Acquisitions of land and buildings	(19,179)	(24,026)
Additions to real estate assets	(11,047)	(8,675)
Deposits on building and land acquisitions	500	(3,375)
Deferred leasing costs and other	(148)	(20)
Proceeds from sale of equipment, net of expenses		250
Net cash used in investing activities	(29,874)	(35,846)
Financing activities:
Dividends paid to stockholders	(1,835)	(1,629)
Principal payments on mortgage loans	(565)	(1,076)
Payment of debt issuance costs	(11)
Proceeds from construction loan		69
Net cash used in financing activities	(2,411)	(2,636)
Net decrease in cash and cash equivalents and restricted cash	(28,599)	(34,515)
Cash and cash equivalents and restricted cash at beginning of period	52,372	160,907
Cash and cash equivalents and restricted cash at end of period	$ 23,773	$ 126,392

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	1. Summary of Significant Accounting Policies ​ Proposed Merger ​ On February 22, 2023, INDUS, IR Parent, LLC, a Delaware limited liability company (“Parent”), and IR Merger Sub II, Inc., a Maryland corporation and a wholly-owned subsidiary of Parent (“Merger Sub” and, together with Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into INDUS (the “Merger”). Upon completion of the Merger, INDUS will survive as a wholly-owned subsidiary of Parent (the “Surviving Entity”) and the separate corporate existence of Merger Sub will cease, and INDUS will cease to be a publicly traded company on the Nasdaq Stock Market LLC. At the effective time of the Merger (the “Effective Time”), each share of INDUS common stock that is issued and outstanding immediately prior to the Effective Time (other than shares held by the Parent Parties), will be automatically converted into the right to receive $67.00 in cash, without interest (the “Merger Consideration”). The Merger Consideration will also be increased by an amount per share of INDUS common stock, in cash (rounded to the nearest whole cent), if any, equal to the sum of (1) the cash amount per share of INDUS common stock equal to the most recently declared regular quarterly cash dividend of INDUS permitted by the terms of the Merger Agreement as of the date prior to the closing date of the Merger (the “Closing Date” and such dividend, the “Final Dividend”), if the record date for the Final Dividend is after the closing of the Merger, plus (2)(A) the cash amount per share of INDUS common stock equal to the Final Dividend, multiplied by (B) the number of days between the first day following the end of the quarterly period for which the Final Dividend was declared, if any, and the day prior to the Closing Date, divided by (C) 90, rounded to the nearest whole cent, without duplication for any period. ​ The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by INDUS to conduct its business in the ordinary course consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The Merger Agreement also requires INDUS to convene and hold a stockholders’ meeting for the purpose of obtaining the Stockholder Approval (as defined in the Merger Agreement). The stockholders’ meeting is scheduled for May 17, 2023. ​ The closing of the Merger is subject to customary closing conditions, including, among others, (i) the approval of the Merger by the affirmative vote of the holders of a majority of the outstanding shares of INDUS common stock entitled to vote on the Merger; (ii) the clearance by the Committee on Foreign Investment in the United States and (iii) the approval by the European Commission under Council Regulation (EC) No. 139/2004 (as amended). The closing of the Merger is not subject to a financing condition. There can be no assurances that the Merger will close on the anticipated timeline, or at all. ​ Basis of Presentation ​ INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. 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. INDUS manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. ​ As of March 31, 2023, 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 development of land or the acquisition of modern, market-appropriate logistics buildings which can serve multiple drivers of demand in the modern supply chain in the markets it targets. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, therefore, the Company sells certain non-core properties periodically over time. ​ The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year period have been reclassified to conform to the current presentation. ​ 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, 2022 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 6, 2023. 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. ​ 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 December 2022, INDUS completed the previously announced sale of its remaining office/flex properties (the “Office/Flex Portfolio”) and fully exited its legacy investment in office properties (see Note 3). The Office/Flex Portfolio was comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut as well as an approximately 18,000 square foot building that is located adjacent to the Office/Flex Portfolio and was principally used for storage by INDUS’ property management group. ​ 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 three months ended March 31, 2022.

Fair Value

Fair Value	3 Months Ended
	Mar. 31, 2023
Fair Value
Fair Value	2. 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 4). 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets ​ $ — ​ $ 4,504 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset ​ $ — ​ $ 6,971 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​ 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 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 and delayed draw term 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 March 31, 2023 and December 31, 2022, the carrying values of the mortgage loans and delayed draw term loan were $167,912 and $168,366, respectively, and the fair values of the mortgage loans and delayed draw term loan were $166,571 and $166,665, respectively.

Real Estate Assets and Disconti

Real Estate Assets and Discontinued Operations	3 Months Ended
	Mar. 31, 2023
Real Estate Assets And Discontinued Operations
Real Estate Assets And Discontinued Operations	3. Real Estate Assets and Discontinued Operations ​ Real estate assets consist of: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ March 31, 2023 ​ December 31, 2022 Land ​ $ 90,927 $ 71,148 Land improvements ​ 10 to 30 years ​ ​ 79,071 ​ ​ 78,974 Buildings and improvements ​ 10 to 40 years ​ ​ 380,899 ​ ​ 379,864 Tenant improvements ​ Shorter of useful life or terms of related lease ​ ​ 33,031 ​ ​ 32,753 Construction in progress ​ ​ ​ ​ 32,748 ​ ​ 21,419 Development costs ​ ​ ​ ​ 3,722 ​ ​ 3,722 ​ ​ ​ ​ ​ 620,398 ​ ​ 587,880 Accumulated depreciation ​ ​ ​ ​ (102,585) ​ ​ (98,219) ​ ​ ​ ​ $ 517,813 ​ $ 489,661 ​ Total depreciation expense related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ March 31, 2023 March 31, 2022 Depreciation expense ​ $ 4,413 ​ $ 3,637 ​ On January 24, 2023, the Company closed on the purchase of approximately 11 acres of undeveloped land in the Lehigh Valley (the “Lehigh Valley Land”) that was under contract since 2021. The purchase price was $2,361, after transaction costs. The Lehigh Valley Land has the entitlements to support the construction of an approximately 90,000 square foot building. ​ On January 23, 2023, the Company closed on the purchase of approximately 75 acres of fully entitled land in the Orlando, Florida market (the “Orlando Land”). The purchase price was $17,418, after transaction costs. The Orlando Land has the entitlements to support the construction of three buildings totaling approximately 574,000 square feet. ​ 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. INDUS determined the fair value of the assets acquired approximated the purchase price, which was allocated as follows: ​ ​ ​ ​ ​ Land ​ $ 1,469 Land improvements ​ ​ 329 Buildings and improvements ​ ​ 22,228 ​ ​ $ 24,026 ​ Discontinued Operations ​ In December 2022, the Company completed the previously announced sale of its Office/Flex Portfolio (see Note 1). The Office/Flex Portfolio was comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut as well as an approximately 18,000 square foot building that is located adjacent to the Office/Flex Portfolio and was principally used for storage by INDUS’ property management group. ​ The loss from discontinued operations in our accompanying consolidated statement of operations is comprised of: ​ ​ ​ ​ ​ ​ ​ For the Three ​ ​ Months Ended ​ ​ March 31, 2022 Rental revenue ​ $ 504 ​ ​ ​ ​ Expenses: ​ ​ ​ Operating expenses of rental properties ​ 268 Real estate taxes ​ ​ 82 Depreciation and amortization expense ​ 240 Total expenses ​ 590 ​ ​ ​ ​ Loss from discontinued operations ​ $ (86) ​ In March 2022, the Company also closed its landscaping division which primarily served the Office/Flex Portfolio and recorded a gain on sale of $203 for the quarter ended March 31, 2022. ​ There were no assets and liabilities in discontinued operations as of March 31, 2023. As of December 31, 2022, assets and liabilities in discontinued operations consisted of: ​ ​ ​ ​ Other assets $ 29 Total assets of discontinued operations $ 29 ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities $ 75 Other liabilities ​ 44 Total liabilities of discontinued operations $ 119 ​ Cash flows from discontinued operations were as follows: ​ ​ ​ ​ ​ ​ ​ For the Three ​ ​ Months Ended ​ ​ March 31, 2022 Net cash provided by operating activities of discontinued operations ​ $ 56 Net cash provided by investing activities of discontinued operations ​ $ 26 Net cash provided by financing activities of discontinued operations ​ $ — ​

Mortgages Loans, Delayed Draw T

Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps	3 Months Ended
	Mar. 31, 2023
Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps
Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps	4. Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps ​ INDUS’ nonrecourse mortgage loans consist of: ​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: March 31, 2023 December 31, 2022 3.97%, due September 1, 2027 ​ $ 10,854 ​ $ 10,919 4.57%, due February 1, 2028 * ​ ​ 16,541 ​ ​ 16,666 3.60%, due January 2, 2030 * ​ ​ 5,962 ​ ​ 6,007 3.48%, due February 1, 2030 ​ ​ 13,774 ​ ​ 13,879 3.50%, due July 1, 2030 * ​ ​ 4,743 ​ ​ 4,778 4.33%, due August 1, 2030 ​ ​ 15,372 ​ ​ 15,473 4.51%, due April 1, 2034 ​ ​ 12,921 ​ ​ 13,010 Mortgage loans ​ ​ 80,167 ​ ​ 80,732 Debt issuance costs ​ ​ (1,042) ​ ​ (1,079) Mortgage loans, net of debt issuance costs ​ $ 79,125 ​ $ 79,653 ​ *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 and delayed draw term loan, including the effect of its interest rate swap agreements, was 4.13% as of March 31, 2023 and December 31, 2022. 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 first quarter of 2023, INDUS recognized a loss, included in other comprehensive income, of $2,467 on its interest rate swap agreements. In the first quarter of 2022, INDUS recognized a gain, included in other comprehensive income, of $4,662 on its interest rate swap agreements. As of March 31, 2023, $3,133 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 first quarters of 2023 and 2022 was $522 and $451, respectively. ​ 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 5), 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 Company made the first two of such draws under the DDTL Facility in 2022 and as of March 31, 2023, INDUS had drawn $90,000 under the DDTL Facility (see Note 5) with net debt issuance costs related to the DDTL Facility of $1,213. Subsequent to March 31, 2023, the Company made the final draw of $60,000 under the DDTL Facility (see Notes 5 and 10). ​ 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%. ​ The following table summarizes the notional and fair values of our interest rate swaps designated as cash flow hedges at March 31, 2023 and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Fair Value of Interest Rate ​ ​ ​ ​ LIBOR ​ SOFR ​ Current Notional Value ​ Derivative Assets/(Liabilities) Effective ​ Maturity ​ Interest ​ Interest ​ March 31, ​ December 31, ​ March 31, ​ December 31, Date ​ Date ​ Strike Rate ​ Strike Rate ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2022 ​ April 21, 2027 ​ n/a ​ 2.933% ​ $ 90,000 ​ $ 90,000 ​ $ 2,774 ​ $ 4,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 15, 2017 ​ March 1, 2027 (a) 2.501% ​ n/a ​ 10,204 ​ 10,290 ​ 378 ​ 522 February 1, 2018 ​ February 1, 2028 (a) 2.782% ​ n/a ​ 6,337 ​ 6,376 ​ 190 ​ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2020 ​ January 1, 2030 ​ 1.849% ​ n/a ​ 5,962 ​ 6,007 ​ 487 ​ 621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2020 ​ July 1, 2030 ​ 0.942% ​ n/a ​ 4,743 ​ 4,778 ​ 675 ​ 800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 117,246 ​ $ 117,451 ​ $ 4,504 ​ $ 6,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) represents 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	3 Months Ended
	Mar. 31, 2023
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Revolving and Delayed Draw Term Loan Facility Credit Agreement	5. 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 4), pursuant to which up to three separate draws were permitted to be made prior to April 21, 2023, 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 was 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 March 31, 2023, 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 March 31, 2023, 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 $90,000 drawn under the DDTL Facility, the New Credit Facility also secures certain unused standby letters of credit aggregating $6,822 that are related to INDUS' development activities. ​ ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2023
Stockholders' Equity
Stockholders' Equity	6. Stockholders’ Equity ​ Per Share Results ​ Basic and diluted per share results were based on the following: ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 Net (loss) income ​ $ (5,777) ​ $ 269 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 10,194 ​ 10,185 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) ​ — ​ 236 Adjusted weighted average shares for computation of diluted per share results ​ 10,194 ​ 10,421 (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 and the grant of restricted stock units for the three months ended March 31, 2023 would have been 167 . ​ Equity Compensation Plans ​ Stock Options ​ There were no stock options granted, exercised or forfeited in either the first quarter of 2023 or the first quarter of 2022. There were 211,702 stock options outstanding at March 31, 2023 with a weighted average exercise price of $36.89 and 220,937 stock options outstanding at March 31, 2022 with a weighted average exercise price of $36.47. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Avg. Remaining Range of Exercise Prices for Outstanding at Weighted Avg. Contractual Life Total Intrinsic Outstanding Options March 31, 2023 Exercise Price (in years) Value $23.00 - $28.00 74,663 ​ $ 26.29 3.0 $ 2,987 $28.00 - $32.00 14,073 ​ $ 29.84 2.3 ​ 513 $32.00 - $47.00 122,966 ​ $ 44.13 6.8 ​ 2,725 ​ 211,702 ​ $ 36.89 5.2 ​ $ 6,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 143,561 ​ $ 32.82 4.4 $ 4,805 ​ As of March 31, 2023, the unrecognized compensation expense related to unvested stock options that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of 2023 ​ $ 154 2024 ​ $ 111 2025 ​ $ 15 ​ ​ ​ ​ Number of option holders at March 31, 2023 14 ​ Restricted Stock Units ​ A summary of restricted stock units relating to common stock (“RSUs”) awarded under the INDUS Realty, LLC 2020 Incentive Award Plan for the three months ended March 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ ​ March 31, 2023 ​ March 31, 2022 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 22,332 ​ $ 66.56 ​ 12,829 ​ $ 64.43 Granted 11,692 ​ $ 63.82 ​ 7,991 ​ $ 76.71 Adjustment for dividends 63 ​ $ — ​ 26 ​ $ — Vested and distributed ​ (3,294) ​ $ 67.09 ​ (2,718) ​ $ 63.15 Forfeited — ​ $ — ​ (813) ​ $ 63.15 Outstanding at end of period 30,793 ​ $ 65.33 ​ 17,315 ​ $ 70.26 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Performance-based vesting ​ ​ March 31, 2023 ​ March 31, 2022 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 15,054 ​ $ 89.50 8,136 ​ $ 78.97 Granted 11,685 ​ $ 73.25 7,999 ​ $ 100.19 Adjustment for dividends 43 ​ $ — 16 ​ $ — Forfeited — ​ $ — (1,219) ​ $ 79.33 Outstanding at end of period 26,782 ​ $ 82.26 14,932 ​ $ 90.22 ​ 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 March 31, 2023, the unrecognized compensation expense related to RSUs that will be recognized during future periods is as follows: ​ ​ ​ ​ ​ Balance of 2023 ​ $ 1,084 2024 ​ $ 852 2025 ​ $ 418 2026 ​ $ 29 ​ Compensation expense for stock options and RSUs was as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 Compensation expense ​ $ 503 ​ $ 273 ​ ​ Dividends ​ For the three months ended March 31, 2023, the Company’s common dividend was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2023 ​ March 31, 2023 ​ April 14, 2023 ​ $0.18 ​ For the three months ended March 31, 2022, the Company’s common dividend was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2022 ​ March 31, 2022 ​ April 15, 2022 ​ $0.16 ​

Leases

Leases	3 Months Ended
	Mar. 31, 2023
Leases
Leases	7. Leases ​ The Company’s rental revenue reflects the leasing of industrial/logistics properties and certain land parcels. INDUS does not have any variable payment leases with its tenants. All of INDUS’ leases with its tenants are classified as operating leases. ​ The following is a schedule of minimum future cash rentals on the Company’s operating leases as of March 31, 2023. 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 2023 $ 30,509 ​ 2024 ​ ​ 40,781 ​ 2025 ​ 37,390 ​ 2026 ​ 29,903 ​ 2027 ​ 21,383 ​ Thereafter ​ 57,221 ​ ​ ​ $ 217,187 ​ ​ Expenses related to operating leases where INDUS is the lessee were $84 and $35 in the first quarter of 2023 and 2022, respectively. The weighted average remaining lease term for these leases as of March 31, 2023, was 8.3 years. As of March 31, 2023 and December 31, 2022, our operating leases had weighted-average discount rates of 3.69% and 3.70% , respectively. ​ Maturities of lease liabilities as of March 31, 2023 are as follows: ​ ​ ​ ​ ​ Balance of 2023 $ 245 2024 ​ ​ 330 2025 ​ ​ 332 2026 ​ ​ 310 2027 ​ ​ 197 Thereafter ​ ​ 1,028 Total undiscounted payments ​ ​ 2,442 Less: imputed interest ​ ​ (354) Present value of minimum lease payments ​ $ 2,088 ​

Supplemental Financial Statemen

Supplemental Financial Statement Information	3 Months Ended
	Mar. 31, 2023
Supplemental Financial Statement Information
Supplemental Financial Statement Information	8. Supplemental Financial Statement Information ​ Other Assets ​ INDUS' other assets are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Deposits on building and land acquisitions ​ $ 14,488 ​ $ 15,588 Straight-line rents ​ ​ 7,789 ​ ​ 7,547 Deferred leasing costs, net ​ ​ 7,076 ​ ​ 7,118 Intangible assets, net ​ 5,502 ​ 5,813 Prepaid expenses ​ 2,642 ​ 3,497 Accounts receivable (primarily leases) ​ ​ 2,347 ​ ​ 2,790 Right-of-use assets ​ ​ 2,057 ​ ​ 2,123 Furniture, fixtures and equipment, net ​ ​ 1,741 ​ ​ 1,791 Deferred financing costs related to revolving lines of credit ​ ​ 572 ​ ​ 631 Registration statement costs ​ ​ 341 ​ ​ 341 Prepaid development costs ​ ​ 32 ​ ​ 88 Other ​ 444 ​ 447 Total other assets ​ $ 45,031 ​ $ 47,774 ​ Accounts Payable and Accrued Liabilities ​ INDUS' accounts payable and accrued liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued construction costs and retainage ​ $ 6,882 ​ $ 5,030 Accrued strategic transaction costs ​ ​ 4,600 ​ ​ 615 Trade payables ​ ​ 835 ​ ​ 1,528 Accrued real estate taxes ​ ​ 711 ​ ​ 25 Accrued salaries, wages and other compensation ​ ​ 579 ​ ​ 2,363 Accrued interest payable ​ ​ 419 ​ ​ 447 Accrued lease commissions ​ ​ 351 ​ ​ 191 Other ​ ​ 738 ​ ​ 741 Total accounts payable and accrued liabilities ​ $ 15,115 ​ $ 10,940 ​ Other Liabilities ​ INDUS' other liabilities are comprised of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Deferred compensation plan ​ $ 3,496 ​ $ 3,363 Intangible liability, net ​ ​ 3,086 ​ ​ 3,203 Prepaid rent from tenants ​ ​ 2,154 ​ ​ 1,449 Lease liabilities ​ ​ 2,088 ​ ​ 2,150 Security deposits of tenants ​ ​ 1,304 ​ ​ 1,229 Other ​ ​ 139 ​ ​ 143 Total other liabilities ​ $ 12,267 ​ $ 11,537 ​ Supplemental Cash Flow Information ​ Accounts payable and accrued liabilities related to additions to real estate assets increased by $1,852 and $3,401 in the three months ended March 31, 2023 and 2022, respectively. ​ Interest payments were as follows: ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 $ 1,873 $ 1,608 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 $ 267 ​ $ 356 ​

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2023
Commitments and Contingencies.
Commitments and Contingencies	9. Commitments and Contingencies ​ As of March 31, 2023, INDUS had commitments of approximately $12,785 principally related to the construction of an approximately 206,000 square foot building in the Lehigh Valley of Pennsylvania, as well as improvements of its real estate assets. ​ On March 2, 2022, INDUS entered into an agreement to acquire, for a purchase price of $28,500, an under-construction, approximately 284,400 square foot building in Greenville-Spartanburg, South Carolina (the “Greenville-Spartanburg Acquisition”), being developed on speculation by the seller. The Greenville-Spartanburg Acquisition would be the Company’s first entry into this market. Closing on the purchase of the Greenville-Spartanburg Acquisition is subject to a number of contingencies including completion of construction. There can be no guarantee that the Greenville-Spartanburg Acquisition will be completed under its current terms, or at all. ​ On January 17, 2022, the Company entered into an agreement (the “Charlotte Land Purchase Agreement”) to acquire, for a purchase price of approximately $4,750, as amended, before transaction costs, approximately 231 acres of undeveloped land in the Charlotte, North Carolina market (the “Charlotte Land”). A closing under the Charlotte Land Purchase Agreement, is subject to significant contingencies, including INDUS’ receipt of all of the requisite entitlements from governmental authorities and agencies to construct the buildings. Given these contingencies, it is possible that the land acquisition as contemplated under the Charlotte Land Purchase Agreement will not be completed under its current terms, or at all. ​ On August 5, 2021, the Company entered into a Purchase and Sale Agreement (the “Nashville Forward Purchase Agreement”) to acquire, for a purchase price of approximately $31,500, before transaction costs, an under-construction approximately 184,000 square foot two-building portfolio in Nashville, Tennessee (the “Nashville Acquisition”). The Nashville Acquisition was initially developed on speculation by the seller, however, it is now fully pre-leased. On December 21, 2022, the Nashville Forward Purchase Agreement was amended to reduce the purchase price to $28,350. Closing under the Nashville Forward Purchase Agreement, is subject to significant contingencies, including the completion of construction. Given these contingencies, it is possible that the Nashville Acquisition as contemplated under the Nashville Forward Purchase Agreement will not be completed under its current terms, or at all. ​ On November 23, 2021, the Company entered into an agreement (the “Charlotte Forward Purchase Agreement”) to acquire, for a purchase price of $21,200, before transaction costs, an approximately 231,000 square foot building in the Charlotte, North Carolina market to be built by the seller. Closing on the Charlotte Forward Purchase Agreement is subject to a number of contingencies including completion of construction. There can be no guarantee that the Charlotte Forward Purchase Agreement will be completed under its current terms, or at all. ​ On November 3, 2021, the Company entered into an agreement (the “Charleston Forward Purchase Agreement”) to acquire, for a purchase price of approximately $28,000, before transaction costs, an approximately 263,000 square foot building in Charleston, South Carolina to be built by the seller. The building subsequently was fully-leased and closing on the Charleston Forward Purchase Agreement took place on April 26, 2023 (see Note 10). ​ From time to time, INDUS is a party to various litigation matters that are considered routine litigation arising in the ordinary course of business. Other than as disclosed in Note 10, Subsequent Events, in the opinion of management, based on the advice of legal counsel, the ultimate liability, if any, with respect to these matters is not expected to be material, individually or in the aggregate, to the Company’s consolidated financial position, results of operations or cash flows.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2023
Subsequent Events.
Subsequent Events	10. Subsequent Events ​ In accordance with FASB ASC 855, “Subsequent Events,” INDUS has evaluated all events or transactions occurring after March 31, 2023, 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 March 31, 2023, other than the disclosures herein. ​ On April 26, 2023, the Company closed on the purchase of the Charleston Forward Purchase Agreement (see Note 9). ​ Subsequent to March 31, 2023, INDUS made the final draw of $60,000 under its DDTL Facility (see Note 5). ​ On April 12, 2023, purported stockholder Ryan O’Dell filed a lawsuit against the Company and certain of its directors and officers in District Court in the Southern District of New York for violations of Sections 14(a) and 20(a) of the Securities Exchange Act of 1934. O’Dell v. INDUS Realty Trust, et. al., Case No. 23-cv-03071 (April 12, 2023). The complaint alleges that the Company’s disclosures in connection with the Merger were materially incomplete and misleading. The Company also received demand letters from purported stockholders making similar allegations. On April 19, 2023, purported stockholder Robert Garfield filed a lawsuit against the Company and certain of its directors and officers as well as certain other parties to the Merger in Connecticut Superior Court, Judicial District of Hartford, alleging breach of fiduciary duties, negligent misrepresentation and fraudulent misrepresentation in connection with the proposed Merger. On April 27, 2023, purported stockholder John Thompson filed a lawsuit against the Company and certain of its directors and officers in District Court in the Southern District of New York for violations of Section 14(a) and 20(a) of the Securities Exchange Act of 1934 and SEC Rule 14a-9. Thompson v. INDUS Realty Trust, et al., Case No. 1:23-cv-03518 (April 27, 2023). Each of the complaints seeks to enjoin the Merger and to receive monetary damages and other equitable relief. The Company does not believe the allegations in the complaints and demand letters are meritorious, and intends to defend against them vigorously. ​ ​ ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2023
Summary of Significant Accounting Policies
Proposed Merger	Proposed Merger ​ On February 22, 2023, INDUS, IR Parent, LLC, a Delaware limited liability company (“Parent”), and IR Merger Sub II, Inc., a Maryland corporation and a wholly-owned subsidiary of Parent (“Merger Sub” and, together with Parent, the “Parent Parties”), entered into an Agreement and Plan of Merger (the “Merger Agreement”). The Merger Agreement provides that, upon the terms and subject to the conditions set forth therein, Merger Sub will be merged with and into INDUS (the “Merger”). Upon completion of the Merger, INDUS will survive as a wholly-owned subsidiary of Parent (the “Surviving Entity”) and the separate corporate existence of Merger Sub will cease, and INDUS will cease to be a publicly traded company on the Nasdaq Stock Market LLC. At the effective time of the Merger (the “Effective Time”), each share of INDUS common stock that is issued and outstanding immediately prior to the Effective Time (other than shares held by the Parent Parties), will be automatically converted into the right to receive $67.00 in cash, without interest (the “Merger Consideration”). The Merger Consideration will also be increased by an amount per share of INDUS common stock, in cash (rounded to the nearest whole cent), if any, equal to the sum of (1) the cash amount per share of INDUS common stock equal to the most recently declared regular quarterly cash dividend of INDUS permitted by the terms of the Merger Agreement as of the date prior to the closing date of the Merger (the “Closing Date” and such dividend, the “Final Dividend”), if the record date for the Final Dividend is after the closing of the Merger, plus (2)(A) the cash amount per share of INDUS common stock equal to the Final Dividend, multiplied by (B) the number of days between the first day following the end of the quarterly period for which the Final Dividend was declared, if any, and the day prior to the Closing Date, divided by (C) 90, rounded to the nearest whole cent, without duplication for any period. ​ The Merger Agreement contains customary representations, warranties and covenants, including, among others, covenants by INDUS to conduct its business in the ordinary course consistent with past practice, subject to certain exceptions, during the period between the execution of the Merger Agreement and the consummation of the Merger. The Merger Agreement also requires INDUS to convene and hold a stockholders’ meeting for the purpose of obtaining the Stockholder Approval (as defined in the Merger Agreement). The stockholders’ meeting is scheduled for May 17, 2023. ​ The closing of the Merger is subject to customary closing conditions, including, among others, (i) the approval of the Merger by the affirmative vote of the holders of a majority of the outstanding shares of INDUS common stock entitled to vote on the Merger; (ii) the clearance by the Committee on Foreign Investment in the United States and (iii) the approval by the European Commission under Council Regulation (EC) No. 139/2004 (as amended). The closing of the Merger is not subject to a financing condition. There can be no assurances that the Merger will close on the anticipated timeline, or at all.
Basis of Presentation	Basis of Presentation ​ INDUS Realty Trust, Inc., a Maryland corporation, (“INDUS” or the “Company”) is a real estate business principally engaged in developing, acquiring, managing and leasing high-quality industrial and logistics properties in select supply-constrained markets in the United States. 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. INDUS manages its operations on an aggregated, single segment basis for purposes of assessing performance and making operating decisions and, accordingly, has only one reporting and operating segment. ​ As of March 31, 2023, 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 development of land or the acquisition of modern, market-appropriate logistics buildings which can serve multiple drivers of demand in the modern supply chain in the markets it targets. INDUS also owns undeveloped land parcels, much of which is not consistent with the Company’s core industrial and logistics strategy, and, therefore, the Company sells certain non-core properties periodically over time. ​ The results of operations for the three months ended March 31, 2023 are not necessarily indicative of the results to be expected for the full year. Certain amounts from the prior year period have been reclassified to conform to the current presentation. ​ 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, 2022 included in INDUS’ Annual Report on Form 10-K, filed with the SEC on March 6, 2023. 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. ​
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 December 2022, INDUS completed the previously announced sale of its remaining office/flex properties (the “Office/Flex Portfolio”) and fully exited its legacy investment in office properties (see Note 3). The Office/Flex Portfolio was comprised of seven buildings totaling approximately 175,000 square feet located in Bloomfield, Connecticut as well as an approximately 18,000 square foot building that is located adjacent to the Office/Flex Portfolio and was principally used for storage by INDUS’ property management group. ​ 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 three months ended March 31, 2022.

Fair Value (Tables)

Fair Value (Tables)	3 Months Ended
	Mar. 31, 2023
Fair Value
Schedule of financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap assets ​ $ — ​ $ 4,504 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 Quoted Prices in Significant Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs (Level 1) (Level 2) (Level 3) Interest rate swap asset ​ $ — ​ $ 6,971 ​ $ — Interest rate swap liabilities ​ $ — ​ $ — ​ $ — ​

Real Estate Assets and Discon_2

Real Estate Assets and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2023
Real Estate Assets And Discontinued Operations
Schedule of real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Estimated ​ ​ ​ ​ ​ ​ ​ ​ Useful Lives ​ March 31, 2023 ​ December 31, 2022 Land ​ $ 90,927 $ 71,148 Land improvements ​ 10 to 30 years ​ ​ 79,071 ​ ​ 78,974 Buildings and improvements ​ 10 to 40 years ​ ​ 380,899 ​ ​ 379,864 Tenant improvements ​ Shorter of useful life or terms of related lease ​ ​ 33,031 ​ ​ 32,753 Construction in progress ​ ​ ​ ​ 32,748 ​ ​ 21,419 Development costs ​ ​ ​ ​ 3,722 ​ ​ 3,722 ​ ​ ​ ​ ​ 620,398 ​ ​ 587,880 Accumulated depreciation ​ ​ ​ ​ (102,585) ​ ​ (98,219) ​ ​ ​ ​ $ 517,813 ​ $ 489,661 ​
Schedule of total depreciation expense and capitalized interest related to real estate assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended ​ March 31, 2023 March 31, 2022 Depreciation expense ​ $ 4,413 ​ $ 3,637 ​
Schedule of purchase price allocation	​ ​ ​ ​ ​ Land ​ $ 1,469 Land improvements ​ ​ 329 Buildings and improvements ​ ​ 22,228 ​ ​ $ 24,026 ​
Schedule of loss from discontinued operations	​ ​ ​ ​ ​ ​ ​ For the Three ​ ​ Months Ended ​ ​ March 31, 2022 Rental revenue ​ $ 504 ​ ​ ​ ​ Expenses: ​ ​ ​ Operating expenses of rental properties ​ 268 Real estate taxes ​ ​ 82 Depreciation and amortization expense ​ 240 Total expenses ​ 590 ​ ​ ​ ​ Loss from discontinued operations ​ $ (86) ​
Schedule of assets and liabilities in discontinued operations	​ ​ ​ ​ Other assets $ 29 Total assets of discontinued operations $ 29 ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities $ 75 Other liabilities ​ 44 Total liabilities of discontinued operations $ 119 ​
Schedule of cash flows from discontinued operations	​ ​ ​ ​ ​ ​ ​ For the Three ​ ​ Months Ended ​ ​ March 31, 2022 Net cash provided by operating activities of discontinued operations ​ $ 56 Net cash provided by investing activities of discontinued operations ​ $ 26 Net cash provided by financing activities of discontinued operations ​ $ —

Mortgages Loans, Delayed Draw_2

Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps (Tables)	3 Months Ended
	Mar. 31, 2023
Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps
Schedule of mortgage loans	​ ​ ​ ​ ​ ​ ​ ​ Mortgage loans: March 31, 2023 December 31, 2022 3.97%, due September 1, 2027 ​ $ 10,854 ​ $ 10,919 4.57%, due February 1, 2028 * ​ ​ 16,541 ​ ​ 16,666 3.60%, due January 2, 2030 * ​ ​ 5,962 ​ ​ 6,007 3.48%, due February 1, 2030 ​ ​ 13,774 ​ ​ 13,879 3.50%, due July 1, 2030 * ​ ​ 4,743 ​ ​ 4,778 4.33%, due August 1, 2030 ​ ​ 15,372 ​ ​ 15,473 4.51%, due April 1, 2034 ​ ​ 12,921 ​ ​ 13,010 Mortgage loans ​ ​ 80,167 ​ ​ 80,732 Debt issuance costs ​ ​ (1,042) ​ ​ (1,079) Mortgage loans, net of debt issuance costs ​ $ 79,125 ​ $ 79,653 ​ *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 ​ March 31, ​ December 31, ​ March 31, ​ December 31, Date ​ Date ​ Strike Rate ​ Strike Rate ​ 2023 ​ 2022 ​ 2023 ​ 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2022 ​ April 21, 2027 ​ n/a ​ 2.933% ​ $ 90,000 ​ $ 90,000 ​ $ 2,774 ​ $ 4,704 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 15, 2017 ​ March 1, 2027 (a) 2.501% ​ n/a ​ 10,204 ​ 10,290 ​ 378 ​ 522 February 1, 2018 ​ February 1, 2028 (a) 2.782% ​ n/a ​ 6,337 ​ 6,376 ​ 190 ​ 324 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 2, 2020 ​ January 1, 2030 ​ 1.849% ​ n/a ​ 5,962 ​ 6,007 ​ 487 ​ 621 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ July 1, 2020 ​ July 1, 2030 ​ 0.942% ​ n/a ​ 4,743 ​ 4,778 ​ 675 ​ 800 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ $ 117,246 ​ $ 117,451 ​ $ 4,504 ​ $ 6,971 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (a) represents multiple interest rate swap agreements against a single mortgage ​

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2023
Schedule of basic and diluted per share results	​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 Net (loss) income ​ $ (5,777) ​ $ 269 ​ ​ ​ ​ ​ ​ ​ Weighted average shares outstanding for computation of basic per share results ​ 10,194 ​ 10,185 Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units (a) ​ — ​ 236 Adjusted weighted average shares for computation of diluted per share results ​ 10,194 ​ 10,421 (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 and the grant of restricted stock units for the three months ended March 31, 2023 would have been 167 . ​
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of 2023 ​ $ 154 2024 ​ $ 111 2025 ​ $ 15 ​
Schedule of option holders	​
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 March 31, 2023 Exercise Price (in years) Value $23.00 - $28.00 74,663 ​ $ 26.29 3.0 $ 2,987 $28.00 - $32.00 14,073 ​ $ 29.84 2.3 ​ 513 $32.00 - $47.00 122,966 ​ $ 44.13 6.8 ​ 2,725 ​ 211,702 ​ $ 36.89 5.2 ​ $ 6,225 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vested options ​ 143,561 ​ $ 32.82 4.4 $ 4,805 ​
Summary of company's common dividends	For the three months ended March 31, 2023, the Company’s common dividend was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2023 ​ March 31, 2023 ​ April 14, 2023 ​ $0.18 ​ For the three months ended March 31, 2022, the Company’s common dividend was as follows: ​ ​ ​ ​ ​ ​ ​ ​ Quarter Ended ​ Record Date ​ Payment Date ​ Common dividend per share March 31, 2022 ​ March 31, 2022 ​ April 15, 2022 ​ $0.16
Restricted Stock Units (RSUs)
Schedule of unrecognized compensation expense related to nonvested stock options	​ ​ ​ ​ ​ Balance of 2023 ​ $ 1,084 2024 ​ $ 852 2025 ​ $ 418 2026 ​ $ 29 ​
Schedule of compensation expense and related tax benefits for stock options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 Compensation expense ​ $ 503 ​ $ 273 ​
Time Based Restricted Stock Units
Summary of activity for restricted stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Time-based vesting ​ ​ March 31, 2023 ​ March 31, 2022 ​ ​ Number of ​ ​ Grant Date Fair ​ Number of ​ ​ Grant Date Fair ​ ​ Units ​ ​ Value Weighted Avg. ​ Units ​ ​ Value Weighted Avg. Outstanding at beginning of period 22,332 ​ $ 66.56 ​ 12,829 ​ $ 64.43 Granted 11,692 ​ $ 63.82 ​ 7,991 ​ $ 76.71 Adjustment for dividends 63 ​ $ — ​ 26 ​ $ — Vested and distributed ​ (3,294) ​ $ 67.09 ​ (2,718) ​ $ 63.15 Forfeited — ​ $ — ​ (813) ​ $ 63.15 Outstanding at end of period 30,793 ​ $ 65.33 ​ 17,315 ​ $ 70.26 ​
Performance Shares
Summary of activity for restricted stock units	​

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2023
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 operating leases as of March 31, 2023. 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 2023 $ 30,509 ​ 2024 ​ ​ 40,781 ​ 2025 ​ 37,390 ​ 2026 ​ 29,903 ​ 2027 ​ 21,383 ​ Thereafter ​ 57,221 ​ ​ ​ $ 217,187 ​ ​
Schedule of maturities of lease liabilities	​ ​ ​ ​ ​ Balance of 2023 $ 245 2024 ​ ​ 330 2025 ​ ​ 332 2026 ​ ​ 310 2027 ​ ​ 197 Thereafter ​ ​ 1,028 Total undiscounted payments ​ ​ 2,442 Less: imputed interest ​ ​ (354) Present value of minimum lease payments ​ $ 2,088

Supplemental Financial Statem_2

Supplemental Financial Statement Information (Tables)	3 Months Ended
	Mar. 31, 2023
Supplemental Financial Statement Information
Schedule of other assets	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Deposits on building and land acquisitions ​ $ 14,488 ​ $ 15,588 Straight-line rents ​ ​ 7,789 ​ ​ 7,547 Deferred leasing costs, net ​ ​ 7,076 ​ ​ 7,118 Intangible assets, net ​ 5,502 ​ 5,813 Prepaid expenses ​ 2,642 ​ 3,497 Accounts receivable (primarily leases) ​ ​ 2,347 ​ ​ 2,790 Right-of-use assets ​ ​ 2,057 ​ ​ 2,123 Furniture, fixtures and equipment, net ​ ​ 1,741 ​ ​ 1,791 Deferred financing costs related to revolving lines of credit ​ ​ 572 ​ ​ 631 Registration statement costs ​ ​ 341 ​ ​ 341 Prepaid development costs ​ ​ 32 ​ ​ 88 Other ​ 444 ​ 447 Total other assets ​ $ 45,031 ​ $ 47,774 ​
Schedule of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Accrued construction costs and retainage ​ $ 6,882 ​ $ 5,030 Accrued strategic transaction costs ​ ​ 4,600 ​ ​ 615 Trade payables ​ ​ 835 ​ ​ 1,528 Accrued real estate taxes ​ ​ 711 ​ ​ 25 Accrued salaries, wages and other compensation ​ ​ 579 ​ ​ 2,363 Accrued interest payable ​ ​ 419 ​ ​ 447 Accrued lease commissions ​ ​ 351 ​ ​ 191 Other ​ ​ 738 ​ ​ 741 Total accounts payable and accrued liabilities ​ $ 15,115 ​ $ 10,940 ​
Schedule of other liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, 2023 December 31, 2022 Deferred compensation plan ​ $ 3,496 ​ $ 3,363 Intangible liability, net ​ ​ 3,086 ​ ​ 3,203 Prepaid rent from tenants ​ ​ 2,154 ​ ​ 1,449 Lease liabilities ​ ​ 2,088 ​ ​ 2,150 Security deposits of tenants ​ ​ 1,304 ​ ​ 1,229 Other ​ ​ 139 ​ ​ 143 Total other liabilities ​ $ 12,267 ​ $ 11,537 ​
Schedule of interest payments and Capitalized interest	Interest payments were as follows: ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 $ 1,873 $ 1,608 ​ Capitalized interest related to real estate assets was as follows: ​ ​ ​ ​ ​ ​ For the Three Months Ended March 31, 2023 March 31, 2022 $ 267 ​ $ 356

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Narrative (Details) ft² in Millions	3 Months Ended
	Mar. 31, 2023 ft² segment building	Feb. 22, 2023 $ / shares
Number of reporting segments	1
Number of operating segments	1
Industrial/Logistics Building
Number of properties owned | building	42
Area of property | ft²	6.1
Proposed Merger
Share Price | $ / shares		$ 67

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Discontinued Operations (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2022 ft² building	Mar. 31, 2022 USD ($)
Real Estate Properties [Line Items]
Gain on disposition of property | $		$ 203
Office/Flex Portfolio Division
Real Estate Properties [Line Items]
Number of planned development buildings | building	7
Area of building | ft²	18,000
Gain on disposition of property | $		$ 203
Office/Flex Portfolio Division | Industrial/Logistics Building
Real Estate Properties [Line Items]
Area of building | ft²	175,000

Fair Value (Details)

Fair Value (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Interest rate swap assets	$ 4,504	$ 6,971
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	4,504	6,971
Carrying Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Fair value of debt	167,912	168,366
Estimated Fair Value
Financial assets and liabilities carried at fair value and measured at fair value on a recurring basis:
Fair value of debt	$ 166,571	$ 166,665

Real Estate Assets and Discon_3

Real Estate Assets and Discontinued Operations - Components of Real Estate Assets (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Real Estate Assets and Discontinued Operations
Land	$ 90,927		$ 71,148
Land improvements	79,071		78,974
Buildings and improvements	380,899		379,864
Tenant improvements	33,031		32,753
Construction in progress	32,748		21,419
Development costs	3,722		3,722
Real estate assets, gross	620,398		587,880
Accumulated depreciation	(102,585)		(98,219)
Real estate assets, net	517,813		$ 489,661
Depreciation expense	$ 4,413	$ 3,637
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 - Acquisitions and Dispositions (Details) $ in Thousands				1 Months Ended
	Jan. 24, 2023 USD ($) ft² a	Jan. 23, 2023 USD ($) ft² a building	Jan. 19, 2022 USD ($) ft²	Dec. 31, 2022 USD ($) ft² building	Mar. 31, 2023 USD ($)
Real Estate Properties [Line Items]
Land				$ 71,148	$ 90,927
Land improvements				78,974	79,071
Buildings and improvements				379,864	380,899
Tenant improvements				32,753	33,031
Real estate assets, net				$ 489,661	$ 517,813
Office/Flex Portfolio Division
Real Estate Properties [Line Items]
Area of building | ft²				18,000
Number of buildings comprised | building				7
Number of planned development buildings | building				7
Industrial/Logistics Building | Office/Flex Portfolio Division
Real Estate Properties [Line Items]
Area of building | ft²				175,000
Lehigh Valley Land
Real Estate Properties [Line Items]
Area of building | ft²	90,000
Cash paid for real estate	$ 2,361
Area of land | a	11
Orlando Land
Real Estate Properties [Line Items]
Area of building | ft²		574,000
Cash paid for real estate		$ 17,418
Area of land | a		75
Number of planned development buildings | building		3
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

Real Estate Assets and Discon_5

Real Estate Assets and Discontinued Operations - Discontinued operations (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2023	Mar. 31, 2022
Real Estate Assets and Discontinued Operations
Gain on disposition of property			$ 203
Income from Discontinued Operations
Rental Revenue		$ 504
Operating expenses of rental properties		268
Real estate taxes		82
Depreciation and amortization expense		240
Total expenses		590
Loss from discontinued operations		$ (86)	$ (86)
Office/Flex Portfolio Division
Real Estate Assets and Discontinued Operations
Gain on disposition of property	$ 203

Real Estate Assets and Discon_6

Real Estate Assets and Discontinued Operations - Real Estate Assets Held for Sale (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Real Estate Assets and Discontinued Operations
Other assets	$ 45,031	$ 47,774
Accounts payable and accrued liabilities	15,115	10,940
Other liabilities	$ 12,267	11,537
Real estate assets held for sale
Real Estate Assets and Discontinued Operations
Other assets		29
Total assets of discontinued operations		29
Accounts payable and accrued liabilities		75
Other liabilities		44
Total liabilities of discontinued operations		$ 119

Real Estate Assets and Discon_7

Real Estate Assets and Discontinued Operations - Cash Flows from Discontinued Operations (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Cash Flows From Discontinued Operations
Net cash provided by (used in) operating activities of discontinued operations	$ 56
Net cash provided by (used in) investing activities of discontinued operations	$ 26

Mortgages Loans, Delayed Draw_3

Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps (Details) $ in Thousands			1 Months Ended	3 Months Ended
	Apr. 01, 2023 USD ($)	Apr. 21, 2022 USD ($) item	May 31, 2022 USD ($)	Mar. 31, 2023 USD ($) item	Mar. 31, 2022 USD ($)	Dec. 31, 2022 USD ($) item
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Mortgage loans, net of debt issuance costs				$ 79,125		$ 79,653
Debt disclosures
Delayed draw term loan, net of debt issuance costs				88,787		88,713
Payment on secured debt				565	$ 1,076
Aggregate book value of land and buildings pledged as collateral				$ 1,741		1,791
Interest rate swap agreement
Debt disclosures
Number of agreements containing credit risk related contingent features | item				0
Recognized net gains (losses) (included in other comprehensive loss), before taxes, on interest rate swap agreements				$ 2,467	4,662
Loss expected to be reclassified over next twelve months from accumulated other comprehensive loss to interest expense				(3,133)
Interest income				522	$ 451
Nonrecourse mortgage loans
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				80,167		80,732
Debt issuance costs, net				$ (1,042)		$ (1,079)
Weighted average interest rate				4.13%		4.13%
Delayed Draw Term Loan Facility
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Debt issuance costs, net				$ (1,213)
Debt disclosures
Maximum borrowing capacity		$ 150,000
Term of debt		5 years
Proceeds from debt			$ 90,000
Interest rate		4.15%
Number of separate draws | item		3				2
Delayed Draw Term Loan Facility | Subsequent Events
Debt disclosures
Proceeds from debt	$ 60,000
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%
3.97%, due September 1, 2027
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 10,854		$ 10,919
Interest rate (as a percent)				3.97%		3.97%
4.57%, due February 1, 2028
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 16,541		$ 16,666
Interest rate (as a percent)				4.57%		4.57%
3.60%, due January 2, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 5,962		$ 6,007
Interest rate (as a percent)				3.60%		3.60%
3.48% due February 1 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 13,774		$ 13,879
Interest rate (as a percent)				3.48%		3.48%
3.50%, due July 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 4,743		$ 4,778
Interest rate (as a percent)				3.50%
4.33%, due August 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 15,372		$ 15,473
Interest rate (as a percent)				4.33%		4.33%
4.51%, due April 1, 2034
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Loans, prior to debt issuance costs				$ 12,921		$ 13,010
Interest rate (as a percent)				4.51%		4.51%

Mortgages Loans, Delayed Draw_4

Mortgages Loans, Delayed Draw Term Loan and Interest Rate Swaps - Schedule of Notional and Fair Value of Interest Rate Swaps (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Fair Value Interest Rate Derivative Assets	$ 4,504	$ 6,971
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	117,246	117,451
Fair Value of Interest Rate Derivative Assets/(Liabilities)	4,504	6,971
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on April 21, 2027
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	90,000	90,000
Fair Value of Interest Rate Derivative Assets/(Liabilities)	2,774	4,704
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on March 1, 2027
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	10,204	10,290
Fair Value of Interest Rate Derivative Assets/(Liabilities)	378	522
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on February 1, 2028
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	6,337	6,376
Fair Value of Interest Rate Derivative Assets/(Liabilities)	190	324
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on January 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	5,962	6,007
Fair Value of Interest Rate Derivative Assets/(Liabilities)	487	621
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | Mortgage due on July 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Current Notional Value	4,743	4,778
Fair Value Interest Rate Derivative Assets		$ 800
Fair Value of Interest Rate Derivative Assets/(Liabilities)	$ 675
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on March 1, 2027
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Interest Strike Rate	2.501%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on February 1, 2028
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Interest Strike Rate	2.782%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on January 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Interest Strike Rate	1.849%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | LIBOR | Mortgage due on July 1, 2030
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Interest Strike Rate	0.942%
Designated as Hedging Instrument | Cash flow hedges | Interest rate swap agreement | SOFR | Mortgage due on April 21, 2027
Mortgage Loans, Construction Loan, Delayed Draw Term Loan and Interest Rate Swaps
Interest Strike Rate	2.933%

Revolving and Delayed Draw Te_2

Revolving and Delayed Draw Term Loan Facility Credit Agreement (Details) $ in Thousands	Apr. 21, 2022 USD ($) property item	Apr. 01, 2023 USD ($)	Mar. 31, 2023 USD ($)	Dec. 31, 2022 item	Aug. 05, 2021 USD ($)
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Increased line of credit	$ 250,000
LIBOR | Term Borrowings
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Interest rate (as a percent)	1.20%
SOFR | Revolving Credit Facility
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Interest rate (as a percent)	1.20%
SOFR | Term Borrowings
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Interest rate (as a percent)	1.15%
New Credit Facility
Revolving and Delayed Draw Term Loan Facility 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			$ 6,822
New Credit Facility | Revolving Credit Facility
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Maximum borrowing capacity	$ 100,000
New Credit Facility | Through March 31, 2022
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Fixed charge coverage ratio	1.25
New Credit Facility | Through June 30, 2022
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Fixed charge coverage ratio	1.50
New Credit Facility | Through December 31, 2022
Revolving and Delayed Draw Term Loan Facility 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 and Delayed Draw Term Loan Facility 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 and Delayed Draw Term Loan Facility Credit Agreement
Minimum borrowing base	$ 125,000
New Credit Facility | From June 30, 2021 to December 31, 2023
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Threshold number of industrial unencumbered properties | property	5
New Credit Facility | Through December 31, 2023
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Minimum borrowing base	$ 250,000
Threshold number of industrial unencumbered properties | property	8
New Credit Facility | LIBOR
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Variable interest rate margin (as a percent)	1.20%
Delayed Draw Term Loan Facility
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Maximum borrowing capacity	$ 150,000
Term of debt	5 years
Number of separate draws | item	3			2
Line of credit borrowings			$ 90,000
Delayed Draw Term Loan Facility | Subsequent Events
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Line of credit borrowings		$ 60,000
Delayed Draw Term Loan Facility | SOFR
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Variable interest rate margin (as a percent)	1.15%
Existing Credit Facility
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Maximum borrowing capacity	$ 100,000
Existing Credit Facility | Through December 31, 2022
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Minimum borrowing base					$ 30,000
Existing Credit Facility | From December 31, 2022 to December 31, 2023
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Minimum borrowing base					50,000
Existing Credit Facility | Through December 31, 2023
Revolving and Delayed Draw Term Loan Facility Credit Agreement
Minimum borrowing base					$ 100,000

Stockholders' Equity - Per Shar

Stockholders' Equity - Per Share Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings per share:
Net (loss) income	$ (5,777)	$ 269
Weighted average shares outstanding - basic	10,194,000	10,185,000
Incremental shares from assumed exercise of stock options and warrants and the grant of restricted stock units		236,000
Adjusted weighted average shares for computation of diluted per share results	10,194,000	10,421,000
Incremental shares from assumed exercise of stock options excluded due to anti-dilutive effect	167,000

Stockholders' Equity - Stock Op

Stockholders' Equity - Stock Option Grants, Activity And Expense (Details)	3 Months Ended
	Mar. 31, 2023 individual $ / shares shares	Mar. 31, 2022 $ / shares shares
Stockholders' Equity
Granted (in shares)	0	0
Other Disclosures
Number of option holders | individual	14
INDUS stock option plan
Granted (in shares)	0	0
Exercised (in shares)	0	0
Outstanding at end of period (in shares)	211,702	220,937
Weighted Avg. Exercise Price
Outstanding at end of period (in dollars per share) | $ / shares	$ 36.89	$ 36.47

Stockholders' Equity - Range Of

Stockholders' Equity - Range Of Exercise Prices (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($) $ / shares shares
Vested options
2009 Stock Option Plan
Outstanding at ending of the year (in shares) | shares	143,561
Weighted Avg. Exercise Price (in dollars per share)	$ 32.82
Weighted Avg. Remaining Contractual Life	4 years 4 months 24 days
Total Intrinsic Value | $	$ 4,805
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 2 months 12 days
Total Intrinsic Value | $	$ 6,225
$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
Total Intrinsic Value | $	$ 2,987
$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 3 months 18 days
Total Intrinsic Value | $	$ 513
$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	6 years 9 months 18 days
Total Intrinsic Value | $	$ 2,725

Stockholders' Equity - Restrict

Stockholders' Equity - Restricted Stock (Details) - $ / shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Time Based Restricted Stock Units
Number of Units
Outstanding at beginning of period (in shares)	22,332	12,829
Granted (in shares)	11,692	7,991
Adjustment for dividend (in shares)	63	26
Vested and distributed (in shares)	(3,294)	(2,718)
Forfeited (in share)		(813)
Outstanding at end of period (in shares)	30,793	17,315
Grant Date Fair Value
Outstanding at beginning of period (in per share)	$ 66.56	$ 64.43
Granted (in per share)	63.82	76.71
Vested and distributed (in per share)	67.09	63.15
Forfeited (in per share)		63.15
Outstanding at end of period (in per share)	$ 65.33	$ 70.26
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)	15,054	8,136
Granted (in shares)	11,685	7,999
Adjustment for dividend (in shares)	43	16
Forfeited (in share)		(1,219)
Outstanding at end of period (in shares)	26,782	14,932
Grant Date Fair Value
Outstanding at beginning of period (in per share)	$ 89.50	$ 78.97
Granted (in per share)	73.25	100.19
Forfeited (in per share)		79.33
Outstanding at end of period (in per share)	$ 82.26	$ 90.22
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
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance of 2023	$ 154
2024	111
2025	15
Compensation expense for stock options
Compensation expense	503	$ 273
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance of 2023	1,084
2024	852
2025	418
2026	$ 29

Stockholders' Equity - Stock Re

Stockholders' Equity - Stock Repurchases, Special Dividend (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended
	Apr. 14, 2023	Apr. 15, 2022	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Cash Dividends
Dividends Payable			$ 1,835		$ 1,835
Common stock dividends			$ 1,835	$ 1,630
Common dividend per share (in dollars per share)	$ 0.18	$ 0.16	$ 0.18	$ 0.16

Leases - Lessor (Details)

Leases - Lessor (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Future minimum rental payments to be received under noncancelable leases
Balance of 2023	$ 30,509
2024	40,781
2025	37,390
2026	29,903
2027	21,383
Thereafter	57,221
Total	$ 217,187

Leases - Lessee (Details)

Leases - Lessee (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Lease terms
Lease expense	$ 84	$ 35
Weighted-average remaining lease term	8 years 3 months 18 days
Weighted-average discount rate	3.69%		3.70%

Leases - Lease Liabilities (Det

Leases - Lease Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Maturities of leases liabilities
Balance of 2023	$ 245
2024	330
2025	332
2026	310
2027	197
Thereafter	1,028
Total undiscounted payments	2,442
Less: imputed interest	(354)
Present value of minimum lease payments	$ 2,088	$ 2,150
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	Mar. 31, 2023	Dec. 31, 2022
Other Assets
Deposits on building and land acquisitions	$ 14,488	$ 15,588
Straight- line rents	7,789	7,547
Deferred leasing costs, net	7,076	7,118
Intangible assets, net	5,502	5,813
Prepaid expenses	2,642	3,497
Account receivable (primarily leases)	2,347	2,790
Right-of-use assets	$ 2,057	$ 2,123
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Total other assets	Total other assets
Furniture, fixtures and equipment, net	$ 1,741	$ 1,791
Deferred financing costs related to revolving lines of credit	572	631
Registration statement costs	341	341
Prepaid development costs	32	88
Other	444	447
Total other assets	$ 45,031	$ 47,774

Supplemental Financial Statem_4

Supplemental Financial Statement Information - Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Accrued construction costs and retainage	$ 6,882	$ 5,030
Accrued strategic transaction costs	4,600	615
Trade payables	835	1,528
Accrued real estate taxes	711	25
Accrued salaries, wages and other compensation	579	2,363
Accrued interest payable	419	447
Accrued lease commissions	351	191
Other	738	741
Total accounts payable and accrued liabilities	15,115	10,940
Other Liabilities
Deferred compensation plan	3,496	3,363
Intangible liability, net	3,086	3,203
Prepaid rent from tenants	2,154	1,449
Lease liabilities	2,088	2,150
Security deposits of tenants	1,304	1,229
Other	139	143
Total other liabilities	$ 12,267	$ 11,537
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
	Mar. 31, 2023	Mar. 31, 2022
Supplemental Cash Flow Information
Increase in accounts payable and accrued liabilities related to additions to real estate assets	$ 1,852	$ 3,401
Interest paid
Interest payments	1,873	1,608
Interest capitalized included in interest payments	$ 267	$ 356

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Thousands					3 Months Ended
	Mar. 02, 2022 USD ($) ft²	Nov. 23, 2021 USD ($) ft²	Nov. 03, 2021 USD ($) ft²	Aug. 05, 2021 USD ($) ft² building	Mar. 31, 2023 USD ($) ft²	Jan. 17, 2022 USD ($) a
Under Construction Industrial Logistic Portfolio, Nashville, Tennessee | Forward Purchase Agreement
Purchase and sale obligations
Area Of Building | ft²				184,000
Purchase Price Before Transaction Costs				$ 31,500
Number of Buildings Comprised | building				2
Reduced purchase price				$ 28,350
Under-construction building in Greenville-Spartanburg, South Carolina | Agreement to Acquire Property
Purchase and sale obligations
Purchase price	$ 28,500
Area Of Building | ft²	284,400
Undeveloped land in the Charlotte, North Carolina market | Land Purchase Agreement
Purchase and sale obligations
Area of land | a						231
Purchase Price Before Transaction Costs						$ 4,750
Building in Charleston, South Carolina | Forward Purchase Agreement
Purchase and sale obligations
Area Of Building | ft²			263,000
Purchase Price Before Transaction Costs			$ 28,000
Building in the Charlotte, North Carolina market | Forward Purchase Agreement
Purchase and sale obligations
Area Of Building | ft²		231,000
Purchase Price Before Transaction Costs		$ 21,200
Obligations For Investments In Real Estate Assets
Purchase and sale obligations
Purchase obligations					$ 12,785
Area Of Building | ft²					206,000

Subsequent Events (Details)

Subsequent Events (Details) $ in Thousands	Jan. 24, 2023 USD ($) ft² a	Jan. 23, 2023 USD ($) ft² a	Apr. 01, 2023 USD ($)	Mar. 31, 2023 USD ($)
Orlando Land
Subsequent Events
Area of Land | a		75
Purchase price		$ 17,418
Area of building | ft²		574,000
Lehigh Valley Land
Subsequent Events
Area of Land | a	11
Purchase price	$ 2,361
Area of building | ft²	90,000
Delayed Draw Term Loan Facility
Subsequent Events
Line of credit borrowings				$ 90,000
Subsequent Events | Delayed Draw Term Loan Facility
Subsequent Events
Line of credit borrowings			$ 60,000