Industrial Logistics Properties Trust (ILPT) 10-K 21 Feb 19 2018 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2018	Feb. 19, 2019	Jun. 29, 2018
Document And Entity Information [Abstract]
Document Period End Date	Dec. 31, 2018
Entity Registrant Name	Industrial Logistics Properties Trust
Entity Central Index Key	1,717,307
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-K
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	FY
Amendment Flag	false
Entity Common Stock, Shares Outstanding		65,074,791
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Public Float			$ 447

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Real estate properties:
Land	$ 670,501	$ 642,706
Buildings and improvements	791,895	700,896
Real estate properties, gross	1,462,396	1,343,602
Accumulated depreciation	(93,291)	(74,614)
Real estate properties, net	1,369,105	1,268,988
Acquired real estate leases, net	75,803	79,103
Cash and cash equivalents	9,608	0
Rents receivable, including straight line rents of $54,916 and $50,177, respectively, net of allowance for doubtful accounts of $1,457 and $1,241, respectively	56,940	51,672
Deferred leasing costs, net	6,157	5,254
Debt issuance costs, net	4,430	1,724
Due from related parties	1,390	0
Other assets, net	11,178	4,942
Total assets	1,534,611	1,411,683
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	413,000	750,000
Mortgage note payable, net	49,195	49,427
Assumed real estate lease obligations, net	18,316	20,384
Accounts payable and other liabilities	12,040	11,082
Rents collected in advance	6,004	5,794
Security deposits	6,130	5,674
Due to related persons	1,653	7,114
Total liabilities	506,338	849,475
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,074,791 and 45,000,000 shares issued and outstanding, respectively	651	450
Additional paid in capital	998,447	546,489
Cumulative net income	89,657	15,269
Cumulative common distributions	(60,482)	0
Ownership interest	1,028,273	562,208
Total liabilities and shareholders' equity	$ 1,534,611	$ 1,411,683

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Straight line rents (in dollars)	$ 54,916	$ 50,177
Allowance for doubtful accounts (in dollars)	$ 1,457	$ 1,241
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,074,791	45,000,000
Common shares, shares outstanding (in shares)	65,074,791	45,000,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
REVENUES:
Rental income	$ 139,311	$ 134,826	$ 132,518
Tenant reimbursements and other income	23,219	21,680	20,792
Total revenues	162,530	156,506	153,310
EXPENSES:
Real estate taxes	19,342	17,868	17,204
Other operating expenses	13,005	10,913	10,593
Depreciation and amortization	28,575	27,315	27,074
Acquisition and transaction related costs	0	1,025	35
General and administrative	11,307	16,799	9,200
Total expenses	72,229	73,920	64,106
Interest income	200	0	0
Interest expense (including net amortization of debt issuance costs and premiums of $1,244, ($494) and ($292), respectively)	(16,081)	(2,439)	(2,262)
Income before income tax expense	74,420	80,147	86,942
Income tax expense	(32)	(44)	(44)
Net income	$ 74,388	$ 80,103	$ 86,898
Weighted average common shares outstanding - basic (in shares)	64,139	45,000	45,000
Weighted average common shares outstanding - diluted (in shares)	64,140	45,000	45,000
Net income per common share - basic and diluted (in dollars per share)	$ 1.16	$ 1.78	$ 1.93

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Statement [Abstract]
Net amortization of debt issuance costs and premiums	$ 1,244	$ (494)	$ (292)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Common Distributions	Ownership Interest
Balance (in shares) at Dec. 31, 2015		0
Balance at beginning of period at Dec. 31, 2015	$ 1,334,170	$ 0	$ 0	$ 0	$ 0	$ 1,334,170
Increase (Decrease) in Stockholders' Equity
Net income	86,898					86,898
Contributions	46,210					46,210
Distributions	(154,093)					(154,093)
Noncash Distribution To Parent	0
Balance (in shares) at Dec. 31, 2016		0
Balance at end of period at Dec. 31, 2016	1,313,185	$ 0	0	0	0	1,313,185
Increase (Decrease) in Stockholders' Equity
Net income	80,103			15,269		64,834
Contributions	72,807		30,244			42,563
Distributions	(153,887)		(37,348)			(116,539)
Issuance of common shares and reclassification of ownership interest (in shares)		45,000,000
Issuance of common shares and reclassification of ownership interest	(750,000)	$ 450	553,593
Noncash Distribution To Parent	(1,304,043)					(1,304,043)
Distributions to common shareholders	(60,482)
Balance (in shares) at Dec. 31, 2017		45,000,000
Balance at end of period at Dec. 31, 2017	562,208	$ 450	546,489	15,269	0	0
Increase (Decrease) in Stockholders' Equity
Net income	74,388			74,388
Contributions	16,162		16,162
Distributions	(9,187)		(9,187)
Issuance of common shares and reclassification of ownership interest (in shares)		20,000,000
Issuance of common shares and reclassification of ownership interest	444,309	$ 200	444,109
Noncash Distribution To Parent	0
Share grants (in shares)		77,400
Share grants	$ 927	$ 1	926
Share grant forfeitures (in shares)	(240)
Share grant forfeitures	$ 0
Share repurchases (in shares)	(2,369)
Share repurchases	$ (52)		(52)
Distributions to common shareholders	(60,482)				(60,482)
Balance (in shares) at Dec. 31, 2018		65,074,791
Balance at end of period at Dec. 31, 2018	$ 1,028,273	$ 651	$ 998,447	$ 89,657	$ (60,482)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 74,388	$ 80,103	$ 86,898
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	18,781	17,738	17,563
Net amortization of debt issuance costs and premiums	1,244	(494)	(292)
Amortization of acquired real estate leases and assumed real estate lease obligations	8,592	8,434	8,419
Amortization of deferred leasing costs	820	771	706
Provision for losses on rents receivable	1,198	704	257
Straight line rental income	(4,739)	(5,762)	(6,202)
Other non-cash expenses	927	0	0
Change in assets and liabilities:
Rents receivable	(1,727)	436	301
Deferred leasing costs	(1,745)	(693)	(910)
Other assets	3,591	(4,431)	56
Due from related persons	(1,390)	0	0
Accounts payable and other liabilities	1,618	245	295
Rents collected in advance	210	(743)	2,122
Security deposits	456	33	42
Due to related persons	(5,461)	7,114	0
Net cash provided by operating activities	96,763	103,455	109,255
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions	(121,891)	(281)	0
Real estate improvements	(5,004)	(6,026)	(1,356)
Investment in Affiliates Insurance Company	(8,632)	0	0
Net cash used in investing activities	(135,527)	(6,307)	(1,356)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	444,309	0	0
Borrowings under revolving credit facility	193,000	750,000	0
Repayments of revolving credit facility	(530,000)	0	0
Repayment of mortgage notes payable	0	(14,344)	(16)
Repayment of SIR note	0	(750,000)	0
Payment of debt issuance costs	(5,378)	(1,724)	0
Distributions to common shareholders	(60,482)	0	0
Repurchase of common shares	(52)	0	0
Contributions	16,162	72,807	46,210
Distributions	(9,187)	(153,887)	(154,093)
Net cash provided by (used in) financing activities	48,372	(97,148)	(107,899)
Increase in cash and cash equivalents	9,608	0	0
Cash and cash equivalents at beginning of period	0	0	0
Cash and cash equivalents at end of period	9,608	0	0
SUPPLEMENTAL DISCLOSURES:
Interest paid	14,749	2,752	2,554
NON-CASH FINANCING ACTIVITIES:
Distribution to SIR of ownership interest	0	(1,304,043)	0
Issuance of SIR note	0	750,000	0
Issuance of common shares	$ 0	$ 554,043	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, formed under Maryland law on September 15, 2017, as a wholly owned subsidiary of Select Income REIT, or SIR, a former publicly traded REIT that merged with a wholly owned subsidiary of Office Properties Income Trust (formerly Government Properties Income Trust), or OPI, on December 31, 2018. Until January 17, 2018, we were a wholly owned subsidiary of SIR and SIR managed and controlled our cash management function through a series of commingled centralized accounts. As a result, the cash receipts collected by SIR on our behalf have been accounted for as distributions and the cash disbursements paid by SIR on our behalf have been accounted for as contributions within ownership interest through September 29, 2017. Subsequent to September 29, 2017, contributions and distributions have been accounted for as an increase or decrease, respectively, in additional paid in capital. On January 17, 2018, we completed an initial public offering and listing on The Nasdaq Stock Market LLC, or Nasdaq, of 20,000,000 of our common shares, or our IPO. At that time, we owned 266 properties with a total of approximately 28,540,000 rentable square feet, or our Initial Properties (all square footage amounts included within these notes are unaudited). Our Initial Properties were contributed to us on September 29, 2017, by SIR. Two hundred twenty six ( 226 ) of these properties with a total of approximately 16,834,000 rentable square feet are located on the island of Oahu, Hawaii. The remaining 40 properties have a total of approximately 11,706,000 rentable square feet and are located in 24 other states. In connection with our formation and this contribution of properties, we (1) issued to SIR 45,000,000 of our common shares of beneficial interest, $.01 par value per share, or our common shares, (2) issued to SIR a $750,000 non-interest bearing demand note, or the SIR Note, and (3) assumed three mortgage notes totaling $63,069 , excluding premiums, that were secured by three of our Initial Properties. On December 27, 2018, SIR distributed all 45,000,000 of our common shares that SIR owned to SIR's shareholders of record as of the close of business on December 20, 2018.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The accounts of our Initial Properties are presented at SIR’s historical basis and are consolidated for prior periods presented as the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification 805-50-30, Business Combinations . Substantially all of the rental income received from our tenants and SIR’s other tenants was deposited in and commingled with SIR’s general funds during the periods prior to January 17, 2018. Prior to January 17, 2018, general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments. In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable. However, actual expenses may have been different from allocated expenses if we operated as a standalone company and those differences may be material. Real Estate Properties. We record properties at our cost and have presented our Initial Properties at their historical cost basis. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from seven to 40 years. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal to be probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in increases in rental income of $ 401 , $ 390 and $403 during the years ended December 31, 2018 , 2017 and 2016 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, or lease origination value, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $ 8,993 , $ 8,824 and $ 8,823 during the years ended December 31, 2018 , 2017 and 2016 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2018 and 2017 , our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2018 2017 Acquired real estate leases: Capitalized above market lease values $ 28,723 $ 30,104 Less: accumulated amortization (16,726 ) (16,440 ) Capitalized above market lease values, net 11,997 13,664 Lease origination value 99,727 93,646 Less: accumulated amortization (35,921 ) (28,207 ) Lease origination value, net 63,806 65,439 Acquired real estate leases, net $ 75,803 $ 79,103 Assumed real estate lease obligations: Capitalized below market lease values $ 34,313 $ 34,786 Less: accumulated amortization (15,997 ) (14,402 ) Assumed real estate lease obligations, net $ 18,316 $ 20,384 As of December 31, 2018 , the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 11.7 years, 8.8 years, and 14.1 years, respectively. Future amortization of net intangible acquired real estate lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2018 are estimated to be $ 7,805 in 2019, $ 7,797 in 2020, $ 7,725 in 2021, $ 7,538 in 2022, $ 7,279 in 2023 and $ 19,343 thereafter. We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. No impairments exist on any of our properties as of December 31, 2018 and 2017 . We believe some of our properties may contain asbestos. We believe any asbestos on our properties is contained in accordance with applicable laws and regulations and we have no current plans to remove it. If we removed the asbestos or renovated or demolished the affected properties, certain environmental regulations govern the manner in which the asbestos must be handled and removed, and we could incur substantial costs complying with such regulations. Due to the uncertainty of the timing and amount of costs we may incur, we cannot reasonably estimate such costs and we have not recognized a liability in our consolidated financial statements for these costs. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of December 31, 2018 and 2017 , accrued environmental remediation costs of $ 6,940 and $ 7,002 , respectively, were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income. Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $ 9,845 and $ 8,379 at December 31, 2018 and 2017 , respectively, and accumulated amortization of deferred leasing costs totaled $ 3,688 and $ 3,125 at December 31, 2018 and 2017 , respectively. Included in deferred leasing costs at December 31, 2018, was $ 24 of estimated costs associated with leases under negotiation. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2018 , are estimated to be $ 836 in 2019 , $ 757 in 2020 , $ 673 in 2021 , $ 552 in 2022 , $ 386 in 2023 and $ 2,953 thereafter. Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. As of December 31, 2018 and 2017, we had debt issuance costs for our revolving credit facility totaling $5,907 and $1,724 , respectively, and accumulated amortization of debt issuance costs totaling $1,477 at December 31, 2018. There were no accumulated amortization of debt issuance costs at December 31, 2017. As of December 31, 2018 , we had debt issuance costs of $1,413 for our $650,000 mortgage loan obtained in January 2019. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and our $650,000 mortgage loan as of December 31, 2018 is estimated to be $1,618 in 2019 , $1,618 in 2020 , $1,618 in 2021 , $ 142 in 2022 , $ 142 in 2023 and $ 705 thereafter. Other Assets. Other assets consist of our investment in Affiliates Insurance Company, or AIC, prepaid insurance and prepaid real estate taxes. As of December 31, 2017, other assets also included costs related to our formation and preparation for our IPO. We acquired shares of common stock of AIC from SIR on December 31, 2018 for $8,632 . We own a 14.3% ownership interest in AIC. We account for our investment in AIC using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. One of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of The RMR Group Inc., or RMR Inc. RMR Inc. is the managing member of our manager, The RMR Group LLC, or RMR LLC. Mr. Portnoy is also a managing director and president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. John G. Murray, our other Managing Trustee and our President and Chief Executive Officer, is also an officer and employee of RMR LLC. RMR LLC also provides management and administrative services to AIC, and most of our Trustees are directors of AIC. See Note 7 for further information regarding our investments in RMR Inc. and AIC. Revenue Recognition. Rental income from operating leases is recognized on a straight line basis over the lives of lease agreements. We defer the recognition of contingent rental income, such as percentage rents, until the specific targets that trigger the contingent rental income are achieved. Contingent rental income recognized for the years ended December 31, 2018 , 2017 and 2016 totaled $ 941 , $ 650 and $ 846 , respectively. Tenant reimbursements and other income include property level operating expenses and capital expenditures reimbursed by our tenants as well as other incidental revenues. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These costs, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for these costs under their respective lease defaults on its lease or if it is deemed probable that the tenant will fail to pay for such costs, we would record a liability for such obligation. Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of certain tenants to make payments required under their leases. The computation of the allowance is based on the tenants’ payment histories and current credit profiles, as well as other considerations. Income Taxes. Until January 17, 2018, we were a wholly owned subsidiary of SIR, which was taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC. Accordingly, until January 17, 2018, we were a qualified REIT subsidiary and a disregarded entity for tax purposes. We intend to qualify for taxation as a REIT under the IRC for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2018 and to maintain such qualification thereafter. Accordingly, we generally are not, and will not be, subject to U.S. federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We may, however, be subject to certain state and local taxes. Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets. Ownership Interest. For the periods prior to January 17, 2018, our investment activities were financed by SIR. Amounts invested in or advanced to us did not carry interest and had no specific repayment terms. Net Income Per Common Share. We calculate basic earnings per common share by dividing net income by the weighted average number of common shares outstanding during the period. We calculate diluted net income per share using the more dilutive of the two class method or the treasury stock method. Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. Reclassifications. Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation. For the year ended December 31, 2017, we reclassified $1,724 from other assets to deferred issuance costs, net, in our consolidated balance sheets. New Accounting Pronouncements. On January 1, 2018, we adopted FASB Accounting Standards Update, or ASU, No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We have adopted ASU No. 2014-09 using the modified retrospective approach. The adoption of ASU No. 2014-09 did not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. The adoption of this standard did not have a material impact in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards are effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which allows entities to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of December 31, 2018 , we owned 270 properties with a total of approximately 29,535,000 rentable square feet, including 226 buildings, leasable land parcels and easements with a total of approximately 16,834,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 44 buildings with a total of approximately 12,701,000 rentable square feet of industrial properties in 25 other states, or our Mainland Properties. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the years ended December 31, 2018 , 2017 and 2016 , approximately 59.7% , 60.2% and 59.5% , respectively, of our total revenues were from our Hawaii Properties. In addition, two subsidiaries of Amazon.com, Inc., which are tenants at certain of our Mainland Properties, accounted for $16,047 , $ 15,938 and $16,063 of our total revenues for the years ended December 31, 2018 , 2017 and 2016 , respectively. 2018 Acquisitions: During the year ended December 31, 2018 , we acquired 985,235 rentable square feet for an aggregate purchase price of $121,385 , including acquisition related costs of $1,360 . These acquisitions were accounted for as acquisitions of assets. We allocated the purchase prices of these acquisitions based on the estimated fair values of the acquired assets as follows: Number Rentable Acquired of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases June 2018 Doral, FL (1) 1 240,283 $ 43,326 $ 15,225 $ 28,101 $ — September 2018 Carlisle, PA 1 205,090 20,451 3,299 15,515 1,637 September 2018 Upper Marlboro, MD 1 220,800 29,801 5,296 21,833 2,672 October 2018 Maple Grove, MN 1 319,062 27,807 3,469 21,287 3,051 4 985,235 $ 121,385 $ 27,289 $ 86,736 $ 7,360 (1) This property was acquired and simultaneously leased back to the seller. In October 2018, we acquired a land parcel adjacent to a property we own located in Ankeny, IA for a purchase price of $450 , excluding acquisition related costs. This land parcel will be used for a 194,000 square foot expansion for the existing tenant at such property. In February 2019, we entered an agreement to acquire a portfolio of eight industrial properties located in the Indianapolis and Cincinnati market areas, that are leased to 10 tenants with an aggregate of approximately 4,202,000 rentable square feet for a purchase price of $280,000 , excluding acquisition related costs. We completed the acquisition of seven of the eight properties on February 14, 2019. The acquisition of the remaining property is expected to occur by April 15, 2019. Also in February 2019, we entered an agreement to acquire a portfolio of 18 industrial properties located in 12 states that are leased to 13 tenants with an aggregate of approximately 8,694,000 rentable square feet for a purchase price of $625,300 , excluding acquisition related costs and including the assumption of $57,000 of mortgage debt. The acquisition of these properties is expected to occur by April 15, 2019. During the year ended December 31, 2018 , we committed $2,613 for expenditures related to tenant improvements and leasing costs for approximately 2,630,000 square feet of leases executed during the period. Committed but unspent tenant related obligations based on existing leases as of December 31, 2018 were $472 . 2017 Acquisitions: On January 13, 2017, we acquired a land parcel adjacent to one of our properties located in McAlester, OK for $281 , including $ 55 of acquisition related costs. As of December 31, 2018, we completed the development of a 35,000 square foot expansion for the tenant which is located on this adjacent parcel. Future Minimum Lease Payments: The future minimum lease payments scheduled to be received by us during the current terms of our leases as of December 31, 2018 are as follows: Minimum Lease Year Payment 2019 $ 140,363 2020 139,440 2021 137,814 2022 132,124 2023 113,443 Thereafter 994,544 $ 1,657,728

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of December 31, 2018 and 2017 , our outstanding indebtedness consisted of the following: December 31, 2018 2017 Revolving credit facility, due in 2021 (1) $ 413,000 $ 750,000 Mortgage note payable, 3.99%, due in 2020 (2) 48,750 48,750 Unamortized debt premiums 445 677 Carrying value $ 462,195 $ 799,427 (1) We repaid certain amounts outstanding under our revolving credit facility on January 17, 2018 with part of the $444,309 of net proceeds from our IPO. Upon completion of our IPO, the maturity date of our revolving credit facility was extended to December 29, 2021 and we have the option to extend the maturity date for two, six month periods through December 29, 2022. (2) We assumed this mortgage note in connection with our acquisition of a property. The stated interest rate for this mortgage debt is the contractually stated rate; we recorded the assumed mortgage note at estimated fair value on the date of acquisition. We amortize the fair value premium to interest expense over the respective term of the mortgage note to reduce interest expense to the estimated market interest rate as of the date of acquisition. On December 29, 2017, we obtained a $ 750,000 secured revolving credit facility which initially had a maturity date of March 29, 2018. Upon the completion of our IPO, our secured revolving credit facility became a $ 750,000 unsecured revolving credit facility and the maturity date was extended to December 29, 2021. Following our IPO, borrowings under our revolving credit facility are available for our general business purposes, including acquisitions. We may borrow, repay and reborrow funds under our revolving credit facility until maturity, and no principal repayment is due until maturity. Interest on borrowings under our revolving credit facility is calculated at floating rates based on LIBOR plus a premium that varies based on our leverage ratio. We have the option to extend the maturity date of our revolving credit facility for two, six month periods, subject to payment of extension fees and satisfaction of other conditions. We are also required to pay a commitment fee on the unused portion of our revolving credit facility until and if such time as we make a ratings election, and thereafter we will be required to pay a facility fee in lieu of such commitment fee based on the maximum amount of our revolving credit facility. The agreement governing our revolving credit facility, or our credit agreement, also includes a feature under which the maximum borrowing availability under our revolving credit facility may be increased to up to $ 1,500,000 in certain circumstances. As of December 31, 2018, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 130 basis points . As of December 31, 2018 and 2017, the interest rate payable on borrowings under our revolving credit facility was 3.81% and 2.89% , respectively. The weighted average interest rate for borrowings under our revolving credit facility was 3.33% for the year ended December 31, 2018 . As of December 31, 2018 and February 19, 2019, we had $ 413,000 and $ 60,000 , respectively, outstanding under our revolving credit facility and $337,000 and $690,000 , respectively, available to borrow under our revolving credit facility. Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, a change of control of us, which includes RMR LLC ceasing to act as our business manager and property manager. Our credit agreement also contains a number of covenants, including covenants that restrict our ability to incur debts or to make distributions in certain circumstances, and generally requires us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of the covenants under our credit agreement at December 31, 2018. As of December 31, 2018 , the principal amount outstanding under our mortgage note was $48,750 . This mortgage note was secured by one of our properties with a net book value of $64,901 . This mortgage note is non-recourse, subject to certain limited exceptions, and does not contain any material financial covenants. On January 29, 2019, we obtained a $650,000 mortgage loan secured by 186 of our properties ( 178 land parcels and eight buildings) containing approximately 9.6 million square feet with a net book value of $492,620 , located on the island of Oahu, Hawaii. The non-amortizing loan matures on February 7, 2029 and requires monthly interest payments at a fixed rate of 4.31% per annum. We used the proceeds from this loan to repay outstanding borrowings under our $750,000 unsecured revolving credit facility and to fund acquisitions. The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2018 are as follows: Principal Year Payment 2019 $ — 2020 48,750 2021 413,000 2022 — 2023 — Thereafter — $ 461,750 (1) (1) Total debt outstanding as of December 31, 2018 , including unamortized debt premiums, was $ 462,195 .

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Our financial instruments include cash and cash equivalents, rents receivable, our revolving credit facility, mortgage note payable, accounts payable, rents collected in advance and amounts due from or to related persons. At December 31, 2018 and 2017 , the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to the short term nature of floating interest rates, except as follows: At December 31, 2018 At December 31, 2017 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage note payable $ 49,195 $ 48,642 $ 49,427 $ 48,919 (1) Includes unamortized premiums of $445 and $677 as of December 31, 2018 and 2017 , respectively. We estimate the fair value of our mortgage note payable using a discounted cash flow analysis and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards: We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the year ended December 31, 2018, we awarded to our officers and other employees of RMR LLC annual share awards of 54,400 of our common shares, valued at $1,269 , in aggregate. We also granted each of our then Trustees 1,000 of our common shares with an aggregate value of $104 ($ 21 per Trustee) as compensation for the period from our IPO to May 2018 and granted each of our then Trustees 3,000 common shares with an aggregate value of $ 314 ($ 63 per Trustee) as part of their annual compensation. We granted an additional 3,000 common shares in December 2018, with an aggregate value of $61 to one of our Managing Trustees, who was elected as a Managing Trustee in December 2018. The values of the share grants were based upon the closing price of our common shares trading on Nasdaq on the dates of grants. The common shares granted to our Trustees vested immediately. The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of grant. We include the value of granted shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2018 is as follows: Weighted Average Number Grant Date of Shares Fair Value 2018 Activity: Granted 77,400 $ 22.60 Vested (33,880 ) $ 21.64 Forfeited (240 ) $ 23.33 Unvested shares at December 31, 2018 43,280 $ 23.33 The 43,280 unvested shares as of December 31, 2018 are scheduled to vest as follows: 15,320 shares in 2019, 9,320 shares in 2020, 9,320 shares in 2021 and 9,320 in 2022. As of December 31, 2018 , the estimated future compensation expense for the unvested shares was approximately $ 1,010 . The weighted average period over which the compensation expense will be recorded is approximately 28 months. During the year ended December 31, 2018 , we recorded $ 927 of compensation expense related to the 2018 Plan. At December 31, 2018 , 3,925,209 common shares remain available for issuance under the 2018 Plan. 2018 Common Share Purchases: On September 24, 2018, we purchased an aggregate of 2,369 of our common shares, valued at $22.08 per share, the closing price of our common shares on Nasdaq on that day, from certain of our officers and certain other employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with awards of our common shares. Distributions: During the year ended December 31, 2018 , we paid distributions on our common shares as follows: Declaration Record Paid Distributions Total Date Date Date Per Share Distributions 4/19/2018 4/30/2018 5/14/2018 $ 0.27 $ 17,551 7/19/2018 7/30/2018 8/13/2018 0.33 21,457 10/18/2018 10/29/2018 11/12/2018 0.33 21,474 $ 0.93 $ 60,482 Distributions per share paid or payable by us to our common shareholders for the year ended December 31, 2018 , was $ 0.93 . The characterization of our distributions for 2018 was 100% ordinary income. On January 18, 2019, we declared a regular quarterly distribution of $0.33 per common share, or approximately $21,500 , to shareholders of record on January 28, 2019. We expect to pay this distribution on or about February 21, 2019.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR LLC, RMR Inc., AIC and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR LLC is a majority owned subsidiary of RMR Inc. One of our Managing Trustees, Adam Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and is a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. Barry M. Portnoy was our other Managing Trustee and a managing director and an officer of RMR Inc. and an officer and employee of RMR LLC until his death on February 25, 2018. John Murray, who succeeded John C. Popeo as our other Managing Trustee and President and Chief Executive Officer effective December 1, 2018, and each of our other officers is also an officer and employee of RMR LLC. Our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves, and, until his death, Barry M. Portnoy served, as a managing director or managing trustee of these public companies, including SIR (prior to its merger into OPI’s subsidiary in December 2018). Other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services, including SIR prior to its merger into OPI’s subsidiary. Our Manager, RMR LLC. We have two agreements with RMR LLC to provide management services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. See Note 9 for further information regarding our management agreements with RMR LLC. Share Awards to RMR LLC Employees . As described in Note 6, we award shares to our officers and other employees of RMR LLC annually. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four anniversaries of the grant dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR LLC. These awards to RMR LLC employees are in addition to the share awards granted to our current and former Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC. See Note 6 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligation on the vesting of share awards. SIR . Until January 17, 2018, when we completed our IPO, we were a wholly owned subsidiary of SIR. SIR was our largest shareholder until December 27, 2018, when SIR distributed to its shareholders of record as of the close of business on December 20, 2018, all 45,000,000 of our common shares that SIR then owned. Effective December 31, 2018, SIR merged with and into a wholly owned subsidiary of OPI. Adam Portnoy, one of our Managing Trustees, was also a managing trustee of SIR prior to its merger with OPI’s subsidiary. John C. Popeo, before he resigned on November 30, 2018, was our other Managing Trustee and President and Chief Executive Officer, and he also served as the chief financial officer and treasurer of SIR prior to its merger with OPI’s subsidiary. RMR LLC provided management services to SIR until its merger into OPI’s subsidiary, and continues to provide management services to OPI and it provides management services to us. As a result of the merger, OPI succeeded to all of SIR’s rights and obligations, including with respect to SIR’s agreements with us. IPO . In connection with our IPO, we and SIR entered a transaction agreement, or the Transaction Agreement, to govern our relationship with SIR. OPI is the successor to SIR under the Transaction Agreement. Pursuant to the Transaction Agreement: • our current assets and current liabilities were settled between SIR (for the periods ending on and before the closing of our IPO) and us (for periods ending after the closing of our IPO); • SIR agreed to indemnify us with respect to any of its liabilities, and we agreed to indemnify SIR with respect to any of our liabilities, after giving effect to the settlement between us and SIR of our current assets and current liabilities; and • we and SIR agreed to cooperate to enforce the ownership limitations in our and SIR’s respective declaration of trust as may be appropriate to qualify for and maintain qualification for taxation as a REIT under the IRC and otherwise to ensure each receives the economics of its assets and liabilities and to file future tax returns, including appropriate allocations of taxable income, expenses and other tax attributes. On January 17, 2018, we and SIR also entered a registration rights agreement, which granted SIR demand and piggyback registration rights, subject to certain limitations, with respect to our common shares then owned by SIR. This registration rights agreement expired on December 27, 2018 due to SIR no longer beneficially owning any of our common shares following SIR’s pro rata distribution of our common shares that it then held to its shareholders on such date. AIC. On December 28, 2018, we and SIR entered a stock purchase agreement, or the AIC Stock Purchase Agreement, pursuant to which we purchased all of SIR’s shares of common stock of AIC, an Indiana insurance company, effective December 31, 2018 for a purchase price of $8,632 . As a result of this purchase, we, ABP Trust and five other companies to which RMR LLC provides management services currently own AIC in equal amounts and are parties to a shareholders agreement regarding AIC. All our Trustees (other than John Murray) and all the independent trustees and independent directors of the other AIC shareholders currently serve on the board of directors of AIC. RMR LLC provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC. Pursuant to this agreement, AIC pays to RMR LLC a service fee equal to 3.0% of the total annual net earned premiums payable under then active policies issued or underwritten by AIC or by a vendor or an agent of AIC on its behalf or in furtherance of AIC’s business. We and the other AIC shareholders participate in a combined property insurance program arranged and insured or reinsured in part by AIC. Historically, we participated in this program through SIR, as SIR’s subsidiary, and SIR allocated to us the portion of the premiums for this insurance program, including taxes and fees, covering our Initial Properties, which allocations were $266 , $320 and $351 for the policy years ending June 30, 2019, 2018 and 2017, respectively, which amount for the policy year ending June 30, 2019 may be adjusted from time to time as we acquire or dispose of properties included in this insurance program. We paid or reimbursed SIR approximately $266 in respect of this insurance program for the policy year ending June 30, 2019. As of December 31, 2018, our investment in AIC had a carrying value of $8,632 . This amount is included in other assets in our consolidated balance sheets. There was no income recognized related to our investment in AIC for the year ended December 31, 2018. Directors’ and Officers’ Liability Insurance. We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2020. Prior to SIR’s distribution of our common shares to its shareholders, as a majority owned subsidiary of SIR, we were provided coverage under this policy and SIR allocated a portion of its cost of the policy to us. The cost of this insurance SIR allocated to us was $90 , $116 and $93 for the years ended December 31, 2018, 2017 and 2016, respectively, and is included in general and administrative expenses in our consolidated statements of comprehensive income.

Certain Arrangements, Allocatio

Certain Arrangements, Allocations and Operations Prior to our IPO	12 Months Ended
	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Arrangements, Allocations and Operations Prior to our IPO	Certain Arrangements, Allocations and Operations Prior to our IPO In connection with our IPO, on September 29, 2017, SIR contributed to us 266 properties with a total of approximately 28,540,000 rentable square feet, including 16,834,000 rentable square feet of primarily industrial lands in Hawaii and approximately 11,706,000 rentable square feet of industrial and logistics properties in 24 other states. In connection with our formation and this contribution from SIR, we issued to SIR 45,000,000 of our common shares and the SIR Note, and we assumed three mortgage notes totaling $63,069 , as of September 30, 2017, that were secured by three of our Initial Properties. In December 2017, we obtained a $750,000 secured revolving credit facility, and we used the proceeds of an initial borrowing under this credit facility to pay the SIR Note in full. Also in December 2017, SIR prepaid on our behalf two of the mortgage notes totaling approximately $14,319 that had encumbered two of our Initial Properties. In connection with our IPO, we reimbursed SIR for approximately $7,271 of costs that SIR incurred in connection with our formation and preparation for our IPO. In addition, SIR collected rents from certain of our tenants for the period subsequent to our IPO, of which SIR owed to us $865 as of December 31, 2018, which amount is included in due from related persons in our consolidated balance sheet as of December 31, 2018. OPI (as successor by merger to SIR) paid this amount due to us in January 2019. We do not have any employees. As a wholly owned subsidiary of SIR, until the completion of our IPO, we received services from RMR LLC under SIR’s management agreements with RMR LLC. In connection with our IPO, we entered two agreements with RMR LLC to provide management services to us that were substantially similar to the terms of the then management agreements between SIR and RMR LLC. See Note 9 for further information regarding our management agreements with RMR LLC. For periods prior to the completion of our IPO on January 17, 2018, base management fees payable by SIR under SIR’s business management agreement with RMR LLC were calculated based on the historical costs of our Initial Properties and incentive management fees payable by SIR and allocated to us were based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR. Base management fees paid by SIR allocated to us by SIR for the period from January 1, 2018 to January 16, 2018 and the years ended December 31, 2017 and 2016 were $308 , $6,823 and $6,789 , respectively. The incentive management fee allocated to us by SIR for the year ended December 31, 2017 and paid to RMR LLC in January 2018 was $7,660 , and no incentive management fees were allocated to us by SIR for the year ended December 31, 2016. General and administrative expenses incurred by SIR, which include costs of the internal audit function provided by RMR LLC to the companies it or its subsidiaries manage, were allocated to us by SIR for periods prior to our IPO based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR. The amounts allocated to us by SIR for internal audit costs for the period from January 1 to January 16, 2018 and the years ended December 31, 2017 and 2016 were $4 , $84 and $74 , respectively. RMR LLC was paid, by SIR, property management fees equal to 3.0% of gross collected rents and construction supervision fees equal to 5.0% of construction costs. The aggregate property management and construction supervision fees allocated to us by SIR for the period from January 1 to January 16, 2018 and the years ended December 31, 2017 and 2016 were $230 , $4,244 and $4,182 , respectively. These amounts were calculated based upon gross collected rents and construction supervision services provided at or for our Initial Properties. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. Under SIR’s management agreements with RMR LLC, SIR was generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf. Our property level operating costs are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. The total of these property management related reimbursements paid to RMR LLC for costs incurred by RMR LLC related to our Initial Properties for the period from January 1 to January 16, 2018 and the years ended December 31, 2017 and 2016 were $120 , $2,512 and $2,448 , respectively. These amounts are included in other operating expenses in our consolidated financial statements for these periods. We also paid or reimbursed SIR for our allocated portion of certain insurance policies. The total of these insurance related reimbursements paid to SIR for costs for the period from January 1 to January 16, 2018 was $4 . See Note 7 for further information. See Notes 7 and 9 for further information regarding our relationships, agreements and transactions with RMR LLC and SIR.

Business and Property Managemen

Business and Property Management Agreements	12 Months Ended
	Dec. 31, 2018
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. Upon completion of our IPO on January 17, 2018, we entered two agreements with RMR LLC to provide management services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. See Notes 7 and 8 for further information regarding our relationship, agreements and transactions with RMR LLC prior to our IPO. Management Agreements with RMR LLC. Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee . The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of: ◦ the sum of (i) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred Assets, which includes our Initial Properties we acquired from SIR, plus (ii) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000 , plus (iii) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000 ; and ◦ the sum of (i) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000 , plus (ii) 0.5% of our Average Market Capitalization exceeding $250,000 . The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR LLC for an annual period is calculated as follows: ◦ An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0% of the product of: – if the relevant measurement period ends on or before December 31, 2020, $1,560,000 (our unadjusted equity market capitalization as calculated at our IPO) or, if the relevant measurement period ends thereafter, our equity market capitalization on the last trading day of the calendar year immediately prior to the relevant measurement period, and – the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. Effective as of January 1, 2019 we amended our business management agreement with RMR LLC so that the SNL U.S. Industrial REIT Index will be used for periods beginning on and after January 1, 2019, with the SNL U.S. REIT Equity Index used for periods ending on or prior to December 31, 2018. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) if the measurement period ends on or before December 31, 2020, $24.00 per common share (our unadjusted initial share price, as defined under the business management agreement, based on our IPO price of our common shares) or, if the measurement period ends after December 31, 2020, the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are generally three year periods ending with the year for which the incentive management fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive fee for 2020 (the period beginning on January 12, 2018, the first day our common shares began trading, and ending on December 31, 2020), 2019 (the period beginning on January 12, 2018 and ending on December 31, 2019) and 2018 (the period beginning on January 12, 2018 and ending on December 31, 2018). ◦ If our total return per share exceeds 12.0% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index. ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. ◦ Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $7,269 for the period from January 17, 2018 through December 31, 2018. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income for the year ended December 31, 2018. We did no t incur an incentive management fee pursuant to our business management agreement for the period ended December 31, 2018. • Property Management and Construction Supervision Fees . The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $4,680 for the period from January 17, 2018 through December 31, 2018. These amounts are included in operating expenses or capitalized, as appropriate, in our consolidated statements of comprehensive income. • Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. These amounts are included in operating expenses in our consolidated statements of comprehensive income for these periods. The amount we recognized as expense for payroll and related costs we reimbursed to RMR LLC was $2,672 for the period from January 17, 2018 through December 31, 2018. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. The amount recognized as expense for internal audit costs was $236 for the year ended December 31, 2018. This amount is included in general and administrative expenses in our consolidated statements of comprehensive income for this period. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2038, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR LLC: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC. • Transition Services . RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors. Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR LLC and other companies to which RMR LLC or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR LLC, we acknowledge that RMR LLC may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR LLC.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of our unaudited quarterly results of operations for 2018 and 2017 : 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 40,605 $ 39,420 $ 40,431 $ 42,074 Net income $ 19,232 $ 18,726 $ 18,142 $ 18,288 Net income per common share—basic and diluted $ 0.31 $ 0.29 $ 0.28 $ 0.28 2017 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 39,440 $ 38,605 $ 39,066 $ 39,395 Net income $ 20,356 $ 21,575 $ 22,903 $ 15,269 Net income per common share—basic and diluted $ 0.45 $ 0.48 $ 0.51 $ 0.34

SCHEDULE II - Valuation and Qua

SCHEDULE II - Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2018
Valuation and Qualifying Accounts [Abstract]
SCHEDULE II - Valuation and Qualifying Accounts	SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS December 31, 2018 (dollars in thousands) Balance at Charged to Balance Beginning Costs and at End Description of Period Expenses Deductions of Period Year ended December 31, 2016: Allowance for doubtful accounts $ 413 $ 257 $ (87 ) $ 583 Year ended December 31, 2017: Allowance for doubtful accounts $ 583 $ 704 $ (46 ) $ 1,241 Year ended December 31, 2018: Allowance for doubtful accounts $ 1,241 $ 1,198 $ (982 ) $ 1,457

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2018
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2018 (dollars in thousands) Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 1 4501 Industrial Drive Fort Smith AR Mainland Industrial $ — $ 900 $ 3,485 $ — $ 900 $ 3,485 $ 4,385 $ (341 ) 1/29/2015 2013 2 955 Aeroplaza Drive Colorado Springs CO Mainland Industrial — 800 7,412 — 800 7,412 8,212 (726 ) 1/29/2015 2012 3/4 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Industrial — 3,100 12,955 46 3,100 13,001 16,101 (1,298 ) 1/29/2015 1973 5 150 Greenhorn Drive Pueblo CO Mainland Industrial — 200 4,177 — 200 4,177 4,377 (409 ) 1/29/2015 2013 6 2 Tower Drive Wallingford CT Mainland Industrial — 1,471 2,165 7 1,471 2,172 3,643 (668 ) 10/24/2006 1978 7 235 Great Pond Drive Windsor CT Mainland Industrial — 2,400 9,469 — 2,400 9,469 11,869 (1,519 ) 7/20/2012 2004 8 10450 Doral Boulevard Doral FL Mainland Industrial — 15,225 28,101 — 15,225 28,101 43,326 (468 ) 6/27/2018 1996 9 2100 NW 82nd Avenue Miami FL Mainland Industrial — 144 1,297 454 144 1,751 1,895 (749 ) 3/19/1998 1987 10 1000 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 2,252 — — 2,252 — 2,252 — 12/5/2003 — 11 1001 Ahua Street Honolulu HI Hawaii Land and Easement — 15,155 3,312 92 15,155 3,404 18,559 (1,269 ) 12/5/2003 — 12 1024 Kikowaena Place Honolulu HI Hawaii Land and Easement — 1,818 — — 1,818 — 1,818 — 12/5/2003 — 13 1024 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,385 — — 1,385 — 1,385 — 12/5/2003 — 14 1027 Kikowaena Place Honolulu HI Hawaii Land and Easement — 5,444 — — 5,444 — 5,444 — 12/5/2003 — 15 1030 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 5,655 — — 5,655 — 5,655 — 12/5/2003 — 16 1038 Kikowaena Place Honolulu HI Hawaii Land and Easement — 2,576 — — 2,576 — 2,576 — 12/5/2003 — 17 1045 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 819 — — 819 — 819 — 12/5/2003 — 18 1050 Kikowaena Place Honolulu HI Hawaii Land and Easement — 1,404 873 — 1,404 873 2,277 (328 ) 12/5/2003 — 19 1052 Ahua Street Honolulu HI Hawaii Land and Easement — 1,703 — 240 1,703 240 1,943 (79 ) 12/5/2003 — 20 1055 Ahua Street Honolulu HI Hawaii Land and Easement — 1,216 — — 1,216 — 1,216 — 12/5/2003 — 21 106 Puuhale Road Honolulu HI Hawaii Building — 1,113 — 229 1,113 229 1,342 (54 ) 12/5/2003 1966 22 1062 Kikowaena Place Honolulu HI Hawaii Land and Easement — 1,049 598 — 1,049 598 1,647 (225 ) 12/5/2003 — 23 1122 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 5,781 — — 5,781 — 5,781 — 12/5/2003 — 24 113 Puuhale Road Honolulu HI Hawaii Land and Easement — 3,729 — — 3,729 — 3,729 — 12/5/2003 — 25 1150 Kikowaena Place Honolulu HI Hawaii Land and Easement — 2,445 — — 2,445 — 2,445 — 12/5/2003 — 26 120 Mokauea Street Honolulu HI Hawaii Building — 1,953 — 655 1,953 655 2,608 (105 ) 12/5/2003 1970 27 120 Sand Island Access Road Honolulu HI Hawaii Building — 1,130 11,307 1,298 1,130 12,605 13,735 (4,321 ) 11/23/2004 2004 28 120B Mokauea Street Honolulu HI Hawaii Building — 1,953 — — 1,953 — 1,953 — 12/5/2003 1970 29 125 Puuhale Road Honolulu HI Hawaii Land and Easement — 1,630 — — 1,630 — 1,630 — 12/5/2003 — 30 125B Puuhale Road Honolulu HI Hawaii Land and Easement — 2,815 — — 2,815 — 2,815 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 31 1330 Pali Highway Honolulu HI Hawaii Land and Easement — 1,423 — — 1,423 — 1,423 — 12/5/2003 — 32 1360 Pali Highway Honolulu HI Hawaii Land and Easement — 9,170 — 161 9,170 161 9,331 (103 ) 12/5/2003 — 33 140 Puuhale Road Honolulu HI Hawaii Land and Easement — 1,100 — — 1,100 — 1,100 — 12/5/2003 — 34 142 Mokauea Street Honolulu HI Hawaii Building — 2,182 — 1,455 2,182 1,455 3,637 (359 ) 12/5/2003 1972 35 148 Mokauea Street Honolulu HI Hawaii Land and Easement — 3,476 — — 3,476 — 3,476 — 12/5/2003 — 36 150 Puuhale Road Honolulu HI Hawaii Land and Easement — 4,887 — — 4,887 — 4,887 — 12/5/2003 — 37 151 Puuhale Road Honolulu HI Hawaii Land and Easement — 1,956 — — 1,956 — 1,956 — 12/5/2003 — 38 158 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 2,488 — — 2,488 — 2,488 — 12/5/2003 — 39 165 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 758 — — 758 — 758 — 12/5/2003 — 40 179 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 2,480 — — 2,480 — 2,480 — 12/5/2003 — 41 180 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 1,655 — — 1,655 — 1,655 — 12/5/2003 — 42 1926 Auiki Street Honolulu HI Hawaii Building — 2,874 — 1,562 2,874 1,562 4,436 (466 ) 12/5/2003 1959 43 1931 Kahai Street Honolulu HI Hawaii Land and Easement — 3,779 — — 3,779 — 3,779 — 12/5/2003 — 44 197 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 1,238 — — 1,238 — 1,238 — 12/5/2003 — 45 2001 Kahai Street Honolulu HI Hawaii Land and Easement — 1,091 — — 1,091 — 1,091 — 12/5/2003 — 46 2019 Kahai Street Honolulu HI Hawaii Land and Easement — 1,377 — — 1,377 — 1,377 — 12/5/2003 — 47 2020 Auiki Street Honolulu HI Hawaii Land and Easement — 2,385 — — 2,385 — 2,385 — 12/5/2003 — 48 204 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 1,689 — — 1,689 — 1,689 — 12/5/2003 — 49 207 Puuhale Road Honolulu HI Hawaii Land and Easement — 2,024 — — 2,024 — 2,024 — 12/5/2003 — 50 2103 Kaliawa Street Honolulu HI Hawaii Land and Easement — 3,212 — — 3,212 — 3,212 — 12/5/2003 — 51 2106 Kaliawa Street Honolulu HI Hawaii Land and Easement — 1,568 — 169 1,568 169 1,737 (66 ) 12/5/2003 — 52 2110 Auiki Street Honolulu HI Hawaii Land and Easement — 837 — — 837 — 837 — 12/5/2003 — 53 212 Mohonua Place Honolulu HI Hawaii Land and Easement — 1,067 — — 1,067 — 1,067 — 12/5/2003 — 54 2122 Kaliawa Street Honolulu HI Hawaii Land and Easement — 1,365 — — 1,365 — 1,365 — 12/5/2003 — 55 2127 Auiki Street Honolulu HI Hawaii Land and Easement — 2,906 — 97 2,906 97 3,003 (25 ) 12/5/2003 — 56 2135 Auiki Street Honolulu HI Hawaii Land and Easement — 825 — — 825 — 825 — 12/5/2003 — 57 2139 Kaliawa Street Honolulu HI Hawaii Land and Easement — 885 — — 885 — 885 — 12/5/2003 — 58 214 Sand Island Access Road Honolulu HI Hawaii Building — 1,864 — 485 1,864 485 2,349 (43 ) 12/5/2003 1981 59 2140 Kaliawa Street Honolulu HI Hawaii Land and Easement — 931 — — 931 — 931 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 60 2144 Auiki Street Honolulu HI Hawaii Building — 2,640 — 7,088 2,640 7,088 9,728 (2,068 ) 12/5/2003 1953 61 215 Puuhale Road Honolulu HI Hawaii Land and Easement — 2,117 — — 2,117 — 2,117 — 12/5/2003 — 62 218 Mohonua Place Honolulu HI Hawaii Land and Easement — 1,741 — — 1,741 — 1,741 — 12/5/2003 — 63 220 Puuhale Road Honolulu HI Hawaii Land and Easement — 2,619 — — 2,619 — 2,619 — 12/5/2003 — 64 2250 Pahounui Drive Honolulu HI Hawaii Land and Easement — 3,862 — — 3,862 — 3,862 — 12/5/2003 — 65 2264 Pahounui Drive Honolulu HI Hawaii Land and Easement — 1,632 — — 1,632 — 1,632 — 12/5/2003 — 66 2276 Pahounui Drive Honolulu HI Hawaii Land and Easement — 1,619 — — 1,619 — 1,619 — 12/5/2003 — 67 228 Mohonua Place Honolulu HI Hawaii Land and Easement — 1,865 — — 1,865 — 1,865 — 12/5/2003 — 68 2308 Pahounui Drive Honolulu HI Hawaii Land and Easement — 3,314 — — 3,314 — 3,314 — 12/5/2003 — 69 231 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 752 — — 752 — 752 — 12/5/2003 — 70 231B Sand Island Access Road Honolulu HI Hawaii Land and Easement — 1,539 — — 1,539 — 1,539 — 12/5/2003 — 71 2344 Pahounui Drive Honolulu HI Hawaii Land and Easement — 6,709 — — 6,709 — 6,709 — 12/5/2003 — 72 238 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 2,273 — — 2,273 — 2,273 — 12/5/2003 — 73 2635 Waiwai Loop A Honolulu HI Hawaii Land and Easement — 934 350 683 934 1,033 1,967 (132 ) 12/5/2003 — 74 2635 Waiwai Loop B Honolulu HI Hawaii Land and Easement — 1,177 105 683 1,177 788 1,965 (40 ) 12/5/2003 — 75 2760 Kam Highway Honolulu HI Hawaii Land and Easement — 703 — 143 703 143 846 — 12/5/2003 — 76 2804 Kilihau Street Honolulu HI Hawaii Land and Easement — 1,775 2 — 1,775 2 1,777 (1 ) 12/5/2003 — 77 2806 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 78 2808 Kam Highway Honolulu HI Hawaii Land and Easement — 310 — — 310 — 310 — 12/5/2003 — 79 2809 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,837 — — 1,837 — 1,837 — 12/5/2003 — 80 2810 Paa Street Honolulu HI Hawaii Land and Easement — 3,340 — — 3,340 — 3,340 — 12/5/2003 — 81 2810 Pukoloa Street Honolulu HI Hawaii Land and Easement — 27,699 — 4 27,699 4 27,703 (4 ) 12/5/2003 — 82 2812 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 1,801 2 1 1,801 3 1,804 (2 ) 12/5/2003 — 83 2814 Kilihau Street Honolulu HI Hawaii Land and Easement — 1,925 — — 1,925 — 1,925 — 12/5/2003 — 84 2815 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,818 — 5 1,818 5 1,823 (1 ) 12/5/2003 — 85 2815 Kilihau Street Honolulu HI Hawaii Land and Easement — 287 — — 287 — 287 — 12/5/2003 — 86 2816 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 1,009 27 — 1,009 27 1,036 (10 ) 12/5/2003 — 87 2819 Mokumoa Street - A Honolulu HI Hawaii Land and Easement — 1,821 — — 1,821 — 1,821 — 12/5/2003 — 88 2819 Mokumoa Street - B Honolulu HI Hawaii Land and Easement — 1,816 — — 1,816 — 1,816 — 12/5/2003 — 89 2819 Pukoloa Street Honolulu HI Hawaii Land and Easement — 2,090 — 33 2,090 33 2,123 (8 ) 12/5/2003 — 90 2821 Kilihau Street Honolulu HI Hawaii Land and Easement — 287 — — 287 — 287 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 91 2826 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 3,921 — — 3,921 — 3,921 — 12/5/2003 — 92 2827 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 93 2828 Paa Street Honolulu HI Hawaii Land and Easement — 12,448 — — 12,448 — 12,448 — 12/5/2003 — 94 2829 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 1,720 2 — 1,720 2 1,722 (2 ) 12/5/2003 — 95 2829 Kilihau Street Honolulu HI Hawaii Land and Easement — 287 — — 287 — 287 — 12/5/2003 — 96 2829 Pukoloa Street Honolulu HI Hawaii Land and Easement — 2,088 — — 2,088 — 2,088 — 12/5/2003 — 97 2830 Mokumoa Street Honolulu HI Hawaii Land and Easement — 2,146 — — 2,146 — 2,146 — 12/5/2003 — 98 2831 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 860 — — 860 — 860 — 12/5/2003 — 99 2831 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,272 529 56 1,272 585 1,857 (219 ) 12/5/2003 — 100 2833 Kilihau Street Honolulu HI Hawaii Land and Easement — 601 — — 601 — 601 — 12/5/2003 — 101 2833 Paa Street Honolulu HI Hawaii Land and Easement — 1,701 — — 1,701 — 1,701 — 12/5/2003 — 102 2833 Paa Street #2 Honolulu HI Hawaii Land and Easement — 1,675 — — 1,675 — 1,675 — 12/5/2003 — 103 2836 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 1,353 — — 1,353 — 1,353 — 12/5/2003 — 104 2838 Kilihau Street Honolulu HI Hawaii Land and Easement — 4,262 — — 4,262 — 4,262 — 12/5/2003 — 105 2839 Kilihau Street Honolulu HI Hawaii Land and Easement — 627 — — 627 — 627 — 12/5/2003 — 106 2839 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,942 — — 1,942 — 1,942 — 12/5/2003 — 107 2840 Mokumoa Street Honolulu HI Hawaii Land and Easement — 2,149 — — 2,149 — 2,149 — 12/5/2003 — 108 2841 Pukoloa Street Honolulu HI Hawaii Land and Easement — 2,088 — — 2,088 — 2,088 — 12/5/2003 — 109 2844 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,960 14 — 1,960 14 1,974 (11 ) 12/5/2003 — 110 2846-A Awaawaloa Street Honolulu HI Hawaii Land and Easement — 2,181 954 — 2,181 954 3,135 (359 ) 12/5/2003 — 111 2847 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 582 303 — 582 303 885 (114 ) 12/5/2003 — 112 2849 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 860 — — 860 — 860 — 12/5/2003 — 113 2850 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 286 173 — 286 173 459 (65 ) 12/5/2003 — 114 2850 Mokumoa Street Honolulu HI Hawaii Land and Easement — 2,143 — — 2,143 — 2,143 — 12/5/2003 — 115 2850 Paa Street Honolulu HI Hawaii Land and Easement — 22,827 — — 22,827 — 22,827 — 12/5/2003 — 116 2855 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,807 — — 1,807 — 1,807 — 12/5/2003 — 117 2855 Pukoloa Street Honolulu HI Hawaii Land and Easement — 1,934 — — 1,934 — 1,934 — 12/5/2003 — 118 2857 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 983 — — 983 — 983 — 12/5/2003 — 119 2858 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 120 2861 Mokumoa Street Honolulu HI Hawaii Land and Easement — 3,867 — — 3,867 — 3,867 — 12/5/2003 — 121 2864 Awaawaloa Street Honolulu HI Hawaii Land and Easement — 1,836 — 6 1,836 6 1,842 (4 ) 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 122 2864 Mokumoa Street Honolulu HI Hawaii Land and Easement — 2,092 — — 2,092 — 2,092 — 12/5/2003 — 123 2865 Pukoloa Street Honolulu HI Hawaii Land and Easement — 1,934 — — 1,934 — 1,934 — 12/5/2003 — 124 2868 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 125 2869 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,794 — — 1,794 — 1,794 — 12/5/2003 — 126 2875 Paa Street Honolulu HI Hawaii Land and Easement — 1,330 — — 1,330 — 1,330 — 12/5/2003 — 127 2879 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,789 — — 1,789 — 1,789 — 12/5/2003 — 128 2879 Paa Street Honolulu HI Hawaii Land and Easement — 1,691 — 44 1,691 44 1,735 (11 ) 12/5/2003 — 129 2886 Paa Street Honolulu HI Hawaii Land and Easement — 2,205 — — 2,205 — 2,205 — 12/5/2003 — 130 2889 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,783 — — 1,783 — 1,783 — 12/5/2003 — 131 2906 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,814 2 — 1,814 2 1,816 (1 ) 12/5/2003 — 132 2908 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 1,798 12 — 1,798 12 1,810 (1 ) 12/5/2003 — 133 2915 Kaihikapu Street Honolulu HI Hawaii Land and Easement — 2,579 — — 2,579 — 2,579 — 12/5/2003 — 134 2927 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,778 — — 1,778 — 1,778 — 12/5/2003 — 135 2928 Kaihikapu Street - A Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 136 2928 Kaihikapu Street - B Honolulu HI Hawaii Land and Easement — 1,948 — — 1,948 — 1,948 — 12/5/2003 — 137 2960 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,977 — — 1,977 — 1,977 — 12/5/2003 — 138 2965 Mokumoa Street Honolulu HI Hawaii Land and Easement — 2,140 — — 2,140 — 2,140 — 12/5/2003 — 139 2969 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 4,038 15 — 4,038 15 4,053 (8 ) 12/5/2003 — 140 2970 Mokumoa Street Honolulu HI Hawaii Land and Easement — 1,722 — — 1,722 — 1,722 — 12/5/2003 — 141 33 S. Vineyard Boulevard Honolulu HI Hawaii Land and Easement — 844 — — 844 — 844 — 12/5/2003 — 142 525 N. King Street Honolulu HI Hawaii Land and Easement — 1,342 — — 1,342 — 1,342 — 12/5/2003 — 143 609 Ahua Street Honolulu HI Hawaii Land and Easement — 616 — 8 616 8 624 (6 ) 12/5/2003 — 144 619 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,401 2 12 1,401 14 1,415 (1 ) 12/5/2003 — 145 645 Ahua Street Honolulu HI Hawaii Land and Easement — 882 — — 882 — 882 — 12/5/2003 — 146 659 Ahua Street Honolulu HI Hawaii Land and Easement — 860 20 — 860 20 880 (16 ) 12/5/2003 — 147 659 Puuloa Road Honolulu HI Hawaii Land and Easement — 1,807 — — 1,807 — 1,807 — 12/5/2003 — 148 660 Ahua Street Honolulu HI Hawaii Land and Easement — 1,783 3 1 1,783 4 1,787 (3 ) 12/5/2003 — 149 667 Puuloa Road Honolulu HI Hawaii Land and Easement — 860 2 — 860 2 862 (2 ) 12/5/2003 — 150 669 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 14 62 1,801 76 1,877 (18 ) 12/5/2003 — 151 673 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 152 675 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,081 — — 1,081 — 1,081 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 153 679 Puuloa Road Honolulu HI Hawaii Land and Easement — 1,807 3 — 1,807 3 1,810 (2 ) 12/5/2003 — 154 685 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 155 673 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,801 20 — 1,801 20 1,821 (16 ) 12/5/2003 — 156 692 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,798 — — 1,798 — 1,798 — 12/5/2003 — 157 697 Ahua Street Honolulu HI Hawaii Land and Easement — 994 811 — 994 811 1,805 (307 ) 12/5/2003 — 158 702 Ahua Street Honolulu HI Hawaii Land and Easement — 1,783 4 — 1,783 4 1,787 (3 ) 12/5/2003 — 159 704 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 2,390 685 — 2,390 685 3,075 (258 ) 12/5/2003 — 160 709 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 161 719 Ahua Street Honolulu HI Hawaii Land and Easement — 1,960 — — 1,960 — 1,960 — 12/5/2003 — 162 729 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 163 733 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 3,403 — — 3,403 — 3,403 — 12/5/2003 — 164 739 Ahua Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 165 759 Puuloa Road Honolulu HI Hawaii Land and Easement — 1,766 3 — 1,766 3 1,769 (3 ) 12/5/2003 — 166 761 Ahua Street Honolulu HI Hawaii Land and Easement — 3,757 1 1 3,757 2 3,759 (1 ) 12/5/2003 — 167 766 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 168 770 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 169 789 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 2,608 3 — 2,608 3 2,611 (2 ) 12/5/2003 — 170 80 Sand Island Access Road Honolulu HI Hawaii Land and Easement — 7,972 — — 7,972 — 7,972 — 12/5/2003 — 171 803 Ahua Street Honolulu HI Hawaii Land and Easement — 3,804 — — 3,804 — 3,804 — 12/5/2003 — 172 808 Ahua Street Honolulu HI Hawaii Land and Easement — 3,279 — — 3,279 — 3,279 — 12/5/2003 — 173 812 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,960 25 628 2,613 — 2,613 — 12/5/2003 — 174 819 Ahua Street Honolulu HI Hawaii Land and Easement — 4,821 583 30 4,821 613 5,434 (230 ) 12/5/2003 — 175 822 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,795 15 — 1,795 15 1,810 (12 ) 12/5/2003 — 176 830 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,801 25 — 1,801 25 1,826 (20 ) 12/5/2003 — 177 841 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 3,265 — — 3,265 — 3,265 — 12/5/2003 — 178 842 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,795 14 — 1,795 14 1,809 (11 ) 12/5/2003 — 179 846 Ala Lilikoi Boulevard B Honolulu HI Hawaii Land and Easement — 234 — — 234 — 234 — 12/5/2003 — 180 848 Ala Lilikoi Boulevard A Honolulu HI Hawaii Land and Easement — 9,426 — — 9,426 — 9,426 — 12/5/2003 — 181 850 Ahua Street Honolulu HI Hawaii Land and Easement — 2,682 2 — 2,682 2 2,684 (2 ) 12/5/2003 — 182 852 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,801 — — 1,801 — 1,801 — 12/5/2003 — 183 855 Ahua Street Honolulu HI Hawaii Land and Easement — 1,834 — — 1,834 — 1,834 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 184 865 Ahua Street Honolulu HI Hawaii Land and Easement — 1,846 — — 1,846 — 1,846 — 12/5/2003 — 185 889 Ahua Street Honolulu HI Hawaii Land and Easement — 5,888 315 — 5,888 315 6,203 (48 ) 11/21/2012 — 186 905 Ahua Street Honolulu HI Hawaii Land and Easement — 1,148 — — 1,148 — 1,148 — 12/5/2003 — 187 918 Ahua Street Honolulu HI Hawaii Land and Easement — 3,820 — — 3,820 — 3,820 — 12/5/2003 — 188 930 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 3,654 — — 3,654 — 3,654 — 12/5/2003 — 189 944 Ahua Street Honolulu HI Hawaii Land and Easement — 1,219 — — 1,219 — 1,219 — 12/5/2003 — 190 949 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 11,568 — — 11,568 — 11,568 — 12/5/2003 — 191 950 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,724 — — 1,724 — 1,724 — 12/5/2003 — 192 960 Ahua Street Honolulu HI Hawaii Land and Easement — 614 — — 614 — 614 — 12/5/2003 — 193 960 Mapunapuna Street Honolulu HI Hawaii Land and Easement — 1,933 — — 1,933 — 1,933 — 12/5/2003 — 194 970 Ahua Street Honolulu HI Hawaii Land and Easement — 817 — — 817 — 817 — 12/5/2003 — 195 91-027 Kaomi Loop Kapolei HI Hawaii Land and Easement — 2,667 — — 2,667 — 2,667 — 6/15/2005 — 196 91-064 Kaomi Loop Kapolei HI Hawaii Land and Easement — 1,826 — — 1,826 — 1,826 — 6/15/2005 — 197 91-080 Hanua Kapolei HI Hawaii Land and Easement — 2,187 — — 2,187 — 2,187 — 6/15/2005 — 198 91-083 Hanua Kapolei HI Hawaii Land and Easement — 716 — — 716 — 716 — 6/15/2005 — 199 91-086 Kaomi Loop Kapolei HI Hawaii Land and Easement — 13,884 — — 13,884 — 13,884 — 6/15/2005 — 200 91-087 Hanua Kapolei HI Hawaii Land and Easement — 381 — — 381 — 381 — 6/15/2005 — 201 91-091 Hanua Kapolei HI Hawaii Land and Easement — 552 — — 552 — 552 — 6/15/2005 — 202 91-102 Kaomi Loop Kapolei HI Hawaii Land and Easement — 1,599 — — 1,599 — 1,599 — 6/15/2005 — 203 91-110 Kaomi Loop Kapolei HI Hawaii Land and Easement — 1,293 — — 1,293 — 1,293 — 6/15/2005 — 204 91-119 Olai Kapolei HI Hawaii Land and Easement — 1,981 — — 1,981 — 1,981 — 6/15/2005 — 205 91-141 Kalaeloa Kapolei HI Hawaii Land and Easement — 11,624 — — 11,624 — 11,624 — 6/15/2005 — 206 91-150 Kaomi Loop Kapolei HI Hawaii Land and Easement — 3,159 — — 3,159 — 3,159 — 6/15/2005 — 207 91-171 Olai Kapolei HI Hawaii Land and Easement — 218 — 47 218 47 265 (17 ) 6/15/2005 — 208 91-174 Olai Kapolei HI Hawaii Land and Easement — 962 — 47 962 47 1,009 (16 ) 6/15/2005 — 209 91-175 Olai Kapolei HI Hawaii Land and Easement — 1,243 — 43 1,243 43 1,286 (17 ) 6/15/2005 — 210 91-185 Kalaeloa Kapolei HI Hawaii Land and Easement — 1,761 — — 1,761 — 1,761 — 6/15/2005 — 211 91-202 Kalaeloa Kapolei HI Hawaii Building — 1,722 — 326 1,722 326 2,048 (45 ) 6/15/2005 1964 212 91-210 Kauhi Kapolei HI Hawaii Land and Easement — 567 — — 567 — 567 — 6/15/2005 — 213 91-210 Olai Kapolei HI Hawaii Land and Easement — 706 — — 706 — 706 — 6/15/2005 — 214 91-218 Olai Kapolei HI Hawaii Land and Easement — 1,622 — 61 1,622 61 1,683 (17 ) 6/15/2005 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 215 91-220 Kalaeloa Kapolei HI Hawaii Building — 242 1,457 172 242 1,629 1,871 (537 ) 6/15/2005 1991 216 91-222 Olai Kapolei HI Hawaii Land and Easement — 2,035 — — 2,035 — 2,035 — 6/15/2005 — 217 91-238 Kauhi Kapolei HI Hawaii Building — 1,390 — 9,209 1,390 9,209 10,599 (2,606 ) 6/15/2005 1981 218 91-241 Kalaeloa Kapolei HI Hawaii Building — 426 3,983 838 426 4,821 5,247 (1,576 ) 6/15/2005 1990 219 91-250 Komohana Kapolei HI Hawaii Land and Easement — 1,506 — — 1,506 — 1,506 — 6/15/2005 — 220 91-252 Kauhi Kapolei HI Hawaii Land and Easement — 536 — — 536 — 536 — 6/15/2005 — 221 91-255 Hanua Kapolei HI Hawaii Land and Easement — 1,230 — 16 1,230 16 1,246 (1 ) 6/15/2005 — 222 91-259 Olai Kapolei HI Hawaii Land and Easement — 2,944 — — 2,944 — 2,944 — 6/15/2005 — 223 91-265 Hanua Kapolei HI Hawaii Land and Easement — 1,569 — — 1,569 — 1,569 — 6/15/2005 — 224 91-300 Hanua Kapolei HI Hawaii Land and Easement — 1,381 — — 1,381 — 1,381 — 6/15/2005 — 225 91-329 Kauhi Kapolei HI Hawaii Building — 294 2,297 2,433 294 4,730 5,024 (1,342 ) 6/15/2005 1980 226 91-349 Kauhi Kapolei HI Hawaii Land and Easement — 649 — — 649 — 649 — 6/15/2005 — 227 91-399 Kauhi Kapolei HI Hawaii Land and Easement — 27,405 — — 27,405 — 27,405 — 6/15/2005 — 228 91-400 Komohana Kapolei HI Hawaii Land and Easement — 1,494 — — 1,494 — 1,494 — 6/15/2005 — 229 91-410 Komohana Kapolei HI Hawaii Land and Easement — 418 — 12 418 12 430 (1 ) 6/15/2005 — 230 91-416 Komohana Kapolei HI Hawaii Land and Easement — 713 — 11 713 11 724 (1 ) 6/15/2005 — 231 AES HI Easement Kapolei HI Hawaii Land and Easement — 1,250 — — 1,250 — 1,250 — 6/15/2005 — 232 Other Easements & Lots Kapolei HI Hawaii Land and Easement — 358 — 1,395 358 1,395 1,753 (353 ) 6/15/2005 — 233 Tesaro 967 Easement Kapolei HI Hawaii Land and Easement — 6,593 — — 6,593 — 6,593 — 6/15/2005 — 234 Texaco Easement Kapolei HI Hawaii Land and Easement — 2,653 — — 2,653 — 2,653 — 6/15/2005 — 235 94-240 Pupuole Street Waipahu HI Hawaii Land and Easement — 717 — — 717 — 717 — 12/5/2003 — 236 5500 SE Delaware Avenue Ankeny IA Mainland Industrial — 2,200 16,994 1,007 2,707 17,494 20,201 (1,664 ) 1/29/2015 2012 237 951 Trails Road Eldridge IA Mainland Industrial — 470 7,480 874 470 8,354 8,824 (2,340 ) 4/2/2007 1994 238 2300 North 33rd Avenue East Newton IA Mainland Industrial — 500 13,236 395 500 13,631 14,131 (3,517 ) 9/29/2008 2008 239 7121 South Fifth Avenue Pocatello ID Mainland Industrial — 400 4,201 145 400 4,346 4,746 (419 ) 1/29/2015 2007 240 1230 West 171st Street Harvey IL Mainland Industrial — 800 1,673 — 800 1,673 2,473 (164 ) 1/29/2015 2004 241 5156 American Road Rockford IL Mainland Industrial — 400 1,529 82 400 1,611 2,011 (151 ) 1/29/2015 1996 242 17200 Manchac Park Lane Baton Rouge LA Mainland Industrial — 1,700 8,860 — 1,700 8,860 10,560 (868 ) 1/29/2015 2014 243 209 South Bud Street Lafayette LA Mainland Industrial — 700 4,549 9 700 4,558 5,258 (446 ) 1/29/2015 2010 244 4000 Principio Parkway North East MD Mainland Industrial — 4,200 71,518 650 4,200 72,168 76,368 (7,018 ) 1/29/2015 2012 245 16101 Queens Court Upper Marlboro MD Mainland Industrial — 5,296 21,833 — 5,296 21,833 27,129 (137 ) 9/28/2018 2016 246 3800 Midlink Drive Kalamazoo MI Mainland Industrial — 2,630 40,599 — 2,630 40,599 43,229 (3,975 ) 1/29/2015 2014 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 247 2401 Cram Avenue SE Bemidji MN Mainland Industrial — 100 2,137 — 100 2,137 2,237 (209 ) 1/29/2015 2013 248 10100 89th Avenue N Maple Grove MN Mainland Industrial — 3,469 21,287 — 3,469 21,287 24,756 (89 ) 10/16/2018 2015 249 110 Stanbury Industrial Drive Brookfield MO Mainland Industrial — 200 1,859 — 200 1,859 2,059 (182 ) 1/29/2015 2012 250 628 Patton Avenue Asheville NC Mainland Industrial — 500 1,514 — 500 1,514 2,014 (148 ) 1/29/2015 1994 251 3900 NE 6th Street Minot ND Mainland Industrial — 700 3,223 — 700 3,223 3,923 (316 ) 1/29/2015 2013 252 1415 West Commerce Way Lincoln NE Mainland Industrial — 2,200 8,518 — 2,200 8,518 10,718 (834 ) 1/29/2015 1971 253 309 Dulty's Lane Burlington NJ Mainland Industrial — 1,600 51,400 — 1,600 51,400 53,000 (5,033 ) 1/29/2015 2001 254 725 Darlington Avenue Mahwah NJ Mainland Industrial — 8,492 9,451 1,047 8,492 10,498 18,990 (1,179 ) 4/9/2014 1999 255 2375 East Newlands Road Fernley NV Mainland Industrial — 1,100 17,314 286 1,100 17,600 18,700 (1,732 ) 1/29/2015 2007 256 55 Commerce Avenue Albany NY Mainland Industrial — 1,000 10,105 179 1,000 10,284 11,284 (1,012 ) 1/29/2015 2013 257 32150 Just Imagine Drive Avon OH Mainland Industrial — 2,200 23,280 — 2,200 23,280 25,480 (5,577 ) 5/29/2009 1996 258 1415 Industrial Drive Chillicothe OH Mainland Industrial — 1,200 3,265 — 1,200 3,265 4,465 (320 ) 1/29/2015 2012 259 5300 Centerpoint Parkway Groveport OH Mainland Industrial — 2,700 29,863 — 2,700 29,863 32,563 (2,924 ) 1/29/2015 2014 260 200 Orange Point Drive Lewis Center OH Mainland Industrial — 1,300 8,613 162 1,300 8,775 10,075 (849 ) 1/29/2015 2013 261 301 Commerce Drive South Point OH Mainland Industrial — 600 4,530 — 600 4,530 5,130 (444 ) 1/29/2015 2013 262 2820 State Highway 31 McAlester OK Mainland Industrial — 581 2,237 4,633 581 6,870 7,451 (365 ) 1/29/2015 2012 263 5 Logistics Drive Carlisle PA Mainland Industrial — 3,299 15,515 — 3,299 15,515 18,814 (97 ) 9/20/2018 2016 264 996 Paragon Way Rock Hill SC Mainland Industrial — 2,600 35,920 — 2,600 35,920 38,520 (3,517 ) 1/29/2015 2014 265 510 John Dodd Road Spartanburg SC Mainland Industrial — 3,300 57,998 42 3,300 58,040 61,340 (5,680 ) 1/29/2015 2012 266 4836 Hickory Hill Road Memphis TN Mainland Industrial — 1,402 10,769 750 1,402 11,519 12,921 (1,129 ) 12/23/2014 1984 267 2020 Joe B. Jackson Parkway Murfreesboro TN Mainland Industrial — 7,500 55,259 — 7,500 55,259 62,759 (5,411 ) 1/29/2015 2012 268 1095 South 4800 West Salt Lake City UT Mainland Industrial — 1,500 6,913 — 1,500 6,913 8,413 (677 ) 1/29/2015 2012 269 1901 Meadowville Technology Parkway Chester VA Mainland Industrial 49,195 4,000 67,511 — 4,000 67,511 71,511 (6,610 ) 1/29/2015 2012 270 181 Battaile Drive Winchester VA Mainland Industrial — 1,487 12,854 11 1,487 12,865 14,352 (4,086 ) 4/20/2006 1987 $ 49,195 $ 669,341 $ 751,735 $ 41,320 $ 670,501 $ 791,895 $ 1,462,396 $ (93,291 ) (1) Represents mortgage debt and includes the unamortized balance of the fair value adjustment totaling $ 445 . (2) Excludes value of real estate intangibles. (3) Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to seven years. (4) The total aggregate cost for U.S. federal income tax purposes is approximately $ 1,523,930 . INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED) December 31, 2018 (dollars in thousands) Analysis of the carrying amount of real estate properties and accumulated depreciation: Real Estate Accumulated Properties Depreciation Balance at December 31, 2015 $ 1,335,363 $ (39,707 ) Additions 1,659 (17,563 ) Disposals (294 ) 294 Balance at December 31, 2016 1,336,728 (56,976 ) Additions 6,974 (17,738 ) Disposals (100 ) 100 Balance at December 31, 2017 1,343,602 (74,614 ) Additions 118,898 (18,781 ) Disposals (104 ) 104 Balance at December 31, 2018 $ 1,462,396 $ (93,291 )

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The accounts of our Initial Properties are presented at SIR’s historical basis and are consolidated for prior periods presented as the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with Financial Accounting Standards Board, or FASB, Accounting Standards Codification 805-50-30, Business Combinations . Substantially all of the rental income received from our tenants and SIR’s other tenants was deposited in and commingled with SIR’s general funds during the periods prior to January 17, 2018. Prior to January 17, 2018, general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments. In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable. However, actual expenses may have been different from allocated expenses if we operated as a standalone company and those differences may be material.
Real Estate Properties	Real Estate Properties. We record properties at our cost and have presented our Initial Properties at their historical cost basis. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from seven to 40 years. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal to be probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in increases in rental income of $ 401 , $ 390 and $403 during the years ended December 31, 2018 , 2017 and 2016 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, or lease origination value, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $ 8,993 , $ 8,824 and $ 8,823 during the years ended December 31, 2018 , 2017 and 2016 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2018 and 2017 , our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2018 2017 Acquired real estate leases: Capitalized above market lease values $ 28,723 $ 30,104 Less: accumulated amortization (16,726 ) (16,440 ) Capitalized above market lease values, net 11,997 13,664 Lease origination value 99,727 93,646 Less: accumulated amortization (35,921 ) (28,207 ) Lease origination value, net 63,806 65,439 Acquired real estate leases, net $ 75,803 $ 79,103 Assumed real estate lease obligations: Capitalized below market lease values $ 34,313 $ 34,786 Less: accumulated amortization (15,997 ) (14,402 ) Assumed real estate lease obligations, net $ 18,316 $ 20,384 As of December 31, 2018 , the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 11.7 years, 8.8 years, and 14.1 years, respectively. Future amortization of net intangible acquired real estate lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2018 are estimated to be $ 7,805 in 2019, $ 7,797 in 2020, $ 7,725 in 2021, $ 7,538 in 2022, $ 7,279 in 2023 and $ 19,343 thereafter. We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. No impairments exist on any of our properties as of December 31, 2018 and 2017 . We believe some of our properties may contain asbestos. We believe any asbestos on our properties is contained in accordance with applicable laws and regulations and we have no current plans to remove it. If we removed the asbestos or renovated or demolished the affected properties, certain environmental regulations govern the manner in which the asbestos must be handled and removed, and we could incur substantial costs complying with such regulations. Due to the uncertainty of the timing and amount of costs we may incur, we cannot reasonably estimate such costs and we have not recognized a liability in our consolidated financial statements for these costs. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of December 31, 2018 and 2017 , accrued environmental remediation costs of $ 6,940 and $ 7,002 , respectively, were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income. Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.
Deferred Leasing Costs	Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases.
Debt Issuance Costs	Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans.
Other Assets	Other Assets. Other assets consist of our investment in Affiliates Insurance Company, or AIC, prepaid insurance and prepaid real estate taxes. As of December 31, 2017, other assets also included costs related to our formation and preparation for our IPO. We acquired shares of common stock of AIC from SIR on December 31, 2018 for $8,632 . We own a 14.3% ownership interest in AIC. We account for our investment in AIC using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. One of our Managing Trustees, Adam D. Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of The RMR Group Inc., or RMR Inc. RMR Inc. is the managing member of our manager, The RMR Group LLC, or RMR LLC. Mr. Portnoy is also a managing director and president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. John G. Murray, our other Managing Trustee and our President and Chief Executive Officer, is also an officer and employee of RMR LLC. RMR LLC also provides management and administrative services to AIC, and most of our Trustees are directors of AIC. See Note 7 for further information regarding our investments in RMR Inc. and AIC.
Revenue Recognition	Revenue Recognition. Rental income from operating leases is recognized on a straight line basis over the lives of lease agreements. We defer the recognition of contingent rental income, such as percentage rents, until the specific targets that trigger the contingent rental income are achieved. Contingent rental income recognized for the years ended December 31, 2018 , 2017 and 2016 totaled $ 941 , $ 650 and $ 846 , respectively. Tenant reimbursements and other income include property level operating expenses and capital expenditures reimbursed by our tenants as well as other incidental revenues. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These costs, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for these costs under their respective lease defaults on its lease or if it is deemed probable that the tenant will fail to pay for such costs, we would record a liability for such obligation.
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of certain tenants to make payments required under their leases. The computation of the allowance is based on the tenants’ payment histories and current credit profiles, as well as other considerations.
Income Taxes	Income Taxes. Until January 17, 2018, we were a wholly owned subsidiary of SIR, which was taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC. Accordingly, until January 17, 2018, we were a qualified REIT subsidiary and a disregarded entity for tax purposes. We intend to qualify for taxation as a REIT under the IRC for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2018 and to maintain such qualification thereafter. Accordingly, we generally are not, and will not be, subject to U.S. federal income taxes provided we distribute our taxable income and meet certain other requirements to qualify for taxation as a REIT. We may, however, be subject to certain state and local taxes.
Use of Estimates	Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include the allowance for doubtful accounts, purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets.
Ownership Interest	Interest. For the periods prior to January 17, 2018, our investment activities were financed by SIR. Amounts invested in or advanced to us did not carry interest and had no specific repayment terms.
Net Income Per Common Share	Net Income Per Common Share. We calculate basic earnings per common share by dividing net income by the weighted average number of common shares outstanding during the period. We calculate diluted net income per share using the more dilutive of the two class method or the treasury stock method.
Segment Reporting	Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands.
Reclassifications	Reclassifications. Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation. For the year ended December 31, 2017, we reclassified $1,724 from other assets to deferred issuance costs, net, in our consolidated balance sheets.
New Accounting Pronouncements	New Accounting Pronouncements. On January 1, 2018, we adopted FASB Accounting Standards Update, or ASU, No. 2014-09 (and related clarifying guidance issued by the FASB), Revenue From Contracts With Customers , which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. ASU No. 2014-09 states that “an entity recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services.” A substantial portion of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU No. 2014-09. We have adopted ASU No. 2014-09 using the modified retrospective approach. The adoption of ASU No. 2014-09 did not have a material impact on the amount or timing of our revenue recognition in our consolidated financial statements. On October 1, 2018, we adopted FASB ASU No. 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting , which aligns the measurement and classification guidance for share based payments to nonemployees with the guidance for share based payments to employees, with certain exceptions. The adoption of this standard did not have a material impact in our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. These standards are effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that allows an entity to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which allows entities to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of retained earnings in the period of adoption, if any. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We are currently assessing the potential impact the adoption of ASU No. 2016-13 will have in our consolidated financial statements. We currently expect to adopt the standard using the modified retrospective approach.
Fair Value Measurement	We estimate the fair value of our mortgage note payable using a discounted cash flow analysis and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2018
Accounting Policies [Abstract]
Schedule of acquired real estate leases and assumed real estate lease obligations	As of December 31, 2018 and 2017 , our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2018 2017 Acquired real estate leases: Capitalized above market lease values $ 28,723 $ 30,104 Less: accumulated amortization (16,726 ) (16,440 ) Capitalized above market lease values, net 11,997 13,664 Lease origination value 99,727 93,646 Less: accumulated amortization (35,921 ) (28,207 ) Lease origination value, net 63,806 65,439 Acquired real estate leases, net $ 75,803 $ 79,103 Assumed real estate lease obligations: Capitalized below market lease values $ 34,313 $ 34,786 Less: accumulated amortization (15,997 ) (14,402 ) Assumed real estate lease obligations, net $ 18,316 $ 20,384

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2018
Real Estate [Abstract]
Schedule of real estate properties	We allocated the purchase prices of these acquisitions based on the estimated fair values of the acquired assets as follows: Number Rentable Acquired of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases June 2018 Doral, FL (1) 1 240,283 $ 43,326 $ 15,225 $ 28,101 $ — September 2018 Carlisle, PA 1 205,090 20,451 3,299 15,515 1,637 September 2018 Upper Marlboro, MD 1 220,800 29,801 5,296 21,833 2,672 October 2018 Maple Grove, MN 1 319,062 27,807 3,469 21,287 3,051 4 985,235 $ 121,385 $ 27,289 $ 86,736 $ 7,360 (1) This property was acquired and simultaneously leased back to the seller.
Schedule of future minimum lease payments scheduled to be received during the current terms of the existing leases	The future minimum lease payments scheduled to be received by us during the current terms of our leases as of December 31, 2018 are as follows: Minimum Lease Year Payment 2019 $ 140,363 2020 139,440 2021 137,814 2022 132,124 2023 113,443 Thereafter 994,544 $ 1,657,728

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2018
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of December 31, 2018 and 2017 , our outstanding indebtedness consisted of the following: December 31, 2018 2017 Revolving credit facility, due in 2021 (1) $ 413,000 $ 750,000 Mortgage note payable, 3.99%, due in 2020 (2) 48,750 48,750 Unamortized debt premiums 445 677 Carrying value $ 462,195 $ 799,427 (1) We repaid certain amounts outstanding under our revolving credit facility on January 17, 2018 with part of the $444,309 of net proceeds from our IPO. Upon completion of our IPO, the maturity date of our revolving credit facility was extended to December 29, 2021 and we have the option to extend the maturity date for two, six month periods through December 29, 2022. (2) We assumed this mortgage note in connection with our acquisition of a property. The stated interest rate for this mortgage debt is the contractually stated rate; we recorded the assumed mortgage note at estimated fair value on the date of acquisition. We amortize the fair value premium to interest expense over the respective term of the mortgage note to reduce interest expense to the estimated market interest rate as of the date of acquisition.
Schedule of the principal payments due under the outstanding debt	The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2018 are as follows: Principal Year Payment 2019 $ — 2020 48,750 2021 413,000 2022 — 2023 — Thereafter — $ 461,750 (1) (1) Total debt outstanding as of December 31, 2018 , including unamortized debt premiums, was $ 462,195 .

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2018
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At December 31, 2018 and 2017 , the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to the short term nature of floating interest rates, except as follows: At December 31, 2018 At December 31, 2017 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage note payable $ 49,195 $ 48,642 $ 49,427 $ 48,919 (1) Includes unamortized premiums of $445 and $677 as of December 31, 2018 and 2017 , respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of shares granted and vested under the terms of the 2018 Plan	A summary of shares granted, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2018 is as follows: Weighted Average Number Grant Date of Shares Fair Value 2018 Activity: Granted 77,400 $ 22.60 Vested (33,880 ) $ 21.64 Forfeited (240 ) $ 23.33 Unvested shares at December 31, 2018 43,280 $ 23.33
Summary of distributions paid on common shares	During the year ended December 31, 2018 , we paid distributions on our common shares as follows: Declaration Record Paid Distributions Total Date Date Date Per Share Distributions 4/19/2018 4/30/2018 5/14/2018 $ 0.27 $ 17,551 7/19/2018 7/30/2018 8/13/2018 0.33 21,457 10/18/2018 10/29/2018 11/12/2018 0.33 21,474 $ 0.93 $ 60,482

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2018
Selected Quarterly Financial Information [Abstract]
Summary of unaudited quarterly results of operations	The following is a summary of our unaudited quarterly results of operations for 2018 and 2017 : 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 40,605 $ 39,420 $ 40,431 $ 42,074 Net income $ 19,232 $ 18,726 $ 18,142 $ 18,288 Net income per common share—basic and diluted $ 0.31 $ 0.29 $ 0.28 $ 0.28 2017 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 39,440 $ 38,605 $ 39,066 $ 39,395 Net income $ 20,356 $ 21,575 $ 22,903 $ 15,269 Net income per common share—basic and diluted $ 0.45 $ 0.48 $ 0.51 $ 0.34

Organization - Narative (Detail

Organization - Narative (Details)	Jan. 17, 2018USD ($)ft²propertyshares	Sep. 30, 2017USD ($)propertynote	Sep. 29, 2017USD ($)ft²statepropertynote$ / sharesshares	Dec. 31, 2017USD ($)property$ / sharesshares	Dec. 31, 2018USD ($)ft²stateproperty$ / sharesshares	Dec. 27, 2018shares	Dec. 29, 2017USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property	266		266		270
Net rentable area | ft²	28,540,000		28,540,000		29,535,000
Common shares, shares issued (in shares) | shares				45,000,000	65,074,791
Common shares, par value (in dollars per share) | $ / shares			$ 0.01	$ 0.01	$ 0.01
Debt assumed on acquisition					$ 461,750,000
HAWAII
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property			226		226
Net rentable area | ft²			16,834,000		16,834,000
Other States
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property			40		44
Net rentable area | ft²			11,706,000		12,701,000
Number of states where real estate is located | state			24		25
Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000
Revolving Credit Facility
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of revolving credit facility	$ 750,000,000			$ 750,000,000			$ 750,000,000
Debt assumed on acquisition				$ 750,000,000	$ 413,000,000
Revolving Credit Facility | Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of revolving credit facility			$ 750,000,000
Mortgages
Subsidiary, Sale of Stock [Line Items]
Number of instruments assumed | note		3	3
Debt assumed on acquisition		$ 63,069,000	$ 63,069,000
Number of properties used as collateral | property		3	3	2
IPO
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares) | shares	20,000,000
Industrial Logistics Properties Trust | Select Income REIT
Subsidiary, Sale of Stock [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000		45,000,000	45,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Property, Plant and Equipment [Line Items]
2,019		$ 7,805,000
2,020	$ 7,797,000
2,021	7,725,000
2,022	7,538,000
2,023	7,279,000
Thereafter	19,343,000
Real estate impairment	0	0
Accrued environmental remediation cost	$ 6,940,000	7,002,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Increases in rental income	$ 401,000	390,000	$ 403,000
Amortization of the value of acquired in place leases	$ 8,993,000	$ 8,824,000	$ 8,823,000
Weighted Average
Property, Plant and Equipment [Line Items]
Amortization period of capitalized below market lease values	14 years 1 month 6 days
Above market lease | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values	11 years 8 months 12 days
Acquired Real Estate Leases | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values	8 years 9 months 18 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Acquired Real Estate Leases and Assumed Real Estate Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Acquired real estate leases:
Acquired real estate leases, net	$ 75,803	$ 79,103
Assumed real estate lease obligations:
Capitalized below market lease values	34,313	34,786
Less: accumulated amortization	(15,997)	(14,402)
Assumed real estate lease obligations, net	18,316	20,384
Above market lease
Acquired real estate leases:
Acquired real estate leases, gross	28,723	30,104
Less: accumulated amortization	(16,726)	(16,440)
Acquired real estate leases, net	11,997	13,664
Acquired Real Estate Leases
Acquired real estate leases:
Acquired real estate leases, gross	99,727	93,646
Less: accumulated amortization	(35,921)	(28,207)
Acquired real estate leases, net	$ 63,806	$ 65,439

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Deferred leasing costs	$ 9,845	$ 8,379
Accumulated amortization of deferred leasing costs	3,688	$ 3,125
Estimated cost of lease under negotiation	24
Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases
2,019	836
2,020	757
2,021	673
2,022	552
2,023	386
Thereafter	$ 2,953

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($)	Jan. 31, 2019	Jan. 29, 2019	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Debt issuance costs, line of credit			$ 5,907,000	$ 1,724,000
Debt issuance costs, accumulated amortization			1,477,000	$ 0
Future amortization expense of debt issuance costs, 2019			1,618,000
Future amortization expense of debt issuance costs, 2020			1,618,000
Future amortization expense of debt issuance costs, 2021			1,618,000
Future amortization expense of debt issuance costs, 2022			142,000
Future amortization expense of debt issuance costs, 2023			142,000
Future amortization expense of debt issuance costs, Thereafter			705,000
Loans Payable | Mortgage Loan 2019
Debt Instrument [Line Items]
Debt issuance cost, mortgage loan			$ 1,413,000
Subsequent Event | Loans Payable | Mortgage Loan 2019
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650,000,000	$ 650,000,000

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Other Assets (Details) - AIC $ in Thousands	Dec. 31, 2018USD ($)
Schedule of Equity Method Investments [Line Items]
Cost to acquire shares	$ 8,632
Ownership interest	14.30%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Accounting Policies [Abstract]
Contingent rental income recognized	$ 941	$ 650	$ 846

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Segment (Details)	12 Months Ended
	Dec. 31, 2018segment
Accounting Policies [Abstract]
Number of business segments	1

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Reclassifications (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to Debt issuance costs, net	$ 4,430	$ 1,724
Adjustments to other assets, net	$ (11,178)	(4,942)
Scenario, Adjustment
Error Corrections and Prior Period Adjustments Restatement [Line Items]
Adjustment to Debt issuance costs, net		1,724
Adjustments to other assets, net		$ 1,724

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	Feb. 14, 2019property	Jan. 13, 2017USD ($)ft²property	Feb. 20, 2019USD ($)ft²statepropertytenant	Oct. 31, 2018USD ($)	Dec. 31, 2018USD ($)ft²stateproperty	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2018USD ($)ft²statepropertysegment	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 26, 2018ft²	Jan. 17, 2018ft²property	Sep. 29, 2017ft²stateproperty
Real Estate Properties
Number of properties owned | property					270								270				266	266
Net rentable area | ft²					29,535,000								29,535,000				28,540,000	28,540,000
Number of business segments | segment													1
Total revenues					$ 42,074	$ 40,431	$ 39,420	$ 40,605	$ 39,395	$ 39,066	$ 38,605	$ 39,440	$ 162,530	$ 156,506	$ 153,310
Commitments related to tenant improvements and leasing costs													$ 2,613
Square feet of committed expenditures related to tenant improvements and leasing costs | ft²													2,630,000
Committed but unspent tenant related obligations					$ 472								$ 472
HAWAII
Real Estate Properties
Number of properties owned | property					226								226					226
Net rentable area | ft²					16,834,000								16,834,000					16,834,000
Other States
Real Estate Properties
Number of properties owned | property					44								44					40
Net rentable area | ft²					12,701,000								12,701,000					11,706,000
Number of states where real estate is located | state					25								25					24
Ankeny, IA
Real Estate Properties
Net rentable area | ft²																194,000
Purchase price				$ 450
McAlester, OK
Real Estate Properties
Purchase price		$ 281
Real estate, acquisition costs		$ 55
Number of properties | property		1
Real estate property expansion, square feet | ft²		35,000
Geographic Concentration Risk | Sales Revenue, Net | HAWAII
Real Estate Properties
Percentage of revenues													59.70%	60.20%	59.50%
Two Subsidiaries Of Amazon, Inc.
Real Estate Properties
Total revenues													$ 16,047	$ 15,938	$ 16,063
Subsequent Event | Indianapolis and Cincinnati
Real Estate Properties
Net rentable area | ft²			4,202,000
Purchase price			$ 280,000
Number of properties | property	7		8
Number of tenants | tenant			10
Subsequent Event | Twelve States [Member]
Real Estate Properties
Net rentable area | ft²			8,694,000
Number of states where real estate is located | state			12
Purchase price			$ 625,300
Mortgage debt			$ 57,000
Number of properties | property			18
Number of tenants | tenant			13
Office and Industrial Properties
Real Estate Properties
Net rentable area | ft²					985,235								985,235
Purchase price													$ 121,385
Real estate, acquisition costs													$ 1,360
Number of properties | property													4

Real Estate Properties - Proper

Real Estate Properties - Property Acquisitions (Details) $ in Thousands	1 Months Ended			12 Months Ended
	Oct. 31, 2018USD ($)ft²property	Sep. 30, 2018USD ($)ft²property	Jun. 30, 2018USD ($)ft²property	Dec. 31, 2018USD ($)ft²property	Jan. 17, 2018ft²	Dec. 31, 2017USD ($)	Sep. 29, 2017ft²
Real Estate [Line Items]
Net rentable area | ft²				29,535,000	28,540,000		28,540,000
Land				$ 670,501		$ 642,706
Buildings and improvements				791,895		700,896
Acquired real estate leases				$ 75,803		79,103
Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property				4
Net rentable area | ft²				985,235
Purchase price				$ 121,385
Land				27,289
Buildings and improvements				86,736
Acquired real estate leases				7,360
Doral, FL | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property			1
Net rentable area | ft²			240,283
Purchase price			$ 43,326
Land			15,225
Buildings and improvements			28,101
Carlisle PA | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property		1
Net rentable area | ft²		205,090
Purchase price		$ 20,451
Land		3,299
Buildings and improvements		$ 15,515
Upper Marlboro, MD | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property		1
Net rentable area | ft²		220,800
Purchase price		$ 29,801
Land		5,296
Buildings and improvements		21,833
Maple Grove, MN | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property	1
Net rentable area | ft²	319,062
Purchase price	$ 27,807
Land	3,469
Buildings and improvements	21,287
Acquired Real Estate Leases
Real Estate [Line Items]
Acquired real estate leases				$ 63,806		$ 65,439
Acquired Real Estate Leases | Doral, FL | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases			$ 0
Acquired Real Estate Leases | Carlisle PA | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases		1,637
Acquired Real Estate Leases | Upper Marlboro, MD | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases		$ 2,672
Acquired Real Estate Leases | Maple Grove, MN | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases	$ 3,051

Real Estate Properties - Future

Real Estate Properties - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2018USD ($)
Real Estate [Abstract]
2,019	$ 140,363
2,020	139,440
2,021	137,814
2,022	132,124
2,023	113,443
Thereafter	994,544
Total	$ 1,657,728

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) - USD ($) $ in Thousands	Jan. 17, 2018	Dec. 31, 2018	Dec. 31, 2017
Debt Instrument [Line Items]
Long-term debt, gross		$ 461,750
Unamortized debt premiums		445	$ 677
Carrying value		462,195	799,427
Mortgage note payable, 3.99%, due in 2020
Debt Instrument [Line Items]
Long-term debt, gross		$ 48,750	48,750
Interest rate (as a percent)		3.99%
Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 413,000	$ 750,000
Repayments of outstanding revolving credit facility	$ 444,309

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) ft² in Millions	Jan. 29, 2019USD ($)ft²propertybuilding	Dec. 31, 2017USD ($)	Feb. 19, 2019USD ($)	Jan. 31, 2019USD ($)	Dec. 31, 2018USD ($)property	Jan. 17, 2018USD ($)	Dec. 29, 2017USD ($)
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility		$ 750,000,000			$ 413,000,000
Mortgage note payable		49,427,000			$ 49,195,000
Number of properties that are securing mortgage note | property					1
Net book value of property, securing mortgage note					$ 64,901,000
Subsequent Event
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility	$ 750,000,000
Number of properties that are securing mortgage note | property	186
Amount of square feet of property, securing mortgage note | ft²	9.6
Net book value of property, securing mortgage note	$ 492,620,000
Mortgage Note Payable 3.99 Percent Due 2020
Debt Instrument [Line Items]
Mortgage note payable					$ 48,750,000
Interest rate (as a percent)					3.99%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility		$ 750,000,000				$ 750,000,000	$ 750,000,000
Line of credit maximum increase capacity					$ 1,500,000,000
Interest rate at period end		2.89%			3.81%
Interest rate during period		3.33%
Amount outstanding on revolving credit facility					$ 413,000,000
Remaining borrowing capacity on revolving credit facility					$ 337,000,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility			$ 60,000,000
Remaining borrowing capacity on revolving credit facility			$ 690,000,000
Loans Payable | Mortgage Loan 2019 | Subsequent Event
Debt Instrument [Line Items]
Debt instrument, face amount	$ 650,000,000			$ 650,000,000
Interest rate (as a percent)	4.31%
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate		1.30%
Land | Subsequent Event
Debt Instrument [Line Items]
Number of properties that are securing mortgage note | property	178
Building | Subsequent Event
Debt Instrument [Line Items]
Number of properties that are securing mortgage note | building	8

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Indebtedness Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Debt Disclosure [Abstract]
2,019	$ 0
2,020	48,750
2,021	413,000
2,022	0
2,023	0
Thereafter	0
Long-term debt, gross	461,750
Unamortized debt premiums	$ 462,195	$ 799,427

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2018	Dec. 31, 2017
Fair Value of Financial Instruments
Mortgage note payable	$ 49,195	$ 49,427
Carrying Amount
Fair Value of Financial Instruments
Mortgage note payable	49,195	49,427
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage note payable	48,642	48,919
Mortgages
Fair Value of Financial Instruments
Unamortized premiums	$ 445	$ 677

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Awards (Details) $ / shares in Units, $ in Thousands	Jan. 18, 2019USD ($)$ / shares	Sep. 24, 2018$ / sharesshares	May 23, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	May 31, 2018USD ($)shares	Dec. 31, 2018USD ($)item$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)				43,280		43,280
2019 (in shares)				15,320		15,320
2020 (in shares)				9,320		9,320
2021 (in shares)				9,320		9,320
2022 (in shares)				9,320		9,320
Estimated future compensation expense for the unvested shares | $				$ 1,010		$ 1,010
Weighted Average Period of Which Compensation Expense Will be Recognized						28 months
Compensation expense | $						$ 927
Shares available for issuance under the award plan				3,925,209		3,925,209
Stock Repurchased During Period, Shares						2,369
Distribution characterization percentage, ordinary income						100.00%
Distributions per share paid (in dollars per share) | $ / shares						$ 0.93
Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)			3,000
Aggregate value of common shares granted | $			$ 314			$ 61
Share Based Compensation Arrangement By Share Based Payment Award, Market Value Of Shares Issued In Period To Each Individual1 | $			$ 63
Trustees | Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)				3,000	1,000
Aggregate value of common shares granted | $					$ 104
Share Based Compensation Arrangement By Share Based Payment Award, Market Value Of Shares Issued In Period To Each Individual1 | $					$ 21
Officers And Employees | Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock Repurchased During Period, Shares		2,369
Share price (in dollars per share) | $ / shares		$ 22.08
RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)						54,400,000
Common shares granted | $						$ 1,269
RMR LLC | Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Related Party Transaction Number of Equal Annual Installments for Vesting of Common Shares | item						5
Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Distributions per share paid (in dollars per share) | $ / shares	$ 0.33
Dividends declared | $	$ 21,500

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Unvested Shares Activity (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Granted (in shares) | shares	77,400
Vested (in shares) | shares	(33,880)
Forfeited (in shares) | shares	(240)
Unvested shares at the end of the period (in shares) | shares	43,280
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Granted (in dollars per share) | $ / shares	$ 22.60
Vested (in dollars per share) | $ / shares	21.64
Forfeited (in dollars per share) | $ / shares	23.33
Unvested shares at the end of the period (in dollars per share) | $ / shares	$ 23.33

Shareholders' Equity - 2018 Sha

Shareholders' Equity - 2018 Share Purchases (Details) - $ / shares	Sep. 24, 2018	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)		2,369
Common shares | Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)	2,369
Share price (in dollars per share)	$ 22.08

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 18, 2019	Nov. 17, 2016	Aug. 18, 2016	May 19, 2016	Dec. 31, 2018	Dec. 31, 2017
Dividends Payable [Line Items]
Distribution per share (in dollars per share)		$ 0.33	$ 0.33	$ 0.27		$ 0.93
Total Distributions		$ 21,474	$ 21,457	$ 17,551	$ 60,482	$ 60,482
Distributions per share paid (in dollars per share)					$ 0.93
Distribution characterization percentage, ordinary income					100.00%
Subsequent Event
Dividends Payable [Line Items]
Distributions per share paid (in dollars per share)	$ 0.33

Related Person Transactions Nar

Related Person Transactions Narrative (Details) $ in Thousands	Dec. 31, 2018USD ($)agreementshares	Dec. 31, 2018USD ($)agreementshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 27, 2018shares	Sep. 29, 2017shares
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares	65,074,791	65,074,791	45,000,000
Stock repurchased during the period		$ 8,632	$ 0	$ 0
Insurance premium allocation cost		90	116	93
Insurance premium allocation		$ 266	$ 320	$ 351
RMR LLC
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2	2
Common shares granted (in shares) | shares		54,400,000
Common shares granted		$ 1,269
Affiliated Entity
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares						45,000,000
Payments for insurance premiums incurred		$ 266
Industrial Logistics Properties Trust | Select Income REIT
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares	45,000,000	45,000,000			45,000,000	45,000,000
AIC
Related Party Transaction [Line Items]
Cost to acquire shares	$ 8,632	$ 8,632
AIC Stock Purchase Agreement
Related Party Transaction [Line Items]
Stock repurchased during the period	$ 8,632
Service fee, percent		3.00%

Certain Arrangements, Allocat_2

Certain Arrangements, Allocations and Operations Prior to our IPO (Details)	Jan. 17, 2018USD ($)ft²property	Sep. 30, 2017USD ($)propertynote	Sep. 29, 2017USD ($)ft²statepropertynoteshares	Jan. 16, 2018USD ($)	Dec. 31, 2017USD ($)propertynoteshares	Dec. 31, 2018USD ($)ft²statepropertyshares	Dec. 31, 2018USD ($)ft²statepropertyshares	Dec. 31, 2017USD ($)shares	Dec. 31, 2016USD ($)	Dec. 27, 2018shares	Dec. 29, 2017USD ($)
Line of Credit Facility [Line Items]
Number of properties owned | property	266		266			270	270
Net rentable area | ft²	28,540,000		28,540,000			29,535,000	29,535,000
Common shares, shares issued (in shares) | shares					45,000,000	65,074,791	65,074,791	45,000,000
Debt assumed on acquisition						$ 461,750,000	$ 461,750,000
Due from related parties					$ 0	1,390,000	1,390,000	$ 0
Repayment of mortgage notes payable							0	14,344,000	$ 16,000
Business management fees						7,269,000
Incentive fee expense							0
Mortgage note payable
Line of Credit Facility [Line Items]
Number of instruments assumed | note		3	3
Debt assumed on acquisition		$ 63,069,000	$ 63,069,000
Number of properties used as collateral | property		3	3		2
Number of debt instruments prepaid | note					2
Repayment of mortgage notes payable					$ 14,319,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt assumed on acquisition					750,000,000	$ 413,000,000	413,000,000	750,000,000
Maximum borrowing capacity of revolving credit facility and term loan	$ 750,000,000				$ 750,000,000			750,000,000			$ 750,000,000
RMR LLC
Line of Credit Facility [Line Items]
Business management fees				$ 308,000				6,823,000	6,789,000
Incentive fee expense								7,660,000
Internal audit expense				4,000				84,000	74,000
Construction supervision fees				230,000				4,244,000	4,182,000
Related party reimbursement expense				$ 120,000				$ 2,512,000	$ 2,448,000
AIC
Line of Credit Facility [Line Items]
Payments for insurance premiums incurred							$ 4,000
HAWAII
Line of Credit Facility [Line Items]
Number of properties owned | property			226			226	226
Net rentable area | ft²			16,834,000			16,834,000	16,834,000
Other States
Line of Credit Facility [Line Items]
Number of properties owned | property			40			44	44
Net rentable area | ft²			11,706,000			12,701,000	12,701,000
Number of states where real estate is located | state			24			25	25
RMR LLC
Line of Credit Facility [Line Items]
Property management fees as percentage of gross collected rents							3.00%
Construction supervision fees as percentage of construction costs							5.00%
Construction supervision fees						$ 4,680,000
Select Income REIT
Line of Credit Facility [Line Items]
Payments of stock issuance costs	$ 7,271,000
Due from related parties						$ 865,000	$ 865,000
Select Income REIT | Industrial Logistics Properties Trust
Line of Credit Facility [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000			45,000,000	45,000,000			45,000,000

Business and Property Managem_2

Business and Property Management Agreements (Details)	11 Months Ended	12 Months Ended
	Dec. 31, 2018USD ($)employee	Dec. 31, 2018USD ($)employee	Jan. 18, 2018$ / shares	Jan. 17, 2018agreement
Related Party Transaction [Line Items]
Number of employees | employee	0	0
Equity market capitalization		$ 1,560,000,000
Unadjusted initial share price (usd per share) | $ / shares			$ 24
Adjusted benchmark return qualification for management fee reduction minimum		2.00%
Adjusted benchmark return qualification for management fee reduction maximum		5.00%
Business management fees	$ 7,269,000
Incentive management fee		$ 0
Term remaining prior to termination used in calculation of termination fee		10 days
RMR LLC
Related Party Transaction [Line Items]
Number of management service agreements | agreement				2
Percentage applied on average historical cost of real estate investment properties acquired to calculate base management fee	0.50%	0.50%
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments up to specified amount	0.70%	0.70%
Base management fee payable threshold amount of other real estate investments	$ 250,000,000	$ 250,000,000
Annual business management fee as percentage of aggregate cost of properties acquired in excess of specified amount		0.50%
Base management fee payable as percentage of average closing stock price on stock exchange	0.70%	0.70%
Base management fee payable as percentage of average market capitalization exceeding specified amount	0.50%	0.50%
Percentage for limitation and adjustments of incentive management fee payable	12.00%	12.00%
Period of Consecutive Trading Days Used in Calculation		10 days
Period of trading days of measurement period used in calculation		30 days
Required return per share to adjust the return per share benchmark		12.00%
Incentive management fee, percentage of common shares outstanding used in calculation		1.50%
Property management fees as percentage of gross collected rents		3.00%
Construction supervision fees as percentage of construction costs		5.00%
Construction supervision fees	$ 4,680,000
Payroll and related costs	2,672,000
Internal audit costs	$ 236,000
Number of business days prior written notice for termination of property management agreement		60 days
Window following a change of control		12 months
Period of transition services after termination agreement		120 days
Minimum | RMR LLC
Related Party Transaction [Line Items]
Termination fee term		19 years
Maximum | RMR LLC
Related Party Transaction [Line Items]
Termination fee term		20 years

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Selected Quarterly Financial Information [Abstract]
Total revenues	$ 42,074	$ 40,431	$ 39,420	$ 40,605	$ 39,395	$ 39,066	$ 38,605	$ 39,440	$ 162,530	$ 156,506	$ 153,310
Net income	$ 18,288	$ 18,142	$ 18,726	$ 19,232	$ 15,269	$ 22,903	$ 21,575	$ 20,356	$ 74,388	$ 80,103	$ 86,898
Net income per common share - basic and diluted (in dollars per share)	$ 0.28	$ 0.28	$ 0.29	$ 0.31	$ 0.34	$ 0.51	$ 0.48	$ 0.45	$ 1.16	$ 1.78	$ 1.93

SCHEDULE II - Valuation And Q_2

SCHEDULE II - Valuation And Qualifying Accounts (Details) - Allowance for doubtful accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Movement in valuation and qualifying accounts
Balance at Beginning of Period	$ 1,241	$ 583	$ 413
Charged to Costs and Expenses	1,198	704	257
Deductions	(982)	(46)	(87)
Balance at End of Period	$ 1,457	$ 1,241	$ 583

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 49,195
Initial Cost to Company
Land	669,341
Buildings and Equipment	751,735
Costs Capitalized Subsequent to Acquisition	41,320
Gross Amount Carried at Close of Period
Land	670,501
Buildings and Equipment	791,895
Total	1,462,396	$ 1,343,602	$ 1,336,728	$ 1,335,363
Accumulated Depreciation	(93,291)	$ (74,614)	$ (56,976)	$ (39,707)
Liabilities, fair value adjustment	445
U.S. federal income tax basis	$ 1,523,930
Building and Building Improvements
Gross Amount Carried at Close of Period
Life used for depreciation	40 years
Equipment
Gross Amount Carried at Close of Period
Life used for depreciation	7 years
Fort Smith, AR | 4501 Industrial Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	$ 0
Initial Cost to Company
Land	900
Buildings and Equipment	3,485
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	900
Buildings and Equipment	3,485
Total	4,385
Accumulated Depreciation	(341)
Colorado Springs, CO | 955 Aeroplaza Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	800
Buildings and Equipment	7,412
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	800
Buildings and Equipment	7,412
Total	8,212
Accumulated Depreciation	(726)
Denver, CO | 13400 East 39th Avenue and 3800 Wheeling Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,100
Buildings and Equipment	12,955
Costs Capitalized Subsequent to Acquisition	46
Gross Amount Carried at Close of Period
Land	3,100
Buildings and Equipment	13,001
Total	16,101
Accumulated Depreciation	(1,298)
Pueblo, CO | 150 Greenhorn Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	200
Buildings and Equipment	4,177
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	200
Buildings and Equipment	4,177
Total	4,377
Accumulated Depreciation	(409)
Wallingford, CT | 2 Tower Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,471
Buildings and Equipment	2,165
Costs Capitalized Subsequent to Acquisition	7
Gross Amount Carried at Close of Period
Land	1,471
Buildings and Equipment	2,172
Total	3,643
Accumulated Depreciation	(668)
Windsor, CT | 235 Great Pond Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,400
Buildings and Equipment	9,469
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,400
Buildings and Equipment	9,469
Total	11,869
Accumulated Depreciation	(1,519)
Doral, FL | 10450 Doral Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	15,225
Buildings and Equipment	28,101
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	15,225
Buildings and Equipment	28,101
Total	43,326
Accumulated Depreciation	(468)
Miami, FL | 2100 NW 82nd Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	144
Buildings and Equipment	1,297
Costs Capitalized Subsequent to Acquisition	454
Gross Amount Carried at Close of Period
Land	144
Buildings and Equipment	1,751
Total	1,895
Accumulated Depreciation	(749)
Honolulu, HI | 1000 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,252
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,252
Buildings and Equipment	0
Total	2,252
Accumulated Depreciation	0
Honolulu, HI | 1001 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	15,155
Buildings and Equipment	3,312
Costs Capitalized Subsequent to Acquisition	92
Gross Amount Carried at Close of Period
Land	15,155
Buildings and Equipment	3,404
Total	18,559
Accumulated Depreciation	(1,269)
Honolulu, HI | 1024 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,818
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,818
Buildings and Equipment	0
Total	1,818
Accumulated Depreciation	0
Honolulu, HI | 1024 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,385
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,385
Buildings and Equipment	0
Total	1,385
Accumulated Depreciation	0
Honolulu, HI | 1027 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	5,444
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	5,444
Buildings and Equipment	0
Total	5,444
Accumulated Depreciation	0
Honolulu, HI | 1030 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	5,655
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	5,655
Buildings and Equipment	0
Total	5,655
Accumulated Depreciation	0
Honolulu, HI | 1038 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,576
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,576
Buildings and Equipment	0
Total	2,576
Accumulated Depreciation	0
Honolulu, HI | 1045 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	819
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	819
Buildings and Equipment	0
Total	819
Accumulated Depreciation	0
Honolulu, HI | 1050 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,404
Buildings and Equipment	873
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,404
Buildings and Equipment	873
Total	2,277
Accumulated Depreciation	(328)
Honolulu, HI | 1052 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,703
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	240
Gross Amount Carried at Close of Period
Land	1,703
Buildings and Equipment	240
Total	1,943
Accumulated Depreciation	(79)
Honolulu, HI | 1055 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,216
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,216
Buildings and Equipment	0
Total	1,216
Accumulated Depreciation	0
Honolulu, HI | 106 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,113
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	229
Gross Amount Carried at Close of Period
Land	1,113
Buildings and Equipment	229
Total	1,342
Accumulated Depreciation	(54)
Honolulu, HI | 1062 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,049
Buildings and Equipment	598
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,049
Buildings and Equipment	598
Total	1,647
Accumulated Depreciation	(225)
Honolulu, HI | 1122 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	5,781
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	5,781
Buildings and Equipment	0
Total	5,781
Accumulated Depreciation	0
Honolulu, HI | 113 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,729
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,729
Buildings and Equipment	0
Total	3,729
Accumulated Depreciation	0
Honolulu, HI | 1150 Kikowaena Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,445
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,445
Buildings and Equipment	0
Total	2,445
Accumulated Depreciation	0
Honolulu, HI | 120 Mokauea Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,953
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	655
Gross Amount Carried at Close of Period
Land	1,953
Buildings and Equipment	655
Total	2,608
Accumulated Depreciation	(105)
Honolulu, HI | 120 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,130
Buildings and Equipment	11,307
Costs Capitalized Subsequent to Acquisition	1,298
Gross Amount Carried at Close of Period
Land	1,130
Buildings and Equipment	12,605
Total	13,735
Accumulated Depreciation	(4,321)
Honolulu, HI | 120B Mokauea Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,953
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,953
Buildings and Equipment	0
Total	1,953
Accumulated Depreciation	0
Honolulu, HI | 125 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,630
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,630
Buildings and Equipment	0
Total	1,630
Accumulated Depreciation	0
Honolulu, HI | 125B Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,815
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,815
Buildings and Equipment	0
Total	2,815
Accumulated Depreciation	0
Honolulu, HI | 1330 Pali Highway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,423
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,423
Buildings and Equipment	0
Total	1,423
Accumulated Depreciation	0
Honolulu, HI | 1360 Pali Highway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	9,170
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	161
Gross Amount Carried at Close of Period
Land	9,170
Buildings and Equipment	161
Total	9,331
Accumulated Depreciation	(103)
Honolulu, HI | 140 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,100
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,100
Buildings and Equipment	0
Total	1,100
Accumulated Depreciation	0
Honolulu, HI | 142 Mokauea Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,182
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	1,455
Gross Amount Carried at Close of Period
Land	2,182
Buildings and Equipment	1,455
Total	3,637
Accumulated Depreciation	(359)
Honolulu, HI | 148 Mokauea Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,476
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,476
Buildings and Equipment	0
Total	3,476
Accumulated Depreciation	0
Honolulu, HI | 150 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	4,887
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	4,887
Buildings and Equipment	0
Total	4,887
Accumulated Depreciation	0
Honolulu, HI | 151 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,956
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,956
Buildings and Equipment	0
Total	1,956
Accumulated Depreciation	0
Honolulu, HI | 158 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,488
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,488
Buildings and Equipment	0
Total	2,488
Accumulated Depreciation	0
Honolulu, HI | 165 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	758
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	758
Buildings and Equipment	0
Total	758
Accumulated Depreciation	0
Honolulu, HI | 179 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,480
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,480
Buildings and Equipment	0
Total	2,480
Accumulated Depreciation	0
Honolulu, HI | 180 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,655
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,655
Buildings and Equipment	0
Total	1,655
Accumulated Depreciation	0
Honolulu, HI | 1926 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,874
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	1,562
Gross Amount Carried at Close of Period
Land	2,874
Buildings and Equipment	1,562
Total	4,436
Accumulated Depreciation	(466)
Honolulu, HI | 1931 Kahai Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,779
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,779
Buildings and Equipment	0
Total	3,779
Accumulated Depreciation	0
Honolulu, HI | 197 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,238
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,238
Buildings and Equipment	0
Total	1,238
Accumulated Depreciation	0
Honolulu, HI | 2001 Kahai Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,091
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,091
Buildings and Equipment	0
Total	1,091
Accumulated Depreciation	0
Honolulu, HI | 2019 Kahai Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,377
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,377
Buildings and Equipment	0
Total	1,377
Accumulated Depreciation	0
Honolulu, HI | 2020 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,385
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,385
Buildings and Equipment	0
Total	2,385
Accumulated Depreciation	0
Honolulu, HI | 204 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,689
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,689
Buildings and Equipment	0
Total	1,689
Accumulated Depreciation	0
Honolulu, HI | 207 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,024
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,024
Buildings and Equipment	0
Total	2,024
Accumulated Depreciation	0
Honolulu, HI | 2103 Kaliawa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,212
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,212
Buildings and Equipment	0
Total	3,212
Accumulated Depreciation	0
Honolulu, HI | 2106 Kaliawa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,568
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	169
Gross Amount Carried at Close of Period
Land	1,568
Buildings and Equipment	169
Total	1,737
Accumulated Depreciation	(66)
Honolulu, HI | 2110 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	837
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	837
Buildings and Equipment	0
Total	837
Accumulated Depreciation	0
Honolulu, HI | 212 Mohonua Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,067
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,067
Buildings and Equipment	0
Total	1,067
Accumulated Depreciation	0
Honolulu, HI | 2122 Kaliawa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,365
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,365
Buildings and Equipment	0
Total	1,365
Accumulated Depreciation	0
Honolulu, HI | 2127 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,906
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	97
Gross Amount Carried at Close of Period
Land	2,906
Buildings and Equipment	97
Total	3,003
Accumulated Depreciation	(25)
Honolulu, HI | 2135 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	825
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	825
Buildings and Equipment	0
Total	825
Accumulated Depreciation	0
Honolulu, HI | 2139 Kaliawa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	885
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	885
Buildings and Equipment	0
Total	885
Accumulated Depreciation	0
Honolulu, HI | 214 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,864
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	485
Gross Amount Carried at Close of Period
Land	1,864
Buildings and Equipment	485
Total	2,349
Accumulated Depreciation	(43)
Honolulu, HI | 2140 Kaliawa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	931
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	931
Buildings and Equipment	0
Total	931
Accumulated Depreciation	0
Honolulu, HI | 2144 Auiki Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,640
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	7,088
Gross Amount Carried at Close of Period
Land	2,640
Buildings and Equipment	7,088
Total	9,728
Accumulated Depreciation	(2,068)
Honolulu, HI | 215 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,117
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,117
Buildings and Equipment	0
Total	2,117
Accumulated Depreciation	0
Honolulu, HI | 218 Mohonua Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,741
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,741
Buildings and Equipment	0
Total	1,741
Accumulated Depreciation	0
Honolulu, HI | 220 Puuhale Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,619
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,619
Buildings and Equipment	0
Total	2,619
Accumulated Depreciation	0
Honolulu, HI | 2250 Pahounui Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,862
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,862
Buildings and Equipment	0
Total	3,862
Accumulated Depreciation	0
Honolulu, HI | 2264 Pahounui Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,632
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,632
Buildings and Equipment	0
Total	1,632
Accumulated Depreciation	0
Honolulu, HI | 2276 Pahounui Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,619
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,619
Buildings and Equipment	0
Total	1,619
Accumulated Depreciation	0
Honolulu, HI | 228 Mohonua Place
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,865
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,865
Buildings and Equipment	0
Total	1,865
Accumulated Depreciation	0
Honolulu, HI | 2308 Pahounui Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,314
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,314
Buildings and Equipment	0
Total	3,314
Accumulated Depreciation	0
Honolulu, HI | 231 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	752
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	752
Buildings and Equipment	0
Total	752
Accumulated Depreciation	0
Honolulu, HI | 231B Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,539
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,539
Buildings and Equipment	0
Total	1,539
Accumulated Depreciation	0
Honolulu, HI | 2344 Pahounui Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	6,709
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	6,709
Buildings and Equipment	0
Total	6,709
Accumulated Depreciation	0
Honolulu, HI | 238 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,273
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,273
Buildings and Equipment	0
Total	2,273
Accumulated Depreciation	0
Honolulu, HI | 2635 Waiwai Loop A
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	934
Buildings and Equipment	350
Costs Capitalized Subsequent to Acquisition	683
Gross Amount Carried at Close of Period
Land	934
Buildings and Equipment	1,033
Total	1,967
Accumulated Depreciation	(132)
Honolulu, HI | 2635 Waiwai Loop B
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,177
Buildings and Equipment	105
Costs Capitalized Subsequent to Acquisition	683
Gross Amount Carried at Close of Period
Land	1,177
Buildings and Equipment	788
Total	1,965
Accumulated Depreciation	(40)
Honolulu, HI | 2760 Kam Highway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	703
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	143
Gross Amount Carried at Close of Period
Land	703
Buildings and Equipment	143
Total	846
Accumulated Depreciation	0
Honolulu, HI | 2804 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,775
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,775
Buildings and Equipment	2
Total	1,777
Accumulated Depreciation	(1)
Honolulu, HI | 2806 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 2808 Kam Highway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	310
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	310
Buildings and Equipment	0
Total	310
Accumulated Depreciation	0
Honolulu, HI | 2809 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,837
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,837
Buildings and Equipment	0
Total	1,837
Accumulated Depreciation	0
Honolulu, HI | 2810 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,340
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,340
Buildings and Equipment	0
Total	3,340
Accumulated Depreciation	0
Honolulu, HI | 2810 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	27,699
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	4
Gross Amount Carried at Close of Period
Land	27,699
Buildings and Equipment	4
Total	27,703
Accumulated Depreciation	(4)
Honolulu, HI | 2812 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	1
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	3
Total	1,804
Accumulated Depreciation	(2)
Honolulu, HI | 2814 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,925
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,925
Buildings and Equipment	0
Total	1,925
Accumulated Depreciation	0
Honolulu, HI | 2815 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,818
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	5
Gross Amount Carried at Close of Period
Land	1,818
Buildings and Equipment	5
Total	1,823
Accumulated Depreciation	(1)
Honolulu, HI | 2815 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	287
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	287
Buildings and Equipment	0
Total	287
Accumulated Depreciation	0
Honolulu, HI | 2816 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,009
Buildings and Equipment	27
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,009
Buildings and Equipment	27
Total	1,036
Accumulated Depreciation	(10)
Honolulu, HI | 2819 Mokumoa Street - A
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,821
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,821
Buildings and Equipment	0
Total	1,821
Accumulated Depreciation	0
Honolulu, HI | 2819 Mokumoa Street - B
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,816
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,816
Buildings and Equipment	0
Total	1,816
Accumulated Depreciation	0
Honolulu, HI | 2819 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,090
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	33
Gross Amount Carried at Close of Period
Land	2,090
Buildings and Equipment	33
Total	2,123
Accumulated Depreciation	(8)
Honolulu, HI | 2821 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	287
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	287
Buildings and Equipment	0
Total	287
Accumulated Depreciation	0
Honolulu, HI | 2826 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,921
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,921
Buildings and Equipment	0
Total	3,921
Accumulated Depreciation	0
Honolulu, HI | 2827 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 2828 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	12,448
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	12,448
Buildings and Equipment	0
Total	12,448
Accumulated Depreciation	0
Honolulu, HI | 2829 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,720
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,720
Buildings and Equipment	2
Total	1,722
Accumulated Depreciation	(2)
Honolulu, HI | 2829 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	287
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	287
Buildings and Equipment	0
Total	287
Accumulated Depreciation	0
Honolulu, HI | 2829 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,088
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,088
Buildings and Equipment	0
Total	2,088
Accumulated Depreciation	0
Honolulu, HI | 2830 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,146
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,146
Buildings and Equipment	0
Total	2,146
Accumulated Depreciation	0
Honolulu, HI | 2831 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	860
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	860
Buildings and Equipment	0
Total	860
Accumulated Depreciation	0
Honolulu, HI | 2831 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,272
Buildings and Equipment	529
Costs Capitalized Subsequent to Acquisition	56
Gross Amount Carried at Close of Period
Land	1,272
Buildings and Equipment	585
Total	1,857
Accumulated Depreciation	(219)
Honolulu, HI | 2833 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	601
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	601
Buildings and Equipment	0
Total	601
Accumulated Depreciation	0
Honolulu, HI | 2833 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,701
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,701
Buildings and Equipment	0
Total	1,701
Accumulated Depreciation	0
Honolulu, HI | 2833 Paa Street 2
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,675
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,675
Buildings and Equipment	0
Total	1,675
Accumulated Depreciation	0
Honolulu, HI | 2836 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,353
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,353
Buildings and Equipment	0
Total	1,353
Accumulated Depreciation	0
Honolulu, HI | 2838 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	4,262
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	4,262
Buildings and Equipment	0
Total	4,262
Accumulated Depreciation	0
Honolulu, HI | 2839 Kilihau Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	627
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	627
Buildings and Equipment	0
Total	627
Accumulated Depreciation	0
Honolulu, HI | 2839 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,942
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,942
Buildings and Equipment	0
Total	1,942
Accumulated Depreciation	0
Honolulu, HI | 2840 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,149
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,149
Buildings and Equipment	0
Total	2,149
Accumulated Depreciation	0
Honolulu, HI | 2841 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,088
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,088
Buildings and Equipment	0
Total	2,088
Accumulated Depreciation	0
Honolulu, HI | 2844 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,960
Buildings and Equipment	14
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,960
Buildings and Equipment	14
Total	1,974
Accumulated Depreciation	(11)
Honolulu, HI | 2846-A Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,181
Buildings and Equipment	954
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,181
Buildings and Equipment	954
Total	3,135
Accumulated Depreciation	(359)
Honolulu, HI | 2847 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	582
Buildings and Equipment	303
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	582
Buildings and Equipment	303
Total	885
Accumulated Depreciation	(114)
Honolulu, HI | 2849 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	860
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	860
Buildings and Equipment	0
Total	860
Accumulated Depreciation	0
Honolulu, HI | 2850 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	286
Buildings and Equipment	173
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	286
Buildings and Equipment	173
Total	459
Accumulated Depreciation	(65)
Honolulu, HI | 2850 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,143
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,143
Buildings and Equipment	0
Total	2,143
Accumulated Depreciation	0
Honolulu, HI | 2850 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	22,827
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	22,827
Buildings and Equipment	0
Total	22,827
Accumulated Depreciation	0
Honolulu, HI | 2855 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,807
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,807
Buildings and Equipment	0
Total	1,807
Accumulated Depreciation	0
Honolulu, HI | 2855 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,934
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,934
Buildings and Equipment	0
Total	1,934
Accumulated Depreciation	0
Honolulu, HI | 2857 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	983
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	983
Buildings and Equipment	0
Total	983
Accumulated Depreciation	0
Honolulu, HI | 2858 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 2861 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,867
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,867
Buildings and Equipment	0
Total	3,867
Accumulated Depreciation	0
Honolulu, HI | 2864 Awaawaloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,836
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	6
Gross Amount Carried at Close of Period
Land	1,836
Buildings and Equipment	6
Total	1,842
Accumulated Depreciation	(4)
Honolulu, HI | 2864 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,092
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,092
Buildings and Equipment	0
Total	2,092
Accumulated Depreciation	0
Honolulu, HI | 2865 Pukoloa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,934
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,934
Buildings and Equipment	0
Total	1,934
Accumulated Depreciation	0
Honolulu, HI | 2868 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 2869 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,794
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,794
Buildings and Equipment	0
Total	1,794
Accumulated Depreciation	0
Honolulu, HI | 2875 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,330
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,330
Buildings and Equipment	0
Total	1,330
Accumulated Depreciation	0
Honolulu, HI | 2879 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,789
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,789
Buildings and Equipment	0
Total	1,789
Accumulated Depreciation	0
Honolulu, HI | 2879 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,691
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	44
Gross Amount Carried at Close of Period
Land	1,691
Buildings and Equipment	44
Total	1,735
Accumulated Depreciation	(11)
Honolulu, HI | 2886 Paa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,205
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,205
Buildings and Equipment	0
Total	2,205
Accumulated Depreciation	0
Honolulu, HI | 2889 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,783
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,783
Buildings and Equipment	0
Total	1,783
Accumulated Depreciation	0
Honolulu, HI | 2906 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,814
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,814
Buildings and Equipment	2
Total	1,816
Accumulated Depreciation	(1)
Honolulu, HI | 2908 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,798
Buildings and Equipment	12
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,798
Buildings and Equipment	12
Total	1,810
Accumulated Depreciation	(1)
Honolulu, HI | 2915 Kaihikapu Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,579
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,579
Buildings and Equipment	0
Total	2,579
Accumulated Depreciation	0
Honolulu, HI | 2927 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,778
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,778
Buildings and Equipment	0
Total	1,778
Accumulated Depreciation	0
Honolulu, HI | 2928 Kaihikapu Street - A
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 2928 Kaihikapu Street - B
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,948
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,948
Buildings and Equipment	0
Total	1,948
Accumulated Depreciation	0
Honolulu, HI | 2960 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,977
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,977
Buildings and Equipment	0
Total	1,977
Accumulated Depreciation	0
Honolulu, HI | 2965 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,140
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,140
Buildings and Equipment	0
Total	2,140
Accumulated Depreciation	0
Honolulu, HI | 2969 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	4,038
Buildings and Equipment	15
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	4,038
Buildings and Equipment	15
Total	4,053
Accumulated Depreciation	(8)
Honolulu, HI | 2970 Mokumoa Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,722
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,722
Buildings and Equipment	0
Total	1,722
Accumulated Depreciation	0
Honolulu, HI | 33 S. Vineyard Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	844
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	844
Buildings and Equipment	0
Total	844
Accumulated Depreciation	0
Honolulu, HI | 525 N. King Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,342
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,342
Buildings and Equipment	0
Total	1,342
Accumulated Depreciation	0
Honolulu, HI | 609 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	616
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	8
Gross Amount Carried at Close of Period
Land	616
Buildings and Equipment	8
Total	624
Accumulated Depreciation	(6)
Honolulu, HI | 619 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,401
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	12
Gross Amount Carried at Close of Period
Land	1,401
Buildings and Equipment	14
Total	1,415
Accumulated Depreciation	(1)
Honolulu, HI | 645 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	882
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	882
Buildings and Equipment	0
Total	882
Accumulated Depreciation	0
Honolulu, HI | 659 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	860
Buildings and Equipment	20
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	860
Buildings and Equipment	20
Total	880
Accumulated Depreciation	(16)
Honolulu, HI | 659 Puuloa Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,807
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,807
Buildings and Equipment	0
Total	1,807
Accumulated Depreciation	0
Honolulu, HI | 660 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,783
Buildings and Equipment	3
Costs Capitalized Subsequent to Acquisition	1
Gross Amount Carried at Close of Period
Land	1,783
Buildings and Equipment	4
Total	1,787
Accumulated Depreciation	(3)
Honolulu, HI | 667 Puuloa Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	860
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	860
Buildings and Equipment	2
Total	862
Accumulated Depreciation	(2)
Honolulu, HI | 669 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	14
Costs Capitalized Subsequent to Acquisition	62
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	76
Total	1,877
Accumulated Depreciation	(18)
Honolulu, HI | 673 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 675 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,081
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,081
Buildings and Equipment	0
Total	1,081
Accumulated Depreciation	0
Honolulu, HI | 679 Puuloa Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,807
Buildings and Equipment	3
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,807
Buildings and Equipment	3
Total	1,810
Accumulated Depreciation	(2)
Honolulu, HI | 685 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 673 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	20
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	20
Total	1,821
Accumulated Depreciation	(16)
Honolulu, HI | 692 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,798
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,798
Buildings and Equipment	0
Total	1,798
Accumulated Depreciation	0
Honolulu, HI | 697 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	994
Buildings and Equipment	811
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	994
Buildings and Equipment	811
Total	1,805
Accumulated Depreciation	(307)
Honolulu, HI | 702 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,783
Buildings and Equipment	4
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,783
Buildings and Equipment	4
Total	1,787
Accumulated Depreciation	(3)
Honolulu, HI | 704 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,390
Buildings and Equipment	685
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,390
Buildings and Equipment	685
Total	3,075
Accumulated Depreciation	(258)
Honolulu, HI | 709 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 719 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,960
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,960
Buildings and Equipment	0
Total	1,960
Accumulated Depreciation	0
Honolulu, HI | 729 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 733 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,403
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,403
Buildings and Equipment	0
Total	3,403
Accumulated Depreciation	0
Honolulu, HI | 739 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 759 Puuloa Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,766
Buildings and Equipment	3
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,766
Buildings and Equipment	3
Total	1,769
Accumulated Depreciation	(3)
Honolulu, HI | 761 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,757
Buildings and Equipment	1
Costs Capitalized Subsequent to Acquisition	1
Gross Amount Carried at Close of Period
Land	3,757
Buildings and Equipment	2
Total	3,759
Accumulated Depreciation	(1)
Honolulu, HI | 766 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 770 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 789 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,608
Buildings and Equipment	3
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,608
Buildings and Equipment	3
Total	2,611
Accumulated Depreciation	(2)
Honolulu, HI | 80 Sand Island Access Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	7,972
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	7,972
Buildings and Equipment	0
Total	7,972
Accumulated Depreciation	0
Honolulu, HI | 803 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,804
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,804
Buildings and Equipment	0
Total	3,804
Accumulated Depreciation	0
Honolulu, HI | 808 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,279
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,279
Buildings and Equipment	0
Total	3,279
Accumulated Depreciation	0
Honolulu, HI | 812 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,960
Buildings and Equipment	25
Costs Capitalized Subsequent to Acquisition	628
Gross Amount Carried at Close of Period
Land	2,613
Buildings and Equipment	0
Total	2,613
Accumulated Depreciation	0
Honolulu, HI | 819 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	4,821
Buildings and Equipment	583
Costs Capitalized Subsequent to Acquisition	30
Gross Amount Carried at Close of Period
Land	4,821
Buildings and Equipment	613
Total	5,434
Accumulated Depreciation	(230)
Honolulu, HI | 822 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,795
Buildings and Equipment	15
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,795
Buildings and Equipment	15
Total	1,810
Accumulated Depreciation	(12)
Honolulu, HI | 830 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	25
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	25
Total	1,826
Accumulated Depreciation	(20)
Honolulu, HI | 841 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,265
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,265
Buildings and Equipment	0
Total	3,265
Accumulated Depreciation	0
Honolulu, HI | 842 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,795
Buildings and Equipment	14
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,795
Buildings and Equipment	14
Total	1,809
Accumulated Depreciation	(11)
Honolulu, HI | 846 Ala Lilikoi Boulevard B
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	234
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	234
Buildings and Equipment	0
Total	234
Accumulated Depreciation	0
Honolulu, HI | 848 Ala Lilikoi Boulevard A
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	9,426
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	9,426
Buildings and Equipment	0
Total	9,426
Accumulated Depreciation	0
Honolulu, HI | 850 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,682
Buildings and Equipment	2
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,682
Buildings and Equipment	2
Total	2,684
Accumulated Depreciation	(2)
Honolulu, HI | 852 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,801
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,801
Buildings and Equipment	0
Total	1,801
Accumulated Depreciation	0
Honolulu, HI | 855 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,834
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,834
Buildings and Equipment	0
Total	1,834
Accumulated Depreciation	0
Honolulu, HI | 865 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,846
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,846
Buildings and Equipment	0
Total	1,846
Accumulated Depreciation	0
Honolulu, HI | 889 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	5,888
Buildings and Equipment	315
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	5,888
Buildings and Equipment	315
Total	6,203
Accumulated Depreciation	(48)
Honolulu, HI | 905 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,148
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,148
Buildings and Equipment	0
Total	1,148
Accumulated Depreciation	0
Honolulu, HI | 918 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,820
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,820
Buildings and Equipment	0
Total	3,820
Accumulated Depreciation	0
Honolulu, HI | 930 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,654
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,654
Buildings and Equipment	0
Total	3,654
Accumulated Depreciation	0
Honolulu, HI | 944 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,219
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,219
Buildings and Equipment	0
Total	1,219
Accumulated Depreciation	0
Honolulu, HI | 949 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	11,568
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	11,568
Buildings and Equipment	0
Total	11,568
Accumulated Depreciation	0
Honolulu, HI | 950 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,724
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,724
Buildings and Equipment	0
Total	1,724
Accumulated Depreciation	0
Honolulu, HI | 960 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	614
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	614
Buildings and Equipment	0
Total	614
Accumulated Depreciation	0
Honolulu, HI | 960 Mapunapuna Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,933
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,933
Buildings and Equipment	0
Total	1,933
Accumulated Depreciation	0
Honolulu, HI | 970 Ahua Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	817
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	817
Buildings and Equipment	0
Total	817
Accumulated Depreciation	0
Kapolei, HI | 91-027 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,667
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,667
Buildings and Equipment	0
Total	2,667
Accumulated Depreciation	0
Kapolei, HI | 91-064 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,826
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,826
Buildings and Equipment	0
Total	1,826
Accumulated Depreciation	0
Kapolei, HI | 91-080 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,187
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,187
Buildings and Equipment	0
Total	2,187
Accumulated Depreciation	0
Kapolei, HI | 91-083 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	716
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	716
Buildings and Equipment	0
Total	716
Accumulated Depreciation	0
Kapolei, HI | 91-086 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	13,884
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	13,884
Buildings and Equipment	0
Total	13,884
Accumulated Depreciation	0
Kapolei, HI | 91-087 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	381
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	381
Buildings and Equipment	0
Total	381
Accumulated Depreciation	0
Kapolei, HI | 91-091 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	552
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	552
Buildings and Equipment	0
Total	552
Accumulated Depreciation	0
Kapolei, HI | 91-102 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,599
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,599
Buildings and Equipment	0
Total	1,599
Accumulated Depreciation	0
Kapolei, HI | 91-110 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,293
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,293
Buildings and Equipment	0
Total	1,293
Accumulated Depreciation	0
Kapolei, HI | 91-119 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,981
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,981
Buildings and Equipment	0
Total	1,981
Accumulated Depreciation	0
Kapolei, HI | 91-141 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	11,624
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	11,624
Buildings and Equipment	0
Total	11,624
Accumulated Depreciation	0
Kapolei, HI | 91-150 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,159
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,159
Buildings and Equipment	0
Total	3,159
Accumulated Depreciation	0
Kapolei, HI | 91-171 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	218
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	47
Gross Amount Carried at Close of Period
Land	218
Buildings and Equipment	47
Total	265
Accumulated Depreciation	(17)
Kapolei, HI | 91-174 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	962
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	47
Gross Amount Carried at Close of Period
Land	962
Buildings and Equipment	47
Total	1,009
Accumulated Depreciation	(16)
Kapolei, HI | 91-175 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,243
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	43
Gross Amount Carried at Close of Period
Land	1,243
Buildings and Equipment	43
Total	1,286
Accumulated Depreciation	(17)
Kapolei, HI | 91-185 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,761
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,761
Buildings and Equipment	0
Total	1,761
Accumulated Depreciation	0
Kapolei, HI | 91-202 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,722
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	326
Gross Amount Carried at Close of Period
Land	1,722
Buildings and Equipment	326
Total	2,048
Accumulated Depreciation	(45)
Kapolei, HI | 91-210 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	567
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	567
Buildings and Equipment	0
Total	567
Accumulated Depreciation	0
Kapolei, HI | 91-210 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	706
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	706
Buildings and Equipment	0
Total	706
Accumulated Depreciation	0
Kapolei, HI | 91-218 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,622
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	61
Gross Amount Carried at Close of Period
Land	1,622
Buildings and Equipment	61
Total	1,683
Accumulated Depreciation	(17)
Kapolei, HI | 91-220 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	242
Buildings and Equipment	1,457
Costs Capitalized Subsequent to Acquisition	172
Gross Amount Carried at Close of Period
Land	242
Buildings and Equipment	1,629
Total	1,871
Accumulated Depreciation	(537)
Kapolei, HI | 91-222 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,035
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,035
Buildings and Equipment	0
Total	2,035
Accumulated Depreciation	0
Kapolei, HI | 91-238 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,390
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	9,209
Gross Amount Carried at Close of Period
Land	1,390
Buildings and Equipment	9,209
Total	10,599
Accumulated Depreciation	(2,606)
Kapolei, HI | 91-241 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	426
Buildings and Equipment	3,983
Costs Capitalized Subsequent to Acquisition	838
Gross Amount Carried at Close of Period
Land	426
Buildings and Equipment	4,821
Total	5,247
Accumulated Depreciation	(1,576)
Kapolei, HI | 91-250 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,506
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,506
Buildings and Equipment	0
Total	1,506
Accumulated Depreciation	0
Kapolei, HI | 91-252 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	536
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	536
Buildings and Equipment	0
Total	536
Accumulated Depreciation	0
Kapolei, HI | 91-255 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,230
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	16
Gross Amount Carried at Close of Period
Land	1,230
Buildings and Equipment	16
Total	1,246
Accumulated Depreciation	(1)
Kapolei, HI | 91-259 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,944
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,944
Buildings and Equipment	0
Total	2,944
Accumulated Depreciation	0
Kapolei, HI | 91-265 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,569
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,569
Buildings and Equipment	0
Total	1,569
Accumulated Depreciation	0
Kapolei, HI | 91-300 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,381
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,381
Buildings and Equipment	0
Total	1,381
Accumulated Depreciation	0
Kapolei, HI | 91-329 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	294
Buildings and Equipment	2,297
Costs Capitalized Subsequent to Acquisition	2,433
Gross Amount Carried at Close of Period
Land	294
Buildings and Equipment	4,730
Total	5,024
Accumulated Depreciation	(1,342)
Kapolei, HI | 91-349 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	649
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	649
Buildings and Equipment	0
Total	649
Accumulated Depreciation	0
Kapolei, HI | 91-399 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	27,405
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	27,405
Buildings and Equipment	0
Total	27,405
Accumulated Depreciation	0
Kapolei, HI | 91-400 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,494
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,494
Buildings and Equipment	0
Total	1,494
Accumulated Depreciation	0
Kapolei, HI | 91-410 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	418
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	12
Gross Amount Carried at Close of Period
Land	418
Buildings and Equipment	12
Total	430
Accumulated Depreciation	(1)
Kapolei, HI | 91-416 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	713
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	11
Gross Amount Carried at Close of Period
Land	713
Buildings and Equipment	11
Total	724
Accumulated Depreciation	(1)
Kapolei, HI | AES HI Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,250
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,250
Buildings and Equipment	0
Total	1,250
Accumulated Depreciation	0
Kapolei, HI | Other Easements & Lots
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	358
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	1,395
Gross Amount Carried at Close of Period
Land	358
Buildings and Equipment	1,395
Total	1,753
Accumulated Depreciation	(353)
Kapolei, HI | Tesaro 967 Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	6,593
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	6,593
Buildings and Equipment	0
Total	6,593
Accumulated Depreciation	0
Kapolei, HI | Texaco Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,653
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,653
Buildings and Equipment	0
Total	2,653
Accumulated Depreciation	0
Waipahu, HI | 94-240 Pupuole Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	717
Buildings and Equipment	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	717
Buildings and Equipment	0
Total	717
Accumulated Depreciation	0
Ankeny, IA | 5500 SE Delaware Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,200
Buildings and Equipment	16,994
Costs Capitalized Subsequent to Acquisition	1,007
Gross Amount Carried at Close of Period
Land	2,707
Buildings and Equipment	17,494
Total	20,201
Accumulated Depreciation	(1,664)
Eldridge, IA | 951 Trails Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	470
Buildings and Equipment	7,480
Costs Capitalized Subsequent to Acquisition	874
Gross Amount Carried at Close of Period
Land	470
Buildings and Equipment	8,354
Total	8,824
Accumulated Depreciation	(2,340)
Newton, IA | 2300 North 33rd Avenue East
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	500
Buildings and Equipment	13,236
Costs Capitalized Subsequent to Acquisition	395
Gross Amount Carried at Close of Period
Land	500
Buildings and Equipment	13,631
Total	14,131
Accumulated Depreciation	(3,517)
Pocatello, ID | 7121 South Fifth Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	400
Buildings and Equipment	4,201
Costs Capitalized Subsequent to Acquisition	145
Gross Amount Carried at Close of Period
Land	400
Buildings and Equipment	4,346
Total	4,746
Accumulated Depreciation	(419)
Harvey, IL | 1230 West 171st Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	800
Buildings and Equipment	1,673
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	800
Buildings and Equipment	1,673
Total	2,473
Accumulated Depreciation	(164)
Rockford, IL | 5156 American Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	400
Buildings and Equipment	1,529
Costs Capitalized Subsequent to Acquisition	82
Gross Amount Carried at Close of Period
Land	400
Buildings and Equipment	1,611
Total	2,011
Accumulated Depreciation	(151)
Baton Rouge, LA | 17200 Manchac Park Lane
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,700
Buildings and Equipment	8,860
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,700
Buildings and Equipment	8,860
Total	10,560
Accumulated Depreciation	(868)
Lafayette, LA | 209 South Bud Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	700
Buildings and Equipment	4,549
Costs Capitalized Subsequent to Acquisition	9
Gross Amount Carried at Close of Period
Land	700
Buildings and Equipment	4,558
Total	5,258
Accumulated Depreciation	(446)
North East, MD | 4000 Principio Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	4,200
Buildings and Equipment	71,518
Costs Capitalized Subsequent to Acquisition	650
Gross Amount Carried at Close of Period
Land	4,200
Buildings and Equipment	72,168
Total	76,368
Accumulated Depreciation	(7,018)
Upper Marlboro, MD | 16101 Queens Court
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	5,296
Buildings and Equipment	21,833
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	5,296
Buildings and Equipment	21,833
Total	27,129
Accumulated Depreciation	(137)
Kalamazoo, MI | 3800 Midlink Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,630
Buildings and Equipment	40,599
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,630
Buildings and Equipment	40,599
Total	43,229
Accumulated Depreciation	(3,975)
Bemidji, MN | 2401 Cram Avenue SE
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	100
Buildings and Equipment	2,137
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	100
Buildings and Equipment	2,137
Total	2,237
Accumulated Depreciation	(209)
Maple Grove, MN | 10100 89th Avenue N
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,469
Buildings and Equipment	21,287
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,469
Buildings and Equipment	21,287
Total	24,756
Accumulated Depreciation	(89)
Brookfield, MO | 110 Stanbury Industrial Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	200
Buildings and Equipment	1,859
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	200
Buildings and Equipment	1,859
Total	2,059
Accumulated Depreciation	(182)
Asheville, NC | 628 Patton Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	500
Buildings and Equipment	1,514
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	500
Buildings and Equipment	1,514
Total	2,014
Accumulated Depreciation	(148)
Minot, ND | 3900 NE 6th Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	700
Buildings and Equipment	3,223
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	700
Buildings and Equipment	3,223
Total	3,923
Accumulated Depreciation	(316)
Lincoln, NE | 1415 West Commerce Way
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,200
Buildings and Equipment	8,518
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,200
Buildings and Equipment	8,518
Total	10,718
Accumulated Depreciation	(834)
Burlington, NJ | 309 Dulty's Lane
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,600
Buildings and Equipment	51,400
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,600
Buildings and Equipment	51,400
Total	53,000
Accumulated Depreciation	(5,033)
Mahwah, NJ | 725 Darlington Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	8,492
Buildings and Equipment	9,451
Costs Capitalized Subsequent to Acquisition	1,047
Gross Amount Carried at Close of Period
Land	8,492
Buildings and Equipment	10,498
Total	18,990
Accumulated Depreciation	(1,179)
Fernley, NV | 2375 East Newlands Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,100
Buildings and Equipment	17,314
Costs Capitalized Subsequent to Acquisition	286
Gross Amount Carried at Close of Period
Land	1,100
Buildings and Equipment	17,600
Total	18,700
Accumulated Depreciation	(1,732)
Albany, NY | 55 Commerce Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,000
Buildings and Equipment	10,105
Costs Capitalized Subsequent to Acquisition	179
Gross Amount Carried at Close of Period
Land	1,000
Buildings and Equipment	10,284
Total	11,284
Accumulated Depreciation	(1,012)
Avon, OH | 32150 Just Imagine Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,200
Buildings and Equipment	23,280
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,200
Buildings and Equipment	23,280
Total	25,480
Accumulated Depreciation	(5,577)
Chillicothe, OH | 1415 Industrial Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,200
Buildings and Equipment	3,265
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,200
Buildings and Equipment	3,265
Total	4,465
Accumulated Depreciation	(320)
Groveport, OH | 5300 Centerpoint Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,700
Buildings and Equipment	29,863
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,700
Buildings and Equipment	29,863
Total	32,563
Accumulated Depreciation	(2,924)
Lewis Center, OH | 200 Orange Point Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,300
Buildings and Equipment	8,613
Costs Capitalized Subsequent to Acquisition	162
Gross Amount Carried at Close of Period
Land	1,300
Buildings and Equipment	8,775
Total	10,075
Accumulated Depreciation	(849)
South Point, OH | 301 Commerce Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	600
Buildings and Equipment	4,530
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	600
Buildings and Equipment	4,530
Total	5,130
Accumulated Depreciation	(444)
McAlester, OK | 2820 State Highway 31
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	581
Buildings and Equipment	2,237
Costs Capitalized Subsequent to Acquisition	4,633
Gross Amount Carried at Close of Period
Land	581
Buildings and Equipment	6,870
Total	7,451
Accumulated Depreciation	(365)
Carlisle PA | 5 Logistics Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,299
Buildings and Equipment	15,515
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	3,299
Buildings and Equipment	15,515
Total	18,814
Accumulated Depreciation	(97)
Rock Hill, SC | 996 Paragon Way
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	2,600
Buildings and Equipment	35,920
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	2,600
Buildings and Equipment	35,920
Total	38,520
Accumulated Depreciation	(3,517)
Spartanburg, SC | 510 John Dodd Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	3,300
Buildings and Equipment	57,998
Costs Capitalized Subsequent to Acquisition	42
Gross Amount Carried at Close of Period
Land	3,300
Buildings and Equipment	58,040
Total	61,340
Accumulated Depreciation	(5,680)
Memphis, TN | 4836 Hickory Hill Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,402
Buildings and Equipment	10,769
Costs Capitalized Subsequent to Acquisition	750
Gross Amount Carried at Close of Period
Land	1,402
Buildings and Equipment	11,519
Total	12,921
Accumulated Depreciation	(1,129)
Murfreesboro, TN | 2020 Joe B. Jackson Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	7,500
Buildings and Equipment	55,259
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	7,500
Buildings and Equipment	55,259
Total	62,759
Accumulated Depreciation	(5,411)
Salt Lake City, UT | 1095 South 4800 West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,500
Buildings and Equipment	6,913
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	1,500
Buildings and Equipment	6,913
Total	8,413
Accumulated Depreciation	(677)
Chester, VA | 1901 Meadowville Technology Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	49,195
Initial Cost to Company
Land	4,000
Buildings and Equipment	67,511
Costs Capitalized Subsequent to Acquisition	0
Gross Amount Carried at Close of Period
Land	4,000
Buildings and Equipment	67,511
Total	71,511
Accumulated Depreciation	(6,610)
Winchester, VA | 181 Battaile Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances	0
Initial Cost to Company
Land	1,487
Buildings and Equipment	12,854
Costs Capitalized Subsequent to Acquisition	11
Gross Amount Carried at Close of Period
Land	1,487
Buildings and Equipment	12,865
Total	14,352
Accumulated Depreciation	$ (4,086)

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Analysis of Carrying Amount And Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Real Estate Properties
Balance at the beginning of the period	$ 1,343,602	$ 1,336,728	$ 1,335,363
Additions	118,898	6,974	1,659
Disposals	(104)	(100)	(294)
Balance at the end of the period	1,462,396	1,343,602	1,336,728
Accumulated Depreciation
Balance at the beginning of the period	(74,614)	(56,976)	(39,707)
Additions	(18,781)	(17,738)	(17,563)
Disposals	104	100	294
Balance at the end of the period	$ (93,291)	$ (74,614)	$ (56,976)