Industrial Logistics Properties Trust (ILPT) 10-Q 29 Apr 19 2019 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2019	Apr. 26, 2019
Document And Entity Information [Abstract]
Entity Registrant Name	Industrial Logistics Properties Trust
Entity Central Index Key	0001717307
Document Type	10-Q
Document Period End Date	Mar. 31, 2019
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		65,073,429
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Real estate properties:
Land	$ 690,059	$ 670,501
Buildings and improvements	997,799	791,895
Real estate properties, gross	1,687,858	1,462,396
Accumulated depreciation	(99,223)	(93,291)
Real estate properties, net	1,588,635	1,369,105
Acquired real estate leases, net	96,889	75,803
Cash and cash equivalents	16,126	9,608
Rents receivable, including straight line rents of $55,611 and $54,916, respectively	58,244	56,940
Deferred leasing costs, net	6,051	6,157
Debt issuance costs, net	4,061	4,430
Due from related persons	1,731	1,390
Other assets, net	46,412	11,178
Total assets	1,818,149	1,534,611
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	50,000	413,000
Mortgage notes payable, net	693,792	49,195
Assumed real estate lease obligations, net	17,806	18,316
Accounts payable and other liabilities	16,117	12,040
Rents collected in advance	8,719	6,004
Security deposits	6,192	6,130
Due to related persons	1,799	1,653
Total liabilities	794,425	506,338
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,074,791 shares issued and outstanding	651	651
Additional paid in capital	998,520	998,447
Cumulative net income	106,443	89,657
Cumulative other comprehensive income	66	0
Cumulative common distributions	(81,956)	(60,482)
Total shareholders' equity	1,023,724	1,028,273
Total liabilities and shareholders' equity	$ 1,818,149	$ 1,534,611

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Rents receivable, including straight line rents	$ 55,611	$ 54,916
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	65,074,791
Common shares, shares outstanding (in shares)	65,074,791	65,074,791

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
REVENUES:
Rental income	$ 45,987	$ 40,605
EXPENSES:
Real estate taxes	5,565	4,585
Other operating expenses	3,386	3,545
Depreciation and amortization	9,611	6,873
General and administrative	3,800	2,574
Total expenses	22,362	17,577
Interest income	361	13
Interest expense (including net amortization of debt issuance costs and premiums of $403 and $311, respectively)	(7,596)	(3,802)
Income before income tax expense and equity in earnings of an investee	16,390	19,239
Income tax expense	(8)	(7)
Equity in earnings of an investee	404	0
Net income	16,786	19,232
Other Comprehensive income:
Equity in unrealized gains of an investee	66	0
Other comprehensive income	66	0
Comprehensive income	$ 16,852	$ 19,232
Weighted average common shares outstanding - basic (in shares)	65,032	61,445
Weighted average common shares outstanding - diluted (in shares)	65,041	61,445
Net income per common share—basic and diluted (in dollars per share)	$ 0.26	$ 0.31

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Income Statement [Abstract]
Amortization of debt issuance costs and premium	$ 403	$ 311

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income	Cumulative Common Distributions
Beginning balance (in shares) at Dec. 31, 2017		45,000,000
Beginning balance at Dec. 31, 2017	$ 562,208	$ 450	$ 546,489	$ 15,269	$ 0	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	19,232			19,232
Equity in unrealized gains of an investee	0
Share grants (in shares)		5,000
Share grants	104		104
Contributions	16,162		16,162
Distributions	(9,187)		(9,187)
Issuance of common shares, net (in shares)		20,000,000
Issuance of common shares, net	444,309	$ 200	444,109
Beginning balance (in shares) at Mar. 31, 2018		65,005,000
Beginning balance at Mar. 31, 2018	1,032,828	$ 650	997,677	34,501	0	0
Beginning balance (in shares) at Dec. 31, 2018		65,074,791
Beginning balance at Dec. 31, 2018	1,028,273	$ 651	998,447	89,657	0	(60,482)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	16,786			16,786
Equity in unrealized gains of an investee	66				66
Share grants	73		73
Distributions to common shareholders	(21,474)					(21,474)
Beginning balance (in shares) at Mar. 31, 2019		65,074,791
Beginning balance at Mar. 31, 2019	$ 1,023,724	$ 651	$ 998,520	$ 106,443	$ 66	$ (81,956)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 16,786	$ 19,232
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	5,856	4,478
Net amortization of debt issuance costs and premiums	403	311
Amortization of acquired real estate leases and assumed real estate lease obligations	3,310	2,105
Amortization of deferred leasing costs	337	194
Provision for losses on rents receivable	0	400
Straight line rental income	(979)	(1,194)
Other non-cash expenses	73	104
Equity in earnings of an investee	(404)	0
Change in assets and liabilities:
Rents receivable	(325)	(321)
Deferred leasing costs	(21)	(9)
Due from related persons	(341)	(4,133)
Other assets	(3,495)	599
Accounts payable and other liabilities	4,207	788
Rents collected in advance	2,715	2,632
Security deposits	62	56
Due to related persons	146	(3,149)
Net cash provided by operating activities	28,330	22,093
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(281,424)	0
Real estate improvements	(477)	(1,347)
Net cash used in investing activities	(281,901)	(1,347)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	0	444,309
Proceeds from issuance of mortgage notes payable	650,000	0
Borrowings under revolving credit facility	85,000	7,000
Repayments of revolving credit facility	(448,000)	(455,000)
Payment of debt issuance costs	(5,437)	(4,183)
Dividends, Common Stock, Cash	21,474	0
Contributions	0	16,162
Distributions	0	(9,187)
Net cash provided by (used in) financing activities	260,089	(899)
Increase in cash and cash equivalents	6,518	19,847
Cash and cash equivalents at beginning of period	9,608	0
Cash and cash equivalents at end of period	16,126	19,847
SUPPLEMENTAL DISCLOSURES:
Interest paid	5,215	3,196
Income taxes paid	$ 64	$ 0

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2018 , or our 2018 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year's condensed consolidated financial statements to conform to the current year's presentation. In part because of the significant changes resulting from our initial public offering, or our IPO, on January 17, 2018, the financial results reported may not be indicative of our expected future results. For periods prior to January 17, 2018, our historical operating information and financial position have been derived from the financial statements of our former parent, Select Income REIT, or SIR, a former publicly traded real estate investment trust, or REIT, that merged with and into a wholly owned subsidiary of Office Properties Income Trust, or OPI, on December 31, 2018. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include the purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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. ASU No. 2016-02 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 were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us 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 has allowed us 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 adoption period, although we did not have an adjustment. 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 condensed consolidated financial statements. Upon adoption, (i) amounts previously recognized as tenant reimbursements and other income, which total $5,796 for the three months ended March 31, 2018, have been reclassified as rental income, (ii) allowances for bad debts are now recognized as a direct reduction of rental income, and (iii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our condensed consolidated financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our condensed consolidated financial statements and prior periods are not reclassified to conform to the current presentation. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income, and percentage rents until the specific events that trigger the variable payments have occurred. Such payments totaled $8,281 for the three months ended March 31, 2019. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our condensed consolidated statements of comprehensive income. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our condensed consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following table presents our operating lease maturity analysis as of March 31, 2019: Year Amount 2019 $ 117,716 2020 156,381 2021 150,777 2022 140,449 2023 121,547 Thereafter 1,034,800 Total $ 1,721,670 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 condensed consolidated financial statements although lease related receivables are governed by the lease standards referred to above and are not subject to ASU No. 2016-13. We currently expect to adopt the standard using the modified retrospective approach.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of March 31, 2019 , we owned 277 properties with a total of approximately 33,243,000 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 51 buildings with a total of approximately 16,409,000 rentable square feet of industrial properties located in 27 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 three months ended March 31, 2019 and 2018, approximately 55.3% and 60.7% , respectively, of our rental income was from our Hawaii Properties. In addition, a subsidiary of Amazon.com, Inc., which is a tenant at certain of our Mainland Properties, accounted for $ 4,865 , or 10.6% , and $ 4,267 , or 10.5% , of our rental income for the three months ended March 31, 2019 and 2018, respectively. During the three months ended March 31, 2019 , we completed the acquisition of seven industrial properties located in the Indianapolis, IN and Cincinnati, OH market areas containing a combined 3,708,343 rentable square feet for an aggregate purchase price of $250,155 , including acquisition related costs of $655 . This acquisition was accounted for as an acquisition of assets. This acquisition was completed pursuant to an agreement we entered to acquire a portfolio of eight industrial properties. We allocated the purchase price of this acquisition based on the estimated fair value of the acquired assets as follows: Rentable Acquired Number of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases February 2019 2 states 7 3,708,343 $ 250,155 $ 19,558 $ 205,690 $ 24,907 7 3,708,343 $ 250,155 $ 19,558 $ 205,690 $ 24,907 In April 2019, we completed the acquisition of the remaining property containing approximately 494,000 rentable square feet for a purchase price of $30,500 , excluding acquisition related costs. In April 2019, we completed the acquisition of a portfolio of 18 industrial properties located in 12 states containing an aggregate of approximately 8,694,000 rentable square feet for a purchase price of $624,650 , excluding acquisition related costs and including the assumption of $56,980 of mortgage debt. During the three months ended March 31, 2019 , we committed $ 88 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 271,000 square feet. Committed but unspent tenant related obligations based on existing leases as of March 31, 2019 were $472 . 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 remediation. As of both March 31, 2019 and December 31, 2018, accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our condensed 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 condensed consolidated statements of comprehensive income. Pro Forma Financial Information The following table presents our pro forma results of operations for the three months ended March 31, 2019 and 2018 as if the 26 properties we acquired in February and April 2019 and the related mortgage financings had been completed on January 1, 2018. This pro forma financial information is not necessarily indicative of our actual financial position or results of operations for the periods presented or of our expected results of operations for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases or leases we may enter during and after 2019, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information, and such differences could be significant. Three Months Ended March 31, 2019 2018 Rental income $ 61,045 $ 58,147 Net income $ 15,342 $ 15,634 Net income per common share - basic and diluted $ 0.24 $ 0.25 During the three months ended March 31, 2019 , we recognized revenues of $2,484 and net income of $212 from the seven properties we completed the acquisition of in February 2019.

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2019
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our principal debt obligations at March 31, 2019 were: (1) $50,000 of outstanding borrowings under our $750,000 unsecured revolving credit facility; and (2) two mortgage notes with an aggregate outstanding principal amount of $698,750 . We have a $750,000 unsecured revolving credit facility that is available for our general business purposes, including acquisitions. The maturity date of our revolving credit facility is December 29, 2021. 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 March 31, 2019 , interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 130 basis points and our commitment fee was 25 basis points . As of March 31, 2019 and December 31, 2018 , the interest rate payable on borrowings under our revolving credit facility was 3.71% and 3.81% , respectively. The weighted average interest rate for borrowings under our revolving credit facility was 3.80% and 2.97% for the three months ended March 31, 2019 and 2018, respectively. As of March 31, 2019 and April 26, 2019 , we had $50,000 and $610,000 , respectively, outstanding under our revolving credit facility, and $ 700,000 and $140,000 , 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 The RMR Group LLC, or RMR LLC, ceasing to act as our business manager and property manager. Our credit agreement also contains covenants, including those 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 March 31, 2019 . In January 2019, we obtained a $650,000 mortgage loan secured by 186 of our properties containing approximately 9.6 million square feet loc ated 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. As of March 31, 2019, the principal amounts outstanding under our mortgage notes were $698,750 . These mortgage notes were secured by 187 properties with a net book value of $556,877 , as of March 31, 2019 . In connection with the acquisition of a portfolio of 18 industrial properties, as discussed in Note 3, we assumed $56,980 of mortgage debt secured by one property containing approximately 1.0 million square feet located in Ruskin, FL. The non-amortizing loan matures on October 1, 2023 and requires monthly interest payments at a fixed rate of 3.60% per annum.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2019
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 notes payable, accounts payable, rents collected in advance, security deposits and amounts due from or to related persons. At March 31, 2019 and December 31, 2018 , the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature of floating interest rates, except as follows: At March 31, 2019 At December 31, 2018 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 693,792 $ 729,929 $ 49,195 $ 48,642 (1) Includes unamortized premiums and debt issuance costs of ( $4,958 ) and $445 as of March 31, 2019 and December 31, 2018 , respectively. We estimate the fair value of our mortgage notes payable using discounted cash flow analyses 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	3 Months Ended
	Mar. 31, 2019
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Distributions: On February 21, 2019, we paid a quarterly distribution of $0.33 per common share, or $21,474 , to shareholders of record on January 28, 2019. On April 18, 2019, we declared a regular quarterly distribution of $0.33 per common share, or approximately $ 21,500 , to shareholders of record on April 29, 2019. We expect to pay this distribution on or about May 16, 2019. 2019 Common Share Purchases: On April 5, 2019, we purchased an aggregate of 1,362 of our common shares, valued at $20.49 per common share, the closing price of our common shares on The Nasdaq Stock Market LLC on that day, from one of our former officers in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended March 31, 2019 2018 Weighted average common shares for basic earnings per share 65,032 61,445 Effect of dilutive securities: unvested share awards 9 — Weighted average common shares for diluted earnings per share 65,041 61,445

Certain Historical Arrangements

Certain Historical Arrangements and Operations Prior to our IPO	3 Months Ended
	Mar. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Historical Arrangements and Operations Prior to our IPO	Certain Historical Arrangements 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, or our Initial Properties, 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 IPO, we reimbursed SIR for approximately $7,271 of costs that SIR incurred in connection with our formation and preparation for our IPO. We do not have any employees. As a wholly owned subsidiary of SIR, until the completion of our IPO, we had received services from RMR LLC under SIR’s business and property 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 and allocated to us were calculated based on the historical costs of our Initial Properties and incentive management fees, and internal audit costs payable by SIR and allocated to us were based on the percentage of our base management fees compared to the total base management fees paid by SIR. During the period from January 1, 2018 to January 16, 2018, the base management fees payable by SIR and allocated to us were $ 308 . The property management and construction supervision fees payable by SIR under SIR’s property management agreement with RMR LLC that were allocated to us for the period from January 1, 2018 to January 16, 2018 were $230 . This amount is included in other operating expenses or has been capitalized, as appropriate, in our condensed consolidated financial statements. For the period from January 1, 2018 to January 16, 2018, the total amount allocated to us for reimbursements that SIR paid to RMR LLC for employment and related expenses of RMR LLC employees assigned to work exclusively or partly at properties then owned by SIR, including the Initial Properties, SIR's share of the wages, benefits and other related costs of RMR LLC's centralized accounting personnel, SIR’s share of RMR LLC’s costs for providing SIR’s internal audit function and for other agreed upon amounts with respect to SIR’s business and property management agreements with RMR LLC was $120 . This amount was included in other operating expenses in our condensed consolidated statements of comprehensive income. All these management fees and reimbursements allocated to us for periods prior to January 17, 2018 were paid by SIR and not us. In connection with our IPO, we entered two agreements with RMR LLC to provide management services to us. See Notes 9 and 10 for further information regarding our relationships, agreements and transactions with RMR LLC and SIR.

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	3 Months Ended
	Mar. 31, 2019
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. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Pursuant to our business management agreement, we incurred business management fees of $ 2,193 and $1,482 for the three months ended March 31, 2019 and for the period from January 17, 2018 through March 31, 2018, respectively. Based on our common share total return, as defined in our business management agreement, as of March 31, 2019, no estimated 2019 incentive fees are included in the net business management fees we recognized for the three months ended March 31, 2019. The actual amount of annual incentive fees for 2019, if any, will be based on our common share total return, as defined in our business management agreement, for the period from January 12, 2018 to December 31, 2019 and will be payable in 2020. These amounts are included in general and administrative expenses in our condensed consolidated statements of comprehensive income. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $ 1,347 and $967 for the three months ended March 31, 2019 and for the period from January 17, 2018 through March 31, 2018, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. We are generally responsible for all 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, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $ 903 and $594 for these expenses and costs for the three months ended March 31, 2019 and for the period from January 17, 2018 through March 31, 2018, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income. See Notes 8 and 10 for further information regarding our relationships, agreements and transactions with RMR LLC.

Related Person Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2019
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR LLC, OPI (as successor by merger to SIR) and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and which have trustees, directors and officers who are also our Trustees or officers. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 9 for further information regarding our management agreements with RMR LLC. RMR LLC is a majority owned subsidiary of The RMR Group Inc., or RMR Inc., and RMR Inc. is the managing member of RMR LLC. Adam D. Portnoy, one of our Managing Trustees, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director, 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, also serves as an executive officer of RMR LLC, and each of our other officers is an officer and employee of RMR LLC. SIR and OPI . Effective December 31, 2018, SIR merged with and into a wholly owned subsidiary of OPI. Adam Portnoy, one of our Managing Trustees, is also a managing trustee of OPI and was a managing trustee of SIR prior to its merger with OPI’s subsidiary. RMR LLC provided management services to SIR until its merger with OPI’s subsidiary and continues to provide management services to OPI and to us. As a condition to the closing of the merger, on December 27, 2018, SIR distributed all 45,000,000 of our common shares that it owned to SIR’s shareholders of record on December 20, 2018. 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. SIR owed to us $1,731 and $865 as of March 31, 2019 and December 31, 2018, respectively, for rents that it collected from certain of our tenants and which were due to us. OPI (as successor by merger to SIR) paid these amounts due to us in April 2019 and January 2019, respectively. AIC. We, ABP Trust and five other companies to which RMR LLC provides management services currently own Affiliates Insurance Company, or AIC, an Indiana insurance company, in equal amounts. We purchased our AIC interest from SIR on December 31, 2018 for $8,632 . We and the other AIC shareholders participate in a combined property insurance program arranged and reinsured in part by AIC. As of March 31, 2019 and December 31, 2018, our investment in AIC had a carrying value of $9,102 and $8,632 , respectively. These amounts are included in other assets in our condensed consolidated balance sheets. We recognized income of $404 for the three months ended March 31, 2019 related to our investment in AIC, which amount is presented as equity in earnings of an investee in our condensed consolidated statement of comprehensive income. Our other comprehensive income includes our proportionate share of unrealized gains on securities, which are owned by AIC, related to our investment in AIC. For further information about these and other such relationships and certain other related person transactions, see our 2018 Annual Report.

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Organization and basis of presentation	The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2018 , or our 2018 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year's condensed consolidated financial statements to conform to the current year's presentation. In part because of the significant changes resulting from our initial public offering, or our IPO, on January 17, 2018, the financial results reported may not be indicative of our expected future results. For periods prior to January 17, 2018, our historical operating information and financial position have been derived from the financial statements of our former parent, Select Income REIT, or SIR, a former publicly traded real estate investment trust, or REIT, that merged with and into a wholly owned subsidiary of Office Properties Income Trust, or OPI, on December 31, 2018.
Use of estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include the purchase price allocations, useful lives of fixed assets and the assessments of the carrying values and impairments of long lived assets.
Recent Accounting Pronouncements	In February 2016, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or 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. ASU No. 2016-02 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 were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us 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 has allowed us 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 adoption period, although we did not have an adjustment. 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 condensed consolidated financial statements. Upon adoption, (i) amounts previously recognized as tenant reimbursements and other income, which total $5,796 for the three months ended March 31, 2018, have been reclassified as rental income, (ii) allowances for bad debts are now recognized as a direct reduction of rental income, and (iii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in rental income in our condensed consolidated financial statements. Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our condensed consolidated financial statements and prior periods are not reclassified to conform to the current presentation. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all of the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income, and percentage rents until the specific events that trigger the variable payments have occurred. Such payments totaled $8,281 for the three months ended March 31, 2019. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all of our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply Accounting Standards Codification 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our condensed consolidated statements of comprehensive income. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our condensed consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following table presents our operating lease maturity analysis as of March 31, 2019: Year Amount 2019 $ 117,716 2020 156,381 2021 150,777 2022 140,449 2023 121,547 Thereafter 1,034,800 Total $ 1,721,670 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 condensed consolidated financial statements although lease related receivables are governed by the lease standards referred to above and are not subject to ASU No. 2016-13. We currently expect to adopt the standard using the modified retrospective approach.
Fair Value of Assets and Liabilities	We estimate the fair value of our mortgage notes payable using discounted cash flow analyses 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.

Recent Accounting Pronounceme_3

Recent Accounting Pronouncements (Tables)	3 Months Ended
	Mar. 31, 2019
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Schedule of Operating Lease Maturities	Year Amount 2019 $ 117,716 2020 156,381 2021 150,777 2022 140,449 2023 121,547 Thereafter 1,034,800 Total $ 1,721,670

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2019
Real Estate [Abstract]
Schedule of real estate properties	We allocated the purchase price of this acquisition based on the estimated fair value of the acquired assets as follows: Rentable Acquired Number of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases February 2019 2 states 7 3,708,343 $ 250,155 $ 19,558 $ 205,690 $ 24,907 7 3,708,343 $ 250,155 $ 19,558 $ 205,690 $ 24,907
Schedule of pro forma results	The following table presents our pro forma results of operations for the three months ended March 31, 2019 and 2018 as if the 26 properties we acquired in February and April 2019 and the related mortgage financings had been completed on January 1, 2018. This pro forma financial information is not necessarily indicative of our actual financial position or results of operations for the periods presented or of our expected results of operations for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received on our existing leases or leases we may enter during and after 2019, changes in interest rates and other reasons. Actual future results are likely to be different from amounts presented in this pro forma financial information, and such differences could be significant. Three Months Ended March 31, 2019 2018 Rental income $ 61,045 $ 58,147 Net income $ 15,342 $ 15,634 Net income per common share - basic and diluted $ 0.24 $ 0.25

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At March 31, 2019 and December 31, 2018 , the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature of floating interest rates, except as follows: At March 31, 2019 At December 31, 2018 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 693,792 $ 729,929 $ 49,195 $ 48,642 (1) Includes unamortized premiums and debt issuance costs of ( $4,958 ) and $445 as of March 31, 2019 and December 31, 2018 , respectively.

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2019
Earnings Per Share [Abstract]
Schedule of Weighted Average Number of Shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended March 31, 2019 2018 Weighted average common shares for basic earnings per share 65,032 61,445 Effect of dilutive securities: unvested share awards 9 — Weighted average common shares for diluted earnings per share 65,041 61,445

Recent Accounting Pronounceme_4

Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rental income	$ 45,987	$ 40,605
Variable lease payments	$ 8,281
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Rental income		$ 5,796

Recent Accounting Pronounceme_5

Recent Accounting Pronouncements - Schedule of Operating Lease Maturities (Details) $ in Thousands	Mar. 31, 2019USD ($)
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
2019	$ 117,716
2020	156,381
2021	150,777
2022	140,449
2023	121,547
Thereafter	1,034,800
Total	$ 1,721,670

Real Estate Properties (Details

Real Estate Properties (Details)	Jun. 27, 2018USD ($)ft²property	Apr. 30, 2019USD ($)ft²stateproperty	Apr. 20, 2019property	Mar. 31, 2019USD ($)ft²statepropertysegmentbuilding	Mar. 31, 2018USD ($)property	Apr. 30, 2019ft²stateproperty	Dec. 31, 2018USD ($)	Sep. 29, 2017ft²stateproperty
Real Estate Properties [Line Items]
Number of properties owned | property				277				266
Net rentable area | ft²				33,243,000				28,540,000
Number of business segments | segment				1
Rental income				$ 45,987,000	$ 40,605,000
Net income				16,786,000	19,232,000
Commitments related to tenant improvements and leasing costs				$ 88,000
Square feet committed expenditures related to tenant improvements and leasing costs | ft²				271,000
Committed bus unspent tenant related obligations				$ 472,000
Accrued environmental remediation costs				6,940,000			$ 6,940,000
Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Rental income				$ 4,865,000	$ 4,267,000
Sales Revenue, Net | Customer Concentration Risk | Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Percentage of revenues				10.60%	10.50%
Hawaii
Real Estate Properties [Line Items]
Net rentable area | ft²				16,834,000				16,834,000
Number of buildings, leasable land parcels easements | building				226
Hawaii | Sales Revenue, Net | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of revenues				55.30%	60.70%
Other States
Real Estate Properties [Line Items]
Number of properties owned | building				51
Net rentable area | ft²				16,409,000				11,706,000
Number of states where real estate is located | state				27				24
Indianapolis and Cincinnati
Real Estate Properties [Line Items]
Net rentable area | ft²				3,708,343
Number of properties acquired | property				7
Payments to acquire property, plant, and equipment				$ 250,155,000
Acquisition related costs				$ 655,000
Office and Industrial Properties
Real Estate Properties [Line Items]
Net rentable area | ft²				3,708,343
Number of properties acquired | property				7
Payments to acquire property, plant, and equipment				$ 250,155,000
Office and Industrial Properties | Indianapolis and Cincinnati
Real Estate Properties [Line Items]
Net rentable area | ft²	3,708,343
Number of properties acquired | property	7
Payments to acquire property, plant, and equipment	$ 250,155,000
Subsequent Event | Indianapolis and Cincinnati
Real Estate Properties [Line Items]
Net rentable area | ft²		494,000				494,000
Number of properties acquired | property			8
Payments to acquire property, plant, and equipment		$ 30,500,000
Subsequent Event | Twelve States
Real Estate Properties [Line Items]
Net rentable area | ft²		8,694,000				8,694,000
Number of states where real estate is located | state		12				12
Number of properties acquired | property		18
Payments to acquire property, plant, and equipment		$ 624,650,000
Mortgage debt		$ 56,980,000
Properties Acquired Through April 2019
Real Estate Properties [Line Items]
Rental income				2,484,000
Net income				$ 0
Number of properties acquired | property					26
Properties Acquired Through April 2019 | Subsequent Event
Real Estate Properties [Line Items]
Number of properties acquired | property						26

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) $ in Thousands	Jun. 27, 2018USD ($)ft²property	Mar. 31, 2019USD ($)ft²property	Dec. 31, 2018USD ($)	Sep. 29, 2017ft²
Real Estate [Line Items]
Rentable Square Feet | ft²		33,243,000		28,540,000
Land		$ 690,059	$ 670,501
Buildings and Improvements		997,799	791,895
Acquired Real Estate Leases		$ 96,889	$ 75,803
Office and Industrial Properties
Real Estate [Line Items]
Number of properties acquired | property		7
Rentable Square Feet | ft²		3,708,343
Purchase Price		$ 250,155
Land		19,558
Buildings and Improvements		205,690
Acquired Real Estate Leases		$ 24,907
Indianapolis and Cincinnati
Real Estate [Line Items]
Number of properties acquired | property		7
Rentable Square Feet | ft²		3,708,343
Purchase Price		$ 250,155
Indianapolis and Cincinnati | Office and Industrial Properties
Real Estate [Line Items]
Number of properties acquired | property	7
Rentable Square Feet | ft²	3,708,343
Purchase Price	$ 250,155
Land	19,558
Buildings and Improvements	205,690
Acquired Real Estate Leases | Indianapolis and Cincinnati | Office and Industrial Properties
Real Estate [Line Items]
Acquired Real Estate Leases	$ 24,907

Real Estate Properties - Sche_2

Real Estate Properties - Schedule of Pro Forma Results (Details)	3 Months Ended		4 Months Ended
	Mar. 31, 2019USD ($)$ / shares	Mar. 31, 2018USD ($)property$ / shares	Apr. 30, 2019property
Business Acquisition [Line Items]
Rental income	$ 45,987,000	$ 40,605,000
Net income	16,786,000	$ 19,232,000
Properties Acquired Through April 2019
Business Acquisition [Line Items]
Number of properties acquired | property		26
Rental income	61,045,000	$ 58,147,000
Net income	$ 15,342,000	$ 15,634,000
Net income per common share - basic and diluted | $ / shares	$ 0.24	$ 0.25
Rental income	$ 2,484,000
Net income	$ 0
Subsequent Event | Properties Acquired Through April 2019
Business Acquisition [Line Items]
Number of properties acquired | property			26

Indebtedness (Details)

Indebtedness (Details) ft² in Millions	1 Months Ended		3 Months Ended
	Apr. 30, 2019USD ($)ft²property	Jan. 31, 2019USD ($)ft²property	Mar. 31, 2019USD ($)propertynoteoption	Mar. 31, 2018	Apr. 26, 2019USD ($)	Dec. 31, 2018USD ($)
Indebtedness
Revolving credit facility			$ 50,000,000			$ 413,000,000
Mortgage loan		$ 650,000,000
Number of properties securing mortgage note | property		186	187
Amount of square feet of property securing mortgage note | ft²		9.6
Interest rate (as a percent)		4.31%
Aggregate net book value of secured properties			$ 556,877,000
Revolving credit facility
Indebtedness
Revolving credit facility			50,000,000
Maximum borrowing capacity of revolving credit facility and term loan			$ 750,000,000
Number of options to extend maturity date | option			2
Period of extension of maturity date			6 months
Option to increase maximum borrowing capacity			$ 1,500,000,000
Commitment fee percentage			25.00%
Interest rate at the end of the period (as a percent)			3.71%			3.81%
Weighted average interest rate (as a percent)			3.80%	2.97%
Remaining borrowing capacity			$ 700,000,000
Revolving credit facility | Subsequent Event
Indebtedness
Revolving credit facility					$ 610,000,000
Remaining borrowing capacity					$ 140,000,000
Mortgage note payable
Indebtedness
Number of mortgage notes | note			2
Assumed mortgage principal			$ 698,750,000
London Interbank Offered Rate (LIBOR) | Revolving credit facility
Indebtedness
Basis spread on variable rate			130.00%
Twelve States | Subsequent Event
Indebtedness
Number of properties acquired | property	18
Mortgage debt	$ 56,980,000
Ruskin, FL | Subsequent Event
Indebtedness
Amount of square feet of property securing mortgage note | ft²	1
Interest rate (as a percent)	3.60%

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2019	Dec. 31, 2018
Fair Value of Financial Instruments
Mortgage notes payable	$ 693,792	$ 49,195
Carrying Value
Fair Value of Financial Instruments
Mortgage notes payable	693,792	49,195
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	729,929	48,642
Mortgage note payable
Fair Value of Financial Instruments
Unamortized premium	$ 4,958	$ 445

Shareholders' Equity (Details)

Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	Apr. 18, 2019	Apr. 05, 2019	Feb. 21, 2019	Mar. 31, 2019
Shareholders' Equity
Dividends paid (in dollars per share)			$ 0.33
Dividends paid			$ 21,474	$ 21,474
Subsequent Event
Shareholders' Equity
Dividends paid (in dollars per share)	$ 0.33
Dividends paid	$ 21,500
Subsequent Event | Common shares
Shareholders' Equity
Share repurchased to pay for tax withholding (in shares)		1,362
Share price (in dollars per share)		$ 20.49

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2019	Mar. 31, 2018
Earnings Per Share [Abstract]
Weighted average common shares for basic earnings per share (in shares)	65,032	61,445
Effect of dilutive securities: unvested share awards (in shares)	9	0
Weighted average common shares for diluted earnings per share (in shares)	65,041	61,445

Certain Historical Arrangemen_2

Certain Historical Arrangements and Operations Prior to our IPO (Details)	Sep. 29, 2017USD ($)ft²stateproperty	Jan. 16, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)ft²statepropertyagreementbuilding	Jan. 17, 2018agreement
Line of Credit Facility [Line Items]
Number of properties owned | property	266			277
Net rentable area | ft²	28,540,000			33,243,000
Reit Management And Research L L C
Line of Credit Facility [Line Items]
Business management fees		$ 308,000	$ 1,482,000	$ 2,193,000
Construction supervision fees		230,000	967,000	1,347,000
Related party reimbursement expense		$ 120,000	$ 594,000	$ 903,000
Number of management service agreements | agreement				2	2
Hawaii
Line of Credit Facility [Line Items]
Net rentable area | ft²	16,834,000			16,834,000
Other States
Line of Credit Facility [Line Items]
Number of properties owned | building				51
Net rentable area | ft²	11,706,000			16,409,000
Number of states where real estate is located | state	24			27
Select Income REIT
Line of Credit Facility [Line Items]
Payments of stock issuance costs	$ 7,271,000

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details) $ in Thousands	1 Months Ended	2 Months Ended	3 Months Ended
	Jan. 16, 2018USD ($)	Mar. 31, 2018USD ($)	Mar. 31, 2019USD ($)employeeagreement	Jan. 17, 2018agreement
Related Party Transaction [Line Items]
Number of employees | employee			0
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement			2	2
Business management fees	$ 308	$ 1,482	$ 2,193
Construction supervision fees	230	967	1,347
Related party reimbursement expense	$ 120	$ 594	$ 903

Related Person Transactions - N

Related Person Transactions - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2019USD ($)agreementshares	Mar. 31, 2018USD ($)	Dec. 31, 2018USD ($)shares	Dec. 27, 2018shares	Jan. 17, 2018agreement
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares	65,074,791		65,074,791
Due from related persons	$ 1,731		$ 1,390
Income in AIC investment	404	$ 0
Select Income REIT
Related Party Transaction [Line Items]
Due from related persons	$ 2,000		865
Select Income REIT | Industrial Logistics Properties Trust
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares				45,000,000
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2				2
AIC
Related Party Transaction [Line Items]
Cost to acquire investment			8,632
Investments in AIC	$ 9,102		$ 8,632
Income in AIC investment	$ (404)