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Exhibit 99.2 2801 Airwest Boulevard, Plainfield, IN Square Feet: 804,586 Tenant: Whirlpool Corporation Second Quarter 2019 Supplemental Operating and Financial Data 1 All amounts in this report are unaudited.
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TABLE OF CONTENTS PAGE/ EXHIBIT CORPORATE INFORMATION Company Profile 4 Investor Information 5 Equity Research Coverage 6 FINANCIALS Key Financial Data 8 Condensed Consolidated Balance Sheets 9 TABLE OF CONTENTS TABLE Condensed Consolidated Statements of Income 10 Condensed Consolidated Statements of Cash Flows 11 Debt Summary 13 Debt Maturity Schedule 14 Leverage Ratios and Coverage Ratios 15 Capital Expenditures Summary 16 Property Acquisitions and Dispositions Information Since 1/1/19 17 Calculation and Reconciliation of NOI and Cash Basis NOI 18 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI 19 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre 20 Calculation of FFO and Normalized FFO 21 Definitions of Certain Non-GAAP Financial Measures 22 PORTFOLIO INFORMATION Portfolio Summary by Property Type 24 Same Property Results of Operations by Property Type 25 Leasing Summary 27 Occupancy and Leasing Analysis by Property Type 28 Tenant Credit Characteristics 29 Tenants Representing 1% or More of Total Annualized Rental Revenues 30 Five Year Lease Expiration and Reset Schedule by Property Type 31 Portfolio Lease Expiration Schedule 32 EXHIBIT A Property Detail 34 WARNING CONCERNING FORWARD-LOOKING STATEMENTS 44 2
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945 Monument Drive, Lebanon, IN Square Feet: 962,500 Tenant: Subaru of America, Inc. CORPORATE INFORMATION 3
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COMPANY PROFILE The Company: Industrial Logistics Properties Trust, or ILPT, we, our or us, is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. On January 17, 2018, we completed our initial public offering, or the IPO. For Corporate Headquarters: the periods prior to January 17, 2018, our results of operations relate to 266 properties contributed to us by our former parent, Select Income REIT, or SIR, a former publicly traded REIT that merged with and into a wholly owned subsidiary of Office Properties Income Two Newton Place Trust, on December 31, 2018. As of June 30, 2019, we owned 298 properties with approximately 42.4 million rentable square feet 255 Washington Street, Suite 300 located in 30 states, including 226 buildings, leasable land parcels and easements with approximately 16.8 million rentable square Newton, MA 02458-1634 feet that are primarily industrial lands located in Hawaii. ILPT is a component of 62 market indices and it comprises more than 1% of (t) (617) 219-1460 the following indices as of June 30, 2019: Russell 2000 Equity REIT: Industrial Value (RGUFSEIV), Russell 2000 Equity REIT: Industrial COMPANY PROFILE COMPANY (RGUSFSEI), Hartford Risk-Optimized Multifactor REIT TR (LROREX), Bloomberg Reit Industrial/Warehouse Index (BBREINDW), Russell 3000 Equity REIT: Industrial (RGUSFEI), and the Solactive US Small Cap High Dividend (SOSSMHD). Stock Exchange Listing: Nasdaq Management: Trading Symbol: ILPT is managed by The RMR Group LLC, the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that was founded in 1986 to manage real estate companies and related businesses. RMR primarily Common Shares: ILPT provides management services to four publicly traded equity REITs and three real estate related operating businesses. In addition to managing ILPT, RMR manages Hospitality Properties Trust, a REIT that owns hotels and travel centers, Office Properties Income Trust, a REIT that owns office buildings primarily leased to single tenants and those with high credit quality characteristics such as government entities, and Senior Housing Properties Trust, a REIT that primarily owns healthcare, senior living and medical office Key Data (as of and for the three buildings. RMR also provides management services to Five Star Senior Living Inc., a publicly traded operator of senior living communities, Sonesta International Hotels Corporation, a privately owned operator and franchisor of hotels and cruise ships, and months ended June 30, 2019): TravelCenters of America LLC, a publicly traded operator and franchisor of travel centers along the U.S. Interstate Highway System (dollars and sq. ft. in 000s) and restaurants. RMR also advises the RMR Real Estate Income Fund, a publicly traded closed end fund that invests in publicly traded securities of real estate companies, and Tremont Mortgage Trust, a publicly traded mortgage REIT that focuses on originating Total properties 298 and investing in floating rate first mortgage whole loans, secured by middle market and transitional commercial real estate, through wholly owned SEC registered investment advisory subsidiaries, as well as manages the RMR Office Property Fund, a private, open Total sq. ft. 42,353 end core plus fund focused on the acquisition, ownership and leasing of a diverse portfolio of multi-tenant office properties throughout Percent leased 99.3% the U.S. As of June 30, 2019, RMR had $30.6 billion of real estate assets under management and the combined RMR managed Q2 2019 Rental income $ 60,090 companies had approximately $12 billion of annual revenues, over 1,500 properties and more than 50,000 employees. We believe Q2 2019 Net income $ 13,116 that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for Q2 2019 Normalized FFO (1) $ 29,825 similar quality services. (1) See page 21 for the calculation of FFO and Normalized FFO and a reconciliation of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to those amounts. 4
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INVESTOR INFORMATION Board of Trustees Bruce M. Gans Lisa Harris Jones Joseph L. Morea Lead Independent Trustee Independent Trustee Independent Trustee John G. Murray Adam D. Portnoy Managing Trustee Chair of the Board & Managing Trustee INVESTOR INFORMATION INVESTOR Senior Management John G. Murray Richard W. Siedel, Jr. Yael Duffy President and Chief Executive Officer Chief Financial Officer and Treasurer Vice President Contact Information Investor Relations Inquiries Industrial Logistics Properties Trust Investor and media inquiries should be directed to Two Newton Place Olivia Snyder, Manager, Investor Relations, 255 Washington Street, Suite 300 at (617) 219-1489 or osnyder@ilptreit.com. Newton, MA 02458-1634 (t) (617) 219-1460 Financial inquiries should be directed to Richard W. Siedel, Jr., (e-mail) info@ilptreit.com Chief Financial Officer and Treasurer, at (617) 219-1460 (website) www.ilptreit.com or rsiedel@ilptreit.com. 5
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EQUITY RESEARCH COVERAGE B. Riley FBR JMP Securities Bryan Maher Mitch Germain (646) 885-5423 (212) 906-3546 bmaher@brileyfbr.com mgermain@jmpsecurities.com Bank of America / Merrill Lynch RBC Capital Markets James Feldman Michael Carroll EQUITY RESEARCH COVERAGE EQUITY (646) 855-5808 (440) 715-2649 james.feldman@baml.com michael.carroll@rbccm.com ILPT is followed by the analysts listed above. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. 6
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7000 West Post Road, Las Vegas, NV Square Feet: 95,953 Tenant: Federal Express Corporation FINANCIALS 7
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KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Selected Balance Sheet Data: Total gross assets (1) $ 2,538,080 $ 1,917,372 $ 1,627,902 $ 1,594,907 $ 1,544,931 Total assets $ 2,428,592 $ 1,818,149 $ 1,534,611 $ 1,506,629 $ 1,461,350 Total liabilities $ 1,412,840 $ 794,425 $ 506,338 $ 475,422 $ 427,033 Total shareholders' equity $ 1,015,752 $ 1,023,724 $ 1,028,273 $ 1,031,207 $ 1,034,317 Selected Income Statement Data: KEY FINANCIAL DATA FINANCIAL KEY Rental income $ 60,090 $ 45,987 $ 42,074 $ 40,431 $ 39,420 Net income $ 13,116 $ 16,786 $ 18,288 $ 18,142 $ 18,726 NOI (2) $ 48,397 $ 37,036 $ 33,486 $ 32,208 $ 32,014 Adjusted EBITDAre (3) $ 44,153 $ 34,074 $ 30,877 $ 29,618 $ 29,490 FFO and Normalized FFO (4) $ 29,825 $ 26,397 $ 25,948 $ 25,294 $ 25,616 Per Common Share Data: Net income - basic and diluted $ 0.20 $ 0.26 $ 0.28 $ 0.28 $ 0.29 FFO and Normalized FFO - basic and diluted (4) $ 0.46 $ 0.41 $ 0.40 $ 0.39 $ 0.39 Dividends: Annualized dividends paid per share $ 1.32 $ 1.32 $ 1.32 $ 1.32 $ 1.32 Annualized dividend yield (at end of period) (5) 6.3% 6.5% 6.7% 5.7% 5.9% Normalized FFO payout ratio (4) 71.7% 80.5% 82.5% 84.6% 84.6% (1) Total gross assets is total assets plus accumulated depreciation. (2) See page 18 for the calculation of NOI and a reconciliation of net income determined in accordance with GAAP to that amount. (3) See page 20 for the calculation of Adjusted EBITDAre and a reconciliation of net income determined in accordance with GAAP to that amount. (4) See page 21 for the calculation of FFO and Normalized FFO and a reconciliation of net income determined in accordance with GAAP to those amounts. (5) Annualized dividend yield is the annualized dividend paid during the period divided by the closing price of our common shares at the end of the period. 8
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CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) June 30, December 31, 2019 2018 ASSETS Real estate properties: Land $ 745,422 $ 670,501 Buildings and improvements 1,546,858 791,895 2,292,280 1,462,396 Accumulated depreciation (109,488) (93,291) 2,182,792 1,369,105 Acquired real estate leases, net 149,819 75,803 Cash and cash equivalents 15,350 9,608 Rents receivable, including straight line rents of $56,972 and $54,916, respectively 59,793 56,940 Deferred leasing costs, net 6,091 6,157 Debt issuance costs, net 3,692 4,430 Due from related persons 826 1,390 Other assets, net 10,229 11,178 Total assets $ 2,428,592 $ 1,534,611 LIABILITIES AND SHAREHOLDERS' EQUITY Revolving credit facility $ 608,000 $ 413,000 Mortgage notes payable, net 749,485 49,195 Assumed real estate lease obligations, net 18,665 18,316 Accounts payable and other liabilities 18,711 12,040 Rents collected in advance 8,326 6,004 Security deposits 6,514 6,130 Due to related persons 3,139 1,653 Total liabilities 1,412,840 506,338 CONDENSED CONSOLIDATED BALANCE SHEETS CONDENSED CONSOLIDATED Commitments and contingencies Shareholders' equity: Common shares of beneficial interest, $.01 par value 651 651 Additional paid in capital 998,836 998,447 Cumulative net income 119,559 89,657 Cumulative other comprehensive income 137 — Cumulative common distributions (103,431) (60,482) Total shareholders' equity 1,015,752 1,028,273 Total liabilities and shareholders' equity $ 2,428,592 $ 1,534,611 9
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CONDENSED CONSOLIDATED STATEMENTS OF INCOME (amounts in thousands, except percentage data and per share data) Three Months Ended June 30, Six Months Ended June 30, 2019 2018 2019 2018 Rental income $ 60,090 $ 39,420 $ 106,077 $ 80,025 Expenses: Real estate taxes 7,495 4,582 13,060 9,167 Other operating expenses 4,198 2,824 7,584 6,369 Depreciation and amortization 16,709 6,890 26,320 13,763 General and administrative 4,856 2,888 8,656 5,462 Total expenses 33,258 17,184 55,620 34,761 Interest income 138 50 499 63 Interest expense (including net amortization of debt issuance costs and premiums of $494, $311, $897 and $622, respectively) (13,924) (3,552) (21,520) (7,354) Income before income tax expense and equity in earnings of an investee 13,046 18,734 29,436 37,973 Income tax expense (60) (8) (68) (15) Equity in earnings of an investee 130 — 534 — Net income $ 13,116 $ 18,726 $ 29,902 $ 37,958 Weighted average common shares outstanding - basic 65,039 65,011 65,035 63,238 Weighted average common shares outstanding - diluted 65,043 65,011 65,042 63,238 Net income per common share - basic and diluted $ 0.20 $ 0.29 $ 0.46 $ 0.60 Additional Data: General and administrative expenses / total assets (at end of period) 0.2% 0.2% 0.4% 0.4% Non-cash straight line rent adjustments included in rental income (1) $ 2,002 $ 1,038 $ 2,981 $ 2,232 Lease value amortization included in rental income (1) $ 707 $ 101 $ 820 $ 203 CONDENSED CONSOLIDATED STATEMENTS OF INCOME STATEMENTS CONDENSED CONSOLIDATED (1) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes non-cash amortization of intangible lease assets and liabilities and lease termination fees, if any. 10
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) Six Months Ended June 30, 2019 2018 CASH FLOWS FROM OPERATING ACTIVITIES: Net income $ 29,902 $ 37,958 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation 16,197 8,967 Net amortization of debt issuance costs and premiums 897 622 Amortization of acquired real estate leases and assumed real estate lease obligations 8,854 4,210 Amortization of deferred leasing costs 460 393 Provision for losses on rents receivable — 507 Straight line rental income (2,981) (2,232) Other non-cash expenses 417 418 Equity in earnings of an investee (534) — Change in assets and liabilities: Rents receivable 128 (672) Deferred leasing costs (261) (318) Due from related persons 564 (2,955) Other assets 1,620 4,561 Accounts payable and other liabilities 5,077 (208) Rents collected in advance 2,322 58 Security deposits 384 128 Due to related persons 1,486 (5,635) Net cash provided by operating activities 64,532 45,802 CASH FLOWS FROM INVESTING ACTIVITIES: Real estate acquisitions and deposits (852,152) (43,326) Real estate improvements (3,144) (1,461) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS STATEMENTS CONDENSED CONSOLIDATED Net cash used in investing activities (855,296) (44,787) 11
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CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (dollars in thousands) Six Months Ended June 30, 2019 2018 CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common shares, net — 444,309 Proceeds from issuance of mortgage notes payable 650,000 — Borrowings under revolving credit facility 653,000 55,000 Repayments of revolving credit facility (458,000) (470,000) Payment of debt issuance costs (5,517) (4,183) Distributions to common shareholders (42,949) (17,551) Repurchase of common shares (28) — Contributions (1) — 16,162 Distributions (1) — (9,187) Net cash provided by financing activities 796,506 14,550 Increase in cash and cash equivalents 5,742 15,565 Cash and cash equivalents at beginning of period 9,608 — Cash and cash equivalents at end of period $ 15,350 $ 15,565 SUPPLEMENTAL DISCLOSURES: Interest paid $ 17,663 $ 6,703 Income taxes paid $ 64 $ — NON-CASH INVESTING ACTIVITIES: Real estate acquired by assumption of mortgage notes payable $ (56,980) $ — NON-CASH FINANCING ACTIVITIES: Assumption of mortgage notes payable $ 56,980 $ — (1) Relates to transactions that occurred prior to the IPO. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) STATEMENTS CONDENSED CONSOLIDATED 12
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DEBT SUMMARY (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate (1) Rate (2) Balance (3) Date Maturity Maturity DEBT SUMMARY As of June 30, 2019: Unsecured Floating Rate Debt: Revolving credit facility (4) 3.710% 3.710% $ 608,000 12/29/2021 $ 608,000 2.5 Secured Fixed Rate Debt: One property in Virginia 3.990% 3.480% 48,750 11/1/2020 48,750 1.3 One property in Florida 3.600% 4.220% 56,980 10/1/2023 56,980 4.3 186 properties in Hawaii 4.310% 4.310% 650,000 2/7/2029 650,000 9.6 Subtotal / weighted average secured fixed rate debt 4.236% 4.250% 755,730 755,730 8.7 Total / weighted average debt 4.001% 4.009% $ 1,363,730 $ 1,363,730 5.9 (1) Reflects the interest rate stated in, or determined pursuant to, the contract terms. (2) Includes the effect of mark to market accounting for our mortgage notes. Excludes upfront transaction costs. (3) Principal balance excludes unamortized premiums and debt issuance costs related to these debts. Total debt outstanding as of June 30, 2019, including unamortized premiums and debt issuance costs totaling $6,245, was $1,357,485. (4) We have a $750,000 revolving credit facility which has a maturity date of December 29, 2021. This revolving credit facility requires interest to be paid at a rate of LIBOR plus a premium and imposes a commitment fee. The interest rate premium is subject to adjustment based on changes to our leverage ratio. The commitment fee is based on the unused portion of our revolving credit facility and was 15 basis points per annum as of June 30, 2019. 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. Principal balance represents the amount outstanding under our revolving credit facility at June 30, 2019. Interest rate is as of June 30, 2019 and excludes the commitment fee. The maximum borrowing availability under our revolving credit facility may be increased to up to $1,500,000 in certain circumstances. 13
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DEBT MATURITY SCHEDULE (dollars in thousands) Scheduled Principal Payments as of June 30, 2019 Unsecured Secured Floating Fixed Year Rate Debt Rate Debt Total (1) 2020 $ — $ 48,750 $ 48,750 2021 608,000 (2) — 608,000 2023 — 56,980 56,980 DEBT MATURITY SCHEDULE DEBT MATURITY 2029 — 650,000 650,000 Total $ 608,000 $ 755,730 $ 1,363,730 Percent 44.6% 55.4% 100.0% (1) Total debt outstanding as of June 30, 2019, including unamortized premiums and debt issuance costs totaling $6,245, was $1,357,485. (2) Represents the amount outstanding under our $750,000 revolving credit facility at June 30, 2019. This revolving credit facility requires interest to be paid at a rate of LIBOR plus a premium and imposes a commitment fee. The interest rate premium is subject to adjustment based on changes to our leverage ratio. The commitment fee is based on the unused portion of our revolving credit facility and was 15 basis points per annum as of June 30, 2019. 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. 14
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LEVERAGE RATIOS AND COVERAGE RATIOS (dollars in thousands) As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Leverage Ratios: Net debt (1) / total gross assets (2) 53.1% 38.2% 27.8% 26.2% 23.8% Net debt (1) / gross book value of real estate assets (3) 54.1% 40.1% 28.7% 27.0% 24.6% Net debt (1) / total market capitalization (4) 49.6% 35.5% 26.0% 21.7% 20.0% Secured debt (1) / total assets 31.1% 38.4% 3.2% 3.2% 3.3% Variable rate debt (1) / net debt (1) 45.1% 6.8% 91.3% 91.0% 91.0% Coverage Ratios: Net debt (1) / annualized Adjusted EBITDAre (5) 7.6x 5.5x 3.6x 3.5x 3.1x Adjusted EBITDAre (5) / interest expense 3.2x 4.5x 6.6x 7.3x 8.3x LEVERAGE RATIOS AND COVERAGE RATIOS AND COVERAGE RATIOS LEVERAGE RATIOS (1) Debt amounts reflect the principal balances as of the date presented. Net debt means total debt less cash. (2) Total gross assets is total assets plus accumulated depreciation. (3) Gross book value of real estate assets is real estate properties at cost, plus certain acquisition related costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. (4) Total market capitalization is total debt plus the market value of our common shares at the end of the period. (5) See page 20 for the calculation of Adjusted EBITDAre and for a reconciliation of net income determined in accordance with GAAP to that amount. 15
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CAPITAL EXPENDITURES SUMMARY (dollars in thousands) For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Tenant improvements (1) $ — $ — $ 1,362 $ — $ — Leasing costs (2) 238 156 1,206 188 324 Building improvements (3) 1,834 59 827 657 211 Recurring capital expenditures 2,072 215 3,395 845 535 Development, redevelopment and other activities (4) 2,553 160 584 110 78 Total capital expenditures $ 4,625 $ 375 $ 3,979 $ 955 $ 613 (1) Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. (2) Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. CAPITAL EXPENDITURES SUMMARY CAPITAL (3) Building improvements generally include (i) expenditures to replace obsolete building components and (ii) expenditures that extend the useful life of existing assets. (4) Development, redevelopment and other activities generally include (i) capital expenditures that are identified at the time of a property acquisition and incurred within a short time period after acquiring the property and (ii) capital expenditure projects that reposition a property or result in new sources of revenues. 16
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PROPERTY ACQUISITIONS AND DISPOSITIONS INFORMATION SINCE 1/1/19 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Weighted Average Purchase Remaining Date Number of Purchase Price (1) / Cap Lease Term Percent Acquired Market Properties Sq. Ft. Price (1) Sq. Ft. Rate (2) in Years (3) Leased (4) Major Tenant February 2019 2 states 7 3,708 $ 249,500 $ 67 6.1% 3.8 100% Various April 2019 Indianapolis, IN 1 494 30,500 62 5.5% 9.2 100% Siemens Medical Solutions USA, Inc. April 2019 12 states 20 (5) 8,694 624,650 72 6.4% 9.2 100% Various Total / Weighted Average 28 12,896 $ 904,650 $ 70 6.3% 7.8 100% (1) Represents the gross purchase price, including assumed mortgage debt, if any, and excluding acquisition related costs and purchase price allocations. (2) Represents the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on existing leases as of the date of acquisition, less estimated annual property operating expenses as of the date of acquisition, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including the principal amount of any assumed debt and excluding acquisition related costs. (3) Average remaining lease term in years is weighted based on rental revenues as of the date acquired. (4) Percent leased is as of the date acquired. (5) Includes three properties leased to one tenant under three separate lease agreements that we had previously disclosed as one property prior to the conclusion of our due diligence procedures and our completion of this acquisition. Dispositions: We have not disposed of any properties since January 1, 2019. PROPERTY ACQUISITIONS AND DISPOSITIONS INFORMATION SINCE 1/1/19 AND DISPOSITIONS INFORMATION ACQUISITIONS PROPERTY 17
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CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI (1) (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 6/30/2019 6/30/2018 Calculation of NOI and Cash Basis NOI: Rental income $ 60,090 $ 45,987 $ 42,074 $ 40,431 $ 39,420 $ 106,077 $ 80,025 Real estate taxes (7,495) (5,565) (5,233) (4,942) (4,582) (13,060) (9,167) Other operating expenses (4,198) (3,386) (3,355) (3,281) (2,824) (7,584) (6,369) NOI 48,397 37,036 33,486 32,208 32,014 85,433 64,489 Non-cash straight line rent adjustments included in rental income (2) (2,002) (979) (1,379) (1,128) (1,038) (2,981) (2,232) Lease value amortization included in rental income (2) (707) (113) (106) (92) (101) (820) (203) Cash Basis NOI $ 45,688 $ 35,944 $ 32,001 $ 30,988 $ 30,875 $ 81,632 $ 62,054 Reconciliation of Net Income to NOI and Cash Basis NOI: Net income $ 13,116 $ 16,786 $ 18,288 $ 18,142 $ 18,726 $ 29,902 $ 37,958 Equity in earnings of an investee (130) (404) — — — (534) — Income tax expense 60 8 8 9 8 68 15 Income before income tax expense and equity in earnings of an investee 13,046 16,390 18,296 18,151 18,734 29,436 37,973 Interest expense 13,924 7,596 4,675 4,052 3,552 21,520 7,354 Interest income (138) (361) (66) (71) (50) (499) (63) General and administrative 4,856 3,800 2,921 2,924 2,888 8,656 5,462 Depreciation and amortization 16,709 9,611 7,660 7,152 6,890 26,320 13,763 NOI 48,397 37,036 33,486 32,208 32,014 85,433 64,489 Non-cash straight line rent adjustments included in rental income (2) (2,002) (979) (1,379) (1,128) (1,038) (2,981) (2,232) Lease value amortization included in rental income (2) (707) (113) (106) (92) (101) (820) (203) Cash Basis NOI $ 45,688 $ 35,944 $ 32,001 $ 30,988 $ 30,875 $ 81,632 $ 62,054 CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI OF NOI AND RECONCILIATION CALCULATION (1) See Definitions of Certain Non-GAAP Financial Measures on page 22 for the definitions of NOI and Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes non- cash amortization of intangible lease assets and liabilities and lease termination fees, if any. 18
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RECONCILIATION OF NOI TO SAME PROPERTY NOI AND CALCULATION OF SAME PROPERTY CASH BASIS NOI (1) (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, CASH BASIS NOI 2019 2018 2019 2018 Reconciliation of NOI to Same Property NOI (2)(3): Rental income $ 60,090 $ 39,420 $ 106,077 $ 80,025 Real estate taxes (7,495) (4,582) (13,060) (9,167) Other operating expenses (4,198) (2,824) (7,584) (6,369) NOI 48,397 32,014 85,433 64,489 Less: NOI of properties not included in same property results (15,103) (23) (18,672) (23) Same property NOI $ 33,294 $ 31,991 $ 66,761 $ 64,466 Calculation of Same Property Cash Basis NOI (2)(3): Same property NOI $ 33,294 $ 31,991 $ 66,761 $ 64,466 Less: Non-cash straight line rent adjustments included in rental income (4) (1,013) (1,035) (1,741) (2,229) Lease value amortization included in rental income (4) (634) (101) (747) (203) Same property Cash Basis NOI $ 31,647 $ 30,855 $ 64,273 $ 62,034 (1) See Definitions of Certain Non-GAAP Financial Measures on page 22 for the definitions of NOI and Cash Basis NOI, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. (2) For the three months ended June 30, 2019 and 2018, same property NOI and Cash Basis NOI are based on properties that we owned as of June 30, 2019 and that we owned continuously since April 1, 2018. (3) For the six months ended June 30, 2019 and 2018, same property NOI and Cash Basis NOI are based on properties that we owned as of June 30, 2019 and that we owned (including for the period SIR owned our properties prior to the IPO) continuously since January 1, 2018. (4) We report rental income on a straight line basis over the terms of the respective leases; accordingly, rental income includes non-cash straight line rent adjustments. Rental income also includes non- cash amortization of intangible lease assets and liabilities and lease termination fees, if any. 19 RECONCILIATION OF NOI TO SAME PROPERTY NOI AND CALCULATION OF SAME PROPERTY AND CALCULATION NOI SAME PROPERTY OF NOI TO RECONCILIATION
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re CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre (1) (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 6/30/2019 6/30/2018 Net income $ 13,116 $ 16,786 $ 18,288 $ 18,142 $ 18,726 $ 29,902 $ 37,958 Plus: interest expense 13,924 7,596 4,675 4,052 3,552 21,520 7,354 Plus: income tax expense 60 8 8 9 8 68 15 Plus: depreciation and amortization 16,709 9,611 7,660 7,152 6,890 26,320 13,763 EBITDA and EBITDAre 43,809 34,001 30,631 29,355 29,176 77,810 59,090 AND ADJUSTED EBITDA AND Plus: general and administrative expense paid in common shares (2) 344 73 246 263 314 417 418 re Adjusted EBITDAre $ 44,153 $ 34,074 $ 30,877 $ 29,618 $ 29,490 $ 78,227 $ 59,508 (1) See Definitions of Certain Non-GAAP Financial Measures on page 22 for the definitions of EBITDA, EBITDAre, Adjusted EBITDAre and a description of why we believe they are appropriate supplemental measures. (2) Amounts represent equity based compensation to our trustees, our officers and certain other employees of The RMR Group LLC. CALCULATION OF EBITDA, EBITDA CALCULATION 20
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CALCULATION OF FFO AND NORMALIZED FFO (1) (dollars and shares in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 6/30/2019 6/30/2018 Net income $ 13,116 $ 16,786 $ 18,288 $ 18,142 $ 18,726 $ 29,902 $ 37,958 Plus: depreciation and amortization 16,709 9,611 7,660 7,152 6,890 26,320 13,763 FFO and Normalized FFO $ 29,825 $ 26,397 $ 25,948 $ 25,294 $ 25,616 $ 56,222 $ 51,721 Share and Per Share Data: Weighted average common shares outstanding - basic 65,039 65,032 65,029 65,022 65,011 65,035 63,238 Weighted average common shares outstanding - diluted 65,043 65,041 65,032 65,022 65,011 65,042 63,238 Net income per common share - basic and diluted $ 0.20 $ 0.26 $ 0.28 $ 0.28 $ 0.29 $ 0.46 $ 0.60 FFO and Normalized FFO per common share - basic and diluted $ 0.46 $ 0.41 $ 0.40 $ 0.39 $ 0.39 $ 0.86 $ 0.82 CALCULATION OF FFO AND NORMALIZED FFO OF FFO CALCULATION (1) See Definitions of Certain Non-GAAP Financial Measures on page 22 for the definitions of FFO and Normalized FFO, a description of why we believe they are appropriate supplemental measures and a description of how we use these measures. 21
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DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES Non-GAAP Financial Measures: We present certain “non-GAAP financial measures” within the meaning of applicable Securities and Exchange Commission, or the SEC, rules, including FFO, Normalized FFO, EBITDA, EBITDAre, Adjusted EBITDAre, NOI and Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income as presented in our condensed consolidated statements of income. We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations at our properties. NOI and Cash Basis NOI: The calculations of net operating income, or NOI, and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to our property level results of operations. We calculate NOI and Cash Basis NOI as shown on pages 18 and 19. We define NOI as income from our rental of real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization expense. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. We use NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than we do. EBITDA, EBITDAre and Adjusted EBITDAre: We calculate earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 20. EBITDAre is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is EBITDA, excluding gains and losses on the sale of real estate, loss on impairment of real estate assets, if any, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 20 and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. FFO and Normalized FFO: We calculate funds from operations, or FFO, and Normalized FFO as shown on page 21. FFO is calculated on the basis defined by Nareit, which is net income, calculated in accordance with GAAP, plus real estate depreciation and amortization, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO, we adjust for the items shown on page 21, if any, and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. FFO and Normalized FFO are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to qualify for taxation as a REIT, limitations in our credit agreement, the availability to us of debt and equity capital, our distribution rate as a percentage of the trading price of our common shares, or dividend yield, and to the dividend yields of other industrial REITs, our expectation of our DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES FINANCIAL NON-GAAP DEFINITIONS OF CERTAIN future capital requirements and operating performance, and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO and Normalized FFO differently than we do. 22
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Sand Island Industrial Land, Honolulu, HI 48 Buildings and Leasable Land Parcels Approximate Square Feet: 2,448,000 PORTFOLIO INFORMATION 23
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PORTFOLIO SUMMARY BY PROPERTY TYPE (dollars and sq. ft. in thousands) As of and For the Three Months Ended June 30, 2019 Mainland Hawaii Key Statistic Properties Properties Total Leasable properties 72 226 (1) 298 Percent of total 24.2% 75.8% 100.0% Total square feet 25,597 16,756 42,353 Percent of total 60.4% 39.6% 100.0% Leased square feet 25,597 16,469 42,066 Percent leased 100.0% 98.3% 99.3% Rental income $ 34,733 $ 25,357 $ 60,090 Percent of total 57.8% 42.2% 100.0% NOI (2) $ 29,012 $ 19,385 $ 48,397 PORTFOLIO SUMMARY BY PROPERTY TYPE PROPERTY BY PORTFOLIO SUMMARY Percent of total 59.9% 40.1% 100.0% Cash Basis NOI (2) $ 27,624 $ 18,064 $ 45,688 Percent of total 60.5% 39.5% 100.0% (1) Includes buildings, leasable land parcels and easements which are primarily industrial lands located in Hawaii. (2) See page 18 for the calculation of NOI and Cash Basis NOI and a reconciliation of net income determined in accordance with GAAP to those amounts. 24
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SAME PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE (dollars and sq. ft. in thousands) As of and For the Three Months Ended (1) As of and For the Six Months Ended (2) 6/30/2019 6/30/2018 6/30/2019 6/30/2018 Leasable Properties: Mainland Properties 40 40 40 40 Hawaii Properties 226 226 226 226 Total 266 266 266 266 Square Feet (3): Mainland Properties 11,716 11,706 11,716 11,706 Hawaii Properties 16,756 16,834 16,756 16,834 Total 28,472 28,540 28,472 28,540 Percent Leased (4): Mainland Properties 100.0% 100.0% 100.0% 100.0% Hawaii Properties 98.3% 98.4% 98.3% 98.4% Total 99.0% 99.1% 99.0% 99.1% Rental income Mainland Properties $ 15,975 $ 15,658 $ 32,018 $ 31,629 Hawaii Properties 25,357 23,737 50,784 48,371 Total $ 41,332 $ 39,395 $ 82,802 $ 80,000 (1) Consists of properties that we owned continuously since April 1, 2018. (2) Consists of properties that we owned (including for the period SIR owned our properties prior to the IPO) continuously since January 1, 2018. SAME PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE PROPERTY BY OF OPERATIONS RESULTS SAME PROPERTY (3) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (4) Includes (i) space being fitted out for occupancy pursuant to existing leases, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. 25
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SAME PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE (CONTINUED) (dollars in thousands) As of and For the Three Months Ended (1) As of and For the Six Months Ended (2) 6/30/2019 6/30/2018 6/30/2019 6/30/2018 NOI (3): Mainland Properties $ 13,909 $ 13,831 $ 27,767 $ 27,384 Hawaii Properties 19,385 18,160 38,994 37,082 Total $ 33,294 $ 31,991 $ 66,761 $ 64,466 Cash Basis NOI (3): Mainland Properties $ 13,583 $ 13,345 $ 27,085 $ 26,393 Hawaii Properties 18,064 17,510 37,188 35,641 Total $ 31,647 $ 30,855 $ 64,273 $ 62,034 NOI % Change: Mainland Properties 0.6% 1.4% Hawaii Properties 6.7% 5.2% Total 4.1% 3.6% Cash Basis NOI % Change: Mainland Properties 1.8% 2.6% Hawaii Properties 3.2% 4.3% Total 2.6% 3.6% (1) Consists of properties that we owned continuously since April 1, 2018. (2) Consists of properties that we owned (including for the period SIR owned our properties prior to the IPO) continuously since January 1, 2018. (3) See page 18 for the calculation of NOI and Cash Basis NOI and a reconciliation of net income determined in accordance with GAAP to those amounts, and see page 19 for a reconciliation of NOI to same property NOI and a calculation of same property Cash Basis NOI. SAME PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE (CONTINUED) PROPERTY BY OF OPERATIONS RESULTS SAME PROPERTY 26
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LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 6/30/2019 3/31/2019 12/31/2018 9/30/2018 6/30/2018 Leasable buildings (1) 298 277 270 269 267 Total sq. ft. (2) 42,353 33,243 29,535 29,216 28,780 Square feet leased 42,066 33,029 29,321 29,002 28,516 Percentage leased 99.3% 99.4% 99.3% 99.3% 99.1% Leasing Activity (Sq. Ft.): New leases 216 — 194 (3) 120 55 LEASING SUMMARY Renewals 143 271 1,598 204 163 Rent resets — 483 80 516 34 Total 359 754 1,872 840 252 % Change in GAAP Rent (4): New leases 35.6% —% 71.9% -15.3% 46.7% Renewals 16.8% 15.8% 17.8% 26.6% 25.5% Rent resets —% 28.0% 18.2% 20.3% 18.0% Weighted average (by square feet) 27.5% 22.9% 23.7% 17.7% 31.3% Leasing Costs and Concession Commitments (5): New leases $ 372 $ — $ 957 $ 321 $ 484 Renewals 100 88 651 77 56 Total $ 472 $ 88 $ 1,608 $ 398 $ 540 Leasing Costs and Concession Commitments per Sq. Ft. (6): New leases $ 1.72 $ — $ 4.93 $ 2.68 $ 8.80 Renewals $ 0.70 $ 0.32 $ 0.41 $ 0.38 $ 0.34 Total $ 1.30 $ 0.32 $ 0.90 $ 1.23 $ 2.48 Weighted Average Lease Term by Sq. Ft. (Years): New leases 10.6 — 15.0 4.4 21.1 Renewals 11.5 9.4 14.3 16.1 7.7 Total 11.0 9.4 14.4 11.8 11.1 Leasing Costs and Concession Commitments per Sq. Ft. per Year (5) (6): New leases $ 0.16 $ — $ 0.33 $ 0.61 $ 0.42 Renewals $ 0.06 $ 0.03 $ 0.03 $ 0.02 $ 0.04 Total $ 0.12 $ 0.03 $ 0.06 $ 0.10 $ 0.22 (1) Includes 226 buildings, leasable land parcels and easements with approximately 16,756 square feet which are primarily industrial lands located in Hawaii. (2) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (3) Represents a 194 square foot expansion under construction; the lease for that space will commence when the construction is complete. (4) Percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. References in this report to "same space" represent same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). (5) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (6) Amounts are per square foot per year for the weighted average lease term by leased square feet. The above leasing summary is based on leases entered into during the periods indicated. 27
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OCCUPANCY AND LEASING ANALYSIS BY PROPERTY TYPE (sq. ft. in thousands) Total Sq. Ft. (1) Sq. Ft. Leases Executed During As of the Three Months Ended 6/30/2019 Property Type 6/30/2019 New Renewals Total Mainland Properties 25,597 — — — Hawaii Properties 16,756 216 143 359 Total 42,353 216 143 359 Sq. Ft. Leased As of 3/31/2019 New and Acquisitions / As of 6/30/2019 Property Type 3/31/2019 % Leased (2) Expired Renewals (Sales) 6/30/2019 (3) % Leased Mainland Properties 16,409 100.0% — — 9,188 25,597 100.0% Hawaii Properties 16,620 98.7% (510) 359 — 16,469 98.3% Total 33,029 99.4% (510) 359 9,188 42,066 99.3% OCCUPANCY AND LEASING ANALYSIS BY PROPERTY TYPE PROPERTY BY ANALYSIS AND LEASING OCCUPANCY (1) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (2) Excludes effects of space remeasurements during the period, if any. Percent leased includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. (3) Square footage excludes a 194 square foot expansion under construction; the lease for that space will commence when the construction is complete. 28
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TENANT CREDIT CHARACTERISTICS As of June 30, 2019 % of Annualized Rental Revenues (1) Mainland Tenant Credit Characteristics Properties Consolidated Investment grade rated 39.1% 28.4% Subsidiaries of investment grade rated parent entities 22.5% 13.6% Other leased Hawaii lands —% 32.0% Subtotal investment grade rated, subsidiaries of 61.6% 74.0% investment grade rated parent entities and other leased Hawaii lands Other unrated or non-investment grade 38.4% 26.0% 100.0% 100.0% Mainland Properties Consolidated Properties TENANT CREDIT CHARACTERISTICS % of Annualized Rental Revenues (1) % of Annualized Rental Revenues (1) Subsidiaries Other unrated or of investment Other unrated or non- investment grade: 38.4% non-investment Investment grade grade rated grade: 26.0% parent rated: 28.4% entities: 22.5% Other leased Hawaii Investment grade rated: lands: 32.0% Subsidiaries of 39.1% investment grade rated parent entities: 13.6% (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. 29
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TENANTS REPRESENTING 1% OR MORE OF TOTAL ANNUALIZED RENTAL REVENUES As of June 30, 2019 (sq. ft. in thousands) % of Total No. of Rented % of Total Annualized Rental Tenant States Properties Sq. Ft. (1) Rented Sq. Ft. (1) Revenues (2) 1 Amazon.com Services, Inc. FL, IN, SC, TN, VA 6 6,119 14.5% 14.6% 2 Federal Express Corporation / FedEx Ground Package System, Inc. AR, CO, HI, IA, ID, IL, MN, 17 952 2.3% 4.0% MO, NC, ND, NV, OH, OK, UT 3 The Procter & Gamble Distributing LLC OH 1 1,791 4.3% 3.8% 4 Restoration Hardware, Inc. MD 1 1,195 2.8% 2.5% 5 American Tire Distributors, Inc. CO, LA, NE, NY, OH 6 722 1.7% 2.1% 6 UPS Supply Chain Solutions Inc. NH 1 614 1.5% 2.1% 7 Par Hawaii Refining, LLC HI 2 3,148 7.5% 2.0% 8 Servco Pacific Inc. HI 4 537 1.3% 1.8% 9 SKF USA Inc. MO 1 431 1.0% 1.7% 10 EF Transit, Inc. IN 1 535 1.3% 1.7% 11 Subaru of America, Inc. IN 1 963 2.3% 1.5% 12 Shurtech Brands, LLC OH 1 645 1.5% 1.5% 13 BJ's Wholesale Club, Inc. NJ 1 634 1.5% 1.4% 14 Safeway Inc. HI 2 146 0.3% 1.4% 15 Exel Inc. SC 1 945 2.2% 1.3% 16 Trex Company, Inc. NV, VA 2 646 1.5% 1.2% 17 Avnet, Inc. OH 1 581 1.4% 1.2% 18 A.L. Kilgo Company, Inc. HI 5 310 0.7% 1.2% 19 Cummins Inc. KY 1 604 1.4% 1.2% 20 Manheim Remarketing, Inc. HI 1 338 0.8% 1.1% 21 Whirlpool Corporation IN 1 805 1.9% 1.1% 22 Warehouse Rentals Inc. HI 5 278 0.7% 1.0% 23 Coca-Cola Bottling of Hawaii, LLC HI 4 351 0.8% 1.0% 24 ODW Logistics, Inc. OH 3 760 1.8% 1.0% 25 YNAP Corporation NJ 1 167 0.4% 1.0% 26 Cott Beverages Inc. MO, SC 2 421 1.0% 1.0% Total 72 24,638 58.4% 55.4% (1) Rented square feet is pursuant to existing leases as of June 30, 2019 and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. (2) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. TENANTS REPRESENTING 1% OR MORE OF TOTAL ANNUALIZED RENTAL REVENUES ANNUALIZED RENTAL TENANTS REPRESENTING 1% OR MORE OF TOTAL 30
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FIVE YEAR LEASE EXPIRATION AND RESET SCHEDULE BY PROPERTY TYPE As of June 30, 2019 (dollars and sq. ft. in thousands) 2024 and Total 2019 2020 2021 2022 2023 Thereafter Mainland Properties Expirations: Total sq. ft. (1) 25,597 Leased sq. ft. (1) (2) 25,597 32 394 2,455 567 2,144 20,005 Percent 0.1% 1.5% 9.6% 2.2% 8.4% 78.2% Annualized rental revenues (3) $ 141,096 $ 203 $ 1,359 $ 12,407 $ 4,255 $ 13,280 $ 109,592 Percent 0.1% 1.0% 8.8% 3.0% 9.4% 77.7% Hawaii Properties Expirations: Total sq. ft. 16,756 Leased sq. ft. (2) 16,469 8 315 590 2,513 305 12,738 Percent —% 1.9% 3.6% 15.3% 1.9% 77.3% Annualized rental revenues (3) $ 98,205 $ 103 $ 1,564 $ 4,679 $ 18,919 $ 2,097 $ 70,843 Percent 0.1% 1.6% 4.8% 19.3% 2.1% 72.1% Total Expirations: Total sq. ft. (1) 42,353 Leased sq. ft. (1) (2) 42,066 40 709 3,045 3,080 2,449 32,743 Percent 0.1% 1.7% 7.2% 7.3% 5.8% 77.9% Annualized rental revenues (3) $ 239,301 $ 306 $ 2,923 $ 17,086 $ 23,174 $ 15,377 $ 180,435 Percent 0.1% 1.2% 7.1% 9.7% 6.4% 75.5% Next Scheduled Rent Resets: Reset sq. ft. 4,950 1,242 359 377 508 475 1,989 Percent (4) 7.5% 2.2% 2.3% 3.1% 2.9% 12.1% Annualized rental revenues (3) $ 29,617 $ 1,861 $ 2,527 $ 2,471 $ 4,050 $ 2,842 $ 15,866 Percent (4) 1.9% 2.6% 2.5% 4.1% 2.9% 16.2% (1) Square footage excludes a 194 square foot expansion under construction; the lease for that space will commence when the construction is complete. (2) Leased square feet is pursuant to existing leases as of June 30, 2019, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied, or is being offered for sublease by tenants, if any. (3) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (4) Percent based on Hawaii Properties leased square feet and Hawaii Properties annualized rental revenues for Hawaii Properties. FIVE YEAR LEASE EXPIRATION AND RESET SCHEDULE BY PROPERTY TYPE PROPERTY AND RESET SCHEDULE BY YEAR LEASE EXPIRATION FIVE 31
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PORTFOLIO LEASE EXPIRATION SCHEDULE As of June 30, 2019 (dollars and sq. ft. in thousands) Cumulative % of Total Cumulative % % of Total % of Total Rented Rented of Total Rented Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring (1) Expiring (1) Expiring (1) Expiring (2) Expiring (2) Expiring (2) 7/1/2019-12/31/2019 3 40 0.1% 0.1% $ 306 0.1% 0.1% 2020 16 709 1.7% 1.8% 2,923 1.2% 1.3% 2021 31 3,045 7.2% 9.0% 17,086 7.1% 8.4% 2022 68 3,080 7.3% 16.3% 23,174 9.7% 18.1% 2023 25 2,449 5.8% 22.1% 15,377 6.4% 24.5% 2024 27 10,186 24.2% 46.3% 42,201 17.6% 42.1% 2025 13 1,421 3.4% 49.7% 8,283 3.5% 45.6% 2026 2 611 1.5% 51.2% 3,128 1.3% 46.9% 2027 9 5,538 (3) 13.2% 64.4% 26,982 11.3% 58.2% 2028 21 2,921 6.9% 71.3% 19,778 8.3% 66.5% PORTFOLIO LEASE EXPIRATION SCHEDULE PORTFOLIO LEASE EXPIRATION Thereafter 85 12,066 28.7% 100.0% 80,063 33.5% 100.0% Total 300 42,066 100.0% $ 239,301 100.0% Weighted average remaining lease term (in years) 8.9 9.8 (1) Rented square feet is pursuant to existing leases as of June 30, 2019, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. (2) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (3) Rented square footage excludes a 194 square foot expansion under construction; the lease for that space will commence when the construction is complete. 32
![slide33](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental033.jpg)
4000 Principio Parkway, North East, MD Square Feet: 1,194,744 Tenant: Restoration Hardware, Inc. EXHIBIT A 33
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PROPERTY DETAIL As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 1 4501 Industrial Drive Fort Smith AR 1 Mainland Industrial 64 100.0% $ 469 $ 4,385 $ 4,000 1/29/2015 2013 2 955 Aeroplaza Drive Colorado Springs CO 1 Mainland Industrial 125 100.0% 907 8,251 7,433 1/29/2015 2012 PROPERTY DETAIL PROPERTY 3/4 13400 East 39th Avenue and 3800 Wheeling Street Denver CO 2 Mainland Industrial 394 100.0% 1,359 16,101 14,636 1/29/2015 1996 5 150 Greenhorn Drive Pueblo CO 1 Mainland Industrial 54 100.0% 465 4,377 3,916 1/29/2015 2013 6 3870 Ronald Reagan Boulevard Johnstown CO 1 Mainland Industrial 97 100.0% 998 12,501 12,438 4/9/2019 2014 7 2 Tower Drive Wallingford CT 1 Mainland Industrial 62 100.0% 465 3,687 2,990 10/24/2006 1978 8 235 Great Pond Drive Windsor CT 1 Mainland Industrial 171 100.0% 1,383 11,869 10,232 7/20/2012 2004 9 10450 Doral Boulevard Doral FL 1 Mainland Industrial 240 100.0% 2,272 43,326 42,390 6/27/2018 2001 10 2100 NW 82nd Avenue Miami FL 1 Mainland Industrial 37 100.0% 265 1,895 1,122 3/19/1998 2013 11 3350 Laurel Ridge Avenue Ruskin FL 1 Mainland Industrial 1,018 100.0% 8,531 108,004 107,355 4/9/2019 2014 12 1000 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 42 100.0% 428 2,252 2,252 12/5/2003 — 13 1001 Ahua Street Honolulu HI 1 Hawaii Land and Easement 338 100.0% 2,664 18,559 17,248 12/5/2003 — 14 1024 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 40 100.0% 312 1,818 1,818 12/5/2003 — 15 1024 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 26 100.0% 223 1,385 1,385 12/5/2003 — 16 1027 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 102 100.0% 794 5,444 5,444 12/5/2003 — 17 1030 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 122 100.0% 1,009 5,655 5,655 12/5/2003 — 18 1038 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 47 100.0% 361 2,576 2,576 12/5/2003 — 19 1045 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 15 100.0% 109 819 819 12/5/2003 — 20 1050 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 43 100.0% 329 2,277 1,938 12/5/2003 — 21 1052 Ahua Street Honolulu HI 1 Hawaii Land and Easement 30 100.0% 197 1,943 1,861 12/5/2003 — 22 1055 Ahua Street Honolulu HI 1 Hawaii Land and Easement 27 100.0% 206 1,216 1,216 12/5/2003 — 23 106 Puuhale Road Honolulu HI 1 Hawaii Building 14 100.0% 263 1,342 1,283 12/5/2003 1966 24 1062 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 31 100.0% 241 1,647 1,415 12/5/2003 — 25 1122 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 106 100.0% 791 5,781 5,781 12/5/2003 — 26 113 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 77 100.0% 693 3,729 3,729 12/5/2003 — 27 1150 Kikowaena Place Honolulu HI 1 Hawaii Land and Easement 46 100.0% 531 2,445 2,445 12/5/2003 — 28 120 Mokauea Street Honolulu HI 1 Hawaii Building 31 100.0% 450 2,608 2,492 12/5/2003 1970 29 120 Sand Island Access Road Honolulu HI 1 Hawaii Building 71 100.0% 1,881 13,758 9,278 11/23/2004 2004 30 120B Mokauea Street Honolulu HI 1 Hawaii Building 35 100.0% 546 1,953 1,953 12/5/2003 1970 31 125 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 31 100.0% 310 1,630 1,630 12/5/2003 — 32 125B Puuhale Road Honolulu HI 1 Hawaii Land and Easement 49 100.0% 418 2,815 2,815 12/5/2003 — 33 1330 Pali Highway Honolulu HI 1 Hawaii Land and Easement 20 100.0% 459 1,423 1,423 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 34
![slide35](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental035.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 34 1360 Pali Highway Honolulu HI 1 Hawaii Land and Easement 126 100.0% 2,853 9,331 9,222 12/5/2003 — 35 140 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 22 100.0% 204 1,100 1,100 12/5/2003 — 36 142 Mokauea Street Honolulu HI 1 Hawaii Building 26 100.0% 427 3,642 3,263 12/5/2003 1972 37 148 Mokauea Street Honolulu HI 1 Hawaii Land and Easement 86 100.0% 729 3,476 3,476 12/5/2003 — 38 150 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 123 100.0% 1,068 4,887 4,887 12/5/2003 — 39 151 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 38 100.0% 343 1,956 1,956 12/5/2003 — 40 158 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 101 100.0% 911 2,488 2,488 12/5/2003 — 41 165 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 16 100.0% 147 758 758 12/5/2003 — 42 179 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 62 100.0% 640 2,480 2,480 12/5/2003 — 43 180 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 67 100.0% 630 1,655 1,655 12/5/2003 — 44 1926 Auiki Street Honolulu HI 1 Hawaii Building 42 100.0% 719 4,436 3,946 12/5/2003 1959 45 1931 Kahai Street Honolulu HI 1 Hawaii Land and Easement 96 100.0% 944 3,779 3,779 12/5/2003 — 46 197 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 31 100.0% 301 1,238 1,238 12/5/2003 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 47 2001 Kahai Street Honolulu HI 1 Hawaii Land and Easement 27 100.0% 249 1,091 1,091 12/5/2003 — 48 2019 Kahai Street Honolulu HI 1 Hawaii Land and Easement 27 100.0% 320 1,377 1,377 12/5/2003 — 49 2020 Auiki Street Honolulu HI 1 Hawaii Land and Easement 47 100.0% — 2,385 2,385 12/5/2003 — 50 204 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 33 100.0% 308 1,689 1,689 12/5/2003 — 51 207 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 40 100.0% 460 2,024 2,024 12/5/2003 — 52 2103 Kaliawa Street Honolulu HI 1 Hawaii Land and Easement 79 100.0% 688 3,212 3,212 12/5/2003 — 53 2106 Kaliawa Street Honolulu HI 1 Hawaii Land and Easement 31 100.0% 275 1,737 1,665 12/5/2003 — 54 2110 Auiki Street Honolulu HI 1 Hawaii Land and Easement 20 100.0% — 837 837 12/5/2003 — 55 212 Mohonua Place Honolulu HI 1 Hawaii Land and Easement 46 100.0% 382 1,067 1,067 12/5/2003 — 56 2122 Kaliawa Street Honolulu HI 1 Hawaii Land and Easement 33 100.0% 327 1,365 1,365 12/5/2003 — 57 2127 Auiki Street Honolulu HI 1 Hawaii Land and Easement 57 100.0% 533 3,003 2,975 12/5/2003 — 58 2135 Auiki Street Honolulu HI 1 Hawaii Land and Easement 33 100.0% 313 825 825 12/5/2003 — 59 2139 Kaliawa Street Honolulu HI 1 Hawaii Land and Easement 22 100.0% 196 885 885 12/5/2003 — 60 214 Sand Island Access Road Honolulu HI 1 Hawaii Building 22 100.0% 444 2,391 2,337 12/5/2003 1981 61 2140 Kaliawa Street Honolulu HI 1 Hawaii Land and Easement 19 100.0% 186 931 931 12/5/2003 — 62 2144 Auiki Street Honolulu HI 1 Hawaii Building 54 100.0% 1,350 9,787 7,612 12/5/2003 1953 63 215 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 42 100.0% 493 2,117 2,117 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 35
![slide36](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental036.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 64 218 Mohonua Place Honolulu HI 1 Hawaii Land and Easement 34 100.0% 319 1,741 1,741 12/5/2003 — 65 220 Puuhale Road Honolulu HI 1 Hawaii Land and Easement 66 100.0% 592 2,619 2,619 12/5/2003 — 66 2250 Pahounui Drive Honolulu HI 1 Hawaii Land and Easement 76 100.0% 687 3,862 3,862 12/5/2003 — 67 2264 Pahounui Drive Honolulu HI 1 Hawaii Land and Easement 33 100.0% 339 1,632 1,632 12/5/2003 — 68 2276 Pahounui Drive Honolulu HI 1 Hawaii Land and Easement 33 100.0% 344 1,619 1,619 12/5/2003 — 69 228 Mohonua Place Honolulu HI 1 Hawaii Land and Easement 37 100.0% 343 1,865 1,865 12/5/2003 — 70 2308 Pahounui Drive Honolulu HI 1 Hawaii Land and Easement 65 100.0% 577 3,314 3,314 12/5/2003 — 71 231 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 19 100.0% 162 752 752 12/5/2003 — 72 231B Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 39 100.0% 366 1,539 1,539 12/5/2003 — 73 2344 Pahounui Drive Honolulu HI 1 Hawaii Land and Easement 144 100.0% 1,332 6,709 6,709 12/5/2003 — 74 238 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 60 100.0% 546 2,273 2,273 12/5/2003 — 75 2635 Waiwai Loop A Honolulu HI 1 Hawaii Land and Easement 23 100.0% 212 1,967 1,807 12/5/2003 — 76 2635 Waiwai Loop B Honolulu HI 1 Hawaii Land and Easement 22 100.0% 209 1,965 1,900 12/5/2003 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 77 2760 Kam Highway Honolulu HI 1 Hawaii Land and Easement 29 100.0% 147 860 860 12/5/2003 — 78 2804 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 34 100.0% 256 1,777 1,775 12/5/2003 — 79 2806 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 278 1,801 1,801 12/5/2003 — 80 2808 Kam Highway Honolulu HI 1 Hawaii Land and Easement 13 100.0% 104 310 310 12/5/2003 — 81 2809 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 36 100.0% 278 1,837 1,837 12/5/2003 — 82 2810 Paa Street Honolulu HI 1 Hawaii Land and Easement 52 100.0% 595 3,340 3,340 12/5/2003 — 83 2810 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 412 100.0% 3,454 27,703 27,699 12/5/2003 — 84 2812 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 273 1,804 1,802 12/5/2003 — 85 2814 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 37 100.0% 281 1,925 1,925 12/5/2003 — 86 2815 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 213 1,823 1,821 12/5/2003 — 87 2815 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 12 100.0% 98 287 287 12/5/2003 — 88 2816 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 44 100.0% 238 1,036 1,025 12/5/2003 — 89 2819 Mokumoa Street - A Honolulu HI 1 Hawaii Land and Easement 35 100.0% 274 1,821 1,821 12/5/2003 — 90 2819 Mokumoa Street - B Honolulu HI 1 Hawaii Land and Easement 35 100.0% 270 1,816 1,816 12/5/2003 — 91 2819 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 286 2,123 2,114 12/5/2003 — 92 2821 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 12 100.0% 98 287 287 12/5/2003 — 93 2826 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 70 100.0% 438 3,921 3,921 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 36
![slide37](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental037.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 94 2827 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 273 1,801 1,801 12/5/2003 — 95 2828 Paa Street Honolulu HI 1 Hawaii Land and Easement 187 100.0% 1,494 12,448 12,448 12/5/2003 — 96 2829 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 70 100.0% 519 1,722 1,720 12/5/2003 — 97 2829 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 12 100.0% 98 287 287 12/5/2003 — 98 2829 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 305 2,088 2,088 12/5/2003 — 99 2830 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 296 2,146 2,146 12/5/2003 — 100 2831 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 270 860 860 12/5/2003 — 101 2831 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 212 1,857 1,631 12/5/2003 — 102 2833 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 12 100.0% 97 601 601 12/5/2003 — 103 2833 Paa Street Honolulu HI 1 Hawaii Land and Easement 30 100.0% 291 1,701 1,701 12/5/2003 — 104 2833 Paa Street #2 Honolulu HI 1 Hawaii Land and Easement 30 100.0% 291 1,675 1,675 12/5/2003 — 105 2836 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 26 100.0% 144 1,353 1,353 12/5/2003 — 106 2838 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 83 100.0% 665 4,262 4,262 12/5/2003 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 107 2839 Kilihau Street Honolulu HI 1 Hawaii Land and Easement 12 100.0% 109 627 627 12/5/2003 — 108 2839 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 238 1,942 1,942 12/5/2003 — 109 2840 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 304 2,149 2,149 12/5/2003 — 110 2841 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 316 2,088 2,088 12/5/2003 — 111 2844 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 259 1,974 1,962 12/5/2003 — 112 2846-A Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 61 100.0% 474 3,135 2,764 12/5/2003 — 113 2847 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% — 885 767 12/5/2003 — 114 2849 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 362 860 860 12/5/2003 — 115 2850 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 9 100.0% 66 459 392 12/5/2003 — 116 2850 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 305 2,143 2,143 12/5/2003 — 117 2850 Paa Street Honolulu HI 1 Hawaii Land and Easement 298 100.0% 2,146 22,827 22,827 12/5/2003 — 118 2855 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 318 1,807 1,807 12/5/2003 — 119 2855 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 291 1,934 1,934 12/5/2003 — 120 2857 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 311 983 983 12/5/2003 — 121 2858 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 278 1,801 1,801 12/5/2003 — 122 2861 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 70 100.0% 431 3,867 3,867 12/5/2003 — 123 2864 Awaawaloa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 285 1,842 1,838 12/5/2003 — 124 2864 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 273 2,092 2,092 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 37
![slide38](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental038.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 125 2865 Pukoloa Street Honolulu HI 1 Hawaii Land and Easement 40 100.0% 299 1,934 1,934 12/5/2003 — 126 2868 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 377 1,801 1,801 12/5/2003 — 127 2869 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 289 1,794 1,794 12/5/2003 — 128 2875 Paa Street Honolulu HI 1 Hawaii Land and Easement 23 100.0% 229 1,330 1,330 12/5/2003 — 129 2879 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 278 1,789 1,789 12/5/2003 — 130 2879 Paa Street Honolulu HI 1 Hawaii Land and Easement 31 100.0% 229 1,735 1,724 12/5/2003 — 131 2886 Paa Street Honolulu HI 1 Hawaii Land and Easement 60 100.0% 702 2,205 2,205 12/5/2003 — 132 2889 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 289 1,783 1,783 12/5/2003 — 133 2906 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 295 1,816 1,815 12/5/2003 — 134 2908 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 360 1,810 1,809 12/5/2003 — 135 2915 Kaihikapu Street Honolulu HI 1 Hawaii Land and Easement 105 100.0% 867 2,579 2,579 12/5/2003 — 136 2927 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 268 1,778 1,778 12/5/2003 — 137 2928 Kaihikapu Street - A Honolulu HI 1 Hawaii Land and Easement 35 100.0% 277 1,801 1,801 12/5/2003 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 138 2928 Kaihikapu Street - B Honolulu HI 1 Hawaii Land and Easement 38 100.0% 289 1,948 1,948 12/5/2003 — 139 2960 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 38 100.0% 318 1,977 1,977 12/5/2003 — 140 2965 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 42 100.0% 337 2,140 2,140 12/5/2003 — 141 2969 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 80 100.0% 420 4,053 4,044 12/5/2003 — 142 2970 Mokumoa Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 291 1,722 1,722 12/5/2003 — 143 33 S. Vineyard Boulevard Honolulu HI 1 Hawaii Land and Easement 12 100.0% 142 844 844 12/5/2003 — 144 525 N. King Street Honolulu HI 1 Hawaii Land and Easement 21 100.0% 269 1,342 1,342 12/5/2003 — 145 609 Ahua Street Honolulu HI 1 Hawaii Land and Easement 24 100.0% 213 624 617 12/5/2003 — 146 619 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 55 100.0% 528 1,415 1,413 12/5/2003 — 147 645 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 265 882 882 12/5/2003 — 148 659 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 256 880 863 12/5/2003 — 149 659 Puuloa Road Honolulu HI 1 Hawaii Land and Easement 35 100.0% 273 1,807 1,807 12/5/2003 — 150 660 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 196 1,787 1,784 12/5/2003 — 151 667 Puuloa Road Honolulu HI 1 Hawaii Land and Easement 35 100.0% 291 862 860 12/5/2003 — 152 669 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 437 1,877 1,857 12/5/2003 — 153 673 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 259 1,801 1,801 12/5/2003 — 154 675 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 30 100.0% 222 1,081 1,081 12/5/2003 — 155 679 Puuloa Road Honolulu HI 1 Hawaii Land and Easement 35 100.0% 275 1,810 1,807 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 38
![slide39](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental039.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 156 685 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 270 1,801 1,801 12/5/2003 — 157 673 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 275 1,821 1,805 12/5/2003 — 158 692 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 370 1,798 1,798 12/5/2003 — 159 697 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 299 1,805 1,488 12/5/2003 — 160 702 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 267 1,787 1,784 12/5/2003 — 161 704 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 59 100.0% 469 3,075 2,809 12/5/2003 — 162 709 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 330 1,801 1,801 12/5/2003 — 163 719 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 335 1,960 1,960 12/5/2003 — 164 729 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 232 1,801 1,801 12/5/2003 — 165 733 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 65 100.0% 676 3,403 3,403 12/5/2003 — 166 739 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 238 1,801 1,801 12/5/2003 — 167 759 Puuloa Road Honolulu HI 1 Hawaii Land and Easement 34 100.0% 267 1,769 1,766 12/5/2003 — 168 761 Ahua Street Honolulu HI 1 Hawaii Land and Easement 73 100.0% 548 3,759 3,758 12/5/2003 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 169 766 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 279 1,801 1,801 12/5/2003 — 170 770 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 343 1,801 1,801 12/5/2003 — 171 789 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 47 100.0% 263 2,611 2,609 12/5/2003 — 172 80 Sand Island Access Road Honolulu HI 1 Hawaii Land and Easement 191 100.0% 1,564 7,972 7,972 12/5/2003 — 173 803 Ahua Street Honolulu HI 1 Hawaii Land and Easement 73 —% — 3,804 3,804 12/5/2003 — 174 808 Ahua Street Honolulu HI 1 Hawaii Land and Easement 57 100.0% 505 3,279 3,279 12/5/2003 — 175 812 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 267 2,613 2,613 12/5/2003 — 176 819 Ahua Street Honolulu HI 1 Hawaii Land and Easement 105 100.0% 1,036 5,434 5,197 12/5/2003 — 177 822 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 322 1,810 1,798 12/5/2003 — 178 830 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 273 1,826 1,806 12/5/2003 — 179 841 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 63 100.0% 499 3,265 3,265 12/5/2003 — 180 842 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 314 1,809 1,797 12/5/2003 — 181 846 Ala Lilikoi Boulevard B Honolulu HI 1 Hawaii Land and Easement 8 100.0% 42 234 234 12/5/2003 — 182 848 Ala Lilikoi Boulevard A Honolulu HI 1 Hawaii Land and Easement 326 100.0% 1,656 9,426 9,426 12/5/2003 — 183 850 Ahua Street Honolulu HI 1 Hawaii Land and Easement 48 100.0% 266 2,684 2,682 12/5/2003 — 184 852 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 279 1,801 1,801 12/5/2003 — 185 855 Ahua Street Honolulu HI 1 Hawaii Land and Easement 35 100.0% 215 1,834 1,834 12/5/2003 — 186 865 Ahua Street Honolulu HI 1 Hawaii Land and Easement 36 100.0% 312 1,846 1,846 12/5/2003 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 39
![slide40](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental040.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 187 889 Ahua Street Honolulu HI 1 Hawaii Land and Easement 49 100.0% 412 6,203 6,151 11/21/2012 — 188 905 Ahua Street Honolulu HI 1 Hawaii Land and Easement 21 100.0% 172 1,148 1,148 12/5/2003 — 189 918 Ahua Street Honolulu HI 1 Hawaii Land and Easement 72 100.0% 464 3,820 3,820 12/5/2003 — 190 930 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 69 100.0% 517 3,654 3,654 12/5/2003 — 191 944 Ahua Street Honolulu HI 1 Hawaii Land and Easement 27 100.0% 207 1,219 1,219 12/5/2003 — 192 949 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 237 100.0% 1,608 11,568 11,568 12/5/2003 — 193 950 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 33 100.0% 262 1,724 1,724 12/5/2003 — 194 960 Ahua Street Honolulu HI 1 Hawaii Land and Easement 14 100.0% 120 614 614 12/5/2003 — 195 960 Mapunapuna Street Honolulu HI 1 Hawaii Land and Easement 37 100.0% 308 1,933 1,933 12/5/2003 — 196 970 Ahua Street Honolulu HI 1 Hawaii Land and Easement 15 100.0% 111 817 817 12/5/2003 — 197 91-027 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 214 —% — 2,667 2,667 6/15/2005 — 198 91-064 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 99 100.0% 323 1,826 1,826 6/15/2005 — 199 91-080 Hanua Kapolei HI 1 Hawaii Land and Easement 217 100.0% — 2,187 2,187 6/15/2005 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 200 91-083 Hanua Kapolei HI 1 Hawaii Land and Easement 47 100.0% 141 716 716 6/15/2005 — 201 91-086 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 1,242 100.0% 1,861 13,884 13,884 6/15/2005 — 202 91-087 Hanua Kapolei HI 1 Hawaii Land and Easement 22 100.0% 69 381 381 6/15/2005 — 203 91-091 Hanua Kapolei HI 1 Hawaii Land and Easement 41 100.0% 156 552 552 6/15/2005 — 204 91-102 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 99 100.0% 252 1,599 1,599 6/15/2005 — 205 91-110 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 99 100.0% 234 1,293 1,293 6/15/2005 — 206 91-119 Olai Kapolei HI 1 Hawaii Land and Easement 98 100.0% 226 1,981 1,981 6/15/2005 — 207 91-141 Kalaeloa Kapolei HI 1 Hawaii Land and Easement 910 100.0% 2,034 11,624 11,624 6/15/2005 — 208 91-150 Kaomi Loop Kapolei HI 1 Hawaii Land and Easement 250 100.0% 425 3,159 3,159 6/15/2005 — 209 91-171 Olai Kapolei HI 1 Hawaii Land and Easement 24 100.0% 53 265 236 6/15/2005 — 210 91-174 Olai Kapolei HI 1 Hawaii Land and Easement 58 100.0% 151 1,009 992 6/15/2005 — 211 91-175 Olai Kapolei HI 1 Hawaii Land and Easement 48 100.0% — 1,286 1,267 6/15/2005 — 212 91-185 Kalaeloa Kapolei HI 1 Hawaii Land and Easement 122 100.0% 238 1,761 1,761 6/15/2005 — 213 91-202 Kalaeloa Kapolei HI 1 Hawaii Building 84 100.0% 375 2,048 1,999 6/15/2005 1964 214 91-210 Kauhi Kapolei HI 1 Hawaii Land and Easement 44 100.0% 125 567 567 6/15/2005 — 215 91-210 Olai Kapolei HI 1 Hawaii Land and Easement 54 100.0% 206 706 706 6/15/2005 — 216 91-218 Olai Kapolei HI 1 Hawaii Land and Easement 107 100.0% 209 1,683 1,664 6/15/2005 — 217 91-220 Kalaeloa Kapolei HI 1 Hawaii Building 23 100.0% 349 1,871 1,311 6/15/2005 1991 218 91-222 Olai Kapolei HI 1 Hawaii Land and Easement 158 100.0% 548 2,035 2,035 6/15/2005 — (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 40
![slide41](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental041.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 219 91-238 Kauhi Kapolei HI 1 Hawaii Building 85 100.0% 1,379 10,599 7,876 6/15/2005 1981 220 91-241 Kalaeloa Kapolei HI 1 Hawaii Building 45 100.0% 703 5,247 3,603 6/15/2005 1990 221 91-250 Komohana Kapolei HI 1 Hawaii Land and Easement 107 100.0% 302 1,506 1,506 6/15/2005 — 222 91-252 Kauhi Kapolei HI 1 Hawaii Land and Easement 43 100.0% 106 536 536 6/15/2005 — 223 91-255 Hanua Kapolei HI 1 Hawaii Land and Easement 95 100.0% 271 1,246 1,244 6/15/2005 — 224 91-259 Olai Kapolei HI 1 Hawaii Land and Easement 131 100.0% 289 2,944 2,944 6/15/2005 — 225 91-265 Hanua Kapolei HI 1 Hawaii Land and Easement 95 100.0% 232 1,569 1,569 6/15/2005 — 226 91-300 Hanua Kapolei HI 1 Hawaii Building 28 100.0% 287 1,381 1,381 6/15/2005 — 227 91-329 Kauhi Kapolei HI 1 Hawaii Building 48 100.0% 847 5,024 3,585 6/15/2005 2013 228 91-349 Kauhi Kapolei HI 1 Hawaii Land and Easement 48 100.0% 122 649 649 6/15/2005 — 229 91-399 Kauhi Kapolei HI 1 Hawaii Land and Easement 2,236 100.0% 2,688 27,405 27,405 6/15/2005 — 230 91-400 Komohana Kapolei HI 1 Hawaii Land and Easement 96 100.0% 240 1,494 1,494 6/15/2005 — 231 91-410 Komohana Kapolei HI 1 Hawaii Land and Easement 21 100.0% 53 430 428 6/15/2005 — PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 232 91-416 Komohana Kapolei HI 1 Hawaii Land and Easement 27 100.0% 69 724 723 6/15/2005 — 233 AES HI Easement Kapolei HI 1 Hawaii Land and Easement (5) — —% — 1,250 1,250 6/15/2005 — 234 Other Easements & Lots Kapolei HI 1 Hawaii Land and Easement (5) — —% — 1,753 1,359 6/15/2005 — 235 Tesaro 967 Easement Kapolei HI 1 Hawaii Land and Easement (4) (5) — —% — 6,593 6,593 6/15/2005 — 236 Texaco Easement Kapolei HI 1 Hawaii Land and Easement (5) — —% — 2,653 2,653 6/15/2005 — 237 94-240 Pupuole Street Waipahu HI 1 Hawaii Land and Easement 44 100.0% 430 717 717 12/5/2003 — 238 5500 SE Delaware Avenue Ankeny IA 1 Mainland Industrial 450 (6) 100.0% 1,834 22,941 21,064 1/29/2015 2012 239 951 Trails Road Eldridge IA 1 Mainland Industrial 173 100.0% 1,034 8,824 6,362 4/2/2007 2001 240 2300 North 33rd Avenue East Newton IA 1 Mainland Industrial 318 100.0% 1,458 14,131 10,402 9/29/2008 2008 241 3425 Maple Drive Fort Dodge IA 1 Mainland Industrial 25 100.0% 251 2,100 2,087 4/9/2019 2014 242 7121 South Fifth Avenue Pocatello ID 1 Mainland Industrial 34 100.0% 400 4,746 4,273 1/29/2015 2007 243 1230 West 171st Street Harvey IL 1 Mainland Industrial 40 100.0% 475 2,473 2,288 1/29/2015 2004 244 5156 American Road Rockford IL 1 Mainland Industrial 38 100.0% 173 2,011 1,837 1/29/2015 1996 245 2801 Airwest Boulevard Plainfield IN 1 Mainland Industrial 805 100.0% 2,570 40,369 39,924 2/14/2019 2006 246 4237-4255 Anson Boulevard Whitestown IN 1 Mainland Industrial 1,037 100.0% 5,765 66,112 65,479 2/14/2019 2011 247 6825 West County Road 400 Greenfield IN 1 Mainland Industrial 245 100.0% 1,548 15,217 15,062 2/14/2019 2008 248 900 Commerce Parkway West Greenwood IN 1 Mainland Industrial 294 100.0% 1,459 17,736 17,560 2/14/2019 2007 249 9347 E Pendleton Pike Lawrence IN 1 Mainland Industrial 535 100.0% 3,960 38,640 38,261 2/14/2019 2009 250 2150 Stanley Road Plainfield IN 1 Mainland Industrial 494 100.0% 2,403 27,884 27,709 4/2/2019 2007 (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. (4) Land parcels include four easements. (5) Excludes annual tenant percentage rent generally received and recognized during the first quarter of each year for the previous year. Percentage rent recognized during the first quarter of 2019 totaled $1,162. (6) Square footage excludes a 194 square foot expansion under construction; the lease for that space will commence when the construction is complete. 41
![slide42](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental042.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 251 945 Monument Drive Lebanon IN 1 Mainland Industrial 963 100.0% 3,516 47,005 46,727 4/9/2019 2014 252 2482 Century Drive Goshen IN 1 Mainland Industrial 250 100.0% 1,004 9,901 9,842 4/9/2019 2015 253 3201 Bearing Drive Franklin IN 1 Mainland Industrial 424 100.0% 1,655 16,503 16,403 4/9/2019 1973 254 1985 International Way Hebron KY 1 Mainland Industrial 189 100.0% 840 10,250 10,141 2/14/2019 1997 255 20 Logistics Boulevard Walton KY 1 Mainland Industrial 604 100.0% 2,835 37,991 37,610 2/14/2019 2006 256 17200 Manchac Park Lane Baton Rouge LA 1 Mainland Industrial 125 100.0% 895 10,560 9,581 1/29/2015 2014 257 209 South Bud Street Lafayette LA 1 Mainland Industrial 70 100.0% 374 5,258 4,755 1/29/2015 2010 258 4000 Principio Parkway North East MD 1 Mainland Industrial 1,196 100.0% 6,065 76,461 68,540 1/29/2015 2012 259 16101 Queens Court Upper MD 1 Mainland Industrial 221 100.0% 1,935 27,130 26,720 9/28/2018 2016 260 3800 Midlink Drive Kalamazoo MI 1 Mainland Industrial 158 100.0% 2,184 43,229 38,746 1/29/2015 2014 261 2401 Cram Avenue SE Bemidji MN 1 Mainland Industrial 22 100.0% 183 2,237 2,001 1/29/2015 2013 262 10100 89th Avenue North Maple Grove MN 1 Mainland Industrial 319 100.0% 2,555 24,754 24,360 10/16/2018 2015 263 110 Stanbury Industrial Drive Brookfield MO 1 Mainland Industrial 16 100.0% 190 2,059 1,854 1/29/2015 2012 PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 264 5501 Providence Hill Drive St. Joseph MO 1 Mainland Industrial 67 100.0% 461 3,900 3,878 4/9/2019 2014 265 3502 Enterprise Avenue Joplin MO 1 Mainland Industrial 231 100.0% 1,167 13,502 13,423 4/9/2019 2014 266 5148 North Hanley Road St. Louis MO 1 Mainland Industrial 431 100.0% 4,101 67,008 66,603 4/9/2019 2015 267 628 Patton Avenue Asheville NC 1 Mainland Industrial 33 100.0% 202 2,014 1,847 1/29/2015 1994 268 3900 NE 6th Street Minot ND 1 Mainland Industrial 24 100.0% 351 3,923 3,567 1/29/2015 2013 269 1415 West Commerce Way Lincoln NE 1 Mainland Industrial 222 100.0% 1,092 10,718 9,777 1/29/2015 2000 270 52 Pettengill Road Londonderry NH 1 Mainland Industrial 614 100.0% 4,913 49,206 48,924 4/9/2019 2015 271 309 Dulty's Lane Burlington NJ 1 Mainland Industrial 634 100.0% 3,454 53,000 47,324 1/29/2015 2001 272 725 Darlington Avenue Mahwah NJ 1 Mainland Industrial 167 100.0% 2,335 19,024 17,694 4/9/2014 2010 273 2375 East Newlands Road Fernley NV 1 Mainland Industrial 338 100.0% 1,483 18,700 16,744 1/29/2015 2007 274 7000 West Post Road Las Vegas NV 1 Mainland Industrial 96 100.0% 1,305 17,702 17,617 4/9/2019 2010 275 55 Commerce Avenue Albany NY 1 Mainland Industrial 125 100.0% 1,130 11,284 10,142 1/29/2015 2013 276 158 West Yard Road Feura Bush NY 1 Mainland Industrial 354 100.0% 1,671 9,801 9,753 4/9/2019 2002 277 32150 Just Imagine Drive Avon OH 1 Mainland Industrial 645 100.0% 3,479 25,480 19,611 5/29/2009 2000 278 1415 Industrial Drive Chillicothe OH 1 Mainland Industrial 44 100.0% 362 4,465 4,104 1/29/2015 2012 279 5300 Centerpoint Parkway Groveport OH 1 Mainland Industrial 581 100.0% 2,931 32,563 29,266 1/29/2015 2014 280 200 Orange Point Drive Lewis Center OH 1 Mainland Industrial 125 100.0% 1,049 10,075 9,110 1/29/2015 2013 281 301 Commerce Drive South Point OH 1 Mainland Industrial 75 100.0% 489 5,130 4,630 1/29/2015 2013 282/283/284 1580, 1590 & 1600 Williams Road Columbus OH 3 Mainland Industrial 760 100.0% 2,354 31,204 31,016 4/9/2019 1999 285 1800 Union Airpark Boulevard Union OH 1 Mainland Industrial 1,791 100.0% 9,025 84,010 83,492 4/9/2019 2014 (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 42
![slide43](https://capedge.com/proxy/8-K/0001717307-19-000043/ilpt2019q2supplemental043.jpg)
PROPERTY DETAIL (CONTINUED) As of June 30, 2019 (dollars and square feet in thousands) EXHIBIT A Number of Year Buildings, Annualized Built or Land Parcels Property Rental Undepreciated Depreciated Date Most Recent Property City State and Easements Type Square Feet % Leased Revenues (1) Carrying Value (2) Carrying Value (2) Acquired (3) Renovation 286 2820 State Highway 31 McAlester OK 1 Mainland Industrial 59 100.0% 788 7,451 6,949 1/29/2015 2017 287 5 Logistics Drive Carlisle PA 1 Mainland Industrial 205 100.0% 1,257 18,802 18,511 9/20/2018 2016 288 996 Paragon Way Rock Hill SC 1 Mainland Industrial 945 100.0% 3,040 38,520 34,554 1/29/2015 2014 289 510 John Dodd Road Spartanburg SC 1 Mainland Industrial 1,016 100.0% 4,671 61,640 55,233 1/29/2015 2012 290 700 Marine Drive Rock Hill SC 1 Mainland Industrial 201 100.0% 782 9,201 9,147 4/9/2019 2014 291 1990 Hood Road Greer SC 1 Mainland Industrial 190 100.0% 1,106 11,101 11,032 4/9/2019 2015 292 5001 West Delbridge Street Sioux Falls SD 1 Mainland Industrial 167 100.0% 1,519 17,402 17,305 4/9/2019 2016 293 4836 Hickory Hill Road Memphis TN 1 Mainland Industrial 646 100.0% 1,408 12,939 11,650 12/23/2014 2007 294 2020 Joe B. Jackson Parkway Murfreesboro TN 1 Mainland Industrial 1,016 100.0% 4,993 62,759 56,658 1/29/2015 2012 295 1095 South 4800 West Salt Lake City UT 1 Mainland Industrial 149 100.0% 1,096 8,433 7,674 1/29/2015 2012 296 1901 Meadowville Technology Parkway Chester VA 1 Mainland Industrial 1,016 100.0% 6,349 71,511 64,057 1/29/2015 2012 297 181 Battaile Drive Winchester VA 1 Mainland Industrial 308 100.0% 1,508 14,361 10,130 4/20/2006 1987 298 5000 Commerce Way Petersburg VA 1 Mainland Industrial 1,016 100.0% 4,545 62,207 61,842 4/9/2019 2012 PROPERTY DETAIL (CONTINUED) DETAIL PROPERTY 298 42,353 99.3% $ 239,301 $ 2,292,280 $ 2,182,792 (1) We define annualized rental revenues as the annualized contractual rents, as of June 30, 2019, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. (2) Excludes the value of real estate intangibles. (3) Date acquired is the date we, SIR or SIR's former parent entity acquired the property. 43
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WARNING CONCERNING FORWARD-LOOKING STATEMENTS This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward- looking statements as a result of new information, future events or otherwise. WARNING CONCERNING FORWARD LOOKING STATEMENTS CONCERNING FORWARD WARNING 44