Industrial Logistics Properties Trust (ILPT) 10-K 24 Feb 20 2019 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2019	Feb. 19, 2020	Jun. 28, 2019
Cover page.
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2019
Document Transition Report	false
Entity File Number	001-38342
Entity Registrant Name	INDUSTRIAL LOGISTICS PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2809631
Entity Address, Address Line One	Two Newton Place
Entity Address, Address Line Two	255 Washington Street
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458
City Area Code	617
Local Phone Number	219-1460
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	ILPT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		65,180,208
Documents Incorporated by Reference	Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2020 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2019.
Entity Central Index Key	0001717307
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	FY
Amendment Flag	false

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Real estate properties:
Land	$ 747,794	$ 670,501
Buildings and improvements	1,588,170	791,895
Total real estate properties, gross	2,335,964	1,462,396
Accumulated depreciation	(131,468)	(93,291)
Total real estate properties, net	2,204,496	1,369,105
Acquired real estate leases, net	138,596	75,803
Cash and cash equivalents	28,415	9,608
Restricted cash	6,135	0
Rents receivable, including straight line rents of $58,336 and $54,916, respectively	62,782	56,940
Deferred leasing costs, net	6,581	6,157
Debt issuance costs, net	2,954	4,430
Due from related persons	1,504	1,390
Other assets, net	3,438	11,178
Total assets	2,454,901	1,534,611
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	310,000	413,000
Mortgage notes payable, net	1,096,608	49,195
Assumed real estate lease obligations, net	17,508	18,316
Accounts payable and other liabilities	16,475	12,040
Rents collected in advance	9,442	6,004
Security deposits	6,680	6,130
Due to related persons	2,498	1,653
Total liabilities	1,459,211	506,338
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,180,628 and 65,074,791 shares issued and outstanding, respectively	652	651
Additional paid in capital	999,302	998,447
Cumulative net income	142,155	89,657
Cumulative common distributions	(146,419)	(60,482)
Ownership interest	995,690	1,028,273
Total liabilities and shareholders' equity	$ 2,454,901	$ 1,534,611

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Straight line rents	$ 58,336	$ 54,916
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,180,628	65,074,791
Common shares, shares outstanding (in shares)	65,180,628	65,074,791

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Rental income	$ 229,234	$ 162,530	$ 156,506
Expenses:
Real estate taxes	30,367	19,342	17,868
Other operating expenses	17,643	13,005	10,913
Depreciation and amortization	61,927	28,575	27,315
Acquisition and transaction related costs	0	0	1,025
General and administrative	17,189	11,307	16,799
Total expenses	127,126	72,229	73,920
Interest income	743	200	0
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $2,017, $1,244 and ($494), respectively)	(50,848)	(16,081)	(2,439)
Income before income tax expense and equity in earnings of an investee	52,003	74,420	80,147
Income tax expense	(171)	(32)	(44)
Equity in earnings of an investee	666	0	0
Net income	$ 52,498	$ 74,388	$ 80,103
Weighted average common shares outstanding - basic (in shares)	65,049	64,139	45,000
Weighted average common shares outstanding - diluted (in shares)	65,055	64,140	45,000
Net income per common share - basic and diluted (in dollars per share)	$ 0.81	$ 1.16	$ 1.78

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Statement [Abstract]
Net amortization of debt issuance costs, premiums and discounts	$ 2,017	$ 1,244	$ (494)

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional Paid In Capital	Cumulative Net Income	Cumulative Common Distributions	Ownership Interest
Balance (in shares) at Dec. 31, 2016		0
Balance at beginning of period at Dec. 31, 2016	$ 1,313,185	$ 0	$ 0	$ 0	$ 0	$ 1,313,185
Increase (Decrease) in Stockholders' Equity
Net income	80,103			15,269		64,834
Contributions	72,807		30,244			42,563
Distributions	(153,887)		(37,348)			(116,539)
Issuance of common shares and reclassification of ownership interest (in shares)		45,000,000
Issuance of common shares and reclassification of ownership interest	(750,000)	$ 450	553,593			(1,304,043)
Balance (in shares) at Dec. 31, 2017		45,000,000
Balance at end of period at Dec. 31, 2017	562,208	$ 450	546,489	15,269	0	0
Increase (Decrease) in Stockholders' Equity
Net income	74,388			74,388
Contributions	16,162		16,162
Distributions	(9,187)		(9,187)
Issuance of common shares and reclassification of ownership interest (in shares)		20,000,000
Issuance of common shares and reclassification of ownership interest	444,309	$ 200	444,109
Share grants (in shares)		77,400
Share grants	927	$ 1	926
Share forfeitures (in shares)		(240)
Share forfeitures	$ 0
Share repurchases (in shares)	(2,369)
Share repurchases	$ (52)		(52)
Distributions to common shareholders	(60,482)				(60,482)
Balance (in shares) at Dec. 31, 2018		65,074,791
Balance at end of period at Dec. 31, 2018	1,028,273	$ 651	998,447	89,657	(60,482)	0
Increase (Decrease) in Stockholders' Equity
Net income	52,498			52,498
Share grants (in shares)		119,200
Share grants	1,111	$ 1	1,110
Share forfeitures (in shares)		(1,400)
Share forfeitures	(2)		(2)
Share repurchases (in shares)		(11,963)
Share repurchases	(253)		(253)
Distributions to common shareholders	(85,937)				(85,937)
Balance (in shares) at Dec. 31, 2019		65,180,628
Balance at end of period at Dec. 31, 2019	$ 995,690	$ 652	$ 999,302	$ 142,155	$ (146,419)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 52,498	$ 74,388	$ 80,103
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	38,177	18,781	17,738
Net amortization of debt issuance costs, premiums and discounts	2,017	1,244	(494)
Amortization of acquired real estate leases and assumed real estate lease obligations	21,465	8,592	8,434
Amortization of deferred leasing costs	1,113	820	771
Provision for losses on rents receivable	0	1,198	704
Straight line rental income	(4,345)	(4,739)	(5,762)
Other non-cash expenses	1,109	927	0
Equity in earnings of Affiliates Insurance Company	(666)	0	0
Distributions of earnings from Affiliates Insurance Company	666	0	0
Change in assets and liabilities:
Rents receivable	(1,497)	(1,727)	436
Deferred leasing costs	(1,457)	(1,745)	(693)
Other assets	(594)	3,591	(4,431)
Due from related persons	(114)	(1,390)	0
Accounts payable and other liabilities	3,095	1,618	245
Rents collected in advance	3,438	210	(743)
Security deposits	550	456	33
Due to related persons	845	(5,461)	7,114
Net cash provided by operating activities	116,300	96,763	103,455
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(884,570)	(121,891)	(281)
Real estate improvements	(17,157)	(5,004)	(6,026)
Distributions in excess of earnings from Affiliates Insurance Company	8,334	0	0
Investment in Affiliates Insurance Company	0	(8,632)	0
Net cash used in investing activities	(893,393)	(135,527)	(6,307)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	0	444,309	0
Proceeds from issuance of mortgage notes payable	1,000,000	0	0
Borrowings under revolving credit facility	744,000	193,000	750,000
Repayments of revolving credit facility	(847,000)	(530,000)	0
Repayment of mortgage notes payable	0	0	(14,344)
Repayment of SIR note	0	0	(750,000)
Payment of debt issuance costs	(8,775)	(5,378)	(1,724)
Distributions to common shareholders	(85,937)	(60,482)	0
Repurchase of common shares	(253)	(52)	0
Contributions	0	16,162	72,807
Distributions	0	(9,187)	(153,887)
Net cash provided by (used in) financing activities	802,035	48,372	(97,148)
Increase in cash, cash equivalents and restricted cash	24,942	9,608	0
Cash and cash equivalents at beginning of period	9,608	0	0
Cash, cash equivalents and restricted cash at end of period	34,550	9,608	0
SUPPLEMENTAL DISCLOSURES:
Interest paid	46,072	14,749	2,752
Income taxes paid	164	0	0
Interest capitalized	187	0	0
NON-CASH INVESTING ACTIVITIES:
Real estate acquired by assumption of mortgage notes payable	(56,980)	0	0
NON-CASH FINANCING ACTIVITIES:
Distribution to SIR of ownership interest	0	0	(1,304,043)
Issuance of SIR note	0	0	750,000
Issuance of common shares	0	0	554,043
Assumption of mortgage notes payable	56,980	0	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]
Cash and cash equivalents	9,608	0
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 9,608	$ 0	$ 0

Organization

Organization	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization	Organization Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, formed under Maryland law on September 15, 2017, as a wholly owned subsidiary of Select Income REIT, or SIR, a former publicly traded REIT that merged with a wholly owned subsidiary of Office Properties Income Trust (formerly known as Government Properties Income Trust), or OPI, on December 31, 2018. Until January 17, 2018, we were a wholly owned subsidiary of SIR and SIR managed and controlled our cash management function through a series of commingled centralized accounts. As a result, the cash receipts collected by SIR on our behalf have been accounted for as distributions and the cash disbursements paid by SIR on our behalf have been accounted for as contributions within ownership interest through September 29, 2017. Subsequent to September 29, 2017, contributions and distributions have been accounted for as an increase or decrease, respectively, in additional paid in capital. On January 17, 2018, we completed an initial public offering and listing on The Nasdaq Stock Market LLC, or Nasdaq, of 20,000,000 of our common shares, or our IPO. At that time, we owned 266 properties with a total of approximately 28,540,000 rentable square feet, or our Initial Properties (all square footage amounts included within these notes are unaudited). Our Initial Properties were contributed to us on September 29, 2017, by SIR. Two hundred twenty six ( 226 ) of these properties with a total of approximately 16,834,000 rentable square feet are located on the island of Oahu, HI. The remaining 40 properties have a total of approximately 11,706,000 rentable square feet and are located in 24 other states. In connection with our formation and this contribution of properties, we (1) issued to SIR 45,000,000 of our common shares of beneficial interest, $.01 par value per share, or our common shares, (2) issued to SIR a $750,000 non-interest bearing demand note, or the SIR Note, and (3) assumed three mortgage notes totaling $63,069 , excluding premiums, that were secured by three of our Initial Properties. On December 27, 2018, SIR distributed all 45,000,000 of our common shares that SIR owned to SIR's shareholders of record as of the close of business on December 20, 2018.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The accounts of our Initial Properties are presented at SIR’s historical basis and are consolidated for prior periods presented as the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 805-50-30, Business Combinations . Substantially all of the rental income received from our tenants and SIR’s other tenants was deposited in and commingled with SIR’s general funds during the periods prior to January 17, 2018. Prior to January 17, 2018, general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments. In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable. However, actual expenses may have been different from allocated expenses if we operated as a standalone company and those differences may be material. Real Estate Properties. We record properties at our cost and have presented our Initial Properties at their historical cost basis. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from seven to 40 years . We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal to be probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in increases in rental income of $ 1,195 , $ 401 and $390 during the years ended December 31, 2019 , 2018 and 2017 , respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, or lease origination value, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $ 22,661 , $ 8,993 and $ 8,824 during the years ended December 31, 2019 , 2018 and 2017 , respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2019 and 2018 , our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2019 2018 Acquired real estate leases: Capitalized above market lease values $ 28,723 $ 28,723 Less: accumulated amortization (18,303 ) (16,726 ) Capitalized above market lease values, net 10,420 11,997 Lease origination value 186,758 99,727 Less: accumulated amortization (58,582 ) (35,921 ) Lease origination value, net 128,176 63,806 Acquired real estate leases, net $ 138,596 $ 75,803 Assumed real estate lease obligations: Capitalized below market lease values $ 36,278 $ 34,313 Less: accumulated amortization (18,770 ) (15,997 ) Assumed real estate lease obligations, net $ 17,508 $ 18,316 As of December 31, 2019 , the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 10.2 years, 7.1 years, and 12.0 years, respectively. Future amortization of net intangible acquired real estate lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2019 are estimated to be $ 24,708 in 2020, $ 21,676 in 2021, $ 19,136 in 2022, $ 17,269 in 2023, $ 11,846 in 2024 and $ 26,453 thereafter. We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. No impairments exist on any of our properties as of December 31, 2019 and 2018 . Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of both December 31, 2019 and 2018 , accrued environmental remediation costs of $ 6,940 , were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income. Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash. Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgage notes. Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases. Deferred leasing costs totaled $ 11,383 and $ 9,845 at December 31, 2019 and 2018 , respectively, and accumulated amortization of deferred leasing costs totaled $ 4,802 and $ 3,688 at December 31, 2019 and 2018 , respectively. Included in deferred leasing costs at December 31, 2019 , was $ 83 of estimated costs associated with leases under negotiation. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2019 , are estimated to be $ 851 in 2020 , $ 786 in 2021 , $ 675 in 2022 , $ 519 in 2023 , $ 480 in 2024 and $ 3,270 thereafter. Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. As of both December 31, 2019 and 2018 , we had debt issuance costs for our revolving credit facility totaling $5,907 , and accumulated amortization of debt issuance costs for our revolving credit facility were $2,953 and $1,477 at December 31, 2019 , and 2018 , respectively. As of December 31, 2019 , we had debt issuance costs, net of accumulated amortization, of $8,194 for certain of our mortgage notes payable obtained during 2019 . Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and mortgage notes payable as of December 31, 2019 are estimated to be $2,353 in 2020 , $2,353 in 2021 , $876 in 2022 , $ 876 in 2023 , $ 876 in 2024 and $ 3,814 thereafter. Other Assets. Other assets consist of our investment in Affiliates Insurance Company, or AIC, prepaid insurance and prepaid real estate taxes. We account for our investment in AIC, until AIC was dissolved as described in Note 10, using the equity method of accounting. Significant influence is present through common representation on the boards of trustees or directors of us and AIC. We acquired shares of common stock of AIC from SIR on December 31, 2018 for $8,632 . Until its dissolution on February 13, 2020, we owned a 14.3% ownership interest in AIC. See Note 10 for more information regarding our investment in AIC. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. We adopted these standards which were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of shareholders' equity in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. Upon adoption, (i) allowances for bad debts are now recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in "rental income" in our consolidated financial statements. For periods prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of certain tenants to make payments required under their leases. The computation of the allowance was based on the tenants’ payment histories and then current credit profiles, as well as other considerations. Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods were not reclassified to conform to the current presentation. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income, and percentage rents until the specific events that trigger the variable payments have occurred. Such payments totaled $40,898 for the year ended December 31, 2019, of which tenant reimbursements totaled $38,755 . Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. The following table presents our operating lease maturity analysis as of December 31, 2019: Year Amount 2020 $ 203,971 2021 202,109 2022 194,209 2023 175,676 2024 152,267 Thereafter 1,185,405 Total $ 2,113,637 For the years ended December 31, 2018 and 2017 , rental income from operating leases was recognized on a straight line basis over the lives of lease agreements. We deferred the recognition of contingent rental income, such as percentage rents, until the specific targets that triggered the contingent rental income was achieved. Contingent rental income recognized for the years ended December 31, 2018 and 2017 totaled $ 941 and $ 650 , respectively. Tenant reimbursements and other income, which included property level operating expenses, capital expenditures reimbursed by our tenants, contingent rental income as well as other incidental revenues, totaled $23,219 and $21,680 for the years ended December 31, 2018 and 2017, respectively. Income Taxes. Until January 17, 2018, we were a wholly owned subsidiary of SIR, which was taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC. Accordingly, until January 17, 2018, we were a qualified REIT subsidiary and a disregarded entity for income tax purposes. We have qualified for taxation as a REIT under the IRC for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2018 and intend to maintain such qualification. Accordingly, we generally are not, and will not be, subject to U.S. federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. The actual results could differ from these estimates. Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets, the assessments of the carrying values and impairments of long lived assets and the allowance for doubtful accounts. Ownership Interest. For the periods prior to January 17, 2018, our investment activities were financed by SIR. Amounts invested in or advanced to us did not carry interest and had no specific repayment terms. Net Income Per Common Share. We calculate basic earnings per common share by dividing net income by the weighted average number of common shares outstanding during the period. We calculate diluted net income per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share. Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. Reclassifications. Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation. New Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect to adopt the standard using the modified retrospective approach. The implementation of this standard is not expected to have a material impact in our consolidated financial statements.

Real Estate Properties

Real Estate Properties	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of December 31, 2019 , we owned 300 properties with a total of approximately 42,939,000 rentable square feet, including 226 buildings, leasable land parcels and easements with a total of approximately 16,756,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 74 properties with a total of approximately 26,183,000 rentable square feet of industrial properties located in 29 other states, or our Mainland Properties. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the years ended December 31, 2019 , 2018 and 2017 , approximately 43.9% , 59.7% and 60.2% , respectively, of our rental income were from our Hawaii Properties. In addition, a subsidiary of Amazon.com, Inc., which is a tenant at certain of our Mainland Properties, accounted for $31,623 , $16,047 and $15,938 of our rental income for the years ended December 31, 2019 , 2018 and 2017 , respectively. 2019 Acquisitions: During the year ended December 31, 2019 , we completed the acquisition of 30 industrial properties containing a combined 13,288,180 rentable square feet for an aggregate purchase price of $941,550 , including acquisition related costs of $4,800 . These acquisitions were accounted for as acquisitions of assets. We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows: Acquired Number Rentable Buildings Acquired Real Estate Discount of Square Purchase and Real Estate Lease on Assumed Date Market Area Properties Feet Price Land Improvements Leases Obligations Debt February 2019 2 mainland states 7 3,708,343 $ 250,276 $ 19,558 $ 205,811 $ 24,907 $ — $ — April 2019 Indianapolis, IN 1 493,500 30,517 2,817 24,836 2,864 — — April 2019 12 mainland states 20 8,694,321 628,457 52,546 519,829 56,715 (1,965 ) 1,332 August 2019 Columbus, OH 2 392,016 32,300 2,393 27,363 2,544 — — 30 13,288,180 $ 941,550 $ 77,314 $ 777,839 $ 87,030 $ (1,965 ) $ 1,332 In October 2018, we acquired a land parcel adjacent to a property we own located in Ankeny, IA for a purchase price of $450 , excluding acquisition related costs. During the year ended December 31, 2019, we completed the development of a 194,000 square foot property expansion for an existing tenant at this property for $13,507 . In February 2020, we acquired a net leased Class A e-commerce distribution center located in Goodyear, AZ with approximately 820,000 rentable square feet for a purchase price of $72,000 , excluding acquisition related costs. This property is 100% leased and has a remaining lease term of approximately six years . In February 2020, we entered into agreements related to a joint venture with an Asian institutional investor for up to 12 of our Mainland Properties, including 11 properties secured by our $350,000 mortgage loan we obtained in October 2019. The investor will contribute approximately $ 108,300 , which includes certain costs associated with the formation of the joint venture, for a 39% equity interest in the joint venture and we retained the remaining 61% equity interest in the joint venture. The investment amount is based on an aggregate property valuation of $680,000 , less approximately $407,000 of existing mortgage debt on the properties at the time of the investment. We closed the joint venture with 11 of the 12 properties and the investor will initially contribute approximately $82,000 with the balance contributed when the twelfth property is added. We expect to use the net proceeds from this transaction to reduce outstanding borrowings under our revolving credit facility. During the year ended December 31, 2019 , we committed $2,568 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 2,040,000 square feet. Committed but unspent tenant related obligations based on existing leases as of December 31, 2019 were $793 . 2018 Acquisitions: During the year ended December 31, 2018, we completed the acquisition of four industrial properties containing a combined 985,235 rentable square feet for an aggregate purchase price of $121,385 , including acquisition related costs of $1,360 . These acquisitions were accounted for as acquisitions of assets. We allocated the purchase prices of these acquisitions based on the estimated fair value of the acquired assets as follows: Number Rentable Acquired of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases June 2018 Doral, FL (1) 1 240,283 $ 43,326 $ 15,225 $ 28,101 $ — September 2018 Carlisle, PA 1 205,090 20,451 3,299 15,515 1,637 September 2018 Upper Marlboro, MD 1 220,800 29,801 5,296 21,833 2,672 October 2018 Maple Grove, MN 1 319,062 27,807 3,469 21,287 3,051 4 985,235 $ 121,385 $ 27,289 $ 86,736 $ 7,360 (1) This property was acquired and simultaneously leased back to the seller.

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of December 31, 2019 and 2018 , our outstanding indebtedness consisted of the following: Net Book Principal Balance as of Value December 31, of Collateral Interest At December 31, 2019 (1) 2018 (1) Rate Maturity 2019 Unsecured revolving credit facility (2) $ 310,000 $ 413,000 3.26 % Dec 2021 $ — Mortgage note payable (secured by one property in Virginia) 48,750 48,750 3.48 % Nov 2020 63,213 Mortgage note payable (secured by one property in Florida) 56,980 — 4.22 % Oct 2023 106,048 Mortgage note payable (secured by 186 properties in Hawaii) 650,000 — 4.31 % Feb 2029 492,371 Mortgage note payable (secured by 11 Mainland Properties) 350,000 — 3.33 % Nov 2029 499,572 1,415,730 461,750 $ 1,161,204 Unamortized debt issuance costs, premiums and discounts (9,122 ) 445 $ 1,406,608 $ 462,195 (1) The principal balances are the amounts stated in contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (2) The maturity date of our revolving credit facility is December 29, 2021 and we have the option to extend the maturity date for two , six month periods through December 29, 2022. On December 29, 2017, we obtained a $ 750,000 secured revolving credit facility which initially had a maturity date of March 29, 2018. Upon the completion of our IPO, our secured revolving credit facility became a $ 750,000 unsecured revolving credit facility and the maturity date was extended to December 29, 2021. Borrowings under our revolving credit facility are available for our general business purposes, including acquisitions. We may borrow, repay and reborrow funds under our revolving credit facility until maturity, and no principal repayment is due until maturity. Interest on borrowings under our revolving credit facility is calculated at floating rates based on LIBOR plus a premium that varies based on our leverage ratio. We have the option to extend the maturity date of our revolving credit facility for two , six month periods, subject to payment of extension fees and satisfaction of other conditions. We are also required to pay a commitment fee on the unused portion of our revolving credit facility until and if such time as we make a ratings election, and thereafter we will be required to pay a facility fee in lieu of such commitment fee based on the maximum amount of our revolving credit facility. The agreement governing our revolving credit facility, or our credit agreement, also includes a feature under which the maximum borrowing availability under our revolving credit facility may be increased to up to $ 1,500,000 in certain circumstances. As of December 31, 2019 and 2018, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 155 basis points and LIBOR plus 130 basis points , respectively. As of December 31, 2019 and 2018, the interest rate payable on borrowings under our revolving credit facility was 3.26% and 3.81% , respectively. The weighted average interest rate for borrowings under our revolving credit facility was 3.68% and 3.33% for the years ended December 31, 2019 and 2018, respectively. As of December 31, 2019 and February 19, 2020, we had $ 310,000 and $ 385,000 , respectively, outstanding under our revolving credit facility and $440,000 and $365,000 , respectively, available to borrow under our revolving credit facility. Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, a change of control of us, which includes RMR LLC ceasing to act as our business manager and property manager. Our credit agreement also contains a number of covenants, including covenants that restrict our ability to incur debts or to make distributions in certain circumstances, and generally requires us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of the covenants under our credit agreement at December 31, 2019 . In January 2019, we obtained a $650,000 mortgage loan secured by 186 of our properties located on the island of Oahu, HI containing approximately 9.6 million square feet. This non-amortizing loan matures on February 7, 2029 and requires monthly payments of interest only at a fixed rate of 4.31% per annum. We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility and to fund acquisitions. In October 2019, we obtained a $350,000 mortgage loan secured by 11 of our Mainland Properties located in eight states containing an aggregate of approximately 8.2 million rentable square feet. This non-amortizing loan matures in November 2029 and requires monthly payments of interest at a fixed rate of 3.33% per annum. We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility. In connection with the acquisition of a portfolio of 20 industrial properties in April 2019, as discussed in Note 3, we assumed a $56,980 mortgage note secured by one property containing approximately 1.0 million square feet located in Ruskin, FL. This non-amortizing loan matures on October 1, 2023 and requires monthly payments of interest only at a fixed rate of 3.60% per annum. We recorded a $1,332 discount in connection with this assumed mortgage note, which increased its effective interest rate to 4.22% per annum. We recorded this discount as we believed the interest rate payable on this mortgage note was below the rate we would have had to pay for debt with the same maturity and similar other terms at the time we assumed this obligation. The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2019 are as follows: Principal Year Payment 2020 $ 48,750 2021 310,000 2022 — 2023 56,980 2024 — Thereafter 1,000,000 $ 1,415,730 (1) (1) Total debt outstanding as of December 31, 2019 , including unamortized debt issuance costs, premiums and discounts, was $ 1,406,608

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Our financial instruments include cash and cash equivalents, restricted cash, rents receivable, our revolving credit facility, mortgage notes payable, accounts payable, security deposits, rents collected in advance and amounts due from or to related persons. At December 31, 2019 and 2018 , the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to the short term nature or floating interest rates, except as follows: At December 31, 2019 At December 31, 2018 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 1,096,608 $ 1,143,437 $ 49,195 $ 48,642 (1) Includes unamortized debt issuance costs, premiums and discounts of $9,122 and ( $445 ) as of December 31, 2019 and 2018, respectively. We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards: We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the years ended December 31, 2019 and 2018, we awarded to our officers and other employees of RMR LLC annual share awards of 104,200 and 54,400 of our common shares, respectively, valued at $2,260 and $1,269 , in aggregate, respectively. In accordance with our Trustee compensation arrangements, we also granted each of our Trustees 3,000 common shares in 2019 with an aggregate value of $281 ( $56 per Trustee). During 2018, we granted each of our then Trustees 1,000 of our common shares with an aggregate value of $104 ( $21 per Trustee) as compensation for the period from our IPO to May 2018 and granted each of our then Trustees 3,000 common shares with an aggregate value of $314 ( $63 per Trustee) as part of their annual compensation. We granted an additional 3,000 common shares in December 2018, with an aggregate value of $61 to one of our Managing Trustees, who was elected as a Managing Trustee in December 2018. The values of the share grants were based upon the closing price of our common shares trading on Nasdaq on the dates of grants. The common shares granted to our Trustees vested immediately. The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of grant. We include the value of granted shares in general and administrative expenses ratably over the vesting period. A summary of shares granted, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2019 is as follows: Year Ended December 31, 2019 December 31, 2018 Weighted Weighted Average Average Number Grant Date Number Grant Date of Shares Fair Value of Shares Fair Value Unvested at beginning of year 43,280 $ 23.33 — $ — Granted 119,200 21.32 77,400 22.60 Vested (52,880 ) 20.78 (33,880 ) 21.64 Forfeited (1,400 ) 22.39 (240 ) 23.33 Unvested at end of year 108,200 $ 22.08 43,280 $ 23.33 The 108,200 unvested shares as of December 31, 2019 are scheduled to vest as follows: 29,220 shares in 2020, 29,220 shares in 2021, 29,220 shares in 2022 and 20,540 in 2023. As of December 31, 2019 , the estimated future compensation expense for the unvested shares was approximately $ 2,197 . The weighted average period over which the compensation expense will be recorded is approximately 26 months. During the years ended December 31, 2019 and 2018, we recorded $ 1,109 and $927 , respectively, of compensation expense related to the 2018 Plan. At December 31, 2019 , 3,819,372 common shares remain available for issuance under the 2018 Plan. Common Share Purchases: During the years ended December 31, 2019 and 2018, we repurchased our common shares from our current and former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase date, as follows: Date Purchased Number of Shares Price per Share 12/18/2019 125 $ 21.09 9/25/2019 9,808 $ 21.27 7/3/2019 668 $ 21.48 4/5/2019 1,362 $ 20.49 9/24/2018 2,369 $ 22.08 Distributions: During the years ended December 31, 2019 and 2018, we paid distributions on our common shares as follows: Annual Per Characterization of Distribution Share Total Return of Ordinary Year Distribution Distribution Capital Income 2019 $ 1.32 $ 85,937 21.8 % 78.2 % 2018 $ 0.93 $ 60,482 — % 100.0 % On January 16, 2020, we declared a regular quarterly distribution of $0.33 per common share, or $21,509 , to shareholders of record on January 27, 2020. We paid this distribution to our shareholders on February 20, 2020.

Weighted Average Common Shares

Weighted Average Common Shares	12 Months Ended
	Dec. 31, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Year Ended December 31, 2019 2018 2017 Weighted average common shares for basic earnings per share 65,049 64,139 45,000 Effect of dilutive securities: unvested share awards 6 1 — Weighted average common shares for diluted earnings per share 65,055 64,140 45,000

Certain Arrangements, Allocatio

Certain Arrangements, Allocations and Operations Prior to our IPO	12 Months Ended
	Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Certain Arrangements, Allocations and Operations Prior to our IPO	Certain Arrangements, Allocations and Operations Prior to our IPO In connection with our IPO, on September 29, 2017, SIR contributed to us 266 properties with a total of approximately 28,540,000 rentable square feet, including 16,834,000 rentable square feet of primarily industrial lands in Hawaii and approximately 11,706,000 rentable square feet of industrial and logistics properties in 24 other states. In connection with our formation and this contribution from SIR, we issued to SIR 45,000,000 of our common shares and the SIR Note, and we assumed three mortgage notes totaling $63,069 , as of September 30, 2017, that were secured by three of our Initial Properties. In December 2017, we obtained a $750,000 secured revolving credit facility, and we used the proceeds of an initial borrowing under this credit facility to pay the SIR Note in full. Also in December 2017, SIR prepaid on our behalf two of the mortgage notes totaling approximately $14,319 that had encumbered two of our Initial Properties. In connection with our IPO, we reimbursed SIR for approximately $7,271 of costs that SIR incurred in connection with our formation and preparation for our IPO. We do not have any employees. As a wholly owned subsidiary of SIR, until the completion of our IPO, we received services from RMR LLC under SIR’s management agreements with RMR LLC. In connection with our IPO, we entered two agreements with RMR LLC to provide management services to us that were substantially similar to the terms of the then management agreements between SIR and RMR LLC. See Note 9 for more information regarding our management agreements with RMR LLC. For periods prior to the completion of our IPO on January 17, 2018, base management fees payable by SIR under SIR’s business management agreement with RMR LLC were calculated based on the historical costs of our Initial Properties and incentive management fees payable by SIR and allocated to us were based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR. Base management fees paid by SIR allocated to us by SIR for the period from January 1, 2018 to January 16, 2018 and the year ended December 31, 2017 were $308 and $6,823 , respectively. These amounts are included in other operating expenses in our consolidated financial statements. The incentive management fee allocated to us by SIR for the year ended December 31, 2017 and paid by SIR to RMR LLC in January 2018 was $7,660 . General and administrative expenses incurred by SIR were allocated to us by SIR for periods prior to our IPO based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR. RMR LLC was paid, by SIR, property management fees equal to 3.0% of gross collected rents and construction supervision fees equal to 5.0% of construction costs. The aggregate property management and construction supervision fees allocated to us by SIR for the period from January 1 to January 16, 2018 and the year ended December 31, 2017 were $230 and $4,244 , respectively. These amounts were calculated based upon gross collected rents and construction supervision services provided at or for our Initial Properties. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements. Under SIR’s management agreements with RMR LLC, SIR was generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf, including the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed. Our property level operating costs are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. The total of these property management related reimbursements paid to RMR LLC for costs incurred by RMR LLC related to our Initial Properties for the period from January 1 to January 16, 2018 and the year ended December 31, 2017 were $120 and $2,512 respectively. These amounts are included in other operating expenses in our consolidated financial statements for these periods. We also paid or reimbursed SIR for our allocated portion of certain insurance policies. The total of these insurance related reimbursements paid to SIR for costs for the period from January 1 to January 16, 2018 was $4 . See Note 10 for more information. See Notes 9 and 10 for more information regarding our relationships, agreements and transactions with RMR LLC and SIR.

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. Upon completion of our IPO on January 17, 2018, we entered two agreements with RMR LLC to provide management services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. See Notes 8 and 10 for more information regarding our relationship, agreements and transactions with RMR LLC prior to our IPO. Management Agreements with RMR LLC. Our management agreements with RMR LLC provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee . The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of: ◦ the sum of (i) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred Assets, which includes our Initial Properties we acquired from SIR, plus (ii) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000 , plus (iii) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000 ; and ◦ the sum of (i) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000 , plus (ii) 0.5% of our Average Market Capitalization exceeding $250,000 . The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. • Incentive Management Fee . The incentive management fee which may be earned by RMR LLC for an annual period is calculated as follows: ◦ An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0% of the product of: – if the relevant measurement period ends on or before December 31, 2020, $1,560,000 (our unadjusted equity market capitalization as calculated at our IPO) or, if the relevant measurement period ends thereafter, our equity market capitalization on the last trading day of the calendar year immediately prior to the relevant measurement period, and – the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. Effective as of January 1, 2019, we amended our business management agreement with RMR LLC so that the SNL U.S. Industrial REIT Index will be used for periods beginning on and after January 1, 2019, with the SNL U.S. REIT Equity Index used for periods ending on or prior to December 31, 2018. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) if the measurement period ends on or before December 31, 2020, $24.00 per common share (our unadjusted initial share price, as defined under the business management agreement, based on our IPO price of our common shares) or, if the measurement period ends after December 31, 2020, the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦ The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if additional common shares are issued or if we repurchase our common shares during the measurement period. ◦ No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦ The measurement periods are generally three year periods ending with the year for which the incentive management fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive fee for 2020 (the period beginning on January 12, 2018, the first day our common shares began trading, and ending on December 31, 2020), 2019 (the period beginning on January 12, 2018 and ending on December 31, 2019) and 2018 (the period beginning on January 12, 2018 and ending on December 31, 2018). ◦ If our total return per share exceeds 12.0% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index. ◦ The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. ◦ Incentive management fees we paid to RMR LLC for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR LLC and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $11,897 for the year ended December 31, 2019 and $7,269 for the period from January 17, 2018 through December 31, 2018. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income for the years ended December 31, 2019 and 2018. We did no t incur any incentive management fee pursuant to our business management agreement for the periods ended December 31, 2019 and 2018. • Property Management and Construction Supervision Fees . The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0% of construction costs. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $7,548 and $4,680 for the year ended December 31, 2019 and for the period from January 17, 2018 through December 31, 2018, respectively. These amounts are included in operating expenses in our consolidated statements of comprehensive income, or capitalized, as appropriate. • Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed. Our Audit Committee appoints our Director of Internal Audit and our Compensation Committee approves the costs of our internal audit function. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $4,269 and $2,908 for these expenses and costs for the year ended December 31, 2019 and for the period from January 17, 2018 through December 31, 2018, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, for these periods. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2039, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR LLC: (i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR LLC, as defined therein. RMR LLC has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR LLC for convenience, or if RMR LLC terminates one or both of our management agreements for good reason, we have agreed to pay RMR LLC a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR LLC for a performance reason, we have agreed to pay RMR LLC the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR LLC for cause or as a result of a change of control of RMR LLC. • Transition Services . RMR LLC has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR LLC, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors . Pursuant to our management agreements with RMR LLC, RMR LLC may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR LLC and other companies to which RMR LLC or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR LLC, we acknowledge that RMR LLC may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR LLC.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 2019
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR LLC, RMR Inc. and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR LLC is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc. and is a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR LLC. John Murray, our other Managing Trustee and President and Chief Executive Officer, also serves as an executive officer of RMR LLC, and each of our other officers is also an officer and employee of RMR LLC. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these public companies. Other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies. In addition, officers of RMR LLC and RMR Inc. serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services, including SIR prior to its merger into OPI’s subsidiary. Our Manager, RMR LLC. We have two agreements with RMR LLC to provide management services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations. See Note 9 for more information regarding our management agreements with RMR LLC. Share Awards to RMR LLC Employees . As described in Note 6, we award shares to our officers and other employees of RMR LLC annually. Generally, one fifth of these awards vest on the grant date and one fifth vests on each of the next four anniversaries of the grant dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR LLC. These awards to RMR LLC employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC. See Note 6 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligation on the vesting of share awards. SIR and OPI. Effective December 31, 2018, SIR merged with and into a wholly owned subsidiary of OPI. Adam Portnoy is also a managing trustee of OPI and was a managing trustee of SIR prior to its merger with OPI’s subsidiary. RMR LLC provided management services to SIR until its merger with OPI’s subsidiary and continues to provide management services to OPI and to us. On December 27, 2018, SIR distributed all 45,000,000 of our common shares that it owned to SIR’s shareholders of record on December 20, 2018. As a result of the merger, OPI succeeded to all of SIR’s rights and obligations, including with respect to SIR’s agreements with us. OPI and SIR owed to us $1,504 and $865 as of December 31, 2019 and 2018, respectively, for rents that they collected on our behalf from certain of our tenants as a result of SIR having previously owned those properties and being the landlord of those tenants prior to SIR having contributed those properties to us in connection with our IPO, and which were due to us. OPI paid these amounts due to us or collected on our behalf in January 2020 and 2019, respectively. AIC . Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR LLC provides management services owned AIC in equal amounts. Certain of our Trustees and certain trustees or directors of the other AIC shareholders served on the board of directors of AIC, until its dissolution. We (including, prior to our IPO, through SIR, as SIR’s subsidiary) and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC. SIR allocated to us the portion of the premiums for this insurance program, including taxes and fees, covering our Initial Properties, which allocations were $266 , $320 and $351 for the policy years ended June 30, 2019, 2018 and 2017, respectively. The policies under that program expired on June 30, 2019, and we and the other AIC shareholders elected not to renew the AIC property insurance program; we have instead purchased standalone property insurance coverage with unrelated third party insurance providers. On February 13, 2020, AIC was dissolved and in connection with its dissolution, we and each AIC shareholders received an initial liquidating distribution of $9,000 from AIC in December 2019. As of December 31, 2019 and 2018, our investment in AIC had a carrying value of $298 and $8,632 , respectively. This amount is included in other assets in our consolidated balance sheets. We recognized income related to our investment in AIC of $666 for the year ended December 31, 2019, which is presented as equity in earnings of an investee in our consolidated statement of comprehensive income. We did not recognize any income related to our investment in AIC for the year ended December 31, 2018. RMR LLC historically provided management and administrative services to AIC for a fee equal to 3.0% of the total premiums paid for insurance arranged by AIC. As a result of the property insurance program having been discontinued as of June 30, 2019, AIC has not incurred fees payable to RMR LLC since that time. Directors’ and Officers’ Liability Insurance. We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services participate in a combined directors’ and officers’ liability insurance policy. The current combined policy expires in September 2020. Prior to SIR’s distribution of our common shares to its shareholders, as a majority owned subsidiary of SIR, we were provided coverage under this policy and SIR allocated a portion of its cost of the policy to us. We paid $160 for the year ended December 31, 2019 for this insurance and the cost of this insurance SIR allocated to us was $90 and $116 for the years ended December 31, 2018, and 2017, respectively.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following is a summary of our unaudited quarterly results of operations for 2019 and 2018 : 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 45,987 $ 60,090 $ 60,958 $ 62,199 Net income $ 16,786 $ 13,116 $ 10,922 $ 11,674 Net income per common share—basic and diluted $ 0.26 $ 0.20 $ 0.17 $ 0.18 Common distributions declared $ 0.33 $ 0.33 $ 0.33 $ 0.33 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 40,605 $ 39,420 $ 40,431 $ 42,074 Net income $ 19,232 $ 18,726 $ 18,142 $ 18,288 Net income per common share—basic and diluted $ 0.31 $ 0.29 $ 0.28 $ 0.28 Common distributions declared $ — $ 0.27 $ 0.33 $ 0.33

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2019
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2019 (dollars in thousands) Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 1 4501 Industrial Drive Fort Smith AR Mainland Properties $ 900 $ 3,485 $ — $ 900 $ 3,485 $ 4,385 $ (428 ) 1/29/2015 2013 2 955 Aeroplaza Drive Colorado Springs CO Mainland Properties 800 7,412 39 800 7,451 8,251 (913 ) 1/29/2015 2012 3/4 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Properties 3,100 12,955 46 3,100 13,001 16,101 (1,632 ) 1/29/2015 1973 5 3870 Ronald Reagan Boulevard Johnstown CO Mainland Properties 2,780 9,722 — 2,780 9,722 12,502 (236 ) 4/9/2019 2007 6 150 Greenhorn Drive Pueblo CO Mainland Properties 200 4,177 — 200 4,177 4,377 (514 ) 1/29/2015 2013 7 2 Tower Drive Wallingford CT Mainland Properties 1,471 2,165 569 1,471 2,734 4,205 (727 ) 10/24/2006 1978 8 235 Great Pond Drive Windsor CT Mainland Properties 2,400 9,469 — 2,400 9,469 11,869 (1,756 ) 7/20/2012 2004 9 10450 Doral Boulevard Doral FL Mainland Properties 15,225 28,102 — 15,225 28,102 43,327 (1,406 ) 6/27/2018 1996 10 2100 NW 82nd Avenue Miami FL Mainland Properties 144 1,297 454 144 1,751 1,895 (797 ) 3/19/1998 1987 11 3350 Laurel Ridge Avenue Ruskin FL Mainland Properties (A) 8,351 99,771 — 8,351 99,771 108,122 (2,074 ) 4/9/2019 2014 12 1000 Mapunapuna Street Honolulu HI Hawaii Properties (B) 2,252 — — 2,252 — 2,252 — 12/5/2003 — 13 1001 Ahua Street Honolulu HI Hawaii Properties (B) 15,155 3,312 92 15,155 3,404 18,559 (1,354 ) 12/5/2003 — 14 1024 Kikowaena Place Honolulu HI Hawaii Properties (B) 1,818 — — 1,818 — 1,818 — 12/5/2003 — 15 1024 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,385 — — 1,385 — 1,385 — 12/5/2003 — 16 1027 Kikowaena Place Honolulu HI Hawaii Properties (B) 5,444 — — 5,444 — 5,444 — 12/5/2003 — 17 1030 Mapunapuna Street Honolulu HI Hawaii Properties (B) 5,655 — — 5,655 — 5,655 — 12/5/2003 — 18 1038 Kikowaena Place Honolulu HI Hawaii Properties (B) 2,576 — — 2,576 — 2,576 — 12/5/2003 — 19 1045 Mapunapuna Street Honolulu HI Hawaii Properties (B) 819 — — 819 — 819 — 12/5/2003 — 20 1050 Kikowaena Place Honolulu HI Hawaii Properties (B) 1,404 873 — 1,404 873 2,277 (350 ) 12/5/2003 — 21 1052 Ahua Street Honolulu HI Hawaii Properties (B) 1,703 — 240 1,703 240 1,943 (85 ) 12/5/2003 — 22 1055 Ahua Street Honolulu HI Hawaii Properties (B) 1,216 — — 1,216 — 1,216 — 12/5/2003 — 23 106 Puuhale Road Honolulu HI Hawaii Properties (B) 1,113 — 275 1,114 274 1,388 (66 ) 12/5/2003 1966 24 1062 Kikowaena Place Honolulu HI Hawaii Properties (B) 1,049 598 — 1,049 598 1,647 (240 ) 12/5/2003 — 25 1122 Mapunapuna Street Honolulu HI Hawaii Properties (B) 5,781 — — 5,781 — 5,781 — 12/5/2003 — 26 113 Puuhale Road Honolulu HI Hawaii Properties (B) 3,729 — — 3,729 — 3,729 — 12/5/2003 — 27 1150 Kikowaena Place Honolulu HI Hawaii Properties (B) 2,445 — — 2,445 — 2,445 — 12/5/2003 — 28 120 Mokauea Street Honolulu HI Hawaii Properties (B) 1,953 — 943 1,953 943 2,896 (127 ) 12/5/2003 1970 29 120 Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,132 11,307 1,423 1,130 12,732 13,862 (4,638 ) 11/23/2004 2004 30 120B Mokauea Street Honolulu HI Hawaii Properties (B) 1,953 — — 1,953 — 1,953 — 12/5/2003 1970 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 31 125 Puuhale Road Honolulu HI Hawaii Properties (B) 1,630 — — 1,630 — 1,630 — 12/5/2003 — 32 125B Puuhale Road Honolulu HI Hawaii Properties (B) 2,815 — — 2,815 — 2,815 — 12/5/2003 — 33 1330 Pali Highway Honolulu HI Hawaii Properties (B) 1,423 — — 1,423 — 1,423 — 12/5/2003 — 34 1360 Pali Highway Honolulu HI Hawaii Properties (B) 9,170 — 161 9,170 161 9,331 (114 ) 12/5/2003 — 35 140 Puuhale Road Honolulu HI Hawaii Properties (B) 1,100 — — 1,100 — 1,100 — 12/5/2003 — 36 142 Mokauea Street Honolulu HI Hawaii Properties (B) 2,182 — 1,537 2,182 1,537 3,719 (401 ) 12/5/2003 1972 37 148 Mokauea Street Honolulu HI Hawaii Properties (B) 3,476 — — 3,476 — 3,476 — 12/5/2003 — 38 150 Puuhale Road Honolulu HI Hawaii Properties (B) 4,887 — — 4,887 — 4,887 — 12/5/2003 — 39 151 Puuhale Road Honolulu HI Hawaii Properties (B) 1,956 — — 1,956 — 1,956 — 12/5/2003 — 40 158 Sand Island Access Road Honolulu HI Hawaii Properties (B) 2,488 — — 2,488 — 2,488 — 12/5/2003 — 41 165 Sand Island Access Road Honolulu HI Hawaii Properties (B) 758 — — 758 — 758 — 12/5/2003 — 42 179 Sand Island Access Road Honolulu HI Hawaii Properties (B) 2,480 — — 2,480 — 2,480 — 12/5/2003 — 43 180 Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,655 — — 1,655 — 1,655 — 12/5/2003 — 44 1926 Auiki Street Honolulu HI Hawaii Properties (B) 2,872 — 1,724 2,874 1,722 4,596 (518 ) 12/5/2003 1959 45 1931 Kahai Street Honolulu HI Hawaii Properties (B) 3,779 — — 3,779 — 3,779 — 12/5/2003 — 46 197 Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,238 — — 1,238 — 1,238 — 12/5/2003 — 47 2001 Kahai Street Honolulu HI Hawaii Properties (B) 1,091 — — 1,091 — 1,091 — 12/5/2003 — 48 2019 Kahai Street Honolulu HI Hawaii Properties (B) 1,377 — — 1,377 — 1,377 — 12/5/2003 — 49 2020 Auiki Street Honolulu HI Hawaii Properties (B) 2,385 — — 2,385 — 2,385 — 12/5/2003 — 50 204 Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,689 — — 1,689 — 1,689 — 12/5/2003 — 51 207 Puuhale Road Honolulu HI Hawaii Properties (B) 2,024 — — 2,024 — 2,024 — 12/5/2003 — 52 2103 Kaliawa Street Honolulu HI Hawaii Properties (B) 3,212 — — 3,212 — 3,212 — 12/5/2003 — 53 2106 Kaliawa Street Honolulu HI Hawaii Properties (B) 1,568 — 169 1,568 169 1,737 (78 ) 12/5/2003 — 54 2110 Auiki Street Honolulu HI Hawaii Properties (B) 837 — — 837 — 837 — 12/5/2003 — 55 212 Mohonua Place Honolulu HI Hawaii Properties (B) 1,067 — — 1,067 — 1,067 — 12/5/2003 — 56 2122 Kaliawa Street Honolulu HI Hawaii Properties (B) 1,365 — — 1,365 — 1,365 — 12/5/2003 — 57 2127 Auiki Street Honolulu HI Hawaii Properties (B) 2,906 — 97 2,906 97 3,003 (55 ) 12/5/2003 — 58 2135 Auiki Street Honolulu HI Hawaii Properties (B) 825 — — 825 — 825 — 12/5/2003 — 59 2139 Kaliawa Street Honolulu HI Hawaii Properties (B) 885 — — 885 — 885 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 60 214 Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,864 — 540 1,864 540 2,404 (67 ) 12/5/2003 1981 61 2140 Kaliawa Street Honolulu HI Hawaii Properties (B) 931 — — 931 — 931 — 12/5/2003 — 62 2144 Auiki Street Honolulu HI Hawaii Properties (B) 2,640 — 7,160 2,640 7,160 9,800 (2,285 ) 12/5/2003 1953 63 215 Puuhale Road Honolulu HI Hawaii Properties (B) 2,117 — — 2,117 — 2,117 — 12/5/2003 — 64 218 Mohonua Place Honolulu HI Hawaii Properties (B) 1,741 — — 1,741 — 1,741 — 12/5/2003 — 65 220 Puuhale Road Honolulu HI Hawaii Properties (B) 2,619 — — 2,619 — 2,619 — 12/5/2003 — 66 2250 Pahounui Drive Honolulu HI Hawaii Properties (B) 3,862 — — 3,862 — 3,862 — 12/5/2003 — 67 2264 Pahounui Drive Honolulu HI Hawaii Properties (B) 1,632 — — 1,632 — 1,632 — 12/5/2003 — 68 2276 Pahounui Drive Honolulu HI Hawaii Properties (B) 1,619 — — 1,619 — 1,619 — 12/5/2003 — 69 228 Mohonua Place Honolulu HI Hawaii Properties (B) 1,865 — — 1,865 — 1,865 — 12/5/2003 — 70 2308 Pahounui Drive Honolulu HI Hawaii Properties (B) 3,314 — — 3,314 — 3,314 — 12/5/2003 — 71 231 Sand Island Access Road Honolulu HI Hawaii Properties (B) 752 — — 752 — 752 — 12/5/2003 — 72 231B Sand Island Access Road Honolulu HI Hawaii Properties (B) 1,539 — — 1,539 — 1,539 — 12/5/2003 — 73 2344 Pahounui Drive Honolulu HI Hawaii Properties (B) 6,709 — — 6,709 — 6,709 — 12/5/2003 — 74 238 Sand Island Access Road Honolulu HI Hawaii Properties (B) 2,273 — — 2,273 — 2,273 — 12/5/2003 — 75 2635 Waiwai Loop A Honolulu HI Hawaii Properties (B) 934 350 683 934 1,033 1,967 (188 ) 12/5/2003 — 76 2635 Waiwai Loop B Honolulu HI Hawaii Properties (B) 1,177 105 683 1,177 788 1,965 (89 ) 12/5/2003 — 77 2760 Kam Highway Honolulu HI Hawaii Properties (B) 703 — 170 703 170 873 — 12/5/2003 — 78 2804 Kilihau Street Honolulu HI Hawaii Properties (B) 1,775 2 — 1,775 2 1,777 (2 ) 12/5/2003 — 79 2806 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 80 2808 Kam Highway Honolulu HI Hawaii Properties (B) 310 — — 310 — 310 — 12/5/2003 — 81 2809 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,837 — — 1,837 — 1,837 — 12/5/2003 — 82 2810 Paa Street Honolulu HI Hawaii Properties (B) 3,340 — — 3,340 — 3,340 — 12/5/2003 — 83 2810 Pukoloa Street Honolulu HI Hawaii Properties (B) 27,699 — — 27,699 — 27,699 — 12/5/2003 — 84 2812 Awaawaloa Street Honolulu HI Hawaii Properties (B) 1,801 3 — 1,801 3 1,804 (2 ) 12/5/2003 — 85 2814 Kilihau Street Honolulu HI Hawaii Properties (B) 1,925 — — 1,925 — 1,925 — 12/5/2003 — 86 2815 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,818 — 5 1,818 5 1,823 (2 ) 12/5/2003 — 87 2815 Kilihau Street Honolulu HI Hawaii Properties (B) 287 — — 287 — 287 — 12/5/2003 — 88 2816 Awaawaloa Street Honolulu HI Hawaii Properties (B) 1,009 27 — 1,009 27 1,036 (11 ) 12/5/2003 — 89 2819 Mokumoa Street - A Honolulu HI Hawaii Properties (B) 1,821 — — 1,821 — 1,821 — 12/5/2003 — 90 2819 Mokumoa Street - B Honolulu HI Hawaii Properties (B) 1,816 — — 1,816 — 1,816 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 91 2819 Pukoloa Street Honolulu HI Hawaii Properties (B) 2,090 — 33 2,090 33 2,123 (9 ) 12/5/2003 — 92 2821 Kilihau Street Honolulu HI Hawaii Properties (B) 287 — — 287 — 287 — 12/5/2003 — 93 2826 Kaihikapu Street Honolulu HI Hawaii Properties (B) 3,921 — — 3,921 — 3,921 — 12/5/2003 — 94 2827 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 95 2828 Paa Street Honolulu HI Hawaii Properties (B) 12,448 — — 12,448 — 12,448 — 12/5/2003 — 96 2829 Awaawaloa Street Honolulu HI Hawaii Properties (B) 1,720 2 — 1,720 2 1,722 (2 ) 12/5/2003 — 97 2829 Kilihau Street Honolulu HI Hawaii Properties (B) 287 — — 287 — 287 — 12/5/2003 — 98 2829 Pukoloa Street Honolulu HI Hawaii Properties (B) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 99 2830 Mokumoa Street Honolulu HI Hawaii Properties (B) 2,146 — — 2,146 — 2,146 — 12/5/2003 — 100 2831 Awaawaloa Street Honolulu HI Hawaii Properties (B) 860 — — 860 — 860 — 12/5/2003 — 101 2831 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,272 529 56 1,272 585 1,857 (234 ) 12/5/2003 — 102 2833 Kilihau Street Honolulu HI Hawaii Properties (B) 601 — — 601 — 601 — 12/5/2003 — 103 2833 Paa Street Honolulu HI Hawaii Properties (B) 1,701 — — 1,701 — 1,701 — 12/5/2003 — 104 2833 Paa Street #2 Honolulu HI Hawaii Properties (B) 1,675 — — 1,675 — 1,675 — 12/5/2003 — 105 2836 Awaawaloa Street Honolulu HI Hawaii Properties (B) 1,353 — — 1,353 — 1,353 — 12/5/2003 — 106 2838 Kilihau Street Honolulu HI Hawaii Properties (B) 4,262 — — 4,262 — 4,262 — 12/5/2003 — 107 2839 Kilihau Street Honolulu HI Hawaii Properties (B) 627 — — 627 — 627 — 12/5/2003 — 108 2839 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,942 — — 1,942 — 1,942 — 12/5/2003 — 109 2840 Mokumoa Street Honolulu HI Hawaii Properties (B) 2,149 — — 2,149 — 2,149 — 12/5/2003 — 110 2841 Pukoloa Street Honolulu HI Hawaii Properties (B) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 111 2844 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,960 14 — 1,960 14 1,974 (12 ) 12/5/2003 — 112 2846-A Awaawaloa Street Honolulu HI Hawaii Properties (B) 2,181 954 — 2,181 954 3,135 (383 ) 12/5/2003 — 113 2847 Awaawaloa Street Honolulu HI Hawaii Properties (B) 582 303 — 582 303 885 (121 ) 12/5/2003 — 114 2849 Kaihikapu Street Honolulu HI Hawaii Properties (B) 860 — — 860 — 860 — 12/5/2003 — 115 2850 Awaawaloa Street Honolulu HI Hawaii Properties (B) 287 172 — 286 173 459 (69 ) 12/5/2003 — 116 2850 Mokumoa Street Honolulu HI Hawaii Properties (B) 2,143 — — 2,143 — 2,143 — 12/5/2003 — 117 2850 Paa Street Honolulu HI Hawaii Properties (B) 22,827 — — 22,827 — 22,827 — 12/5/2003 — 118 2855 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 119 2855 Pukoloa Street Honolulu HI Hawaii Properties (B) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 120 2857 Awaawaloa Street Honolulu HI Hawaii Properties (B) 983 — — 983 — 983 — 12/5/2003 — 121 2858 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 122 2861 Mokumoa Street Honolulu HI Hawaii Properties (B) 3,867 — — 3,867 — 3,867 — 12/5/2003 — 123 2864 Awaawaloa Street Honolulu HI Hawaii Properties (B) 1,836 — 6 1,836 6 1,842 (4 ) 12/5/2003 — 124 2864 Mokumoa Street Honolulu HI Hawaii Properties (B) 2,092 — — 2,092 — 2,092 — 12/5/2003 — 125 2865 Pukoloa Street Honolulu HI Hawaii Properties (B) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 126 2868 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 127 2869 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,794 — — 1,794 — 1,794 — 12/5/2003 — 128 2875 Paa Street Honolulu HI Hawaii Properties (B) 1,330 — — 1,330 — 1,330 — 12/5/2003 — 129 2879 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,789 — — 1,789 — 1,789 — 12/5/2003 — 130 2879 Paa Street Honolulu HI Hawaii Properties (B) 1,691 — 44 1,691 44 1,735 (12 ) 12/5/2003 — 131 2886 Paa Street Honolulu HI Hawaii Properties (B) 2,205 — — 2,205 — 2,205 — 12/5/2003 — 132 2889 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,783 5 (5 ) 1,783 — 1,783 — 12/5/2003 — 133 2906 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,814 2 — 1,814 2 1,816 (1 ) 12/5/2003 — 134 2908 Kaihikapu Street Honolulu HI Hawaii Properties (B) 1,798 23 (11 ) 1,798 12 1,810 (2 ) 12/5/2003 — 135 2915 Kaihikapu Street Honolulu HI Hawaii Properties (B) 2,579 — — 2,579 — 2,579 — 12/5/2003 — 136 2927 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,778 — — 1,778 — 1,778 — 12/5/2003 — 137 2928 Kaihikapu Street - A Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 138 2928 Kaihikapu Street - B Honolulu HI Hawaii Properties (B) 1,948 — — 1,948 — 1,948 — 12/5/2003 — 139 2960 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,977 — — 1,977 — 1,977 — 12/5/2003 — 140 2965 Mokumoa Street Honolulu HI Hawaii Properties (B) 2,140 — — 2,140 — 2,140 — 12/5/2003 — 141 2969 Mapunapuna Street Honolulu HI Hawaii Properties (B) 4,038 15 — 4,038 15 4,053 (9 ) 12/5/2003 — 142 2970 Mokumoa Street Honolulu HI Hawaii Properties (B) 1,722 — — 1,722 — 1,722 — 12/5/2003 — 143 33 S. Vineyard Boulevard Honolulu HI Hawaii Properties (B) 844 — — 844 — 844 — 12/5/2003 — 144 525 N. King Street Honolulu HI Hawaii Properties (B) 1,342 — — 1,342 — 1,342 — 12/5/2003 — 145 609 Ahua Street Honolulu HI Hawaii Properties (B) 616 — 8 616 8 624 (8 ) 12/5/2003 — 146 619 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,401 2 12 1,401 14 1,415 (2 ) 12/5/2003 — 147 645 Ahua Street Honolulu HI Hawaii Properties (B) 882 — — 882 — 882 — 12/5/2003 — 148 659 Ahua Street Honolulu HI Hawaii Properties (B) 860 20 — 860 20 880 (17 ) 12/5/2003 — 149 659 Puuloa Road Honolulu HI Hawaii Properties (B) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 150 660 Ahua Street Honolulu HI Hawaii Properties (B) 1,783 4 — 1,783 4 1,787 (3 ) 12/5/2003 — 151 667 Puuloa Road Honolulu HI Hawaii Properties (B) 860 2 — 860 2 862 (2 ) 12/5/2003 — 152 669 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 14 62 1,801 76 1,877 (22 ) 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 153 673 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 154 675 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,081 — — 1,081 — 1,081 — 12/5/2003 — 155 679 Puuloa Road Honolulu HI Hawaii Properties (B) 1,807 3 — 1,807 3 1,810 (3 ) 12/5/2003 — 156 685 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 157 673 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,801 20 — 1,801 20 1,821 (17 ) 12/5/2003 — 158 692 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,796 2 — 1,798 — 1,798 — 12/5/2003 — 159 697 Ahua Street Honolulu HI Hawaii Properties (B) 994 811 — 994 811 1,805 (327 ) 12/5/2003 — 160 702 Ahua Street Honolulu HI Hawaii Properties (B) 1,784 3 — 1,783 4 1,787 (3 ) 12/5/2003 — 161 704 Mapunapuna Street Honolulu HI Hawaii Properties (B) 2,390 685 — 2,390 685 3,075 (275 ) 12/5/2003 — 162 709 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 163 719 Ahua Street Honolulu HI Hawaii Properties (B) 1,960 — — 1,960 — 1,960 — 12/5/2003 — 164 729 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 165 733 Mapunapuna Street Honolulu HI Hawaii Properties (B) 3,403 — — 3,403 — 3,403 — 12/5/2003 — 166 739 Ahua Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 167 759 Puuloa Road Honolulu HI Hawaii Properties (B) 1,766 3 — 1,766 3 1,769 (3 ) 12/5/2003 — 168 761 Ahua Street Honolulu HI Hawaii Properties (B) 3,757 2 — 3,757 2 3,759 (1 ) 12/5/2003 — 169 766 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 170 770 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 171 789 Mapunapuna Street Honolulu HI Hawaii Properties (B) 2,608 3 — 2,608 3 2,611 (3 ) 12/5/2003 — 172 80 Sand Island Access Road Honolulu HI Hawaii Properties (B) 7,972 — — 7,972 — 7,972 — 12/5/2003 — 173 803 Ahua Street Honolulu HI Hawaii Properties (B) 3,804 — — 3,804 — 3,804 — 12/5/2003 — 174 808 Ahua Street Honolulu HI Hawaii Properties (B) 3,279 — — 3,279 — 3,279 — 12/5/2003 — 175 812 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,960 25 628 2,613 — 2,613 — 12/5/2003 — 176 819 Ahua Street Honolulu HI Hawaii Properties (B) 4,821 583 30 4,821 613 5,434 (245 ) 12/5/2003 — 177 822 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,795 15 — 1,795 15 1,810 (13 ) 12/5/2003 — 178 830 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,801 25 — 1,801 25 1,826 (21 ) 12/5/2003 — 179 841 Mapunapuna Street Honolulu HI Hawaii Properties (B) 3,265 — — 3,265 — 3,265 — 12/5/2003 — 180 842 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,795 14 — 1,795 14 1,809 (12 ) 12/5/2003 — 181 846 Ala Lilikoi Boulevard B Honolulu HI Hawaii Properties (B) 234 — — 234 — 234 — 12/5/2003 — 182 848 Ala Lilikoi Boulevard A Honolulu HI Hawaii Properties (B) 9,426 — — 9,426 — 9,426 — 12/5/2003 — 183 850 Ahua Street Honolulu HI Hawaii Properties (B) 2,682 2 — 2,682 2 2,684 (2 ) 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 184 852 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 185 855 Ahua Street Honolulu HI Hawaii Properties (B) 1,834 — — 1,834 — 1,834 — 12/5/2003 — 186 865 Ahua Street Honolulu HI Hawaii Properties (B) 1,846 — — 1,846 — 1,846 — 12/5/2003 — 187 889 Ahua Street Honolulu HI Hawaii Properties (B) 5,888 315 — 5,888 315 6,203 (56 ) 11/21/2012 — 188 905 Ahua Street Honolulu HI Hawaii Properties (B) 1,148 — — 1,148 — 1,148 — 12/5/2003 — 189 918 Ahua Street Honolulu HI Hawaii Properties (B) 3,820 — — 3,820 — 3,820 — 12/5/2003 — 190 930 Mapunapuna Street Honolulu HI Hawaii Properties (B) 3,654 — — 3,654 — 3,654 — 12/5/2003 — 191 944 Ahua Street Honolulu HI Hawaii Properties (B) 1,219 — — 1,219 — 1,219 — 12/5/2003 — 192 949 Mapunapuna Street Honolulu HI Hawaii Properties (B) 11,568 — — 11,568 — 11,568 — 12/5/2003 — 193 950 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,724 — — 1,724 — 1,724 — 12/5/2003 — 194 960 Ahua Street Honolulu HI Hawaii Properties (B) 614 — — 614 — 614 — 12/5/2003 — 195 960 Mapunapuna Street Honolulu HI Hawaii Properties (B) 1,933 — — 1,933 — 1,933 — 12/5/2003 — 196 970 Ahua Street Honolulu HI Hawaii Properties (B) 817 — — 817 — 817 — 12/5/2003 — 197 91-027 Kaomi Loop Kapolei HI Hawaii Properties 2,667 — — 2,667 — 2,667 — 6/15/2005 — 198 91-064 Kaomi Loop Kapolei HI Hawaii Properties 1,826 — — 1,826 — 1,826 — 6/15/2005 — 199 91-080 Hanua Kapolei HI Hawaii Properties 2,187 — — 2,187 — 2,187 — 6/15/2005 — 200 91-083 Hanua Kapolei HI Hawaii Properties 716 — — 716 — 716 — 6/15/2005 — 201 91-086 Kaomi Loop Kapolei HI Hawaii Properties 13,884 — — 13,884 — 13,884 — 6/15/2005 — 202 91-087 Hanua Kapolei HI Hawaii Properties 381 — — 381 — 381 — 6/15/2005 — 203 91-091 Hanua Kapolei HI Hawaii Properties 552 — — 552 — 552 — 6/15/2005 — 204 91-102 Kaomi Loop Kapolei HI Hawaii Properties 1,599 — — 1,599 — 1,599 — 6/15/2005 — 205 91-110 Kaomi Loop Kapolei HI Hawaii Properties 1,293 — — 1,293 — 1,293 — 6/15/2005 — 206 91-119 Olai Kapolei HI Hawaii Properties 1,981 — — 1,981 — 1,981 — 6/15/2005 — 207 91-141 Kalaeloa Kapolei HI Hawaii Properties 11,624 — — 11,624 — 11,624 — 6/15/2005 — 208 91-150 Kaomi Loop Kapolei HI Hawaii Properties 3,159 — — 3,159 — 3,159 — 6/15/2005 — 209 91-171 Olai Kapolei HI Hawaii Properties 218 — 47 218 47 265 (35 ) 6/15/2005 — 210 91-174 Olai Kapolei HI Hawaii Properties 962 — 47 962 47 1,009 (19 ) 6/15/2005 — 211 91-175 Olai Kapolei HI Hawaii Properties 1,243 — 43 1,243 43 1,286 (20 ) 6/15/2005 — 212 91-185 Kalaeloa Kapolei HI Hawaii Properties 1,761 — — 1,761 — 1,761 — 6/15/2005 — 213 91-202 Kalaeloa Kapolei HI Hawaii Properties 1,722 — 326 1,722 326 2,048 (53 ) 6/15/2005 1964 214 91-210 Kauhi Kapolei HI Hawaii Properties 567 — — 567 — 567 — 6/15/2005 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 215 91-210 Olai Kapolei HI Hawaii Properties 706 — — 706 — 706 — 6/15/2005 — 216 91-218 Olai Kapolei HI Hawaii Properties 1,622 — 61 1,622 61 1,683 (22 ) 6/15/2005 — 217 91-220 Kalaeloa Kapolei HI Hawaii Properties 242 1,457 172 242 1,629 1,871 (582 ) 6/15/2005 1991 218 91-222 Olai Kapolei HI Hawaii Properties 2,035 — — 2,035 — 2,035 — 6/15/2005 — 219 91-238 Kauhi Kapolei HI Hawaii Properties 1,390 — 9,259 1,390 9,259 10,649 (2,840 ) 6/15/2005 1981 220 91-241 Kalaeloa Kapolei HI Hawaii Properties 426 3,983 886 426 4,869 5,295 (1,707 ) 6/15/2005 1990 221 91-250 Komohana Kapolei HI Hawaii Properties 1,506 — — 1,506 — 1,506 — 6/15/2005 — 222 91-252 Kauhi Kapolei HI Hawaii Properties 536 — — 536 — 536 — 6/15/2005 — 223 91-255 Hanua Kapolei HI Hawaii Properties 1,230 — 16 1,230 16 1,246 (3 ) 6/15/2005 — 224 91-259 Olai Kapolei HI Hawaii Properties 2,944 — — 2,944 — 2,944 — 6/15/2005 — 225 91-265 Hanua Kapolei HI Hawaii Properties 1,569 — — 1,569 — 1,569 — 6/15/2005 — 226 91-300 Hanua Kapolei HI Hawaii Properties 1,381 — — 1,381 — 1,381 — 6/15/2005 1994 227 91-329 Kauhi Kapolei HI Hawaii Properties 294 2,297 2,489 294 4,786 5,080 (1,537 ) 6/15/2005 1980 228 91-349 Kauhi Kapolei HI Hawaii Properties 649 — — 649 — 649 — 6/15/2005 — 229 91-399 Kauhi Kapolei HI Hawaii Properties 27,405 — — 27,405 — 27,405 — 6/15/2005 — 230 91-400 Komohana Kapolei HI Hawaii Properties 1,494 — — 1,494 — 1,494 — 6/15/2005 — 231 91-410 Komohana Kapolei HI Hawaii Properties 418 — 12 418 12 430 (2 ) 6/15/2005 — 232 91-416 Komohana Kapolei HI Hawaii Properties 713 — 11 713 11 724 (2 ) 6/15/2005 — 233 AES HI Easement Kapolei HI Hawaii Properties 1,250 — — 1,250 — 1,250 — 6/15/2005 — 234 Other Easements & Lots Kapolei HI Hawaii Properties 358 — 1,395 358 1,395 1,753 (435 ) 6/15/2005 — 235 Tesaro 967 Easement Kapolei HI Hawaii Properties 6,593 — — 6,593 — 6,593 — 6/15/2005 — 236 Texaco Easement Kapolei HI Hawaii Properties 2,657 — (4 ) 2,653 — 2,653 — 6/15/2005 — 237 94-240 Pupuole Street Waipahu HI Hawaii Properties (B) 717 — — 717 — 717 — 12/5/2003 — 238 5500 SE Delaware Avenue Ankeny IA Mainland Properties (C) 2,707 16,994 13,507 2,707 30,501 33,208 (2,122 ) 1/29/2015 2012 239 951 Trails Road Eldridge IA Mainland Properties 470 7,480 1,024 470 8,504 8,974 (2,589 ) 4/2/2007 1994 240 3425 Maple Drive Fort Dodge IA Mainland Properties 100 2,000 — 100 2,000 2,100 (41 ) 4/9/2019 2014 241 2300 North 33rd Avenue East Newton IA Mainland Properties 500 13,236 395 500 13,631 14,131 (3,941 ) 9/29/2008 2008 242 7121 South Fifth Avenue Pocatello ID Mainland Properties 400 4,201 422 400 4,623 5,023 (528 ) 1/29/2015 2007 243 1230 West 171st Street Harvey IL Mainland Properties 800 1,673 — 800 1,673 2,473 (206 ) 1/29/2015 2004 244 5156 American Road Rockford IL Mainland Properties 400 1,529 182 400 1,711 2,111 (201 ) 1/29/2015 1996 245 3201 Bearing Drive Franklin IN Mainland Properties 1,100 15,403 — 1,100 15,403 16,503 (376 ) 4/9/2019 1973 246 2482 Century Drive Goshen IN Mainland Properties 840 9,061 — 840 9,061 9,901 (188 ) 4/9/2019 2005 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period(4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total(2) Depreciation(3) Acquired Date 247 6825 West County Road 400 North Greenfield IN Mainland Properties 918 14,300 168 918 14,468 15,386 (361 ) 2/14/2019 2008 248 900 Commerce Parkway West Drive Greenwood IN Mainland Properties 1,483 16,253 — 1,483 16,253 17,736 (409 ) 2/14/2019 2007 249 9347 E Pendleton Pike Lawrence IN Mainland Properties 3,763 34,877 — 3,763 34,877 38,640 (876 ) 2/14/2019 2009 250 945 Monument Drive Lebanon IN Mainland Properties (C) 4,210 42,795 — 4,210 42,795 47,005 (890 ) 4/9/2019 2014 251 2801 Airwest Boulevard Plainfield IN Mainland Properties (C) 5,296 35,073 — 5,296 35,073 40,369 (1,029 ) 2/14/2019 2001 252 2150 Stanley Road Plainfield IN Mainland Properties (C) 2,817 24,836 231 2,817 25,067 27,884 (536 ) 4/2/2019 2007 253 4237-4255 Anson Boulevard Whitestown IN Mainland Properties (C) 3,710 61,706 734 3,710 62,440 66,150 (1,589 ) 2/14/2019 2006 254 1985 International Way Hebron KY Mainland Properties 1,453 8,546 449 1,453 8,995 10,448 (260 ) 2/14/2019 1997 255 20 Logistics Boulevard Walton KY Mainland Properties (C) 2,916 35,056 6 2,916 35,062 37,978 (882 ) 2/14/2019 2006 256 17200 Manchac Park Lane Baton Rouge LA Mainland Properties 1,700 8,860 — 1,700 8,860 10,560 (1,089 ) 1/29/2015 2014 257 209 South Bud Street Lafayette LA Mainland Properties 700 4,549 9 700 4,558 5,258 (561 ) 1/29/2015 2010 258 4000 Principio Parkway North East MD Mainland Properties 4,200 71,518 800 4,200 72,318 76,518 (8,828 ) 1/29/2015 2012 259 16101 Queens Court Upper Marlboro MD Mainland Properties (C) 5,296 21,833 — 5,296 21,833 27,129 (682 ) 9/28/2018 2016 260 3800 Midlink Drive Kalamazoo MI Mainland Properties 2,630 40,599 — 2,630 40,599 43,229 (4,991 ) 1/29/2015 2014 261 2401 Cram Avenue SE Bemidji MN Mainland Properties 100 2,137 — 100 2,137 2,237 (263 ) 1/29/2015 2013 262 10100 89th Avenue N Maple Grove MN Mainland Properties 3,469 21,284 — 3,469 21,284 24,753 (697 ) 10/16/2018 2015 263 110 Stanbury Industrial Drive Brookfield MO Mainland Properties 200 1,859 — 200 1,859 2,059 (229 ) 1/29/2015 2012 264 3502 Enterprise Avenue Joplin MO Mainland Properties 1,380 12,121 — 1,380 12,121 13,501 (251 ) 4/9/2019 2014 265 5501 Providence Hill Drive St. Joseph MO Mainland Properties 400 3,500 24 400 3,524 3,924 (73 ) 4/9/2019 2014 266 5148 North Hanley Road St. Louis MO Mainland Properties (C) 4,861 62,147 — 4,861 62,147 67,008 (1,293 ) 4/9/2019 2015 267 628 Patton Avenue Asheville NC Mainland Properties 500 1,514 — 500 1,514 2,014 (186 ) 1/29/2015 1987 268 3900 NE 6th Street Minot ND Mainland Properties 700 3,223 — 700 3,223 3,923 (396 ) 1/29/2015 2013 269 1415 West Commerce Way Lincoln NE Mainland Properties 2,200 8,518 — 2,200 8,518 10,718 (1,047 ) 1/29/2015 1971 270 52 Pettengill Road Londonderry NH Mainland Properties 5,871 43,335 — 5,871 43,335 49,206 (901 ) 4/9/2019 2015 271 309 Dulty's Lane Burlington NJ Mainland Properties 1,600 51,400 — 1,600 51,400 53,000 (6,319 ) 1/29/2015 2001 272 725 Darlington Avenue Mahwah NJ Mainland Properties 8,492 9,451 1,265 8,492 10,716 19,208 (1,487 ) 4/9/2014 1999 273 2375 East Newlands Road Fernley NV Mainland Properties 1,100 17,314 286 1,100 17,600 18,700 (2,179 ) 1/29/2015 2007 274 7000 West Post Road Las Vegas NV Mainland Properties 4,230 13,472 93 4,230 13,565 17,795 (327 ) 4/9/2019 2010 275 55 Commerce Avenue Albany NY Mainland Properties 1,000 10,105 179 1,000 10,284 11,284 (1,274 ) 1/29/2015 2013 276 158 West Yard Road Feura Bush NY Mainland Properties 1,870 7,931 — 1,870 7,931 9,801 (288 ) 4/9/2019 1989 277 32150 Just Imagine Drive Avon OH Mainland Properties 2,200 23,280 — 2,200 23,280 25,480 (6,160 ) 5/29/2009 1996 278 1415 Industrial Drive Chillicothe OH Mainland Properties 1,200 3,265 — 1,200 3,265 4,465 (401 ) 1/29/2015 2012 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings and Subsequent to Buildings and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 279/280/281 1580, 1590 & 1600 Williams Road Columbus OH Mainland Properties 2,060 29,143 — 2,058 29,145 31,203 (707 ) 4/9/2019 1992 282 5300 Centerpoint Parkway Groveport OH Mainland Properties 2,700 29,863 — 2,700 29,863 32,563 (3,671 ) 1/29/2015 2014 283 200 Orange Point Drive Lewis Center OH Mainland Properties 1,300 8,613 162 1,300 8,775 10,075 (1,080 ) 1/29/2015 2013 284/285 2353 & 2373 Global Drive Obetz OH Mainland Properties 2,393 27,363 6 2,393 27,369 29,762 (278 ) 8/23/2019 2018 286 301 Commerce Drive South Point OH Mainland Properties 600 4,530 — 600 4,530 5,130 (557 ) 1/29/2015 2013 287 1800 Union Airpark Boulevard Union OH Mainland Properties (C) 4,541 79,469 23 4,541 79,492 84,033 (1,652 ) 4/9/2019 2014 288 2820 State Highway 31 McAlester OK Mainland Properties 581 2,237 4,582 581 6,819 7,400 (537 ) 1/29/2015 2012 289 5 Logistics Drive Carlisle PA Mainland Properties (C) 3,299 15,515 58 3,299 15,573 18,872 (487 ) 9/20/2018 2016 290 1990 Hood Road Greer SC Mainland Properties 400 10,702 — 400 10,702 11,102 (223 ) 4/9/2019 2015 291 996 Paragon Way Rock Hill SC Mainland Properties 2,600 35,920 — 2,600 35,920 38,520 (4,415 ) 1/29/2015 2014 292 700 Marine Drive Rock Hill SC Mainland Properties 820 8,381 661 820 9,042 9,862 (203 ) 4/9/2019 1986 293 510 John Dodd Road Spartanburg SC Mainland Properties 3,300 57,998 347 3,300 58,345 61,645 (7,141 ) 1/29/2015 2012 294 5001 West Delbridge Street Sioux Falls SD Mainland Properties 2,570 14,832 — 2,570 14,832 17,402 (308 ) 4/9/2019 2016 295 4836 Hickory Hill Road Memphis TN Mainland Properties 1,402 10,769 868 1,402 11,637 13,039 (1,443 ) 12/23/2014 1984 296 2020 Joe B. Jackson Parkway Murfreesboro TN Mainland Properties 7,500 55,259 — 7,500 55,259 62,759 (6,792 ) 1/29/2015 2012 297 1095 South 4800 West Salt Lake City UT Mainland Properties 1,500 6,913 20 1,500 6,933 8,433 (850 ) 1/29/2015 2012 298 1901 Meadowville Technology Parkway Chester VA Mainland Properties (D) 4,000 67,511 — 4,000 67,511 71,511 (8,298 ) 1/29/2015 2012 299 5000 Commerce Way Petersburg VA Mainland Properties (C) 6,161 56,046 55 6,161 56,101 62,262 (1,165 ) 4/9/2019 2012 300 181 Battaile Drive Winchester VA Mainland Properties 1,487 12,854 36 1,487 12

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The accounts of our Initial Properties are presented at SIR’s historical basis and are consolidated for prior periods presented as the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 805-50-30, Business Combinations . Substantially all of the rental income received from our tenants and SIR’s other tenants was deposited in and commingled with SIR’s general funds during the periods prior to January 17, 2018. Prior to January 17, 2018, general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments. In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable. However, actual expenses may have been different from allocated expenses if we operated as a standalone company and those differences may be material.
Real Estate Properties	We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. No impairments exist on any of our properties as of December 31, 2019 and 2018 . Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of both December 31, 2019 and 2018 , accrued environmental remediation costs of $ 6,940 , were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income. Real Estate Properties. We record properties at our cost and have presented our Initial Properties at their historical cost basis. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from seven to 40 years . We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal to be probable. We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.
Capitalization Policy	Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.
Cash and Cash Equivalents	Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash	Restricted Cash. Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgage notes.
Deferred Leasing Costs	Deferred Leasing Costs.
Debt Issuance Costs	Debt Issuance Costs.
Other Assets	Other Assets.
Revenue Recognition	Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. In February 2016, the FASB issued Accounting Standards Update, or ASU, No. 2016-02, Leases . In July 2018, the FASB issued ASU No. 2018-10, Codification Improvements to Topic 842, Leases and ASU No. 2018-11, Leases (Topic 842): Targeted Improvements . In December 2018, the FASB issued ASU No. 2018-20 Leases (Topic 842), Narrow-Scope Improvements for Lessors . Collectively, these standards set out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). ASU No. 2016-02 requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase of the leased asset by the lessee. This classification will determine whether the lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease. ASU No. 2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases. We adopted these standards which were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of shareholders' equity in the adoption period, although we did not have an adjustment. Additionally, our leases met the criteria in ASU No. 2018-11 to not separate non-lease components from the related lease component; therefore, the accounting for these leases remained largely unchanged from the previous standard. The adoption of ASU No. 2016-02 and the related improvements did not have a material impact in our consolidated financial statements. Upon adoption, (i) allowances for bad debts are now recognized as a direct reduction of rental income, and (ii) legal costs associated with the execution of our leases, which were previously capitalized and amortized over the life of their respective leases, are expensed as incurred. Subsequent to January 1, 2019, provisions for credit losses are now included in "rental income" in our consolidated financial statements. For periods prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of certain tenants to make payments required under their leases. The computation of the allowance was based on the tenants’ payment histories and then current credit profiles, as well as other considerations. Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods were not reclassified to conform to the current presentation. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income, and percentage rents until the specific events that trigger the variable payments have occurred. Such payments totaled $40,898 for the year ended December 31, 2019, of which tenant reimbursements totaled $38,755 . Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC 842, Leases , to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income. Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations.
Income Taxes	Income Taxes. Until January 17, 2018, we were a wholly owned subsidiary of SIR, which was taxed as a REIT under the Internal Revenue Code of 1986, as amended, or the IRC. Accordingly, until January 17, 2018, we were a qualified REIT subsidiary and a disregarded entity for income tax purposes. We have qualified for taxation as a REIT under the IRC for U.S. federal income tax purposes commencing with our taxable year ended December 31, 2018 and intend to maintain such qualification. Accordingly, we generally are not, and will not be, subject to U.S. federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes.
Use of Estimates	Use of Estimates.
Ownership Interest	Ownership Interest. For the periods prior to January 17, 2018, our investment activities were financed by SIR. Amounts invested in or advanced to us did not carry interest and had no specific repayment terms.
Net Income Per Common Share	Net Income Per Common Share.
Segment Reporting	Segment Reporting. We operate in one
Reclassifications	Reclassifications. Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation.
New Accounting Pronouncements	New Accounting Pronouncements. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses. The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU No. 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. We expect to adopt the standard using the modified retrospective approach. The implementation of this standard is not expected to have a material impact in our consolidated financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2019
Accounting Policies [Abstract]
Schedule of acquired real estate leases and assumed real estate lease obligations	As of December 31, 2019 and 2018 , our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2019 2018 Acquired real estate leases: Capitalized above market lease values $ 28,723 $ 28,723 Less: accumulated amortization (18,303 ) (16,726 ) Capitalized above market lease values, net 10,420 11,997 Lease origination value 186,758 99,727 Less: accumulated amortization (58,582 ) (35,921 ) Lease origination value, net 128,176 63,806 Acquired real estate leases, net $ 138,596 $ 75,803 Assumed real estate lease obligations: Capitalized below market lease values $ 36,278 $ 34,313 Less: accumulated amortization (18,770 ) (15,997 ) Assumed real estate lease obligations, net $ 17,508 $ 18,316
Operating lease maturity	The following table presents our operating lease maturity analysis as of December 31, 2019: Year Amount 2020 $ 203,971 2021 202,109 2022 194,209 2023 175,676 2024 152,267 Thereafter 1,185,405 Total $ 2,113,637

Real Estate Properties (Tables)

Real Estate Properties (Tables)	12 Months Ended
	Dec. 31, 2019
Real Estate [Abstract]
Schedule of real estate properties	We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows: Acquired Number Rentable Buildings Acquired Real Estate Discount of Square Purchase and Real Estate Lease on Assumed Date Market Area Properties Feet Price Land Improvements Leases Obligations Debt February 2019 2 mainland states 7 3,708,343 $ 250,276 $ 19,558 $ 205,811 $ 24,907 $ — $ — April 2019 Indianapolis, IN 1 493,500 30,517 2,817 24,836 2,864 — — April 2019 12 mainland states 20 8,694,321 628,457 52,546 519,829 56,715 (1,965 ) 1,332 August 2019 Columbus, OH 2 392,016 32,300 2,393 27,363 2,544 — — 30 13,288,180 $ 941,550 $ 77,314 $ 777,839 $ 87,030 $ (1,965 ) $ 1,332 Number Rentable Acquired of Square Purchase Buildings and Real Estate Date Location Properties Feet Price Land Improvements Leases June 2018 Doral, FL (1) 1 240,283 $ 43,326 $ 15,225 $ 28,101 $ — September 2018 Carlisle, PA 1 205,090 20,451 3,299 15,515 1,637 September 2018 Upper Marlboro, MD 1 220,800 29,801 5,296 21,833 2,672 October 2018 Maple Grove, MN 1 319,062 27,807 3,469 21,287 3,051 4 985,235 $ 121,385 $ 27,289 $ 86,736 $ 7,360 (1) This property was acquired and simultaneously leased back to the seller.

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2019
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of December 31, 2019 and 2018 , our outstanding indebtedness consisted of the following: Net Book Principal Balance as of Value December 31, of Collateral Interest At December 31, 2019 (1) 2018 (1) Rate Maturity 2019 Unsecured revolving credit facility (2) $ 310,000 $ 413,000 3.26 % Dec 2021 $ — Mortgage note payable (secured by one property in Virginia) 48,750 48,750 3.48 % Nov 2020 63,213 Mortgage note payable (secured by one property in Florida) 56,980 — 4.22 % Oct 2023 106,048 Mortgage note payable (secured by 186 properties in Hawaii) 650,000 — 4.31 % Feb 2029 492,371 Mortgage note payable (secured by 11 Mainland Properties) 350,000 — 3.33 % Nov 2029 499,572 1,415,730 461,750 $ 1,161,204 Unamortized debt issuance costs, premiums and discounts (9,122 ) 445 $ 1,406,608 $ 462,195 (1) The principal balances are the amounts stated in contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (2) The maturity date of our revolving credit facility is December 29, 2021 and we have the option to extend the maturity date for two , six month periods through December 29, 2022.
Schedule of the principal payments due under the outstanding debt	The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2019 are as follows: Principal Year Payment 2020 $ 48,750 2021 310,000 2022 — 2023 56,980 2024 — Thereafter 1,000,000 $ 1,415,730 (1) (1) Total debt outstanding as of December 31, 2019 , including unamortized debt issuance costs, premiums and discounts, was $ 1,406,608 .

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At December 31, 2019 and 2018 , the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to the short term nature or floating interest rates, except as follows: At December 31, 2019 At December 31, 2018 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 1,096,608 $ 1,143,437 $ 49,195 $ 48,642 (1) Includes unamortized debt issuance costs, premiums and discounts of $9,122 and ( $445 ) as of December 31, 2019 and 2018, respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2019
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of shares granted and vested	A summary of shares granted, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2019 is as follows: Year Ended December 31, 2019 December 31, 2018 Weighted Weighted Average Average Number Grant Date Number Grant Date of Shares Fair Value of Shares Fair Value Unvested at beginning of year 43,280 $ 23.33 — $ — Granted 119,200 21.32 77,400 22.60 Vested (52,880 ) 20.78 (33,880 ) 21.64 Forfeited (1,400 ) 22.39 (240 ) 23.33 Unvested at end of year 108,200 $ 22.08 43,280 $ 23.33
Schedule of share repurchases	During the years ended December 31, 2019 and 2018, we repurchased our common shares from our current and former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase date, as follows: Date Purchased Number of Shares Price per Share 12/18/2019 125 $ 21.09 9/25/2019 9,808 $ 21.27 7/3/2019 668 $ 21.48 4/5/2019 1,362 $ 20.49 9/24/2018 2,369 $ 22.08
Summary of distributions paid on common shares	During the years ended December 31, 2019 and 2018, we paid distributions on our common shares as follows: Annual Per Characterization of Distribution Share Total Return of Ordinary Year Distribution Distribution Capital Income 2019 $ 1.32 $ 85,937 21.8 % 78.2 % 2018 $ 0.93 $ 60,482 — % 100.0 %

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	12 Months Ended
	Dec. 31, 2019
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Schedule of weighted average common shares, basic and diluted	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Year Ended December 31, 2019 2018 2017 Weighted average common shares for basic earnings per share 65,049 64,139 45,000 Effect of dilutive securities: unvested share awards 6 1 — Weighted average common shares for diluted earnings per share 65,055 64,140 45,000

Selected Quarterly Financial _2

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2019
Selected Quarterly Financial Information [Abstract]
Summary of unaudited quarterly results of operations	The following is a summary of our unaudited quarterly results of operations for 2019 and 2018 : 2019 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 45,987 $ 60,090 $ 60,958 $ 62,199 Net income $ 16,786 $ 13,116 $ 10,922 $ 11,674 Net income per common share—basic and diluted $ 0.26 $ 0.20 $ 0.17 $ 0.18 Common distributions declared $ 0.33 $ 0.33 $ 0.33 $ 0.33 2018 First Second Third Fourth Quarter Quarter Quarter Quarter Total revenues $ 40,605 $ 39,420 $ 40,431 $ 42,074 Net income $ 19,232 $ 18,726 $ 18,142 $ 18,288 Net income per common share—basic and diluted $ 0.31 $ 0.29 $ 0.28 $ 0.28 Common distributions declared $ — $ 0.27 $ 0.33 $ 0.33

Organization - Narrative (Detai

Organization - Narrative (Details) $ / shares in Units, ft² in Thousands	Jan. 17, 2018USD ($)ft²propertyshares	Sep. 30, 2017USD ($)propertynote	Sep. 29, 2017USD ($)ft²statepropertynote$ / sharesshares	Dec. 31, 2017USD ($)property	Dec. 31, 2019USD ($)ft²statepropertybuilding$ / sharesshares	Dec. 31, 2018USD ($)$ / sharesshares	Dec. 27, 2018shares	Dec. 29, 2017USD ($)
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property	266		266		300
Net rentable area | ft²	28,540		28,540		42,939
Common shares, shares issued (in shares) | shares					65,180,628	65,074,791
Common shares, par value (in dollars per share) | $ / shares			$ 0.01		$ 0.01	$ 0.01
Debt assumed on acquisition					$ 1,415,730,000	$ 461,750,000
Hawaii
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property			226		226
Net rentable area | ft²			16,834		16,756
Number of properties used as collateral | property					186
Mainland Properties
Subsidiary, Sale of Stock [Line Items]
Number of properties owned			40		74
Net rentable area | ft²			11,706		26,183
Number of states where real estate is located | state			24		29
Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000
Revolving Credit Facility
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of revolving credit facility	$ 750,000,000			$ 750,000,000				$ 750,000,000
Debt assumed on acquisition					$ 310,000,000	$ 413,000,000
Revolving Credit Facility | Affiliated Entity
Subsidiary, Sale of Stock [Line Items]
Maximum borrowing capacity of revolving credit facility			$ 750,000,000
Mortgages
Subsidiary, Sale of Stock [Line Items]
Number of instruments assumed | note		3	3
Debt assumed on acquisition		$ 63,069,000	$ 63,069,000
Number of properties used as collateral | property		3	3	2
IPO
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares) | shares	20,000,000
Industrial Logistics Properties Trust | Select Income REIT
Subsidiary, Sale of Stock [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000				45,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Property, Plant and Equipment [Line Items]
2020	$ 24,708,000
2021	21,676,000
2022	19,136,000
2023	17,269,000
2024	11,846,000
Thereafter	26,453,000
Real estate impairment	0	$ 0
Accrued environmental remediation cost	$ 6,940,000	6,940,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Increases in rental income	$ 1,195,000	401,000	$ 390,000
Amortization of the value of acquired in place leases	$ 22,661,000	$ 8,993,000	$ 8,824,000
Weighted Average
Property, Plant and Equipment [Line Items]
Amortization period of capitalized below market lease values	12 years
Above market lease | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values	10 years 2 months 12 days
Acquired Real Estate Leases | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values	7 years 1 month 6 days

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Summary of Acquired Real Estate Leases and Assumed Real Estate Lease Obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Acquired real estate leases:
Acquired real estate leases, net	$ 138,596	$ 75,803
Assumed real estate lease obligations:
Capitalized below market lease values	36,278	34,313
Less: accumulated amortization	(18,770)	(15,997)
Assumed real estate lease obligations, net	17,508	18,316
Above market lease
Acquired real estate leases:
Acquired real estate leases, gross	28,723	28,723
Less: accumulated amortization	(18,303)	(16,726)
Acquired real estate leases, net	10,420	11,997
Acquired Real Estate Leases
Acquired real estate leases:
Acquired real estate leases, gross	186,758	99,727
Less: accumulated amortization	(58,582)	(35,921)
Acquired real estate leases, net	$ 128,176	$ 63,806

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Accounting Policies [Abstract]
Deferred leasing costs	$ 11,383	$ 9,845
Accumulated amortization of deferred leasing costs	4,802	$ 3,688
Estimated cost of lease under negotiation	83
Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases
2020	851
2021	786
2022	675
2023	519
2024	480
Thereafter	$ 3,270

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Debt issuance costs, line of credit	$ 5,907	$ 5,907
Debt issuance costs, accumulated amortization	2,953	$ 1,477
Future amortization expense of debt issuance costs, 2020	2,353
Future amortization expense of debt issuance costs, 2021	2,353
Future amortization expense of debt issuance costs, 2022	876
Future amortization expense of debt issuance costs, 2023	876
Future amortization expense of debt issuance costs, 2024	876
Future amortization expense of debt issuance costs, Thereafter	3,814
Loans Payable | Mortgage Loan 2019
Debt Instrument [Line Items]
Debt issuance cost, mortgage loan	$ 8,194

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Other Assets (Details) - AIC - USD ($) $ in Thousands	Feb. 13, 2020	Dec. 31, 2019	Dec. 31, 2018
Schedule of Equity Method Investments [Line Items]
Cost to acquire shares		$ 298	$ 8,632
Subsequent Event
Schedule of Equity Method Investments [Line Items]
Ownership interest	14.30%

Summary of Significant Accoun_9

Summary of Significant Accounting Policies - Revenue Recognition (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Accounting Policies [Abstract]
Variable lease income	$ 40,898
Tenant reimbursements	$ 38,755	$ 23,219	$ 21,680
Contingent rental income recognized		$ 941	$ 650

Summary of Significant Accou_10

Summary of Significant Accounting Policies - Operating Lease Maturity (Details) $ in Thousands	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
2020	$ 203,971
2021	202,109
2022	194,209
2023	175,676
2024	152,267
Thereafter	1,185,405
Total	$ 2,113,637

Summary of Significant Accou_11

Summary of Significant Accounting Policies - Segment (Details)	12 Months Ended
	Dec. 31, 2019segment
Accounting Policies [Abstract]
Number of business segments	1

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details)	1 Months Ended		12 Months Ended
	Feb. 24, 2020USD ($)ft²property	Oct. 31, 2018USD ($)	Dec. 31, 2019USD ($)ft²statepropertysegmentbuilding	Dec. 31, 2018USD ($)ft²property	Dec. 31, 2017USD ($)	Oct. 31, 2019USD ($)property	Jan. 17, 2018ft²property	Sep. 29, 2017ft²stateproperty
Real Estate Properties
Number of properties owned | property			300				266	266
Net rentable area | ft²			42,939,000				28,540,000	28,540,000
Number of business segments | segment			1
Rental income			$ 229,234,000	$ 162,530,000	$ 156,506,000
Number of properties | property			30	4
Commitments related to tenant improvements and leasing costs			$ 2,568,000
Tenant improvements (in sqft) | ft²			2,040,000
Committed but unspent tenant related obligations			$ 793,000
Hawaii
Real Estate Properties
Number of properties owned | property			226					226
Net rentable area | ft²			16,756,000					16,834,000
Mainland Properties
Real Estate Properties
Number of properties owned			74					40
Net rentable area | ft²			26,183,000					11,706,000
Number of states where real estate is located | state			29					24
Ankeny, IA
Real Estate Properties
Net rentable area | ft²			194,000
Purchase price		$ 450,000
Payments for property improvements			$ 13,507,000
Indianapolis and Cincinnati
Real Estate Properties
Net rentable area | ft²				985,235
Geographic Concentration Risk | Sales Revenue, Net | Hawaii
Real Estate Properties
Percentage of revenues			43.90%	59.70%	60.20%
Two Subsidiaries Of Amazon, Inc.
Real Estate Properties
Rental income			$ 31,623,000	$ 16,047,000	$ 15,938,000
Subsequent Event | Goodyear, AZ
Real Estate Properties
Net rentable area | ft²	820,000
Purchase price	$ 72,000
Weighted-average remaining lease term	6 years
Office and Industrial Properties
Real Estate Properties
Net rentable area | ft²			13,288,180	985,235
Number of properties | property			30	4
Purchase price			$ 941,550,000	$ 121,385,000
Real estate, acquisition costs			$ 4,800,000	$ 1,360,000
11 Mainland Properties | Subsequent Event
Real Estate Properties
Number of properties contributed | property	12
Aggregate property valuation	$ 680,000,000
Contributions from investor	$ 108,300,000
Ownership interest	61.00%
Existing mortgage notes	$ 407,000,000
11 Mainland Properties | Subsequent Event | Asian Institutional Investor [Member]
Real Estate Properties
Ownership interest	39.00%
11 Mainland Properties | Mortgages | Mainland Properties
Real Estate Properties
Number of properties that are securing mortgage note | property						11
Debt instrument, face amount						$ 350,000,000
Forecast | 11 Mainland Properties | Subsequent Event
Real Estate Properties
Contributions from investor	$ 82,000,000

Real Estate Properties - Proper

Real Estate Properties - Property Acquisitions (Details) $ in Thousands	1 Months Ended						12 Months Ended
	Aug. 31, 2019USD ($)ft²property	Apr. 30, 2019USD ($)ft²property	Feb. 28, 2019USD ($)ft²property	Oct. 31, 2018USD ($)ft²property	Sep. 30, 2018USD ($)ft²property	Jun. 30, 2018USD ($)ft²property	Dec. 31, 2019USD ($)ft²property	Dec. 31, 2018USD ($)ft²property	Jan. 17, 2018ft²	Sep. 29, 2017ft²
Real Estate [Line Items]
Number of properties | property							30	4
Net rentable area | ft²							42,939,000		28,540,000	28,540,000
Land							$ 747,794	$ 670,501
Buildings and improvements							1,588,170	791,895
Acquired real estate leases							138,596	75,803
Acquired Real Estate Lease Obligations							$ (17,508)	$ (18,316)
Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property							30	4
Net rentable area | ft²							13,288,180	985,235
Purchase price							$ 941,550	$ 121,385
Land							77,314	27,289
Buildings and improvements							777,839	86,736
Acquired real estate leases							87,030
Acquired Real Estate Lease Obligations							(1,965)
Two Mainland States | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property			7
Net rentable area | ft²			3,708,343
Purchase price			$ 250,276
Land			19,558
Buildings and improvements			205,811
Indianapolis, IN | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property		1
Net rentable area | ft²		493,500
Purchase price		$ 30,517
Land		2,817
Buildings and improvements		24,836
Twelve mainland states
Real Estate [Line Items]
Discount on Assumed Debt		$ 56,980
Twelve mainland states | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property		20
Net rentable area | ft²		8,694,321
Purchase price		$ 628,457
Land		52,546
Buildings and improvements		519,829
Columbus, OH | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property	2
Net rentable area | ft²	392,016
Purchase price	$ 32,300
Land	2,393
Buildings and improvements	27,363
Doral, FL | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property						1
Net rentable area | ft²						240,283
Purchase price						$ 43,326
Land						15,225
Buildings and improvements						28,101
Carlisle PA | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property					1
Net rentable area | ft²					205,090
Purchase price					$ 20,451
Land					3,299
Buildings and improvements					$ 15,515
Upper Marlboro, MD | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property					1
Net rentable area | ft²					220,800
Purchase price					$ 29,801
Land					5,296
Buildings and improvements					21,833
Maple Grove, MN | Office and Industrial Properties
Real Estate [Line Items]
Number of properties | property				1
Net rentable area | ft²				319,062
Purchase price				$ 27,807
Land				3,469
Buildings and improvements				21,287
Acquired Real Estate Leases
Real Estate [Line Items]
Acquired real estate leases							128,176	63,806
Acquired Real Estate Leases | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases								$ 7,360
Discount on Assumed Debt							$ 1,332
Acquired Real Estate Leases | Two Mainland States | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases			24,907
Acquired Real Estate Lease Obligations			0
Discount on Assumed Debt			$ 0
Acquired Real Estate Leases | Indianapolis, IN | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases		2,864
Acquired Real Estate Lease Obligations		0
Discount on Assumed Debt		0
Acquired Real Estate Leases | Twelve mainland states | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases		56,715
Acquired Real Estate Lease Obligations		(1,965)
Discount on Assumed Debt		$ 1,332
Acquired Real Estate Leases | Columbus, OH | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases	2,544
Acquired Real Estate Lease Obligations	0
Discount on Assumed Debt	$ 0
Acquired Real Estate Leases | Doral, FL | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases						$ 0
Acquired Real Estate Leases | Carlisle PA | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases					1,637
Acquired Real Estate Leases | Upper Marlboro, MD | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases					$ 2,672
Acquired Real Estate Leases | Maple Grove, MN | Office and Industrial Properties
Real Estate [Line Items]
Acquired real estate leases				$ 3,051

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) $ in Thousands	Sep. 30, 2017USD ($)property	Sep. 29, 2017USD ($)property	Dec. 31, 2017property	Dec. 31, 2019USD ($)propertyoption	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Principal Balance				$ 1,415,730	$ 461,750
Unamortized debt issuance costs, premiums and discounts				(9,122)	445
Carrying value				$ 1,406,608	462,195
Interest rate (as a percent)				3.48%
Net Book Value of Collateral				$ 1,161,204
Virginia
Debt Instrument [Line Items]
Number of properties used as collateral | property				1
Florida
Debt Instrument [Line Items]
Number of properties used as collateral | property				1
Hawaii
Debt Instrument [Line Items]
Number of properties used as collateral | property				186
Mainland Properties
Debt Instrument [Line Items]
Number of properties used as collateral | property				11
Mortgage note payable (secured by one property in Florida)
Debt Instrument [Line Items]
Interest rate (as a percent)				4.22%
Mortgage note payable (secured by 186 properties in Hawaii)
Debt Instrument [Line Items]
Interest rate (as a percent)				4.31%
Mortgage note payable (secured by 11 Mainland Properties)
Debt Instrument [Line Items]
Interest rate (as a percent)				3.33%
Revolving Credit Facility
Debt Instrument [Line Items]
Principal Balance				$ 310,000	413,000
Interest rate (as a percent)				3.26%
Net Book Value of Collateral				$ 0
Number of options to extend maturity date | option				2
Extension period				6 months
Mortgages
Debt Instrument [Line Items]
Number of properties used as collateral | property	3	3	2
Principal Balance	$ 63,069	$ 63,069
Mortgages | Mortgage note payable (secured by one property in Virginia)
Debt Instrument [Line Items]
Number of properties used as collateral | property				1
Principal Balance				$ 48,750	48,750
Net Book Value of Collateral				$ 63,213
Mortgages | Mortgage note payable (secured by one property in Florida)
Debt Instrument [Line Items]
Number of properties used as collateral | property				1
Principal Balance				$ 56,980	0
Net Book Value of Collateral				$ 106,048
Mortgages | Mortgage note payable (secured by 186 properties in Hawaii)
Debt Instrument [Line Items]
Number of properties used as collateral | property				186
Principal Balance				$ 650,000	0
Net Book Value of Collateral				$ 492,371
Mortgages | Mortgage note payable (secured by 11 Mainland Properties)
Debt Instrument [Line Items]
Number of properties used as collateral | property				11
Principal Balance				$ 350,000	$ 0
Net Book Value of Collateral				$ 499,572

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) ft² in Millions	1 Months Ended			12 Months Ended
	Oct. 31, 2019USD ($)ft²stateproperty	Apr. 30, 2019USD ($)ft²property	Jan. 31, 2019USD ($)ft²property	Dec. 31, 2019USD ($)option	Dec. 31, 2018USD ($)	Feb. 19, 2020USD ($)	Jan. 17, 2018USD ($)	Dec. 31, 2017USD ($)	Dec. 29, 2017USD ($)
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility				$ 310,000,000	$ 413,000,000
Effective interest rate				3.48%
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility							$ 750,000,000	$ 750,000,000	$ 750,000,000
Number of options to extend maturity date | option				2
Extension period				6 months
Line of credit maximum increase capacity				$ 1,500,000,000
Interest rate at period end				3.26%	3.81%
Interest rate during period				3.68%	3.33%
Amount outstanding on revolving credit facility				$ 310,000,000
Remaining borrowing capacity on revolving credit facility				$ 440,000,000
Effective interest rate				3.26%
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility						$ 385,000,000
Remaining borrowing capacity on revolving credit facility						$ 365,000,000
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate				155.00%	130.00%
Oahu | Mortgages
Debt Instrument [Line Items]
Debt instrument, face amount			$ 650,000,000
Number of properties that are securing mortgage note | property			186
Amount of square feet of property, securing mortgage note | ft²			9.6
Interest rate (as a percent)			4.31%
Mainland Properties | Mortgages
Debt Instrument [Line Items]
Debt instrument, face amount	$ 350,000,000
Number of properties that are securing mortgage note | property	11
Number of states where real estate is located | state	8
Amount of square feet of property, securing mortgage note | ft²	8.2
Interest rate (as a percent)	3.33%
Twelve mainland states
Debt Instrument [Line Items]
Number of properties that are securing mortgage note | property		20
Liabilities assumed		$ 56,980,000
Unamortized discount		$ 1,332,000
Effective interest rate		4.22%
Ruskin, FL
Debt Instrument [Line Items]
Number of properties that are securing mortgage note | property		1
Amount of square feet of property, securing mortgage note | ft²		1
Interest rate (as a percent)		3.60%

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Indebtedness Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Debt Disclosure [Abstract]
2020	$ 48,750
2021	310,000
2022	0
2023	56,980
2024	0
Thereafter	1,000,000
Long-term debt, gross	1,415,730	$ 461,750
Unamortized debt premiums	$ 1,406,608	$ 462,195

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2019	Dec. 31, 2018
Fair Value of Financial Instruments
Mortgage notes payable	$ 1,096,608	$ 49,195
Carrying Amount
Fair Value of Financial Instruments
Mortgage notes payable	1,096,608	49,195
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	1,143,437	48,642
Mortgages
Fair Value of Financial Instruments
Unamortized premiums	$ 9,122	$ 445

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Awards (Details) $ in Thousands	May 23, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	May 31, 2018USD ($)shares	Dec. 31, 2019USD ($)installmentshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)		43,280		108,200	43,280	0
2020 (in shares)				29,220
2021 (in shares)				29,220
2022 (in shares)				29,220
2023 (in shares)				20,540
Estimated future compensation expense for the unvested shares | $				$ 2,197
Weighted average period of which compensation expense will be recognized				26 months
Compensation expense | $				$ 1,109	$ 927
Shares available for issuance under the award plan				3,819,372
Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)	3,000
Common shares granted | $	$ 314	$ 61
Trustees | Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		3,000	1,000	3,000
Common shares granted | $			$ 104	$ 281
Common shares granted per Trustee | $	$ 63		$ 21	$ 56
RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)				104,200	54,400
Common shares granted | $				$ 2,260	$ 1,269
RMR LLC | Officers And Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of equal annual installments | installment				5

Shareholders' Equity - Summary

Shareholders' Equity - Summary of Unvested Shares Activity (Details) - $ / shares	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Unvested shares at the beginning of the period (in shares)	43,280	0
Granted (in shares)	119,200	77,400
Vested (in shares)	(52,880)	(33,880)
Forfeited (in shares)	(1,400)	(240)
Unvested shares at the end of the period (in shares)	108,200	43,280
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Unvested shares at the beginning of the period (in dollars per share)	$ 23.33	$ 0
Granted (in dollars per share)	21.32	22.60
Vested (in dollars per share)	20.78	21.64
Forfeited (in dollars per share)	22.39	23.33
Unvested shares at the end of the period (in dollars per share)	$ 22.08	$ 23.33

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Purchases (Details) - $ / shares	Dec. 18, 2019	Sep. 25, 2019	Sep. 24, 2019	Jul. 03, 2019	Apr. 05, 2019	Dec. 31, 2019	Dec. 31, 2018	Sep. 24, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)							2,369
Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)	125	9,808	2,369	668	1,362	11,963
Share price (in dollars per share)	$ 21.09	$ 21.27		$ 21.48	$ 20.49			$ 22.08

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 16, 2020	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Distribution per share (in dollars per share)										$ 1.32	$ 0.93
Total Distributions										$ 85,937	$ 60,482
Distributions per share paid (in dollars per share)										21.80%	0.00%
Distribution characterization percentage, ordinary income										78.20%	100.00%
Common distributions declared (in dollars per share)		$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.27	$ 0
Subsequent Event
Dividends Payable [Line Items]
Common distributions declared (in dollars per share)	$ 0.33
Dividends payable	$ 21,509

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common shares for basic earnings per share (in shares)	65,049	64,139	45,000
Effect of dilutive securities: unvested share awards (in shares)	6	1	0
Weighted average common shares for diluted earnings per share (in shares)	65,055	64,140	45,000

Certain Arrangements, Allocat_2

Certain Arrangements, Allocations and Operations Prior to our IPO (Details) ft² in Thousands	Jan. 17, 2018USD ($)ft²propertyagreement	Sep. 30, 2017USD ($)propertynote	Sep. 29, 2017USD ($)ft²statepropertynoteshares	Jan. 31, 2018USD ($)	Jan. 16, 2018USD ($)	Dec. 31, 2017USD ($)propertynote	Dec. 31, 2018USD ($)shares	Dec. 31, 2019USD ($)ft²statepropertyagreementbuildingshares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)	Dec. 27, 2018shares	Dec. 29, 2017USD ($)
Line of Credit Facility [Line Items]
Number of properties owned | property	266		266					300
Net rentable area | ft²	28,540		28,540					42,939
Common shares, shares issued (in shares) | shares							65,074,791	65,180,628	65,074,791
Debt assumed on acquisition							$ 461,750,000	$ 1,415,730,000	$ 461,750,000
Repayment of mortgage notes payable								0	0	$ 14,344,000
Business management fees							7,269,000	11,897,000
Incentive fee expense								0	0
Mortgage note payable
Line of Credit Facility [Line Items]
Number of instruments assumed | note		3	3
Debt assumed on acquisition		$ 63,069,000	$ 63,069,000
Number of properties used as collateral | property		3	3			2
Number of debt instruments prepaid | note						2
Repayment of mortgage notes payable						$ 14,319,000
Revolving Credit Facility
Line of Credit Facility [Line Items]
Debt assumed on acquisition							413,000,000	$ 310,000,000	$ 413,000,000
Maximum borrowing capacity of revolving credit facility and term loan	$ 750,000,000					$ 750,000,000				750,000,000		$ 750,000,000
RMR LLC
Line of Credit Facility [Line Items]
Number of management service agreements | agreement								2
Business management fees					$ 308,000					6,823,000
Incentive fee expense				$ 7,660,000
Construction supervision fees					230,000					4,244,000
Related party reimbursement expense					120,000		2,908,000	$ 4,269,000		$ 2,512,000
AIC
Line of Credit Facility [Line Items]
Payments for insurance premiums incurred					$ 4,000
Hawaii
Line of Credit Facility [Line Items]
Number of properties owned | property			226					226
Net rentable area | ft²			16,834					16,756
Number of properties used as collateral | property								186
Mainland Properties
Line of Credit Facility [Line Items]
Number of properties owned			40					74
Net rentable area | ft²			11,706					26,183
Number of states where real estate is located | state			24					29
RMR LLC
Line of Credit Facility [Line Items]
Number of management service agreements | agreement	2
Property management fees as percentage of gross collected rents								3.00%
Construction supervision fees as percentage of construction costs								5.00%
Construction supervision fees							$ 4,680,000	$ 7,548,000
Select Income REIT
Line of Credit Facility [Line Items]
Payments of stock issuance costs	$ 7,271,000
Select Income REIT | Industrial Logistics Properties Trust
Line of Credit Facility [Line Items]
Common shares, shares issued (in shares) | shares			45,000,000								45,000,000

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	1 Months Ended		11 Months Ended	12 Months Ended
	Jan. 31, 2018USD ($)	Jan. 16, 2018USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2019USD ($)employeeagreement	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Jan. 18, 2018$ / shares	Jan. 17, 2018agreement
Related Party Transaction [Line Items]
Number of employees | employee				0
Equity market capitalization				$ 1,560,000,000
Unadjusted initial share price (usd per share) | $ / shares							$ 24
Adjusted benchmark return qualification for management fee reduction minimum				200.00%
Adjusted benchmark return qualification for management fee reduction maximum				500.00%
Business management fees			$ 7,269,000	$ 11,897,000
Incentive management fee				$ 0	$ 0
Term remaining prior to termination used in calculation of termination fee				10 days
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement								2
Percentage applied on average historical cost of real estate investment properties acquired to calculate base management fee				0.50%
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments up to specified amount				0.70%
Base management fee payable threshold amount of other real estate investments				$ 250,000,000
Annual business management fee as percentage of aggregate cost of properties acquired in excess of specified amount				0.50%
Base management fee payable as percentage of average closing stock price on stock exchange				0.70%
Base management fee payable as percentage of average market capitalization exceeding specified amount				0.50%
Percentage for limitation and adjustments of incentive management fee payable				12.00%
Period of consecutive trading days				10 days
Period of trading days of measurement period used in calculation				30 days
Required return per share to adjust the return per share benchmark				12.00%
Incentive management fee, percentage of common shares outstanding used in calculation				1.50%
Property management fees as percentage of gross collected rents				3.00%
Construction supervision fees as percentage of construction costs				5.00%
Construction supervision fees			4,680,000	$ 7,548,000
Number of business days prior written notice for termination of property management agreement				60 days
Window following a change of control				12 months
Period of transition services after termination agreement				120 days
Minimum | Reit Management And Research L L C
Related Party Transaction [Line Items]
Termination fee term				19 years
Maximum | Reit Management And Research L L C
Related Party Transaction [Line Items]
Termination fee term				20 years
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement				2
Business management fees		$ 308,000				$ 6,823,000
Incentive management fee	$ 7,660,000
Construction supervision fees		230,000				4,244,000
Reimbursement expense		$ 120,000	$ 2,908,000	$ 4,269,000		$ 2,512,000

Related Person Transactions Nar

Related Person Transactions Narrative (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2019USD ($)agreementshares	Dec. 31, 2019USD ($)agreementshares	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)shares	Jun. 30, 2018USD ($)	Dec. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 27, 2018shares	Sep. 29, 2017shares
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares	65,180,628	65,180,628		65,074,791
Due from related parties	$ 1,504	$ 1,504		$ 1,390
Insurance premium allocation			$ 266		$ 320		$ 351
Distributions in excess of earnings from Affiliates Insurance Company		8,334		0		$ 0
Equity in earnings of an investee		$ 666		0		0
RMR LLC
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2	2
Service fee, percent		3.00%
RMR LLC | Vesting on Grant Date
Related Party Transaction [Line Items]
Award vesting rights		20.00%
RMR LLC | Vesting on each of the next four anniversaries
Related Party Transaction [Line Items]
Award vesting rights		20.00%
Affiliated Entity
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares									45,000,000
Select Income REIT
Related Party Transaction [Line Items]
Due from related parties	$ 1,504	$ 1,504		865
Industrial Logistics Properties Trust | Select Income REIT
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares								45,000,000	45,000,000
AIC
Related Party Transaction [Line Items]
Distributions in excess of earnings from Affiliates Insurance Company	9,000
Cost to acquire shares	$ 298	298		8,632
Equity in earnings of an investee		666
Directors and Officers Liability Insurance | Affiliated Entity
Related Party Transaction [Line Items]
Amounts of transaction		$ 160
Insurance premium allocation cost				$ 90		$ 116

Selected Quarterly Financial _3

Selected Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2019	Sep. 30, 2019	Jun. 30, 2019	Mar. 31, 2019	Dec. 31, 2018	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Selected Quarterly Financial Information [Abstract]
Total revenues	$ 62,199	$ 60,958	$ 60,090	$ 45,987	$ 42,074	$ 40,431	$ 39,420	$ 40,605
Net income	$ 11,674	$ 10,922	$ 13,116	$ 16,786	$ 18,288	$ 18,142	$ 18,726	$ 19,232	$ 52,498	$ 74,388	$ 80,103
Net income per common share - basic and diluted (in dollars per share)	$ 0.18	$ 0.17	$ 0.20	$ 0.26	$ 0.28	$ 0.28	$ 0.29	$ 0.31	$ 0.81	$ 1.16	$ 1.78
Common distributions declared (in dollars per share)	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.33	$ 0.27	$ 0

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details) $ in Thousands	Sep. 30, 2017property	Sep. 29, 2017property	Dec. 31, 2017USD ($)property	Dec. 31, 2019USD ($)propertyloan	Dec. 31, 2018USD ($)	Dec. 31, 2016USD ($)
Initial Cost to Company
Land				$ 747,146
Buildings and Equipment				1,529,593
Costs Capitalized Subsequent to Acquisition				59,225
Gross Amount Carried at Close of Period
Land				747,794
Buildings and Equipment				1,588,170
Total			$ 1,343,602	2,335,964	$ 1,462,396	$ 1,336,728
Accumulated Depreciation			$ (74,614)	(131,468)	$ (93,291)	$ (56,976)
Liabilities, fair value adjustment				9,122
U.S. federal income tax basis				$ 2,484,841
Building and Building Improvements
Gross Amount Carried at Close of Period
Life used for depreciation				40 years
Equipment
Gross Amount Carried at Close of Period
Life used for depreciation				7 years
4501 Industrial Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				900
Buildings and Equipment				3,485
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				900
Buildings and Equipment				3,485
Total				4,385
Accumulated Depreciation				(428)
955 Aeroplaza Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				800
Buildings and Equipment				7,412
Costs Capitalized Subsequent to Acquisition				39
Gross Amount Carried at Close of Period
Land				800
Buildings and Equipment				7,451
Total				8,251
Accumulated Depreciation				(913)
13400 East 39th Avenue and 3800 Wheeling Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				3,100
Buildings and Equipment				12,955
Costs Capitalized Subsequent to Acquisition				46
Gross Amount Carried at Close of Period
Land				3,100
Buildings and Equipment				13,001
Total				16,101
Accumulated Depreciation				(1,632)
3870 Ronald Reagan Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,780
Buildings and Equipment				9,722
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,780
Buildings and Equipment				9,722
Total				12,502
Accumulated Depreciation				(236)
150 Greenhorn Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				200
Buildings and Equipment				4,177
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				200
Buildings and Equipment				4,177
Total				4,377
Accumulated Depreciation				(514)
2 Tower Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,471
Buildings and Equipment				2,165
Costs Capitalized Subsequent to Acquisition				569
Gross Amount Carried at Close of Period
Land				1,471
Buildings and Equipment				2,734
Total				4,205
Accumulated Depreciation				(727)
235 Great Pond Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,400
Buildings and Equipment				9,469
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,400
Buildings and Equipment				9,469
Total				11,869
Accumulated Depreciation				(1,756)
10450 Doral Boulevard
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				15,225
Buildings and Equipment				28,102
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				15,225
Buildings and Equipment				28,102
Total				43,327
Accumulated Depreciation				(1,406)
2100 NW 82nd Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				144
Buildings and Equipment				1,297
Costs Capitalized Subsequent to Acquisition				454
Gross Amount Carried at Close of Period
Land				144
Buildings and Equipment				1,751
Total				1,895
Accumulated Depreciation				(797)
3350 Laurel Ridge Avenue
Initial Cost to Company
Land				8,351
Buildings and Equipment				99,771
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				8,351
Buildings and Equipment				99,771
Total				108,122
Accumulated Depreciation				(2,074)
1000 Mapunapuna Street
Initial Cost to Company
Land				2,252
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,252
Buildings and Equipment				0
Total				2,252
Accumulated Depreciation				0
1001 Ahua Street
Initial Cost to Company
Land				15,155
Buildings and Equipment				3,312
Costs Capitalized Subsequent to Acquisition				92
Gross Amount Carried at Close of Period
Land				15,155
Buildings and Equipment				3,404
Total				18,559
Accumulated Depreciation				(1,354)
1024 Kikowaena Place
Initial Cost to Company
Land				1,818
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,818
Buildings and Equipment				0
Total				1,818
Accumulated Depreciation				0
1024 Mapunapuna Street
Initial Cost to Company
Land				1,385
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,385
Buildings and Equipment				0
Total				1,385
Accumulated Depreciation				0
1027 Kikowaena Place
Initial Cost to Company
Land				5,444
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,444
Buildings and Equipment				0
Total				5,444
Accumulated Depreciation				0
1030 Mapunapuna Street
Initial Cost to Company
Land				5,655
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,655
Buildings and Equipment				0
Total				5,655
Accumulated Depreciation				0
1038 Kikowaena Place
Initial Cost to Company
Land				2,576
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,576
Buildings and Equipment				0
Total				2,576
Accumulated Depreciation				0
1045 Mapunapuna Street
Initial Cost to Company
Land				819
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				819
Buildings and Equipment				0
Total				819
Accumulated Depreciation				0
1050 Kikowaena Place
Initial Cost to Company
Land				1,404
Buildings and Equipment				873
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,404
Buildings and Equipment				873
Total				2,277
Accumulated Depreciation				(350)
1052 Ahua Street
Initial Cost to Company
Land				1,703
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				240
Gross Amount Carried at Close of Period
Land				1,703
Buildings and Equipment				240
Total				1,943
Accumulated Depreciation				(85)
1055 Ahua Street
Initial Cost to Company
Land				1,216
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,216
Buildings and Equipment				0
Total				1,216
Accumulated Depreciation				0
106 Puuhale Road
Initial Cost to Company
Land				1,113
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				275
Gross Amount Carried at Close of Period
Land				1,114
Buildings and Equipment				274
Total				1,388
Accumulated Depreciation				(66)
1062 Kikowaena Place
Initial Cost to Company
Land				1,049
Buildings and Equipment				598
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,049
Buildings and Equipment				598
Total				1,647
Accumulated Depreciation				(240)
1122 Mapunapuna Street
Initial Cost to Company
Land				5,781
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,781
Buildings and Equipment				0
Total				5,781
Accumulated Depreciation				0
113 Puuhale Road
Initial Cost to Company
Land				3,729
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,729
Buildings and Equipment				0
Total				3,729
Accumulated Depreciation				0
1150 Kikowaena Place
Initial Cost to Company
Land				2,445
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,445
Buildings and Equipment				0
Total				2,445
Accumulated Depreciation				0
120 Mokauea Street
Initial Cost to Company
Land				1,953
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				943
Gross Amount Carried at Close of Period
Land				1,953
Buildings and Equipment				943
Total				2,896
Accumulated Depreciation				(127)
120 Sand Island Access Road
Initial Cost to Company
Land				1,132
Buildings and Equipment				11,307
Costs Capitalized Subsequent to Acquisition				1,423
Gross Amount Carried at Close of Period
Land				1,130
Buildings and Equipment				12,732
Total				13,862
Accumulated Depreciation				(4,638)
120B Mokauea Street
Initial Cost to Company
Land				1,953
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,953
Buildings and Equipment				0
Total				1,953
Accumulated Depreciation				0
125 Puuhale Road
Initial Cost to Company
Land				1,630
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,630
Buildings and Equipment				0
Total				1,630
Accumulated Depreciation				0
125B Puuhale Road
Initial Cost to Company
Land				2,815
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,815
Buildings and Equipment				0
Total				2,815
Accumulated Depreciation				0
1330 Pali Highway
Initial Cost to Company
Land				1,423
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,423
Buildings and Equipment				0
Total				1,423
Accumulated Depreciation				0
1360 Pali Highway
Initial Cost to Company
Land				9,170
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				161
Gross Amount Carried at Close of Period
Land				9,170
Buildings and Equipment				161
Total				9,331
Accumulated Depreciation				(114)
140 Puuhale Road
Initial Cost to Company
Land				1,100
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,100
Buildings and Equipment				0
Total				1,100
Accumulated Depreciation				0
142 Mokauea Street
Initial Cost to Company
Land				2,182
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				1,537
Gross Amount Carried at Close of Period
Land				2,182
Buildings and Equipment				1,537
Total				3,719
Accumulated Depreciation				(401)
148 Mokauea Street
Initial Cost to Company
Land				3,476
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,476
Buildings and Equipment				0
Total				3,476
Accumulated Depreciation				0
150 Puuhale Road
Initial Cost to Company
Land				4,887
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,887
Buildings and Equipment				0
Total				4,887
Accumulated Depreciation				0
151 Puuhale Road
Initial Cost to Company
Land				1,956
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,956
Buildings and Equipment				0
Total				1,956
Accumulated Depreciation				0
158 Sand Island Access Road
Initial Cost to Company
Land				2,488
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,488
Buildings and Equipment				0
Total				2,488
Accumulated Depreciation				0
165 Sand Island Access Road
Initial Cost to Company
Land				758
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				758
Buildings and Equipment				0
Total				758
Accumulated Depreciation				0
179 Sand Island Access Road
Initial Cost to Company
Land				2,480
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,480
Buildings and Equipment				0
Total				2,480
Accumulated Depreciation				0
180 Sand Island Access Road
Initial Cost to Company
Land				1,655
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,655
Buildings and Equipment				0
Total				1,655
Accumulated Depreciation				0
1926 Auiki Street
Initial Cost to Company
Land				2,872
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				1,724
Gross Amount Carried at Close of Period
Land				2,874
Buildings and Equipment				1,722
Total				4,596
Accumulated Depreciation				(518)
1931 Kahai Street
Initial Cost to Company
Land				3,779
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,779
Buildings and Equipment				0
Total				3,779
Accumulated Depreciation				0
197 Sand Island Access Road
Initial Cost to Company
Land				1,238
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,238
Buildings and Equipment				0
Total				1,238
Accumulated Depreciation				0
2001 Kahai Street
Initial Cost to Company
Land				1,091
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,091
Buildings and Equipment				0
Total				1,091
Accumulated Depreciation				0
2019 Kahai Street
Initial Cost to Company
Land				1,377
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,377
Buildings and Equipment				0
Total				1,377
Accumulated Depreciation				0
2020 Auiki Street
Initial Cost to Company
Land				2,385
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,385
Buildings and Equipment				0
Total				2,385
Accumulated Depreciation				0
204 Sand Island Access Road
Initial Cost to Company
Land				1,689
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,689
Buildings and Equipment				0
Total				1,689
Accumulated Depreciation				0
207 Puuhale Road
Initial Cost to Company
Land				2,024
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,024
Buildings and Equipment				0
Total				2,024
Accumulated Depreciation				0
2103 Kaliawa Street
Initial Cost to Company
Land				3,212
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,212
Buildings and Equipment				0
Total				3,212
Accumulated Depreciation				0
2106 Kaliawa Street
Initial Cost to Company
Land				1,568
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				169
Gross Amount Carried at Close of Period
Land				1,568
Buildings and Equipment				169
Total				1,737
Accumulated Depreciation				(78)
2110 Auiki Street
Initial Cost to Company
Land				837
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				837
Buildings and Equipment				0
Total				837
Accumulated Depreciation				0
212 Mohonua Place
Initial Cost to Company
Land				1,067
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,067
Buildings and Equipment				0
Total				1,067
Accumulated Depreciation				0
2122 Kaliawa Street
Initial Cost to Company
Land				1,365
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,365
Buildings and Equipment				0
Total				1,365
Accumulated Depreciation				0
2127 Auiki Street
Initial Cost to Company
Land				2,906
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				97
Gross Amount Carried at Close of Period
Land				2,906
Buildings and Equipment				97
Total				3,003
Accumulated Depreciation				(55)
2135 Auiki Street
Initial Cost to Company
Land				825
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				825
Buildings and Equipment				0
Total				825
Accumulated Depreciation				0
2139 Kaliawa Street
Initial Cost to Company
Land				885
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				885
Buildings and Equipment				0
Total				885
Accumulated Depreciation				0
214 Sand Island Access Road
Initial Cost to Company
Land				1,864
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				540
Gross Amount Carried at Close of Period
Land				1,864
Buildings and Equipment				540
Total				2,404
Accumulated Depreciation				(67)
2140 Kaliawa Street
Initial Cost to Company
Land				931
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				931
Buildings and Equipment				0
Total				931
Accumulated Depreciation				0
214 Sand Island Access Road
Initial Cost to Company
Land				2,640
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				7,160
Gross Amount Carried at Close of Period
Land				2,640
Buildings and Equipment				7,160
Total				9,800
Accumulated Depreciation				(2,285)
215 Puuhale Road
Initial Cost to Company
Land				2,117
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,117
Buildings and Equipment				0
Total				2,117
Accumulated Depreciation				0
218 Mohonua Place
Initial Cost to Company
Land				1,741
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,741
Buildings and Equipment				0
Total				1,741
Accumulated Depreciation				0
220 Puuhale Road
Initial Cost to Company
Land				2,619
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,619
Buildings and Equipment				0
Total				2,619
Accumulated Depreciation				0
2250 Pahounui Drive
Initial Cost to Company
Land				3,862
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,862
Buildings and Equipment				0
Total				3,862
Accumulated Depreciation				0
2264 Pahounui Drive
Initial Cost to Company
Land				1,632
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,632
Buildings and Equipment				0
Total				1,632
Accumulated Depreciation				0
2276 Pahounui Drive
Initial Cost to Company
Land				1,619
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,619
Buildings and Equipment				0
Total				1,619
Accumulated Depreciation				0
228 Mohonua Place
Initial Cost to Company
Land				1,865
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,865
Buildings and Equipment				0
Total				1,865
Accumulated Depreciation				0
2308 Pahounui Drive
Initial Cost to Company
Land				3,314
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,314
Buildings and Equipment				0
Total				3,314
Accumulated Depreciation				0
231 Sand Island Access Road
Initial Cost to Company
Land				752
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				752
Buildings and Equipment				0
Total				752
Accumulated Depreciation				0
231B Sand Island Access Road
Initial Cost to Company
Land				1,539
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,539
Buildings and Equipment				0
Total				1,539
Accumulated Depreciation				0
2344 Pahounui Drive
Initial Cost to Company
Land				6,709
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				6,709
Buildings and Equipment				0
Total				6,709
Accumulated Depreciation				0
238 Sand Island Access Road
Initial Cost to Company
Land				2,273
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,273
Buildings and Equipment				0
Total				2,273
Accumulated Depreciation				0
2635 Waiwai Loop A
Initial Cost to Company
Land				934
Buildings and Equipment				350
Costs Capitalized Subsequent to Acquisition				683
Gross Amount Carried at Close of Period
Land				934
Buildings and Equipment				1,033
Total				1,967
Accumulated Depreciation				(188)
2635 Waiwai Loop B
Initial Cost to Company
Land				1,177
Buildings and Equipment				105
Costs Capitalized Subsequent to Acquisition				683
Gross Amount Carried at Close of Period
Land				1,177
Buildings and Equipment				788
Total				1,965
Accumulated Depreciation				(89)
2760 Kam Highway
Initial Cost to Company
Land				703
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				170
Gross Amount Carried at Close of Period
Land				703
Buildings and Equipment				170
Total				873
Accumulated Depreciation				0
2804 Kilihau Street
Initial Cost to Company
Land				1,775
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,775
Buildings and Equipment				2
Total				1,777
Accumulated Depreciation				(2)
2806 Kaihikapu Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
2808 Kam Highway
Initial Cost to Company
Land				310
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				310
Buildings and Equipment				0
Total				310
Accumulated Depreciation				0
2809 Kaihikapu Street
Initial Cost to Company
Land				1,837
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,837
Buildings and Equipment				0
Total				1,837
Accumulated Depreciation				0
2810 Paa Street
Initial Cost to Company
Land				3,340
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,340
Buildings and Equipment				0
Total				3,340
Accumulated Depreciation				0
2810 Pukoloa Street
Initial Cost to Company
Land				27,699
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				27,699
Buildings and Equipment				0
Total				27,699
Accumulated Depreciation				0
2812 Awaawaloa Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				3
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				3
Total				1,804
Accumulated Depreciation				(2)
2814 Kilihau Street
Initial Cost to Company
Land				1,925
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,925
Buildings and Equipment				0
Total				1,925
Accumulated Depreciation				0
2815 Kaihikapu Street
Initial Cost to Company
Land				1,818
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				5
Gross Amount Carried at Close of Period
Land				1,818
Buildings and Equipment				5
Total				1,823
Accumulated Depreciation				(2)
2815 Kilihau Street
Initial Cost to Company
Land				287
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				287
Buildings and Equipment				0
Total				287
Accumulated Depreciation				0
2816 Awaawaloa Street
Initial Cost to Company
Land				1,009
Buildings and Equipment				27
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,009
Buildings and Equipment				27
Total				1,036
Accumulated Depreciation				(11)
2819 Mokumoa Street - A
Initial Cost to Company
Land				1,821
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,821
Buildings and Equipment				0
Total				1,821
Accumulated Depreciation				0
2819 Mokumoa Street - B
Initial Cost to Company
Land				1,816
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,816
Buildings and Equipment				0
Total				1,816
Accumulated Depreciation				0
2819 Pukoloa Street
Initial Cost to Company
Land				2,090
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				33
Gross Amount Carried at Close of Period
Land				2,090
Buildings and Equipment				33
Total				2,123
Accumulated Depreciation				(9)
2821 Kilihau Street
Initial Cost to Company
Land				287
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				287
Buildings and Equipment				0
Total				287
Accumulated Depreciation				0
2826 Kaihikapu Street
Initial Cost to Company
Land				3,921
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,921
Buildings and Equipment				0
Total				3,921
Accumulated Depreciation				0
2827 Kaihikapu Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
2828 Paa Street
Initial Cost to Company
Land				12,448
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				12,448
Buildings and Equipment				0
Total				12,448
Accumulated Depreciation				0
2829 Awaawaloa Street
Initial Cost to Company
Land				1,720
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,720
Buildings and Equipment				2
Total				1,722
Accumulated Depreciation				(2)
2829 Kilihau Street
Initial Cost to Company
Land				287
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				287
Buildings and Equipment				0
Total				287
Accumulated Depreciation				0
2829 Pukoloa Street
Initial Cost to Company
Land				2,088
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,088
Buildings and Equipment				0
Total				2,088
Accumulated Depreciation				0
2830 Mokumoa Street
Initial Cost to Company
Land				2,146
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,146
Buildings and Equipment				0
Total				2,146
Accumulated Depreciation				0
2831 Awaawaloa Street
Initial Cost to Company
Land				860
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				860
Buildings and Equipment				0
Total				860
Accumulated Depreciation				0
2831 Kaihikapu Street
Initial Cost to Company
Land				1,272
Buildings and Equipment				529
Costs Capitalized Subsequent to Acquisition				56
Gross Amount Carried at Close of Period
Land				1,272
Buildings and Equipment				585
Total				1,857
Accumulated Depreciation				(234)
2833 Kilihau Street
Initial Cost to Company
Land				601
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				601
Buildings and Equipment				0
Total				601
Accumulated Depreciation				0
2833 Paa Street
Initial Cost to Company
Land				1,701
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,701
Buildings and Equipment				0
Total				1,701
Accumulated Depreciation				0
2833 Paa Street 2
Initial Cost to Company
Land				1,675
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,675
Buildings and Equipment				0
Total				1,675
Accumulated Depreciation				0
2836 Awaawaloa Street
Initial Cost to Company
Land				1,353
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,353
Buildings and Equipment				0
Total				1,353
Accumulated Depreciation				0
2838 Kilihau Street
Initial Cost to Company
Land				4,262
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,262
Buildings and Equipment				0
Total				4,262
Accumulated Depreciation				0
2839 Kilihau Street
Initial Cost to Company
Land				627
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				627
Buildings and Equipment				0
Total				627
Accumulated Depreciation				0
2839 Mokumoa Street
Initial Cost to Company
Land				1,942
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,942
Buildings and Equipment				0
Total				1,942
Accumulated Depreciation				0
2840 Mokumoa Street
Initial Cost to Company
Land				2,149
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,149
Buildings and Equipment				0
Total				2,149
Accumulated Depreciation				0
2841 Pukoloa Street
Initial Cost to Company
Land				2,088
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,088
Buildings and Equipment				0
Total				2,088
Accumulated Depreciation				0
2844 Kaihikapu Street
Initial Cost to Company
Land				1,960
Buildings and Equipment				14
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,960
Buildings and Equipment				14
Total				1,974
Accumulated Depreciation				(12)
2846-A Awaawaloa Street
Initial Cost to Company
Land				2,181
Buildings and Equipment				954
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,181
Buildings and Equipment				954
Total				3,135
Accumulated Depreciation				(383)
2847 Awaawaloa Street
Initial Cost to Company
Land				582
Buildings and Equipment				303
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				582
Buildings and Equipment				303
Total				885
Accumulated Depreciation				(121)
2849 Kaihikapu Street
Initial Cost to Company
Land				860
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				860
Buildings and Equipment				0
Total				860
Accumulated Depreciation				0
2850 Awaawaloa Street
Initial Cost to Company
Land				287
Buildings and Equipment				172
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				286
Buildings and Equipment				173
Total				459
Accumulated Depreciation				(69)
2850 Mokumoa Street
Initial Cost to Company
Land				2,143
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,143
Buildings and Equipment				0
Total				2,143
Accumulated Depreciation				0
2850 Paa Street
Initial Cost to Company
Land				22,827
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				22,827
Buildings and Equipment				0
Total				22,827
Accumulated Depreciation				0
2855 Kaihikapu Street
Initial Cost to Company
Land				1,807
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,807
Buildings and Equipment				0
Total				1,807
Accumulated Depreciation				0
2855 Pukoloa Street
Initial Cost to Company
Land				1,934
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,934
Buildings and Equipment				0
Total				1,934
Accumulated Depreciation				0
2857 Awaawaloa Street
Initial Cost to Company
Land				983
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				983
Buildings and Equipment				0
Total				983
Accumulated Depreciation				0
2858 Kaihikapu Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
2861 Mokumoa Street
Initial Cost to Company
Land				3,867
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,867
Buildings and Equipment				0
Total				3,867
Accumulated Depreciation				0
2864 Awaawaloa Street
Initial Cost to Company
Land				1,836
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				6
Gross Amount Carried at Close of Period
Land				1,836
Buildings and Equipment				6
Total				1,842
Accumulated Depreciation				(4)
2864 Mokumoa Street
Initial Cost to Company
Land				2,092
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,092
Buildings and Equipment				0
Total				2,092
Accumulated Depreciation				0
2865 Pukoloa Street
Initial Cost to Company
Land				1,934
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,934
Buildings and Equipment				0
Total				1,934
Accumulated Depreciation				0
2868 Kaihikapu Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
2869 Mokumoa Street
Initial Cost to Company
Land				1,794
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,794
Buildings and Equipment				0
Total				1,794
Accumulated Depreciation				0
2875 Paa Street
Initial Cost to Company
Land				1,330
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,330
Buildings and Equipment				0
Total				1,330
Accumulated Depreciation				0
2879 Mokumoa Street
Initial Cost to Company
Land				1,789
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,789
Buildings and Equipment				0
Total				1,789
Accumulated Depreciation				0
2879 Paa Street
Initial Cost to Company
Land				1,691
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				44
Gross Amount Carried at Close of Period
Land				1,691
Buildings and Equipment				44
Total				1,735
Accumulated Depreciation				(12)
2886 Paa Street
Initial Cost to Company
Land				2,205
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,205
Buildings and Equipment				0
Total				2,205
Accumulated Depreciation				0
2889 Mokumoa Street
Initial Cost to Company
Land				1,783
Buildings and Equipment				5
Costs Capitalized Subsequent to Acquisition				(5)
Gross Amount Carried at Close of Period
Land				1,783
Buildings and Equipment				0
Total				1,783
Accumulated Depreciation				0
2906 Kaihikapu Street
Initial Cost to Company
Land				1,814
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,814
Buildings and Equipment				2
Total				1,816
Accumulated Depreciation				(1)
2908 Kaihikapu Street
Initial Cost to Company
Land				1,798
Buildings and Equipment				23
Costs Capitalized Subsequent to Acquisition				(11)
Gross Amount Carried at Close of Period
Land				1,798
Buildings and Equipment				12
Total				1,810
Accumulated Depreciation				(2)
2915 Kaihikapu Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
2915 Kaihikapu Street [Member]
Initial Cost to Company
Land				2,579
Gross Amount Carried at Close of Period
Land				2,579
Total				2,579
2927 Mokumoa Street
Initial Cost to Company
Land				1,778
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,778
Buildings and Equipment				0
Total				1,778
Accumulated Depreciation				0
2927 Mokumoa Street
Initial Cost to Company
Land				1,948
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,948
Buildings and Equipment				0
Total				1,948
Accumulated Depreciation				0
2960 Mokumoa Street
Initial Cost to Company
Land				1,977
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,977
Buildings and Equipment				0
Total				1,977
Accumulated Depreciation				0
2965 Mokumoa Street
Initial Cost to Company
Land				2,140
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,140
Buildings and Equipment				0
Total				2,140
Accumulated Depreciation				0
2969 Mapunapuna Street
Initial Cost to Company
Land				4,038
Buildings and Equipment				15
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,038
Buildings and Equipment				15
Total				4,053
Accumulated Depreciation				(9)
2970 Mokumoa Street
Initial Cost to Company
Land				1,722
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,722
Buildings and Equipment				0
Total				1,722
Accumulated Depreciation				0
33 S. Vineyard Boulevard
Initial Cost to Company
Land				844
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				844
Buildings and Equipment				0
Total				844
Accumulated Depreciation				0
525 N. King Street
Initial Cost to Company
Land				1,342
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,342
Buildings and Equipment				0
Total				1,342
Accumulated Depreciation				0
609 Ahua Street
Initial Cost to Company
Land				616
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				8
Gross Amount Carried at Close of Period
Land				616
Buildings and Equipment				8
Total				624
Accumulated Depreciation				(8)
619 Mapunapuna Street
Initial Cost to Company
Land				1,401
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				12
Gross Amount Carried at Close of Period
Land				1,401
Buildings and Equipment				14
Total				1,415
Accumulated Depreciation				(2)
645 Ahua Street
Initial Cost to Company
Land				882
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				882
Buildings and Equipment				0
Total				882
Accumulated Depreciation				0
659 Ahua Street
Initial Cost to Company
Land				860
Buildings and Equipment				20
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				860
Buildings and Equipment				20
Total				880
Accumulated Depreciation				(17)
659 Puuloa Road
Initial Cost to Company
Land				1,807
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,807
Buildings and Equipment				0
Total				1,807
Accumulated Depreciation				0
660 Ahua Street
Initial Cost to Company
Land				1,783
Buildings and Equipment				4
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,783
Buildings and Equipment				4
Total				1,787
Accumulated Depreciation				(3)
667 Puuloa Road
Initial Cost to Company
Land				860
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				860
Buildings and Equipment				2
Total				862
Accumulated Depreciation				(2)
669 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				14
Costs Capitalized Subsequent to Acquisition				62
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				76
Total				1,877
Accumulated Depreciation				(22)
673 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
675 Mapunapuna Street
Initial Cost to Company
Land				1,081
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,081
Buildings and Equipment				0
Total				1,081
Accumulated Depreciation				0
679 Puuloa Road
Initial Cost to Company
Land				1,807
Buildings and Equipment				3
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,807
Buildings and Equipment				3
Total				1,810
Accumulated Depreciation				(3)
685 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
673 Mapunapuna Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				20
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				20
Total				1,821
Accumulated Depreciation				(17)
692 Mapunapuna Street
Initial Cost to Company
Land				1,796
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,798
Buildings and Equipment				0
Total				1,798
Accumulated Depreciation				0
697 Ahua Street
Initial Cost to Company
Land				994
Buildings and Equipment				811
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				994
Buildings and Equipment				811
Total				1,805
Accumulated Depreciation				(327)
702 Ahua Street
Initial Cost to Company
Land				1,784
Buildings and Equipment				3
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,783
Buildings and Equipment				4
Total				1,787
Accumulated Depreciation				(3)
704 Mapunapuna Street
Initial Cost to Company
Land				2,390
Buildings and Equipment				685
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,390
Buildings and Equipment				685
Total				3,075
Accumulated Depreciation				(275)
709 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
719 Ahua Street
Initial Cost to Company
Land				1,960
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,960
Buildings and Equipment				0
Total				1,960
Accumulated Depreciation				0
729 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
733 Mapunapuna Street
Initial Cost to Company
Land				3,403
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,403
Buildings and Equipment				0
Total				3,403
Accumulated Depreciation				0
739 Ahua Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
759 Puuloa Road
Initial Cost to Company
Land				1,766
Buildings and Equipment				3
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,766
Buildings and Equipment				3
Total				1,769
Accumulated Depreciation				(3)
761 Ahua Street
Initial Cost to Company
Land				3,757
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,757
Buildings and Equipment				2
Total				3,759
Accumulated Depreciation				(1)
766 Mapunapuna Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
770 Mapunapuna Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
789 Mapunapuna Street
Initial Cost to Company
Land				2,608
Buildings and Equipment				3
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,608
Buildings and Equipment				3
Total				2,611
Accumulated Depreciation				(3)
80 Sand Island Access Road
Initial Cost to Company
Land				7,972
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				7,972
Buildings and Equipment				0
Total				7,972
Accumulated Depreciation				0
803 Ahua Street
Initial Cost to Company
Land				3,804
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,804
Buildings and Equipment				0
Total				3,804
Accumulated Depreciation				0
808 Ahua Street
Initial Cost to Company
Land				3,279
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,279
Buildings and Equipment				0
Total				3,279
Accumulated Depreciation				0
812 Mapunapuna Street
Initial Cost to Company
Land				1,960
Buildings and Equipment				25
Costs Capitalized Subsequent to Acquisition				628
Gross Amount Carried at Close of Period
Land				2,613
Buildings and Equipment				0
Total				2,613
Accumulated Depreciation				0
819 Ahua Street
Initial Cost to Company
Land				4,821
Buildings and Equipment				583
Costs Capitalized Subsequent to Acquisition				30
Gross Amount Carried at Close of Period
Land				4,821
Buildings and Equipment				613
Total				5,434
Accumulated Depreciation				(245)
822 Mapunapuna Street
Initial Cost to Company
Land				1,795
Buildings and Equipment				15
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,795
Buildings and Equipment				15
Total				1,810
Accumulated Depreciation				(13)
830 Mapunapuna Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				25
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				25
Total				1,826
Accumulated Depreciation				(21)
841 Mapunapuna Street
Initial Cost to Company
Land				3,265
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,265
Buildings and Equipment				0
Total				3,265
Accumulated Depreciation				0
842 Mapunapuna Street
Initial Cost to Company
Land				1,795
Buildings and Equipment				14
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,795
Buildings and Equipment				14
Total				1,809
Accumulated Depreciation				(12)
846 Ala Lilikoi Boulevard B
Initial Cost to Company
Land				234
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				234
Buildings and Equipment				0
Total				234
Accumulated Depreciation				0
848 Ala Lilikoi Boulevard A
Initial Cost to Company
Land				9,426
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				9,426
Buildings and Equipment				0
Total				9,426
Accumulated Depreciation				0
850 Ahua Street
Initial Cost to Company
Land				2,682
Buildings and Equipment				2
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,682
Buildings and Equipment				2
Total				2,684
Accumulated Depreciation				(2)
852 Mapunapuna Street
Initial Cost to Company
Land				1,801
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,801
Buildings and Equipment				0
Total				1,801
Accumulated Depreciation				0
855 Ahua Street
Initial Cost to Company
Land				1,834
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,834
Buildings and Equipment				0
Total				1,834
Accumulated Depreciation				0
865 Ahua Street
Initial Cost to Company
Land				1,846
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,846
Buildings and Equipment				0
Total				1,846
Accumulated Depreciation				0
889 Ahua Street
Initial Cost to Company
Land				5,888
Buildings and Equipment				315
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,888
Buildings and Equipment				315
Total				6,203
Accumulated Depreciation				(56)
905 Ahua Street
Initial Cost to Company
Land				1,148
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,148
Buildings and Equipment				0
Total				1,148
Accumulated Depreciation				0
918 Ahua Street
Initial Cost to Company
Land				3,820
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,820
Buildings and Equipment				0
Total				3,820
Accumulated Depreciation				0
930 Mapunapuna Street
Initial Cost to Company
Land				3,654
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,654
Buildings and Equipment				0
Total				3,654
Accumulated Depreciation				0
944 Ahua Street
Initial Cost to Company
Land				1,219
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,219
Buildings and Equipment				0
Total				1,219
Accumulated Depreciation				0
949 Mapunapuna Street
Initial Cost to Company
Land				11,568
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				11,568
Buildings and Equipment				0
Total				11,568
Accumulated Depreciation				0
950 Mapunapuna Street
Initial Cost to Company
Land				1,724
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,724
Buildings and Equipment				0
Total				1,724
Accumulated Depreciation				0
960 Ahua Street
Initial Cost to Company
Land				614
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				614
Buildings and Equipment				0
Total				614
Accumulated Depreciation				0
960 Mapunapuna Street
Initial Cost to Company
Land				1,933
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,933
Buildings and Equipment				0
Total				1,933
Accumulated Depreciation				0
970 Ahua Street
Initial Cost to Company
Land				817
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				817
Buildings and Equipment				0
Total				817
Accumulated Depreciation				0
91-027 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,667
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,667
Buildings and Equipment				0
Total				2,667
Accumulated Depreciation				0
91-064 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,826
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,826
Buildings and Equipment				0
Total				1,826
Accumulated Depreciation				0
91-080 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,187
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,187
Buildings and Equipment				0
Total				2,187
Accumulated Depreciation				0
91-083 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				716
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				716
Buildings and Equipment				0
Total				716
Accumulated Depreciation				0
91-086 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				13,884
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				13,884
Buildings and Equipment				0
Total				13,884
Accumulated Depreciation				0
91-087 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				381
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				381
Buildings and Equipment				0
Total				381
Accumulated Depreciation				0
91-091 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				552
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				552
Buildings and Equipment				0
Total				552
Accumulated Depreciation				0
91-102 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,599
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,599
Buildings and Equipment				0
Total				1,599
Accumulated Depreciation				0
91-110 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,293
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,293
Buildings and Equipment				0
Total				1,293
Accumulated Depreciation				0
91-119 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,981
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,981
Buildings and Equipment				0
Total				1,981
Accumulated Depreciation				0
91-141 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				11,624
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				11,624
Buildings and Equipment				0
Total				11,624
Accumulated Depreciation				0
91-150 Kaomi Loop
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				3,159
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,159
Buildings and Equipment				0
Total				3,159
Accumulated Depreciation				0
91-171 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				218
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				47
Gross Amount Carried at Close of Period
Land				218
Buildings and Equipment				47
Total				265
Accumulated Depreciation				(35)
91-174 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				962
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				47
Gross Amount Carried at Close of Period
Land				962
Buildings and Equipment				47
Total				1,009
Accumulated Depreciation				(19)
91-175 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,243
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				43
Gross Amount Carried at Close of Period
Land				1,243
Buildings and Equipment				43
Total				1,286
Accumulated Depreciation				(20)
91-185 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,761
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,761
Buildings and Equipment				0
Total				1,761
Accumulated Depreciation				0
91-202 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,722
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				326
Gross Amount Carried at Close of Period
Land				1,722
Buildings and Equipment				326
Total				2,048
Accumulated Depreciation				(53)
91-210 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				567
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				567
Buildings and Equipment				0
Total				567
Accumulated Depreciation				0
91-210 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				706
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				706
Buildings and Equipment				0
Total				706
Accumulated Depreciation				0
91-218 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,622
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				61
Gross Amount Carried at Close of Period
Land				1,622
Buildings and Equipment				61
Total				1,683
Accumulated Depreciation				(22)
91-220 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				242
Buildings and Equipment				1,457
Costs Capitalized Subsequent to Acquisition				172
Gross Amount Carried at Close of Period
Land				242
Buildings and Equipment				1,629
Total				1,871
Accumulated Depreciation				(582)
91-222 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,035
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,035
Buildings and Equipment				0
Total				2,035
Accumulated Depreciation				0
91-238 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,390
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				9,259
Gross Amount Carried at Close of Period
Land				1,390
Buildings and Equipment				9,259
Total				10,649
Accumulated Depreciation				(2,840)
91-241 Kalaeloa
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				426
Buildings and Equipment				3,983
Costs Capitalized Subsequent to Acquisition				886
Gross Amount Carried at Close of Period
Land				426
Buildings and Equipment				4,869
Total				5,295
Accumulated Depreciation				(1,707)
91-250 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,506
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,506
Buildings and Equipment				0
Total				1,506
Accumulated Depreciation				0
91-252 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				536
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				536
Buildings and Equipment				0
Total				536
Accumulated Depreciation				0
91-255 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,230
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				16
Gross Amount Carried at Close of Period
Land				1,230
Buildings and Equipment				16
Total				1,246
Accumulated Depreciation				(3)
91-259 Olai
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,944
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,944
Buildings and Equipment				0
Total				2,944
Accumulated Depreciation				0
91-265 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,569
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,569
Buildings and Equipment				0
Total				1,569
Accumulated Depreciation				0
91-300 Hanua
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,381
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,381
Buildings and Equipment				0
Total				1,381
Accumulated Depreciation				0
91-329 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				294
Buildings and Equipment				2,297
Costs Capitalized Subsequent to Acquisition				2,489
Gross Amount Carried at Close of Period
Land				294
Buildings and Equipment				4,786
Total				5,080
Accumulated Depreciation				(1,537)
91-349 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				649
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				649
Buildings and Equipment				0
Total				649
Accumulated Depreciation				0
91-399 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				27,405
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				27,405
Buildings and Equipment				0
Total				27,405
Accumulated Depreciation				0
91-400 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,494
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,494
Buildings and Equipment				0
Total				1,494
Accumulated Depreciation				0
91-410 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				418
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				12
Gross Amount Carried at Close of Period
Land				418
Buildings and Equipment				12
Total				430
Accumulated Depreciation				(2)
91-416 Komohana
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				713
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				11
Gross Amount Carried at Close of Period
Land				713
Buildings and Equipment				11
Total				724
Accumulated Depreciation				(2)
AES HI Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,250
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,250
Buildings and Equipment				0
Total				1,250
Accumulated Depreciation				0
Other Easements & Lots
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				358
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				1,395
Gross Amount Carried at Close of Period
Land				358
Buildings and Equipment				1,395
Total				1,753
Accumulated Depreciation				(435)
Tesaro 967 Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				6,593
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				6,593
Buildings and Equipment				0
Total				6,593
Accumulated Depreciation				0
Texaco Easement
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,657
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				(4)
Gross Amount Carried at Close of Period
Land				2,653
Buildings and Equipment				0
Total				2,653
Accumulated Depreciation				0
94-240 Pupuole Street
Initial Cost to Company
Land				717
Buildings and Equipment				0
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				717
Buildings and Equipment				0
Total				717
Accumulated Depreciation				0
5500 SE Delaware Avenue
Initial Cost to Company
Land				2,707
Buildings and Equipment				16,994
Costs Capitalized Subsequent to Acquisition				13,507
Gross Amount Carried at Close of Period
Land				2,707
Buildings and Equipment				30,501
Total				33,208
Accumulated Depreciation				(2,122)
951 Trails Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				470
Buildings and Equipment				7,480
Costs Capitalized Subsequent to Acquisition				1,024
Gross Amount Carried at Close of Period
Land				470
Buildings and Equipment				8,504
Total				8,974
Accumulated Depreciation				(2,589)
3425 Maple Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				100
Buildings and Equipment				2,000
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				100
Buildings and Equipment				2,000
Total				2,100
Accumulated Depreciation				(41)
2300 North 33rd Avenue East
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				500
Buildings and Equipment				13,236
Costs Capitalized Subsequent to Acquisition				395
Gross Amount Carried at Close of Period
Land				500
Buildings and Equipment				13,631
Total				14,131
Accumulated Depreciation				(3,941)
7121 South Fifth Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				400
Buildings and Equipment				4,201
Costs Capitalized Subsequent to Acquisition				422
Gross Amount Carried at Close of Period
Land				400
Buildings and Equipment				4,623
Total				5,023
Accumulated Depreciation				(528)
1230 West 171st Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				800
Buildings and Equipment				1,673
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				800
Buildings and Equipment				1,673
Total				2,473
Accumulated Depreciation				(206)
5156 American Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				400
Buildings and Equipment				1,529
Costs Capitalized Subsequent to Acquisition				182
Gross Amount Carried at Close of Period
Land				400
Buildings and Equipment				1,711
Total				2,111
Accumulated Depreciation				(201)
3201 Bearing Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,100
Buildings and Equipment				15,403
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,100
Buildings and Equipment				15,403
Total				16,503
Accumulated Depreciation				(376)
2482 Century Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				840
Buildings and Equipment				9,061
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				840
Buildings and Equipment				9,061
Total				9,901
Accumulated Depreciation				(188)
6825 West County Road 400 North
Initial Cost to Company
Land				918
Buildings and Equipment				14,300
Costs Capitalized Subsequent to Acquisition				168
Gross Amount Carried at Close of Period
Land				918
Buildings and Equipment				14,468
Total				15,386
Accumulated Depreciation				(361)
900 Commerce Parkway West Drive
Initial Cost to Company
Land				1,483
Buildings and Equipment				16,253
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,483
Buildings and Equipment				16,253
Total				17,736
Accumulated Depreciation				(409)
9347 E Pendleton Pike
Initial Cost to Company
Land				3,763
Buildings and Equipment				34,877
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,763
Buildings and Equipment				34,877
Total				38,640
Accumulated Depreciation				(876)
945 Monument Drive
Initial Cost to Company
Land				4,210
Buildings and Equipment				42,795
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,210
Buildings and Equipment				42,795
Total				47,005
Accumulated Depreciation				(890)
2801 Airwest Boulevard
Initial Cost to Company
Land				5,296
Buildings and Equipment				35,073
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,296
Buildings and Equipment				35,073
Total				40,369
Accumulated Depreciation				(1,029)
2150 Stanley Road
Initial Cost to Company
Land				2,817
Buildings and Equipment				24,836
Costs Capitalized Subsequent to Acquisition				231
Gross Amount Carried at Close of Period
Land				2,817
Buildings and Equipment				25,067
Total				27,884
Accumulated Depreciation				(536)
4237-4255 Anson Boulevard
Initial Cost to Company
Land				3,710
Buildings and Equipment				61,706
Costs Capitalized Subsequent to Acquisition				734
Gross Amount Carried at Close of Period
Land				3,710
Buildings and Equipment				62,440
Total				66,150
Accumulated Depreciation				(1,589)
1985 International Way
Initial Cost to Company
Land				1,453
Buildings and Equipment				8,546
Costs Capitalized Subsequent to Acquisition				449
Gross Amount Carried at Close of Period
Land				1,453
Buildings and Equipment				8,995
Total				10,448
Accumulated Depreciation				(260)
20 Logistics Boulevard
Initial Cost to Company
Land				2,916
Buildings and Equipment				35,056
Costs Capitalized Subsequent to Acquisition				6
Gross Amount Carried at Close of Period
Land				2,916
Buildings and Equipment				35,062
Total				37,978
Accumulated Depreciation				(882)
17200 Manchac Park Lane
Initial Cost to Company
Land				1,700
Buildings and Equipment				8,860
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,700
Buildings and Equipment				8,860
Total				10,560
Accumulated Depreciation				(1,089)
209 South Bud Street
Initial Cost to Company
Land				700
Buildings and Equipment				4,549
Costs Capitalized Subsequent to Acquisition				9
Gross Amount Carried at Close of Period
Land				700
Buildings and Equipment				4,558
Total				5,258
Accumulated Depreciation				(561)
4000 Principio Parkway
Initial Cost to Company
Land				4,200
Buildings and Equipment				71,518
Costs Capitalized Subsequent to Acquisition				800
Gross Amount Carried at Close of Period
Land				4,200
Buildings and Equipment				72,318
Total				76,518
Accumulated Depreciation				(8,828)
16101 Queens Court
Initial Cost to Company
Land				5,296
Buildings and Equipment				21,833
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,296
Buildings and Equipment				21,833
Total				27,129
Accumulated Depreciation				(682)
3800 Midlink Drive
Initial Cost to Company
Land				2,630
Buildings and Equipment				40,599
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,630
Buildings and Equipment				40,599
Total				43,229
Accumulated Depreciation				(4,991)
2401 Cram Avenue SE
Initial Cost to Company
Land				100
Buildings and Equipment				2,137
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				100
Buildings and Equipment				2,137
Total				2,237
Accumulated Depreciation				(263)
10100 89th Avenue N
Initial Cost to Company
Land				3,469
Buildings and Equipment				21,284
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				3,469
Buildings and Equipment				21,284
Total				24,753
Accumulated Depreciation				(697)
110 Stanbury Industrial Drive
Initial Cost to Company
Land				200
Buildings and Equipment				1,859
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				200
Buildings and Equipment				1,859
Total				2,059
Accumulated Depreciation				(229)
3502 Enterprise Avenue
Initial Cost to Company
Land				1,380
Buildings and Equipment				12,121
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,380
Buildings and Equipment				12,121
Total				13,501
Accumulated Depreciation				(251)
5501 Providence Hill Drive
Initial Cost to Company
Land				400
Buildings and Equipment				3,500
Costs Capitalized Subsequent to Acquisition				24
Gross Amount Carried at Close of Period
Land				400
Buildings and Equipment				3,524
Total				3,924
Accumulated Depreciation				(73)
5148 North Hanley Road
Initial Cost to Company
Land				4,861
Buildings and Equipment				62,147
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,861
Buildings and Equipment				62,147
Total				67,008
Accumulated Depreciation				(1,293)
628 Patton Avenue
Initial Cost to Company
Land				500
Buildings and Equipment				1,514
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				500
Buildings and Equipment				1,514
Total				2,014
Accumulated Depreciation				(186)
3900 NE 6th Street
Initial Cost to Company
Land				700
Buildings and Equipment				3,223
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				700
Buildings and Equipment				3,223
Total				3,923
Accumulated Depreciation				(396)
1415 West Commerce Way
Initial Cost to Company
Land				2,200
Buildings and Equipment				8,518
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,200
Buildings and Equipment				8,518
Total				10,718
Accumulated Depreciation				(1,047)
52 Pettengill Road
Initial Cost to Company
Land				5,871
Buildings and Equipment				43,335
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				5,871
Buildings and Equipment				43,335
Total				49,206
Accumulated Depreciation				(901)
309 Dulty's Lane
Initial Cost to Company
Land				1,600
Buildings and Equipment				51,400
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,600
Buildings and Equipment				51,400
Total				53,000
Accumulated Depreciation				(6,319)
725 Darlington Avenue
Initial Cost to Company
Land				8,492
Buildings and Equipment				9,451
Costs Capitalized Subsequent to Acquisition				1,265
Gross Amount Carried at Close of Period
Land				8,492
Buildings and Equipment				10,716
Total				19,208
Accumulated Depreciation				(1,487)
2375 East Newlands Road
Initial Cost to Company
Land				1,100
Buildings and Equipment				17,314
Costs Capitalized Subsequent to Acquisition				286
Gross Amount Carried at Close of Period
Land				1,100
Buildings and Equipment				17,600
Total				18,700
Accumulated Depreciation				(2,179)
7000 West Post Road
Initial Cost to Company
Land				4,230
Buildings and Equipment				13,472
Costs Capitalized Subsequent to Acquisition				93
Gross Amount Carried at Close of Period
Land				4,230
Buildings and Equipment				13,565
Total				17,795
Accumulated Depreciation				(327)
55 Commerce Avenue
Initial Cost to Company
Land				1,000
Buildings and Equipment				10,105
Costs Capitalized Subsequent to Acquisition				179
Gross Amount Carried at Close of Period
Land				1,000
Buildings and Equipment				10,284
Total				11,284
Accumulated Depreciation				(1,274)
158 West Yard Road
Initial Cost to Company
Land				1,870
Buildings and Equipment				7,931
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,870
Buildings and Equipment				7,931
Total				9,801
Accumulated Depreciation				(288)
32150 Just Imagine Drive
Initial Cost to Company
Land				2,200
Buildings and Equipment				23,280
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,200
Buildings and Equipment				23,280
Total				25,480
Accumulated Depreciation				(6,160)
1415 Industrial Drive
Initial Cost to Company
Land				1,200
Buildings and Equipment				3,265
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				1,200
Buildings and Equipment				3,265
Total				4,465
Accumulated Depreciation				(401)
1580, 1590 & 1600 Williams Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,060
Buildings and Equipment				29,143
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,058
Buildings and Equipment				29,145
Total				31,203
Accumulated Depreciation				(707)
5001 West Delbridge Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,700
Buildings and Equipment				29,863
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,700
Buildings and Equipment				29,863
Total				32,563
Accumulated Depreciation				(3,671)
4836 Hickory Hill Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,300
Buildings and Equipment				8,613
Costs Capitalized Subsequent to Acquisition				162
Gross Amount Carried at Close of Period
Land				1,300
Buildings and Equipment				8,775
Total				10,075
Accumulated Depreciation				(1,080)
2353 & 2373 Global Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,393
Buildings and Equipment				27,363
Costs Capitalized Subsequent to Acquisition				6
Gross Amount Carried at Close of Period
Land				2,393
Buildings and Equipment				27,369
Total				29,762
Accumulated Depreciation				(278)
2020 Joe B. Jackson Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				600
Buildings and Equipment				4,530
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				600
Buildings and Equipment				4,530
Total				5,130
Accumulated Depreciation				(557)
1800 Union Airpark Boulevard
Initial Cost to Company
Land				4,541
Buildings and Equipment				79,469
Costs Capitalized Subsequent to Acquisition				23
Gross Amount Carried at Close of Period
Land				4,541
Buildings and Equipment				79,492
Total				84,033
Accumulated Depreciation				(1,652)
1095 South 4800 West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				581
Buildings and Equipment				2,237
Costs Capitalized Subsequent to Acquisition				4,582
Gross Amount Carried at Close of Period
Land				581
Buildings and Equipment				6,819
Total				7,400
Accumulated Depreciation				(537)
5 Logistics Drive
Initial Cost to Company
Land				3,299
Buildings and Equipment				15,515
Costs Capitalized Subsequent to Acquisition				58
Gross Amount Carried at Close of Period
Land				3,299
Buildings and Equipment				15,573
Total				18,872
Accumulated Depreciation				(487)
1990 Hood Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				400
Buildings and Equipment				10,702
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				400
Buildings and Equipment				10,702
Total				11,102
Accumulated Depreciation				(223)
5000 Commerce Way
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,600
Buildings and Equipment				35,920
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,600
Buildings and Equipment				35,920
Total				38,520
Accumulated Depreciation				(4,415)
700 Marine Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				820
Buildings and Equipment				8,381
Costs Capitalized Subsequent to Acquisition				661
Gross Amount Carried at Close of Period
Land				820
Buildings and Equipment				9,042
Total				9,862
Accumulated Depreciation				(203)
510 John Dodd Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				3,300
Buildings and Equipment				57,998
Costs Capitalized Subsequent to Acquisition				347
Gross Amount Carried at Close of Period
Land				3,300
Buildings and Equipment				58,345
Total				61,645
Accumulated Depreciation				(7,141)
5001 West Delbridge Street
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				2,570
Buildings and Equipment				14,832
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				2,570
Buildings and Equipment				14,832
Total				17,402
Accumulated Depreciation				(308)
4836 Hickory Hill Road
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,402
Buildings and Equipment				10,769
Costs Capitalized Subsequent to Acquisition				868
Gross Amount Carried at Close of Period
Land				1,402
Buildings and Equipment				11,637
Total				13,039
Accumulated Depreciation				(1,443)
2020 Joe B. Jackson Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				7,500
Buildings and Equipment				55,259
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				7,500
Buildings and Equipment				55,259
Total				62,759
Accumulated Depreciation				(6,792)
1095 South 4800 West
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,500
Buildings and Equipment				6,913
Costs Capitalized Subsequent to Acquisition				20
Gross Amount Carried at Close of Period
Land				1,500
Buildings and Equipment				6,933
Total				8,433
Accumulated Depreciation				(850)
1901 Meadowville Technology Parkway
Initial Cost to Company
Land				4,000
Buildings and Equipment				67,511
Costs Capitalized Subsequent to Acquisition				0
Gross Amount Carried at Close of Period
Land				4,000
Buildings and Equipment				67,511
Total				71,511
Accumulated Depreciation				(8,298)
5000 Commerce Way
Initial Cost to Company
Land				6,161
Buildings and Equipment				56,046
Costs Capitalized Subsequent to Acquisition				55
Gross Amount Carried at Close of Period
Land				6,161
Buildings and Equipment				56,101
Total				62,262
Accumulated Depreciation				(1,165)
181 Battaile Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land				1,487
Buildings and Equipment				12,854
Costs Capitalized Subsequent to Acquisition				36
Gross Amount Carried at Close of Period
Land				1,487
Buildings and Equipment				12,890
Total				14,377
Accumulated Depreciation				(4,410)
Mortgages
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances				1,096,608
Initial Cost to Company
Buildings and Equipment				1,196,464
Gross Amount Carried at Close of Period
Number of properties used as collateral | property	3	3	2
Mortgages | 1 property encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances				55,848
Initial Cost to Company
Buildings and Equipment				$ 108,122
Gross Amount Carried at Close of Period
Number of properties used as collateral | property				1
Number of debt instruments | loan				1
Mortgages | 186 properties encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances				$ 645,034
Initial Cost to Company
Buildings and Equipment				$ 504,933
Gross Amount Carried at Close of Period
Number of properties used as collateral | property				186
Number of debt instruments | loan				1
Mortgages | 11 properties encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances				$ 346,772
Initial Cost to Company
Buildings and Equipment				$ 511,898
Gross Amount Carried at Close of Period
Number of properties used as collateral | property				11
Number of debt instruments | loan				1
Mortgages | 1 property encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances				$ 48,954
Initial Cost to Company
Buildings and Equipment				$ 71,511
Gross Amount Carried at Close of Period
Number of properties used as collateral | property				1
Number of debt instruments | loan				1

SCHEDULE III - REAL ESTATE AN_3

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Analysis of Carrying Amount And Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Real Estate Properties
Balance at the beginning of the period	$ 1,462,396	$ 1,343,602	$ 1,336,728
Additions	873,568	118,898	6,974
Disposals		(104)	(100)
Balance at the end of the period	2,335,964	1,462,396	1,343,602
Accumulated Depreciation
Balance at the beginning of the period	(93,291)	(74,614)	(56,976)
Additions	(38,177)	(18,781)	(17,738)
Disposals		104	100
Balance at the end of the period	$ (131,468)	$ (93,291)	$ (74,614)