Industrial Logistics Properties Trust (ILPT) 10-Q 30 Apr 20 2020 Q1 Quarterly report Financial data

Cover Page

Cover Page - shares	3 Months Ended
	Mar. 31, 2020	Apr. 29, 2020
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2020
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	02458-1634
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 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 Common Stock, Shares Outstanding		65,185,677
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 759,009	$ 747,794
Buildings and improvements	1,643,913	1,588,170
Total real estate properties, gross	2,402,922	2,335,964
Accumulated depreciation	(142,487)	(131,468)
Total real estate properties, net	2,260,435	2,204,496
Acquired real estate leases, net	137,226	138,596
Cash and cash equivalents	19,870	28,415
Restricted cash	11,302	6,135
Rents receivable, including straight line rents of $60,303 and $58,336, respectively	65,524	62,782
Deferred leasing costs, net	6,498	6,581
Debt issuance costs, net	2,584	2,954
Due from related persons	1,023	1,504
Other assets, net	7,858	3,438
Total assets	2,512,320	2,454,901
LIABILITIES AND EQUITY
Revolving credit facility	265,000	310,000
Mortgage notes payable, net	1,096,824	1,096,608
Assumed real estate lease obligations, net	16,931	17,508
Accounts payable and other liabilities	18,623	16,475
Rents collected in advance	10,731	9,442
Security deposits	6,692	6,680
Due to related persons	2,697	2,498
Total liabilities	1,417,498	1,459,211
Commitments and contingencies
Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,185,677 and 65,180,628 shares issued and outstanding, respectively	652	652
Additional paid in capital	1,006,582	999,302
Cumulative net income	155,001	142,155
Cumulative common distributions	(167,929)	(146,419)
Total equity attributable to common shareholders	994,306	995,690
Total equity attributable to noncontrolling interest	100,516	0
Total equity	1,094,822	995,690
Total liabilities and equity	$ 2,512,320	$ 2,454,901

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Straight line rents	$ 60,303	$ 58,336
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)	65,185,677	65,180,628
Common shares, shares outstanding (in shares)	65,185,677	65,180,628

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
REVENUES:
Rental income	$ 64,278	$ 45,987
Expenses:
Real estate taxes	8,811	5,565
Other operating expenses	5,181	3,386
Depreciation and amortization	18,290	9,611
General and administrative	4,831	3,800
Total expenses	37,113	22,362
Interest income	111	361
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $586 and $403, respectively)	(14,519)	(7,596)
Income before income tax expense and equity in earnings of an investee	12,757	16,390
Income tax expense	(63)	(8)
Equity in earnings of an investee	0	404
Net income	12,694	16,786
Net loss attributable to noncontrolling interest	152	0
Net income attributable to common shareholders	12,846	16,786
Other comprehensive income:
Equity in unrealized gains of an investee	0	66
Other comprehensive income	0	66
Comprehensive income attributable to common shareholders	$ 12,846	$ 16,852
Weighted average common shares outstanding - basic (in shares)	65,075	65,032
Weighted average common shares outstanding - diluted (in shares)	65,082	65,041
Net income attributable to common shareholders (in dollars per share)	$ 0.20	$ 0.26

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement [Abstract]
Amortization of debt issuance costs and premium	$ 586	$ 403

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income	Cumulative Common Distributions	Total Equity Attributable to Common Shareholders	Total Attributable to Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2018		65,074,791
Beginning balance at Dec. 31, 2018	$ 1,028,273	$ 651	$ 998,447	$ 89,657	$ 0	$ (60,482)	$ 1,028,273	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	16,786			16,786			16,786
Equity in unrealized gains of an investee	66				66		66
Share grants	73		73				73
Distributions to common shareholders	(21,474)					(21,474)	(21,474)
Ending balance (in shares) at Mar. 31, 2019		65,074,791
Ending balance at Mar. 31, 2019	1,023,724	$ 651	998,520	106,443	66	(81,956)	1,023,724	0
Beginning balance (in shares) at Dec. 31, 2019		65,180,628
Beginning balance at Dec. 31, 2019	995,690	$ 652	999,302	142,155	0	(146,419)	995,690	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,694			12,846			12,846	(152)
Equity in unrealized gains of an investee	0
Share grants (in shares)		6,000
Share grants	326		326				326
Share repurchases (in shares)		(951)
Share repurchases	(18)		(18)				(18)
Distributions to common shareholders	(21,510)					(21,510)	(21,510)
Contributions from noncontrolling interest	107,640						6,972
Ending balance (in shares) at Mar. 31, 2020		65,185,677
Ending balance at Mar. 31, 2020	$ 1,094,822	$ 652	$ 1,006,582	$ 155,001	$ 0	$ (167,929)	$ 994,306	$ 100,516

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 12,694	$ 16,786
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	11,294	5,856
Net amortization of debt issuance costs, premiums and discounts	586	403
Amortization of acquired real estate leases and assumed real estate lease obligations	6,530	3,310
Amortization of deferred leasing costs	273	337
Straight line rental income	(1,967)	(979)
Other non-cash expenses	326	73
Equity in earnings of an investee	0	(404)
Change in assets and liabilities:
Rents receivable	(775)	(325)
Deferred leasing costs	(273)	(21)
Due from related persons	481	(341)
Other assets	(4,420)	(3,495)
Accounts payable and other liabilities	3,196	4,207
Rents collected in advance	1,289	2,715
Security deposits	12	62
Due to related persons	199	146
Net cash provided by operating activities	29,445	28,330
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(71,628)	(281,424)
Real estate improvements	(2,307)	(477)
Net cash used in investing activities	(73,935)	(281,901)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable	0	650,000
Borrowings under revolving credit facility	125,000	85,000
Repayments of revolving credit facility	(170,000)	(448,000)
Payment of debt issuance costs	0	(5,437)
Distributions to common shareholders	(21,510)	(21,474)
Contributions from noncontrolling interest	107,640	0
Repurchase of common shares	(18)	0
Net cash provided by financing activities	41,112	260,089
(Decrease) increase in cash, cash equivalents and restricted cash	(3,378)	6,518
Cash, cash equivalents and restricted cash at beginning of period	34,550	9,608
Cash, cash equivalents and restricted cash at end of period	31,172	16,126
SUPPLEMENTAL DISCLOSURES:
Interest paid	14,143	5,215
Income taxes paid	0	64
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 31,172	$ 16,126

Basis of Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019 , or our 2019 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles. In February and March 2020, we entered into agreements related to a joint venture for 12 of our properties located in the mainland United States. We have determined that this joint venture is a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification. We concluded that we must consolidate this VIE because we are the entity with the power to direct the activities that most significantly impact the VIE’s economic performance and we have the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore are the primary beneficiary of the VIE. The assets of this VIE were $667,054 as of March 31, 2020 and consist primarily of the real estate owned by the joint venture. The liabilities of this VIE were $ 408,212 as of March 31, 2020 and consist primarily of mortgage debts on the properties. The joint venture investor's interest in this consolidated entity is reflected as noncontrolling interest in our condensed consolidated financial statements. See Note 11 for further information about this joint venture.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued Accounting Standards Update 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. We adopted this standard which was effective as of January 1, 2020 using the modified retrospective approach. The implementation of this standard did not have a material impact in our condensed consolidated financial statements.

Real Estate Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Real Estate Properties	Real Estate Properties As of March 31, 2020 , we owned 301 properties with a total of approximately 43,759,000 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 75 properties with a total of approximately 27,003,000 rentable square feet of industrial properties located in 30 other states, or our Mainland Properties, including 12 properties with approximately 9,227,000 rentable square feet owned by a joint venture in which we own a 61% equity interest. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the three months ended March 31, 2020 and 2019, approximately 41.1% and 55.3% , respectively, of our rental income was from our Hawaii Properties. In addition, a subsidiary of Amazon.com, Inc., which is a tenant at certain of our Mainland Properties, accounted for $ 9,662 , or 15.0% , and $4,865 , or 10.6% , of our rental income for the three months ended March 31, 2020 and 2019, respectively. During the three months ended March 31, 2020 , we completed the acquisition of an industrial property containing 820,384 rentable square feet for a purchase price of $71,628 , including acquisition related costs of $147 . This acquisition was accounted for as an asset acquisition. We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows: Number Rentable Buildings Acquired of Square Purchase and Real Estate Date Market Area Properties Feet Price Land Improvements Leases February 2020 Goodyear, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738 During the three months ended March 31, 2020 , we committed $ 458 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 49,000 square feet. Committed but unspent tenant related obligations based on existing leases as of March 31, 2020 were $807 . 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. As of both March 31, 2020 and December 31, 2019 , accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our condensed consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our condensed consolidated statements of comprehensive income.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases 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. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $11,520 and $8,281 for the three months ended March 31, 2020 and 2019, respectively, of which tenant reimbursements totaled $11,275 and $7,119 , respectively. We increased rental income to record revenue on a straight line basis by $1,967 and $979 for the three months ended March 31, 2020 and 2019, respectively. Rents receivable include $60,303 and $58,336 of straight line rents at March 31, 2020 and December 31, 2019, respectively. Certain of our tenants have requested relief from their obligations to pay rent due to us in response to the current economic conditions resulting from the COVID-19 pandemic. As of April 27, 2020, we granted requests for certain of our tenants to defer rent payments totaling $2,132 . These tenants will be obligated to pay, in most cases, the deferred rents in 12

Indebtedness

Indebtedness	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of March 31, 2020, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral March 31, December 31, Interest At March 31, 2020 (1) 2019 (1) Rate Maturity 2020 Unsecured revolving credit facility (2) $ 265,000 $ 310,000 2.50 % Dec 2021 $ — Mortgage note payable (secured by one property in Virginia) 48,750 48,750 3.48 % Nov 2020 62,791 Mortgage note payable (secured by one property in Florida) (3) 56,980 56,980 4.22 % Oct 2023 105,612 Mortgage note payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 492,170 Mortgage note payable (secured by 11 Mainland Properties) (3) 350,000 350,000 3.33 % Nov 2029 496,737 1,370,730 1,415,730 $ 1,157,310 Unamortized debt issuance costs, premiums and discounts (8,906 ) (9,122 ) $ 1,361,824 $ 1,406,608 (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. (3) The properties encumbered by these mortgages are owned by a joint venture in which we own a 61% equity interest. We have a $750,000 unsecured revolving credit facility that is available for our general business purposes, including acquisitions. The maturity date of our revolving credit facility is December 29, 2021. We may borrow, repay and reborrow funds under our revolving credit facility until maturity, and no principal repayment is due until maturity. Interest on borrowings under our revolving credit facility is calculated at floating rates based on LIBOR plus a premium that varies based on our leverage ratio. We have the option to extend the maturity date of our revolving credit facility for two , six month periods, subject to payment of extension fees and satisfaction of other conditions. We are also required to pay a commitment fee on the unused portion of our revolving credit facility. The agreement governing our revolving credit facility, or our credit agreement, also includes a feature under which the maximum borrowing availability under our revolving credit facility may be increased to up to $1,500,000 in certain circumstances. As of March 31, 2020 , interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 155 basis points and our commitment fee was 25 basis points . As of March 31, 2020 and December 31, 2019 , the interest rate payable on borrowings under our revolving credit facility was 2.50% and 3.26% , respectively. The weighted average interest rate for borrowings under our revolving credit facility was 3.23% and 3.80% for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and April 29, 2020 , we had $265,000 outstanding under our revolving credit facility, and $ 485,000 available to borrow under our revolving credit facility. Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes The RMR Group LLC, or RMR LLC, ceasing to act as our business manager and property manager. Our credit agreement also contains 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 March 31, 2020 .

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2020
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, rents collected in advance, security deposits and amounts due from or to related persons. At March 31, 2020 and December 31, 2019 , the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At March 31, 2020 At December 31, 2019 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 1,096,824 $ 1,253,016 $ 1,096,608 $ 1,143,437 (1) Includes unamortized debt issuance costs, premiums and discounts of $8,906 and $9,122 as of March 31, 2020 and December 31, 2019 , respectively. We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Shareholders' Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards: On February 21, 2020, in connection with the election of two of our Trustees we awarded to each such Trustee 3,000 of our common shares, valued at $23.54 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day. Common Share Purchases: During the three months ended March 31, 2020, we purchased our common shares from certain 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 dates, as follows: Date Purchased Number of Shares Price per Share 1/9/2020 420 $ 22.01 3/13/2020 531 $ 17.75 Distributions: During the three months ended March 31, 2020, we declared and paid a regular quarterly distribution to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distribution January 27, 2020 February 20, 2020 $0.33 $21,510 On April 6, 2020, we declared a regular quarterly distribution of $0.33 per common share, or approximately $21,500 , to shareholders of record on April 16, 2020. We expect to pay this distribution on or about May 21, 2020.

Weighted Average Common Shares

Weighted Average Common Shares	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Weighted Average Common Shares	Weighted Average Common Shares The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended 2020 2019 Weighted average common shares for basic earnings per share 65,075 65,032 Effect of dilutive securities: unvested share awards 7 9 Weighted average common shares for diluted earnings per share 65,082 65,041

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $ 3,307 and $2,193 for the three months ended March 31, 2020 and 2019, respectively. T he net business management fees we recognized for the three months ended March 31, 2020 include $129 of management fees related to our subsidiary level management agreement with RMR LLC entered in connection with our joint venture arrangement. Based on our common share total return, as defined in our business management agreement, as of March 31, 2020 and 2019, no incentive fees are included in the net business management fees we recognized for the three months ended March 31, 2020 or 2019. The actual amount of annual incentive fees for 2020, if any, will be based on our common share total return, as defined in our business management agreement, for the period from January 12, 2018 to December 31, 2020 and will be payable in 2021. We did no t incur any incentive fee payable to RMR LLC for the year ended December 31, 2019. We include business management fees in general and administrative expenses in our condensed consolidated statements of comprehensive income. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $1,923 and $1,347 for the three months ended March 31, 2020 and 2019, respectively. These amounts are included in other operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $ 1,199 and $903 for these expenses and costs for the three months ended March 31, 2020 and 2019, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income. See Note 10 for further information regarding our relationships, agreements and transactions with RMR LLC.

Related Person Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2020
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR LLC, The RMR Group Inc., or 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, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., 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, including Mr. Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 9 for further information regarding our management agreements with RMR LLC. OPI. Office Properties Income Trust, or OPI, owed to us $1,023 and $1,504 as of March 31, 2020 and December 31, 2019, respectively, for rents that it collected on our behalf from certain of our tenants. A predecessor of OPI previously owned those properties and those tenants first became tenants at those properties prior to our ownership. OPI paid these amounts due to us or collected on our behalf in April 2020 and January 2020, respectively. AIC. Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR LLC provides management services owned Affiliates Insurance Company, or AIC, an Indiana insurance company, 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 and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC. 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. As of March 31, 2020 and December 31, 2019, our investment in AIC had a carrying value of $298 . This amount is included in other assets in our condensed consolidated balance sheets. We did no t recognize any income related to our investment in AIC for the three months ended March 31, 2020 and recognized $404 related to our investment in AIC for the three months ended March 31, 2019, which amount is presented as equity in earnings of an investee in our condensed consolidated statements of comprehensive income. Our other comprehensive income included our proportionate share of unrealized gains on securities, if any, which were owned by AIC, related to our investment in AIC. For further information about these and other such relationships and certain other related person transactions, see our 2019 Annual Report.

Noncontrolling Interest

Noncontrolling Interest	3 Months Ended
	Mar. 31, 2020
Noncontrolling Interest [Abstract]
Noncontrolling Interest	Noncontrolling Interest In February and March 2020, we entered into agreements related to a joint venture for 12 of our Mainland Properties with an Asian institutional investor. We contributed to the joint venture 11 of these properties in February 2020 and the remaining property in March 2020. We received from the investor $82,035 and $26,231 in February and March 2020 respectively, for a 39% equity interest in the joint venture, and we retained the remaining 61% equity interest. The joint venture assumed $406,980 of existing mortgage debts on the properties we contributed. We incurred transaction costs of $626 in connection with the formation of this joint venture. We recognized a noncontrolling interest in our condensed consolidated balance sheets of $ 100,668 as of the completion of this transaction, which was equal to 39% of our aggregate carrying value of the total equity of the properties immediately prior to our respective contributions of the properties to the joint venture. The difference between the net proceeds received from this transaction and the noncontrolling interest recognized, which was $ 6,972 , has been reflected as an increase in additional paid in capital in our condensed consolidated balance sheets. The portion of the joint venture's net loss not attributable to us, or $ 152 for the three months ended March 31, 2020, is reported as noncontrolling interest in our condensed consolidated statements of comprehensive income. During the three months ended March 31, 2020, the joint venture did not make any distributions to its equity interest holders. As of March 31, 2020, the joint venture held real estate assets with an aggregate net book value of $ 667,054 , including restricted cash of $11,302 and subject to non-recourse liabilities of $ 408,212 .

Recent Accounting Pronounceme_2

Recent Accounting Pronouncements (Policies)	3 Months Ended
	Mar. 31, 2020
New Accounting Pronouncements and Changes in Accounting Principles [Abstract]
Organization and basis of presentation	The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2019 , or our 2019 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. Reclassifications have been made to the prior year’s condensed consolidated financial statements to conform to the current year’s presentation.
Use of estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles.
Recent accounting pronouncements	In June 2016, the FASB issued Accounting Standards Update 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. We adopted this standard which was effective as of January 1, 2020 using the modified retrospective approach. The implementation of this standard did not have a material impact in our condensed consolidated financial statements.
Fair value of assets and liabilities	We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Real Estate Properties (Tables)

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2020
Real Estate [Abstract]
Schedule of real estate properties	We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows: Number Rentable Buildings Acquired of Square Purchase and Real Estate Date Market Area Properties Feet Price Land Improvements Leases February 2020 Goodyear, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738

Indebtedness (Tables)

Indebtedness (Tables)	3 Months Ended
	Mar. 31, 2020
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of March 31, 2020, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral March 31, December 31, Interest At March 31, 2020 (1) 2019 (1) Rate Maturity 2020 Unsecured revolving credit facility (2) $ 265,000 $ 310,000 2.50 % Dec 2021 $ — Mortgage note payable (secured by one property in Virginia) 48,750 48,750 3.48 % Nov 2020 62,791 Mortgage note payable (secured by one property in Florida) (3) 56,980 56,980 4.22 % Oct 2023 105,612 Mortgage note payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 492,170 Mortgage note payable (secured by 11 Mainland Properties) (3) 350,000 350,000 3.33 % Nov 2029 496,737 1,370,730 1,415,730 $ 1,157,310 Unamortized debt issuance costs, premiums and discounts (8,906 ) (9,122 ) $ 1,361,824 $ 1,406,608 (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. (3) The properties encumbered by these mortgages are owned by a joint venture in which we own a 61% equity interest.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At March 31, 2020 and December 31, 2019 , the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At March 31, 2020 At December 31, 2019 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 1,096,824 $ 1,253,016 $ 1,096,608 $ 1,143,437 (1) Includes unamortized debt issuance costs, premiums and discounts of $8,906 and $9,122 as of March 31, 2020 and December 31, 2019 , respectively.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of share repurchases	During the three months ended March 31, 2020, we purchased our common shares from certain 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 dates, as follows: Date Purchased Number of Shares Price per Share 1/9/2020 420 $ 22.01 3/13/2020 531 $ 17.75
Schedule of distributions declared and paid	During the three months ended March 31, 2020, we declared and paid a regular quarterly distribution to common shareholders as follows: Record Date Payment Date Distribution Per Share Total Distribution January 27, 2020 February 20, 2020 $0.33 $21,510

Weighted Average Common Shares

Weighted Average Common Shares (Tables)	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands): Three Months Ended 2020 2019 Weighted average common shares for basic earnings per share 65,075 65,032 Effect of dilutive securities: unvested share awards 7 9 Weighted average common shares for diluted earnings per share 65,082 65,041

Basis of Presentation - Narrati

Basis of Presentation - Narrative (Details) $ in Thousands	Mar. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Variable Interest Entity [Line Items]
Value of VIE assets, net	$ 2,512,320	$ 2,454,901
Twelve Mainland Properties
Variable Interest Entity [Line Items]
Number of properties contributed | property	12
Twelve Mainland Properties | Variable Interest Entity
Variable Interest Entity [Line Items]
Value of VIE assets, net	$ 667,054
Non-recourse liabilities	$ 408,212

Real Estate Properties - Narrat

Real Estate Properties - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)ft²statepropertysegmentbuilding	Mar. 31, 2019USD ($)	Feb. 29, 2020property	Dec. 31, 2019USD ($)
Real Estate Properties [Line Items]
Number of properties owned | property	301
Net rentable area | ft²	43,759,000
Number of business segments | segment	1
Rental income | $	$ 64,278	$ 45,987
Commitments related to tenant improvements and leasing costs | $	$ 458
Net rentable area | ft²	49,000
Committed bus unspent tenant related obligations | $	$ 807
Accrued environmental remediation costs | $	6,940			$ 6,940
Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Rental income | $	$ 9,662	$ 4,865
Sales Revenue, Net | Customer Concentration Risk | Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Percentage of revenues	15.00%	10.60%
Hawaii
Real Estate Properties [Line Items]
Net rentable area | ft²	16,756,000
Number of buildings, leasable land parcels easements | building	226
Hawaii | Sales Revenue, Net | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of revenues	41.10%	55.30%
Other States
Real Estate Properties [Line Items]
Number of properties owned | property	75
Net rentable area | ft²	27,003,000
Number of states where real estate is located | state	30
Indianapolis and Cincinnati
Real Estate Properties [Line Items]
Net rentable area | ft²	820,384
Acquisition related costs | $	$ 147
Office and Industrial Properties
Real Estate Properties [Line Items]
Net rentable area | ft²	820,384
Payments to acquire property, plant, and equipment | $	$ 71,628
Twelve Mainland Properties
Real Estate Properties [Line Items]
Net rentable area | ft²	9,227,000
Number of properties contributed | property	12		11
Ownership interest	61.00%		61.00%

Real Estate Properties - Schedu

Real Estate Properties - Schedule of Real Estate Properties (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Feb. 29, 2020USD ($)ft²property	Mar. 31, 2020USD ($)ft²property	Dec. 31, 2019USD ($)
Real Estate [Line Items]
Rentable Square Feet | ft²		43,759,000
Land		$ 759,009	$ 747,794
Buildings and Improvements		1,643,913	1,588,170
Acquired Real Estate Leases		$ 137,226	$ 138,596
Office and Industrial Properties
Real Estate [Line Items]
Number of properties acquired | property		1
Rentable Square Feet | ft²		820,384
Purchase Price		$ 71,628
Land		11,214
Buildings and Improvements		54,676
Goodyear, AZ | Office and Industrial Properties
Real Estate [Line Items]
Number of properties acquired | property	1
Rentable Square Feet | ft²	820,384
Purchase Price	$ 71,628
Land	11,214
Buildings and Improvements	54,676
Acquired Real Estate Leases | Office and Industrial Properties
Real Estate [Line Items]
Acquired Real Estate Leases		$ 5,738
Acquired Real Estate Leases | Goodyear, AZ | Office and Industrial Properties
Real Estate [Line Items]
Acquired Real Estate Leases	$ 5,738

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)	Apr. 27, 2020USD ($)payment	Dec. 31, 2019USD ($)
Lessor, Lease, Description [Line Items]
Certain variable payments	$ 11,520	$ 8,281
Tenant reimbursements	11,275	7,119
Straight line rental income	1,967	$ 979
Straight line rents	$ 60,303			$ 58,336
Subsequent Event
Lessor, Lease, Description [Line Items]
Amount of rent assistance provided			$ 2,132
Number of monthly installment payments | payment			12

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)propertyoption	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 1,370,730	$ 1,415,730
Unamortized debt issuance costs, premiums and discounts	(8,906)	(9,122)
Carrying value	1,361,824	1,406,608
Net Book Value of Collateral	1,157,310
Revolving credit facility
Debt Instrument [Line Items]
Principal Balance	$ 265,000	310,000
Interest rate (as a percent)	2.50%
Net Book Value of Collateral	$ 0
Number of options to extend maturity date | option	2
Period of extension of maturity date	6 months
Mortgage note payable | Mortgage note payable (secured by one property in Virginia)
Debt Instrument [Line Items]
Principal Balance	$ 48,750	48,750
Interest rate (as a percent)	3.48%
Net Book Value of Collateral	$ 62,791
Mortgage note payable | Mortgage note payable (secured by one property in Florida)
Debt Instrument [Line Items]
Principal Balance	$ 56,980	56,980
Interest rate (as a percent)	4.22%
Net Book Value of Collateral	$ 105,612
Mortgage note payable | Mortgage note payable (secured by 186 properties in Hawaii)
Debt Instrument [Line Items]
Principal Balance	$ 650,000	650,000
Interest rate (as a percent)	4.31%
Net Book Value of Collateral	$ 492,170
Mortgage note payable | Mortgage note payable (secured by 11 Mainland Properties)
Debt Instrument [Line Items]
Principal Balance	$ 350,000	$ 350,000
Interest rate (as a percent)	3.33%
Net Book Value of Collateral	$ 496,737
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
Eleven Mainland Properties
Debt Instrument [Line Items]
Ownership interest	61.00%

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)option	Mar. 31, 2019	Apr. 29, 2020USD ($)	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Revolving credit facility	$ 265,000,000			$ 310,000,000
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility and term loan	$ 750,000,000
Number of options to extend maturity date | option	2
Period of extension of maturity date	6 months
Option to increase maximum borrowing capacity	$ 1,500,000,000
Commitment fee percentage	0.25%
Interest rate at the end of the period (as a percent)	2.50%	3.26%
Weighted average interest rate (as a percent)	3.23%	3.80%
Revolving credit facility	$ 265,000,000
Remaining borrowing capacity	$ 485,000,000
London Interbank Offered Rate (LIBOR) | Revolving credit facility
Debt Instrument [Line Items]
Basis spread on variable rate	1.55%
Subsequent Event | Revolving credit facility
Debt Instrument [Line Items]
Revolving credit facility			$ 265,000
Remaining borrowing capacity			$ 485,000

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Mortgage notes payable	$ 1,096,824	$ 1,096,608
Carrying Value
Fair Value of Financial Instruments
Mortgage notes payable	1,096,824	1,096,608
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	1,253,016	1,143,437
Mortgage note payable
Fair Value of Financial Instruments
Unamortized premium	$ 8,906	$ 9,122

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	Apr. 06, 2020USD ($)$ / shares	Mar. 13, 2020$ / sharesshares	Feb. 21, 2020employee$ / sharesshares	Feb. 20, 2020USD ($)$ / shares	Jan. 09, 2020$ / sharesshares	Mar. 31, 2020USD ($)	Mar. 31, 2019USD ($)
Shareholders' Equity
Dividends paid (in dollars per share)				$ 0.33
Dividends paid | $				$ 21,510		$ 21,510	$ 21,474
Common shares
Shareholders' Equity
Number of Shares (in shares) | shares		531			420
Price per Share (in dollars per share)		$ 17.75			$ 22.01
Trustees
Shareholders' Equity
Number of officers elected | employee			2
Trustees | Common shares
Shareholders' Equity
Common shares granted (in shares) | shares			3,000
Per share value of common shares granted (in dollars per share)			$ 23.54
Subsequent Event
Shareholders' Equity
Dividends paid (in dollars per share)	$ 0.33
Dividends paid | $	$ 21,500

Weighted Average Common Share_2

Weighted Average Common Shares (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Earnings Per Share [Abstract]
Weighted average common shares for basic earnings per share (in shares)	65,075	65,032
Effect of dilutive securities: unvested share awards (in shares)	7	9
Weighted average common shares for diluted earnings per share (in shares)	65,082	65,041

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2020USD ($)employeeagreement	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0
Business management fees	$ 129,000
Incentive fee expense			$ 0
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2
Business management fees	$ 3,307,000	$ 2,193,000
Construction supervision fees	1,923,000	1,347,000
Related party reimbursement expense	$ 1,199,000	$ 903,000

Related Person Transactions - N

Related Person Transactions - Narrative (Details)	3 Months Ended
	Mar. 31, 2020USD ($)agreement	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Due from related persons	$ 1,023,000		$ 1,504,000
Income in AIC investment	0	$ 404,000
AIC
Related Party Transaction [Line Items]
Investments in AIC	298,000		298,000
Income in AIC investment	0	$ 404,000
Select Income REIT
Related Party Transaction [Line Items]
Due from related persons	$ 1,023,000		$ 1,504,000
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2

Noncontrolling Interest (Detail

Noncontrolling Interest (Details)	1 Months Ended		2 Months Ended	3 Months Ended
	Mar. 31, 2020USD ($)property	Feb. 29, 2020USD ($)property	Mar. 31, 2020USD ($)property	Mar. 31, 2020USD ($)property	Mar. 31, 2019USD ($)	Dec. 31, 2019USD ($)
Noncontrolling Interest [Line Items]
Contributions from noncontrolling interest				$ 107,640,000
Net income (loss) attributable to noncontrolling interest				(152,000)	$ 0
Value of VIE assets, net	$ 2,512,320,000		$ 2,512,320,000	$ 2,512,320,000		$ 2,454,901,000
Twelve Mainland Properties
Noncontrolling Interest [Line Items]
Number of properties contributed | property	12	11	12	12
Noncontrolling interest	$ 26,231,000	$ 82,035,000
Noncontrolling interest, ownership percentage by noncontrolling owners		39.00%
Ownership interest	61.00%	61.00%	61.00%	61.00%
Transactions costs			$ 626,000
Noncontrolling Interest in Joint Ventures	$ 100,668,000		100,668,000	$ 100,668,000
Contributions from noncontrolling interest				100,668,000
Twelve Mainland Properties | Mortgage note payable
Noncontrolling Interest [Line Items]
Outstanding mortgage debt	406,980,000		406,980,000	406,980,000
Variable Interest Entity | Twelve Mainland Properties
Noncontrolling Interest [Line Items]
Value of VIE assets, net	667,054,000		667,054,000	667,054,000
Restricted cash	11,302,000		11,302,000	11,302,000
Non-recourse liabilities	$ 408,212,000		$ 408,212,000	408,212,000
Additional Paid-in Capital | Twelve Mainland Properties
Noncontrolling Interest [Line Items]
Contributions from noncontrolling interest				$ 6,972,000