Industrial Logistics Properties Trust (ILPT) 10-K 18 Feb 21 2020 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2020	Feb. 15, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 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 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
ICFR Auditor Attestation Flag	true
Entity Shell Company	false
Entity Public Float			$ 1.3
Entity Common Stock, Shares Outstanding		65,301,088
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 2021 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2020.
Entity Central Index Key	0001717307
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2020
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, 2020	Dec. 31, 2019
Real estate properties:
Land	$ 709,099	$ 747,794
Buildings and improvements	1,099,971	1,588,170
Total real estate properties, gross	1,809,070	2,335,964
Accumulated depreciation	(141,406)	(131,468)
Total real estate properties, net	1,667,664	2,204,496
Investment in unconsolidated joint venture	60,590	0
Acquired real estate leases, net	83,644	138,596
Cash and cash equivalents	22,834	28,415
Restricted cash	0	6,135
Rents receivable, including straight line rents of $62,753 and $58,336, respectively	69,511	62,782
Deferred leasing costs, net	4,595	6,581
Debt issuance costs, net	1,477	2,954
Due from related persons	2,665	1,504
Other assets, net	2,765	3,438
Total assets	1,915,745	2,454,901
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	221,000	310,000
Mortgage notes payable, net	645,579	1,096,608
Assumed real estate lease obligations, net	14,630	17,508
Accounts payable and other liabilities	14,716	16,475
Rents collected in advance	7,811	9,442
Security deposits	6,540	6,680
Due to related persons	2,279	2,498
Total liabilities	912,555	1,459,211
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,301,088 and 65,180,628 shares issued and outstanding, respectively	653	652
Additional paid in capital	1,010,819	999,302
Cumulative net income	224,226	142,155
Cumulative common distributions	(232,508)	(146,419)
Total shareholders' equity	1,003,190	995,690
Total liabilities and shareholders' equity	$ 1,915,745	$ 2,454,901

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Straight line rents	$ 62,753	$ 58,336
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,301,088	65,180,628
Common stock, shares outstanding	65,301,088	65,180,628

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Rental income	$ 254,575	$ 229,234	$ 162,530
Expenses:
Real estate taxes	35,185	30,367	19,342
Other operating expenses	20,749	17,643	13,005
Depreciation and amortization	70,518	61,927	28,575
Acquisition and certain other transaction related costs	200	0	0
General and administrative	19,580	17,189	11,307
Total expenses	146,232	127,126	72,229
Gain on sale of real estate	23,996	0	0
Interest income	113	743	200
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $2,481, $2,017 and $1,244, respectively)	(51,619)	(50,848)	(16,081)
Gain on early extinguishment of debt	120	0	0
Income before income tax expense and equity in earnings of investees	80,953	52,003	74,420
Income tax expense	(277)	(171)	(32)
Equity in earnings of investees	529	666	0
Net income	81,205	52,498	74,388
Net loss attributable to noncontrolling interest	866	0	0
Net income attributable to common shareholders	$ 82,071	$ 52,498	$ 74,388
Weighted average common shares outstanding - basic (in shares)	65,104	65,049	64,139
Weighted average common shares outstanding - diluted (in shares)	65,114	65,055	64,140
Earnings Per Share, Basic and Diluted [Abstract]
Net income per common share - basic and diluted (in dollars per share)	$ 1.26	$ 0.81	$ 1.16
Revenue, Product and Service [Extensible List]	us-gaap:RealEstateMember

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Statement [Abstract]
Net amortization of debt issuance costs, premiums and discounts	$ 2,481	$ 2,017	$ 1,244

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	Total Equity Attributable to Common Shareholders	Total Equity Attributable to Noncontrolling nterest
Balance (in shares) at Dec. 31, 2017		45,000,000
Balance at beginning of period at Dec. 31, 2017	$ 562,208	$ 450	$ 546,489	$ 15,269	$ 0	$ 562,208	$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	74,388			74,388		74,388
Contributions	16,162		16,162			16,162
Distributions	(9,187)		(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			444,309
Share grants (in shares)		77,400
Share grants	927	$ 1	926			927
Share forfeitures (in shares)		(240)
Share forfeitures	$ 0
Share repurchases (in shares)	(2,369)	(2,369)
Share repurchases	$ (52)		(52)			(52)
Distributions to common shareholders	(60,482)				(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)	1,028,273	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	52,498			52,498		$ 52,498
Share grants (in shares)		119,200				1,111,000
Share grants	1,111	$ 1	1,110
Share forfeitures (in shares)		(1,400)				2,000
Share forfeitures	(2)		(2)
Share repurchases (in shares)		(11,963)
Share repurchases	(253)		(253)			$ (253)
Distributions to common shareholders	(85,937)				(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)	995,690	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	81,205			82,071		$ 82,071	(866)
Share grants (in shares)		139,100				2,336,000
Share grants	2,336	$ 1	2,335
Share forfeitures (in shares)		(580)				3,000
Share forfeitures	(3)		(3)
Share repurchases (in shares)		(18,060)
Share repurchases	(382)		(382)			$ (382)
Distributions to common shareholders	(86,089)				(86,089)	(86,089)
Contributions from noncontrolling interest	107,942		9,567			9,567	98,375
Distributions to noncontrolling interest	(5,479)						(5,479)
Sale of interest in joint venture	(92,030)						(92,030)
Balance (in shares) at Dec. 31, 2020		65,301,088
Balance at end of period at Dec. 31, 2020	$ 1,003,190	$ 653	$ 1,010,819	$ 224,226	$ (232,508)	$ 1,003,190	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 81,205	$ 52,498	$ 74,388
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	43,821	38,177	18,781
Net amortization of debt issuance costs, premiums and discounts	2,481	2,017	1,244
Amortization of acquired real estate leases and assumed real estate lease obligations	24,573	21,465	8,592
Amortization of deferred leasing costs	1,357	1,113	820
Provision for losses on rents receivable	0	0	1,198
Straight line rental income	(9,041)	(4,345)	(4,739)
Gain on early extinguishment of debt	120	0	0
Gain on sale of property	(23,996)	0	0
Other non-cash expenses	2,331	1,109	927
Equity in earnings of investees	(529)	(666)	0
Distributions of earnings from Affiliates Insurance Company	0	666	0
Change in assets and liabilities:
Rents receivable	(2,907)	(1,497)	(1,727)
Deferred leasing costs	(2,443)	(1,457)	(1,745)
Other assets	(1,068)	(594)	3,591
Due from related persons	(3,871)	(114)	(1,390)
Accounts payable and other liabilities	2,613	3,095	1,618
Rents collected in advance	279	3,438	210
Security deposits	12	550	456
Due to related persons	(133)	845	(5,461)
Net cash provided by operating activities	114,564	116,300	96,763
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(115,813)	(884,570)	(121,891)
Real estate improvements	(5,857)	(17,157)	(5,004)
Proceeds from sale of properties	10,578	0	0
Proceeds from sale of interest in joint venture	106,283	0	0
Distributions in excess of earnings from Affiliates Insurance Company	287	8,334	0
Investment in Affiliates Insurance Company	0	0	(8,632)
Net cash used in investing activities	(4,522)	(893,393)	(135,527)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares, net	0	0	444,309
Proceeds from issuance of mortgage notes payable	0	1,000,000	0
Borrowings under revolving credit facility	234,000	744,000	193,000
Repayments of revolving credit facility	(323,000)	(847,000)	(530,000)
Repayment of mortgage note payable	(48,750)	0	0
Payment of debt issuance costs	0	(8,775)	(5,378)
Proceeds from noncontrolling interest, net	107,942	0	0
Distributions to noncontrolling interest	(5,479)	0	0
Distributions to common shareholders	(86,089)	(85,937)	(60,482)
Repurchase of common shares	(382)	(253)	(52)
Contributions	0	0	16,162
Distributions	0	0	(9,187)
Net cash (used in) provided by financing activities	(121,758)	802,035	48,372
(Decrease) increase in cash, cash equivalents and restricted cash	(11,716)	24,942	9,608
Cash, cash equivalents and restricted cash at beginning of period	34,550	9,608	0
Cash, cash equivalents and restricted cash at end of period	22,834	34,550	9,608
SUPPLEMENTAL DISCLOSURES:
Interest paid	50,433	46,072	14,749
Income taxes paid	209	164	0
Interest capitalized	0	187	0
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Real estate, net	(631,879)	0	0
Mortgage notes, net	403,160	0	0
Real estate acquired by assumption of mortgage note payable	0	(56,980)	0
Assumption of mortgage note payable	0	56,980	0
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH [Abstract]
Cash and cash equivalents	28,415	9,608
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 22,834	$ 9,608	$ 9,608

Organization

Organization	12 Months Ended
	Dec. 31, 2020
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 subsidiary of Office 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, for the year ended December 31, 2018, 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 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. 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, which we repaid with proceeds from our IPO, 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, 2020
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 intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The consolidated accounts of our Initial Properties are presented at SIR’s historical basis and 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. For the period from January 1, 2018 to January 17, 2018, $538 of 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 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 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 $791, $1,195 and $401 during the years ended December 31, 2020, 2019 and 2018, 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 $25,364, $22,661 and $8,993 during the years ended December 31, 2020, 2019 and 2018, 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, 2020 and 2019, our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2020 2019 Acquired real estate leases: Capitalized above market lease values $ 27,323 $ 28,723 Less: accumulated amortization (18,400) (18,303) Capitalized above market lease values, net 8,923 10,420 Lease origination value 135,453 186,758 Less: accumulated amortization (60,732) (58,582) Lease origination value, net 74,721 128,176 Acquired real estate leases, net $ 83,644 $ 138,596 Assumed real estate lease obligations: Capitalized below market lease values $ 33,927 $ 36,278 Less: accumulated amortization (19,297) (18,770) Assumed real estate lease obligations, net $ 14,630 $ 17,508 As of December 31, 2020, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 9.7 years, 6.4 years, and 11.9 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, 2020 are estimated to be $15,228 in 2021, $14,537 in 2022, $12,606 in 2023, $8,681 in 2024, $5,473 in 2025 and $12,489 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, 2020 and 2019. 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, 2020 and 2019, 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 costs and, until January 1, 2019, 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 $8,116 and $11,383 at December 31, 2020 and 2019, respectively, and accumulated amortization of deferred leasing costs totaled $3,521 and $4,802 at December 31, 2020 and 2019, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2020, are estimated to be $682 in 2021, $608 in 2022, $422 in 2023, $388 in 2024, $365 in 2025 and $2,130 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, 2020 and 2019, 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 $4,430 and $2,953 at December 31, 2020, and 2019, respectively. As of December 31, 2020, we had debt issuance costs, net of accumulated amortization, of $4,421 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, 2020 are estimated to be $2,024 in 2021, $547 in 2022, $547 in 2023, $547 in 2024, $547 in 2025 and $1,686 thereafter. Equity Method Investments. We own a 22% equity interest in an unconsolidated joint venture which owns 12 properties, or our joint venture. The properties owned by our joint venture are encumbered by an aggr egate $406,980 of mo rtgage debts. We do not control the activities that are most significant to our joint venture and, as a result, we account for our investment in our joint venture under the equity method of accounting under the fair value option. See Notes 3 and 6 for more information regarding our joint venture. We account for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved as described in Note 10, using the equity method of accounting. Significant influence was 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. As of December 31, 2020 and 2019, our investment in AIC had a carrying value of $12 and $298, respectively. See Note 10 for more information regarding our investment in AIC. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value. 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. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of 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. 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. 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. 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.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Real Estate Investments	Real Estate InvestmentsAs of December 31, 2020, our portfolio was comprised of 289 wholly owned properties with a total of approximately 34,870,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,756,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 63 properties containing approximately 18,114,000 rentable square feet of industrial properties located in 30 other states, or our Mainland Properties. As of December 31, 2020, we also owned a 22% equity interest in an unconsolidated joint venture which owns 12 properties located in nine states in the mainland United States totaling approximately 9,227,000 rentable square feet that were 100% leased. 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, 2020, 2019 and 2018, approximately 42.2%, 43.9% and 59.7%, 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 $38,241, $31,623 and $16,047 of our rental income for the years ended December 31, 2020, 2019 and 2018, respectively. Joint Venture Activities As of December 31, 2020, we have an equity investment in a joint venture that consists of the following: ILPT Carrying Value of ILPT Investment at December 31, Number of Square Joint Venture Ownership 2020 Properties Location Feet 12 properties in nine states 22% $ 60,590 12 Various 9,226,729 The following table provides a summary of the mortgage debts of our joint venture: Principal Balance at December 31, Joint Venture Coupon Rate (1) Maturity Date 2020 (2) Mortgage note payable (secured by one property in Florida) 3.60% 10/1/2023 $ 56,980 Mortgage note payable (secured by 11 other properties in eight states) 3.33% 11/7/2029 350,000 Weighted Average/Total 3.37% $ 406,980 (1) Includes the effect of mark to market purchase accounting. (2) Amounts are not adjusted for our minority interest. In the first quarter of 2020, we entered into agreements related to a joint venture for 12 of our properties in the mainland United States with an Asian institutional investor. We contributed 11 of these properties to our joint venture in February 2020 and the remaining property in March 2020. We received proceeds from the investor in an aggregate amount of $107,942, which includes $734 of costs associated with the formation of our joint venture, for a 39% equity interest in our joint venture and we retained the remaining 61% equity interest in our joint venture. We recognized a noncontrolling interest in our consolidated balance sheet of $98,375 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 our joint venture. The difference between the net proceeds received from this transaction and the noncontrolling interest recognized, which was $9,567, has been reflected as an increase in additional paid in capital in our consolidated balance sheet. The portion of our joint venture's net loss not attributable to us, or $866 for the year ended December 31, 2020 is reported as noncontrolling interest in our consolidated statements of comprehensive income. During the year ended December 31, 2020, our joint venture made aggregate cash distributions of $14,049, $5,479 to the first joint venture investor, which was reflected as a decrease in total equity attributable to noncontrolling interest and $8,570 to us. We determined that, while we owned a 61% equity interest in our joint venture, our joint venture was a variable interest entity, or VIE, as defined under the Consolidation Topic of the FASB ASC. We concluded that we must consolidate this VIE, and we did so, until we sold an additional 39% equity interest in the joint venture in November 2020. We reached this determination because we were the entity with the power to direct the activities that most significantly impacted the VIE's economic performance and we had the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore were the primary beneficiary of the VIE. The joint venture investor's interest in this consolidated entity was reflected as noncontrolling interest in our consolidated financial statements. In November 2020, we sold an additional 39% equity interest from our remaining 61% equity interest in our joint venture to a second unrelated third party institutional investor for $108,812, which includes certain costs associated with the formation of our joint venture. We deconsolidated the net assets of our joint venture and recognized a net gain on sale of $23,415 on this transaction, which is included in gain on sale of real estate in our consolidated statements of comprehensive income. After giving effect to the sale, we continue to own a 22% equity interest in our joint venture, but have determined that we are no longer the primary beneficiary. Effective as of the date of the sale, we deconsolidated our joint venture and, since that time, we account for our joint venture using the equity method of accounting under the fair value option. Our initial investment amount was based on an aggregate property valuation of $680,000, less $406,980 of existing mortgage debts on the properties that our joint venture assumed. We used the net proceeds from this transaction to reduce outstanding borrowings under our revolving credit facility. For more information regarding the use of the equity method for our joint venture, see Note 6 to the Notes to the Consolidated Financial Statements included in Part IV, of this Annual Report on Form 10-K. 2020 Disposition: During the year ended December 31, 2020, we sold one property located in Virginia containing approximately 308,000 rentable square feet for a sales price of $10,775, excluding closing costs. The sale of this property, as presented in the following table, does not represent a significant disposition or a strategic shift. As a result, the results of operations of this property are included in continuing operations through the date of sale in our consolidated statements of comprehensive income. We did not dispose of any properties during the years ended December 31, 2019 and 2018. Number of Square Gross Gain on Sale of Date of Sale Properties Location Feet Sale Price (1) Real Estate December 2020 1 Winchester, VA 308,217 $ 10,775 $ 581 (1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs. 2020 Acquisitions: During the year ended December 31, 2020, we acquired two properties containing a combined 1,465,846 rentable square feet for an aggregate purchase price of $115,813, including acquisition related costs of $332. 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: Number Rentable Buildings Acquired of Square Purchase and Real Estate Date Market Area Properties Feet Price Land Improvements Leases February 2020 Phoenix, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738 December 2020 Kansas City, KS 1 645,462 44,185 5,740 32,701 5,744 2 1,465,846 $ 115,813 $ 16,954 $ 87,377 $ 11,482 2020 Investments: During the year ended December 31, 2020, we committed $2,106 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 1,102,000 square feet. Committed, but unspent tenant related obligations based on existing leases as of December 31, 2020, were $544, of which $373 is expected to be spent during the next 12 months. 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

Leases

Leases	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Leases	Leases Rental income from operating leases, including 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. We increased rental income by $9,041, $4,345 and $4,739 to record revenue on a straight line basis during the years ended December 31, 2020, 2019 and 2018, respectively. 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 $45,858, $40,898 and $24,161 for the years ended December 31, 2020, 2019 and 2018, respectively, of which tenant reimbursements totaled $44,878, $38,755 and $23,219, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2020: Year Amount 2021 $ 169,312 2022 167,850 2023 150,817 2024 132,497 2025 117,143 Thereafter 991,913 $ 1,729,532

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of December 31, 2020 and 2019, our outstanding indebtedness consisted of the following: Net Book Principal Balance as of Value December 31, of Collateral Interest At December 31, 2020 (1) 2019 (1) Rate Maturity 2020 Unsecured revolving credit facility (2) $ 221,000 $ 310,000 1.70 % Dec 2021 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,559 Mortgage note payable (secured by one property in Virginia) — 48,750 3.48 % Nov 2020 — Mortgage note payable (secured by one property in Florida) (3) — 56,980 4.22 % Oct 2023 — Mortgage note payable (secured by 11 properties located in eight states) (3) — 350,000 3.33 % Nov 2029 — 871,000 1,415,730 $ 491,559 Unamortized debt issuance costs, premiums and discounts (4,421) (9,122) $ 866,579 $ 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 were contributed in the first quarter of 2020 to a joint venture, which we deconsolidated in November 2020 and in which we currently own a 22% equity interest. In 2019, these properties were consolidated into our financial statements. See Note 3 for further information regarding our joint venture. 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 December 31, 2020 and 2019, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 155 basis points. As of December 31, 2020 and 2019, the interest rate payable on borrowings under our revolving credit facility was 1.70% and 3.26%, respectively. The weighted average interest rate for borrowings under our revolving credit facility was 2.36%, 3.68% and 3.33% for the years ended December 31, 2020, 2019 and 2018, respectively. As of December 31, 2020 and February 15, 2021, we had $221,000 outstanding under our revolving credit facility, and $529,000 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 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, 2020. 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 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. In October 2019, we obtained a $350,000 mortgage loan secured by 11 of our 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. We no longer include the $56,980 secured mortgage note or the $350,000 mortgage loan in our consolidated balance sheet following the deconsolidation of the net assets of our formerly majority-owned joint venture discussed in Note 3. In May 2020, we prepaid at par plus accrued interest a mortgage note secured by one of our properties with an outstanding principal balance of approximately $48,750, an annual interest rate of 3.48% and a maturity date in November 2020. As a result of the prepayment of this mortgage note, we recorded a gain on early extinguishment of debt of $120 for the year ended December 31, 2020 to write off unamortized premiums. The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2020 are as follows: Principal Year Payment 2021 $ 221,000 2022 — 2023 — 2024 — 2025 — Thereafter 650,000 $ 871,000 (1) (1) Total debt outstanding as of December 31, 2020, including unamortized debt issuance costs of $4,421, was 645,579.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 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, security deposits, rents collected in advance and amounts due from or to related persons. At December 31, 2020 and 2019, 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, 2020 At December 31, 2019 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 645,579 $ 730,119 $ 1,096,608 $ 1,143,437 (1) Includes unamortized debt issuance costs, premiums and discounts of $4,421 and $9,122 as of December 31, 2020 and 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. The table below presents certain of our assets measured on a recurring basis at fair value at December 31, 2020, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment in unconsolidated joint venture (1) $ 60,590 $ — $ — $ 60,590 (1) We own a 22% equity interest in a joint venture that owns 12 properties and is included in investment in unconsolidated joint venture in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value are discount rates, exit capitalization rates, holding periods and market rents. The assumptions are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Note 3 for further information regarding our joint venture.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [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, 2020, 2019 and 2018, we awarded to our officers and other employees of RMR LLC annual share awards of 108,600, 104,200 and 54,400 of our common shares, respectively, valued at $2,460, $2,260 and $1,269, in aggregate, respectively. In accordance with our Trustee compensation arrangements, we awarded each of our then seven Trustees 3,500 common shares in 2020 with an aggregate value of $460 ($66 per Trustee). Also in 2020, in connection with the election of two of our Trustees, we awarded 3,000 of our common shares to each such Trustee with an aggregate value of $141 ($71 per Trustee) as part of their annual compensation. During 2019, we awarded each of our then Trustees 3,000 common shares with an aggregate value of $281 ($56 per Trustee) as part of their annual compensation. During 2018, we awarded 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 awarded 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 awarded 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 awards were based upon the closing price of our common shares trading on Nasdaq on the dates of awards. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur. We include the value of awarded shares in general and administrative expenses ratably over the vesting period. A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Weighted Weighted Weighted Average Average Average Number Grant Date Number Grant Date Number Grant Date of Shares Fair Value of Shares Fair Value of Shares Fair Value Unvested at beginning of year 108,200 $ 22.08 43,280 $ 23.33 — $ — Granted 139,100 22.01 119,200 21.32 77,400 22.60 Vested (84,520) 21.41 (52,880) 20.78 (33,880) 21.64 Forfeited (580) 22.20 (1,400) 22.39 (240) 23.33 Unvested at end of year 162,200 $ 22.37 108,200 $ 22.08 43,280 $ 23.33 The 162,200 unvested shares as of December 31, 2020 are scheduled to vest as follows: 63,260 shares in 2021, 43,460 shares in 2022, 36,160 shares in 2023 and 19,320 in 2024. As of December 31, 2020, the estimated future compensation expense for the unvested shares was approximately $2,903. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2020, 2019 and 2018, we recorded $2,331, $1,109 and $927 respectively, of compensation expense related to the 2018 Plan. At December 31, 2020, 3,698,912 common shares remain available for issuance under the 2018 Plan. Common Share Purchases: During the years ended December 31, 2020, 2019 and 2018, we repurchased 18,060, 11,963 and 2,369 of our common shares, respectively, at weighted average prices of $21.16, $21.19 and 22.08 per common share, respectively, from our Trustees and 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. Distributions: During the years ended December 31, 2020, 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 2020 $ 1.32 $ 86,089 29.0 % 71.0 % 2019 $ 1.32 $ 85,937 21.8 % 78.2 % 2018 $ 0.93 $ 60,482 — % 100.0 % On January 14, 2021, we declared a regular quarterly distribution of $0.33 per common share, or $21,549, to shareholders of record on January 25, 2021. We paid this distribution to our shareholders on February 18, 2021.

Per Common Shares Amounts

Per Common Shares Amounts	12 Months Ended
	Dec. 31, 2020
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Per Common Shares Amounts	Per Common Share Amounts 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, 2020 2019 2018 Weighted average common shares for basic earnings per share 65,104 65,049 64,139 Effect of dilutive securities: unvested share awards 10 6 1 Weighted average common shares for diluted earnings per share 65,114 65,055 64,140

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 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. 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, 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 we issue or repurchase our common shares, or our common shares are forfeited, 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 $12,983 and $11,897 for the years ended December 31, 2020 and 2019, respectively, and $7,269 for the period from January 17, 2018 through December 31, 2018. The net business management fees we recognized for the year ended December 31, 2020 include $1,005 of management fees paid to RMR LLC by our joint venture that was a consolidated subsidiary of ours until November 2020. See Note 3 for further information regarding our joint venture. 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, 2020, 2019 and 2018. We did not incur any incentive management fee pursuant to our business management agreement for the periods ended December 31, 2020, 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 $7,472 and $7,548 for the years ended December 31, 2020 and 2019, respectively, and $4,680 for the period from January 17, 2018 through December 31, 2018. For the years ended December 31, 2020 and 2019 and for the period from January 17, 2018 through December 31, 2018, $7,267, $6,697 and $4,467, respectively, of the total net property management and construction supervision fees were expensed to other operating expenses in our consolidated statements of comprehensive income and $205, $851 and $213, respectively, were capitalized as building improvements in our consolidated balance sheets. • 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 $4,948 and $4,269 for these expenses and costs for the years ended December 31, 2020 and 2019, respectively, and $2,908 for the period from January 17, 2018 through December 31, 2018. 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, 2040, 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. Management Agreements between Our Joint Venture and RMR LLC. As described further in Note 3, we own a 22% equity interest in our joint venture. In November 2020, our joint venture entered into (1) an amended and restated asset management agreement with RMR LLC, which provides for an asset management fee of 1.0% of average invested capital for our joint venture, and (2) an amended and restated master property management agreement with RMR LLC, which provides for a property management fee of 3% of gross collected rents and 5% of construction costs supervised by RMR LLC for our joint venture. Prior to November 2020, our joint venture was our consolidated subsidiary and, as such, we were obligated to pay fees under our management agreements with RMR LLC regarding our joint venture; however, any fees paid by that joint venture were credited against the fees payable by us to RMR LLC. Starting in November 2020, our joint venture is no longer our consolidated subsidiary and, as a result, we are no longer required to pay management fees to RMR LLC with respect to our joint venture and fees our joint venture pays to RMR LLC are no longer credited against amounts we owe to RMR LLC.

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 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 our President and Chief Executive Officer, also serves as an officer and employee 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. O ur 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. Share Awards to RMR LLC Employees . As described in Note 7, 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 7 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 obligations on the vesting of share awards. SIR and OPI. Effective December 31, 2018, SIR merged with and into a 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 owed to us $1,504 as of December 31, 2019 for rents that it collected on our behalf from certain of our tenants. A predecessor of OPI 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 January 2020. 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. We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC until June 30, 2019. In connection with AIC’s dissolution, we and each other AIC shareholder received an initial liquidating distribution of $9,000 from AIC in December 2019 and an additional liquidating distribution of approximately $287 in June 2020. 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 investees in our consolidated statement of comprehensive income. We did not recognize any income related to our investment in AIC for the years ended December 31, 2020 or 2018.

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2020
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, 2020 (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 $ (516) 1/29/2015 2013 2 16920 West Commerce Drive Goodyear AZ Mainland Properties 11,214 54,676 32 11,214 54,708 65,922 (1,376) 2/14/2020 2008 3 955 Aeroplaza Drive Colorado Springs CO Mainland Properties 800 7,412 39 800 7,451 8,251 (1,103) 1/29/2015 2012 4/5 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Properties 3,100 12,955 4 3,100 12,959 16,059 (1,917) 1/29/2015 1973 6 3870 Ronald Reagan Boulevard Johnstown CO Mainland Properties 2,780 9,722 — 2,780 9,722 12,502 (559) 4/9/2019 2007 7 150 Greenhorn Drive Pueblo CO Mainland Properties 200 4,177 — 200 4,177 4,377 (618) 1/29/2015 2013 8 2 Tower Drive Wallingford CT Mainland Properties 1,471 2,165 858 1,471 3,023 4,494 (854) 10/24/2006 1978 9 235 Great Pond Road Windsor CT Mainland Properties 2,400 9,469 — 2,400 9,469 11,869 (1,993) 7/20/2012 2004 10 10450 Doral Boulevard Doral FL Mainland Properties 15,225 28,102 — 15,225 28,102 43,327 (2,342) 6/27/2018 1996 11 2100 NW 82nd Avenue Miami FL Mainland Properties 144 1,297 454 144 1,751 1,895 (845) 3/19/1998 1987 12 1000 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,252 — — 2,252 — 2,252 — 12/5/2003 — 13 1001 Ahua Street Honolulu HI Hawaii Properties (A) 15,155 3,312 91 15,155 3,403 18,558 (1,439) 12/5/2003 — 14 1024 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,818 — — 1,818 — 1,818 — 12/5/2003 — 15 1024 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,385 — — 1,385 — 1,385 — 12/5/2003 — 16 1027 Kikowaena Place Honolulu HI Hawaii Properties (A) 5,444 — — 5,444 — 5,444 — 12/5/2003 — 17 1030 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,655 — — 5,655 — 5,655 — 12/5/2003 — 18 1038 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,576 — — 2,576 — 2,576 — 12/5/2003 — 19 1045 Mapunapuna Street Honolulu HI Hawaii Properties (A) 819 — — 819 — 819 — 12/5/2003 — 20 1050 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,404 873 — 1,404 873 2,277 (372) 12/5/2003 — 21 1052 Ahua Street Honolulu HI Hawaii Properties (A) 1,703 — 240 1,703 240 1,943 (92) 12/5/2003 — 22 1055 Ahua Street Honolulu HI Hawaii Properties (A) 1,216 — — 1,216 — 1,216 — 12/5/2003 — 23 106 Puuhale Road Honolulu HI Hawaii Properties (A) 1,113 — 274 1,113 274 1,387 (81) 12/5/2003 1966 24 1062 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,049 598 61 1,049 659 1,708 (256) 12/5/2003 — 25 1122 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,781 — — 5,781 — 5,781 — 12/5/2003 — 26 113 Puuhale Road Honolulu HI Hawaii Properties (A) 3,729 — — 3,729 — 3,729 — 12/5/2003 — 27 1150 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,445 — — 2,445 — 2,445 — 12/5/2003 — 28 120 Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — 1,029 1,953 1,029 2,982 (150) 12/5/2003 1970 29 120 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,132 11,307 1,423 1,132 12,730 13,862 (4,965) 11/23/2004 2004 30 120B Mokauea Street Honolulu HI Hawaii Properties (A) 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 (A) 1,630 — — 1,630 — 1,630 — 12/5/2003 — 32 125B Puuhale Road Honolulu HI Hawaii Properties (A) 2,815 — — 2,815 — 2,815 — 12/5/2003 — 33 1330 Pali Highway Honolulu HI Hawaii Properties (A) 1,423 — — 1,423 — 1,423 — 12/5/2003 — 34 1360 Pali Highway Honolulu HI Hawaii Properties (A) 9,170 — 161 9,170 161 9,331 (124) 12/5/2003 — 35 140 Puuhale Road Honolulu HI Hawaii Properties (A) 1,100 — — 1,100 — 1,100 — 12/5/2003 — 36 142 Mokauea Street Honolulu HI Hawaii Properties (A) 2,182 — 1,576 2,182 1,576 3,758 (435) 12/5/2003 1972 37 148 Mokauea Street Honolulu HI Hawaii Properties (A) 3,476 — — 3,476 — 3,476 — 12/5/2003 — 38 150 Puuhale Road Honolulu HI Hawaii Properties (A) 4,887 — — 4,887 — 4,887 — 12/5/2003 — 39 151 Puuhale Road Honolulu HI Hawaii Properties (A) 1,956 — — 1,956 — 1,956 — 12/5/2003 — 40 158 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,488 — — 2,488 — 2,488 — 12/5/2003 — 41 165 Sand Island Access Road Honolulu HI Hawaii Properties (A) 758 — — 758 — 758 — 12/5/2003 — 42 179 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,480 — — 2,480 — 2,480 — 12/5/2003 — 43 180 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,655 — — 1,655 — 1,655 — 12/5/2003 — 44 1926 Auiki Street Honolulu HI Hawaii Properties (A) 2,872 — 1,722 2,872 1,722 4,594 (582) 12/5/2003 1959 45 1931 Kahai Street Honolulu HI Hawaii Properties (A) 3,779 — — 3,779 — 3,779 — 12/5/2003 — 46 197 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,238 — — 1,238 — 1,238 — 12/5/2003 — 47 2001 Kahai Street Honolulu HI Hawaii Properties (A) 1,091 — — 1,091 — 1,091 — 12/5/2003 — 48 2019 Kahai Street Honolulu HI Hawaii Properties (A) 1,377 — — 1,377 — 1,377 — 12/5/2003 — 49 2020 Auiki Street Honolulu HI Hawaii Properties (A) 2,385 — — 2,385 — 2,385 — 12/5/2003 — 50 204 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,689 — — 1,689 — 1,689 — 12/5/2003 — 51 207 Puuhale Road Honolulu HI Hawaii Properties (A) 2,024 — — 2,024 — 2,024 — 12/5/2003 — 52 2103 Kaliawa Street Honolulu HI Hawaii Properties (A) 3,212 — — 3,212 — 3,212 — 12/5/2003 — 53 2106 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,568 — 169 1,568 169 1,737 (89) 12/5/2003 — 54 2110 Auiki Street Honolulu HI Hawaii Properties (A) 837 — — 837 — 837 — 12/5/2003 — 55 212 Mohonua Place Honolulu HI Hawaii Properties (A) 1,067 — — 1,067 — 1,067 — 12/5/2003 — 56 2122 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,365 — — 1,365 — 1,365 — 12/5/2003 — 57 2127 Auiki Street Honolulu HI Hawaii Properties (A) 2,906 — 67 2,906 67 2,973 (29) 12/5/2003 — 58 2135 Auiki Street Honolulu HI Hawaii Properties (A) 825 — — 825 — 825 — 12/5/2003 — 59 2139 Kaliawa Street Honolulu HI Hawaii Properties (A) 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 (A) 1,864 — 542 1,864 542 2,406 (95) 12/5/2003 1981 61 2140 Kaliawa Street Honolulu HI Hawaii Properties (A) 931 — — 931 — 931 — 12/5/2003 — 62 2144 Auiki Street Honolulu HI Hawaii Properties (A) 2,640 — 7,196 2,640 7,196 9,836 (2,481) 12/5/2003 1953 63 215 Puuhale Road Honolulu HI Hawaii Properties (A) 2,117 — — 2,117 — 2,117 — 12/5/2003 — 64 218 Mohonua Place Honolulu HI Hawaii Properties (A) 1,741 — — 1,741 — 1,741 — 12/5/2003 — 65 220 Puuhale Road Honolulu HI Hawaii Properties (A) 2,619 — — 2,619 — 2,619 — 12/5/2003 — 66 2250 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,862 — — 3,862 — 3,862 — 12/5/2003 — 67 2264 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,632 — — 1,632 — 1,632 — 12/5/2003 — 68 2276 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,619 — — 1,619 — 1,619 — 12/5/2003 — 69 228 Mohonua Place Honolulu HI Hawaii Properties (A) 1,865 — — 1,865 — 1,865 — 12/5/2003 — 70 2308 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,314 — — 3,314 — 3,314 — 12/5/2003 — 71 231 Sand Island Access Road Honolulu HI Hawaii Properties (A) 752 — — 752 — 752 — 12/5/2003 — 72 231B Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,539 — — 1,539 — 1,539 — 12/5/2003 — 73 2344 Pahounui Drive Honolulu HI Hawaii Properties (A) 6,709 — — 6,709 — 6,709 — 12/5/2003 — 74 238 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,273 — — 2,273 — 2,273 — 12/5/2003 — 75 2635 Waiwai Loop A Honolulu HI Hawaii Properties (A) 934 350 683 934 1,033 1,967 (243) 12/5/2003 — 76 2635 Waiwai Loop B Honolulu HI Hawaii Properties (A) 1,177 105 682 1,177 787 1,964 (139) 12/5/2003 — 77 2760 Kam Highway Honolulu HI Hawaii Properties (A) 703 — 185 703 185 888 — 12/5/2003 — 78 2804 Kilihau Street Honolulu HI Hawaii Properties (A) 1,775 2 — 1,775 2 1,777 — 12/5/2003 — 79 2806 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 80 2808 Kam Highway Honolulu HI Hawaii Properties (A) 310 — — 310 — 310 — 12/5/2003 — 81 2809 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,837 — — 1,837 — 1,837 — 12/5/2003 — 82 2810 Paa Street Honolulu HI Hawaii Properties (A) 3,340 — — 3,340 — 3,340 — 12/5/2003 — 83 2810 Pukoloa Street Honolulu HI Hawaii Properties (A) 27,699 — — 27,699 — 27,699 — 12/5/2003 — 84 2812 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,801 3 — 1,801 3 1,804 (2) 12/5/2003 — 85 2814 Kilihau Street Honolulu HI Hawaii Properties (A) 1,925 — — 1,925 — 1,925 — 12/5/2003 — 86 2815 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,818 — 6 1,818 6 1,824 (2) 12/5/2003 — 87 2815 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 88 2816 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,009 27 — 1,009 27 1,036 (12) 12/5/2003 — 89 2819 Mokumoa Street - A Honolulu HI Hawaii Properties (A) 1,821 — — 1,821 — 1,821 — 12/5/2003 — 90 2819 Mokumoa Street - B Honolulu HI Hawaii Properties (A) 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 (A) 2,090 — 34 2,090 34 2,124 (10) 12/5/2003 — 92 2821 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 93 2826 Kaihikapu Street Honolulu HI Hawaii Properties (A) 3,921 — — 3,921 — 3,921 — 12/5/2003 — 94 2827 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 95 2828 Paa Street Honolulu HI Hawaii Properties (A) 12,448 — — 12,448 — 12,448 — 12/5/2003 — 96 2829 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,720 2 8 1,720 10 1,730 (2) 12/5/2003 — 97 2829 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 98 2829 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 99 2830 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,146 — — 2,146 — 2,146 — 12/5/2003 — 100 2831 Awaawaloa Street Honolulu HI Hawaii Properties (A) 860 — 7 860 7 867 — 12/5/2003 — 101 2831 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,272 529 55 1,272 584 1,856 (248) 12/5/2003 — 102 2833 Kilihau Street Honolulu HI Hawaii Properties (A) 601 — — 601 — 601 — 12/5/2003 — 103 2833 Paa Street Honolulu HI Hawaii Properties (A) 1,701 — — 1,701 — 1,701 — 12/5/2003 — 104 2833 Paa Street #2 Honolulu HI Hawaii Properties (A) 1,675 — — 1,675 — 1,675 — 12/5/2003 — 105 2836 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,353 — — 1,353 — 1,353 — 12/5/2003 — 106 2838 Kilihau Street Honolulu HI Hawaii Properties (A) 4,262 — — 4,262 — 4,262 — 12/5/2003 — 107 2839 Kilihau Street Honolulu HI Hawaii Properties (A) 627 — — 627 — 627 — 12/5/2003 — 108 2839 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,942 — — 1,942 — 1,942 — 12/5/2003 — 109 2840 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,149 — — 2,149 — 2,149 — 12/5/2003 — 110 2841 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 111 2844 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,960 14 — 1,960 14 1,974 (13) 12/5/2003 — 112 2846-A Awaawaloa Street Honolulu HI Hawaii Properties (A) 2,181 954 — 2,181 954 3,135 (407) 12/5/2003 — 113 2847 Awaawaloa Street Honolulu HI Hawaii Properties (A) 582 303 — 582 303 885 (129) 12/5/2003 — 114 2849 Kaihikapu Street Honolulu HI Hawaii Properties (A) 860 — — 860 — 860 — 12/5/2003 — 115 2850 Awaawaloa Street Honolulu HI Hawaii Properties (A) 287 172 — 287 172 459 (73) 12/5/2003 — 116 2850 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,143 — — 2,143 — 2,143 — 12/5/2003 — 117 2850 Paa Street Honolulu HI Hawaii Properties (A) 22,827 — — 22,827 — 22,827 — 12/5/2003 — 118 2855 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 119 2855 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 120 2857 Awaawaloa Street Honolulu HI Hawaii Properties (A) 983 — — 983 — 983 — 12/5/2003 — 121 2858 Kaihikapu Street Honolulu HI Hawaii Properties (A) 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 (A) 3,867 — — 3,867 — 3,867 — 12/5/2003 — 123 2864 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,836 — 7 1,836 7 1,843 (5) 12/5/2003 — 124 2864 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,092 — — 2,092 — 2,092 — 12/5/2003 — 125 2865 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 126 2868 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 127 2869 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,794 — — 1,794 — 1,794 — 12/5/2003 — 128 2875 Paa Street Honolulu HI Hawaii Properties (A) 1,330 — — 1,330 — 1,330 — 12/5/2003 — 129 2879 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,789 — — 1,789 — 1,789 — 12/5/2003 — 130 2879 Paa Street Honolulu HI Hawaii Properties (A) 1,691 — 44 1,691 44 1,735 (13) 12/5/2003 — 131 2886 Paa Street Honolulu HI Hawaii Properties (A) 2,205 — — 2,205 — 2,205 — 12/5/2003 — 132 2889 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,783 5 — 1,783 5 1,788 — 12/5/2003 — 133 2906 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,814 2 — 1,814 2 1,816 (1) 12/5/2003 — 134 2908 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,798 23 — 1,798 23 1,821 (2) 12/5/2003 — 135 2915 Kaihikapu Street Honolulu HI Hawaii Properties (A) 2,579 — — 2,579 — 2,579 — 12/5/2003 — 136 2927 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,778 — — 1,778 — 1,778 — 12/5/2003 — 137 2928 Kaihikapu Street - A Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 138 2928 Kaihikapu Street - B Honolulu HI Hawaii Properties (A) 1,948 — — 1,948 — 1,948 — 12/5/2003 — 139 2960 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,977 — — 1,977 — 1,977 — 12/5/2003 — 140 2965 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,140 — — 2,140 — 2,140 — 12/5/2003 — 141 2969 Mapunapuna Street Honolulu HI Hawaii Properties (A) 4,038 15 — 4,038 15 4,053 (9) 12/5/2003 — 142 2970 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,722 — — 1,722 — 1,722 — 12/5/2003 — 143 33 S. Vineyard Boulevard Honolulu HI Hawaii Properties (A) 844 — — 844 — 844 — 12/5/2003 — 144 525 N. King Street Honolulu HI Hawaii Properties (A) 1,342 — — 1,342 — 1,342 — 12/5/2003 — 145 609 Ahua Street Honolulu HI Hawaii Properties (A) 616 — — 616 — 616 — 12/5/2003 — 146 619 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,401 2 12 1,401 14 1,415 (2) 12/5/2003 — 147 645 Ahua Street Honolulu HI Hawaii Properties (A) 882 — — 882 — 882 — 12/5/2003 — 148 659 Ahua Street Honolulu HI Hawaii Properties (A) 860 20 — 860 20 880 (18) 12/5/2003 — 149 659 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 150 660 Ahua Street Honolulu HI Hawaii Properties (A) 1,783 4 7 1,783 11 1,794 (3) 12/5/2003 — 151 667 Puuloa Road Honolulu HI Hawaii Properties (A) 860 2 — 860 2 862 (2) 12/5/2003 — 152 669 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 14 62 1,801 76 1,877 (26) 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 (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 154 675 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,081 — — 1,081 — 1,081 — 12/5/2003 — 155 679 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 3 — 1,807 3 1,810 (3) 12/5/2003 — 156 685 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 157 689 Puuloa Road Honolulu HI Hawaii Properties (A) 1,801 20 — 1,801 20 1,821 (18) 12/5/2003 — 158 692 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,796 2 — 1,796 2 1,798 — 12/5/2003 — 159 697 Ahua Street Honolulu HI Hawaii Properties (A) 994 811 — 994 811 1,805 (347) 12/5/2003 — 160 702 Ahua Street Honolulu HI Hawaii Properties (A) 1,784 3 1 1,784 4 1,788 (3) 12/5/2003 — 161 704 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,390 685 — 2,390 685 3,075 (292) 12/5/2003 — 162 709 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 163 719 Ahua Street Honolulu HI Hawaii Properties (A) 1,960 — — 1,960 — 1,960 — 12/5/2003 — 164 729 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 165 733 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,403 — — 3,403 — 3,403 — 12/5/2003 — 166 739 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 167 759 Puuloa Road Honolulu HI Hawaii Properties (A) 1,766 3 — 1,766 3 1,769 (3) 12/5/2003 — 168 761 Ahua Street Honolulu HI Hawaii Properties (A) 3,757 2 — 3,757 2 3,759 (1) 12/5/2003 — 169 766 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 170 770 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 171 789 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,608 3 — 2,608 3 2,611 (3) 12/5/2003 — 172 80 Sand Island Access Road Honolulu HI Hawaii Properties (A) 7,972 — — 7,972 — 7,972 — 12/5/2003 — 173 803 Ahua Street Honolulu HI Hawaii Properties (A) 3,804 — — 3,804 — 3,804 — 12/5/2003 — 174 808 Ahua Street Honolulu HI Hawaii Properties (A) 3,279 — — 3,279 — 3,279 — 12/5/2003 — 175 812 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,960 25 625 2,610 — 2,610 — 12/5/2003 — 176 819 Ahua Street Honolulu HI Hawaii Properties (A) 4,821 583 11 4,821 594 5,415 (261) 12/5/2003 — 177 822 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 15 — 1,795 15 1,810 (14) 12/5/2003 — 178 830 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 25 — 1,801 25 1,826 (22) 12/5/2003 — 179 855 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,265 — — 3,265 — 3,265 — 12/5/2003 — 180 842 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 14 — 1,795 14 1,809 (12) 12/5/2003 — 181 846 Ala Lilikoi Boulevard B Honolulu HI Hawaii Properties (A) 234 — — 234 — 234 — 12/5/2003 — 182 848 Ala Lilikoi Boulevard A Honolulu HI Hawaii Properties (A) 9,426 — — 9,426 — 9,426 — 12/5/2003 — 183 850 Ahua Street Honolulu HI Hawaii Properties (A) 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 (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 185 855 Ahua Street Honolulu HI Hawaii Properties (A) 1,834 — — 1,834 — 1,834 — 12/5/2003 — 186 865 Ahua Street Honolulu HI Hawaii Properties (A) 1,846 — — 1,846 — 1,846 — 12/5/2003 — 187 889 Ahua Street Honolulu HI Hawaii Properties (A) 5,888 315 — 5,888 315 6,203 (64) 11/21/2012 — 188 905 Ahua Street Honolulu HI Hawaii Properties (A) 1,148 — — 1,148 — 1,148 — 12/5/2003 — 189 918 Ahua Street Honolulu HI Hawaii Properties (A) 3,820 — — 3,820 — 3,820 — 12/5/2003 — 190 930 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,654 — — 3,654 — 3,654 — 12/5/2003 — 191 944 Ahua Street Honolulu HI Hawaii Properties (A) 1,219 — — 1,219 — 1,219 — 12/5/2003 — 192 949 Mapunapuna Street Honolulu HI Hawaii Properties (A) 11,568 — — 11,568 — 11,568 — 12/5/2003 — 193 950 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,724 — — 1,724 — 1,724 — 12/5/2003 — 194 960 Ahua Street Honolulu HI Hawaii Properties (A) 614 — — 614 — 614 — 12/5/2003 — 195 960 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,933 — — 1,933 — 1,933 — 12/5/2003 — 196 970 Ahua Street Honolulu HI Hawaii Properties (A) 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 — 13 218 13 231 (3) 6/15/2005 — 210 91-174 Olai Kapolei HI Hawaii Properties 962 — 47 962 47 1,009 (22) 6/15/2005 — 211 91-175 Olai Kapolei HI Hawaii Properties 1,243 — 43 1,243 43 1,286 (23) 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 (61) 6/15/2005 1964 214 91-120 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 — 62 1,622 62 1,684 (26) 6/15/2005 — 217 91-220 Kalaeloa Kapolei HI Hawaii Properties 242 1,457 141 242 1,598 1,840 (594) 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 — 9,331 1,390 9,331 10,721 (3,078) 6/15/2005 1981 220 91-241 Kalaeloa Kapolei HI Hawaii Properties 426 3,983 865 426 4,848 5,274 (1,740) 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 — 37 1,230 37 1,267 (5) 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 — 18 1,381 18 1,399 — 6/15/2005 1994 227 91-329 Kauhi Kapolei HI Hawaii Properties 294 2,297 2,701 294 4,998 5,292 (1,718) 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 (3) 6/15/2005 — 232 91-416 Komohana Kapolei HI Hawaii Properties 713 — 11 713 11 724 (3) 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 (518) 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 — — 2,657 — 2,657 — 6/15/2005 — 237 94-240 Pupuole Street Waipahu HI Hawaii Properties (A) 717 — — 717 — 717 — 12/5/2003 — 238 951 Trails Road Eldridge IA Mainland Properties 470 7,480 1,188 470 8,668 9,138 (2,853) 4/2/2007 1994 239 3425 Maple Drive Fort Dodge IA Mainland Properties 100 2,000 — 100 2,000 2,100 (99) 4/9/2019 2014 240 2300 North 33rd Avenue East Newton IA Mainland Properties 500 13,236 162 500 13,398 13,898 (4,119) 9/29/2008 2008 241 7121 South Fifth Avenue Pocatello ID Mainland Properties 400 4,201 436 400 4,637 5,037 (650) 1/29/2015 2007 242 1230 West 171st Street Harvey IL Mainland Properties 800 1,673 — 800 1,673 2,473 (248) 1/29/2015 2004 243 5156 American Road Rockford IL Mainland Properties 400 1,529 239 400 1,768 2,168 (259) 1/29/2015 1996 244 3201 Bearing Drive Franklin IN Mainland Properties 1,100 15,403 (2) 1,100 15,401 16,501 (888) 4/9/2019 1973 245 2482 Century Drive Goshen IN Mainland Properties 840 9,061 7 840 9,068 9,908 (447) 4/9/2019 2005 246 6825 West County Road 400 North Greenfield IN Mainland Properties 918 14,300 665 918 14,965 15,883 (796) 2/14/2019 2008 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 247 900 Commerce Parkway West Drive Greenwood IN Mainland Properties 1,483 16,253 — 1,483 16,253 17,736 (873) 2/14/2019 2007 248 9347 E Pendleton Pike Lawrence IN Mainland Properties 3,763 34,877 1 3,763 34,878 38,641 (1,874) 2/14/2019 2009 249 17001 West Mercury Street Gardner KS Mainland Properties 5,740 32,701 — 5,740 32,701 38,441 (3) 12/30/2020 2018 250 1985 International Way Hebron KY Mainland Properties 1,453 8,546 1,275 1,453 9,821 11,274 (579) 2/14/2019 1997 251 17200 Manchac Park Lane Baton Rouge LA Mainland Properties 1,700 8,860 — 1,700 8,860 10,560 (1,310) 1/29/2015 2014 252 209 South Bud Street Lafayette LA Mainland Properties 700 4,549 15 700 4,564 5,264 (675) 1/29/2015 2010 253 4000 Principio Parkway North East MD Mainland Properties 4,200 71,518 803 4,200 72,321 76,521 (10,647) 1/29/2015 2012 254 3800 Midlink Drive Kalamazoo MI Mainland Properties 2,630 40,599 — 2,630 40,599 43,229 (6,006) 1/29/2015 2014 255 2401 Cram Avenue SE Bemidji MN Mainland Properties 100 2,137 — 100 2,137 2,237 (316) 1/29/2015 2013 256 10100 89th Avenue N Maple Grove MN Mainland Properties 3,469 21,284 — 3,469 21,284 24,753 (1,306) 10/16/2018 2015 257 110 Stanbury Industrial Drive Brookfield MO Mainland Properties 200 1,859 — 200 1,859 2,059 (275) 1/29/2015 2012 258 3502 Enterprise Avenue Joplin MO Mainland Properties 1,380 12,121 — 1,380 12,121 13,501 (598) 4/9/2019 2014 259 5501 Providence Hill Drive St. Joseph MO Mainland Properties 400 3,500 24 400 3,524 3,924 (176) 4/9/2019 2014 260 628 Patton Avenue Asheville NC Mainland Properties 500 1,514 — 500 1,514 2,014 (224) 1/29/2015 1987 261 3900 NE 6th Street Minot ND Mainland Properties 700 3,223 — 700 3,223 3,923 (477) 1/29/2015 2013 262 1415 West Commerce Way Lincoln NE Mainland Properties 2,200 8,518 388 2,200 8,906 11,106 (1,280) 1/29/2015 1971 263 52 Pettengill Road Londonderry NH Mainland Properties 5,871 43,335 7 5,871 43,342 49,213 (2,139) 4/9/2019 2015 264 309 Dulty's Lane Burlington NJ Mainland Properties 1,600 51,400 — 1,600 51,400 53,000 (7,603) 1/29/2015 2001 265 725 Darlington Avenue Mahwah NJ Mainland Properties 8,492 9,451 1,413 8,492 10,864 19,356 (1,806) 4/9/2014 1999 266 2375 East Newlands Road Fernley NV Mainland Properties 1,100 17,314 286 1,100 17,600 18,700 (2,628) 1/29/2015 2007 267 7000 West Post Road Las Vegas NV Mainland Properties 4,230 13,472 246 4,230 13,718 17,948 (790) 4/9/2019 2010 268 55 Commerce Avenue Albany NY Mainland Properties 1,000 10,105 179 1,000 10,284 11,284 (1,535) 1/29/2015 2013 269 158 West Yard Road Feura Bush NY Mainland Properties 1,870 7,931 — 1,870 7,931 9,801 (685) 4/9/2019 1989 270 32150 Just Imagine Drive Avon OH Mainland Properties 2,200 23,280 — 2,200 23,280 25,480 (6,742) 5/29/2009 1996 271 1415 Industrial Drive Chillicothe OH Mainland Properties 1,200 3,265 — 1,200 3,265 4,465 (483) 1/29/2015 2012 272/273/274 1580, 1590 & 1600 Williams Road Columbus OH Mainland Properties 2,060 29,143 — 2,060 29,143 31,203 (1,678) 4/9/2019 1992 275 5300 Centerpoint Parkway Groveport OH Mainland Properties 2,701 29,863 68 2,701 29,931 32,632 (4,419) 1/29/2015 2014 276 200 Orange Point Drive Lewis Center OH Mainland Properties 1,300 8,613 162 1,300 8,775 10,075 (1,312) 1/29/2015 2013 277/278 2353 & 2373 Global Drive Obetz OH Mainland Properties 2,393 27,363 8 2,393 27,371 29,764 (1,061) 8/23/2019 2018 279 301 Commerce Drive South Point OH Mainland Properties 600 4,530 — 600 4,530 5,130 (670) 1/29/2015 2013 280 2820 State Highway 31 McAlester OK Mainland Properties 581 2,237 4,582 581 6,819 7,400 (708) 1/29/2015 2012 281 1990 Hood Road Greer SC Mainland Properties 400 10,702 — 400 10,702 11,102 (528) 4/9/2019 2015 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 282 996 Paragon Way Rock Hill SC Mainland Properties 2,600 35,920 3 2,600 35,923 38,523 (5,313) 1/29/2015 2014 283 700 Marine Drive Rock Hill SC Mainland Properties 820 8,381 668 820 9,049 9,869 (516) 4/9/2019 1986 284 510 John Dodd Road Spartanburg SC Mainland Properties 3,300 57,998 347 3,300 58,345 61,645 (8,609) 1/29/2015 2012 285 5001 West Delbridge Street Sioux Falls SD Mainland Properties 2,570 14,832 — 2,570 14,832 17,402 (732) 4/9/2019 2016 286 4836 Hickory Hill Road Memphis TN Mainland Properties 1,402 10,769 1,033 1,402 11,802 13,204 (1,772) 12/23/2014 1984 287 2020 Joe B. Jackson Parkway Murfreesboro TN Mainland Properties 7,500 55,259 154 7,500 55,413 62,913 (8,174) 1/29/2015 2012 288 1095 South 4800 West Salt Lake City UT Mainland Properties 1,500 6,913 20 1,500 6,933 8,433 (1,025) 1/29/2015 2012 289 1901 Meadowville Technology Parkway Chester VA Mainland Properties 4,000 67,511 — 4,000 67,511 71,511 (9,987) 1/29/2015 2012 $ 708,449 $ 1,052,875 $ 47,746 $ 709,099 $ 1,099,971 $ 1,809,070 $ (141,406) (1) Represents mortgage notes and includes the unamortized balance of debt issuance costs totaling $4,421. Certain of our properties are encumbered as follows: Encumbrance Undepreciated Cost (A) - 186 properties encumbered by one mortgage loan $ 645,579 $ 505,155 (2) Excludes value of real estate intangibles. (3) Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to seven years. (4) The total aggregate cost for U.S. federal income tax purposes is approximately $1,924,900. INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED) December 31, 2020 (dollars in thousands) Analysis of the carrying amount of real estate properties and accumulated depreciation: Real Estate Accumulated Properties Depreciation Balance at December 31, 2017 $ 1,343,602 $ (74,614) Additions 118,898 (18,781) Disposals (104) 104 Balance at December 31, 2018 1,462,396 (93,291) Additions 873,568 (38,177) Balance at December 31, 2019 2,335,964 (131,468) Additions 109,020 (43,821) Disposals (635,914) 33,883 Balance at December 31, 2020 $ 1,809,070 $ (141,406)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. The consolidated accounts of our Initial Properties are presented at SIR’s historical basis and 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. For the period from January 1, 2018 to January 17, 2018, $538 of general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments. In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable. However, actual expenses may have been different from allocated expenses if we operated as a standalone company and those differences may be material.
Real Estate Properties	Real Estate Properties. We record properties at our cost and have presented our Initial Properties at their historical cost basis. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from seven 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, 2020 and 2019. 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, 2020 and 2019, 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	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 and Restricted Cash	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. Deferred leasing costs include capitalized brokerage costs and, until January 1, 2019, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases.
Debt Issuance Costs	Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans.
Equity Method Investments	Equity Method Investments. We own a 22% equity interest in an unconsolidated joint venture which owns 12 properties, or our joint venture. The properties owned by our joint venture are encumbered by an aggr egate $406,980 of mo rtgage debts. We do not control the activities that are most significant to our joint venture and, as a result, we account for our investment in our joint venture under the equity method of accounting under the fair value option. See Notes 3 and 6 for more information regarding our joint venture. We account for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved as described in Note 10, using the equity method of accounting. Significant influence was 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. As of December 31, 2020 and 2019, our investment in AIC had a carrying value of $12 and $298, respectively. See Note 10 for more information regarding our investment in AIC. We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable. These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations. If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value.
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. These standards were effective as of January 1, 2019. Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases. Furthermore, we applied the optional transition method in ASU No. 2018-11, which has allowed us to initially apply the new leases standard at the adoption date and recognize a cumulative effect adjustment to the opening balance of 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. 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. 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.
Net Income Per Common Share	Net Income Per Common Share. We calculate basic earnings per common share by dividing net income by the weighted average number of common shares outstanding during the period. We calculate diluted net income per share using the more dilutive of the two class method or the treasury stock method.
Segment Reporting	Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands.
Reclassifications	Reclassifications. Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of acquired real estate leases and assumed real estate lease obligations	As of December 31, 2020 and 2019, our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2020 2019 Acquired real estate leases: Capitalized above market lease values $ 27,323 $ 28,723 Less: accumulated amortization (18,400) (18,303) Capitalized above market lease values, net 8,923 10,420 Lease origination value 135,453 186,758 Less: accumulated amortization (60,732) (58,582) Lease origination value, net 74,721 128,176 Acquired real estate leases, net $ 83,644 $ 138,596 Assumed real estate lease obligations: Capitalized below market lease values $ 33,927 $ 36,278 Less: accumulated amortization (19,297) (18,770) Assumed real estate lease obligations, net $ 14,630 $ 17,508

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2020
Real Estate [Abstract]
Summary of investment in unconsolidated joint ventures	As of December 31, 2020, we have an equity investment in a joint venture that consists of the following: ILPT Carrying Value of ILPT Investment at December 31, Number of Square Joint Venture Ownership 2020 Properties Location Feet 12 properties in nine states 22% $ 60,590 12 Various 9,226,729
Summary of the mortgage debt of our joint venture	The following table provides a summary of the mortgage debts of our joint venture: Principal Balance at December 31, Joint Venture Coupon Rate (1) Maturity Date 2020 (2) Mortgage note payable (secured by one property in Florida) 3.60% 10/1/2023 $ 56,980 Mortgage note payable (secured by 11 other properties in eight states) 3.33% 11/7/2029 350,000 Weighted Average/Total 3.37% $ 406,980 (1) Includes the effect of mark to market purchase accounting. (2) Amounts are not adjusted for our minority interest.
Summary of disposed properties	Number of Square Gross Gain on Sale of Date of Sale Properties Location Feet Sale Price (1) Real Estate December 2020 1 Winchester, VA 308,217 $ 10,775 $ 581 (1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs.
Schedule of estimated fair value of the acquired assets and assumed liabilities	We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows: Number Rentable Buildings Acquired of Square Purchase and Real Estate Date Market Area Properties Feet Price Land Improvements Leases February 2020 Phoenix, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738 December 2020 Kansas City, KS 1 645,462 44,185 5,740 32,701 5,744 2 1,465,846 $ 115,813 $ 16,954 $ 87,377 $ 11,482 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

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of Operating Lease Maturities	The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2020: Year Amount 2021 $ 169,312 2022 167,850 2023 150,817 2024 132,497 2025 117,143 Thereafter 991,913 $ 1,729,532

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2020
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of December 31, 2020 and 2019, our outstanding indebtedness consisted of the following: Net Book Principal Balance as of Value December 31, of Collateral Interest At December 31, 2020 (1) 2019 (1) Rate Maturity 2020 Unsecured revolving credit facility (2) $ 221,000 $ 310,000 1.70 % Dec 2021 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,559 Mortgage note payable (secured by one property in Virginia) — 48,750 3.48 % Nov 2020 — Mortgage note payable (secured by one property in Florida) (3) — 56,980 4.22 % Oct 2023 — Mortgage note payable (secured by 11 properties located in eight states) (3) — 350,000 3.33 % Nov 2029 — 871,000 1,415,730 $ 491,559 Unamortized debt issuance costs, premiums and discounts (4,421) (9,122) $ 866,579 $ 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 were contributed in the first quarter of 2020 to a joint venture, which we deconsolidated in November 2020 and in which we currently own a 22% equity interest. In 2019, these properties were consolidated into our financial statements. See Note 3 for further information regarding our joint venture.
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, 2020 are as follows: Principal Year Payment 2021 $ 221,000 2022 — 2023 — 2024 — 2025 — Thereafter 650,000 $ 871,000 (1) (1) Total debt outstanding as of December 31, 2020, including unamortized debt issuance costs of $4,421, was 645,579.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2020
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At December 31, 2020 and 2019, 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, 2020 At December 31, 2019 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 645,579 $ 730,119 $ 1,096,608 $ 1,143,437 (1) Includes unamortized debt issuance costs, premiums and discounts of $4,421 and $9,122 as of December 31, 2020 and 2019, respectively.
Fair Value Measurements on a Recurring Basis	The table below presents certain of our assets measured on a recurring basis at fair value at December 31, 2020, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Recurring fair value measurements Investment in unconsolidated joint venture (1) $ 60,590 $ — $ — $ 60,590

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Summary of shares granted and vested	A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2020, 2019 and 2018 is as follows: Year Ended December 31, 2020 December 31, 2019 December 31, 2018 Weighted Weighted Weighted Average Average Average Number Grant Date Number Grant Date Number Grant Date of Shares Fair Value of Shares Fair Value of Shares Fair Value Unvested at beginning of year 108,200 $ 22.08 43,280 $ 23.33 — $ — Granted 139,100 22.01 119,200 21.32 77,400 22.60 Vested (84,520) 21.41 (52,880) 20.78 (33,880) 21.64 Forfeited (580) 22.20 (1,400) 22.39 (240) 23.33 Unvested at end of year 162,200 $ 22.37 108,200 $ 22.08 43,280 $ 23.33
Summary of distributions paid on common shares	During the years ended December 31, 2020, 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 2020 $ 1.32 $ 86,089 29.0 % 71.0 % 2019 $ 1.32 $ 85,937 21.8 % 78.2 % 2018 $ 0.93 $ 60,482 — % 100.0 %

Per Common Shares Amounts (Tabl

Per Common Shares Amounts (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 2019 2018 Weighted average common shares for basic earnings per share 65,104 65,049 64,139 Effect of dilutive securities: unvested share awards 10 6 1 Weighted average common shares for diluted earnings per share 65,114 65,055 64,140

Organization - Narrative (Detai

Organization - Narrative (Details) $ / shares in Units, ft² in Thousands	Jan. 17, 2018ft²propertyshares	Sep. 29, 2017USD ($)noteproperty$ / sharesshares	Dec. 31, 2020USD ($)ft²property$ / sharesshares	Dec. 31, 2019USD ($)$ / sharesshares	Dec. 27, 2018shares
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property	266		289
Net rentable area | ft²	28,540		34,870
Common shares, shares issued (in shares) | shares			65,301,088	65,180,628
Common stock, par value per share (in usd per share) | $ / shares		$ 0.01	$ 0.01	$ 0.01
Debt assumed on acquisition			$ 871,000,000	$ 1,415,730,000
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
Debt assumed on acquisition			$ 221,000,000	$ 310,000,000
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
Debt assumed on acquisition		$ 63,069,000
Number of properties used as collateral | property		3
IPO
Subsidiary, Sale of Stock [Line Items]
Common shares issued (in shares) | shares	20,000,000
Industrial Logistics Properties Trust | SIR
Subsidiary, Sale of Stock [Line Items]
Common shares, shares issued (in shares) | shares					45,000,000

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($)	1 Months Ended	12 Months Ended
	Jan. 17, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment [Line Items]
2021		$ 15,228,000
2022		14,537,000
2023		12,606,000
2024		8,681,000
2025		5,473,000
Thereafter		12,489,000
Real estate impairment		0	$ 0
Accrued environmental remediation cost		$ 6,940,000	6,940,000
SIR | Affiliated Entity
Property, Plant and Equipment [Line Items]
General and administrative expenses	$ 538,000
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		$ 791,000	1,195,000	$ 401,000
Amortization of the value of acquired in place leases		$ 25,364,000	$ 22,661,000	$ 8,993,000
Weighted Average
Property, Plant and Equipment [Line Items]
Amortization period of capitalized below market lease values		11 years 10 months 24 days
Above market lease | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values		9 years 8 months 12 days
Acquired Real Estate Leases | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values		6 years 4 months 24 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, 2020	Dec. 31, 2019
Acquired real estate leases:
Acquired real estate leases, net	$ 83,644	$ 138,596
Assumed real estate lease obligations:
Capitalized below market lease values	33,927	36,278
Less: accumulated amortization	(19,297)	(18,770)
Assumed real estate lease obligations, net	14,630	17,508
Above market lease
Acquired real estate leases:
Acquired real estate leases, gross	27,323	28,723
Less: accumulated amortization	(18,400)	(18,303)
Acquired real estate leases, net	8,923	10,420
Acquired Real Estate Leases
Acquired real estate leases:
Acquired real estate leases, gross	135,453	186,758
Less: accumulated amortization	(60,732)	(58,582)
Acquired real estate leases, net	$ 74,721	$ 128,176

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Deferred leasing costs	$ 8,116	$ 11,383
Accumulated amortization of deferred leasing costs	3,521	$ 4,802
Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases
2021	682
2022	608
2023	422
2024	388
2025	365
Thereafter	$ 2,130

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Debt Issuance Costs and Other Narrative Items (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)segmentproperty	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 13, 2020
Debt Instrument [Line Items]
Debt issuance costs, line of credit	$ 5,907	$ 5,907
Debt issuance costs, accumulated amortization	4,430	2,953
Future amortization expense of debt issuance costs, 2021	2,024
Future amortization expense of debt issuance costs, 2022	547
Future amortization expense of debt issuance costs, 2023	547
Future amortization expense of debt issuance costs, 2024	547
Future amortization expense of debt issuance costs, 2025	547
Future amortization expense of debt issuance costs, Thereafter	1,686
Mortgage indebtedness	$ 406,980
Number of business segments | segment	1
Investment in Affiliates Insurance Company	$ 0	0	$ 8,632
12 Mainland Properties
Debt Instrument [Line Items]
Ownership interest	22.00%
Number of properties contributed | property	12
AIC
Debt Instrument [Line Items]
Ownership interest				14.30%
Investment in Affiliates Insurance Company			$ 8,632
Carrying value of investment	$ 12	$ 298
Loans Payable | Mortgage Loan 2019
Debt Instrument [Line Items]
Debt issuance cost, mortgage loan	$ 4,421

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended	11 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)	Mar. 31, 2020USD ($)property	Nov. 30, 2020	Dec. 31, 2020USD ($)ft²propertystatebuildingsegment	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2020	Feb. 29, 2020property	Feb. 01, 2020USD ($)	Jan. 17, 2018ft²property
Real Estate Properties
Number of properties owned | property				289						266
Net rentable area | ft²				34,870,000						28,540,000
Number of business segments | segment				1
Rental income				$ 254,575	$ 229,234	$ 162,530
Proceeds from sale of interest in joint venture				106,283	0	0
Contributions from noncontrolling interest				107,942
Net loss attributable to noncontrolling interest				(866)	0	0
Cash distributions				0	0	9,187
Proceeds from noncontrolling interest, net				107,942	0	$ 0
Real estate properties, net				1,667,664	2,204,496
Mortgage notes payable, net				645,579	$ 1,096,608
Commitments related to tenant improvements and leasing costs				$ 2,106
Tenant improvements (in sqft) | ft²				1,102,000
Committed but unspent tenant related obligations				$ 544
Committed but unspent tenant related obligations expected to be spent in the next 12 months				373
Additional Paid In Capital
Real Estate Properties
Contributions from noncontrolling interest				$ 9,567
Hawaii
Real Estate Properties
Net rentable area | ft²				16,756,000
Number of buildings, leasable lands and easements owned | building				226
Mainland Properties
Real Estate Properties
Number of properties owned | property				63
Net rentable area | ft²				18,114,000
Number of states where real estate is located | state				30
Geographic Concentration Risk | Sales Revenue, Net | Hawaii
Real Estate Properties
Percentage of revenues				42.20%	43.90%	59.70%
Two Subsidiaries Of Amazon, Inc.
Real Estate Properties
Rental income				$ 38,241	$ 31,623	$ 16,047
12 Mainland Properties
Real Estate Properties
Net rentable area | ft²				9,226,729
Number of states where real estate is located | state				9
Ownership interest				22.00%
Percentage leased				100.00%
Number of properties contributed | property		12		12				11
Proceeds from sale of interest in joint venture	$ 108,812	$ 107,942
Transactions costs		$ 734
Equity interest In joint ventures		39.00%						39.00%
Ownership interest	61.00%		61.00%				61.00%
Noncontrolling interest in joint ventures				$ 98,375
Cash distributions				14,049
Ownership percentage sold			39.00%
Amount of deconsolidation gain	$ 23,415
12 Mainland Properties | Additional Paid In Capital
Real Estate Properties
Contributions from noncontrolling interest				9,567
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary
Real Estate Properties
Net loss attributable to noncontrolling interest				(866)
Proceeds from noncontrolling interest, net				8,570
Real estate properties, net									$ 680,000
Mortgage notes payable, net									$ 406,980
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary | First Joint Investor [Member]
Real Estate Properties
Proceeds from noncontrolling interest, net				$ 5,479

Real Estate Investments - Joint

Real Estate Investments - Joint Venture Activities (Details) $ in Thousands	Dec. 31, 2020USD ($)ft²propertystate	Mar. 31, 2020property	Feb. 29, 2020property	Dec. 31, 2019USD ($)	Jan. 17, 2018ft²
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture | $	$ 60,590			$ 0
Net rentable area (in sqft) | ft²	34,870,000				28,540,000
12 Mainland Properties
Schedule of Equity Method Investments [Line Items]
Ownership interest	22.00%
Investment in unconsolidated joint venture | $	$ 60,590
Number of properties contributed | property	12	12	11
Net rentable area (in sqft) | ft²	9,226,729
Number of Real Estate Properties | property	12
Number of states where real estate is located | state	9

Real Estate Investments - Joi_2

Real Estate Investments - Joint Venture Indebtedness (Details) $ in Thousands	Dec. 31, 2020USD ($)stateproperty	Dec. 31, 2019USD ($)	Sep. 29, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Interest rate (as a percent)	3.48%
Principal Balance	$ 871,000	$ 1,415,730
Mortgage note payable
Schedule of Equity Method Investments [Line Items]
Principal Balance			$ 63,069
12 Mainland Properties
Schedule of Equity Method Investments [Line Items]
Interest rate (as a percent)	3.37%
Principal Balance	$ 406,980
Number of Real Estate Properties | property	12
Number of states where real estate is located | state	9
12 Mainland Properties | Mortgage note payable | Mortgage note payable (secured by one property in Florida)
Schedule of Equity Method Investments [Line Items]
Interest rate (as a percent)	360.00%
Principal Balance	$ 56,980
Number of Real Estate Properties | property	1
12 Mainland Properties | Mortgage note payable | Mortgage note payable (secured by 11 other properties in eight states)
Schedule of Equity Method Investments [Line Items]
Interest rate (as a percent)	333.00%
Principal Balance	$ 350,000
Number of Real Estate Properties | property	11
Number of states where real estate is located | property	8

Real Estate Investments - Prope

Real Estate Investments - Property Dispositions (Details) $ in Thousands	1 Months Ended	12 Months Ended
	Dec. 31, 2020USD ($)ft²property	Dec. 31, 2020USD ($)ft²property	Jan. 17, 2018ft²
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area (in sqft)	34,870,000	34,870,000	28,540,000
12 Mainland Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area (in sqft)	9,226,729	9,226,729
12 Mainland Properties | Discontinued Operations, Held-for-sale | 2020 Dispositions | Winchester, VA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	1	1
Net rentable area (in sqft)	308,217	308,217
Gross Sales Price | $	$ 10,775	$ 10,775
Gain on Sale of Real Estate | $	$ 581

Real Estate Investments - Pro_2

Real Estate Investments - Property Acquisitions (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Dec. 31, 2020USD ($)ft²property	Feb. 29, 2020USD ($)ft²property	Dec. 31, 2020USD ($)ft²property	Dec. 31, 2019USD ($)ft²property	Jan. 17, 2018ft²
Real Estate [Line Items]
Net rentable area | ft²	34,870,000		34,870,000		28,540,000
Land	$ 709,099		$ 709,099	$ 747,794
Buildings and improvements	1,099,971		1,099,971	1,588,170
Acquired real estate leases	83,644		83,644	138,596
Acquired Real Estate Lease Obligations	$ (14,630)		$ (14,630)	$ (17,508)
2020 Acquisitions
Real Estate [Line Items]
Number of properties | property			2
Net rentable area | ft²	1,465,846		1,465,846
Purchase price			$ 115,813
Real estate, acquisition costs			332
Land	$ 16,954		16,954
Buildings and improvements	$ 87,377		$ 87,377
2019 Acquisitions
Real Estate [Line Items]
Number of properties | property				30
Office and Industrial Properties | 2019 Acquisitions
Real Estate [Line Items]
Number of properties | property				30
Net rentable area | ft²				13,288,180
Purchase price				$ 941,550
Real estate, acquisition costs				4,800
Land				77,314
Buildings and improvements				777,839
Acquired real estate leases				87,030
Acquired Real Estate Lease Obligations				(1,965)
Discount on Assumed Debt				$ 1,332
Two Mainland States | Office and Industrial Properties | 2019 Acquisitions
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
Acquired real estate leases				24,907
Acquired Real Estate Lease Obligations				0
Discount on Assumed Debt				$ 0
Indianapolis, IN | Office and Industrial Properties | 2019 Acquisitions
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
Acquired real estate leases				2,864
Acquired Real Estate Lease Obligations				0
Discount on Assumed Debt				$ 0
Twelve mainland states | Office and Industrial Properties | 2019 Acquisitions
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
Acquired real estate leases				56,715
Acquired Real Estate Lease Obligations				(1,965)
Discount on Assumed Debt				$ 1,332
Columbus, OH | Office and Industrial Properties | 2019 Acquisitions
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
Acquired real estate leases				2,544
Acquired Real Estate Lease Obligations				0
Discount on Assumed Debt				0
Phoenix, AZ | 2020 Acquisitions
Real Estate [Line Items]
Number of properties | property		1
Net rentable area | ft²		820,384
Purchase price		$ 71,628
Land		11,214
Buildings and improvements		54,676
Kansas City, KS | 2020 Acquisitions
Real Estate [Line Items]
Number of properties | property	1
Net rentable area | ft²	645,462		645,462
Purchase price	$ 44,185
Land	5,740		$ 5,740
Buildings and improvements	32,701		32,701
Acquired Real Estate Leases
Real Estate [Line Items]
Acquired real estate leases	74,721		74,721	$ 128,176
Acquired Real Estate Leases | 2020 Acquisitions
Real Estate [Line Items]
Acquired real estate leases	11,482		11,482
Acquired Real Estate Leases | Phoenix, AZ | 2020 Acquisitions
Real Estate [Line Items]
Acquired real estate leases		$ 5,738
Acquired Real Estate Leases | Kansas City, KS | 2020 Acquisitions
Real Estate [Line Items]
Acquired real estate leases	$ 5,744		$ 5,744

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 15, 2021USD ($)installmentPayment
Leases [Abstract]
Straight line rental income	$ 9,041	$ 4,345	$ 4,739
Variable lease income	45,858	40,898	24,161
Tenant reimbursements	44,878	$ 38,755	$ 23,219
Lessor, Lease, Description [Line Items]
Increase to accounts receivable from deferred payments	$ 2,630
Subsequent Event
Lessor, Lease, Description [Line Items]
Amount of rent assistance provided				$ 3,244
Number of monthly installment payments | installmentPayment				12

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2020USD ($)
Leases [Abstract]
2021	$ 169,312
2022	167,850
2023	150,817
2024	132,497
2025	117,143
Thereafter	991,913
Total	$ 1,729,532

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) $ in Thousands	Sep. 29, 2017USD ($)property	May 31, 2020USD ($)property	Dec. 31, 2020USD ($)propertystateoption	Dec. 31, 2019USD ($)
Debt Instrument [Line Items]
Principal Balance			$ 871,000	$ 1,415,730
Unamortized debt issuance costs, premiums and discounts			(4,421)	(9,122)
Carrying value			$ 866,579	1,406,608
Interest rate (as a percent)			3.48%
Net Book Value of Collateral			$ 491,559
12 Mainland Properties
Debt Instrument [Line Items]
Ownership interest			22.00%
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
Number of states where real estate is located | state			8
Virginia
Debt Instrument [Line Items]
Number of properties used as collateral | property			1
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 11 Mainland Properties)
Debt Instrument [Line Items]
Interest rate (as a percent)			3.33%
Revolving Credit Facility
Debt Instrument [Line Items]
Principal Balance			$ 221,000	310,000
Interest rate (as a percent)			1.70%
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
Principal Balance	$ 63,069
Carrying value			$ 645,579
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	0	48,750
Net Book Value of Collateral			$ 0
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	650,000
Interest rate (as a percent)			4.31%
Net Book Value of Collateral			$ 491,559
Mortgages | Mortgage note payable (secured by one property in Florida)
Debt Instrument [Line Items]
Principal Balance			0	56,980
Net Book Value of Collateral			0
Mortgages | Mortgage note payable (secured by 11 Mainland Properties)
Debt Instrument [Line Items]
Principal Balance			0	$ 350,000
Net Book Value of Collateral			$ 0

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) ft² in Thousands	Sep. 29, 2017USD ($)property	May 31, 2020USD ($)property	Oct. 31, 2019USD ($)ft²stateproperty	Apr. 30, 2019USD ($)ft²property	Jan. 31, 2019USD ($)ft²property	Dec. 31, 2020USD ($)ft²option	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Feb. 15, 2021USD ($)	Feb. 15, 2020USD ($)	Jan. 17, 2018ft²
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility						$ 221,000,000	$ 310,000,000
Effective interest rate						3.48%
Principal Balance						$ 871,000,000	1,415,730,000
Net rentable area (in sqft) | ft²						34,870					28,540
Decrease in mortgage notes payable due to deconsolidation						$ 403,160,000	0	$ 0
Gain on early extinguishment of debt						120,000	$ 0	$ 0
Industrial Property
Debt Instrument [Line Items]
Number of properties | property				20
Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility						$ 750,000
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						1.70%	3.26%
Interest rate during period						2.36%	3.68%	3.33%
Amount outstanding on revolving credit facility						$ 221,000,000
Remaining borrowing capacity on revolving credit facility						$ 529,000,000				$ 529,000,000
Effective interest rate						1.70%
Principal Balance						$ 221,000,000	$ 310,000,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility									$ 221,000,000
Mortgages
Debt Instrument [Line Items]
Number of properties used as collateral | property	3
Principal Balance	$ 63,069,000
Mortgages | Mortgage note payable (secured by one property in Virginia)
Debt Instrument [Line Items]
Interest rate (as a percent)		3.48%
Number of properties used as collateral | property		1
Principal Balance		$ 48,750,000				$ 0	$ 48,750,000
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate						155.00%
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					9,600
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			8,200
Interest rate (as a percent)			3.33%
Decrease in mortgage notes payable due to deconsolidation						$ 350,000,000
Ruskin, FL
Debt Instrument [Line Items]
Interest rate (as a percent)				3.60%
Unamortized discount				$ 1,332,000
Effective interest rate				4.22%
Number of properties | property				1
Mortgage note assumed				$ 56,980,000
Net rentable area (in sqft) | ft²				1,000
Decrease in mortgage notes payable due to deconsolidation						$ 56,980,000

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Indebtedness Maturity (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019	Sep. 29, 2017
Debt Disclosure [Abstract]
2021	$ 221,000
2022	0
2023	0
2024	0
2025	0
Thereafter	650,000
Long-term debt, gross	871,000	$ 1,415,730
Debt Instrument [Line Items]
Debt outstanding	866,579	$ 1,406,608
Mortgage note payable
Debt Disclosure [Abstract]
Long-term debt, gross			$ 63,069
Debt Instrument [Line Items]
Debt outstanding	645,579
Unamortized debt issuance costs	$ 4,421

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Fair Value of Financial Instruments
Mortgage notes payable	$ 645,579	$ 1,096,608
Carrying Amount
Fair Value of Financial Instruments
Mortgage notes payable	645,579	1,096,608
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	730,119	1,143,437
Mortgages
Fair Value of Financial Instruments
Unamortized premiums	$ 4,421	$ 9,122

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) $ in Thousands	Dec. 31, 2020USD ($)property
12 Mainland Properties
Fair Value of Financial Instruments
Ownership interest	22.00%
Number of properties contributed | property	12
Fair Value, Recurring
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 60,590
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	0
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	0
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 60,590

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Awards (Details) $ in Thousands	May 23, 2018USD ($)shares	Dec. 31, 2018USD ($)shares	May 31, 2018USD ($)shares	Dec. 31, 2020USD ($)employeeinstallmentshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)shares	Dec. 31, 2017shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)		43,280		162,200	108,200	43,280	0
2021 (in shares)				63,260
2022 (in shares)				43,460
2023 (in shares)				36,160
2024 (in shares)				19,320
Estimated future compensation expense for the unvested shares | $				$ 2,903
Weighted average period of which compensation expense will be recognized				22 months
Compensation expense | $				$ 2,331	$ 1,109	$ 927
Shares available for issuance under the award plan				3,698,912
Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)	3,000
Common shares granted | $	$ 314	$ 61
Number of officers | employee				7
Number of officers elected | employee				2
Trustees | Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)		3,000	1,000	3,500	3,000
Common shares granted | $			$ 104	$ 460	$ 281
Common shares granted per Trustee | $	$ 63		$ 21	$ 66	$ 56
Trustees | Common shares | Common Stock As Part of Annual Compensation
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)				3,000
Common shares granted | $				$ 141
Common shares granted per Trustee | $				$ 71
RMR LLC
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)				108,600	104,200	54,400
Common shares granted | $				$ 2,460	$ 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, 2020	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)	108,200	43,280	0
Granted (in shares)	139,100	119,200	77,400
Vested (in shares)	(84,520)	(52,880)	(33,880)
Forfeited (in shares)	(580)	(1,400)	(240)
Unvested shares at the end of the period (in shares)	162,200	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)	$ 22.08	$ 23.33	$ 0
Granted (in dollars per share)	22.01	21.32	22.60
Vested (in dollars per share)	21.41	20.78	21.64
Forfeited (in dollars per share)	22.20	22.39	23.33
Unvested shares at the end of the period (in dollars per share)	$ 22.37	$ 22.08	$ 23.33

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Purchases (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)			2,369
Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)	18,060	11,963	2,369
Share price (in dollars per share)	$ 21.16	$ 21.19	$ 22.08

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 14, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Dividends Payable [Line Items]
Distribution per share (in dollars per share)		$ 1.32	$ 1.32	$ 0.93
Total Distributions		$ 86,089	$ 85,937	$ 60,482
Distributions per share paid (in dollars per share)		29.00%	21.80%	0.00%
Distribution characterization percentage, ordinary income		71.00%	78.20%	100.00%
Subsequent Event
Dividends Payable [Line Items]
Common distributions declared (in dollars per share)	$ 0.33
Dividends payable	$ 21,549

Per Common Shares Amounts (Deta

Per Common Shares Amounts (Details) - shares shares in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Weighted average common shares for basic earnings per share (in shares)	65,104	65,049	64,139
Effect of dilutive securities: unvested share awards (in shares)	10	6	1
Weighted average common shares for diluted earnings per share (in shares)	65,114	65,055	64,140

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	1 Months Ended	11 Months Ended		12 Months Ended
	Nov. 30, 2020	Nov. 30, 2020USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2020USD ($)employeeagreement	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 18, 2018$ / 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	$ 12,983,000	$ 11,897,000
Incentive management fee				0	0	$ 0
Due to related persons				$ 2,279,000	2,498,000
Term remaining prior to termination used in calculation of termination fee				10 years
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	$ 7,472,000	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
Amended and Restated Asset Management Agreement | The Industrial Fund REIT Inc.
Related Party Transaction [Line Items]
Property management fees as percentage of gross collected rents	3.00%
Construction supervision fees as percentage of construction costs	5.00%
Ownership interest	22.00%	22.00%
Property management fee	1.00%
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		$ 1,005,000
Reimbursement expense			2,908,000	$ 4,948,000	4,269,000
Reit Management And Research L L C | Property Management and Construction Supervision Fees | Other Operating Expenses
Related Party Transaction [Line Items]
Expenses from transactions			7,267,000	4,467,000	6,697,000
Reit Management And Research L L C | Capitalized Costs [Member] | Investment Building and Building Improvements
Related Party Transaction [Line Items]
Due to related persons			$ 213,000	$ 205,000	$ 851,000	$ 213,000

Related Person Transactions Nar

Related Person Transactions Narrative (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)shares	Dec. 31, 2020USD ($)agreementshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018USD ($)	Dec. 27, 2018shares
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares		65,180,628	65,301,088	65,180,628
Due from related parties		$ 1,504	$ 2,665	$ 1,504
Distributions in excess of earnings from Affiliates Insurance Company			287	8,334	$ 0
Equity in earnings of investees			$ 529	666	$ 0
RMR LLC
Related Party Transaction [Line Items]
Number of management service agreements | agreement			2
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%
SIR
Related Party Transaction [Line Items]
Due from related parties		1,504		$ 1,504
Industrial Logistics Properties Trust | SIR
Related Party Transaction [Line Items]
Common shares, shares issued (in shares) | shares						45,000,000
AIC
Related Party Transaction [Line Items]
Distributions in excess of earnings from Affiliates Insurance Company	$ 287	$ 9,000
Equity in earnings of investees			$ 666
Post-Closing Adjustment | Industrial Fund
Related Party Transaction [Line Items]
Due from related parties			$ 2,665

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details) $ in Thousands	Sep. 29, 2017property	May 31, 2020property	Dec. 31, 2020USD ($)propertyloan	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Dec. 31, 2017USD ($)
Initial Cost to Company
Land			$ 708,449
Buildings and Equipment			1,052,875
Costs Capitalized Subsequent to Acquisition			47,746
Gross Amount Carried at Close of Period
Land			709,099
Buildings and Equipment			1,099,971
Total			1,809,070	$ 2,335,964	$ 1,462,396	$ 1,343,602
Accumulated Depreciation			(141,406)	$ (131,468)	$ (93,291)	$ (74,614)
Liabilities, fair value adjustment			4,421
U.S. federal income tax basis			$ 1,924,900
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			(516)
16920 West Commerce Drive
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land			11,214
Buildings and Equipment			54,676
Costs Capitalized Subsequent to Acquisition			32
Gross Amount Carried at Close of Period
Land			11,214
Buildings and Equipment			54,708
Total			65,922
Accumulated Depreciation			(1,376)
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			(1,103)
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			4
Gross Amount Carried at Close of Period
Land			3,100
Buildings and Equipment			12,959
Total			16,059
Accumulated Depreciation			(1,917)
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			(559)
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			(618)
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			858
Gross Amount Carried at Close of Period
Land			1,471
Buildings and Equipment			3,023
Total			4,494
Accumulated Depreciation			(854)
235 Great Pond Road
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			(1,993)
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			(2,342)
2100 NW 82nd Avenue
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			(845)
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			91
Gross Amount Carried at Close of Period
Land			15,155
Buildings and Equipment			3,403
Total			18,558
Accumulated Depreciation			(1,439)
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			(372)
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			(92)
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			274
Gross Amount Carried at Close of Period
Land			1,113
Buildings and Equipment			274
Total			1,387
Accumulated Depreciation			(81)
1062 Kikowaena Place
Initial Cost to Company
Land			1,049
Buildings and Equipment			598
Costs Capitalized Subsequent to Acquisition			61
Gross Amount Carried at Close of Period
Land			1,049
Buildings and Equipment			659
Total			1,708
Accumulated Depreciation			(256)
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			1,029
Gross Amount Carried at Close of Period
Land			1,953
Buildings and Equipment			1,029
Total			2,982
Accumulated Depreciation			(150)
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			1,132
Buildings and Equipment			12,730
Total			13,862
Accumulated Depreciation			(4,965)
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			(124)
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			1,576
Gross Amount Carried at Close of Period
Land			2,182
Buildings and Equipment			1,576
Total			3,758
Accumulated Depreciation			(435)
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			1,722
Gross Amount Carried at Close of Period
Land			2,872
Buildings and Equipment			1,722
Total			4,594
Accumulated Depreciation			(582)
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			(89)
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			67
Gross Amount Carried at Close of Period
Land			2,906
Buildings and Equipment			67
Total			2,973
Accumulated Depreciation			(29)
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			542
Gross Amount Carried at Close of Period
Land			1,864
Buildings and Equipment			542
Total			2,406
Accumulated Depreciation			(95)
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
2144 Auiki Street
Initial Cost to Company
Land			2,640
Buildings and Equipment			0
Costs Capitalized Subsequent to Acquisition			7,196
Gross Amount Carried at Close of Period
Land			2,640
Buildings and Equipment			7,196
Total			9,836
Accumulated Depreciation			(2,481)
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			(243)
2635 Waiwai Loop B
Initial Cost to Company
Land			1,177
Buildings and Equipment			105
Costs Capitalized Subsequent to Acquisition			682
Gross Amount Carried at Close of Period
Land			1,177
Buildings and Equipment			787
Total			1,964
Accumulated Depreciation			(139)
2760 Kam Highway
Initial Cost to Company
Land			703
Buildings and Equipment			0
Costs Capitalized Subsequent to Acquisition			185
Gross Amount Carried at Close of Period
Land			703
Buildings and Equipment			185
Total			888
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			0
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			6
Gross Amount Carried at Close of Period
Land			1,818
Buildings and Equipment			6
Total			1,824
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			(12)
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			34
Gross Amount Carried at Close of Period
Land			2,090
Buildings and Equipment			34
Total			2,124
Accumulated Depreciation			(10)
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			8
Gross Amount Carried at Close of Period
Land			1,720
Buildings and Equipment			10
Total			1,730
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			7
Gross Amount Carried at Close of Period
Land			860
Buildings and Equipment			7
Total			867
Accumulated Depreciation			0
2831 Kaihikapu Street
Initial Cost to Company
Land			1,272
Buildings and Equipment			529
Costs Capitalized Subsequent to Acquisition			55
Gross Amount Carried at Close of Period
Land			1,272
Buildings and Equipment			584
Total			1,856
Accumulated Depreciation			(248)
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			(13)
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			(407)
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			(129)
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			287
Buildings and Equipment			172
Total			459
Accumulated Depreciation			(73)
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			7
Gross Amount Carried at Close of Period
Land			1,836
Buildings and Equipment			7
Total			1,843
Accumulated Depreciation			(5)
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			(13)
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			0
Gross Amount Carried at Close of Period
Land			1,783
Buildings and Equipment			5
Total			1,788
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			0
Gross Amount Carried at Close of Period
Land			1,798
Buildings and Equipment			23
Total			1,821
Accumulated Depreciation			(2)
2915 Kaihikapu Street
Initial Cost to Company
Land			2,579
Buildings and Equipment			0
Costs Capitalized Subsequent to Acquisition			0
Gross Amount Carried at Close of Period
Land			2,579
Buildings and Equipment			0
Total			2,579
Accumulated Depreciation			0
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
2928 Kaihikapu Street - A
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
2928 Kaihikapu Street - B
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			0
Gross Amount Carried at Close of Period
Land			616
Buildings and Equipment			0
Total			616
Accumulated Depreciation			0
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			(18)
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			7
Gross Amount Carried at Close of Period
Land			1,783
Buildings and Equipment			11
Total			1,794
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			(26)
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
689 Puuloa Road
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			(18)
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			1,796
Buildings and Equipment			2
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			(347)
702 Ahua Street
Initial Cost to Company
Land			1,784
Buildings and Equipment			3
Costs Capitalized Subsequent to Acquisition			1
Gross Amount Carried at Close of Period
Land			1,784
Buildings and Equipment			4
Total			1,788
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			(292)
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			625
Gross Amount Carried at Close of Period
Land			2,610
Buildings and Equipment			0
Total			2,610
Accumulated Depreciation			0
819 Ahua Street
Initial Cost to Company
Land			4,821
Buildings and Equipment			583
Costs Capitalized Subsequent to Acquisition			11
Gross Amount Carried at Close of Period
Land			4,821
Buildings and Equipment			594
Total			5,415
Accumulated Depreciation			(261)
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			(14)
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			(22)
855 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			(64)
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			13
Gross Amount Carried at Close of Period
Land			218
Buildings and Equipment			13
Total			231
Accumulated Depreciation			(3)
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			(22)
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			(23)
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			(61)
91-120 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			62
Gross Amount Carried at Close of Period
Land			1,622
Buildings and Equipment			62
Total			1,684
Accumulated Depreciation			(26)
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			141
Gross Amount Carried at Close of Period
Land			242
Buildings and Equipment			1,598
Total			1,840
Accumulated Depreciation			(594)
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			9,331
Gross Amount Carried at Close of Period
Land			1,390
Buildings and Equipment			9,331
Total			10,721
Accumulated Depreciation			(3,078)
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			865
Gross Amount Carried at Close of Period
Land			426
Buildings and Equipment			4,848
Total			5,274
Accumulated Depreciation			(1,740)
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			37
Gross Amount Carried at Close of Period
Land			1,230
Buildings and Equipment			37
Total			1,267
Accumulated Depreciation			(5)
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			18
Gross Amount Carried at Close of Period
Land			1,381
Buildings and Equipment			18
Total			1,399
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			2,701
Gross Amount Carried at Close of Period
Land			294
Buildings and Equipment			4,998
Total			5,292
Accumulated Depreciation			(1,718)
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			(3)
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			(3)
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			(518)
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			0
Gross Amount Carried at Close of Period
Land			2,657
Buildings and Equipment			0
Total			2,657
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
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			1,188
Gross Amount Carried at Close of Period
Land			470
Buildings and Equipment			8,668
Total			9,138
Accumulated Depreciation			(2,853)
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			(99)
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			162
Gross Amount Carried at Close of Period
Land			500
Buildings and Equipment			13,398
Total			13,898
Accumulated Depreciation			(4,119)
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			436
Gross Amount Carried at Close of Period
Land			400
Buildings and Equipment			4,637
Total			5,037
Accumulated Depreciation			(650)
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			(248)
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			239
Gross Amount Carried at Close of Period
Land			400
Buildings and Equipment			1,768
Total			2,168
Accumulated Depreciation			(259)
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			(2)
Gross Amount Carried at Close of Period
Land			1,100
Buildings and Equipment			15,401
Total			16,501
Accumulated Depreciation			(888)
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			7
Gross Amount Carried at Close of Period
Land			840
Buildings and Equipment			9,068
Total			9,908
Accumulated Depreciation			(447)
6825 West County Road 400 North
Initial Cost to Company
Land			918
Buildings and Equipment			14,300
Costs Capitalized Subsequent to Acquisition			665
Gross Amount Carried at Close of Period
Land			918
Buildings and Equipment			14,965
Total			15,883
Accumulated Depreciation			(796)
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			(873)
9347 E Pendleton Pike
Initial Cost to Company
Land			3,763
Buildings and Equipment			34,877
Costs Capitalized Subsequent to Acquisition			1
Gross Amount Carried at Close of Period
Land			3,763
Buildings and Equipment			34,878
Total			38,641
Accumulated Depreciation			(1,874)
17001 West Mercury Street
Initial Cost to Company
Land			5,740
Buildings and Equipment			32,701
Costs Capitalized Subsequent to Acquisition			0
Gross Amount Carried at Close of Period
Land			5,740
Buildings and Equipment			32,701
Total			38,441
Accumulated Depreciation			(3)
1985 International Way
Initial Cost to Company
Land			1,453
Buildings and Equipment			8,546
Costs Capitalized Subsequent to Acquisition			1,275
Gross Amount Carried at Close of Period
Land			1,453
Buildings and Equipment			9,821
Total			11,274
Accumulated Depreciation			(579)
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			(1,310)
209 South Bud Street
Initial Cost to Company
Land			700
Buildings and Equipment			4,549
Costs Capitalized Subsequent to Acquisition			15
Gross Amount Carried at Close of Period
Land			700
Buildings and Equipment			4,564
Total			5,264
Accumulated Depreciation			(675)
4000 Principio Parkway
Initial Cost to Company
Land			4,200
Buildings and Equipment			71,518
Costs Capitalized Subsequent to Acquisition			803
Gross Amount Carried at Close of Period
Land			4,200
Buildings and Equipment			72,321
Total			76,521
Accumulated Depreciation			(10,647)
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			(6,006)
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			(316)
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			(1,306)
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			(275)
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			(598)
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			(176)
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			(224)
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			(477)
1415 West Commerce Way
Initial Cost to Company
Land			2,200
Buildings and Equipment			8,518
Costs Capitalized Subsequent to Acquisition			388
Gross Amount Carried at Close of Period
Land			2,200
Buildings and Equipment			8,906
Total			11,106
Accumulated Depreciation			(1,280)
52 Pettengill Road
Initial Cost to Company
Land			5,871
Buildings and Equipment			43,335
Costs Capitalized Subsequent to Acquisition			7
Gross Amount Carried at Close of Period
Land			5,871
Buildings and Equipment			43,342
Total			49,213
Accumulated Depreciation			(2,139)
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			(7,603)
725 Darlington Avenue
Initial Cost to Company
Land			8,492
Buildings and Equipment			9,451
Costs Capitalized Subsequent to Acquisition			1,413
Gross Amount Carried at Close of Period
Land			8,492
Buildings and Equipment			10,864
Total			19,356
Accumulated Depreciation			(1,806)
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			(2,628)
7000 West Post Road
Initial Cost to Company
Land			4,230
Buildings and Equipment			13,472
Costs Capitalized Subsequent to Acquisition			246
Gross Amount Carried at Close of Period
Land			4,230
Buildings and Equipment			13,718
Total			17,948
Accumulated Depreciation			(790)
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			(1,535)
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			(685)
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			(6,742)
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			(483)
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			2,060
Buildings and Equipment			29,143
Total			31,203
Accumulated Depreciation			(1,678)
5300 Centerpoint Parkway
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land			2,701
Buildings and Equipment			29,863
Costs Capitalized Subsequent to Acquisition			68
Gross Amount Carried at Close of Period
Land			2,701
Buildings and Equipment			29,931
Total			32,632
Accumulated Depreciation			(4,419)
200 Orange Point Drive
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			(1,312)
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			8
Gross Amount Carried at Close of Period
Land			2,393
Buildings and Equipment			27,371
Total			29,764
Accumulated Depreciation			(1,061)
301 Commerce Drive
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			(670)
2820 State Highway 31
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			(708)
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			(528)
996 Paragon Way
Initial Cost to Company
Land			2,600
Buildings and Equipment			35,920
Costs Capitalized Subsequent to Acquisition			3
Gross Amount Carried at Close of Period
Land			2,600
Buildings and Equipment			35,923
Total			38,523
Accumulated Depreciation			(5,313)
700 Marine Drive
Initial Cost to Company
Land			820
Buildings and Equipment			8,381
Costs Capitalized Subsequent to Acquisition			668
Gross Amount Carried at Close of Period
Land			820
Buildings and Equipment			9,049
Total			9,869
Accumulated Depreciation			(516)
510 John Dodd Road
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			(8,609)
5001 West Delbridge Street
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			(732)
4836 Hickory Hill Road
Initial Cost to Company
Land			1,402
Buildings and Equipment			10,769
Costs Capitalized Subsequent to Acquisition			1,033
Gross Amount Carried at Close of Period
Land			1,402
Buildings and Equipment			11,802
Total			13,204
Accumulated Depreciation			(1,772)
2020 Joe B. Jackson Parkway
Initial Cost to Company
Land			7,500
Buildings and Equipment			55,259
Costs Capitalized Subsequent to Acquisition			154
Gross Amount Carried at Close of Period
Land			7,500
Buildings and Equipment			55,413
Total			62,913
Accumulated Depreciation			(8,174)
1095 South 4800 West
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			(1,025)
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			(9,987)
Mortgages
Gross Amount Carried at Close of Period
Number of properties used as collateral | property	3
Mortgages | 186 properties encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances			645,579
Initial Cost to Company
Buildings and Equipment			$ 505,155
Gross Amount Carried at Close of Period
Number of debt instruments | loan			1
Number of properties used as collateral | property			186
Mortgages | 1 property encumbered by one mortgage loan
Gross Amount Carried at Close of Period
Number of properties used as collateral | property		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, 2020	Dec. 31, 2019	Dec. 31, 2018
Real Estate Properties
Balance at the beginning of the period	$ 2,335,964	$ 1,462,396	$ 1,343,602
Additions	109,020	873,568	118,898
Disposals	(635,914)		(104)
Balance at the end of the period	1,809,070	2,335,964	1,462,396
Accumulated Depreciation
Balance at the beginning of the period	(131,468)	(93,291)	(74,614)
Additions	(43,821)	(38,177)	(18,781)
Disposals	33,883		104
Balance at the end of the period	$ (141,406)	$ (131,468)	$ (93,291)