Industrial Logistics Properties Trust (ILPT) 10-Q 27 Oct 21 2021 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2021	Oct. 25, 2021
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2021
Document Transition Report	false
Entity File Number	001-38342
Entity Registrant Name	INDUSTRIAL LOGISTICS PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2809631
Entity Address, Address Line One	Two Newton Place,
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300
Entity Address, City or Town	Newton
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1460
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	ILPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,404,592
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Real estate properties:
Land	$ 718,565	$ 709,099
Buildings and improvements	1,217,458	1,099,971
Total real estate properties, gross	1,936,023	1,809,070
Accumulated depreciation	(164,843)	(141,406)
Total real estate properties, net	1,771,180	1,667,664
Investment in unconsolidated joint venture	63,260	60,590
Acquired real estate leases, net	79,475	83,644
Cash and cash equivalents	44,093	22,834
Rents receivable, including straight line rents of $68,426 and $62,753, respectively	74,224	69,511
Deferred leasing costs, net	7,037	4,595
Debt issuance costs, net	464	1,477
Due from related persons	0	2,665
Other assets, net	8,362	2,765
Total assets	2,048,095	1,915,745
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	354,000	221,000
Mortgage notes payable, net	645,987	645,579
Assumed real estate lease obligations, net	13,037	14,630
Accounts payable and other liabilities	16,942	14,716
Rents collected in advance	11,823	7,811
Security deposits	6,933	6,540
Due to related persons	3,344	2,279
Total liabilities	1,052,066	912,555
Commitments and contingencies
Shareholders' Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,404,879 and 65,301,088 shares issued and outstanding, respectively	654	653
Additional paid in capital	1,011,835	1,010,819
Cumulative net income	280,701	224,226
Cumulative common distributions	(297,161)	(232,508)
Total equity attributable to common shareholders	996,029	1,003,190
Total liabilities and shareholders' equity	$ 2,048,095	$ 1,915,745

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Straight line rents	$ 68,426	$ 62,753
Common shares, par value (in dollars per share)	$ 0.01	$ 0.01
Common shares, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,404,879	65,301,088
Common shares, shares outstanding (in shares)	65,404,879	65,301,088

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
REVENUES:
Rental income	$ 54,981	$ 65,106	$ 163,378	$ 194,494
Expenses:
Real estate taxes	7,617	9,036	22,353	26,779
Other operating expenses	4,417	5,511	13,734	15,733
Depreciation and amortization	12,694	18,488	37,202	55,303
Acquisition and certain other transaction related costs	0	178	646	178
General and administrative	4,728	5,180	12,718	14,857
Total expenses	29,456	38,393	86,653	112,850
Gain on sale of real estate	940	0	940	0
Interest income	0	0	0	113
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $505, $664, $1,516 and $1,893, respectively)	(9,084)	(12,886)	(26,468)	(40,610)
Gain on early extinguishment of debt	0	0	0	120
Income before income tax expense and equity in earnings of investees	17,381	13,827	51,197	41,267
Income tax expense	(72)	(13)	(177)	(202)
Equity in earnings of investees	998	0	5,455	0
Net income	18,307	13,814	56,475	41,065
Net loss attributable to noncontrolling interest	0	275	0	691
Net income attributable to common shareholders	$ 18,307	$ 14,089	$ 56,475	$ 41,756
Weighted average common shares outstanding - basic (in shares)	65,178	65,112	65,154	65,092
Weighted average common shares outstanding - diluted (in shares)	65,230	65,129	65,205	65,101
Net income attributable to common shareholders - basic (in dollars per share)	$ 0.28	$ 0.22	$ 0.86	$ 0.64
Net income attributable to common shareholders - diluted (in dollars per share)	$ 0.28	$ 0.22	$ 0.86	$ 0.64

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Income Statement [Abstract]
Amortization of debt issuance costs and premium	$ 505	$ 664	$ 1,516	$ 1,893

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Equity Attributable to Common Shareholders	Common shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Common Distributions	Total Attributable to Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2019			65,180,628
Beginning balance at Dec. 31, 2019	$ 995,690	$ 995,690	$ 652	$ 999,302	$ 142,155	$ (146,419)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	12,694	12,846			12,846		(152)
Shares grants (in shares)			6,000
Share grants	326	326		326
Share repurchases (in shares)			(951)
Share repurchases	(18)	(18)		(18)
Distributions to common shareholders	(21,510)	(21,510)				(21,510)
Contributions from noncontrolling interest	107,640	6,972		6,972			100,668
Ending balance (in shares) at Mar. 31, 2020			65,185,677
Ending balance at Mar. 31, 2020	1,094,822	994,306	$ 652	1,006,582	155,001	(167,929)	100,516
Beginning balance (in shares) at Dec. 31, 2019			65,180,628
Beginning balance at Dec. 31, 2019	995,690	995,690	$ 652	999,302	142,155	(146,419)	0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	41,065
Ending balance (in shares) at Sep. 30, 2020			65,301,088
Ending balance at Sep. 30, 2020	1,077,423	983,744	$ 653	1,010,139	183,911	(210,959)	93,679
Beginning balance (in shares) at Mar. 31, 2020			65,185,677
Beginning balance at Mar. 31, 2020	1,094,822	994,306	$ 652	1,006,582	155,001	(167,929)	100,516
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	14,557	14,821			14,821		(264)
Shares grants (in shares)			24,500
Share grants	654	654		654
Share repurchases (in shares)			(613)
Share repurchases	(13)	(13)		(13)
Distributions to common shareholders	(21,511)	(21,511)				(21,511)
Distributions to noncontrolling interest	(1,898)						(1,898)
Ending balance (in shares) at Jun. 30, 2020			65,209,564
Ending balance at Jun. 30, 2020	1,086,611	988,257	$ 652	1,007,223	169,822	(189,440)	98,354
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	13,814	14,089			14,089		(275)
Shares grants (in shares)			108,600
Share grants	676	676	$ 1	675
Share repurchases (in shares)			(16,496)
Share repurchases	$ (351)	(351)		(351)
Share forfeitures (in shares)	(580)
Share forfeitures	$ (3)
Distributions to common shareholders	(21,519)	(21,519)				(21,519)
Contributions from noncontrolling interest	302	2,595		2,595			(2,293)
Distributions to noncontrolling interest	(2,107)						(2,107)
Ending balance (in shares) at Sep. 30, 2020			65,301,088
Ending balance at Sep. 30, 2020	1,077,423	$ 983,744	$ 653	1,010,139	183,911	(210,959)	$ 93,679
Beginning balance (in shares) at Dec. 31, 2020			65,301,088
Beginning balance at Dec. 31, 2020	1,003,190		$ 653	1,010,819	224,226	(232,508)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	19,337				19,337
Share grants	239			239
Distributions to common shareholders	(21,550)					(21,550)
Ending balance (in shares) at Mar. 31, 2021			65,301,088
Ending balance at Mar. 31, 2021	1,001,216		$ 653	1,011,058	243,563	(254,058)
Beginning balance (in shares) at Dec. 31, 2020			65,301,088
Beginning balance at Dec. 31, 2020	1,003,190		$ 653	1,010,819	224,226	(232,508)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	56,475
Distributions to common shareholders	(64,653)
Ending balance (in shares) at Sep. 30, 2021			65,404,879
Ending balance at Sep. 30, 2021	996,029		$ 654	1,011,835	280,701	(297,161)
Beginning balance (in shares) at Mar. 31, 2021			65,301,088
Beginning balance at Mar. 31, 2021	1,001,216		$ 653	1,011,058	243,563	(254,058)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,831				18,831
Shares grants (in shares)			21,000
Share grants	780			780
Share repurchases (in shares)			(7,733)
Share repurchases	(202)			(202)
Distributions to common shareholders	(21,549)					(21,549)
Ending balance (in shares) at Jun. 30, 2021			65,314,355
Ending balance at Jun. 30, 2021	999,076		$ 653	1,011,636	262,394	(275,607)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	18,307				18,307
Shares grants (in shares)			118,800
Share grants	917		$ 1	916
Share repurchases (in shares)			(27,576)
Share repurchases	(713)			(713)
Share forfeitures (in shares)			(700)
Share forfeitures	(4)			(4)
Distributions to common shareholders	(21,554)					(21,554)
Ending balance (in shares) at Sep. 30, 2021			65,404,879
Ending balance at Sep. 30, 2021	$ 996,029		$ 654	$ 1,011,835	$ 280,701	$ (297,161)

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 56,475	$ 41,065
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	23,500	34,307
Net amortization of debt issuance costs, premiums and discounts	1,516	1,893
Amortization of acquired real estate leases and assumed real estate lease obligations	12,567	19,458
Amortization of deferred leasing costs	620	952
Straight line rental income	(5,673)	(6,183)
Gain on sale of real estate	(940)	0
Gain on early extinguishment of debt	0	(120)
Other non-cash expenses	1,932	1,652
Unconsolidated joint venture distributions	1,980	0
Equity in earnings of investees	(5,455)	0
Change in assets and liabilities:
Rents receivable	960	(1,984)
Deferred leasing costs	(2,758)	(514)
Due from related persons	2,665	1,504
Other assets	(5,596)	(2,413)
Accounts payable and other liabilities	1,657	3,865
Rents collected in advance	4,012	(1,210)
Security deposits	393	71
Due to related persons	1,065	589
Net cash provided by operating activities	88,920	92,932
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(134,730)	(71,628)
Real estate improvements	(2,373)	(4,495)
Proceeds from sale of real estate	1,206	0
Proceeds from sale of joint venture	804	0
Distributions in excess of earnings from Affiliates Insurance Company	0	287
Net cash used in investing activities	(135,093)	(75,836)
CASH FLOWS FROM FINANCING ACTIVITIES:
Borrowings under revolving credit facility	246,000	180,000
Repayments of revolving credit facility	(113,000)	(170,000)
Repayment of mortgage note payable	0	(48,750)
Distributions to common shareholders	(64,653)	(64,540)
Proceeds from noncontrolling interest, net	0	107,942
Distributions to noncontrolling interest	0	(4,005)
Repurchase of common shares	(915)	(382)
Net cash provided by financing activities	67,432	265
Increase in cash, cash equivalents and restricted cash	21,259	17,361
Cash, cash equivalents and restricted cash at beginning of period	22,834	34,550
Cash, cash equivalents and restricted cash at end of period	44,093	51,911
SUPPLEMENTAL DISCLOSURES:
Interest paid	24,708	39,125
Income taxes paid	386	199
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued, not paid	799	741
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents	44,093	39,105
Restricted cash	0	12,806
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	$ 44,093	$ 51,911

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or the Company, ILPT, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020, or our 2020 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year. The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 30, 2021, our portfolio was comprised of 294 wholly owned properties containing approximately 36,488,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet of primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 68 properties containing approximately 19,759,000 rentable square feet of industrial properties located in 32 other states, or our Mainland Properties. As of September 30, 2021, we also owned a 22% equity interest in an unconsolidated joint venture which owns 12 properties located in nine states totaling approximately 9,227,000 rentable square feet. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the three months ended September 30, 2021 and 2020, approximately 50.5% and 40.7%, respectively, of our rental income was from our Hawaii Properties. For the nine months ended September 30, 2021 and 2020, approximately 50.7% and 41.0%, respectively, of our rental income was from our Hawaii Properties. In addition, subsidiaries of Amazon.com, Inc., which are tenants at certain of our Mainland Properties, accounted for $5,231, or 9.5%, and $10,288, or 15.8%, of our rental income for the three months ended September 30, 2021 and 2020, respectively, and $16,117, or 9.9%, and $30,349, or 15.6%, of our rental income for the nine months ended September 30, 2021 and 2020, respectively. During the nine months ended September 30, 2021, we acquired four industrial properties and one parcel of developable land containing 1,644,508 rentable square feet for an aggregate purchase price of $134,730, including acquisition related costs of $1,030. These acquisitions were accounted for as asset acquisitions. We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets as follows: Number Rentable Buildings Acquired Acquired of Square Purchase and Real Estate Real Estate Date Market Area Properties Feet Price Land Improvements Leases Lease Obligations May 2021 Dallas, TX 1 — $ 2,319 $ 2,319 $ — $ — $ — June 2021 Columbus, OH 1 357,504 31,762 1,491 27,407 2,864 — August 2021 Memphis, TN 3 1,287,004 100,649 5,922 87,600 7,192 (65) 5 1,644,508 $ 134,730 $ 9,732 $ 115,007 $ 10,056 $ (65) As a result of eminent domain taking in September 2021, we sold a portion of a land parcel located in Rock Hill, South Carolina for $1,400, excluding closing costs, resulting in a net gain on sale of real estate of $940. In October 2021, we entered into an agreement to acquire a recently built property located in the Detroit, Michigan market area containing approximately 1,009,000 rentable square feet and net leased to a single e-commerce tenant for a purchase price of $120,000, excluding acquisition related costs. This acquisition is expected to close during the fourth quarter of 2021. However, this acquisition is subject to conditions; accordingly, we cannot be sure that we will complete this acquisition, that this will not be delayed or that the terms will not change. During the nine months ended September 30, 2021, we committed $7,074 for expenditures related to leasing related costs for leases executed during the period for approximately 2,002,000 square feet. Committed but unspent tenant related obligations based on existing leases as of September 30, 2021 were $2,315. 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 plans to change the use of those lands. As of both September 30, 2021 and December 31, 2020, accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our condensed consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our condensed consolidated statements of comprehensive income. Joint Venture Activities As of September 30, 2021, we have an equity investment in a joint venture that consists of the following: ILPT Carrying Value ILPT of Investment at Number of Square Joint Venture Ownership September 30, 2021 Properties Location Feet 12 properties 22% $ 63,260 12 Nine states 9,226,729 The following table provides a summary of the mortgage debts of our joint venture: Principal Balance at September 30, Joint Venture Coupon Rate (1) Maturity Date 2021 (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; none of the debt is recourse to us. During the nine months ended September 30, 2020, we entered into agreements related to this joint venture for 12 of our properties in the mainland United States, or our joint venture, with an Asian institutional investor and contributed those 12 properties to our joint venture. We received an aggregate of $108,676 from that investor for a 39% equity interest in our joint venture and we retained the remaining 61% equity interest in our joint venture. We recognized a 39% noncontrolling interest in our condensed consolidated financial statements for the three and nine months ended September 30, 2020. The portion of our joint venture's net loss not attributable to us, or $275 and $691 for the three and nine months ended September 30, 2020, respectively, is reported as noncontrolling interest in our condensed consolidated statements of comprehensive income. During the three and nine months ended September 30, 2020, our joint venture made aggregate cash distributions of $2,107 and $4,005, respectively, to the first joint venture investor, which were reflected as a decrease in total equity attributable to noncontrolling interest in our condensed consolidated balance sheets. In November 2020, we sold an additional 39% equity interest from our then remaining 61% equity interest to a second unrelated third party institutional investor and retained a 22% equity interest in our joint venture. 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. During the three and nine months ended September 30, 2021, we recorded an increase in the fair value of our investment in our joint venture of $998 and $5,455, respectively, as equity in earnings of investees in our condensed consolidated statements of comprehensive income. In addition, during the three and nine months ended September 30, 2021, our joint venture made aggregate cash distributions of $660 and $1,980, respectively, to us. See Note 5 for more information regarding our joint venture.

Leases

Leases	9 Months Ended
	Sep. 30, 2021
Leases [Abstract]
Leases	Leases We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide for base rent payments and in addition may include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $9,478 and $11,943 for the three months ended September 30, 2021 and 2020, respectively, of which tenant reimbursements totaled $9,233 and $11,698, respectively, and $28,733 and $35,103 for the nine months ended September 30, 2021 and 2020, respectively, of which tenant reimbursements totaled $27,998 and $34,368, respectively. We increased rental income to record revenue on a straight line basis by $1,678 and $2,120 for the three months ended September 30, 2021 and 2020, respectively, and $5,673 and $6,183 for the nine months ended September 30, 2021 and 2020, respectively. Rents receivable included $68,426 and $62,753 of straight line rents at September 30, 2021 and December 31, 2020, respectively. During the year ended December 31, 2020, certain of our tenants requested, and we granted, relief from their obligations to pay rent due to us in response to the economic conditions resulting from the COVID-19 pandemic. In most cases, the tenants granted deferrals were obligated to pay the deferred rents in 12 equal monthly installments beginning in September 2020. As of September 30, 2021 and December 31, 2020, deferred payments totaling $1,168 and $2,630, respectively, are included in rents receivable in our condensed consolidated balance sheets. These deferred amounts did not impact our operating results for the three or nine months ended September 30, 2021 or 2020.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of September 30, 2021, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral September 30, December 31, Interest At September 30, 2021 (1) 2020 (1) Rate Maturity 2021 Unsecured revolving credit facility (2) $ 354,000 $ 221,000 1.39 % Dec 2021 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,119 1,004,000 871,000 $ 491,119 Unamortized debt issuance costs (4,013) (4,421) $ 999,987 $ 866,579 (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 We have a $750,000 unsecured revolving credit facility, or our 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 have the option to extend the maturity date of our revolving credit facility for two, six Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes The RMR Group LLC, or RMR LLC, ceasing to act as our business manager and property manager. Our credit agreement also contains a number of covenants, including covenants that restrict our ability to incur debts or to make distributions in certain circumstances, and generally requires us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of the covenants under our credit agreement at September 30, 2021. 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 nine months ended September 30, 2020 to write off unamortized debt premiums.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Fair Value of Assets and Liabilities	Fair Value of Assets and Liabilities Our financial instruments include cash and cash equivalents, restricted cash, rents receivable, our revolving credit facility, mortgage notes payable, accounts payable, rents collected in advance, security deposits and amounts due from or to related persons. At September 30, 2021 and December 31, 2020, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At September 30, 2021 At December 31, 2020 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 645,987 $ 713,330 $ 645,579 $ 730,119 (1) Includes unamortized debt issuance costs of $4,013 and $4,421 as of September 30, 2021 and December 31, 2020, 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 September 30, 2021 , 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) $ 63,260 $ — $ — $ 63,260 (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 condensed 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 of between 4.8% and 7.3%, exit capitalization rates of between 4.4% and 6.8%, holding periods of approximately 10 years 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 2 for further information regarding our investment in this joint venture.

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards On June 2, 2021, in accordance with our Trustee compensation arrangements, we awarded to each of our six Trustees 3,500 of our common shares, valued at $25.62 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day. On September 15, 2021, we awarded under our equity compensation plan an aggregate of 118,800 of our common shares, valued at $25.98 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of RMR LLC. Common Share Repurchases During the three and nine months ended September 30, 2021, we purchased an aggregate of 27,576 and 35,309 of our common shares valued at a weighted average share price of $25.84 and $25.98 per share, respectively, from our officers and certain 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 nine months ended September 30, 2021, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distribution January 14, 2021 January 25, 2021 February 18, 2021 $ 0.33 $ 21,550 April 15, 2021 April 26, 2021 May 20, 2021 0.33 21,549 July 15, 2021 July 26, 2021 August 19, 2021 0.33 21,554 $ 0.99 $ 64,653 On October 14, 2021, we declared a regular quarterly distribution to common shareholders of record on October 25, 2021 of $0.33 per share, or approximately $21,600 in aggregate. We expect to pay this distribution to our shareholders on or about November 18, 2021.

Per Common Share Amounts

Per Common Share Amounts	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Per Common Share Amounts	Per Common Share Amounts We calculate basic earnings per common share by dividing net income attributable to common shareholders by the weighted average number of our common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested common share awards and other potentially dilutive common shares, and the related impact on earnings, are considered when calculating diluted earnings per share. The calculation of basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerators: Net income attributable to common shareholders $ 18,307 $ 14,089 $ 56,475 $ 41,756 Income attributable to unvested participating securities (43) (24) (140) (70) Net income attributable to common shareholders used in calculating earnings per share $ 18,264 $ 14,065 $ 56,335 $ 41,686 Denominators: Weighted average common shares for basic earnings per share 65,178 65,112 65,154 65,092 Effect of dilutive securities: unvested share awards 52 17 51 9 Weighted average common shares for diluted earnings per share 65,230 65,129 65,205 65,101 Net income attributable to common shareholders per common share - basic $ 0.28 $ 0.22 $ 0.86 $ 0.64 Net income attributable to common shareholders per common share - diluted $ 0.28 $ 0.22 $ 0.86 $ 0.64

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	9 Months Ended
	Sep. 30, 2021
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR LLC	Business and Property Management Agreements with RMR LLC We have no employees. The personnel and various services we require to operate our business are provided to us by RMR LLC. We have two agreements with RMR LLC to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $2,708 and $7,832 for the three and nine months ended September 30, 2021, respectively, and $3,410 and $9,994 for the three and nine months ended September 30, 2020, respectively. T he net business management fees we recognized for the three and nine months ended September 30, 2020 include $347 and $823, respectively, of management fees paid to RMR LLC for those periods by our joint venture we then owned a majority interest in and whose operating results we reported on a consolidated basis. Beginning in November 2020, our ownership in our joint venture was reduced to a minority interest; as a result, we ceased at that time to consolidate our joint venture’s operating results and, since then, we do not include the management fees it pays to RMR LLC in the management fees we pay to RMR LLC. Our joint venture is further described in Notes 2 and 9. Based on our common share total return, as defined in our business management agreement, as of September 30, 2021 and 2020, no incentive fees are included in the net business management fees we recognized for the three or nine months ended September 30, 2021 or 2020. The actual amount of annual incentive fees for 2021, if any, will be based on our common share total return, as defined in our business management agreement, for the three year period ending December 31, 2021, and will be payable in January 2022. We did not incur any incentive fee payable to RMR LLC for the year ended December 31, 2020. We include business management fees in general and administrative expenses in our condensed consolidated statements of comprehensive income. We and RMR LLC amended our business management agreement effective August 1, 2021 to replace the benchmark index used in the calculation of incentive management fees. Pursuant to the amendment, for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Industrial REIT Index will replace the discontinued SNL U.S. REIT Industrial Index and be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by us to RMR LLC. For periods prior to August 1, 2021, the SNL U.S. REIT Industrial Index will continue to be used. Accordingly, the calculation of incentive management fees for the next three measurement periods will continue to use the SNL U.S. REIT Industrial Index in calculating the benchmark returns for periods through July 31, 2021. This change of index was due to S&P Global ceasing to publish the SNL U.S. REIT Industrial Index. Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $1,675 and $4,860 for the three and nine months ended September 30, 2021, respectively, and $1,914 and $5,697 for the three and nine months ended September 30, 2020, respectively. Of these amounts, for the three and nine months ended September 30, 2021, $1,598 and $4,751, respectively, were expensed to other operating expenses in our condensed consolidated financial statements and $77 and $109, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. For the three and nine months ended September 30, 2020, $1,866 and $5,539, respectively, were expensed to other operating expenses in our condensed consolidated financial statements and $48 and $158, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR LLC on our behalf. We are generally not responsible for payment of RMR LLC’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC. We reimbursed RMR LLC $1,184 and $3,451 for these expenses and costs for the three and nine months ended September 30, 2021, respectively, and $1,328 and $3,744 for the three and nine months ended September 30, 2020, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income. See Note 9 for further information regarding our relationships, agreements and transactions with RMR LLC.

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 30, 2021
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 and as a managing trustee or managing director of those 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. See Note 6 for information relating to the awards of our common shares we made in September 2021 to our officers and certain other employees of RMR LLC and common shares we purchased from our officers and certain 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. We include amounts recognized as expense for awards of our common shares to our officers and RMR LLC employees in general and administrative expenses in our condensed consolidated statements of comprehensive income. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 8 for further information regarding our management agreements with RMR LLC. Our Joint Venture . As of December 31, 2020, our joint venture owed to us $2,665 for post-closing adjustments relating to our sale of some of our equity interests in the joint venture to a second third party institutional investor in November 2020. Our joint venture paid these amounts due to us during the nine months ended September 30, 2021. TA. In May 2021, we acquired a property located in the Dallas, Texas market from TravelCenters of America Inc., or TA, for a purchase price of $2,319, including acquisition related costs of $119. RMR LLC provides management services to TA and Mr. Portnoy serves as the chair of the board of directors and as a managing director of TA. See Note 2 for further information regarding this acquisition. For further information about these and other such relationships and certain other related person transactions, see our 2020 Annual Report.

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and basis of presentation	The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or the Company, ILPT, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2020, or our 2020 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles.
Fair value of assets and liabilities	We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs). Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2021
Real Estate [Abstract]
Schedule of real estate properties	We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets as follows: Number Rentable Buildings Acquired Acquired of Square Purchase and Real Estate Real Estate Date Market Area Properties Feet Price Land Improvements Leases Lease Obligations May 2021 Dallas, TX 1 — $ 2,319 $ 2,319 $ — $ — $ — June 2021 Columbus, OH 1 357,504 31,762 1,491 27,407 2,864 — August 2021 Memphis, TN 3 1,287,004 100,649 5,922 87,600 7,192 (65) 5 1,644,508 $ 134,730 $ 9,732 $ 115,007 $ 10,056 $ (65)
Summary of investment in unconsolidated joint ventures	As of September 30, 2021, we have an equity investment in a joint venture that consists of the following: ILPT Carrying Value ILPT of Investment at Number of Square Joint Venture Ownership September 30, 2021 Properties Location Feet 12 properties 22% $ 63,260 12 Nine states 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 September 30, Joint Venture Coupon Rate (1) Maturity Date 2021 (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; none of the debt is recourse to us.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2021
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of September 30, 2021, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral September 30, December 31, Interest At September 30, 2021 (1) 2020 (1) Rate Maturity 2021 Unsecured revolving credit facility (2) $ 354,000 $ 221,000 1.39 % Dec 2021 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,119 1,004,000 871,000 $ 491,119 Unamortized debt issuance costs (4,013) (4,421) $ 999,987 $ 866,579 (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

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2021
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At September 30, 2021 and December 31, 2020, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At September 30, 2021 At December 31, 2020 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 645,987 $ 713,330 $ 645,579 $ 730,119 (1) Includes unamortized debt issuance costs of $4,013 and $4,421 as of September 30, 2021 and December 31, 2020, respectively.
Fair Value Measurements, Recurring and Nonrecurring	The table below presents certain of our assets measured on a recurring basis at fair value at September 30, 2021 , 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) $ 63,260 $ — $ — $ 63,260 (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 condensed 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 of between 4.8% and 7.3%, exit capitalization rates of between 4.4% and 6.8%, holding periods of approximately 10 years 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 2 for further information regarding our investment in this joint venture.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2021
Equity [Abstract]
Schedule of distributions declared and paid	During the nine months ended September 30, 2021, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distribution January 14, 2021 January 25, 2021 February 18, 2021 $ 0.33 $ 21,550 April 15, 2021 April 26, 2021 May 20, 2021 0.33 21,549 July 15, 2021 July 26, 2021 August 19, 2021 0.33 21,554 $ 0.99 $ 64,653

Per Common Share Amounts (Table

Per Common Share Amounts (Tables)	9 Months Ended
	Sep. 30, 2021
Earnings Per Share [Abstract]
Schedule of weighted average number of shares	The calculation of basic and diluted earnings per share is as follows: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Numerators: Net income attributable to common shareholders $ 18,307 $ 14,089 $ 56,475 $ 41,756 Income attributable to unvested participating securities (43) (24) (140) (70) Net income attributable to common shareholders used in calculating earnings per share $ 18,264 $ 14,065 $ 56,335 $ 41,686 Denominators: Weighted average common shares for basic earnings per share 65,178 65,112 65,154 65,092 Effect of dilutive securities: unvested share awards 52 17 51 9 Weighted average common shares for diluted earnings per share 65,230 65,129 65,205 65,101 Net income attributable to common shareholders per common share - basic $ 0.28 $ 0.22 $ 0.86 $ 0.64 Net income attributable to common shareholders per common share - diluted $ 0.28 $ 0.22 $ 0.86 $ 0.64

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended
	Oct. 27, 2021USD ($)ft²	Sep. 30, 2021USD ($)ft²propertybuildingstate	Nov. 30, 2020	Sep. 30, 2021USD ($)ft²propertybuildingstate	Sep. 30, 2020USD ($)property	Sep. 30, 2021USD ($)ft²segmentpropertybuildingstate	Sep. 30, 2020USD ($)property	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Number of properties owned | property		294		294		294
Net rentable area | ft²		36,488,000		36,488,000		36,488,000
Number of business segments | segment						1
Rental income				$ 54,981	$ 65,106	$ 163,378	$ 194,494
Net gain on sale						940	0
Land		$ 718,565		$ 718,565		718,565		$ 709,099
Commitments related to tenant improvements and leasing costs						$ 7,074
Net rentable area | ft²		2,002,000		2,002,000		2,002,000
Committed bus unspent tenant related obligations		$ 2,315		$ 2,315		$ 2,315
Accrued environmental remediation costs		$ 6,940		6,940		6,940		$ 6,940
Proceeds from sale of joint venture						804	0
Net loss attributable to noncontrolling interest				0	275	0	691
Equity in earnings of investees				$ 998	0	$ 5,455	0
2021 Asset Acquisition
Real Estate Properties [Line Items]
Net rentable area | ft²		1,644,508		1,644,508		1,644,508
Number of properties | property						5
Payments to acquire property, plant, and equipment						$ 134,730
Acquisition related cost						1,030
Land		$ 9,732		$ 9,732		$ 9,732
Land | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of properties | property						1
Industrial Property | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of properties | property						4
Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Rental income				$ 5,231	$ 10,288	$ 16,117	$ 30,349
Sales Revenue, Net | Customer Concentration Risk | Amazon Inc Subsidiaries
Real Estate Properties [Line Items]
Percentage of revenues				9.50%	15.80%	9.90%	15.60%
Hawaii
Real Estate Properties [Line Items]
Net rentable area | ft²		16,729,000		16,729,000		16,729,000
Number of buildings, leasable land parcels easements | building		226		226		226
Hawaii | Sales Revenue, Net | Geographic Concentration Risk
Real Estate Properties [Line Items]
Percentage of revenues				50.50%	40.70%	50.70%	41.00%
Other States
Real Estate Properties [Line Items]
Number of properties owned | property		68		68		68
Net rentable area | ft²		19,759,000		19,759,000		19,759,000
Number of states where real estate is located | state		32		32		32
Columbus, Ohio | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Net rentable area | ft²		357,504		357,504		357,504
Number of properties | property						1
Payments to acquire property, plant, and equipment						$ 31,762
Land		$ 1,491		$ 1,491		1,491
Rock Hill, SC | Land | Disposed of by Sale
Real Estate Properties [Line Items]
Sales price		1,400		$ 1,400		$ 1,400
Net gain on sale		$ 940
Memphis, TN and Southhaven, MS | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Net rentable area | ft²		1,287,004		1,287,004		1,287,004
Number of properties | property						3
Payments to acquire property, plant, and equipment						$ 100,649
Land		$ 5,922		$ 5,922		$ 5,922
Detroit, MI | 2021 Asset Acquisition | Subsequent Event
Real Estate Properties [Line Items]
Net rentable area | ft²	1,009,000
Payments to acquire property, plant, and equipment	$ 120
Twelve Mainland Properties
Real Estate Properties [Line Items]
Net rentable area | ft²		9,226,729		9,226,729		9,226,729
Number of states where real estate is located | state		9		9		9
Equity interest remaining		22.00%	22.00%	22.00%		22.00%
Number of properties contributed | property		12		12	12	12	12
Ownership percentage sold			39.00%
Proceeds from sale of joint venture							$ 108,676
Noncontrolling interest, ownership percentage by noncontrolling owners					39.00%		39.00%
Ownership interest					61.00%		61.00%
Cash distributions				$ 660	$ 2,107	$ 1,980	$ 4,005
Twelve Mainland Properties | Variable Interest Entity
Real Estate Properties [Line Items]
Net loss attributable to noncontrolling interest					$ 275		$ 691

Real Estate Investments - Prope

Real Estate Investments - Property Acquisitions (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)ft²property	Dec. 31, 2020USD ($)
Real Estate Properties [Line Items]
Net rentable area | ft²	36,488,000
Land	$ 718,565	$ 709,099
Buildings and improvements	1,217,458	1,099,971
Acquired Real Estate Leases	$ 13,037	$ 14,630
2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of Properties | property	5
Net rentable area | ft²	1,644,508
Purchase Price	$ 134,730
Land	9,732
Buildings and improvements	115,007
Acquired Real Estate Leases	10,056
Acquired Real Estate Lease Obligations	$ (65)
Dallas, TX | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of Properties | property	1
Net rentable area | ft²	0
Purchase Price	$ 2,319
Land	2,319
Buildings and improvements	0
Acquired Real Estate Leases	0
Acquired Real Estate Lease Obligations	$ 0
Columbus, Ohio | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of Properties | property	1
Net rentable area | ft²	357,504
Purchase Price	$ 31,762
Land	1,491
Buildings and improvements	27,407
Acquired Real Estate Leases	2,864
Acquired Real Estate Lease Obligations	$ 0
Memphis, TN and Southhaven, MS | 2021 Asset Acquisition
Real Estate Properties [Line Items]
Number of Properties | property	3
Net rentable area | ft²	1,287,004
Purchase Price	$ 100,649
Land	5,922
Buildings and improvements	87,600
Acquired Real Estate Leases	7,192
Acquired Real Estate Lease Obligations	$ (65)

Real Estate Investments - Joint

Real Estate Investments - Joint Venture Activities (Details) $ in Thousands	Sep. 30, 2021USD ($)ft²stateproperty	Dec. 31, 2020USD ($)	Nov. 30, 2020	Sep. 30, 2020property
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture | $	$ 63,260	$ 60,590
Net rentable area | ft²	36,488,000
Twelve Mainland Properties
Schedule of Equity Method Investments [Line Items]
Equity interest remaining	22.00%		22.00%
Investment in unconsolidated joint venture | $	$ 63,260
Number of properties contributed | property	12			12
Number of states where real estate is located | state	9
Net rentable area | ft²	9,226,729

Real Estate Investments - Joi_2

Real Estate Investments - Joint Venture Indebtedness (Details) $ in Thousands	Sep. 30, 2021USD ($)stateproperty	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Principal Balance	$ 1,004,000	$ 871,000
Twelve Mainland Properties
Schedule of Equity Method Investments [Line Items]
Number of states where real estate is located | state	9
Interest rate (as a percent)	3.37%
Principal Balance	$ 406,980
Twelve Mainland Properties | Mortgage note payable | Mortgage note payable (secured by one property in Florida)
Schedule of Equity Method Investments [Line Items]
Number of properties | property	1
Interest rate (as a percent)	3.60%
Principal Balance	$ 56,980
Twelve Mainland Properties | Mortgage note payable | Mortgage note payable (secured by 11 other properties in eight states)
Schedule of Equity Method Investments [Line Items]
Number of properties | property	11
Number of states where real estate is located | state	8
Interest rate (as a percent)	3.33%
Principal Balance	$ 350,000

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)installmentPayment	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)installmentPayment	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Leases [Abstract]
Certain variable payments	$ 9,478	$ 11,943	$ 28,733	$ 35,103
Tenant reimbursements	9,233	11,698	27,998	34,368
Straight line rental income	1,678	$ 2,120	5,673	$ 6,183
Straight line rents	$ 68,426		$ 68,426		$ 62,753
Number of monthly installment payments | installmentPayment	12		12
Increase to accounts receivable from deferred payments			$ 1,168		$ 2,630

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) $ in Thousands	1 Months Ended	9 Months Ended
	May 31, 2020USD ($)property	Sep. 30, 2021USD ($)optionproperty	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal Balance		$ 1,004,000	$ 871,000
Unamortized debt issuance costs		(4,013)	(4,421)
Carrying value		999,987	866,579
Net Book Value of Collateral		$ 491,119
Hawaii
Debt Instrument [Line Items]
Number of properties used as collateral | property		186
Mortgage Note Payable Maturing Nov 2020
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Revolving credit facility
Debt Instrument [Line Items]
Principal Balance		$ 354,000	221,000
Interest rate (as a percent)		1.39%
Net Book Value of Collateral		$ 0
Number of options to extend maturity date | option		2
Extension of maturity date		6 months
Mortgage note payable | Mortgage notes payable (secured by 186 properties in Hawaii)
Debt Instrument [Line Items]
Principal Balance		$ 650,000	$ 650,000
Interest rate (as a percent)		4.31%
Net Book Value of Collateral		$ 491,119
Mortgage note payable | Mortgage Note Payable Maturing Nov 2020
Debt Instrument [Line Items]
Principal Balance	$ 48,750

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details)	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2020USD ($)property	Sep. 30, 2021USD ($)	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)option	Sep. 30, 2020USD ($)	Oct. 25, 2021USD ($)	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Revolving credit facility		$ 354,000,000		$ 354,000,000			$ 221,000,000
Principal Balance		1,004,000,000		1,004,000,000			$ 871,000,000
Gain on early extinguishment of debt		0	$ 0	0	$ 120,000
Mortgage Note Payable Maturing Nov 2020
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Revolving credit facility
Debt Instrument [Line Items]
Maximum borrowing capacity of revolving credit facility and term loan		750,000,000		$ 750,000,000
Number of options to extend maturity date | option				2
Extension of maturity date				6 months
Option to increase maximum borrowing capacity		$ 1,500,000,000		$ 1,500,000,000
Commitment fee percentage				0.25%
Interest rate at the end of the period (as a percent)		1.39%		1.39%			1.70%
Weighted average interest rate (as a percent)		1.42%	1.57%	1.46%	2.51%
Revolving credit facility		$ 354,000,000		$ 354,000,000
Remaining borrowing capacity		396,000,000		396,000,000
Principal Balance		$ 354,000,000		$ 354,000,000			$ 221,000,000
Revolving credit facility | Subsequent Event
Debt Instrument [Line Items]
Revolving credit facility						$ 327,000,000
Remaining borrowing capacity						$ 423,000,000
Revolving credit facility | LIBOR
Debt Instrument [Line Items]
Basis spread on variable rate				1.30%
Mortgage note payable | Mortgage Note Payable Maturing Nov 2020
Debt Instrument [Line Items]
Principal Balance	$ 48,750,000
Stated interest rate	3.48%

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Mortgage notes payable	$ 645,987	$ 645,579
Carrying Value
Fair Value of Financial Instruments
Mortgage notes payable	645,987	645,579
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	713,330	730,119
Mortgage note payable
Fair Value of Financial Instruments
Unamortized premium	$ 4,013	$ 4,421

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)property
Twelve Mainland Properties
Fair Value of Financial Instruments
Equity interest remaining	22.00%
Number of properties contributed | property	12
Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Holding period	10 years
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.048
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Cap Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.044
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.073
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Cap Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.068
Fair Value, Recurring
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 63,260
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	$ 63,260

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands	Oct. 14, 2021USD ($)$ / shares	Sep. 15, 2021$ / sharesshares	Aug. 19, 2021USD ($)$ / shares	Jun. 02, 2021trustee$ / sharesshares	May 20, 2021USD ($)$ / shares	Feb. 18, 2021USD ($)$ / shares	Sep. 30, 2021USD ($)$ / sharesshares	Jun. 30, 2021USD ($)	Mar. 31, 2021USD ($)	Sep. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Mar. 31, 2020USD ($)	Sep. 30, 2021USD ($)$ / sharesshares
Shareholders' Equity
Dividends paid (in dollars per share)			$ 0.33		$ 0.33	$ 0.33							$ 0.99
Dividends paid | $			$ 21,554		$ 21,549	$ 21,550	$ 21,554	$ 21,549	$ 21,550	$ 21,519	$ 21,511	$ 21,510	$ 64,653
Subsequent Event
Shareholders' Equity
Dividends paid (in dollars per share)	$ 0.33
Dividends paid | $	$ 21,600
Trustee
Shareholders' Equity
Number of officers | trustee				6
Common shares granted (in shares) | shares				3,500
Common share price ( in usd per share)				$ 25.62
Officers and Certain Other Employees
Shareholders' Equity
Common shares granted (in shares) | shares		118,800
Common share price ( in usd per share)		$ 25.98
Certain Former Officers and Employees
Shareholders' Equity
Shares repurchased (in shares) | shares							27,576						35,309
Weighted average share price (in dollars per share)							$ 25.84						$ 25.98

Per Common Share Amounts (Detai

Per Common Share Amounts (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020
Numerators:
Net income attributable to common shareholders	$ 18,307	$ 14,089	$ 56,475	$ 41,756
Income attributable to unvested participating securities	(43)	(24)	(140)	(70)
Net income attributable to common shareholders used in calculating earnings per share	$ 18,264	$ 14,065	$ 56,335	$ 41,686
Denominators:
Weighted average common shares for basic earnings per share (in shares)	65,178	65,112	65,154	65,092
Effect of dilutive securities: unvested share awards (in shares)	52	17	51	9
Weighted average common shares for diluted earnings per share (in shares)	65,230	65,129	65,205	65,101
Net income attributable to common shareholders per common share - basic (in dollars per share)	$ 0.28	$ 0.22	$ 0.86	$ 0.64
Net income attributable to common shareholders per common share - diluted (in dollars per share)	$ 0.28	$ 0.22	$ 0.86	$ 0.64

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021USD ($)employeeagreement	Sep. 30, 2020USD ($)	Sep. 30, 2021USD ($)employeeagreement	Sep. 30, 2020USD ($)	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0		0
Business management fees		$ 347,000		$ 823,000
Incentive fee expense					$ 0
Business Management Fees
Related Party Transaction [Line Items]
Incentive fee expense	$ 0	0	$ 0	0
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Business management fees	$ 2,708,000	3,410,000	$ 7,832,000	9,994,000
Related party reimbursement expense	1,184,000	1,328,000	3,451,000	3,744,000
Reit Management And Research L L C | Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Expenses from transactions	1,675,000	1,914,000	4,860,000	5,697,000
Reit Management And Research L L C | Property Management and Construction Supervision Fees | Other Operating Income (Expense)
Related Party Transaction [Line Items]
Expenses from transactions	1,598,000	1,866,000	4,751,000	5,539,000
Reit Management And Research L L C | Investment Building and Building Improvements | Capitalized Costs
Related Party Transaction [Line Items]
Expenses from transactions	$ 77,000	$ 48,000	$ 109,000	$ 158,000

Related Person Transactions - N

Related Person Transactions - Narrative (Details) $ in Thousands	1 Months Ended
	May 31, 2021USD ($)	Sep. 30, 2021USD ($)agreement	Dec. 31, 2020USD ($)
Related Party Transaction [Line Items]
Due from related persons		$ 0	$ 2,665
Dallas, TX
Related Party Transaction [Line Items]
Payments to acquire real estate	$ 2,319
Acquisition related cost	$ 119
Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement		2
Industrial Fund | Post-Closing Adjustment
Related Party Transaction [Line Items]
Due from related persons			$ 2,665