Industrial Logistics Properties Trust (ILPT) 10-K 15 Feb 22 2021 FY Annual report Financial data

Cover Page

Cover Page - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2021	Feb. 11, 2022	Jun. 30, 2021
Cover [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 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 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			$ 1.7
Entity Common Stock, Shares Outstanding		65,404,592
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 2022 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2021.
Entity Central Index Key	0001717307
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus (i.e. Q1,Q2,Q3,FY)	FY
Amendment Flag	false

Audit Information

Audit Information	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2019
Auditor [Abstract]
Auditor Name	Deloitte & Touche LLP	Ernst & Young LLP
Auditor Firm ID	34	42
Auditor Location	Boston, Massachusetts	Boston, Massachusetts

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Real estate properties:
Land	$ 699,037	$ 709,099
Buildings and improvements	1,049,796	1,099,971
Total real estate properties, gross	1,748,833	1,809,070
Accumulated depreciation	(167,490)	(141,406)
Total real estate properties, net	1,581,343	1,667,664
Investment in unconsolidated joint venture	143,021	60,590
Acquired real estate leases, net	63,441	83,644
Cash and cash equivalents	29,397	22,834
Rents receivable, including straight line rents of $69,172 and $62,753, respectively	75,877	69,511
Deferred leasing costs, net	8,883	4,595
Debt issuance costs, net	804	1,477
Due from related persons	0	2,665
Other assets, net	5,792	2,765
Total assets	1,908,558	1,915,745
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	182,000	221,000
Mortgage notes payable, net	646,124	645,579
Assumed real estate lease obligations, net	12,435	14,630
Accounts payable and other liabilities	16,281	14,716
Rents collected in advance	8,394	7,811
Security deposits	3,097	6,540
Due to related persons	2,185	2,279
Total liabilities	870,516	912,555
Commitments and contingencies
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,404,592 and 65,301,088 shares issued and outstanding, respectively	654	653
Additional paid in capital	1,012,224	1,010,819
Cumulative net income	343,908	224,226
Cumulative common distributions	(318,744)	(232,508)
Total shareholders' equity	1,038,042	1,003,190
Total liabilities and shareholders' equity	$ 1,908,558	$ 1,915,745

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Straight line rents	$ 69,172	$ 62,753
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)	65,404,592	65,301,088
Common stock, shares outstanding	65,404,592	65,301,088

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Rental income	$ 219,874	$ 254,575	$ 229,234
Expenses:
Real estate taxes	30,134	35,185	30,367
Other operating expenses	18,678	20,749	17,643
Depreciation and amortization	50,598	70,518	61,927
Acquisition and certain other transaction related costs	1,132	200	0
General and administrative	16,724	19,580	17,189
Total expenses	117,266	146,232	127,126
Gain on sale of real estate	12,054	23,996	0
Interest income	0	113	743
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $2,022, $2,481 and $2,017, respectively)	(35,625)	(51,619)	(50,848)
Gain on early extinguishment of debt	0	120	0
Income before income tax expense and equity in earnings of investees	79,037	80,953	52,003
Income tax expense	(273)	(277)	(171)
Equity in earnings of investees	40,918	529	666
Net income	119,682	81,205	52,498
Net loss attributable to noncontrolling interest	0	866	0
Net income attributable to common shareholders	$ 119,682	$ 82,071	$ 52,498
Weighted average common shares outstanding - basic (in shares)	65,169	65,104	65,049
Weighted average common shares outstanding - diluted (in shares)	65,211	65,114	65,055
Earnings Per Share, Basic and Diluted [Abstract]
Net income per common share - basic and diluted (in dollars per share)	$ 1.83	$ 1.26	$ 0.81
Revenue, Product and Service [Extensible List]	Real Estate [Member]

CONSOLIDATED STATEMENTS OF CO_2

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Net amortization of debt issuance costs, premiums and discounts	$ 2,022	$ 2,481	$ 2,017

CONSOLIDATED STATEMENTS OF SHAR

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 Equity Attributable to Noncontrolling nterest
Balance (in shares) at Dec. 31, 2018			65,074,791
Balance at beginning of period at Dec. 31, 2018	$ 1,028,273	$ 1,028,273	$ 651	$ 998,447	$ 89,657	$ (60,482)	$ 0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	52,498	52,498			52,498
Share grants (in shares)			119,200
Share grants	1,111	1,111	$ 1	1,110
Share repurchases (in shares)			(11,963)
Share repurchases	(253)	(253)		(253)
Share forfeitures (in shares)			(1,400)
Share forfeitures	(2)	(2)		(2)
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	995,690	$ 652	999,302	142,155	(146,419)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	81,205	82,071			82,071		(866)
Share grants (in shares)			139,100
Share grants	2,336	2,336	$ 1	2,335
Share repurchases (in shares)			(18,060)
Share repurchases	(382)	(382)		(382)
Share forfeitures (in shares)			(580)
Share forfeitures	(3)	(3)		(3)
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	1,003,190	$ 653	1,010,819	224,226	(232,508)	0
Increase (Decrease) in Stockholders' Equity
Net income (loss)	119,682	119,682			119,682		0
Share grants (in shares)			139,800
Share grants	2,332	2,332	$ 1	2,331
Share repurchases (in shares)			(35,596)
Share repurchases	(922)	(922)		(922)
Share forfeitures (in shares)			(700)
Share forfeitures	(4)	(4)		(4)
Distributions to common shareholders	(86,236)	(86,236)				(86,236)
Balance (in shares) at Dec. 31, 2021			65,404,592
Balance at end of period at Dec. 31, 2021	$ 1,038,042	$ 1,038,042	$ 654	$ 1,012,224	$ 343,908	$ (318,744)	$ 0

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income	$ 119,682	$ 81,205	$ 52,498
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	32,457	43,821	38,177
Net amortization of debt issuance costs, premiums and discounts	2,022	2,481	2,017
Amortization of acquired real estate leases and assumed real estate lease obligations	16,656	24,573	21,465
Amortization of deferred leasing costs	938	1,357	1,113
Straight line rental income	(7,263)	(9,041)	(4,345)
Gain on early extinguishment of debt	0	(120)	0
Gain on sale of property	(12,054)	(23,996)	0
Other non-cash expenses	2,328	2,331	1,109
Joint venture distributions	2,640	0	0
Equity in earnings of investees	(40,918)	(529)	(666)
Change in assets and liabilities:
Rents receivable	54	(2,907)	(1,497)
Deferred leasing costs	(4,694)	(2,443)	(1,457)
Other assets	(3,434)	(1,068)	(594)
Due from related persons	2,665	(3,871)	(114)
Accounts payable and other liabilities	2,525	2,613	3,095
Rents collected in advance	583	279	3,438
Security deposits	(3,443)	12	550
Due to related persons	(94)	(133)	845
Net cash provided by operating activities	110,650	114,564	116,300
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits	(134,730)	(115,813)	(884,570)
Real estate improvements	(4,911)	(5,857)	(17,157)
Proceeds from sale of properties to joint venture, net	160,506	0	0
Proceeds from sale of properties	1,206	10,578	0
Proceeds from sale of joint venture interests	804	106,283	0
Distributions in excess of earnings from Affiliates Insurance Company	0	287	8,334
Net cash provided by (used in) investing activities	22,875	(4,522)	(893,393)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable	0	0	1,000,000
Borrowings under revolving credit facility	301,000	234,000	744,000
Repayments of revolving credit facility	(340,000)	(323,000)	(847,000)
Repayment of mortgage note payable	0	(48,750)	0
Payment of debt issuance costs	(804)	0	(8,775)
Proceeds from noncontrolling interest, net	0	107,942	0
Distributions to noncontrolling interest	0	(5,479)	0
Distributions to common shareholders	(86,236)	(86,089)	(85,937)
Repurchase of common shares	(922)	(382)	(253)
Net cash (used in) provided by financing activities	(126,962)	(121,758)	802,035
Increase (Decrease) cash, cash equivalents and restricted cash	6,563	(11,716)	24,942
Cash, cash equivalents and restricted cash at beginning of period	22,834	34,550	9,608
Cash, cash equivalents and restricted cash at end of period	29,397	22,834	34,550
SUPPLEMENTAL DISCLOSURES:
Interest paid	33,278	50,433	46,072
Income taxes paid	485	209	164
Interest capitalized	0	0	187
NON-CASH INVESTING AND FINANCING ACTIVITIES:
Real estate, net	0	(631,879)	0
Mortgage notes, net	0	403,160	0
Real estate acquired by assumption of mortgage note payable	0	0	(56,980)
Assumption of mortgage note payable	0	0	56,980
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH
Cash and cash equivalents	22,834	28,415
Restricted cash	0	0	6,135
Total cash, cash equivalents and restricted cash shown in the statements of cash flows	29,397	22,834	34,550
AIC
Adjustments to reconcile net income to net cash provided by operating activities:
Joint venture distributions	$ 0	$ 0	666
Equity in earnings of investees			$ (666)

Organization

Organization	12 Months Ended
	Dec. 31, 2021
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 of December 31, 2021, our portfolio was comprised of 288 wholly owned properties. The 288 properties consisted of 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) that were primarily industrial lands located on the island of Oahu, HI and 62 buildings containing approximately 17.3 million rentable square feet that were industrial and logistics properties located in 30 other states. As of December 31, 2021, we also owned a 22% equity interest in an unconsolidated joint venture that owns 18 properties located in 12 states in the mainland United States containing approximately 11.7 million rentable square feet.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
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. Real Estate Properties. We record properties at cost. 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 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 $781, $791 and $1,195 during the years ended December 31, 2021, 2020 and 2019, 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 $17,437, $25,364 and $22,661 during the years ended December 31, 2021, 2020 and 2019, 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, 2021 and 2020, our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2021 2020 Acquired real estate leases: Capitalized above market lease values $ 20,725 $ 27,323 Less: accumulated amortization (13,225) (18,400) Capitalized above market lease values, net 7,500 8,923 Lease origination value 122,945 135,453 Less: accumulated amortization (67,004) (60,732) Lease origination value, net 55,941 74,721 Acquired real estate leases, net $ 63,441 $ 83,644 Assumed real estate lease obligations: Capitalized below market lease values $ 33,674 $ 33,927 Less: accumulated amortization (21,239) (19,297) Assumed real estate lease obligations, net $ 12,435 $ 14,630 As of December 31, 2021, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 10.5 years, 6.2 years, and 11.8 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, 2021 are estimated to be $12,236 in 2022, $10,891 in 2023, $7,036 in 2024, $4,570 in 2025, $4,052 in 2026 and $12,221 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, 2021 and 2020. 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, 2021 and 2020, 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 inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income. Deferred leasing costs totaled $12,918 and $8,116 at December 31, 2021 and 2020, respectively, and accumulated amortization of deferred leasing costs totaled $4,035 and $3,521 at December 31, 2021 and 2020, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2021, are estimated to be $1,222 in 2022, $1,017 in 2023, $953 in 2024, $885 in 2025, $786 in 2026 and $4,020 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 December 31, 2021 and 2020, we had debt issuance costs for our revolving credit facility totaling $6,711 and $5,907, respectively, and accumulated amortization of debt issuance costs for our revolving credit facility were $5,907 and $4,430, respectively. Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2021 and 2020, we had debt issuance costs, net of accumulated amortization, of $3,876 and $4,421, respectively, for certain of our mortgage notes payable. Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and mortgage notes payable as of December 31, 2021 are estimated to be $1,351 in 2022, $547 in 2023, $547 in 2024, $547 in 2025, $547 in 2026 and $1,141 thereafter. Equity Method Investments. We own a 22% equity interest in an unconsolidated joint venture which owns 18 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 previously accounted for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved on February 13, 2020. Significant influence was present through common representation on the boards of trustees or directors of us and AIC. See Note 10 for more information regarding our investment in AIC. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in the leases; therefore, we have determined to evaluate our leases as lease arrangements. 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 Accounting Standards Codification, or 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. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to 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.

Real Estate Investments

Real Estate Investments	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of December 31, 2021, our portfolio was comprised of 288 wholly owned properties containing approximately 33,991,000 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, HI, or our Hawaii Properties, and 62 properties containing approximately 17,262,000 rentable square feet of industrial properties located in 30 other states, or our Mainland Properties. As of December 31, 2021, we also owned a 22% equity interest in an unconsolidated joint venture which owns 18 properties located in 12 states in the mainland United States totaling approximately 11,726,000 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, 2021, 2020 and 2019, approximately 50.6%, 42.2% and 43.9%, respectively, of our rental income were from our Hawaii Properties. In addition, subsidiaries of Amazon.com, Inc. that are tenants at certain of our Mainland Properties accounted for $21,440, $38,241 and $31,623 of our rental income for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, we committed $10,544 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 3,103,000 square feet. Committed, but unspent tenant related obligations based on existing leases as of December 31, 2021, were $2,224, of which $1,671 is expected to be spent during the next 12 months. Joint Venture Investments As of December 31, 2021, 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 2021 Properties Location Feet 18 properties in 12 states 22% $ 143,021 18 Various 11,726,000 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 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. In the first quarter of 2020, we entered into agreements related to our joint venture for 12 of our properties in the mainland United States with an unrelated third party institutional investor and contributed those 12 properties to our joint venture. We received an aggregate amount of $108,676, which includes $734 of costs associated with the formation of our joint venture from that investor for a 39% equity interest in our joint venture and we retained the remaining 61% equity interest in our joint venture. 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 included 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 for the year ended December 31, 2020, which is included in gain on sale of real estate in our consolidated statements of comprehensive income. After giving effect to the sale in November 2020, 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 such 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 the sale of our equity interests in the joint venture to reduce outstanding borrowings under our revolving credit facility. See Note 6 for more information regarding the use of the equity method for our joint venture. We recognized a noncontrolling interest in our consolidated balance sheet of $98,375 as of the completion of this transaction in the first quarter of 2020, 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 Financial Accounting Standards Boards, or FASB, ASC. We concluded that we must consolidate this VIE, and we did so, until we sold an additional 39% equity interest in our 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 December 2021, we sold six recently acquired properties to our existing joint venture for an aggregate price of approximately $205,789. We received proceeds from the investors, who own an aggregate of 78% equity interest in the joint venture, for an aggregate amount of $160,516 and recognized a net gain on sale of $11,114 on this transaction, which is included in gain on sale of real estate in our consolidated statements of comprehensive income. We used the $160,516 of proceeds from this transaction to reduce amounts outstanding under our $750,000 unsecured revolving credit facility. During the year ended December 31, 2021, we recorded an increase in the fair value of our investment in our joint venture of $45,273 as equity in earnings of investees in our consolidated statements of comprehensive income. In addition, during the year ended December 31, 2021 our joint venture made aggregate cash distributions of $2,640 to us. See Note 6 for more information regarding our joint venture. 2021 Acquisitions: During the year ended December 31, 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 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 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) Monmouth Transaction: In November 2021, we, our wholly owned subsidiary and Monmouth Real Estate Investment Corporation, or Monmouth, entered into an Agreement and Plan of Merger, pursuant to which we have agreed to acquire all of the outstanding shares of Monmouth for $21.00 per Monmouth share in cash, in a transaction valued at approximately $4,000,000, including the assumption of existing Monmouth mortgage debt, as well as transaction costs, referred to as the Monmouth Transaction. The Monmouth Transaction will add 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet with a weighted average remaining lease term of approximately eight years to our portfolio. The Monmouth Transaction is expected to close in the first quarter of 2022. The Monmouth Transaction is subject to the satisfaction of conditions, including the receipt of requisite approval by Monmouth’s stockholders. We cannot be sure that these conditions will be satisfied. Accordingly, the Monmouth Transaction may not close when expected or at all, or the terms of the Monmouth Transaction may change. 2020 Acquisitions: During the year ended December 31, 2020, we acquired two industrial 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 2019 Acquisitions: During the year ended December 31, 2019, we acquired 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 Acquired Discount Number Rentable Buildings Real Real Estate on of Square Purchase and Estate Lease 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 2021 Disposition: As a result of an 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 or real estate of $940. 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 table below, 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. 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. We did not dispose of any properties during the year ended December 31, 2019.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
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 $7,263, $9,041 and $4,345 to record revenue on a straight line basis during the years ended December 31, 2021, 2020 and 2019, 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 $38,732, $45,858 and $40,898 for the years ended December 31, 2021, 2020 and 2019, respectively, of which tenant reimbursements totaled $37,379, $44,878 and $38,755, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2021: Year Amount 2022 $ 168,063 2023 158,620 2024 144,767 2025 132,238 2026 126,105 Thereafter 1,031,288 $ 1,761,081

Indebtedness

Indebtedness	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of December 31, 2021 and 2020, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral December 31, Interest At December 31, 2021 (1) 2020 (1) Rate Maturity 2021 Unsecured revolving credit facility (2) $ 182,000 $ 221,000 1.41 % Jun 2022 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,235 832,000 871,000 $ 491,235 Unamortized debt issuance costs (3,876) (4,421) $ 828,124 $ 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 June 29, 2022 and we have the option to extend the maturity date for one six month period through December 29, 2022. 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 was December 29, 2021. In November 2021, we exercised our first option to extend the maturity date of the facility by six months to June 29, 2022. We have an additional option to extend the maturity date of our revolving credit facility for one six month period, subject to payment of extension fees and satisfaction of other conditions. 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 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, 2021 and 2020, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 130 basis points and 155 basis points, respectively. As of December 31, 2021 and 2020, the interest rate payable on borrowings under our revolving credit facility was 1.41% and 1.70%, respectively. The weighted average interest rate for borrowings under our revolving credit facility was 1.44%, 2.36% and 3.68% for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021 and February 11, 2022, we had $182,000 outstanding under our revolving credit facility, and $568,000 available to borrow under our revolving credit facility. Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, a change of control of us, which includes The RMR Group LLC, or RMR LLC, ceasing to act as our business manager and property manager. Our credit agreement also contains a number of covenants, including covenants that restrict our ability to incur debts or to make distributions in certain circumstances, and generally requires us to maintain certain financial ratios. We believe we were in compliance with the terms and conditions of the covenants under our credit agreement at December 31, 2021. 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, 2021 are as follows: Principal Year Payment 2022 $ 182,000 2023 — 2024 — 2025 — 2026 — Thereafter 650,000 $ 832,000 (1) (1) Total debt outstanding as of December 31, 2021, including unamortized debt issuance costs of $3,876, was $828,124.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	12 Months Ended
	Dec. 31, 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, security deposits, rents collected in advance and amounts due from or to related persons. At December 31, 2021 and 2020, 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, 2021 At December 31, 2020 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 646,124 $ 709,198 $ 645,579 $ 730,119 (1) Includes unamortized debt issuance costs, premiums and discounts of $3,876 and $4,421 as of December 31, 2021 and 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 categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Significant Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Recurring fair value measurements At December 31, 2021 Investment in unconsolidated joint venture (1) $ 143,021 $ — $ — $ 143,021 At December 31, 2020 Investment in unconsolidated joint venture $ 60,590 $ — $ — $ 60,590 (1) We own a 22% equity interest in a joint venture that owns 18 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 of between 5.25% and 6.50%, exit capitalization rates of between 4.50% and 5.50%, direct capitalization rates of between 4.00% and 4.50%, 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 3 for further information regarding our joint venture.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2021
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, 2021, 2020 and 2019, we awarded to our officers and other employees of RMR LLC annual share awards of 118,800, 108,600 and 104,200 of our common shares, respectively, valued at $3,086, $2,460 and $2,260, in aggregate, respectively. In accordance with our Trustee compensation arrangements, we awarded each of our six Trustees 3,500 of our common shares in 2021 with an aggregate value of $538 ($90 per Trustee) as part of their annual compensation. During the year ended December 31, 2020, we awarded each of our then seven Trustees 3,500 of our common shares with an aggregate value of $460 ($66 per Trustee) as part of their annual compensation. 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 five Trustees 3,000 of our common shares with an aggregate value of $281 ($56 per Trustee) as part of their annual compensation. The values of the share awards were based upon the closing price of our common shares trading on The Nasdaq Stock Market LLC, or 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 years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 December 31, 2020 December 31, 2019 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 162,200 $ 22.37 108,200 $ 22.08 43,280 $ 23.33 Granted 139,800 25.93 139,100 22.01 119,200 21.32 Vested (108,920) 23.78 (84,520) 21.41 (52,880) 20.78 Forfeited (700) 22.24 (580) 22.20 (1,400) 22.39 Unvested at end of year 192,380 $ 24.15 162,200 $ 22.37 108,200 $ 22.08 The 192,380 unvested shares as of December 31, 2021 are scheduled to vest as follows: 66,520 shares in 2022, 59,320 shares in 2023, 42,780 shares in 2024 and 23,760 in 2025. As of December 31, 2021, the estimated future compensation expense for the unvested shares was approximately $4,188. The weighted average period over which the compensation expense will be recorded is approximately 22 months. During the years ended December 31, 2021, 2020 and 2019, we recorded $2,329, $2,331 and $1,109 respectively, of compensation expense related to the 2018 Plan. At December 31, 2021, 3,595,408 common shares remain available for issuance under the 2018 Plan. Common Share Purchases: During the years ended December 31, 2021, 2020 and 2019, we repurchased an aggregate of 35,596, 18,060 and 11,963 of our common shares, respectively, at weighted average prices of $25.91, $21.16 and $21.19 per common share, respectively, from certain of our Trustees 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 years ended December 31, 2021, 2020 and 2019, we paid distributions on our common shares as follows: Annual Per Characterization of Distribution Share Total Return of Ordinary Capital Year Distribution Distribution Capital Income Gain 2021 $ 1.32 $ 86,236 — % 93.2 % 6.8 % 2020 $ 1.32 $ 86,089 — % 71.0 % 29.0 % 2019 $ 1.32 $ 85,937 21.8 % 78.2 % — % On January 13, 2022, we declared a regular quarterly distribution of $0.33 per common share, or approximately $21,600, to shareholders of record on January 24, 2022. We expect to pay this distribution to our shareholders on or about February 17, 2022.

Per Common Shares Amounts

Per Common Shares Amounts	12 Months Ended
	Dec. 31, 2021
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Per Common Shares 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: Year Ended December 31, 2021 2020 2019 Numerators: Net income attributable to common shareholders $ 119,682 $ 82,071 $ 52,498 Income attributable to unvested participating securities (307) (154) (48) Net income attributable to common shareholders used in calculating earnings per share $ 119,375 $ 81,917 $ 52,450 Denominators: Weighted average common shares for basic earnings per share 65,169 65,104 65,049 Effect of dilutive securities: unvested share awards 42 10 6 Weighted average common shares for diluted earnings per share 65,211 65,114 65,055 Net income attributable to common shareholders per common share - basic $ 1.83 $ 1.26 $ 0.81 Net income attributable to common shareholders per common share - diluted $ 1.83 $ 1.26 $ 0.81

Business and Property Managemen

Business and Property Management Agreements with RMR LLC	12 Months Ended
	Dec. 31, 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. 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 August 1, 2021, we and RMR LLC amended our business management agreement 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 replaced the discontinued SNL U.S. REIT Industrial Index and will 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 two 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. 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) and 2019 (the period beginning on January 12, 2018 and ending on December 31, 2019). ◦ 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 in any year, 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 in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and 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 $10,562, $12,983 and $11,897 for the years ended December 31, 2021, 2020 and 2019. 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 this joint venture and the fee payments to RMR LLC with respect to this 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, 2021, 2020 and 2019. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2021, 2020 and 2019. • 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 $6,606, $7,472 and $7,548 for the years ended December 31, 2021, 2020 and 2019, respectively. For the years ended December 31, 2021, 2020 and 2019, $6,395, $7,267 and $6,697, 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 $211, $205 and $851, respectively, were capitalized as building improvements in our consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. • 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 $4,786, $4,948 and $4,269 for these expenses and costs for the years ended December 31, 2021, 2020 and 2019, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, for these periods. • Term . Our management agreements with RMR LLC have terms that end on December 31, 2041, 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. RMR LLC provides management services to 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

Related Person Transactions

Related Person Transactions	12 Months Ended
	Dec. 31, 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 and as a managing director or managing trustee of these public companies. Other officers of RMR LLC, including Mr. Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies. Our Manager, RMR LLC . We have two agreements with RMR LLC to provide management services to us. See Note 9 for further information regarding our management agreements with RMR LLC. 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. 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. We paid aggregate annual premiums, including taxes and fees, of $266 in connection with this insurance program for the policy year ended 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, an additional liquidating distribution of approximately $287 in June 2020 and a final liquidating distribution of $12 in December 2021. 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, 2021 or 2020. As of December 31, 2020, our investment in AIC had a carrying value of $12. This amount is included in other assets in our consolidated balance sheets. 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 to a second third party institutional investor in November 2020. Our joint venture paid these amounts due to us during the year ended December 31, 2021. This amount is presented as due from related persons in our consolidated balance sheet. In December 2021, we sold six additional recently acquired properties to our joint venture. We received proceeds of approximately $160,516 from the other equity investors in connection with this sale. We and the other equity investors maintained our respective percentage equity interests in our joint venture following this transaction. As of December 31, 2021, we owed $225 to our joint venture for rents that we collected on the behalf of our joint venture. This amount is presented as due to related persons in our consolidated balance sheet. We paid these amounts to our joint venture in January 2022. See Note 3 for further information regarding our joint venture. TravelCenters of America Inc. 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

SCHEDULE III - REAL ESTATE AND

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION	12 Months Ended
	Dec. 31, 2021
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, 2021 (dollars in thousands) Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to 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 $ — $ 901 $ 3,484 $ 4,385 $ (603) 1/29/2015 2013 2 955 Aeroplaza Drive Colorado Springs CO Mainland Properties 800 7,412 39 800 7,451 8,251 (1,292) 1/29/2015 2012 3/4 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Properties 3,100 12,955 5 3,100 12,960 16,060 (2,243) 1/29/2015 1973 5 3870 Ronald Reagan Boulevard Johnstown CO Mainland Properties 2,780 9,722 (1) 2,780 9,721 12,501 (883) 4/9/2019 2007 6 150 Greenhorn Drive Pueblo CO Mainland Properties 200 4,177 — 200 4,177 4,377 (722) 1/29/2015 2013 7 2 Tower Drive Wallingford CT Mainland Properties 1,471 2,165 858 1,471 3,023 4,494 (992) 10/24/2006 1978 8 235 Great Pond Road Windsor CT Mainland Properties 2,400 9,469 — 2,400 9,469 11,869 (2,230) 7/20/2012 2004 9 10450 Doral Boulevard Doral FL Mainland Properties 15,225 28,102 — 15,225 28,102 43,327 (3,280) 6/27/2018 1996 10 2100 NW 82nd Avenue Miami FL Mainland Properties 144 1,297 454 144 1,751 1,895 (892) 3/19/1998 1987 11 1000 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,252 — — 2,252 — 2,252 — 12/5/2003 — 12 1001 Ahua Street Honolulu HI Hawaii Properties (A) 15,155 3,312 91 15,155 3,403 18,558 (1,524) 12/5/2003 — 13 1024 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,818 — — 1,818 — 1,818 — 12/5/2003 — 14 1024 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,385 — — 1,385 — 1,385 — 12/5/2003 — 15 1027 Kikowaena Place Honolulu HI Hawaii Properties (A) 5,444 — — 5,444 — 5,444 — 12/5/2003 — 16 1030 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,655 — — 5,655 — 5,655 — 12/5/2003 — 17 1038 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,576 — — 2,576 — 2,576 — 12/5/2003 — 18 1045 Mapunapuna Street Honolulu HI Hawaii Properties (A) 819 — — 819 — 819 — 12/5/2003 — 19 1050 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,404 873 — 1,404 873 2,277 (394) 12/5/2003 — 20 1052 Ahua Street Honolulu HI Hawaii Properties (A) 1,703 — 240 1,703 240 1,943 (98) 12/5/2003 — 21 1055 Ahua Street Honolulu HI Hawaii Properties (A) 1,216 — — 1,216 — 1,216 — 12/5/2003 — 22 106 Puuhale Road Honolulu HI Hawaii Properties (A) 1,113 — 274 1,113 274 1,387 (97) 12/5/2003 1966 23 1062 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,049 598 82 1,049 680 1,729 (276) 12/5/2003 — 24 1122 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,781 — — 5,781 — 5,781 — 12/5/2003 — 25 113 Puuhale Road Honolulu HI Hawaii Properties (A) 3,729 — — 3,729 — 3,729 — 12/5/2003 — 26 1150 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,445 — — 2,445 — 2,445 — 12/5/2003 — 27 120 Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — 1,096 1,953 1,096 3,049 (188) 12/5/2003 1970 28 120 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,132 11,307 1,423 1,132 12,730 13,862 (5,295) 11/23/2004 2004 29 120B Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — — 1,953 — 1,953 — 12/5/2003 1970 30 125 Puuhale Road Honolulu HI Hawaii Properties (A) 1,630 — — 1,630 — 1,630 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 31 125B Puuhale Road Honolulu HI Hawaii Properties (A) 2,815 — — 2,815 — 2,815 — 12/5/2003 — 32 1330 Pali Highway Honolulu HI Hawaii Properties (A) 1,423 — — 1,423 — 1,423 — 12/5/2003 — 33 1360 Pali Highway Honolulu HI Hawaii Properties (A) 9,170 — 161 9,170 161 9,331 (135) 12/5/2003 — 34 140 Puuhale Road Honolulu HI Hawaii Properties (A) 1,100 — 41 1,100 41 1,141 (3) 12/5/2003 — 35 142 Mokauea Street Honolulu HI Hawaii Properties (A) 2,182 — 1,576 2,182 1,576 3,758 (488) 12/5/2003 1972 36 148 Mokauea Street Honolulu HI Hawaii Properties (A) 3,476 — — 3,476 — 3,476 — 12/5/2003 — 37 150 Puuhale Road Honolulu HI Hawaii Properties (A) 4,887 — — 4,887 — 4,887 — 12/5/2003 — 38 151 Puuhale Road Honolulu HI Hawaii Properties (A) 1,956 — — 1,956 — 1,956 — 12/5/2003 — 39 158 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,488 — — 2,488 — 2,488 — 12/5/2003 — 40 165 Sand Island Access Road Honolulu HI Hawaii Properties (A) 758 — — 758 — 758 — 12/5/2003 — 41 179 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,480 — — 2,480 — 2,480 — 12/5/2003 — 42 180 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,655 — — 1,655 — 1,655 — 12/5/2003 — 43 1926 Auiki Street Honolulu HI Hawaii Properties (A) 2,872 — 1,722 2,872 1,722 4,594 (645) 12/5/2003 1959 44 1931 Kahai Street Honolulu HI Hawaii Properties (A) 3,779 — — 3,779 — 3,779 — 12/5/2003 — 45 197 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,238 — — 1,238 — 1,238 — 12/5/2003 — 46 2001 Kahai Street Honolulu HI Hawaii Properties (A) 1,091 — — 1,091 — 1,091 — 12/5/2003 — 47 2019 Kahai Street Honolulu HI Hawaii Properties (A) 1,377 — — 1,377 — 1,377 — 12/5/2003 — 48 2020 Auiki Street Honolulu HI Hawaii Properties (A) 2,385 — — 2,385 — 2,385 — 12/5/2003 — 49 204 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,689 — — 1,689 — 1,689 — 12/5/2003 — 50 207 Puuhale Road Honolulu HI Hawaii Properties (A) 2,024 — — 2,024 — 2,024 — 12/5/2003 — 51 2103 Kaliawa Street Honolulu HI Hawaii Properties (A) 3,212 — — 3,212 — 3,212 — 12/5/2003 — 52 2106 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,568 — 228 1,568 228 1,796 (105) 12/5/2003 — 53 2110 Auiki Street Honolulu HI Hawaii Properties (A) 837 — — 837 — 837 — 12/5/2003 — 54 212 Mohonua Place Honolulu HI Hawaii Properties (A) 1,067 — — 1,067 — 1,067 — 12/5/2003 — 55 2122 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,365 — — 1,365 — 1,365 — 12/5/2003 — 56 2127 Auiki Street Honolulu HI Hawaii Properties (A) 2,906 — 67 2,906 67 2,973 (33) 12/5/2003 — 57 2135 Auiki Street Honolulu HI Hawaii Properties (A) 825 — — 825 — 825 — 12/5/2003 — 58 2139 Kaliawa Street Honolulu HI Hawaii Properties (A) 885 — — 885 — 885 — 12/5/2003 — 59 214 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,864 — 593 1,864 593 2,457 (127) 12/5/2003 1981 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 60 2140 Kaliawa Street Honolulu HI Hawaii Properties (A) 931 — — 931 — 931 — 12/5/2003 — 61 2144 Auiki Street Honolulu HI Hawaii Properties (A) 2,640 — 7,299 2,640 7,299 9,939 (2,703) 12/5/2003 1953 62 215 Puuhale Road Honolulu HI Hawaii Properties (A) 2,117 — — 2,117 — 2,117 — 12/5/2003 — 63 218 Mohonua Place Honolulu HI Hawaii Properties (A) 1,741 — — 1,741 — 1,741 — 12/5/2003 — 64 220 Puuhale Road Honolulu HI Hawaii Properties (A) 2,619 — — 2,619 — 2,619 — 12/5/2003 — 65 2250 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,862 — — 3,862 — 3,862 — 12/5/2003 — 66 2264 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,632 — — 1,632 — 1,632 — 12/5/2003 — 67 2276 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,619 — — 1,619 — 1,619 — 12/5/2003 — 68 228 Mohonua Place Honolulu HI Hawaii Properties (A) 1,865 — — 1,865 — 1,865 — 12/5/2003 — 69 2308 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,314 — — 3,314 — 3,314 — 12/5/2003 — 70 231 Sand Island Access Road Honolulu HI Hawaii Properties (A) 752 — — 752 — 752 — 12/5/2003 — 71 231B Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,539 — — 1,539 — 1,539 — 12/5/2003 — 72 2344 Pahounui Drive Honolulu HI Hawaii Properties (A) 6,709 — — 6,709 — 6,709 — 12/5/2003 — 73 238 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,273 — — 2,273 — 2,273 — 12/5/2003 — 74 2635 Waiwai Loop A Honolulu HI Hawaii Properties (A) 934 350 683 934 1,033 1,967 (299) 12/5/2003 — 75 2635 Waiwai Loop B Honolulu HI Hawaii Properties (A) 1,177 105 682 1,177 787 1,964 (188) 12/5/2003 — 76 2760 Kam Highway Honolulu HI Hawaii Properties (A) 703 — 191 703 191 894 (10) 12/5/2003 — 77 2804 Kilihau Street Honolulu HI Hawaii Properties (A) 1,775 2 — 1,775 2 1,777 — 12/5/2003 — 78 2806 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 79 2808 Kam Highway Honolulu HI Hawaii Properties (A) 310 — — 310 — 310 — 12/5/2003 — 80 2809 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,837 — — 1,837 — 1,837 — 12/5/2003 — 81 2810 Paa Street Honolulu HI Hawaii Properties (A) 3,340 — — 3,340 — 3,340 — 12/5/2003 — 82 2810 Pukoloa Street Honolulu HI Hawaii Properties (A) 27,699 — — 27,699 — 27,699 — 12/5/2003 — 83 2812 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,801 3 — 1,801 3 1,804 (2) 12/5/2003 — 84 2814 Kilihau Street Honolulu HI Hawaii Properties (A) 1,925 — — 1,925 — 1,925 — 12/5/2003 — 85 2815 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,818 — 6 1,818 6 1,824 (2) 12/5/2003 — 86 2815 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 87 2816 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,009 27 — 1,009 27 1,036 (12) 12/5/2003 — 88 2819 Mokumoa Street - A Honolulu HI Hawaii Properties (A) 1,821 — — 1,821 — 1,821 — 12/5/2003 — 89 2819 Mokumoa Street - B Honolulu HI Hawaii Properties (A) 1,816 — — 1,816 — 1,816 — 12/5/2003 — 90 2819 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,090 — 34 2,090 34 2,124 (11) 12/5/2003 — Initial Cost to Gross Amount Carried at Company Costs Close of Period (4) Buildings Capitalized Buildings Original and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 91 2821 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 92 2826 Kaihikapu Street Honolulu HI Hawaii Properties (A) 3,921 — — 3,921 — 3,921 — 12/5/2003 — 93 2827 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 94 2828 Paa Street Honolulu HI Hawaii Properties (A) 12,448 — — 12,448 — 12,448 — 12/5/2003 — 95 2829 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,720 2 (2) 1,720 — 1,720 — 12/5/2003 — 96 2829 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 — 97 2829 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 98 2830 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,146 — — 2,146 — 2,146 — 12/5/2003 — 99 2831 Awaawaloa Street Honolulu HI Hawaii Properties (A) 860 — — 860 — 860 — 12/5/2003 — 100 2831 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,272 529 55 1,272 584 1,856 (262) 12/5/2003 — 101 2833 Kilihau Street Honolulu HI Hawaii Properties (A) 601 — — 601 — 601 — 12/5/2003 — 102 2833 Paa Street Honolulu HI Hawaii Properties (A) 1,701 — — 1,701 — 1,701 — 12/5/2003 — 103 2833 Paa Street #2 Honolulu HI Hawaii Properties (A) 1,675 — — 1,675 — 1,675 — 12/5/2003 — 104 2836 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,353 — — 1,353 — 1,353 — 12/5/2003 — 105 2838 Kilihau Street Honolulu HI Hawaii Properties (A) 4,262 — — 4,262 — 4,262 — 12/5/2003 — 106 2839 Kilihau Street Honolulu HI Hawaii Properties (A) 627 — — 627 — 627 — 12/5/2003 — 107 2839 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,942 — — 1,942 — 1,942 — 12/5/2003 — 108 2840 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,149 — — 2,149 — 2,149 — 12/5/2003 — 109 2841 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 — 110 2844 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,960 14 (14) 1,960 — 1,960 — 12/5/2003 — 111 2846-A Awaawaloa Street Honolulu HI Hawaii Properties (A) 2,181 954 — 2,181 954 3,135 (430) 12/5/2003 — 112 2847 Awaawaloa Street Honolulu HI Hawaii Properties (A) 582 303 184 582 487 1,069 (144) 12/5/2003 — 113 2849 Kaihikapu Street Honolulu HI Hawaii Properties (A) 860 — — 860 — 860 — 12/5/2003 — 114 2850 Awaawaloa Street Honolulu HI Hawaii Properties (A) 287 172 — 287 172 459 (78) 12/5/2003 — 115 2850 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,143 — — 2,143 — 2,143 — 12/5/2003 — 116 2850 Paa Street Honolulu HI Hawaii Properties (A) 22,827 — — 22,827 — 22,827 — 12/5/2003 — 117 2855 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 118 2855 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 119 2857 Awaawaloa Street Honolulu HI Hawaii Properties (A) 983 — — 983 — 983 — 12/5/2003 — 120 2858 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 121 2861 Mokumoa Street Honolulu HI Hawaii Properties (A) 3,867 — — 3,867 — 3,867 — 12/5/2003 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 122 2864 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,836 — 7 1,836 7 1,843 (6) 12/5/2003 — 123 2864 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,092 — — 2,092 — 2,092 — 12/5/2003 — 124 2865 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 — 125 2868 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 126 2869 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,794 — — 1,794 — 1,794 — 12/5/2003 — 127 2875 Paa Street Honolulu HI Hawaii Properties (A) 1,330 — — 1,330 — 1,330 — 12/5/2003 — 128 2879 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,789 — — 1,789 — 1,789 — 12/5/2003 — 129 2879 Paa Street Honolulu HI Hawaii Properties (A) 1,691 — 44 1,691 44 1,735 (15) 12/5/2003 — 130 2886 Paa Street Honolulu HI Hawaii Properties (A) 2,205 — — 2,205 — 2,205 — 12/5/2003 — 131 2889 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,783 5 — 1,783 5 1,788 — 12/5/2003 — 132 2906 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,814 2 — 1,814 2 1,816 (1) 12/5/2003 — 133 2908 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,798 23 — 1,798 23 1,821 (3) 12/5/2003 — 134 2915 Kaihikapu Street Honolulu HI Hawaii Properties (A) 2,579 — — 2,579 — 2,579 — 12/5/2003 — 135 2927 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,778 — — 1,778 — 1,778 — 12/5/2003 — 136 2928 Kaihikapu Street - A Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 137 2928 Kaihikapu Street - B Honolulu HI Hawaii Properties (A) 1,948 — — 1,948 — 1,948 — 12/5/2003 — 138 2960 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,977 — — 1,977 — 1,977 — 12/5/2003 — 139 2965 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,140 — — 2,140 — 2,140 — 12/5/2003 — 140 2969 Mapunapuna Street Honolulu HI Hawaii Properties (A) 4,038 15 — 4,038 15 4,053 (10) 12/5/2003 — 141 2970 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,722 — — 1,722 — 1,722 — 12/5/2003 — 142 33 S. Vineyard Boulevard Honolulu HI Hawaii Properties (A) 844 — — 844 — 844 — 12/5/2003 — 143 525 N. King Street Honolulu HI Hawaii Properties (A) 1,342 — — 1,342 — 1,342 — 12/5/2003 — 144 609 Ahua Street Honolulu HI Hawaii Properties (A) 616 — — 616 — 616 — 12/5/2003 — 145 619 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,401 2 12 1,401 14 1,415 (3) 12/5/2003 — 146 645 Ahua Street Honolulu HI Hawaii Properties (A) 882 — — 882 — 882 — 12/5/2003 — 147 659 Ahua Street Honolulu HI Hawaii Properties (A) 860 20 — 860 20 880 (19) 12/5/2003 — 148 659 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 — 149 660 Ahua Street Honolulu HI Hawaii Properties (A) 1,783 4 (1) 1,783 3 1,786 (3) 12/5/2003 — 150 667 Puuloa Road Honolulu HI Hawaii Properties (A) 860 2 — 860 2 862 (2) 12/5/2003 — 151 669 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 14 62 1,801 76 1,877 (29) 12/5/2003 — 152 673 Ahua 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 Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 153 675 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,081 — — 1,081 — 1,081 — 12/5/2003 — 154 679 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 3 — 1,807 3 1,810 (3) 12/5/2003 — 155 685 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 156 689 Puuloa Road Honolulu HI Hawaii Properties (A) 1,801 20 — 1,801 20 1,821 (19) 12/5/2003 — 157 692 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,796 2 — 1,796 2 1,798 — 12/5/2003 — 158 697 Ahua Street Honolulu HI Hawaii Properties (A) 994 811 — 994 811 1,805 (367) 12/5/2003 — 159 702 Ahua Street Honolulu HI Hawaii Properties (A) 1,784 3 1 1,784 4 1,788 (4) 12/5/2003 — 160 704 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,390 685 — 2,390 685 3,075 (309) 12/5/2003 — 161 709 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 162 719 Ahua Street Honolulu HI Hawaii Properties (A) 1,960 — — 1,960 — 1,960 — 12/5/2003 — 163 729 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 164 733 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,403 — — 3,403 — 3,403 — 12/5/2003 — 165 739 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 166 759 Puuloa Road Honolulu HI Hawaii Properties (A) 1,766 3 — 1,766 3 1,769 (3) 12/5/2003 — 167 761 Ahua Street Honolulu HI Hawaii Properties (A) 3,757 2 341 3,757 343 4,100 (4) 12/5/2003 — 168 766 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 169 770 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 — 170 789 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,608 3 — 2,608 3 2,611 (3) 12/5/2003 — 171 80 Sand Island Access Road Honolulu HI Hawaii Properties (A) 7,972 — — 7,972 — 7,972 — 12/5/2003 — 172 803 Ahua Street Honolulu HI Hawaii Properties (A) 3,804 — — 3,804 — 3,804 — 12/5/2003 — 173 808 Ahua Street Honolulu HI Hawaii Properties (A) 3,279 — — 3,279 — 3,279 — 12/5/2003 — 174 812 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,960 25 625 2,610 — 2,610 — 12/5/2003 — 175 819 Ahua Street Honolulu HI Hawaii Properties (A) 4,821 583 9 4,821 592 5,413 (272) 12/5/2003 — 176 822 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 15 — 1,795 15 1,810 (15) 12/5/2003 — 177 830 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 25 — 1,801 25 1,826 (23) 12/5/2003 — 178 855 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,265 — — 3,265 — 3,265 — 12/5/2003 — 179 842 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 14 — 1,795 14 1,809 (13) 12/5/2003 — 180 846 Ala Lilikoi Boulevard B Honolulu HI Hawaii Properties (A) 234 — — 234 — 234 — 12/5/2003 — 181 848 Ala Lilikoi Boulevard A Honolulu HI Hawaii Properties (A) 9,426 — — 9,426 — 9,426 — 12/5/2003 — 182 850 Ahua Street Honolulu HI Hawaii Properties (A) 2,682 2 — 2,682 2 2,684 (2) 12/5/2003 — 183 852 Mapunapuna 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 Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 184 855 Ahua Street Honolulu HI Hawaii Properties (A) 1,834 — — 1,834 — 1,834 — 12/5/2003 — 185 865 Ahua Street Honolulu HI Hawaii Properties (A) 1,846 — — 1,846 — 1,846 — 12/5/2003 — 186 889 Ahua Street Honolulu HI Hawaii Properties (A) 5,888 315 — 5,888 315 6,203 (72) 11/21/2012 — 187 905 Ahua Street Honolulu HI Hawaii Properties (A) 1,148 — — 1,148 — 1,148 — 12/5/2003 — 188 918 Ahua Street Honolulu HI Hawaii Properties (A) 3,820 — — 3,820 — 3,820 — 12/5/2003 — 189 930 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,654 — — 3,654 — 3,654 — 12/5/2003 — 190 944 Ahua Street Honolulu HI Hawaii Properties (A) 1,219 — — 1,219 — 1,219 — 12/5/2003 — 191 949 Mapunapuna Street Honolulu HI Hawaii Properties (A) 11,568 — — 11,568 — 11,568 — 12/5/2003 — 192 950 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,724 — — 1,724 — 1,724 — 12/5/2003 — 193 960 Ahua Street Honolulu HI Hawaii Properties (A) 614 — — 614 — 614 — 12/5/2003 — 194 960 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,933 — — 1,933 — 1,933 — 12/5/2003 — 195 970 Ahua Street Honolulu HI Hawaii Properties (A) 817 — — 817 — 817 — 12/5/2003 — 196 91-027 Kaomi Loop Kapolei HI Hawaii Properties 2,667 — — 2,667 — 2,667 — 6/15/2005 — 197 91-064 Kaomi Loop Kapolei HI Hawaii Properties 1,826 — — 1,826 — 1,826 — 6/15/2005 — 198 91-080 Hanua Kapolei HI Hawaii Properties 2,187 — — 2,187 — 2,187 — 6/15/2005 — 199 91-083 Hanua Kapolei HI Hawaii Properties 716 — — 716 — 716 — 6/15/2005 — 200 91-086 Kaomi Loop Kapolei HI Hawaii Properties 13,884 — — 13,884 — 13,884 — 6/15/2005 — 201 91-087 Hanua Kapolei HI Hawaii Properties 381 — — 381 — 381 — 6/15/2005 — 202 91-091 Hanua Kapolei HI Hawaii Properties 552 — — 552 — 552 — 6/15/2005 — 203 91-102 Kaomi Loop Kapolei HI Hawaii Properties 1,599 — — 1,599 — 1,599 — 6/15/2005 — 204 91-110 Kaomi Loop Kapolei HI Hawaii Properties 1,293 — — 1,293 — 1,293 — 6/15/2005 — 205 91-119 Olai Kapolei HI Hawaii Properties 1,981 — — 1,981 — 1,981 — 6/15/2005 — 206 91-141 Kalaeloa Kapolei HI Hawaii Properties 11,624 — — 11,624 — 11,624 — 6/15/2005 — 207 91-150 Kaomi Loop Kapolei HI Hawaii Properties 3,159 — — 3,159 — 3,159 — 6/15/2005 — 208 91-171 Olai Kapolei HI Hawaii Properties 218 — 13 218 13 231 (5) 6/15/2005 — 209 91-174 Olai Kapolei HI Hawaii Properties 962 — 47 962 47 1,009 (25) 6/15/2005 — 210 91-175 Olai Kapolei HI Hawaii Properties 1,243 — 43 1,243 43 1,286 (26) 6/15/2005 — 211 91-185 Kalaeloa Kapolei HI Hawaii Properties 1,761 — 23 1,761 23 1,784 — 6/15/2005 — 212 91-202 Kalaeloa Kapolei HI Hawaii Properties 1,722 — 326 1,722 326 2,048 (69) 6/15/2005 1,964 213 91-120 Kauhi Kapolei HI Hawaii Properties 567 — 411 567 411 978 — 6/15/2005 1990 214 91-210 Olai Kapolei HI Hawaii Properties 706 — — 706 — 706 — 6/15/2005 — Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 215 91-218 Olai Kapolei HI Hawaii Properties 1,622 — 62 1,622 62 1,684 (30) 6/15/2005 — 216 91-220 Kalaeloa Kapolei HI Hawaii Properties 242 1,457 141 242 1,598 1,840 (635) 6/15/2005 1991 217 91-222 Olai Kapolei HI Hawaii Properties 2,035 — 14 2,035 14 2,049 — 6/15/2005 — 218 91-238 Kauhi Kapolei HI Hawaii Properties 1,390 — 9,495 1,390 9,495 10,885 (3,333) 6/15/2005 1981 219 91-241 Kalaeloa Kapolei HI Hawaii Properties 426 3,983 874 426 4,857 5,283 (1,871) 6/15/2005 1990 220 91-250 Komohana Kapolei HI Hawaii Properties 1,506 — — 1,506 — 1,506 — 6/15/2005 — 221 91-252 Kauhi Kapolei HI Hawaii Properties 536 — — 536 — 536 — 6/15/2005 — 222 91-255 Hanua Kapolei HI Hawaii Properties 1,230 — 35 1,230 35 1,265 (6) 6/15/2005 — 223 91-259 Olai Kapolei HI Hawaii Properties 2,944 — — 2,944 — 2,944 — 6/15/2005 — 224 91-265 Hanua Kapolei HI Hawaii Properties 1,569 — — 1,569 — 1,569 — 6/15/2005 — 225 91-300 Hanua Kapolei HI Hawaii Properties 1,381 — 18 1,381 18 1,399 (1) 6/15/2005 1994 226 91-329 Kauhi Kapolei HI Hawaii Properties 294 2,297 2,783 294 5,080 5,374 (1,938) 6/15/2005 1980 227 91-349 Kauhi Kapolei HI Hawaii Properties 649 — — 649 — 649 — 6/15/2005 — 228 91-399 Kauhi Kapolei HI Hawaii Properties 27,405 — — 27,405 — 27,405 — 6/15/2005 — 229 91-400 Komohana Kapolei HI Hawaii Properties 1,494 — — 1,494 — 1,494 — 6/15/2005 — 230 91-410 Komohana Kapolei HI Hawaii Properties 418 — 12 418 12 430 (5) 6/15/2005 — 231 91-416 Komohana Kapolei HI Hawaii Properties 713 — 11 713 11 724 (4) 6/15/2005 — 232 AES HI Easement Kapolei HI Hawaii Properties 1,250 — — 1,250 — 1,250 — 6/15/2005 — 233 Other Easements & Lots Kapolei HI Hawaii Properties 358 — 1,437 358 1,437 1,795 (600) 6/15/2005 — 234 Tesaro 967 Easement Kapolei HI Hawaii Properties 6,593 — — 6,593 — 6,593 — 6/15/2005 — 235 Texaco Easement Kapolei HI Hawaii Properties 2,657 — — 2,657 — 2,657 — 6/15/2005 — 236 94-240 Pupuole Street Waipahu HI Hawaii Properties (A) 717 — — 717 — 717 — 12/5/2003 — 237 951 Trails Road Eldridge IA Mainland Properties 470 7,480 1,469 470 8,949 9,419 (3,138) 4/2/2007 1994 238 3425 Maple Drive Fort Dodge IA Mainland Properties 100 2,000 — 100 2,000 2,100 (156) 4/9/2019 2014 239 2300 North 33rd Avenue East Newton IA Mainland Properties 500 13,236 117 500 13,353 13,853 (4,430) 9/29/2008 2008 240 7121 South Fifth Avenue Pocatello ID Mainland Properties 400 4,201 436 400 4,637 5,037 (773) 1/29/2015 2007 241 1230 West 171st Street Harvey IL Mainland Properties 800 1,673 — 800 1,673 2,473 (290) 1/29/2015 2004 242 5156 American Road Rockford IL Mainland Properties 400 1,529 321 400 1,850 2,250 (325) 1/29/2015 1996 243 3201 Bearing Drive Franklin IN Mainland Properties 1,100 15,403 (2) 1,100 15,401 16,501 (1,401) 4/9/2019 1973 244 2482 Century Drive Goshen IN Mainland Properties 840 9,061 — 840 9,061 9,901 (706) 4/9/2019 2005 245 6825 West County Road 400 North Greenfield IN Mainland Properties 918 14,300 924 918 15,224 16,142 (1,262) 2/14/2019 2008 246 900 Commerce Parkway West Drive Greenwood IN Mainland Properties 1,483 16,253 — 1,483 16,253 17,736 (1,338) 2/14/2019 2007 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 247 9347 E Pendleton Pike Lawrence IN Mainland Properties 3,763 34,877 1 3,763 34,878 38,641 (2,870) 2/14/2019 2009 248 17001 West Mercury Street Gardner KS Mainland Properties 5,741 32,701 37 5,741 32,738 38,479 (820) 12/30/2020 2018 249 1985 International Way Hebron KY Mainland Properties 1,453 8,546 1,293 1,453 9,839 11,292 (928) 2/14/2019 1997 250 17200 Manchac Park Lane Baton Rouge LA Mainland Properties 1,700 8,860 — 1,700 8,860 10,560 (1,532) 1/29/2015 2014 251 209 South Bud Street Lafayette LA Mainland Properties 700 4,549 41 700 4,590 5,290 (791) 1/29/2015 2010 252 4000 Principio Parkway North East MD Mainland Properties 4,200 71,518 803 4,200 72,321 76,521 (12,468) 1/29/2015 2012 253 3800 Midlink Drive Kalamazoo MI Mainland Properties 2,630 40,599 — 2,630 40,599 43,229 (7,021) 1/29/2015 2014 254 2401 Cram Avenue SE Bemidji MN Mainland Properties 100 2,137 — 100 2,137 2,237 (370) 1/29/2015 2013 255 10100 89th Avenue N Maple Grove MN Mainland Properties 3,469 21,284 450 3,469 21,734 25,203 (1,915) 10/16/2018 2015 256 110 Stanbury Industrial Drive Brookfield MO Mainland Properties 200 1,859 — 200 1,859 2,059 (321) 1/29/2015 2012 257 3502 Enterprise Avenue Joplin MO Mainland Properties 1,380 12,121 — 1,380 12,121 13,501 (945) 4/9/2019 2014 258 5501 Providence Hill Drive St. Joseph MO Mainland Properties 400 3,500 24 400 3,524 3,924 (280) 4/9/2019 2014 259 628 Patton Avenue Asheville NC Mainland Properties 500 1,514 — 500 1,514 2,014 (262) 1/29/2015 1987 260 3900 NE 6th Street Minot ND Mainland Properties 700 3,223 — 700 3,223 3,923 (557) 1/29/2015 2013 261 1415 West Commerce Way Lincoln NE Mainland Properties 2,200 8,518 388 2,200 8,906 11,106 (1,532) 1/29/2015 1971 262 52 Pettengill Road Londonderry NH Mainland Properties 5,871 43,335 7 5,871 43,342 49,213 (3,378) 4/9/2019 2015 263 309 Dulty's Lane Burlington NJ Mainland Properties 1,600 51,400 — 1,600 51,400 53,000 (8,888) 1/29/2015 2001 264 725 Darlington Avenue Mahwah NJ Mainland Properties 8,492 9,451 1,804 8,492 11,255 19,747 (2,135) 4/9/2014 1999 265 2375 East Newlands Road Fernley NV Mainland Properties 1,100 17,314 286 1,100 17,600 18,700 (3,075) 1/29/2015 2007 266 7000 West Post Road Las Vegas NV Mainland Properties 4,230 13,472 246 4,230 13,718 17,948 (1,265) 4/9/2019 2010 267 55 Commerce Avenue Albany NY Mainland Properties 1,000 10,105 180 1,000 10,285 11,285 (1,797) 1/29/2015 2013 268 158 West Yard Road Feura Bush NY Mainland Properties 1,870 7,931 41 1,870 7,972 9,842 (1,082) 4/9/2019 1989 269 32150 Just Imagine Drive Avon OH Mainland Properties 2,200 23,280 — 2,200 23,280 25,480 (7,324) 5/29/2009 1996 270 1415 Industrial Drive Chillicothe OH Mainland Properties 1,200 3,265 — 1,200 3,265 4,465 (565) 1/29/2015 2012 271/272/273 1580, 1590 & 1600 Williams Road Columbus OH Mainland Properties 2,060 29,143 — 2,060 29,143 31,203 (2,650) 4/9/2019 1992 274 7303 Rickenbacker Parkway Trust Columbus OH Mainland Properties 1,491 27,407 — 1,491 27,407 28,898 (413) 6/21/2021 2020 275 5300 Centerpoint Parkway Groveport OH Mainland Properties 2,700 29,863 68 2,700 29,931 32,631 (5,173) 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 (1,543) 1/29/2015 2013 277 301 Commerce Drive South Point OH Mainland Properties 600 4,530 — 600 4,530 5,130 (783) 1/29/2015 2013 278 2820 State Highway 31 McAlester OK Mainland Properties 581 2,237 4,582 581 6,819 7,400 (879) 1/29/2015 2012 279 1990 Hood Road Greer SC Mainland Properties 400 10,702 — 400 10,702 11,102 (834) 4/9/2019 2015 280 996 Paragon Way Rock Hill SC Mainland Properties 2,334 35,920 (1) 2,334 35,919 38,253 (6,212) 1/29/2015 2014 Initial Cost to Costs Gross Amount Carried at Company Capitalized Close of Period (4) Original Buildings Buildings and Subsequent to and Accumulated Date Construction Property Location State Property Type Encumbrances (1) Land Equipment Acquisition Land Equipment Total (2) Depreciation (3) Acquired Date 281 700 Marine Drive Rock Hill SC Mainland Properties 820 8,381 669 820 9,050 9,870 (829) 4/9/2019 1986 282 510 John Dodd Road Spartanburg SC Mainland Properties 3,300 57,998 347 3,300 58,345 61,645 (10,076) 1/29/2015 2012 283 5001 West Delbridge Street Sioux Falls SD Mainland Properties 2,570 14,832 — 2,570 14,832 17,402 (1,156) 4/9/2019 2016 284 4836 Hickory Hill Road Memphis TN Mainland Properties 1,402 10,769 1,429 1,402 12,198 13,600 (2,114) 12/23/2014 1984 285 2020 Joe B. Jackson Parkway Murfreesboro TN Mainland Properties 7,500 55,259 299 7,500 55,558 63,058 (9,575) 1/29/2015 2012 286 2500, 2526, & 2614 Big Town Boulevard Mesquite TX Mainland Properties 2,319 — 681 2,319 681 3,000 — 5/7/2021 — 287 1095 South 4800 West Salt Lake City UT Mainland Properties 1,500 6,913 20 1,500 6,933 8,433 (1,200) 1/29/2015 2012 288 1901 Meadowville Technology Parkway Chester VA Mainland Properties 4,000 67,511 170 4,000 67,681 71,681 (11,679) 1/29/2015 2012 $ 698,386 $ 998,243 $ 52,204 $ 699,037 $ 1,049,796 $ 1,748,833 $ (167,490) (1) Represents mortgage notes and includes the unamortized balance of debt issuance costs totaling $3,876. Certain of our properties are encumbered as follows: Encumbrance Undepreciated Cost (A) - 186 properties encumbered by one mortgage loan $ 646,124 $ 505,986 (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 $1,843,824. INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (CONTINUED) December 31, 2021 (dollars in thousands) Analysis of the carrying amount of real estate properties and accumulated depreciation: Real Estate Accumulated Properties Depreciation 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) Additions 129,724 (32,389) Disposals (189,961) 6,305 Balance at December 31, 2021 1,748,833 (167,490)

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
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.
Real Estate Properties	Real Estate Properties. We record properties at cost. 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, 2021 and 2020. 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, 2021 and 2020, 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 inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income.
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 18 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.
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. 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 Accounting Standards Codification, or 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. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Accounting Policies [Abstract]
Schedule of acquired real estate leases and assumed real estate lease obligations	As of December 31, 2021 and 2020, our acquired real estate leases and assumed real estate lease obligations were as follows: December 31, 2021 2020 Acquired real estate leases: Capitalized above market lease values $ 20,725 $ 27,323 Less: accumulated amortization (13,225) (18,400) Capitalized above market lease values, net 7,500 8,923 Lease origination value 122,945 135,453 Less: accumulated amortization (67,004) (60,732) Lease origination value, net 55,941 74,721 Acquired real estate leases, net $ 63,441 $ 83,644 Assumed real estate lease obligations: Capitalized below market lease values $ 33,674 $ 33,927 Less: accumulated amortization (21,239) (19,297) Assumed real estate lease obligations, net $ 12,435 $ 14,630

Real Estate Investments (Tables

Real Estate Investments (Tables)	12 Months Ended
	Dec. 31, 2021
Real Estate [Abstract]
Summary of investment in unconsolidated joint ventures	As of December 31, 2021, 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 2021 Properties Location Feet 18 properties in 12 states 22% $ 143,021 18 Various 11,726,000
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 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.
Summary of disposed properties	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. 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 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) 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 2019 Acquisitions: During the year ended December 31, 2019, we acquired 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 Acquired Discount Number Rentable Buildings Real Real Estate on of Square Purchase and Estate Lease 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, 2021
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, 2021: Year Amount 2022 $ 168,063 2023 158,620 2024 144,767 2025 132,238 2026 126,105 Thereafter 1,031,288 $ 1,761,081

Indebtedness (Tables)

Indebtedness (Tables)	12 Months Ended
	Dec. 31, 2021
Debt Disclosure [Abstract]
Schedule of outstanding indebtedness	As of December 31, 2021 and 2020, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral December 31, Interest At December 31, 2021 (1) 2020 (1) Rate Maturity 2021 Unsecured revolving credit facility (2) $ 182,000 $ 221,000 1.41 % Jun 2022 $ — Mortgage notes payable (secured by 186 properties in Hawaii) 650,000 650,000 4.31 % Feb 2029 491,235 832,000 871,000 $ 491,235 Unamortized debt issuance costs (3,876) (4,421) $ 828,124 $ 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 June 29, 2022 and we have the option to extend the maturity date for one six month period through December 29, 2022.
Schedule of the principal payments due under the outstanding debt	The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2021 are as follows: Principal Year Payment 2022 $ 182,000 2023 — 2024 — 2025 — 2026 — Thereafter 650,000 $ 832,000 (1) (1) Total debt outstanding as of December 31, 2021, including unamortized debt issuance costs of $3,876, was $828,124.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	12 Months Ended
	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Schedule of carrying value and the estimated fair market value of mortgage notes payable	At December 31, 2021 and 2020, 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, 2021 At December 31, 2020 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Mortgage notes payable $ 646,124 $ 709,198 $ 645,579 $ 730,119 (1) Includes unamortized debt issuance costs, premiums and discounts of $3,876 and $4,421 as of December 31, 2021 and 2020, respectively.
Fair Value Measurements on a Recurring Basis	The table below presents certain of our assets measured on a recurring basis at fair value categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Significant Prices in Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) Recurring fair value measurements At December 31, 2021 Investment in unconsolidated joint venture (1) $ 143,021 $ — $ — $ 143,021 At December 31, 2020 Investment in unconsolidated joint venture $ 60,590 $ — $ — $ 60,590

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	12 Months Ended
	Dec. 31, 2021
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 years ended December 31, 2021, 2020 and 2019 is as follows: Year Ended December 31, 2021 December 31, 2020 December 31, 2019 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 162,200 $ 22.37 108,200 $ 22.08 43,280 $ 23.33 Granted 139,800 25.93 139,100 22.01 119,200 21.32 Vested (108,920) 23.78 (84,520) 21.41 (52,880) 20.78 Forfeited (700) 22.24 (580) 22.20 (1,400) 22.39 Unvested at end of year 192,380 $ 24.15 162,200 $ 22.37 108,200 $ 22.08
Summary of distributions paid on common shares	During the years ended December 31, 2021, 2020 and 2019, we paid distributions on our common shares as follows: Annual Per Characterization of Distribution Share Total Return of Ordinary Capital Year Distribution Distribution Capital Income Gain 2021 $ 1.32 $ 86,236 — % 93.2 % 6.8 % 2020 $ 1.32 $ 86,089 — % 71.0 % 29.0 % 2019 $ 1.32 $ 85,937 21.8 % 78.2 % — %

Per Common Shares Amounts (Tabl

Per Common Shares Amounts (Tables)	12 Months Ended
	Dec. 31, 2021
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]
Schedule of weighted average common shares, basic and diluted	The calculation of basic and diluted earnings per share is as follows: Year Ended December 31, 2021 2020 2019 Numerators: Net income attributable to common shareholders $ 119,682 $ 82,071 $ 52,498 Income attributable to unvested participating securities (307) (154) (48) Net income attributable to common shareholders used in calculating earnings per share $ 119,375 $ 81,917 $ 52,450 Denominators: Weighted average common shares for basic earnings per share 65,169 65,104 65,049 Effect of dilutive securities: unvested share awards 42 10 6 Weighted average common shares for diluted earnings per share 65,211 65,114 65,055 Net income attributable to common shareholders per common share - basic $ 1.83 $ 1.26 $ 0.81 Net income attributable to common shareholders per common share - diluted $ 1.83 $ 1.26 $ 0.81

Organization - Narrative (Detai

Organization - Narrative (Details)	Dec. 31, 2021ft²propertystatebuilding	Dec. 31, 2020property
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property	288
Net rentable area	33,991,000
Hawaii
Subsidiary, Sale of Stock [Line Items]
Number of buildings, leasable lands and easements owned | building	226
Net rentable area	16,729,000
Mainland Properties
Subsidiary, Sale of Stock [Line Items]
Number of properties owned | property	62
Net rentable area	17,262,000
Number of states where real estate is located | state	30
12 Mainland Properties
Subsidiary, Sale of Stock [Line Items]
Net rentable area	11,726,000
Ownership interest	22.00%	22.00%
Number of properties contributed | property	18	12
Number of states where real estate is located | state	12

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
2022	$ 12,236,000
2023	10,891,000
2024	7,036,000
2025	4,570,000
2026	4,052,000
Thereafter	12,221,000
Real estate impairment	0	$ 0
Accrued environmental remediation cost	$ 6,940,000	6,940,000
Minimum
Property, Plant and Equipment [Line Items]
Estimated useful lives	7 years
Maximum
Property, Plant and Equipment [Line Items]
Estimated useful lives	40 years
Increases in rental income	$ 781,000	791,000	$ 1,195,000
Amortization of the value of acquired in place leases	$ 17,437,000	$ 25,364,000	$ 22,661,000
Weighted Average
Property, Plant and Equipment [Line Items]
Amortization period of capitalized below market lease values	11 years 9 months 18 days
Above market lease | Weighted Average
Property, Plant and Equipment [Line Items]
Amortization periods for capitalized above market lease and lease origination values	10 years 6 months
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 2 months 12 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, 2021	Dec. 31, 2020
Acquired real estate leases:
Acquired real estate leases, net	$ 63,441	$ 83,644
Assumed real estate lease obligations:
Capitalized below market lease values	33,674	33,927
Less: accumulated amortization	(21,239)	(19,297)
Assumed real estate lease obligations, net	12,435	14,630
Above market lease
Acquired real estate leases:
Acquired real estate leases, gross	20,725	27,323
Less: accumulated amortization	(13,225)	(18,400)
Acquired real estate leases, net	7,500	8,923
Acquired Real Estate Leases
Acquired real estate leases:
Acquired real estate leases, gross	122,945	135,453
Less: accumulated amortization	(67,004)	(60,732)
Acquired real estate leases, net	$ 55,941	$ 74,721

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Accounting Policies [Abstract]
Deferred leasing costs	$ 12,918	$ 8,116
Accumulated amortization of deferred leasing costs	4,035	$ 3,521
Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases
2022	1,222
2023	1,017
2024	953
2025	885
2026	786
Thereafter	$ 4,020

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, 2021USD ($)segmentproperty	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Debt issuance costs, line of credit	$ 6,711	$ 5,907
Debt issuance costs, accumulated amortization	5,907	4,430
Future amortization expense of debt issuance costs, 2022	1,351
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, 2026	547
Future amortization expense of debt issuance costs, Thereafter	1,141
Mortgage indebtedness	$ 406,980
Number of business segments | segment	1
12 Mainland Properties
Debt Instrument [Line Items]
Ownership interest	22.00%
Number of properties contributed | property	18
Loans Payable | Mortgage Loan 2019
Debt Instrument [Line Items]
Debt issuance cost, mortgage loan	$ 3,876	$ 4,421

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details)	1 Months Ended			3 Months Ended		11 Months Ended	12 Months Ended
	Dec. 31, 2021USD ($)ft²propertystatebuilding	Sep. 30, 2021USD ($)	Nov. 30, 2020USD ($)	Mar. 31, 2022USD ($)ft²property$ / shares	Mar. 31, 2020USD ($)	Nov. 30, 2020	Dec. 31, 2021USD ($)ft²propertystatebuildingsegment	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)	Feb. 01, 2020USD ($)
Real Estate Properties
Number of properties owned | property	288						288
Net rentable area | ft²	33,991,000						33,991,000
Number of business segments | segment							1
Rental income							$ 219,874,000	$ 254,575,000	$ 229,234,000
Proceeds from sale of joint venture interests							$ 804,000	106,283,000	0
Ownership interest	78.00%						78.00%
Net loss attributable to noncontrolling interest							$ 0	866,000	0
Proceeds from noncontrolling interest, net							0	107,942,000	0
Real estate properties, net	$ 1,581,343,000						1,581,343,000	1,667,664,000
Mortgage notes payable, net	$ 646,124,000						646,124,000	645,579,000
Equity in earnings of investees							40,918,000	529,000	666,000
Commitments related to tenant improvements and leasing costs							$ 10,544,000
Tenant improvements (in sqft) | ft²	3,103,000						3,103,000
Committed but unspent tenant related obligations	$ 2,224,000						$ 2,224,000
Committed but unspent tenant related obligations expected to be spent in the next 12 months	1,671,000						1,671,000
Contributions from noncontrolling interest								107,942,000
Gain on sale of real estate							12,054,000	23,996,000	$ 0
Revolving Credit Facility
Real Estate Properties
Maximum borrowing capacity of revolving credit facility	$ 750,000,000						$ 750,000,000
Additional Paid In Capital
Real Estate Properties
Contributions from noncontrolling interest								$ 9,567,000
Monmouth Real Estate Investment Corporation | Forecast
Real Estate Properties
Net rentable area | ft²				26,000,000
Purchase price of acquisition				$ 4,000,000
Share price offered (in usd per share) | $ / shares				$ 21
Number of properties | property				126
Weighted average remaining lease term of acquired leases				8 years
Hawaii
Real Estate Properties
Net rentable area | ft²	16,729,000						16,729,000
Number of buildings, leasable lands and easements owned | building	226						226
Mainland Properties
Real Estate Properties
Number of properties owned | property	62						62
Net rentable area | ft²	17,262,000						17,262,000
Number of states where real estate is located | state	30						30
Rock Hill, SC | Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties
Gross sales price		$ 1,400,000
Gain on sale of real estate		$ 940,000
Geographic Concentration Risk | Sales Revenue, Net | Hawaii
Real Estate Properties
Percentage of revenues							50.60%	42.20%	43.90%
Two Subsidiaries Of Amazon, Inc.
Real Estate Properties
Rental income							$ 21,440,000	$ 38,241,000	$ 31,623,000
12 Mainland Properties
Real Estate Properties
Net rentable area | ft²	11,726,000						11,726,000
Number of states where real estate is located | state	12						12
Ownership interest	22.00%						22.00%	22.00%
Number of properties contributed | property	18						18	12
Percentage leased	100.00%						100.00%
Proceeds from sale of joint venture interests	$ 160,516,000		$ 108,812,000		$ 108,676,000
Ownership percentage sold						39.00%
Ownership interest			61.00%			61.00%		61.00%
Cash distributions							$ 2,640,000	$ 14,049,000
Gross sales price	205,789,000						$ 205,789,000
Transactions costs					$ 734,000
Noncontrolling interest in joint ventures								98,375,000
Amount of deconsolidation gain								23,415,000
Gain on sale of real estate	$ 11,114,000
12 Mainland Properties | Additional Paid In Capital
Real Estate Properties
Contributions from noncontrolling interest								9,567,000
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary
Real Estate Properties
Number of properties contributed | property	6						6
Net loss attributable to noncontrolling interest								866,000
Proceeds from noncontrolling interest, net								8,570,000
Real estate properties, net										$ 680,000,000
Mortgage notes payable, net										$ 406,980,000
Equity in earnings of investees							$ 45,273,000
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary | First Joint Investor
Real Estate Properties
Proceeds from noncontrolling interest, net								$ 5,479,000

Real Estate Investments - Joint

Real Estate Investments - Joint Venture Activities (Details) $ in Thousands	Dec. 31, 2021USD ($)ft²propertystate	Dec. 31, 2020USD ($)property
Schedule of Equity Method Investments [Line Items]
Investment in unconsolidated joint venture | $	$ 143,021	$ 60,590
Net rentable area (in sqft) | ft²	33,991,000
12 Mainland Properties
Schedule of Equity Method Investments [Line Items]
Ownership interest	22.00%	22.00%
Investment in unconsolidated joint venture | $	$ 143,021
Number of properties contributed | property	18	12
Net rentable area (in sqft) | ft²	11,726,000
Number of Real Estate Properties | property	18
Number of states where real estate is located | state	12

Real Estate Investments - Joi_2

Real Estate Investments - Joint Venture Indebtedness (Details) $ in Thousands	Dec. 31, 2021USD ($)propertystate	Dec. 31, 2020USD ($)
Schedule of Equity Method Investments [Line Items]
Principal Balance | $	$ 832,000	$ 871,000
12 Mainland Properties
Schedule of Equity Method Investments [Line Items]
Coupon Rate	3.37%
Principal Balance | $	$ 406,980
Number of Real Estate Properties | property	18
Number of states where real estate is located | state	12
12 Mainland Properties | Mortgage note payable | Mortgage note payable (secured by one property in Florida)
Schedule of Equity Method Investments [Line Items]
Coupon Rate	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]
Coupon Rate	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	12 Months Ended
	Dec. 31, 2020USD ($)ft²property	Dec. 31, 2021USD ($)ft²	Sep. 30, 2021USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area (in sqft) | ft²		33,991,000
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Rock Hill, SC | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gross Sales Price			$ 1,400
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions | Winchester, VA
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of Properties | property	1
Net rentable area (in sqft) | ft²	308,217
Gross Sales Price	$ 10,775
Gain on Sale of Real Estate	$ 581
12 Mainland Properties
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net rentable area (in sqft) | ft²		11,726,000
Gross Sales Price		$ 205,789

Real Estate Investments - Pro_2

Real Estate Investments - Property Acquisitions (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)ft²property	Dec. 31, 2020USD ($)ft²property	Dec. 31, 2019USD ($)ft²property
Real Estate [Line Items]
Net rentable area | ft²	33,991,000
Land	$ 699,037	$ 709,099
Buildings and improvements	1,049,796	1,099,971
Acquired real estate leases	63,441	83,644
Acquired Real Estate Lease Obligations	$ (12,435)	$ (14,630)
2021 Acquisitions
Real Estate [Line Items]
Number of properties | property	5
Net rentable area | ft²	1,644,508
Purchase price	$ 134,730
Real estate, acquisition costs	1,030
Land	9,732
Buildings and improvements	115,007
Acquired real estate leases	10,056
Acquired Real Estate Lease Obligations	$ (65)
2020 Acquisitions
Real Estate [Line Items]
Number of properties | property		2
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
Office and Industrial Properties | 2021 Acquisitions
Real Estate [Line Items]
Number of properties | property	4
Office and Industrial Properties | 2020 Acquisitions
Real Estate [Line Items]
Number of properties | property		2
Net rentable area | ft²		1,465,846
Purchase price		$ 115,813
Real estate, acquisition costs		332
Land		16,954
Buildings and improvements		87,377
Acquired real estate leases		$ 11,482
Land | 2021 Acquisitions
Real Estate [Line Items]
Number of properties | property	1
Dallas, Texas | 2021 Acquisitions
Real Estate [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 | 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
Columbus, Ohio | Office and Industrial Properties | 2021 Acquisitions
Real Estate [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, Tennessee | Office and Industrial Properties | 2021 Acquisitions
Real Estate [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)
Phoenix, AZ | Office and Industrial Properties | 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
Acquired real estate leases		$ 5,738
Kansas City, KS | Office and Industrial Properties | 2020 Acquisitions
Real Estate [Line Items]
Number of properties | property		1
Net rentable area | ft²		645,462
Purchase price		$ 44,185
Land		5,740
Buildings and improvements		32,701
Acquired real estate leases		$ 5,744
Two Mainland States | 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 | 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 | 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

Leases - Narrative (Details)

Leases - Narrative (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Leases [Abstract]
Straight line rental income	$ 7,263	$ 9,041	$ 4,345
Variable lease income	38,732	45,858	40,898
Tenant reimbursements	$ 37,379	$ 44,878	$ 38,755

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Maturities (Details) $ in Thousands	Dec. 31, 2021USD ($)
Leases [Abstract]
2022	$ 168,063
2023	158,620
2024	144,767
2025	132,238
2026	126,105
Thereafter	1,031,288
Total	$ 1,761,081

Indebtedness - Summary of Outst

Indebtedness - Summary of Outstanding Indebtedness (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)optionproperty	Dec. 31, 2020USD ($)
Debt Instrument [Line Items]
Principal Balance	$ 832,000	$ 871,000
Unamortized debt issuance costs	(3,876)	(4,421)
Carrying value	828,124	866,579
Net Book Value of Collateral	$ 491,235
Hawaii
Debt Instrument [Line Items]
Number of properties used as collateral | property	186
Revolving Credit Facility
Debt Instrument [Line Items]
Principal Balance	$ 182,000	221,000
Interest rate	1.41%
Net Book Value of Collateral	$ 0
Number of options to extend maturity date | option	1
Extension period	6 months
Mortgages
Debt Instrument [Line Items]
Carrying value	$ 828,124
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	4.31%
Net Book Value of Collateral	$ 491,235

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) ft² in Thousands	1 Months Ended				12 Months Ended
	May 31, 2020USD ($)property	Oct. 31, 2019USD ($)ft²stateproperty	Apr. 30, 2019USD ($)ft²property	Jan. 31, 2019USD ($)ft²property	Dec. 31, 2021USD ($)ft²option	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Feb. 11, 2022USD ($)
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility					$ 182,000,000	$ 221,000,000
Net rentable area (in sqft) | ft²					33,991
Decrease in mortgage notes payable due to deconsolidation					$ 0	403,160,000	$ 0
Principal Balance					832,000,000	871,000,000
Gain on early extinguishment of debt					0	$ 120,000	$ 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					$ 750,000,000
Number of options to extend maturity date | option					1
Extension period					6 months
Line of credit maximum increase capacity					$ 1,500,000,000
Interest rate at period end					1.41%	1.70%
Interest rate during period					1.44%	2.36%	3.68%
Amount outstanding on revolving credit facility					$ 182,000,000
Remaining borrowing capacity on revolving credit facility					$ 568,000,000
Interest rate					1.41%
Principal Balance					$ 182,000,000	$ 221,000,000
Revolving Credit Facility | Subsequent Event
Debt Instrument [Line Items]
Amount outstanding on revolving credit facility								$ 182,000,000
Remaining borrowing capacity on revolving credit facility								$ 568,000,000
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
London Interbank Offered Rate (LIBOR) | Revolving Credit Facility
Debt Instrument [Line Items]
Basis spread on variable rate					1.30%	1.55%
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
Amount of square feet of property, securing mortgage note | ft²		8,200
Interest rate (as a percent)		3.33%
Number of states where real estate is located | state		8
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
Number of properties | property			1
Interest rate			4.22%
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, 2021	Dec. 31, 2020
Debt Disclosure [Abstract]
2022	$ 182,000
2023	0
2024	0
2025	0
2026	0
Thereafter	650,000
Long-term debt, gross	832,000	$ 871,000
Debt Instrument [Line Items]
Debt outstanding	828,124	$ 866,579
Mortgage note payable
Debt Instrument [Line Items]
Unamortized debt issuance costs	3,876
Debt outstanding	$ 828,124

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Carrying Value (Details) - USD ($) $ in Thousands	Dec. 31, 2021	Dec. 31, 2020
Fair Value of Financial Instruments
Mortgage notes payable	$ 646,124	$ 645,579
Carrying Amount
Fair Value of Financial Instruments
Mortgage notes payable	646,124	645,579
Estimated Fair Value
Fair Value of Financial Instruments
Mortgage notes payable	709,198	730,119
Mortgages
Fair Value of Financial Instruments
Unamortized premiums	$ 3,876	$ 4,421

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)property	Dec. 31, 2020USD ($)
12 Mainland Properties
Fair Value of Financial Instruments
Ownership interest	22.00%
Number of properties contributed | property	18
Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Holding period	10 years
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Direct Capitalization Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0400
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0525
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Exit Capitalization Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0450
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Direct Capitalization Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0450
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0650
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Exit Capitalization Rate
Fair Value of Financial Instruments
Equity Securities, FV-NI, Measurement Input	0.0550
Fair Value, Recurring
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 143,021	$ 60,590
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	0	0
Fair Value, Recurring | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	0	0
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 143,021	$ 60,590

Shareholders' Equity - Share Aw

Shareholders' Equity - Share Awards (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2021USD ($)installmentemployeeshares	Dec. 31, 2020USD ($)propertyemployeeshares	Dec. 31, 2019USD ($)shares	Dec. 31, 2018shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested shares (in shares)	192,380	162,200	108,200	43,280
2022 (in shares)	66,520
2023 (in shares)	59,320
2024 (in shares)	42,780
2025 (in shares)	23,760
Estimated future compensation expense for the unvested shares | $	$ 4,188
Weighted average period of which compensation expense will be recognized	22 months
Compensation expense | $	$ 2,329	$ 2,331	$ 1,109
Shares available for issuance under the award plan	3,595,408
Trustees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of officers | employee	6	7
Number of officers elected | property		2
Trustees | Common shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common shares granted (in shares)	3,500	3,500	3,000
Common shares granted | $	$ 538	$ 460	$ 281
Common shares granted per Trustee | $	$ 90	$ 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)	118,800	108,600	104,200
Common shares granted | $	$ 3,086	$ 2,460	$ 2,260
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, 2021	Dec. 31, 2020	Dec. 31, 2019
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)	162,200	108,200	43,280
Granted (in shares)	139,800	139,100	119,200
Vested (in shares)	(108,920)	(84,520)	(52,880)
Forfeited (in shares)	(700)	(580)	(1,400)
Unvested shares at the end of the period (in shares)	192,380	162,200	108,200
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)	$ 22.37	$ 22.08	$ 23.33
Granted (in dollars per share)	25.93	22.01	21.32
Vested (in dollars per share)	23.78	21.41	20.78
Forfeited (in dollars per share)	22.24	22.20	22.39
Unvested shares at the end of the period (in dollars per share)	$ 24.15	$ 22.37	$ 22.08

Shareholders' Equity - Common S

Shareholders' Equity - Common Share Purchases (Details) - Common shares - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share repurchases to pay for tax withholding (in shares)	35,596	18,060	11,963
Share price (in dollars per share)	$ 25.91	$ 21.16	$ 21.19

Shareholders' Equity - Distribu

Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands	Jan. 13, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Dividends Payable [Line Items]
Distribution per share (in dollars per share)		$ 1.32	$ 1.32	$ 1.32
Total Distributions		$ 86,236	$ 86,089	$ 85,937
Distributions per share paid (in dollars per share)		0.00%	0.00%	21.80%
Distribution characterization percentage, ordinary income		93.20%	71.00%	78.20%
Distribution characterization percentage, capital gain		6.80%	29.00%	0.00%
Subsequent Event
Dividends Payable [Line Items]
Common distributions declared (in dollars per share)	$ 0.33
Dividends payable	$ 21,600

Per Common Shares Amounts (Deta

Per Common Shares Amounts (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Numerators:
Net income attributable to common shareholders	$ 119,682	$ 82,071	$ 52,498
Income attributable to unvested participating securities	(307)	(154)	(48)
Net income attributable to common shareholders used in calculating earnings per share	$ 119,375	$ 81,917	$ 52,450
Denominators:
Weighted average common shares for basic earnings per share (in shares)	65,169	65,104	65,049
Effect of dilutive securities: unvested share awards (in shares)	42	10	6
Weighted average common shares for diluted earnings per share (in shares)	65,211	65,114	65,055
Net income attributable to common shareholders - basic (in dollars per share)	$ 1.83	$ 1.26	$ 0.81
Net income attributable to common shareholders - diluted (in dollars per share)	$ 1.83	$ 1.26	$ 0.81

Business and Property Managem_2

Business and Property Management Agreements with RMR LLC (Details)	11 Months Ended	12 Months Ended
	Nov. 30, 2020USD ($)	Dec. 31, 2021USD ($)employeeagreement$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	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		2.00%
Adjusted benchmark return qualification for management fee reduction maximum		5.00%
Business management fees		$ 10,562,000	12,983,000	$ 11,897,000
Incentive management fee		0	0	0
Due to related persons		$ 2,185,000	2,279,000
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		$ 6,606,000	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]
Ownership interest	22.00%
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		$ 4,786,000	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		6,395,000	7,267,000	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		$ 211,000	$ 205,000	$ 851,000

Related Person Transactions Nar

Related Person Transactions Narrative (Details) $ in Thousands	Jun. 30, 2019USD ($)	Dec. 31, 2021USD ($)agreementproperty	May 31, 2021USD ($)	Nov. 30, 2020USD ($)	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)	Mar. 31, 2020USD ($)	Dec. 31, 2021USD ($)agreementproperty	Dec. 31, 2020USD ($)property	Dec. 31, 2019USD ($)
Related Party Transaction [Line Items]
Due from related parties		$ 0						$ 0	$ 2,665
Distributions in excess of earnings from Affiliates Insurance Company								0	287	$ 8,334
Equity in earnings of investees								40,918	529	666
Proceeds from sale of joint venture interests								804	106,283	0
Due to related persons		$ 2,185						$ 2,185	2,279
Dallas, TX
Related Party Transaction [Line Items]
Payments to acquire real estate			$ 2,319
Acquisition related cost			$ 119
RMR LLC
Related Party Transaction [Line Items]
Number of management service agreements | agreement		2						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%
AIC
Related Party Transaction [Line Items]
Distributions in excess of earnings from Affiliates Insurance Company		$ 12			$ 287	$ 9,000
Equity in earnings of investees										$ 666
Carrying value of investments									$ 12
12 Mainland Properties
Related Party Transaction [Line Items]
Number of properties contributed | property		18						18	12
Proceeds from sale of joint venture interests		$ 160,516		$ 108,812			$ 108,676
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary
Related Party Transaction [Line Items]
Equity in earnings of investees								$ 45,273
Number of properties contributed | property		6						6
Post-Closing Adjustment | Industrial Fund
Related Party Transaction [Line Items]
Due from related parties									$ 2,665
Rents Collected For Joint Venture | Industrial Fund
Related Party Transaction [Line Items]
Due to related persons		$ 225						$ 225
Annual Insurance Premiums | AIC
Related Party Transaction [Line Items]
Expenses from transactions	$ 266

SCHEDULE III - REAL ESTATE AN_2

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details) $ in Thousands	1 Months Ended	12 Months Ended
	May 31, 2020property	Dec. 31, 2021USD ($)loanproperty	Dec. 31, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)
Initial Cost to Company
Land		$ 698,386
Buildings and Equipment		998,243
Costs Capitalized Subsequent to Acquisition		52,204
Gross Amount Carried at Close of Period
Land		699,037
Buildings and Equipment		1,049,796
Total		1,748,833	$ 1,809,070	$ 2,335,964	$ 1,462,396
Accumulated Depreciation		(167,490)	$ (141,406)	$ (131,468)	$ (93,291)
Liabilities, fair value adjustment		3,876
U.S. federal income tax basis		$ 1,843,824
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		901
Buildings and Equipment		3,484
Total		4,385
Accumulated Depreciation		(603)
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		(1,292)
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		5
Gross Amount Carried at Close of Period
Land		3,100
Buildings and Equipment		12,960
Total		16,060
Accumulated Depreciation		(2,243)
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		(1)
Gross Amount Carried at Close of Period
Land		2,780
Buildings and Equipment		9,721
Total		12,501
Accumulated Depreciation		(883)
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		(722)
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		(992)
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		(2,230)
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		(3,280)
2100 NW 82nd Avenue
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land		144
Buildings and Equipment		1,297
Costs Capitalized Subsequent to Acquisition		454
Gross Amount Carried at Close of Period
Land		144
Buildings and Equipment		1,751
Total		1,895
Accumulated Depreciation		(892)
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		(1,524)
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		(394)
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		(98)
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
1062 Kikowaena Place
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		(97)
1062 Kikowaena Place
Initial Cost to Company
Land		1,049
Buildings and Equipment		598
Costs Capitalized Subsequent to Acquisition		82
Gross Amount Carried at Close of Period
Land		1,049
Buildings and Equipment		680
Total		1,729
Accumulated Depreciation		(276)
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		1,096
Gross Amount Carried at Close of Period
Land		1,953
Buildings and Equipment		1,096
Total		3,049
Accumulated Depreciation		(188)
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		(5,295)
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		(135)
140 Puuhale Road
Initial Cost to Company
Land		1,100
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		41
Gross Amount Carried at Close of Period
Land		1,100
Buildings and Equipment		41
Total		1,141
Accumulated Depreciation		(3)
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		(488)
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		(645)
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		228
Gross Amount Carried at Close of Period
Land		1,568
Buildings and Equipment		228
Total		1,796
Accumulated Depreciation		(105)
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		(33)
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		593
Gross Amount Carried at Close of Period
Land		1,864
Buildings and Equipment		593
Total		2,457
Accumulated Depreciation		(127)
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		7,299
Gross Amount Carried at Close of Period
Land		2,640
Buildings and Equipment		7,299
Total		9,939
Accumulated Depreciation		(2,703)
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		(299)
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		(188)
2760 Kam Highway
Initial Cost to Company
Land		703
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		191
Gross Amount Carried at Close of Period
Land		703
Buildings and Equipment		191
Total		894
Accumulated Depreciation		(10)
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		(11)
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		(2)
Gross Amount Carried at Close of Period
Land		1,720
Buildings and Equipment		0
Total		1,720
Accumulated Depreciation		0
2829 Kilihau Street
Initial Cost to Company
Land		287
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		287
Buildings and Equipment		0
Total		287
Accumulated Depreciation		0
2829 Pukoloa Street
Initial Cost to Company
Land		2,088
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		2,088
Buildings and Equipment		0
Total		2,088
Accumulated Depreciation		0
2830 Mokumoa Street
Initial Cost to Company
Land		2,146
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		2,146
Buildings and Equipment		0
Total		2,146
Accumulated Depreciation		0
2831 Awaawaloa Street
Initial Cost to Company
Land		860
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		860
Buildings and Equipment		0
Total		860
Accumulated Depreciation		0
2831 Kaihikapu Street
Initial Cost to Company
Land		1,272
Buildings and Equipment		529
Costs Capitalized Subsequent to Acquisition		55
Gross Amount Carried at Close of Period
Land		1,272
Buildings and Equipment		584
Total		1,856
Accumulated Depreciation		(262)
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		(14)
Gross Amount Carried at Close of Period
Land		1,960
Buildings and Equipment		0
Total		1,960
Accumulated Depreciation		0
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		(430)
2847 Awaawaloa Street
Initial Cost to Company
Land		582
Buildings and Equipment		303
Costs Capitalized Subsequent to Acquisition		184
Gross Amount Carried at Close of Period
Land		582
Buildings and Equipment		487
Total		1,069
Accumulated Depreciation		(144)
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		(78)
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		(6)
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		(15)
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		(3)
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		(10)
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		(3)
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		(19)
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		(1)
Gross Amount Carried at Close of Period
Land		1,783
Buildings and Equipment		3
Total		1,786
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		(29)
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		(19)
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		(367)
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		(4)
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		(309)
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		341
Gross Amount Carried at Close of Period
Land		3,757
Buildings and Equipment		343
Total		4,100
Accumulated Depreciation		(4)
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		9
Gross Amount Carried at Close of Period
Land		4,821
Buildings and Equipment		592
Total		5,413
Accumulated Depreciation		(272)
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		(15)
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		(23)
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		(13)
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		(72)
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
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		(5)
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		(25)
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		(26)
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		23
Gross Amount Carried at Close of Period
Land		1,761
Buildings and Equipment		23
Total		1,784
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		(69)
91-120 Kauhi
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances
Initial Cost to Company
Land		567
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		411
Gross Amount Carried at Close of Period
Land		567
Buildings and Equipment		411
Total		978
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
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		(30)
91-220 Kalaeloa
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		(635)
91-222 Olai
Initial Cost to Company
Land		2,035
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		14
Gross Amount Carried at Close of Period
Land		2,035
Buildings and Equipment		14
Total		2,049
Accumulated Depreciation		0
91-238 Kauhi
Initial Cost to Company
Land		1,390
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		9,495
Gross Amount Carried at Close of Period
Land		1,390
Buildings and Equipment		9,495
Total		10,885
Accumulated Depreciation		(3,333)
91-241 Kalaeloa
Initial Cost to Company
Land		426
Buildings and Equipment		3,983
Costs Capitalized Subsequent to Acquisition		874
Gross Amount Carried at Close of Period
Land		426
Buildings and Equipment		4,857
Total		5,283
Accumulated Depreciation		(1,871)
91-250 Komohana
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
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
Initial Cost to Company
Land		1,230
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		35
Gross Amount Carried at Close of Period
Land		1,230
Buildings and Equipment		35
Total		1,265
Accumulated Depreciation		(6)
91-259 Olai
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
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
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		(1)
91-329 Kauhi
Initial Cost to Company
Land		294
Buildings and Equipment		2,297
Costs Capitalized Subsequent to Acquisition		2,783
Gross Amount Carried at Close of Period
Land		294
Buildings and Equipment		5,080
Total		5,374
Accumulated Depreciation		(1,938)
91-349 Kauhi
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
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
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
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		(5)
91-416 Komohana
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		(4)
AES HI Easement
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
Initial Cost to Company
Land		358
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		1,437
Gross Amount Carried at Close of Period
Land		358
Buildings and Equipment		1,437
Total		1,795
Accumulated Depreciation		(600)
Tesaro 967 Easement
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
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
Initial Cost to Company
Land		470
Buildings and Equipment		7,480
Costs Capitalized Subsequent to Acquisition		1,469
Gross Amount Carried at Close of Period
Land		470
Buildings and Equipment		8,949
Total		9,419
Accumulated Depreciation		(3,138)
3425 Maple Drive
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		(156)
2300 North 33rd Avenue East
Initial Cost to Company
Land		500
Buildings and Equipment		13,236
Costs Capitalized Subsequent to Acquisition		117
Gross Amount Carried at Close of Period
Land		500
Buildings and Equipment		13,353
Total		13,853
Accumulated Depreciation		(4,430)
7121 South Fifth Avenue
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		(773)
1230 West 171st Street
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		(290)
5156 American Road
Initial Cost to Company
Land		400
Buildings and Equipment		1,529
Costs Capitalized Subsequent to Acquisition		321
Gross Amount Carried at Close of Period
Land		400
Buildings and Equipment		1,850
Total		2,250
Accumulated Depreciation		(325)
3201 Bearing Drive
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		(1,401)
2482 Century Drive
Initial Cost to Company
Land		840
Buildings and Equipment		9,061
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		840
Buildings and Equipment		9,061
Total		9,901
Accumulated Depreciation		(706)
6825 West County Road 400 North
Initial Cost to Company
Land		918
Buildings and Equipment		14,300
Costs Capitalized Subsequent to Acquisition		924
Gross Amount Carried at Close of Period
Land		918
Buildings and Equipment		15,224
Total		16,142
Accumulated Depreciation		(1,262)
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		(1,338)
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		(2,870)
17001 West Mercury Street
Initial Cost to Company
Land		5,741
Buildings and Equipment		32,701
Costs Capitalized Subsequent to Acquisition		37
Gross Amount Carried at Close of Period
Land		5,741
Buildings and Equipment		32,738
Total		38,479
Accumulated Depreciation		(820)
1985 International Way
Initial Cost to Company
Land		1,453
Buildings and Equipment		8,546
Costs Capitalized Subsequent to Acquisition		1,293
Gross Amount Carried at Close of Period
Land		1,453
Buildings and Equipment		9,839
Total		11,292
Accumulated Depreciation		(928)
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		(1,532)
209 South Bud Street
Initial Cost to Company
Land		700
Buildings and Equipment		4,549
Costs Capitalized Subsequent to Acquisition		41
Gross Amount Carried at Close of Period
Land		700
Buildings and Equipment		4,590
Total		5,290
Accumulated Depreciation		(791)
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		(12,468)
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		(7,021)
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		(370)
10100 89th Avenue N
Initial Cost to Company
Land		3,469
Buildings and Equipment		21,284
Costs Capitalized Subsequent to Acquisition		450
Gross Amount Carried at Close of Period
Land		3,469
Buildings and Equipment		21,734
Total		25,203
Accumulated Depreciation		(1,915)
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		(321)
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		(945)
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		(280)
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		(262)
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		(557)
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		(1,532)
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		(3,378)
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		(8,888)
725 Darlington Avenue
Initial Cost to Company
Land		8,492
Buildings and Equipment		9,451
Costs Capitalized Subsequent to Acquisition		1,804
Gross Amount Carried at Close of Period
Land		8,492
Buildings and Equipment		11,255
Total		19,747
Accumulated Depreciation		(2,135)
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		(3,075)
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		(1,265)
55 Commerce Avenue
Initial Cost to Company
Land		1,000
Buildings and Equipment		10,105
Costs Capitalized Subsequent to Acquisition		180
Gross Amount Carried at Close of Period
Land		1,000
Buildings and Equipment		10,285
Total		11,285
Accumulated Depreciation		(1,797)
158 West Yard Road
Initial Cost to Company
Land		1,870
Buildings and Equipment		7,931
Costs Capitalized Subsequent to Acquisition		41
Gross Amount Carried at Close of Period
Land		1,870
Buildings and Equipment		7,972
Total		9,842
Accumulated Depreciation		(1,082)
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		(7,324)
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		(565)
1580, 1590 & 1600 Williams Road
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		(2,650)
7303 Rickenbacker Parkway Trust
Initial Cost to Company
Land		1,491
Buildings and Equipment		27,407
Costs Capitalized Subsequent to Acquisition		0
Gross Amount Carried at Close of Period
Land		1,491
Buildings and Equipment		27,407
Total		28,898
Accumulated Depreciation		(413)
5300 Centerpoint Parkway
Initial Cost to Company
Land		2,700
Buildings and Equipment		29,863
Costs Capitalized Subsequent to Acquisition		68
Gross Amount Carried at Close of Period
Land		2,700
Buildings and Equipment		29,931
Total		32,631
Accumulated Depreciation		(5,173)
200 Orange Point Drive
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		(1,543)
301 Commerce Drive
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		(783)
2820 State Highway 31
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		(879)
1990 Hood Road
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		(834)
996 Paragon Way
Initial Cost to Company
Land		2,334
Buildings and Equipment		35,920
Costs Capitalized Subsequent to Acquisition		(1)
Gross Amount Carried at Close of Period
Land		2,334
Buildings and Equipment		35,919
Total		38,253
Accumulated Depreciation		(6,212)
700 Marine Drive
Initial Cost to Company
Land		820
Buildings and Equipment		8,381
Costs Capitalized Subsequent to Acquisition		669
Gross Amount Carried at Close of Period
Land		820
Buildings and Equipment		9,050
Total		9,870
Accumulated Depreciation		(829)
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		(10,076)
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		(1,156)
4836 Hickory Hill Road
Initial Cost to Company
Land		1,402
Buildings and Equipment		10,769
Costs Capitalized Subsequent to Acquisition		1,429
Gross Amount Carried at Close of Period
Land		1,402
Buildings and Equipment		12,198
Total		13,600
Accumulated Depreciation		(2,114)
2020 Joe B. Jackson Parkway
Initial Cost to Company
Land		7,500
Buildings and Equipment		55,259
Costs Capitalized Subsequent to Acquisition		299
Gross Amount Carried at Close of Period
Land		7,500
Buildings and Equipment		55,558
Total		63,058
Accumulated Depreciation		(9,575)
2500, 2526, & 2614 Big Town Boulevard
Initial Cost to Company
Land		2,319
Buildings and Equipment		0
Costs Capitalized Subsequent to Acquisition		681
Gross Amount Carried at Close of Period
Land		2,319
Buildings and Equipment		681
Total		3,000
Accumulated Depreciation		0
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		(1,200)
1901 Meadowville Technology Parkway
Initial Cost to Company
Land		4,000
Buildings and Equipment		67,511
Costs Capitalized Subsequent to Acquisition		170
Gross Amount Carried at Close of Period
Land		4,000
Buildings and Equipment		67,681
Total		71,681
Accumulated Depreciation		(11,679)
Mortgages | 186 properties encumbered by one mortgage loan
REAL ESTATE AND ACCUMULATED DEPRECIATION
Encumbrances		646,124
Initial Cost to Company
Buildings and Equipment		$ 505,986
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, 2021	Dec. 31, 2020	Dec. 31, 2019
Real Estate Properties
Balance at the beginning of the period	$ 1,809,070	$ 2,335,964	$ 1,462,396
Additions	129,724	109,020	873,568
Disposals	(189,961)	(635,914)
Balance at the end of the period	1,748,833	1,809,070	2,335,964
Accumulated Depreciation
Balance at the beginning of the period	(141,406)	(131,468)	(93,291)
Additions	(32,389)	(43,821)	(38,177)
Disposals	6,305	33,883
Balance at the end of the period	$ (167,490)	$ (141,406)	$ (131,468)