Industrial Logistics Properties Trust (ILPT) 10-Q 25 Jul 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-38342
Entity Registrant Name	INDUSTRIAL LOGISTICS PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	82-2809631
Entity Address, Address Line One	Two Newton Place,
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300,
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1460
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	ILPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,696,942
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023		Dec. 31, 2022
Real estate properties:
Land	$ 1,112,598		$ 1,117,779
Buildings and improvements	4,031,041		4,058,329
Total real estate properties, gross	5,143,639		5,176,108
Accumulated depreciation	(330,879)		(273,467)
Total real estate properties, net	4,812,760		4,902,641
Assets of properties held for sale	37,261		0
Investment in unconsolidated joint venture	129,082		124,358
Acquired real estate leases, net	267,889		297,445
Cash and cash equivalents	71,695		48,261
Restricted cash	138,673	[1]	92,519
Rents receivable, including straight line rents of $87,797 and $80,710, respectively	110,638		107,011
Other assets, net	94,082		103,931
Total assets	5,662,080		5,676,166
LIABILITIES AND EQUITY
Mortgages and notes payable, net	4,301,276		4,244,501
Liabilities of properties held for sale	31		0
Assumed real estate lease obligations, net	20,420		22,523
Total liabilities	4,400,791		4,345,395
Commitments and contingencies
Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,697,959 and 65,568,145 shares issued and outstanding, respectively	657		656
Additional paid in capital	1,015,138		1,014,201
Cumulative net income	66,548		117,185
Cumulative other comprehensive income	26,487		21,903
Cumulative common distributions	(364,533)		(363,221)
Total equity attributable to common shareholders	744,297		790,724
Total equity attributable to noncontrolling interest	516,992		540,047
Total equity	1,261,289		1,330,771
Total liabilities and equity	5,662,080		5,676,166
Nonrelated Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	73,916		73,547
Related Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	$ 5,148		$ 4,824
[1]Restricted cash consists of amounts escrowed for capital expenditures at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture arrangement in which we own a 61% equity interest.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Straight line rents	$ 87,797	$ 80,710
Common stock, par value per share (in usd per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,697,959	65,568,145
Common shares, shares outstanding (in shares)	65,697,959	65,568,145

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues [Abstract]
Rental income	$ 108,043	$ 107,222	$ 218,301	$ 178,597
Expenses:
Real estate taxes	15,100	13,275	31,567	22,711
Other operating expenses	8,519	7,053	17,837	13,825
Depreciation and amortization	44,909	42,699	90,366	65,577
General and administrative	8,131	9,709	16,038	15,786
Loss on impairment of real estate	254	100,747	254	100,747
Total expenses	76,913	173,483	156,062	218,646
Interest and other income	1,797	354	2,943	832
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,721, $34,448, $13,434, and $54,769, respectively)	(71,846)	(77,548)	(142,617)	(118,547)
Loss on sale of real estate	0	(10)	(974)	(10)
Loss on equity securities	0	(9,450)	0	(5,758)
Loss on early extinguishment of debt	(359)	0	(359)	(828)
Loss before income tax expense and equity in earnings of unconsolidated joint venture	(39,278)	(152,915)	(78,768)	(164,360)
Income tax expense	(45)	(16)	(62)	(85)
Equity in earnings of unconsolidated joint venture	2,743	1,610	6,704	3,337
Net loss	(36,580)	(151,321)	(72,126)	(161,108)
Net loss attributable to noncontrolling interest	10,752	7,782	21,489	11,055
Net loss attributable to common shareholders	(25,828)	(143,539)	(50,637)	(150,053)
Other comprehensive income:
Unrealized gain on derivatives	12,021	4,438	3,243	10,070
Less: unrealized gain (loss) on derivatives attributable to noncontrolling interest	(419)	(774)	1,341	(2,498)
Other comprehensive (loss) income attributable to common shareholders	11,602	3,664	4,584	7,572
Comprehensive loss attributable to common shareholders	$ (14,226)	$ (139,875)	$ (46,053)	$ (142,481)
Weighted average common shares outstanding - basic (in shares)	65,369	65,221	65,339	65,217
Weighted average common shares outstanding - diluted (in shares)	65,369	65,221	65,339	65,217
Per common share data (basic and diluted):
Net loss attributable to common shareholders, basic (in usd per share)	$ (0.40)	$ (2.20)	$ (0.77)	$ (2.30)
Net loss attributable to common shareholders, diluted (in usd per share)	$ (0.40)	$ (2.20)	$ (0.77)	$ (2.30)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Amortization of debt issuance costs and premium	$ 6,721	$ 34,448	$ 13,434	$ 54,769

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Equity Attributable to Common Shareholders	Common shares	Additional Paid-in Capital	Cumulative Net Income	Cumulative Other Comprehensive Income	Cumulative Common Distributions	Total Attributable to Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2021			65,404,592
Beginning balance at Dec. 31, 2021	$ 1,038,042	$ 1,038,042	$ 654	$ 1,012,224	$ 343,908	$ 0	$ (318,744)	$ 0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(9,787)	(6,514)			(6,514)			(3,273)
Share grants	407	407		407
Share repurchases (in shares)			(333)
Share repurchases	(7)	(7)		(7)
Shares forfeitures (in shares)			(400)
Share forfeitures	(2)	(2)		(2)
Distributions to common shareholders	(21,584)	(21,584)					(21,584)
Net current period other comprehensive loss	5,632	3,908				3,908		1,724
Contributions from noncontrolling interest	591,268							591,268
Ending balance (in shares) at Mar. 31, 2022			65,403,859
Ending balance at Mar. 31, 2022	1,603,969	1,014,250	$ 654	1,012,622	337,394	3,908	(340,328)	589,719
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(151,321)	(143,539)			(143,539)			(7,782)
Shares grants (in shares)			24,500
Share grants	800	800		800
Shares forfeitures (in shares)			(900)
Share forfeitures	(4)	(4)		(4)
Distributions to common shareholders	(21,583)	(21,583)					(21,583)
Net current period other comprehensive loss	4,438	3,664				3,664		774
Distributions to noncontrolling interest	(1,365)							(1,365)
Ending balance (in shares) at Jun. 30, 2022			65,427,459
Ending balance at Jun. 30, 2022	$ 1,434,934	853,588	$ 654	1,013,418	193,855	7,572	(361,911)	581,346
Beginning balance (in shares) at Dec. 31, 2022	65,568,145		65,568,145
Beginning balance at Dec. 31, 2022	$ 1,330,771	790,724	$ 656	1,014,201	117,185	21,903	(363,221)	540,047
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(35,546)	(24,809)			(24,809)			(10,737)
Share grants	388	388		388
Share repurchases (in shares)			(976)
Share repurchases	(3)	(3)		(3)
Shares forfeitures (in shares)			(1,200)
Share forfeitures	(1)	(1)		(1)
Distributions to common shareholders	(656)	(656)					(656)
Net current period other comprehensive loss	(8,778)	(7,018)				(7,018)		(1,760)
Ending balance (in shares) at Mar. 31, 2023			65,565,969
Ending balance at Mar. 31, 2023	$ 1,286,175	758,625	$ 656	1,014,585	92,376	14,885	(363,877)	527,550
Beginning balance (in shares) at Dec. 31, 2022	65,568,145		65,568,145
Beginning balance at Dec. 31, 2022	$ 1,330,771	790,724	$ 656	1,014,201	117,185	21,903	(363,221)	540,047
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share repurchases (in shares)			(8,086)
Distributions to common shareholders	$ (1,312)
Ending balance (in shares) at Jun. 30, 2023	65,697,959		65,697,959
Ending balance at Jun. 30, 2023	$ 1,261,289	744,297	$ 657	1,015,138	66,548	26,487	(364,533)	516,992
Beginning balance (in shares) at Mar. 31, 2023			65,565,969
Beginning balance at Mar. 31, 2023	1,286,175	758,625	$ 656	1,014,585	92,376	14,885	(363,877)	527,550
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net (loss) income	(36,580)	(25,828)			(25,828)			(10,752)
Shares grants (in shares)			140,000
Share grants	568	568	$ 1	567
Share repurchases (in shares)			(7,110)
Share repurchases	(12)	(12)		(12)
Shares forfeitures (in shares)			(900)
Share forfeitures	(2)	(2)		(2)
Distributions to common shareholders	(656)	(656)					(656)
Net current period other comprehensive loss	12,021	11,602				11,602		419
Distributions to noncontrolling interest	$ (225)							(225)
Ending balance (in shares) at Jun. 30, 2023	65,697,959		65,697,959
Ending balance at Jun. 30, 2023	$ 1,261,289	$ 744,297	$ 657	$ 1,015,138	$ 66,548	$ 26,487	$ (364,533)	$ 516,992

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (72,126)	$ (161,108)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		62,464	43,375
Loss on impairment of real estate		254	100,747
Net amortization of debt issuance costs, premiums and discounts		13,434	54,769
Amortization of acquired real estate leases and assumed real estate lease obligations		26,308	17,477
Amortization of deferred leasing costs		1,101	735
Loss on equity securities		0	5,758
Straight line rental income		(7,117)	(4,376)
Loss on early extinguishment of debt		359	828
Loss on sale of real estate		974	0
Proceeds from settlement of derivatives		(24,445)	0
Other non-cash expenses		13,244	2,156
Distributions of earnings from unconsolidated joint venture		1,980	2,642
Equity in earnings of unconsolidated joint venture		(6,704)	(3,337)
Change in assets and liabilities:
Rents receivable		3,065	(9,933)
Deferred leasing costs		(4,194)	(4,565)
Other assets		2,332	(4,695)
Accounts payable and other liabilities		310	25,539
Rents collected in advance		(1,238)	9,030
Security deposits		301	672
Due to related persons		329	5,217
Net cash provided by operating activities		10,631	80,931
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions		0	(3,551,509)
Real estate improvements		(7,301)	(5,305)
Proceeds from sale of marketable securities		0	140,792
Proceeds from settlement of derivatives		24,445	0
Proceeds from sale of real estate		243	0
Net cash provided by (used in) investing activities		17,387	(3,416,022)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable		91,000	2,100,000
Repayment of mortgage notes payable		(46,607)	(7,161)
Proceeds from secured bridge loan facility		0	1,385,158
Borrowings under revolving credit facility		0	3,000
Repayments of revolving credit facility		0	(185,000)
Payment of debt issuance costs		(1,271)	(96,260)
Distributions to common shareholders		(1,312)	(43,167)
Proceeds from sale of noncontrolling interest, net		0	587,440
Repurchase of common shares		(15)	(7)
Distributions to noncontrolling interest		(225)	(1,365)
Net cash provided by financing activities		41,570	3,742,638
Increase in cash, cash equivalents and restricted cash		69,588	407,547
Cash, cash equivalents and restricted cash at beginning of period		140,780	29,397
Cash, cash equivalents and restricted cash at end of period		210,368	436,944
SUPPLEMENTAL DISCLOSURES:
Interest paid		142,095	55,065
Income taxes paid		545	195
Interest capitalized		324	15
NON-CASH INVESTING ACTIVITIES:
Real estate acquired by assumption of mortgage notes payable		0	323,432
Real estate improvements accrued not paid		4,950	4,055
NON-CASH FINANCING ACTIVITIES:
Assumption of mortgage notes payable		0	(323,432)
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
Cash and cash equivalents		71,695	291,866
Restricted cash	[1]	138,673	145,078
Total cash, cash equivalents and restricted cash shown in the statements of cash flows		$ 210,368	$ 436,944
[1]Restricted cash consists of amounts escrowed for capital expenditures at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture arrangement in which we own a 61% equity interest.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical)	Jun. 30, 2023
Mountain Industrial REIT LLC | Consolidated
Ownership interest (as percent)	61%

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of PresentationThe accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or the Company, ILPT, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, and assessment of impairment of real estate and related intangibles.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of June 30, 2023, our portfolio was comprised of 413 consolidated properties containing approximately 59,983,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet of primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 187 industrial properties containing approximately 43,254,000 rentable square feet located in 38 other states, or our Mainland Properties, which included 94 properties owned by a consolidated joint venture in which we own a 61% equity interest. As of June 30, 2023, we also owned a 22% equity interest in an unconsolidated joint venture which owns 18 industrial properties located in 12 states totaling approximately 11,726,000 rentable square feet. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. We incurred capital expenditures and leasing costs at certain of our properties of $7,651 and $10,080 during the three months ended June 30, 2023 and 2022, respectively, and $12,582 and $13,845 for the six months ended June 30, 2023 and 2022, respectively. During the six months ended June 30, 2023, we committed $5,832 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 3,110,000 square feet. Committed, but unspent, tenant related obligations based on existing leases as of June 30, 2023 were $23,876, of which $6,481 is expected to be spent during the next 12 months. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. 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. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. We determine the amount of any impairment loss by comparing the historical carrying value to estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives. During the three months ended June 30, 2023, we recorded a loss on impairment of real estate of $254 to reduce the carrying value of one of the two properties that were classified as held for sale at June 30, 2023 to its estimated sales price less costs to sell. As of March 31, 2022, we classified 30 properties we acquired as part of our acquisition of Monmouth Real Estate Investment Corporation, or MNR, on February 25, 2022, as held for sale in our condensed consolidated balance sheet. During the three months ended June 30, 2022, we determined not to sell these properties as a result of market conditions and reclassified those properties to held and used and recorded a $100,747 loss on impairment of real estate to adjust the carrying value of 25 of those 30 properties to their estimated fair value. Disposition Activities As of June 30, 2023, we had two Mainland Properties with 551,000 square feet and an aggregate carrying value of $36,864 classified as held for sale. See Note 5 for more information on our properties held for sale. In March 2023, we received gross proceeds of $270 and recorded a $974 net loss on sale of real estate as a result of a partial eminent domain taking at a property in Everett, Washington. As of July 25, 2023, we have entered into agreements to sell three properties containing approximately 762,000 rentable square feet for an aggregate sales price of $65,265, excluding closing costs. These pending sales are subject to conditions; accordingly, we cannot be sure that we will complete these sales or that these sales will not be delayed or the terms will not change. Joint Venture Activities As of June 30, 2023, we had equity investments in our joint ventures that consisted of the following: ILPT Carrying Value ILPT of Investment Number of Square Joint Venture Presentation Ownership at June 30, 2023 Properties Location Feet Mountain Industrial REIT LLC Consolidated 61% N/A 94 Various 20,980,661 The Industrial Fund REIT LLC Unconsolidated 22% $ 129,082 18 Various 11,726,137 Consolidated Joint Venture - Mountain Industrial REIT LLC: We own a 61% equity interest in Mountain Industrial REIT LLC, or our consolidated joint venture. We control our consolidated joint venture and therefore account for the properties owned by this joint venture on a consolidated basis in our condensed consolidated financial statements. We recognized a 39% noncontrolling interest in our condensed consolidated financial statements for the three months ended June 30, 2023 and 2022, for the six months ended June 30, 2023 and the period from this joint venture’s formation date, February 25, 2022 to June 30, 2022. The portion of this joint venture's net loss not attributable to us, or $10,676 and $7,781, for the three months ended June 30, 2023 and 2022, respectively, and $21,404 and $11,042 for the six months ended June 30, 2023 and for the period from February 25, 2022 to June 30, 2022, respectively, is reported as net loss attributable to noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). As of June 30, 2023, our consolidated joint venture had total assets of $3,092,534 and total liabilities of $1,775,802. Unconsolidated Joint Venture - The Industrial Fund REIT LLC: We own a 22% equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture. We account for the unconsolidated joint venture under the equity method of accounting under the fair value option. We recorded a change in the fair value of our investment in the unconsolidated joint venture of $2,743 and $1,610 for the three months ended June 30, 2023 and 2022, respectively, and $6,704 and $3,337 for the six months ended June 30, 2023 and 2022, respectively, as equity in earnings of unconsolidated joint venture in our condensed consolidated statements of comprehensive income (loss). In addition, the unconsolidated joint venture made aggregate cash distributions to us of $990 and $1,322 during the three months ended June 30, 2023 and 2022, respectively, and $1,980 and $2,642 for the six months ended June 30, 2023 and 2022, respectively. Consolidated Tenancy in Common: An unrelated third party owns an approximate 33% tenancy in common interest in one property located in Somerset, New Jersey, and we own the remaining 67% tenancy in common interest in this property. The portion of this property’s net loss not attributable to us, or $76 and $1, for the three months ended June 30, 2023 and 2022, respectively, and $85 and $13 for the six months ended June 30, 2023 and the period from the date we acquired our interest in this property, February 25, 2022 to June 30, 2022, respectively, is reported as net loss attributable to noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). During the three and six months ended June 30, 2023, this tenancy in common made cash distributions of $225 to the unrelated third party investor, which is reflected as a decrease in the total equity attributable to noncontrolling interest in our condensed consolidated balance sheet. See Notes 4, 5, 7, 8 and 9 for more information regarding these joint ventures.

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Leases	Leases We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases; therefore, we have determined to evaluate our leases as lease arrangements. We recognize rental income from operating leases 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 $3,355 and $3,220 to record revenue on a straight line basis during the three months ended June 30, 2023 and 2022, respectively, and $7,117 and $4,376 for the six months ended June 30, 2023 and 2022, 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 $18,291 and $16,828 for the three months ended June 30, 2023 and 2022, respectively, and $39,390 and $29,407 for the six months ended June 30, 2023 and 2022, respectively. Right of use assets and lease liabilities. Three of our properties are subject to ground leases and we are also the lessee under a lease for one office property, which we assumed as part of our acquisition of MNR in February 2022. For these leases under which we are the lessee, we are required to record a right of use asset and lease liability for all leases with a term greater than 12 months. The values of our right of use assets and related liabilities representing our future obligations under the lease arrangements under which we are the lessee were $4,867 and $4,943, respectively, as of June 30, 2023, and $5,084 and $5,149, respectively, as of December 31, 2022. Our right of use assets and related lease liabilities are included in other assets, net and accounts payable and other liabilities, respectively, in our condensed consolidated balance sheets. We have a sublease for a portion of the MNR lease that expires on December 30, 2029. Rent expense incurred under the MNR lease, net of sublease revenue, if any, was $28 and $91 for three months ended June 30, 2023 and 2022, respectively, and $129 and $179 for the six months ended June 30, 2023 and the period from February 25, 2022 to June 30, 2022, respectively. Rent expense is included in general and administrative expense in our condensed consolidated statements of comprehensive income (loss). Generally, payments of ground lease obligations are made by our tenants. However, if a tenant does not perform obligations under a ground lease or does not renew any ground lease, we may have to perform obligations under, or renew, the ground lease in order to protect our investment in the affected property. Tenant Concentration As of June 30, 2023, we had a concentration of properties leased to tenants, including their applicable subsidiaries, that leased over 5.0% of our total rentable square footage. The following table presents rental income recognized from these tenants for the three and six months ended June 30, 2023 and 2022: % of Rentable Rental Income Rental Income Square Three Months Ended Six Months Ended Tenant Feet 6/30/2023 6/30/2022 6/30/2023 6/30/2022 FedEx Corporation/ FedEx Ground Package System, Inc. 22.0 % $ 32,934 30.5 % $ 31,063 29.0 % $ 67,721 31.0 % $ 44,531 24.9 % Amazon.com Services, Inc./ Amazon.com Services LLC 7.6 % 7,326 6.8 % 7,236 6.7 % 14,841 6.8 % 12,852 7.2 % Total 29.6 % $ 40,260 37.3 % $ 38,299 35.7 % $ 82,562 37.8 % $ 57,383 32.1 % Geographic Concentration For the three months ended June 30, 2023 and 2022, approximately 28.1% and 29.8%, respectively, of our rental income was from our Hawaii Properties. For the six months ended June 30, 2023 and 2022, approximately 27.8% and 32.8%, respectively, of our rental income was from our Hawaii Properties.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of June 30, 2023, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral June 30, December 31, Interest At June 30, Entity Type Secured By: 2023 (1) 2022 (1) Rate Maturity 2023 ILPT Floating Rate - Interest only 104 Properties $ 1,235,000 $ 1,235,000 6.18% 10/09/24 $ 1,056,804 ILPT Fixed Rate - Interest only 186 Properties 650,000 650,000 4.31% 02/07/29 490,023 ILPT Fixed Rate - Interest only 17 Properties 700,000 700,000 4.42% 03/09/32 511,664 Mountain JV (2) Floating Rate - Interest only 82 Properties 1,400,000 1,400,000 6.17% 03/09/24 1,883,377 Mountain JV (2) Fixed Rate - Interest only Four Properties 91,000 — 6.25% 06/10/30 190,883 Mountain JV (2) Fixed Rate - Amortizing One Property 12,042 12,691 3.67% 05/01/31 29,257 Mountain JV (2) Fixed Rate - Amortizing One Property 13,536 14,144 4.14% 07/01/32 44,143 Mountain JV (2) Fixed Rate - Amortizing One Property 29,797 30,949 4.02% 10/01/33 85,968 Mountain JV (2) Fixed Rate - Amortizing One Property 41,636 43,219 4.13% 11/01/33 130,644 Mountain JV (2) Fixed Rate - Amortizing One Property 25,310 26,175 3.10% 06/01/35 47,056 Mountain JV (2) Fixed Rate - Amortizing One Property 40,759 42,087 2.95% 01/01/36 100,502 Mountain JV (2) Fixed Rate - Amortizing One Property 44,991 46,109 4.27% 11/01/37 111,510 Mountain JV (2) Fixed Rate - Amortizing One Property 50,684 52,031 3.25% 01/01/38 115,042 Mountain JV (2) Fixed Rate - Amortizing One Property — 13,556 3.76% 10/01/28 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 4,865 3.77% 04/01/30 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 5,145 3.85% 04/01/30 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 14,392 3.56% 09/01/30 N/A Total indebtedness $ 4,334,755 $ 4,290,363 $ 4,796,873 Unamortized debt issuance costs (33,479) (45,862) Total indebtedness, net $ 4,301,276 $ 4,244,501 (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) Mountain JV is our consolidated joint venture in which we own a 61% equity interest . See Notes 2, 5, 7, 8 and 9 for more information regarding this joint venture. Our $1,235,000 interest only floating rate loan, secured by 104 of our properties, or the ILPT Floating Rate Loan, matures in October 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, which is capped at an annual rate of 2.25% for the initial term of the ILPT Floating Rate Loan, plus a weighted average premium of 3.93%. The interest rate payable on the ILPT Floating Rate Loan as of June 30, 2023 was 6.18%. The weighted average interest rate payable under the ILPT Floating Rate Loan was 6.18% for both the three and six months ended June 30, 2023. Subject to the satisfaction of certain conditions, we have the option to prepay up to $247,000 of the ILPT Floating Rate Loan at par with no premium, and to prepay the balance of the ILPT Floating Rate Loan in full or in part at any time, subject to a premium, and beginning in October 2023, without a premium. Our $1,400,000 interest only floating rate loan, secured by 82 properties owned by our consolidated joint venture, or the Floating Rate Loan, matures in March 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR, which is capped at an annual rate of 3.40% through the initial term of the Floating Rate Loan, plus a premium of 2.77%. The interest rate payable on the Floating Rate Loan as of June 30, 2023 was 6.17%. The weighted average annual interest rate payable under the Floating Rate Loan was 6.17% for both the three and six months ended June 30, 2023. The weighted average annual interest rate payable under the Floating Rate Loan was 3.61% and 3.38% for the three months ended June 30, 2022 and the period from the date we obtained the Floating Rate loan, February 25, 2022 to June 30, 2022, respectively. Subject to the satisfaction of certain conditions, we have the option to prepay up to $280,000 of the Floating Rate Loan at par with no premium, and to prepay the balance of the Floating Rate Loan at any time, subject to a premium. See Note 9 for more information regarding our interest rate caps. In May 2023, our consolidated joint venture obtained a $91,000 fixed rate, interest only mortgage loan secured by four properties owned by our consolidated joint venture. This mortgage loan matures in June 2030 and requires that interest be paid at an annual rate of 6.25%. A portion of the net proceeds from this mortgage loan was used to repay four outstanding mortgage loans of our consolidated joint venture with an aggregate outstanding principal balance of $35,910 and a weighted average interest rate of 3.70%. We recognized a loss on extinguishment of debt of $359 in conjunction with the repayment of these mortgage loans. The following table provides a summary of the mortgage debts of the unconsolidated joint venture: Principal Balance Interest at June 30, Joint Venture (Unconsolidated) Rate Maturity Date 2023 (1) Mortgage notes payable (secured by one property in Florida) 3.60% (2) 10/1/2023 $ 56,980 Mortgage notes payable (secured by six properties in four states) 5.30% 10/1/2027 123,700 Mortgage notes payable (secured by 11 other properties in eight states) 3.33% 11/7/2029 350,000 Weighted average/total 3.82% (2) $ 530,680 (1) Amounts are not adjusted for our minority interest; none of the debt is recourse to us. (2) Includes the effect of mark to market purchase accounting. The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2023
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, floating and fixed rate loans, accounts payable, rents collected in advance, interest rate caps, security deposits and amounts due from or to related persons. At June 30, 2023 and December 31, 2022, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At June 30, 2023 At December 31, 2022 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Fixed rate loan, 4.31% interest rate, due in 2029 $ 646,941 $ 612,132 $ 646,669 $ 592,295 Fixed rate loan, 6.25% interest rate, due in 2030 89,994 94,568 — — Fixed rate loan, 3.67% interest rate, due in 2031 12,042 11,318 12,691 11,713 Fixed rate loan, 4.42% interest rate, due in 2032 694,991 609,028 694,704 623,133 Fixed rate loan, 4.14% interest rate, due in 2032 13,536 12,889 14,144 13,182 Fixed rate loan, 4.02% interest rate, due in 2033 29,797 27,684 30,949 28,195 Fixed rate loan, 4.13% interest rate, due in 2033 41,636 38,875 43,219 39,573 Fixed rate loan, 3.10% interest rate, due in 2035 25,310 22,166 26,175 22,373 Fixed rate loan, 2.95% interest rate, due in 2036 40,759 35,213 42,087 35,444 Fixed rate loan, 4.27% interest rate, due in 2037 44,991 41,946 46,109 41,880 Fixed rate loan, 3.25% interest rate, due in 2038 50,684 43,961 52,031 43,878 Fixed rate loan, 3.76% interest rate, due in 2028 (2) — — 13,556 12,784 Fixed rate loan, 3.77% interest rate, due in 2030 (2) — — 4,865 4,553 Fixed rate loan, 3.85% interest rate, due in 2030 (2) — — 5,145 4,829 Fixed rate loan, 3.56% interest rate, due in 2030 (2) — — 14,392 13,315 $ 1,690,681 $ 1,549,780 $ 1,646,736 $ 1,487,147 (1) Includes unamortized debt issuance costs, premiums and discounts of $9,073 and $8,628 as of June 30, 2023 and December 31, 2022, respectively. (2) This loan was repaid in May 2023. We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As 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 and non-recurring basis at fair value at June 30, 2023, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) At June 30, 2023 Recurring fair value measurements Investment in unconsolidated joint venture (1) $ 129,082 $ — $ — $ 129,082 Interest rate cap derivatives (2) $ 64,097 $ — $ 64,097 $ — Non-recurring fair value measurements Real estate properties (3) $ 1,414 $ — $ — $ 1,414 (1) The investment in the unconsolidated joint venture reflected in our condensed consolidated balance sheet is reported at fair value 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 7.00%, exit capitalization rates of between 4.95% and 6.00%, holding periods of approximately 10 years and market rents. Our 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 Notes 2, 4, 7 and 8 for more information regarding this joint venture. (2) Our derivative assets are carried at fair value as required by GAAP. The estimated fair values of the derivative assets are based on current market prices in secondary markets for similar derivative contracts (Level 2 inputs). See Notes 4 and 9 for more information regarding our derivatives and hedging activities.

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards: On June 1, 2023, in accordance with our Trustee compensation arrangements, we awarded to each of our seven Trustees 20,000 of our common shares, valued at $1.78 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day. Common Share Purchases: During the six months ended June 30, 2023, we purchased an aggregate of 8,086 of our common shares, valued at a weighted average price of $2.00 per common share, from certain former officers and employees of The RMR Group LLC, or RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions: During the six months ended June 30, 2023, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distribution January 12, 2023 January 23, 2023 February 16, 2023 $ 0.01 $ 656 April 13, 2023 April 24, 2023 May 18, 2023 0.01 656 $ 0.02 $ 1,312 On July 13, 2023, we declared a regular quarterly distribution to common shareholders of record on July 24, 2023 of $0.01 per share, or approximately $657. We expect to pay this distribution to our shareholders on or about August 17, 2023 using cash balances.

Business and Property Managemen

Business and Property Management Agreements with RMR	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Business and Property Management Agreements with RMR	Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Pursuant to our business management agreement with RMR, we recognized net business management fees of $5,656 and $11,382 for the three and six months ended June 30, 2023, respectively, and $6,957 and $11,356 for the three and six months ended June 30, 2022, respectively. Based on our common share total return, as defined in our business management agreement, as of June 30, 2023 and 2022, no incentive fees are included in the net business management fees we recognized for the three and six months ended June 30, 2023 or 2022. The actual amount of annual incentive fees for 2023, if any, will be based on our common share total return, as defined in our business management agreement, for the three-year period ending December 31, 2023, and will be payable in January 2024. We did not incur any incentive fee payable to RMR for the year ended December 31, 2022. We include business management fees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $3,370 and $6,822 for the three and six months ended June 30, 2023, respectively, and $2,764 and $5,527 for the three and six months ended June 30, 2022, respectively. Of these amounts, for the three and six months ended June 30, 2023, $3,133 and $6,452, respectively, were expensed to other operating expenses in our condensed consolidated financial statements and $237 and $370, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. For the three and six months ended June 30, 2022, $2,396 and $5,128, respectively, were expensed to other operating expenses in our condensed consolidated financial statements and $368 and $399, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function, or as otherwise agreed. Our property level operating expenses are generally incorporated into the rents charged to our tenants, including certain payroll and related costs incurred by RMR. We reimbursed RMR $2,000 and $3,841 for these expenses and costs for the three and six months ended June 30, 2023, respectively, and $1,704 and $3,308 for the three and six months ended June 30, 2022, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, in our condensed consolidated statements of comprehensive income (loss). Management Agreements Between Our Joint Ventures and RMR. We have two separate joint venture arrangements, our consolidated joint venture and the unconsolidated joint venture. See Notes 2, 4, 5, 8 and 9 for further information about these joint ventures. RMR provides management services to both of these joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to the unconsolidated joint venture. We are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding our consolidated joint venture; however, that joint venture pays management fees directly to RMR, and any such fees paid by our consolidated joint venture are credited against the fees payable by us to RMR. See Note 8 for further information regarding our relationships, agreements and transactions with RMR.

Related Person Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
Related Person Transactions	Related Person Transactions We have relationships and historical and continuing transactions with RMR, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Matthew P. Jordan, our other Managing Trustee, is an executive vice president and the chief financial officer and treasurer of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. John G. Murray, one of our Managing Trustees until June 1, 2022 and our President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our current officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Adam D. Portnoy serves as chair of the boards and as a managing trustee of those companies. Other officers of RMR, including Messrs. Jordan and Murray and certain of our officers, serve as managing trustees or officers of certain of these companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 7 for further information regarding our management agreements with RMR. Joint Ventures. We have two separate joint venture arrangements. RMR provides management services to each of these joint ventures. See Notes 2, 4, 5, 7 and 9 for further information regarding our joint ventures and RMR’s management agreements with our joint ventures. As of June 30, 2023 and December 31, 2022, we owed $556 and $616, respectively, to the unconsolidated joint venture for rents that we collected on behalf of that joint venture. These amounts are presented as due to related persons in our condensed consolidated balance sheet. We paid these amounts in January 2023 and July 2023, respectively. For further information about these and other such relationships and certain other related person transactions, see our 2022 Annual Report.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities Risk Management Objective of Using Derivatives We are exposed to certain risks relating to our ongoing business operations, including the impact of changes in interest rates. The only risk currently managed by us using derivative instruments is a part of our interest rate risk. We have an interest rate cap agreement to manage our interest rate risk exposure on each of the ILPT Floating Rate Loan and the Floating Rate Loan, both with interest payable at a rate equal to SOFR plus a premium. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, we only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which we or our related parties may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations. Cash Flow Hedges of Interest Rate Risk As required by Accounting Standards Codification 815, Derivatives and Hedging , we record all derivatives on the balance sheet at fair value. The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk as of June 30, 2023: Interest Rate Derivative Balance Sheet Line Item Underlying Instrument Number of Instruments Strike Rate Notional Amount Fair Value at June 30, 2023 Interest Rate Cap Other assets Floating Rate Loan (1) 1 3.40% $ 1,400,000 $ 19,022 Interest Rate Cap Other assets ILPT Floating Rate Loan 2 2.25% $ 1,235,000 $ 45,075 $ 64,097 (1) The Floating Rate Loan was entered into by our consolidated joint venture. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt. Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain recognized in cumulative other comprehensive income (loss) $ 20,025 $ 3,778 $ 16,249 $ 9,153 Amount reclassified from cumulative other comprehensive income (loss) into interest expense (8,004) 660 (13,006) 917 Unrealized gain on derivative instrument recognized in cumulative other comprehensive (loss) income, net $ 12,021 $ 4,438 $ 3,243 $ 10,070

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Basis of Presentation	The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or the Company, ILPT, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2022, or our 2022 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, and assessment of impairment of real estate and related intangibles.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2023
Real Estate [Abstract]
Schedule of Investment in Unconsolidated Joint Ventures	As of June 30, 2023, we had equity investments in our joint ventures that consisted of the following: ILPT Carrying Value ILPT of Investment Number of Square Joint Venture Presentation Ownership at June 30, 2023 Properties Location Feet Mountain Industrial REIT LLC Consolidated 61% N/A 94 Various 20,980,661 The Industrial Fund REIT LLC Unconsolidated 22% $ 129,082 18 Various 11,726,137

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases [Abstract]
Schedule of Impact of Tenants Revenue	The following table presents rental income recognized from these tenants for the three and six months ended June 30, 2023 and 2022: % of Rentable Rental Income Rental Income Square Three Months Ended Six Months Ended Tenant Feet 6/30/2023 6/30/2022 6/30/2023 6/30/2022 FedEx Corporation/ FedEx Ground Package System, Inc. 22.0 % $ 32,934 30.5 % $ 31,063 29.0 % $ 67,721 31.0 % $ 44,531 24.9 % Amazon.com Services, Inc./ Amazon.com Services LLC 7.6 % 7,326 6.8 % 7,236 6.7 % 14,841 6.8 % 12,852 7.2 % Total 29.6 % $ 40,260 37.3 % $ 38,299 35.7 % $ 82,562 37.8 % $ 57,383 32.1 %

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	As of June 30, 2023, our outstanding indebtedness consisted of the following: Net Book Value Principal Balance as of of Collateral June 30, December 31, Interest At June 30, Entity Type Secured By: 2023 (1) 2022 (1) Rate Maturity 2023 ILPT Floating Rate - Interest only 104 Properties $ 1,235,000 $ 1,235,000 6.18% 10/09/24 $ 1,056,804 ILPT Fixed Rate - Interest only 186 Properties 650,000 650,000 4.31% 02/07/29 490,023 ILPT Fixed Rate - Interest only 17 Properties 700,000 700,000 4.42% 03/09/32 511,664 Mountain JV (2) Floating Rate - Interest only 82 Properties 1,400,000 1,400,000 6.17% 03/09/24 1,883,377 Mountain JV (2) Fixed Rate - Interest only Four Properties 91,000 — 6.25% 06/10/30 190,883 Mountain JV (2) Fixed Rate - Amortizing One Property 12,042 12,691 3.67% 05/01/31 29,257 Mountain JV (2) Fixed Rate - Amortizing One Property 13,536 14,144 4.14% 07/01/32 44,143 Mountain JV (2) Fixed Rate - Amortizing One Property 29,797 30,949 4.02% 10/01/33 85,968 Mountain JV (2) Fixed Rate - Amortizing One Property 41,636 43,219 4.13% 11/01/33 130,644 Mountain JV (2) Fixed Rate - Amortizing One Property 25,310 26,175 3.10% 06/01/35 47,056 Mountain JV (2) Fixed Rate - Amortizing One Property 40,759 42,087 2.95% 01/01/36 100,502 Mountain JV (2) Fixed Rate - Amortizing One Property 44,991 46,109 4.27% 11/01/37 111,510 Mountain JV (2) Fixed Rate - Amortizing One Property 50,684 52,031 3.25% 01/01/38 115,042 Mountain JV (2) Fixed Rate - Amortizing One Property — 13,556 3.76% 10/01/28 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 4,865 3.77% 04/01/30 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 5,145 3.85% 04/01/30 N/A Mountain JV (2) Fixed Rate - Amortizing One Property — 14,392 3.56% 09/01/30 N/A Total indebtedness $ 4,334,755 $ 4,290,363 $ 4,796,873 Unamortized debt issuance costs (33,479) (45,862) Total indebtedness, net $ 4,301,276 $ 4,244,501 (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) Mountain JV is our consolidated joint venture in which we own a 61% equity interest . See Notes 2, 5, 7, 8 and 9 for more information regarding this joint venture. The following table provides a summary of the mortgage debts of the unconsolidated joint venture: Principal Balance Interest at June 30, Joint Venture (Unconsolidated) Rate Maturity Date 2023 (1) Mortgage notes payable (secured by one property in Florida) 3.60% (2) 10/1/2023 $ 56,980 Mortgage notes payable (secured by six properties in four states) 5.30% 10/1/2027 123,700 Mortgage notes payable (secured by 11 other properties in eight states) 3.33% 11/7/2029 350,000 Weighted average/total 3.82% (2) $ 530,680 (1) Amounts are not adjusted for our minority interest; none of the debt is recourse to us. (2) Includes the effect of mark to market purchase accounting. The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and the Estimated Fair Market Value of Mortgage Notes Payable	At June 30, 2023 and December 31, 2022, the fair value of our financial instruments approximated their carrying values in our condensed consolidated financial statements, due to their short term nature or floating interest rates, except as follows: At June 30, 2023 At December 31, 2022 Carrying Estimated Carrying Estimated Value (1) Fair Value Value (1) Fair Value Fixed rate loan, 4.31% interest rate, due in 2029 $ 646,941 $ 612,132 $ 646,669 $ 592,295 Fixed rate loan, 6.25% interest rate, due in 2030 89,994 94,568 — — Fixed rate loan, 3.67% interest rate, due in 2031 12,042 11,318 12,691 11,713 Fixed rate loan, 4.42% interest rate, due in 2032 694,991 609,028 694,704 623,133 Fixed rate loan, 4.14% interest rate, due in 2032 13,536 12,889 14,144 13,182 Fixed rate loan, 4.02% interest rate, due in 2033 29,797 27,684 30,949 28,195 Fixed rate loan, 4.13% interest rate, due in 2033 41,636 38,875 43,219 39,573 Fixed rate loan, 3.10% interest rate, due in 2035 25,310 22,166 26,175 22,373 Fixed rate loan, 2.95% interest rate, due in 2036 40,759 35,213 42,087 35,444 Fixed rate loan, 4.27% interest rate, due in 2037 44,991 41,946 46,109 41,880 Fixed rate loan, 3.25% interest rate, due in 2038 50,684 43,961 52,031 43,878 Fixed rate loan, 3.76% interest rate, due in 2028 (2) — — 13,556 12,784 Fixed rate loan, 3.77% interest rate, due in 2030 (2) — — 4,865 4,553 Fixed rate loan, 3.85% interest rate, due in 2030 (2) — — 5,145 4,829 Fixed rate loan, 3.56% interest rate, due in 2030 (2) — — 14,392 13,315 $ 1,690,681 $ 1,549,780 $ 1,646,736 $ 1,487,147 (1) Includes unamortized debt issuance costs, premiums and discounts of $9,073 and $8,628 as of June 30, 2023 and December 31, 2022, respectively. (2) This loan was repaid in May 2023.
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The table below presents certain of our assets measured on a recurring and non-recurring basis at fair value at June 30, 2023, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) At June 30, 2023 Recurring fair value measurements Investment in unconsolidated joint venture (1) $ 129,082 $ — $ — $ 129,082 Interest rate cap derivatives (2) $ 64,097 $ — $ 64,097 $ — Non-recurring fair value measurements Real estate properties (3) $ 1,414 $ — $ — $ 1,414 (1) The investment in the unconsolidated joint venture reflected in our condensed consolidated balance sheet is reported at fair value 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 7.00%, exit capitalization rates of between 4.95% and 6.00%, holding periods of approximately 10 years and market rents. Our 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 Notes 2, 4, 7 and 8 for more information regarding this joint venture. (2) Our derivative assets are carried at fair value as required by GAAP. The estimated fair values of the derivative assets are based on current market prices in secondary markets for similar derivative contracts (Level 2 inputs). See Notes 4 and 9 for more information regarding our derivatives and hedging activities.

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Schedule of Distributions Declared and Paid	During the six months ended June 30, 2023, we declared and paid regular quarterly distributions to common shareholders as follows: Declaration Date Record Date Payment Date Distribution Per Share Total Distribution January 12, 2023 January 23, 2023 February 16, 2023 $ 0.01 $ 656 April 13, 2023 April 24, 2023 May 18, 2023 0.01 656 $ 0.02 $ 1,312

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Swap Derivatives	The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk as of June 30, 2023: Interest Rate Derivative Balance Sheet Line Item Underlying Instrument Number of Instruments Strike Rate Notional Amount Fair Value at June 30, 2023 Interest Rate Cap Other assets Floating Rate Loan (1) 1 3.40% $ 1,400,000 $ 19,022 Interest Rate Cap Other assets ILPT Floating Rate Loan 2 2.25% $ 1,235,000 $ 45,075 $ 64,097 (1) The Floating Rate Loan was entered into by our consolidated joint venture.
Schedule of Effects on Consolidated Statements of Income and Comprehensive Income	Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Amount of gain recognized in cumulative other comprehensive income (loss) $ 20,025 $ 3,778 $ 16,249 $ 9,153 Amount reclassified from cumulative other comprehensive income (loss) into interest expense (8,004) 660 (13,006) 917 Unrealized gain on derivative instrument recognized in cumulative other comprehensive (loss) income, net $ 12,021 $ 4,438 $ 3,243 $ 10,070

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) $ in Thousands		1 Months Ended	3 Months Ended		4 Months Ended	6 Months Ended
	Mar. 31, 2022 property	Mar. 31, 2023 USD ($)	Jun. 30, 2023 USD ($) ft² property building state	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) ft² property building segment state	Jun. 30, 2022 USD ($)	Jul. 25, 2023 USD ($) ft² property
Real Estate Properties [Line Items]
Number of properties owned | property			413			413
Rentable square feet (in sqft) | ft²			59,983,000			59,983,000
Number of business segments | segment						1
Capital expenditures incurred			$ 7,651	$ 10,080		$ 12,582	$ 13,845
Commitments related to tenant improvements and leasing costs						$ 5,832
Tenant improvements (in sqft) | ft²			3,110,000			3,110,000
Committed but unspent tenant related obligations			$ 23,876			$ 23,876
Committed but unspent tenant related obligations expected to be spent in the next 12 months			6,481			6,481
Loss on impairment of real estate			$ 254	100,747		$ 254	100,747
Number of properties impaired | property			1
Number of real estate properties | property			2			2
Net loss attributable to noncontrolling interest			$ 10,752	7,782		$ 21,489	11,055
Equity in earnings of unconsolidated joint venture			2,743	1,610		6,704	3,337
Distributions of earnings from unconsolidated joint venture			990	1,322		1,980	2,642
Unrelated Third Party | Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Cash distributions			$ 225			$ 225
Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			39%			39%
Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Net loss attributable to noncontrolling interest			$ 10,676	7,781	$ 11,042	$ 21,404
Mountain Industrial REIT LLC | Other Joint Venture Investor
Real Estate Properties [Line Items]
Joint venture, total assets			3,092,534			3,092,534
Joint venture, liabilities			$ 1,775,802			$ 1,775,802
Twelve Mainland Properties
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²			11,726,000			11,726,000
Number of states where real estate is located | state			12			12
Ownership interest (as percent)			22%			22%
Number of properties contributed | property			18			18
Monmouth Real Estate Investment Corporation
Real Estate Properties [Line Items]
Loss on impairment of real estate			$ 100,747
Number of properties impaired | property			25
Number of real estate properties | property			30			30
Number of properties | property	30
Mainland Properties
Real Estate Properties [Line Items]
Aggregate sales price excluding closing costs			$ 36,864			$ 36,864
Mainland Properties | Disposal Group, Held-for-sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²			551,000			551,000
Number of real estate properties | property			2			2
Mainland Properties | Disposal Group, Disposed of by Sale, Not Discontinued Operations | Subsequent Event
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²								762,000
Number of real estate properties | property								3
Aggregate sales price								$ 65,265
Consolidated | Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Number of properties owned | property			94			94
Rentable square feet (in sqft) | ft²			20,980,661			20,980,661
Ownership interest (as percent)			61%			61%
Number of properties contributed | property			94			94
Joint Venture | The Industrial Fund REIT LLC
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²			11,726,137			11,726,137
Ownership interest (as percent)			22%			22%
Number of properties contributed | property			18			18
Hawaii
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²			16,729,000			16,729,000
Number of buildings, leasable land parcels easements | building			226			226
Other States
Real Estate Properties [Line Items]
Number of properties owned | property			187			187
Rentable square feet (in sqft) | ft²			43,254,000			43,254,000
Number of states where real estate is located | state			38			38
Everett, WA | Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations
Real Estate Properties [Line Items]
Proceeds from sale of real estate		$ 270
Losses on sale of real estate		$ 974
Somerset, New Jersey | Mountain Industrial REIT LLC | Unrelated Third Party
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners			33%			33%
Somerset, New Jersey | Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Ownership interest (as percent)			67%			67%
Number of properties | property						1
Net loss attributable to noncontrolling interest			$ 76	$ 1		$ 85	$ 13

Real Estate Investments - Joint

Real Estate Investments - Joint Venture Activities (Details) $ in Thousands	Jun. 30, 2023 USD ($) ft² property	Dec. 31, 2022 USD ($)
Unconsolidated
Investment in unconsolidated joint venture | $	$ 129,082	$ 124,358
Rentable square feet (in sqft)	59,983,000
Mountain Industrial REIT LLC | Consolidated
Unconsolidated
Ownership interest (as percent)	61%
Number of properties contributed | property	94
Rentable square feet (in sqft)	20,980,661
The Industrial Fund REIT LLC | Joint Venture
Unconsolidated
Ownership interest (as percent)	22%
Investment in unconsolidated joint venture | $	$ 129,082
Number of properties contributed | property	18
Rentable square feet (in sqft)	11,726,137

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	3 Months Ended		4 Months Ended	6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Straight line rental income	$ 3,355	$ 3,220		$ 7,117	$ 4,376
Certain variable payments	$ 18,291	16,828		$ 39,390	$ 29,407
Number of properties subject to ground leases | property	3			3
Lessee, number of properties under an operating lease | property				1
Right-of-use asset	$ 4,867			$ 4,867		$ 5,084
Operating lease liability	4,943			4,943		$ 5,149
Sublease revenue	$ 28	$ 91	$ 179	$ 129
Percentage of leased rentable square footage	5%			5%
Sales Revenue, Net | Geographic Concentration Risk | Hawaii
Lessor, Lease, Description [Line Items]
Concentration risk	28.10%	29.80%		27.80%	32.80%

Leases - Schedule of Impact of

Leases - Schedule of Impact of Tenants Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Lessor, Lease, Description [Line Items]
Rental income	$ 108,043	$ 107,222	$ 218,301	$ 178,597
FedEx Corporation/ FedEx Ground Package System, Inc.
Lessor, Lease, Description [Line Items]
Percentage of rentable square feet	22%		22%
Rental income	$ 32,934	$ 31,063	$ 67,721	$ 44,531
FedEx Corporation/ FedEx Ground Package System, Inc. | Sales Revenue, Net | Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Rentable income percentage	30.50%	29%	31%	24.90%
Amazon.com Services, Inc./ Amazon.com Services LLC
Lessor, Lease, Description [Line Items]
Percentage of rentable square feet	7.60%		7.60%
Rental income	$ 7,326	$ 7,236	$ 14,841	$ 12,852
Amazon.com Services, Inc./ Amazon.com Services LLC | Sales Revenue, Net | Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Rentable income percentage	6.80%	6.70%	6.80%	7.20%
Two Major Customers
Lessor, Lease, Description [Line Items]
Percentage of rentable square feet	29.60%		29.60%
Rental income	$ 40,260	$ 38,299	$ 82,562	$ 57,383
Two Major Customers | Sales Revenue, Net | Customer Concentration Risk
Lessor, Lease, Description [Line Items]
Rentable income percentage	37.30%	35.70%	37.80%	32.10%

Indebtedness - Schedule of Outs

Indebtedness - Schedule of Outstanding Indebtedness (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($) property state	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Total indebtedness	$ 4,334,755	$ 4,290,363
Unamortized debt issuance costs	(33,479)	(45,862)
Total indebtedness, net	4,301,276	4,244,501
Net book value of collateral	$ 4,796,873
Mountain Industrial REIT LLC
Debt Instrument [Line Items]
Percentage of interest in subsidiaries	61%
Fixed rate loan, 3.67% interest rate, due in 2031
Debt Instrument [Line Items]
Interest rate (as a percent)	3.67%
Fixed rate loan, 4.02% interest rate, due in 2033
Debt Instrument [Line Items]
Interest rate (as a percent)	4.02%
Fixed rate loan, 4.13% interest rate, due in 2033
Debt Instrument [Line Items]
Interest rate (as a percent)	4.13%
Fixed rate loan, 3.10% interest rate, due in 2035
Debt Instrument [Line Items]
Interest rate (as a percent)	3.10%
Fixed rate loan, 2.95% interest rate, due in 2036
Debt Instrument [Line Items]
Interest rate (as a percent)	2.95%
Fixed rate loan, 4.27% interest rate, due in 2037
Debt Instrument [Line Items]
Interest rate (as a percent)	4.27%
Fixed rate loan, 3.25% interest rate, due in 2038
Debt Instrument [Line Items]
Interest rate (as a percent)	3.25%
Fixed rate loan, 3.76% interest rate, due in 2028
Debt Instrument [Line Items]
Interest rate (as a percent)	3.76%
Fixed rate loan, 3.77% interest rate, due in 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	3.77%
Fixed rate loan, 3.85% interest rate, due in 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	3.85%
Fixed rate loan, 3.56% interest rate, due in 2030
Debt Instrument [Line Items]
Interest rate (as a percent)	3.56%
Floating Rate Loan
Debt Instrument [Line Items]
Total indebtedness, net	$ 1,400
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Total indebtedness	$ 1,235,000	1,235,000
Interest rate (as a percent)	6.18%
Net book value of collateral	$ 1,056,804
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	82
Total indebtedness	$ 1,400,000	1,400,000
Interest rate (as a percent)	6.17%
Net book value of collateral	$ 1,883,377
Fixed Rate Loan | Fixed Rate Loan, 4.31%, due in 2029
Debt Instrument [Line Items]
Total indebtedness	$ 650,000	650,000
Interest rate (as a percent)	4.31%
Net book value of collateral	$ 490,023
Fixed Rate Loan | Fixed Rate Loan, 4.42%, due in 2032
Debt Instrument [Line Items]
Total indebtedness	$ 700,000	700,000
Interest rate (as a percent)	4.42%
Net book value of collateral	$ 511,664
Fixed Rate Loan | Fixed rate loan, 6.25% due in 2030
Debt Instrument [Line Items]
Total indebtedness	$ 91,000	0
Interest rate (as a percent)	6.25%
Net book value of collateral	$ 190,883
Fixed Rate Loan | Fixed rate loan, 3.67% interest rate, due in 2031
Debt Instrument [Line Items]
Total indebtedness	$ 12,042	12,691
Interest rate (as a percent)	3.67%
Net book value of collateral	$ 29,257
Fixed Rate Loan | Fixed Rate Loan, 4.14%, due in 2032
Debt Instrument [Line Items]
Total indebtedness	$ 13,536	14,144
Interest rate (as a percent)	4.14%
Net book value of collateral	$ 44,143
Fixed Rate Loan | Fixed rate loan, 4.02% interest rate, due in 2033
Debt Instrument [Line Items]
Total indebtedness	$ 29,797	30,949
Interest rate (as a percent)	4.02%
Net book value of collateral	$ 85,968
Fixed Rate Loan | Fixed rate loan, 4.13% interest rate, due in 2033
Debt Instrument [Line Items]
Total indebtedness	$ 41,636	43,219
Interest rate (as a percent)	4.13%
Net book value of collateral	$ 130,644
Fixed Rate Loan | Fixed rate loan, 3.10% interest rate, due in 2035
Debt Instrument [Line Items]
Total indebtedness	$ 25,310	26,175
Interest rate (as a percent)	3.10%
Net book value of collateral	$ 47,056
Fixed Rate Loan | Fixed rate loan, 2.95% interest rate, due in 2036
Debt Instrument [Line Items]
Total indebtedness	$ 40,759	42,087
Interest rate (as a percent)	2.95%
Net book value of collateral	$ 100,502
Fixed Rate Loan | Fixed rate loan, 4.27% interest rate, due in 2037
Debt Instrument [Line Items]
Total indebtedness	$ 44,991	46,109
Interest rate (as a percent)	4.27%
Net book value of collateral	$ 111,510
Fixed Rate Loan | Fixed rate loan, 3.25% interest rate, due in 2038
Debt Instrument [Line Items]
Total indebtedness	$ 50,684	52,031
Interest rate (as a percent)	3.25%
Net book value of collateral	$ 115,042
Fixed Rate Loan | Fixed rate loan, 3.76% interest rate, due in 2028
Debt Instrument [Line Items]
Total indebtedness	$ 0	13,556
Interest rate (as a percent)	3.76%
Fixed Rate Loan | Fixed rate loan, 3.77% interest rate, due in 2030
Debt Instrument [Line Items]
Total indebtedness	$ 0	4,865
Interest rate (as a percent)	3.77%
Fixed Rate Loan | Fixed rate loan, 3.85% interest rate, due in 2030
Debt Instrument [Line Items]
Total indebtedness	$ 0	5,145
Interest rate (as a percent)	3.85%
Fixed Rate Loan | Fixed rate loan, 3.56% interest rate, due in 2030
Debt Instrument [Line Items]
Total indebtedness	$ 0	$ 14,392
Interest rate (as a percent)	3.56%
Mortgage note payable
Debt Instrument [Line Items]
Total indebtedness	$ 530,680
Weighted average interest rate (as a percent)	3.82%
Mortgage note payable | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	104
Mortgage note payable | Fixed Rate Loan, 4.31%, due in 2029
Debt Instrument [Line Items]
Number of properties used as collateral | property	186
Mortgage note payable | Fixed Rate Loan, 4.42%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	17
Mortgage note payable | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	82
Mortgage note payable | Fixed rate loan, 6.25% due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	4
Mortgage note payable | Fixed rate loan, 3.67% interest rate, due in 2031
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed Rate Loan, 4.14%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 4.02% interest rate, due in 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 4.13% interest rate, due in 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.10% interest rate, due in 2035
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 2.95% interest rate, due in 2036
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 4.27% interest rate, due in 2037
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.25% interest rate, due in 2038
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.76% interest rate, due in 2028
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.77% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.85% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Fixed rate loan, 3.56% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Mortgage note payable | Mortgage Note Payable, 3.60%, Due In 2023
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total indebtedness	$ 56,980
Interest rate (as a percent)	3.60%
Mortgage note payable | Mortgage Note Payable, 5.3%, Due In 2027
Debt Instrument [Line Items]
Number of properties used as collateral | property	6
Total indebtedness	$ 123,700
Interest rate (as a percent)	3.33%
Number of states with properties securing debt | state	4
Mortgage note payable | Mortgage Note Payable 3.33% Due in 2029
Debt Instrument [Line Items]
Number of properties used as collateral | property	11
Total indebtedness	$ 350,000
Interest rate (as a percent)	5.30%
Number of states with properties securing debt | state	8

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	May 31, 2023 USD ($) mortgage property	Jun. 30, 2023 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) option property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 4,301,276		$ 4,301,276		$ 4,244,501
Number of outstanding mortgage loans | mortgage	4
Aggregate outstanding principal balance		4,334,755		4,334,755		4,290,363
Loss on extinguishment of debt		$ 359	$ 0	$ 359	$ 828
Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		3.61%		3.38%
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Debt outstanding		$ 1,235		$ 1,235
Number of properties used as collateral | property				104
Number of options to extend maturity date | option				3
Extension period				1 year
Interest rate (as a percent)		6.18%		6.18%
Weighted average interest rate (as a percent)		6.18%		6.18%
Prepayment terms without premium amount		$ 247		$ 247
ILPT Floating Rate Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.25%
ILPT Floating Rate Loan | Secured Overnight Financing Rate (SOFR) | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.93%
Floating Rate Loan
Debt Instrument [Line Items]
Debt outstanding		$ 1,400		$ 1,400
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Interest rate (as a percent)		6.18%		6.18%
Aggregate outstanding principal balance		$ 1,235,000		$ 1,235,000		1,235,000
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property				82
Number of options to extend maturity date | option				3
Extension period				1 year
Interest rate (as a percent)		6.17%		6.17%
Weighted average interest rate (as a percent)		6.17%
Prepayment terms without premium amount		$ 280		$ 280
Aggregate outstanding principal balance		1,400,000		$ 1,400,000		$ 1,400,000
Floating Rate Loan | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.40%
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.77%
Mortgage note payable
Debt Instrument [Line Items]
Aggregate outstanding principal balance		$ 530,680		$ 530,680
Weighted average interest rate (as a percent)		3.82%		3.82%
Mortgage note payable | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property				104
Mortgage note payable | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property				82
Mortgage note payable | Fixed Rate Loan, 6.25%, Due in 2030 | Joint Venture
Debt Instrument [Line Items]
Number of properties used as collateral | property	4
Debt instrument, face amount	$ 91,000
Annual interest rate (as a percent)	6.25%
Aggregate outstanding principal balance	$ 35,910
Weighted average interest rate (as a percent)	3.70%
Loss on extinguishment of debt	$ 359

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Fixed rate loan	$ 4,301,276	$ 4,244,501
Unamortized premiums	$ 9,073	8,628
Fixed rate loan, 4.31% interest rate, due in 2029
Fair Value of Financial Instruments
Interest rate (as a percent)	4.31%
Fixed rate loan, 6.25% interest rate, due in 2030
Fair Value of Financial Instruments
Interest rate (as a percent)	6.25%
Fixed rate loan, 3.67% interest rate, due in 2031
Fair Value of Financial Instruments
Interest rate (as a percent)	3.67%
Fixed rate loan, 4.42% interest rate, due in 2032
Fair Value of Financial Instruments
Interest rate (as a percent)	4.42%
Fixed rate loan, 4.14% interest rate, due in 2032
Fair Value of Financial Instruments
Interest rate (as a percent)	4.14%
Fixed rate loan, 4.02% interest rate, due in 2033
Fair Value of Financial Instruments
Interest rate (as a percent)	4.02%
Fixed rate loan, 4.13% interest rate, due in 2033
Fair Value of Financial Instruments
Interest rate (as a percent)	4.13%
Fixed rate loan, 3.10% interest rate, due in 2035
Fair Value of Financial Instruments
Interest rate (as a percent)	3.10%
Fixed rate loan, 2.95% interest rate, due in 2036
Fair Value of Financial Instruments
Interest rate (as a percent)	2.95%
Fixed rate loan, 4.27% interest rate, due in 2037
Fair Value of Financial Instruments
Interest rate (as a percent)	4.27%
Fixed rate loan, 3.25% interest rate, due in 2038
Fair Value of Financial Instruments
Interest rate (as a percent)	3.25%
Fixed rate loan, 3.76% interest rate, due in 2028
Fair Value of Financial Instruments
Interest rate (as a percent)	3.76%
Fixed rate loan, 3.77% interest rate, due in 2030
Fair Value of Financial Instruments
Interest rate (as a percent)	3.77%
Fixed rate loan, 3.85% interest rate, due in 2030
Fair Value of Financial Instruments
Interest rate (as a percent)	3.85%
Fixed rate loan, 3.56% interest rate, due in 2030
Fair Value of Financial Instruments
Interest rate (as a percent)	3.56%
Carrying Amount
Fair Value of Financial Instruments
Long-term debt	$ 1,690,681	1,646,736
Carrying Amount | Fixed rate loan, 4.31% interest rate, due in 2029
Fair Value of Financial Instruments
Fixed rate loan	646,941	646,669
Carrying Amount | Fixed rate loan, 6.25% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	89,994	0
Carrying Amount | Fixed rate loan, 3.67% interest rate, due in 2031
Fair Value of Financial Instruments
Fixed rate loan	12,042	12,691
Carrying Amount | Fixed rate loan, 4.42% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	694,991	694,704
Carrying Amount | Fixed rate loan, 4.14% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	13,536	14,144
Carrying Amount | Fixed rate loan, 4.02% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	29,797	30,949
Carrying Amount | Fixed rate loan, 4.13% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	41,636	43,219
Carrying Amount | Fixed rate loan, 3.10% interest rate, due in 2035
Fair Value of Financial Instruments
Fixed rate loan	25,310	26,175
Carrying Amount | Fixed rate loan, 2.95% interest rate, due in 2036
Fair Value of Financial Instruments
Fixed rate loan	40,759	42,087
Carrying Amount | Fixed rate loan, 4.27% interest rate, due in 2037
Fair Value of Financial Instruments
Fixed rate loan	44,991	46,109
Carrying Amount | Fixed rate loan, 3.25% interest rate, due in 2038
Fair Value of Financial Instruments
Fixed rate loan	50,684	52,031
Carrying Amount | Fixed rate loan, 3.76% interest rate, due in 2028
Fair Value of Financial Instruments
Fixed rate loan	0	13,556
Carrying Amount | Fixed rate loan, 3.77% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	0	4,865
Carrying Amount | Fixed rate loan, 3.85% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	0	5,145
Carrying Amount | Fixed rate loan, 3.56% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	0	14,392
Estimated Fair Value
Fair Value of Financial Instruments
Long-term debt	1,549,780	1,487,147
Estimated Fair Value | Fixed rate loan, 4.31% interest rate, due in 2029
Fair Value of Financial Instruments
Fixed rate loan	612,132	592,295
Estimated Fair Value | Fixed rate loan, 6.25% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	94,568	0
Estimated Fair Value | Fixed rate loan, 3.67% interest rate, due in 2031
Fair Value of Financial Instruments
Fixed rate loan	11,318	11,713
Estimated Fair Value | Fixed rate loan, 4.42% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	609,028	623,133
Estimated Fair Value | Fixed rate loan, 4.14% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	12,889	13,182
Estimated Fair Value | Fixed rate loan, 4.02% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	27,684	28,195
Estimated Fair Value | Fixed rate loan, 4.13% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	38,875	39,573
Estimated Fair Value | Fixed rate loan, 3.10% interest rate, due in 2035
Fair Value of Financial Instruments
Fixed rate loan	22,166	22,373
Estimated Fair Value | Fixed rate loan, 2.95% interest rate, due in 2036
Fair Value of Financial Instruments
Fixed rate loan	35,213	35,444
Estimated Fair Value | Fixed rate loan, 4.27% interest rate, due in 2037
Fair Value of Financial Instruments
Fixed rate loan	41,946	41,880
Estimated Fair Value | Fixed rate loan, 3.25% interest rate, due in 2038
Fair Value of Financial Instruments
Fixed rate loan	43,961	43,878
Estimated Fair Value | Fixed rate loan, 3.76% interest rate, due in 2028
Fair Value of Financial Instruments
Fixed rate loan	0	12,784
Estimated Fair Value | Fixed rate loan, 3.77% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	0	4,553
Estimated Fair Value | Fixed rate loan, 3.85% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	0	4,829
Estimated Fair Value | Fixed rate loan, 3.56% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	$ 0	$ 13,315

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) property	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Fair Value of Financial Instruments
Real estate properties	$ 4,812,760		$ 4,812,760		$ 4,902,641
Loss on impairment of real estate	$ 254	$ 100,747	$ 254	$ 100,747
Number of properties impaired | property	1
Number of properties | property	2		2
Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Holding period			10 years
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.0525		0.0525
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Exit Capitalization Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.0495		0.0495
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Discount Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.0700		0.0700
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Exit Capitalization Rate
Fair Value of Financial Instruments
Unconsolidated joint venture measurement input	0.0600		0.0600
Fair Value, Recurring
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	$ 129,082		$ 129,082
Interest rate cap derivatives	64,097		64,097
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Investments in unconsolidated joint venture	0		0
Interest rate cap derivatives	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	129,082		129,082
Interest rate cap derivatives	0		0
Fair Value, Nonrecurring
Fair Value of Financial Instruments
Real estate properties	1,414		1,414
Fair Value, Nonrecurring | Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Real estate properties	0		0
Fair Value, Nonrecurring | Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Real estate properties	0		0
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Real estate properties	$ 1,414		$ 1,414

Shareholders' Equity (Details)

Shareholders' Equity (Details) $ / shares in Units, $ in Thousands					3 Months Ended				6 Months Ended
	Jul. 13, 2023 USD ($) $ / shares	May 18, 2023 USD ($) $ / shares	Feb. 16, 2023 USD ($) $ / shares	Jun. 01, 2022 trustee $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Mar. 31, 2023 USD ($) shares	Jun. 30, 2022 USD ($)	Mar. 31, 2022 USD ($) shares	Jun. 30, 2023 USD ($) $ / shares shares
Shareholders' Equity
Number of officers | trustee				7
Dividends paid (in dollars per share)		$ 0.01	$ 0.01						$ 0.02
Total Distribution | $		$ 656	$ 656		$ 656	$ 656	$ 21,583	$ 21,584	$ 1,312
Subsequent Event
Shareholders' Equity
Common distributions declared (in dollars per share)	$ 0.01
Dividends payable | $	$ 657
Common shares
Shareholders' Equity
Share repurchases to pay for tax withholding (in shares) | shares					7,110	976		333	8,086
Share price (in dollars per share)					$ 2				$ 2
Trustee
Shareholders' Equity
Common shares granted (in shares) | shares				20,000
Common share price (in usd per share)				$ 1.78

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023 USD ($) employee agreement	Jun. 30, 2022 USD ($)	Jun. 30, 2023 USD ($) employee agreement	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0		0
Other operating expenses	$ 8,519,000	$ 7,053,000	$ 17,837,000	$ 13,825,000
Related Party
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Management fee expense	$ 5,656,000	6,957,000	$ 11,382,000	11,356,000
Incentive fee expense	$ 0	0	$ 0	0	$ 0
Management service agreement term			3 years
Number of joint venture agreements | agreement	2		2
Reit Management And Research L L C | Related Party
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	$ 3,370,000	2,764,000	$ 6,822,000	5,527,000
Expensed Property Management and Construction Supervision Fees | Related Party
Related Party Transaction [Line Items]
Other operating expenses	3,133,000	2,396,000	6,452,000	5,128,000
Capitalized Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	237,000	368,000	370,000	399,000
Reimbursed Property Level Operating Expenses
Related Party Transaction [Line Items]
Related party transaction, amount	$ 2,000,000	$ 1,704,000	$ 3,841,000	$ 3,308,000

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	Jun. 30, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Related Party
Related Party Transaction [Line Items]
Number of management service agreements	2
Number of joint venture agreements	2
Accounts payable and other liabilities | $	$ 5,148	$ 4,824
Joint Venture
Related Party Transaction [Line Items]
Number of joint venture agreements	2
Accounts payable and other liabilities | $	$ 556	$ 616

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Interest Rate Cap Agreements (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands	Jun. 30, 2023 USD ($) derivative_instrument
Derivative Instruments, Gain (Loss) [Line Items]
Fair value	$ 64,097
Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Number of Instruments | derivative_instrument	1
Strike Rate	3.40%
Notional Amount	$ 1,400,000
Fair value	$ 19,022
ILPT Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Number of Instruments | derivative_instrument	2
Strike Rate	2.25%
Notional Amount	$ 1,235,000
Fair value	$ 45,075

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of gain recognized in cumulative other comprehensive income (loss)	$ 20,025	$ 3,778	$ 16,249	$ 9,153
Amount reclassified from cumulative other comprehensive income (loss) into interest expense	(8,004)	660	(13,006)	917
Unrealized gain on derivative instrument recognized in cumulative other comprehensive (loss) income, net	$ 12,021	$ 4,438	$ 3,243	$ 10,070