Industrial Logistics Properties Trust (ILPT) 10-Q 25 Oct 23 2023 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2023	Oct. 23, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		65,843,823
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2023		Dec. 31, 2022
Real estate properties:
Land	$ 1,110,279		$ 1,117,779
Buildings and improvements	4,017,355		4,058,329
Total real estate properties, gross	5,127,634		5,176,108
Accumulated depreciation	(361,814)		(273,467)
Total real estate properties, net	4,765,820		4,902,641
Assets of properties held for sale	57,606		0
Investment in unconsolidated joint venture	124,411		124,358
Acquired real estate leases, net	254,968		297,445
Cash and cash equivalents	83,283		48,261
Restricted cash	139,220	[1]	92,519
Rents receivable, including straight line rents of $91,218 and $80,710, respectively	113,665		107,011
Other assets, net	95,342		103,931
Total assets	5,634,315		5,676,166
LIABILITIES AND EQUITY
Mortgages and notes payable, net	4,303,631		4,244,501
Liabilities of properties held for sale	1,156		0
Assumed real estate lease obligations, net	19,466		22,523
Total liabilities	4,416,177		4,345,395
Commitments and contingencies
Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,845,073 and 65,568,145 shares issued and outstanding, respectively	658		656
Additional paid in capital	1,015,468		1,014,201
Cumulative net income	40,436		117,185
Cumulative other comprehensive income	22,142		21,903
Cumulative common distributions	(365,189)		(363,221)
Total equity attributable to common shareholders	713,515		790,724
Noncontrolling interest	504,623		540,047
Total equity	1,218,138		1,330,771
Total liabilities and equity	5,634,315		5,676,166
Nonrelated Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	86,028		73,547
Related Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	$ 5,896		$ 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.

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Straight line rents	$ 91,218	$ 80,710
Common stock, par value per share (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	100,000,000	100,000,000
Common shares, shares issued (in shares)	65,845,073	65,568,145
Common shares, shares outstanding (in shares)	65,845,073	65,568,145

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Revenues [Abstract]
Rental income	$ 110,142	$ 103,215	$ 328,443	$ 281,812
Expenses:
Real estate taxes	14,926	13,749	46,493	36,460
Other operating expenses	9,907	8,453	27,744	22,278
Depreciation and amortization	43,912	48,519	134,278	114,096
General and administrative	7,712	9,110	23,750	24,896
Acquisition and other transaction related costs	0	586	0	586
Loss on impairment of real estate	0	0	254	100,747
Total expenses	76,457	80,417	232,519	299,063
Interest and other income	2,397	1,068	5,340	1,900
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,743, $35,496, $20,177, and $90,265, respectively)	(72,941)	(89,739)	(215,558)	(208,286)
Loss on sale of real estate	0	0	(974)	(10)
Loss on equity securities	0	0	0	(5,758)
Loss on early extinguishment of debt	0	(21,370)	(359)	(22,198)
Loss before income tax expense and equity in earnings of unconsolidated joint venture	(36,859)	(87,243)	(115,627)	(251,603)
Income tax expense	(51)	(28)	(113)	(113)
Equity in earnings of unconsolidated joint venture		3,297	7,423	6,634
Net loss	(36,191)	(83,974)	(108,317)	(245,082)
Net loss attributable to noncontrolling interest	10,079	38,347	31,568	49,402
Net loss attributable to common shareholders	(26,112)	(45,627)	(76,749)	(195,680)
Other comprehensive income:
Unrealized (loss) gain on derivative instrument recognized in cumulative other comprehensive loss	(6,635)	8,847	(3,392)	18,917
Less: unrealized loss (gain) on derivatives attributable to noncontrolling interest	2,290	(4,119)	3,631	(6,617)
Other comprehensive (loss) income attributable to common shareholders	(4,345)	4,728	239	12,300
Comprehensive loss attributable to common shareholders	$ (30,457)	$ (40,899)	$ (76,510)	$ (183,380)
Weighted average common shares outstanding - basic (in shares)	65,488	65,250	65,389	65,228
Weighted average common shares outstanding - diluted (in shares)	65,488	65,250	65,389	65,228
Per common share data (basic and diluted):
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.40)	$ (0.70)	$ (1.17)	$ (3)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.40)	$ (0.70)	$ (1.17)	$ (3)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Amortization of debt issuance costs and premium	$ 6,743	$ 35,496	$ 20,177	$ 90,265

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	(9,787)	(6,514)			(6,514)			(3,273)
Share grants, repurchases and forfeitures (in shares)			(733)
Share grants, repurchases and forfeitures	398	398		398
Other comprehensive income (loss)	5,632	3,908				3,908		1,724
Contributions from noncontrolling interest	591,268							591,268
Distributions to common shareholders	(21,584)	(21,584)					(21,584)
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	(151,321)	(143,539)			(143,539)			(7,782)
Share grants, repurchases and forfeitures (in shares)			23,600
Share grants, repurchases and forfeitures	796	796		796
Other comprehensive income (loss)	4,438	3,664				3,664		774
Distributions to noncontrolling interest	(1,365)							(1,365)
Distributions to common shareholders	(21,583)	(21,583)					(21,583)
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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(83,974)	(45,627)			(45,627)			(38,347)
Share grants, repurchases and forfeitures (in shares)			141,245
Share grants, repurchases and forfeitures	386	386	$ 2	384
Other comprehensive income (loss)	8,847	4,728				4,728		4,119
Contributions from noncontrolling interest	1,971							1,971
Distributions to common shareholders	(654)	(654)					(654)
Ending balance (in shares) at Sep. 30, 2022			65,568,704
Ending balance at Sep. 30, 2022	$ 1,361,510	812,421	$ 656	1,013,802	148,228	12,300	(362,565)	549,089
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	(35,546)	(24,809)			(24,809)			(10,737)
Share grants, repurchases and forfeitures (in shares)			(2,176)
Share grants, repurchases and forfeitures	384	384		384
Other comprehensive income (loss)	(8,778)	(7,018)				(7,018)		(1,760)
Distributions to common shareholders	(656)	(656)					(656)
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]
Distributions to common shareholders	$ (1,968)
Ending balance (in shares) at Sep. 30, 2023	65,845,073		65,845,073
Ending balance at Sep. 30, 2023	$ 1,218,138	713,515	$ 658	1,015,468	40,436	22,142	(365,189)	504,623
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	(36,580)	(25,828)			(25,828)			(10,752)
Share grants, repurchases and forfeitures (in shares)			131,990
Share grants, repurchases and forfeitures	554	554	$ 1	553
Other comprehensive income (loss)	12,021	11,602				11,602		419
Distributions to noncontrolling interest	(225)							(225)
Distributions to common shareholders	(656)	(656)					(656)
Ending balance (in shares) at Jun. 30, 2023			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
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(36,191)	(26,112)			(26,112)			(10,079)
Share grants, repurchases and forfeitures (in shares)			147,114
Share grants, repurchases and forfeitures	331	331	$ 1	330
Other comprehensive income (loss)	(6,635)	(4,345)				(4,345)		(2,290)
Distributions to common shareholders	$ (656)	(656)					(656)
Ending balance (in shares) at Sep. 30, 2023	65,845,073		65,845,073
Ending balance at Sep. 30, 2023	$ 1,218,138	$ 713,515	$ 658	$ 1,015,468	$ 40,436	$ 22,142	$ (365,189)	$ 504,623

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2023	Sep. 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (108,317)	$ (245,082)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		93,545	75,014
Loss on impairment of real estate		254	100,747
Net amortization of debt issuance costs, premiums and discounts		20,177	90,265
Amortization of acquired real estate leases and assumed real estate lease obligations		38,275	33,680
Amortization of deferred leasing costs		1,723	1,170
Loss on equity securities		0	5,758
Straight line rental income		(10,531)	(8,170)
Loss on early extinguishment of debt		359	22,198
Loss on sale of real estate		974	10
Proceeds from settlement of derivatives		(40,426)	0
Other non-cash expenses		19,865	4,443
Distributions of earnings from unconsolidated joint venture		2,970	3,962
Equity in earnings of unconsolidated joint venture		(7,423)	(6,634)
Change in assets and liabilities:
Rents receivable		3,260	(16,299)
Other assets		(11,459)	3,615
Accounts payable and other liabilities		9,745	14,921
Due to related persons		1,072	2,309
Net cash provided by operating activities		14,063	81,907
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions		0	(3,589,085)
Real estate improvements		(13,649)	(8,741)
Proceeds from sale of marketable securities		0	140,792
Proceeds from sale of real estate		243	0
Proceeds from settlement of derivatives		40,426	0
Distributions in excess of earnings from unconsolidated joint venture		4,400	0
Net cash provided by (used in) investing activities		31,420	(3,457,034)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable		91,000	3,335,000
Repayment of mortgage notes payable		(50,993)	(12,591)
Proceeds from secured bridge loan facility		0	1,385,158
Repayment of 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		(1,414)	(211,996)
Distributions to common shareholders		(1,968)	(43,821)
Proceeds from sale of noncontrolling interest, net		0	589,411
Repurchase of common shares		(160)	(239)
Distributions to noncontrolling interest		(225)	(1,365)
Net cash provided by financing activities		36,240	3,472,399
Increase in cash, cash equivalents and restricted cash		81,723	97,272
Cash, cash equivalents and restricted cash at beginning of period		140,780	29,397
Cash, cash equivalents and restricted cash at end of period		222,503	126,669
SUPPLEMENTAL DISCLOSURES:
Interest paid		218,369	113,748
Income taxes paid		85	223
Interest capitalized		545	68
NON-CASH INVESTING ACTIVITIES:
Real estate acquired by assumption of mortgage notes payable		0	323,432
Real estate improvements accrued not paid		2,810	7,165
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		83,283	26,381
Restricted cash	[1]	139,220	100,288
Total cash, cash equivalents and restricted cash shown in the statements of cash flows		$ 222,503	$ 126,669
[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.

Basis of Presentation

Basis of Presentation	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2023
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 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 in 27 states totaling approximately 20,981,000 rentable square feet, owned by a consolidated joint venture in which we own a 61% equity interest. As of September 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 $5,275 and $8,574 during the three months ended September 30, 2023 and 2022, respectively, and $17,857 and $22,419 for the nine months ended September 30, 2023 and 2022, respectively. During the nine months ended September 30, 2023, we committed $7,273 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 3,868,000 rentable square feet. Committed, but unspent, tenant related obligations based on existing leases as of September 30, 2023 were $5,923, of which $3,529 is expected to be spent during the next 12 months. Impairment 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 leasing 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. If the carrying value exceeds the projected undiscounted cash flows, 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 nine months ended September 30, 2023, we recognized a loss on impairment of real estate of $254 to reduce the carrying value of a property that was classified as held for sale at September 30, 2023 to its estimated sales price less costs to sell. During the nine months ended September 30, 2022, we recognized a $100,747 loss on impairment for 25 properties we acquired as part of our acquisition of Monmouth Real Estate Investment Corporation, or MNR, on February 25, 2022, to adjust the carrying value of these properties to their estimated fair value. Disposition Activities In March 2023, we received gross proceeds of $270 and recognized a $974 net loss on sale of real estate as a result of a property in Everett, Washington partially taken by eminent domain. As of September 30, 2023, we had three Mainland Properties with an aggregate carrying value of $56,944, classified as held for sale in our condensed consolidated balance sheet. As of October 25, 2023, one of these properties is under agreement to sell for a sales price of $21,500, excluding closing costs. This pending sale is subject to conditions; accordingly, we cannot be sure that we will complete this sale, that this sale will not be delayed or that the terms will not change. We terminated agreements to sell two of these properties for an aggregate sales price of $43,765 and we continue to market one of these two properties for sale. Consolidated Joint Venture We own a 61% equity interest in Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture, which owns 94 properties in 27 states totaling approximately 20,981,000 rentable square feet. 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 September 30, 2023 and 2022, for the nine months ended September 30, 2023 and the period from this joint venture’s formation date, February 25, 2022 to September 30, 2022. The portion of this joint venture's net loss not attributable to us, or $10,238 and $38,318, for the three months ended September 30, 2023 and 2022, respectively, and $31,642 and $49,360 for the nine months ended September 30, 2023 and for the period from February 25, 2022 to September 30, 2022, respectively, is reported as net loss attributable to noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). As of September 30, 2023, our consolidated joint venture had total assets of $3,065,834 and total liabilities of $1,781,222. Consolidated Tenancy in Common An unrelated third party owns an approximate 33% tenancy in common interest in one property located in Somerset, New Jersey with approximately 64,000 rentable square feet, and we own the remaining 67% tenancy in common interest in this property. The portion of this property’s net income (loss) not attributable to us, or $159 and ($29), for the three months ended September 30, 2023 and 2022, respectively, and $74 and ($42) for the nine months ended September 30, 2023 and the period from the date we acquired our interest in this property, February 25, 2022 to September 30, 2022, respectively, is reported as net loss attributable to noncontrolling interest in our condensed consolidated statements of comprehensive income (loss). During the nine months ended September 30, 2023, this tenancy in common made cash distributions of $225 to the unrelated third party investor, which is reflected as a decrease in noncontrolling interest in our condensed consolidated balance sheet. Unconsolidated Joint Venture We own a 22% equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture, which owns 18 industrial properties located in 12 states totaling approximately 11,726,000 rentable square feet. We account for the unconsolidated joint venture under the equity method of accounting under the fair value option. We recognize changes in the fair value of our investment in the unconsolidated joint venture as equity in earnings of the unconsolidated joint venture in our condensed consolidated statements of comprehensive income (loss).

Leases

Leases	9 Months Ended
	Sep. 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 $3,414 and $3,794 to record revenue on a straight line basis during the three months ended September 30, 2023 and 2022, respectively, and $10,531 and $8,170 for the nine months ended September 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 $19,310 and $16,664 for the three months ended September 30, 2023 and 2022, respectively, and $58,700 and $46,071 for the nine months ended September 30, 2023 and 2022, respectively. 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. We define annualized rental revenues as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Right of Use Assets and Lease Liabilities We are the lessee for three of our properties subject to ground leases and one office property that we assumed as part of our acquisition of MNR. For leases with a term greater than 12 months under which we are the lessee, we are required to record a right of use asset and lease liability. The values of our right of use assets and related lease liabilities were $4,757 and $4,837, respectively, as of September 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 sublease a portion of our office property assumed in the acquisition of MNR. Rent expense incurred under this lease, net of sublease revenue, was $12 and $176 for three months ended September 30, 2023 and 2022, respectively, and $141 and $355 for the nine months ended September 30, 2023 and the period from February 25, 2022 to September 30, 2022, respectively. Rent expense is included in general and administrative expense in our condensed consolidated statements of comprehensive income (loss). Tenant Concentration Subsidiaries of FedEx Corporation and Amazon.com Services, Inc. were responsible for approximately 29.8% and 6.7% of our annualized rental revenues as of September 30, 2023, respectively, and 29.6% and 6.8% as of September 30, 2022, respectively. Geographic Concentration For the three months ended September 30, 2023 and 2022, approximately 28.1% and 26.8%, respectively, of our rental income was from our Hawaii Properties. For the nine months ended September 30, 2023 and 2022, approximately 27.9% and 30.6%, respectively, of our rental income was from our Hawaii Properties.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Indebtedness	Indebtedness As of September 30, 2023 and December 31, 2022, our outstanding indebtedness consisted of the following: Number of Principal Balance at Carrying Value of Collateral at Properties September 30, December 31, Interest September 30, December 31, Entity Secured By 2023 2022 Rate (1) Type Maturity 2023 2022 ILPT 104 $ 1,235,000 $ 1,235,000 6.18% Floating 10/9/2024 $ 1,049,983 $ 1,071,815 ILPT 186 650,000 650,000 4.31% Fixed 2/7/2029 489,901 490,416 ILPT 17 700,000 700,000 4.42% Fixed 3/9/2032 508,383 518,806 Mountain JV 82 1,400,000 1,400,000 6.17% Floating 3/9/2024 1,870,541 1,909,185 Mountain JV 4 91,000 — 6.25% Fixed 6/10/2030 184,375 — Mountain JV 1 11,712 12,691 3.67% Fixed 5/1/2031 29,094 30,800 Mountain JV 1 13,228 14,144 4.14% Fixed 7/1/2032 43,826 44,777 Mountain JV 1 29,213 30,949 4.02% Fixed 10/1/2033 85,380 87,143 Mountain JV 1 40,832 43,219 4.13% Fixed 11/1/2033 130,197 131,539 Mountain JV 1 24,873 26,175 3.10% Fixed 6/1/2035 46,725 47,718 Mountain JV 1 40,087 42,087 2.95% Fixed 1/1/2036 99,805 101,896 Mountain JV 1 44,423 46,109 4.27% Fixed 11/1/2037 110,881 113,063 Mountain JV 1 50,002 52,031 3.25% Fixed 1/1/2038 114,259 116,607 Mountain JV 1 — 13,556 N/A Fixed 10/1/2028 — 63,314 Mountain JV 1 — 4,865 N/A Fixed 4/1/2030 — 39,724 Mountain JV 1 — 5,145 N/A Fixed 4/1/2030 — 39,724 Mountain JV 1 — 14,392 N/A Fixed 9/1/2030 — 50,825 Total / weighted average 4,330,370 4,290,363 5.47% $ 4,763,350 $ 4,857,352 Unamortized debt issuance costs (26,739) (45,862) Total indebtedness, net $ 4,303,631 $ 4,244,501 (1) Interest rates are as of September 30, 2023 and reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts. Our $1,235,000 loan, 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, plus a weighted average premium of 3.93%. The weighted average interest rate payable under the ILPT Floating Rate Loan was 6.18%, including the impact of our interest rate cap on SOFR of 2.25%, for both the three and nine months ended September 30, 2023. Beginning in October 2023, subject to the satisfaction of certain conditions, we have the option to prepay the ILPT Floating Rate Loan in full or in part at any time at par with no premium. Our $1,400,000 loan, 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 plus a premium of 2.77%. The weighted average annual interest rate payable under the Floating Rate Loan was 6.17%, including the impact of our interest rate cap on SOFR of 3.40%, for both the three and nine months ended September 30, 2023. The weighted average annual interest rate payable under the Floating Rate Loan was 4.94% and 4.23% for the three months ended September 30, 2022 and the period from February 25, 2022 to September 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 early extinguishment of debt of $359 for the nine months ended September 30, 2023 in conjunction with the repayment of these mortgage loans.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 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, mortgages and notes payables, accounts payable and interest rate caps. At September 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 September 30, 2023 At December 31, 2022 Carrying Carrying Value (1) Fair Value Value (1) Fair Value Fixed rate loan, 4.31% interest rate, due in 2029 $ 647,077 $ 613,520 $ 646,669 $ 592,295 Fixed rate loan, 6.25% interest rate, due in 2030 90,038 94,438 — — Fixed rate loan, 3.67% interest rate, due in 2031 11,712 11,009 12,691 11,713 Fixed rate loan, 4.42% interest rate, due in 2032 695,134 609,714 694,704 623,133 Fixed rate loan, 4.14% interest rate, due in 2032 13,228 12,611 14,144 13,182 Fixed rate loan, 4.02% interest rate, due in 2033 29,213 27,185 30,949 28,195 Fixed rate loan, 4.13% interest rate, due in 2033 40,832 38,181 43,219 39,573 Fixed rate loan, 3.10% interest rate, due in 2035 24,873 21,837 26,175 22,373 Fixed rate loan, 2.95% interest rate, due in 2036 40,087 34,723 42,087 35,444 Fixed rate loan, 4.27% interest rate, due in 2037 44,423 41,466 46,109 41,880 Fixed rate loan, 3.25% interest rate, due in 2038 50,001 43,463 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 $ 1,686,618 $ 1,548,147 $ 1,646,736 $ 1,487,147 (1) Includes unamortized debt issuance costs, premiums and discounts of $8,751 and $8,628 at September 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 significant unobservable inputs (Level 3), such as discounted cash flow analyses and prevailing market rates as of the measurement date. The table below presents certain of our assets measured on a recurring and non-recurring basis at fair value at September 30, 2023 and December 31, 2022, 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 September 30, 2023 Recurring fair value measurements Investment in unconsolidated joint venture $ 124,411 $ — $ — $ 124,411 Interest rate cap derivatives (1) $ 51,322 $ — $ 51,322 $ — Non-recurring fair value measurements Real estate properties (2) $ 1,414 $ — $ — $ 1,414 At December 31, 2022 Recurring fair value measurements Investment in unconsolidated joint venture $ 124,358 $ — $ — $ 124,358 Interest rate cap derivatives (1) $ 73,133 $ — $ 73,133 $ — Non-recurring fair value measurements Real estate properties (2) $ 555,123 $ — $ — $ 555,123 (1) The estimated fair values of our interest rate cap derivatives are based on then current market prices in secondary markets for similar derivative contracts. (2) At September 30, 2023 and December 31, 2022, we reduced the carrying value of one property and 25 properties, respectively, to their estimated fair value based on third party offers. See Note 2 for more information. At September 30, 2023 and December 31, 2022, the fair value of our investment in the unconsolidated joint venture was determined by discounting expected future cash flows based on prevailing market rents over a holding period and including an exit capitalization rate to determine the final year of cash flows. The discount rates, exit capitalization rates and holding periods used are Level 3 significant unobservable inputs and are shown in the table below: Exit Capitalization Valuation Technique Discount Rates Rates Holding Periods At September 30, 2023 Investment in unconsolidated joint venture Discounted cash flow 5.25% - 7.00% 4.95% - 6.00% 10 - 12 years At December 31, 2022 Investment in unconsolidated joint venture Discounted cash flow 5.25% - 7.00% 4.75% - 6.00% 10 years The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture: Three Months Nine Months Ended September 30, Ended September 30, 2023 2022 2023 2022 Beginning balance $ 129,082 $ 143,716 $ 124,358 $ 143,021 Equity in earnings of unconsolidated joint venture 719 3,297 7,423 6,634 Distributions from unconsolidated joint venture (5,390) (1,320) (7,370) (3,962) Ending balance $ 124,411 $ 145,693 $ 124,411 $ 145,693

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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. On September 13, 2023, we awarded under our equity compensation plan an aggregate of 188,350 of our common shares, valued at $3.63 per share, the closing price of our common shares on Nasdaq on that day, to our officers and certain other employees of The RMR Group LLC, or RMR. Common Share Purchases During the three and nine months ended September 30, 2023, we purchased an aggregate of 40,636 and 48,722 of our common shares, respectively, valued at a weighted average price of $3.54 and $3.29 per common share, respectively, from our officers and certain other current and former employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions During the nine months ended September 30, 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 July 13, 2023 July 24, 2023 August 17, 2023 0.01 656 $ 0.03 $ 1,968 On October 12, 2023, we declared a regular quarterly distribution to common shareholders of record on October 23, 2023 of $0.01 per share, or approximately $658. We expect to pay this distribution to our shareholders on or about November 16, 2023 using cash balances.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 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 $5,919 and $17,301 for the three and nine months ended September 30, 2023, respectively, and $6,465 and $17,821 for the three and nine months ended September 30, 2022, respectively. Based on our common share total return, as defined in our business management agreement, as of September 30, 2023 and 2022, no incentive fees are included in the net business management fees we recognized for the three and nine months ended September 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 $3,464 and $10,286 for the three and nine months ended September 30, 2023, respectively, and $3,270 and $8,797 for the three and nine months ended September 30, 2022, respectively. Of these amounts, for the three and nine months ended September 30, 2023, $3,293 and $9,745, respectively, were included in other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $171 and $541, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. For the three and nine months ended September 30, 2022, $2,976 and $8,104, respectively, were included in other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $294 and $693, respectively, were capitalized as buildings and 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 $2,375 and $6,216 for these expenses and costs for the three and nine months ended September 30, 2023, respectively, and $1,847 and $5,155 for the three and nine months ended September 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. 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 to 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 2 for further information about our joint ventures. See Note 8 for further information regarding our relationships, agreements and transactions with RMR.

Related Person Transactions

Related Person Transactions	9 Months Ended
	Sep. 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. See Note 6 for information relating to the awards of our common shares we made in September 2023 to our officers and certain other employees of RMR and common shares we purchased from our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We include amounts recognized as expense for awards of our common shares to our officers and RMR employees in general and administrative expenses in our condensed consolidated statements of comprehensive income (loss). 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. As of September 30, 2023 and December 31, 2022, we owed $613 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 sheets. We paid these amounts in October 2023 and January 2023, respectively. See Notes 2 and 7 for further information regarding our joint ventures and RMR’s management agreements with our joint ventures. 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	9 Months Ended
	Sep. 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 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 We record all derivatives in our condensed consolidated balance sheets 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 at September 30, 2023 and December 31, 2022: Interest Rate Balance Sheet Strike Notional Fair Value at Derivative Line Item Underlying Instrument Rate Amount September 30, 2023 December 31, 2022 Interest rate cap Other assets Floating Rate Loan 3.40% $ 1,400,000 $ 12,712 $ 23,337 Interest rate cap Other assets ILPT Floating Rate Loan 2.25% $ 1,235,000 38,610 49,796 $ 51,322 $ 73,133 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 cumulative other comprehensive income 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 cumulative other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt. In September 2022, in conjunction with the repayment of the then existing $1,385,158 bridge loan facility secured by 109 of our properties, we sold two interest rate cap instruments with an aggregate notional amount of $1,385,158, a strike rate equal to 2.70% and an original expiration date of March 15, 2023 for $7,740. As the underlying debt instrument that these interest rate caps were intended to hedge was repaid in its entirety and the related interest expense was no longer probable to occur, these interest rate caps were no longer designated as cash flow hedges and the remaining deferred gain was reclassified from cumulative other comprehensive income as a reduction of loss on early extinguishment of debt. The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income for the periods shown: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount of gain recognized in cumulative other comprehensive income $ 3,428 $ 15,047 $ 19,677 $ 24,200 Amount reclassified from cumulative other comprehensive income into interest expense (10,063) 761 (23,069) 1,678 Amount reclassified from cumulative other comprehensive income into loss on early extinguishment of debt — (6,961) — (6,961) Unrealized (loss) gain on derivative instrument recognized in cumulative other comprehensive loss $ (6,635) $ 8,847 $ (3,392) $ 18,917

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 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.

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2023
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	As of September 30, 2023 and December 31, 2022, our outstanding indebtedness consisted of the following: Number of Principal Balance at Carrying Value of Collateral at Properties September 30, December 31, Interest September 30, December 31, Entity Secured By 2023 2022 Rate (1) Type Maturity 2023 2022 ILPT 104 $ 1,235,000 $ 1,235,000 6.18% Floating 10/9/2024 $ 1,049,983 $ 1,071,815 ILPT 186 650,000 650,000 4.31% Fixed 2/7/2029 489,901 490,416 ILPT 17 700,000 700,000 4.42% Fixed 3/9/2032 508,383 518,806 Mountain JV 82 1,400,000 1,400,000 6.17% Floating 3/9/2024 1,870,541 1,909,185 Mountain JV 4 91,000 — 6.25% Fixed 6/10/2030 184,375 — Mountain JV 1 11,712 12,691 3.67% Fixed 5/1/2031 29,094 30,800 Mountain JV 1 13,228 14,144 4.14% Fixed 7/1/2032 43,826 44,777 Mountain JV 1 29,213 30,949 4.02% Fixed 10/1/2033 85,380 87,143 Mountain JV 1 40,832 43,219 4.13% Fixed 11/1/2033 130,197 131,539 Mountain JV 1 24,873 26,175 3.10% Fixed 6/1/2035 46,725 47,718 Mountain JV 1 40,087 42,087 2.95% Fixed 1/1/2036 99,805 101,896 Mountain JV 1 44,423 46,109 4.27% Fixed 11/1/2037 110,881 113,063 Mountain JV 1 50,002 52,031 3.25% Fixed 1/1/2038 114,259 116,607 Mountain JV 1 — 13,556 N/A Fixed 10/1/2028 — 63,314 Mountain JV 1 — 4,865 N/A Fixed 4/1/2030 — 39,724 Mountain JV 1 — 5,145 N/A Fixed 4/1/2030 — 39,724 Mountain JV 1 — 14,392 N/A Fixed 9/1/2030 — 50,825 Total / weighted average 4,330,370 4,290,363 5.47% $ 4,763,350 $ 4,857,352 Unamortized debt issuance costs (26,739) (45,862) Total indebtedness, net $ 4,303,631 $ 4,244,501 (1) Interest rates are as of September 30, 2023 and reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Schedule of Carrying Value and the Estimated Fair Market Value of Mortgage Notes Payable	At September 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 September 30, 2023 At December 31, 2022 Carrying Carrying Value (1) Fair Value Value (1) Fair Value Fixed rate loan, 4.31% interest rate, due in 2029 $ 647,077 $ 613,520 $ 646,669 $ 592,295 Fixed rate loan, 6.25% interest rate, due in 2030 90,038 94,438 — — Fixed rate loan, 3.67% interest rate, due in 2031 11,712 11,009 12,691 11,713 Fixed rate loan, 4.42% interest rate, due in 2032 695,134 609,714 694,704 623,133 Fixed rate loan, 4.14% interest rate, due in 2032 13,228 12,611 14,144 13,182 Fixed rate loan, 4.02% interest rate, due in 2033 29,213 27,185 30,949 28,195 Fixed rate loan, 4.13% interest rate, due in 2033 40,832 38,181 43,219 39,573 Fixed rate loan, 3.10% interest rate, due in 2035 24,873 21,837 26,175 22,373 Fixed rate loan, 2.95% interest rate, due in 2036 40,087 34,723 42,087 35,444 Fixed rate loan, 4.27% interest rate, due in 2037 44,423 41,466 46,109 41,880 Fixed rate loan, 3.25% interest rate, due in 2038 50,001 43,463 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 $ 1,686,618 $ 1,548,147 $ 1,646,736 $ 1,487,147 (1) Includes unamortized debt issuance costs, premiums and discounts of $8,751 and $8,628 at September 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 September 30, 2023 and December 31, 2022, 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 September 30, 2023 Recurring fair value measurements Investment in unconsolidated joint venture $ 124,411 $ — $ — $ 124,411 Interest rate cap derivatives (1) $ 51,322 $ — $ 51,322 $ — Non-recurring fair value measurements Real estate properties (2) $ 1,414 $ — $ — $ 1,414 At December 31, 2022 Recurring fair value measurements Investment in unconsolidated joint venture $ 124,358 $ — $ — $ 124,358 Interest rate cap derivatives (1) $ 73,133 $ — $ 73,133 $ — Non-recurring fair value measurements Real estate properties (2) $ 555,123 $ — $ — $ 555,123 (1) The estimated fair values of our interest rate cap derivatives are based on then current market prices in secondary markets for similar derivative contracts. (2) At September 30, 2023 and December 31, 2022, we reduced the carrying value of one property and 25 properties, respectively, to their estimated fair value based on third party offers. See Note 2 for more information.
Schedule of Quantitative Information of Significant Unobservable Inputs Related to Certain Level 3 Fair Value Measurements	The discount rates, exit capitalization rates and holding periods used are Level 3 significant unobservable inputs and are shown in the table below: Exit Capitalization Valuation Technique Discount Rates Rates Holding Periods At September 30, 2023 Investment in unconsolidated joint venture Discounted cash flow 5.25% - 7.00% 4.95% - 6.00% 10 - 12 years At December 31, 2022 Investment in unconsolidated joint venture Discounted cash flow 5.25% - 7.00% 4.75% - 6.00% 10 years
Schedule of the Change in Fair Value of the Investment in the Unconsolidated Joint Venture	The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture: Three Months Nine Months Ended September 30, Ended September 30, 2023 2022 2023 2022 Beginning balance $ 129,082 $ 143,716 $ 124,358 $ 143,021 Equity in earnings of unconsolidated joint venture 719 3,297 7,423 6,634 Distributions from unconsolidated joint venture (5,390) (1,320) (7,370) (3,962) Ending balance $ 124,411 $ 145,693 $ 124,411 $ 145,693

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2023
Equity [Abstract]
Schedule of Distributions Declared and Paid	During the nine months ended September 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 July 13, 2023 July 24, 2023 August 17, 2023 0.01 656 $ 0.03 $ 1,968

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 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 at September 30, 2023 and December 31, 2022: Interest Rate Balance Sheet Strike Notional Fair Value at Derivative Line Item Underlying Instrument Rate Amount September 30, 2023 December 31, 2022 Interest rate cap Other assets Floating Rate Loan 3.40% $ 1,400,000 $ 12,712 $ 23,337 Interest rate cap Other assets ILPT Floating Rate Loan 2.25% $ 1,235,000 38,610 49,796 $ 51,322 $ 73,133
Schedule of Effects on Consolidated Statements of Income and Comprehensive Income	The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income for the periods shown: Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 2023 2022 Amount of gain recognized in cumulative other comprehensive income $ 3,428 $ 15,047 $ 19,677 $ 24,200 Amount reclassified from cumulative other comprehensive income into interest expense (10,063) 761 (23,069) 1,678 Amount reclassified from cumulative other comprehensive income into loss on early extinguishment of debt — (6,961) — (6,961) Unrealized (loss) gain on derivative instrument recognized in cumulative other comprehensive loss $ (6,635) $ 8,847 $ (3,392) $ 18,917

Real Estate Investments (Detail

Real Estate Investments (Details) ft² in Thousands, $ in Thousands		1 Months Ended	3 Months Ended		7 Months Ended	9 Months Ended
	Oct. 25, 2023 USD ($) property	Mar. 31, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) segment property	Sep. 30, 2022 USD ($) property	Sep. 30, 2023 property	Sep. 30, 2023 ft²	Sep. 30, 2023 building	Sep. 30, 2023 state	Sep. 30, 2023
Real Estate Properties [Line Items]
Number of properties owned | property								413
Rentable square feet (in sqft) | ft²									59,983
Number of business segments | segment						1
Capital expenditures incurred			$ 5,275	$ 8,574		$ 17,857	$ 22,419
Commitments related to tenant improvements and leasing costs						7,273
Tenant improvements (in sqft) | ft²									3,868
Committed but unspent tenant related obligations			5,923			5,923
Committed but unspent tenant related obligations expected to be spent in the next 12 months			3,529			3,529
Loss on impairment of real estate			0	0		254	100,747
Net income (loss) attributable to noncontrolling interest			(10,079)	(38,347)		(31,568)	(49,402)
Cash distributions						225	1,365
Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners												39%
Subsequent Event | Mainland Properties
Real Estate Properties [Line Items]
Number of properties | property	2
Number of real estate properties under agreement to sell | property	1
Real estate properties under agreement to sell, sales price	$ 21,500
Number of real estate properties, agreement terminated | property	2
Terminated agreement sales price	$ 43,765
Disposal Group, Held-for-sale, Not Discontinued Operations | Mainland Properties
Real Estate Properties [Line Items]
Number of properties | property								3
Aggregate sales price excluding closing costs			56,944			56,944
Disposal Group, Held-for-sale, Not Discontinued Operations | Subsequent Event | Mainland Properties
Real Estate Properties [Line Items]
Number of properties | property	1
Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Net income (loss) attributable to noncontrolling interest			(10,238)	(38,318)	$ (49,360)	(31,642)
Mountain Industrial REIT LLC | Other Joint Venture Investor
Real Estate Properties [Line Items]
Joint venture, total assets			3,065,834			3,065,834
Joint venture, liabilities			1,781,222			1,781,222
Twelve Mainland Properties
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²									11,726
Number of states where real estate is located | state											12
Ownership interest (as percent)												22%
Number of properties contributed | property								18
Monmouth Real Estate Investment Corporation
Real Estate Properties [Line Items]
Loss on impairment of real estate							$ 100,747
Number of properties | property							25
Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Cash distributions						$ 225
Consolidated | Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Number of properties owned | property								94
Rentable square feet (in sqft) | ft²									20,981
Number of states where real estate is located								27,000			27
Ownership interest (as percent)												61%
Joint Venture | The Industrial Fund REIT LLC
Real Estate Properties [Line Items]
Ownership interest (as percent)												22%
Hawaii
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²									16,729
Number of buildings, leasable land parcels easements | building										226
Other States
Real Estate Properties [Line Items]
Number of properties owned | property								187
Rentable square feet (in sqft) | ft²									43,254
Number of states where real estate is located | state											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 | Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²									64
Ownership interest (as percent)												67%
Number of properties | property						1
Net income (loss) attributable to noncontrolling interest			$ 159	$ (29)	$ (42)	$ 74
Somerset, New Jersey | Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners												33%

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Lessor, Lease, Description [Line Items]
Straight line rental income	$ 3,414	$ 3,794	$ 10,531	$ 8,170
Certain variable payments	$ 19,310	16,664	$ 58,700	46,071
Number of properties subject to ground leases | property	3		3
Lessee, number of properties under an operating lease | property			1
Right-of-use asset	$ 4,757		$ 4,757		$ 5,084
Operating lease liability	4,837		4,837		$ 5,149
Sublease revenue	$ 12	$ 176	$ 141	$ 355
Sales Revenue, Net | Geographic Concentration Risk | Hawaii
Lessor, Lease, Description [Line Items]
Concentration risk	28.10%	26.80%	27.90%	30.60%
FedEx Corporation
Lessor, Lease, Description [Line Items]
Percentage of rentable square feet	6.70%	6.80%	6.70%	6.80%
Amazon.com, Inc
Lessor, Lease, Description [Line Items]
Percentage of rentable square feet	29.80%	29.60%	29.80%	29.60%

Indebtedness - Schedule of Outs

Indebtedness - Schedule of Outstanding Indebtedness (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($)	Sep. 30, 2022 USD ($)
Debt Instrument [Line Items]
Total principal balance	$ 4,330,370	$ 4,290,363
Unamortized debt issuance costs	(26,739)		$ (45,862)
Total indebtedness, net	$ 4,303,631		$ 4,244,501
Interest rate (as a percent)	5.47%
Net book value of collateral	$ 4,763,350	4,857,352
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	$ 1,400,000
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	104
Total principal balance	$ 1,235,000	1,235,000
Interest rate (as a percent)	6.18%
Net book value of collateral	$ 1,049,983	1,071,815
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	82
Total principal balance	$ 1,400,000	1,400,000
Interest rate (as a percent)	6.17%
Net book value of collateral	$ 1,870,541	1,909,185
Fixed Rate Loan | Fixed Rate Loan, 4.31%, due in 2029
Debt Instrument [Line Items]
Number of properties used as collateral | property	186
Total principal balance	$ 650,000	650,000
Interest rate (as a percent)	4.31%
Net book value of collateral	$ 489,901	490,416
Fixed Rate Loan | Fixed Rate Loan, 4.42%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	17
Total principal balance	$ 700,000	700,000
Interest rate (as a percent)	4.42%
Net book value of collateral	$ 508,383	518,806
Fixed Rate Loan | Fixed rate loan, 6.25% due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	4
Total principal balance	$ 91,000	0
Interest rate (as a percent)	6.25%
Net book value of collateral	$ 184,375	0
Fixed Rate Loan | Fixed rate loan, 3.67% interest rate, due in 2031
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 11,712	12,691
Interest rate (as a percent)	3.67%
Net book value of collateral	$ 29,094	30,800
Fixed Rate Loan | Fixed Rate Loan, 4.14%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 13,228	14,144
Interest rate (as a percent)	4.14%
Net book value of collateral	$ 43,826	44,777
Fixed Rate Loan | Fixed rate loan, 4.02% interest rate, due in 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 29,213	30,949
Interest rate (as a percent)	4.02%
Net book value of collateral	$ 85,380	87,143
Fixed Rate Loan | Fixed rate loan, 4.13% interest rate, due in 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 40,832	43,219
Interest rate (as a percent)	4.13%
Net book value of collateral	$ 130,197	131,539
Fixed Rate Loan | Fixed rate loan, 3.10% interest rate, due in 2035
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 24,873	26,175
Interest rate (as a percent)	3.10%
Net book value of collateral	$ 46,725	47,718
Fixed Rate Loan | Fixed rate loan, 2.95% interest rate, due in 2036
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 40,087	42,087
Interest rate (as a percent)	2.95%
Net book value of collateral	$ 99,805	101,896
Fixed Rate Loan | Fixed rate loan, 4.27% interest rate, due in 2037
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 44,423	46,109
Interest rate (as a percent)	4.27%
Net book value of collateral	$ 110,881	113,063
Fixed Rate Loan | Fixed rate loan, 3.25% interest rate, due in 2038
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 50,002	52,031
Interest rate (as a percent)	3.25%
Net book value of collateral	$ 114,259	116,607
Fixed Rate Loan | Fixed rate loan, 3.76% interest rate, due in 2028
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 0	13,556
Net book value of collateral	$ 0	63,314
Fixed Rate Loan | Fixed rate loan, 3.77% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 0	4,865
Net book value of collateral	$ 0	39,724
Fixed Rate Loan | Fixed rate loan, 3.85% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 0	5,145
Net book value of collateral	$ 0	39,724
Fixed Rate Loan | Fixed rate loan, 3.56% interest rate, due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	1
Total principal balance	$ 0	14,392
Net book value of collateral	$ 0	$ 50,825

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended	3 Months Ended		9 Months Ended
	May 31, 2023 USD ($) mortgage property	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) property option	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt outstanding		$ 4,303,631	$ 4,244,501	$ 4,303,631	$ 4,244,501
Number of outstanding mortgage loans | mortgage	4
Aggregate outstanding principal balance		4,330,370		4,330,370		$ 4,290,363
Loss on extinguishment of debt		$ 0	$ 21,370	$ 359	$ 22,198
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)			2.70%		2.70%
Floating Rate Loan, 6.17%, due in 2024
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)		4.94%		4.23%
ILPT Floating Rate Loan | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)		2.25%		2.25%
ILPT Floating Rate Loan | Secured Overnight Financing Rate (SOFR) | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)		2.25%		2.25%
Floating Rate Loan | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)		3.40%		3.40%
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)		3.40%		3.40%
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Debt outstanding		$ 1,235,000		$ 1,235,000
Number of options to extend maturity date | option				3
Extension period				1 year
Weighted average interest rate (as a percent)		6.18%		6.18%
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				3.93%
Floating Rate Loan
Debt Instrument [Line Items]
Debt outstanding		$ 1,400,000		$ 1,400,000
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property				104
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 options to extend maturity date | option				3
Extension period				1 year
Weighted average interest rate (as a percent)		6.17%		6.17%
Prepayment terms without premium amount		$ 280,000		$ 280,000
Number of properties used as collateral | property				82
Aggregate outstanding principal balance		$ 1,400,000		$ 1,400,000		$ 1,400,000
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | Secured Overnight Financing Rate (SOFR)
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				2.77%
Mortgage Note Payable | Fixed Rate Loan, 6.25%, Due in 2030 | Joint Venture
Debt Instrument [Line Items]
Debt instrument, face amount	$ 91,000
Number of properties used as collateral | property	4
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	Sep. 30, 2023	Dec. 31, 2022
Fair Value of Financial Instruments
Interest rate (as a percent)	5.47%
Fixed rate loan	$ 4,303,631	$ 4,244,501
Unamortized premiums	$ 8,751	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	$ 1,686,618	1,646,736
Carrying Amount | Fixed rate loan, 4.31% interest rate, due in 2029
Fair Value of Financial Instruments
Fixed rate loan	647,077	646,669
Carrying Amount | Fixed rate loan, 6.25% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	90,038	0
Carrying Amount | Fixed rate loan, 3.67% interest rate, due in 2031
Fair Value of Financial Instruments
Fixed rate loan	11,712	12,691
Carrying Amount | Fixed rate loan, 4.42% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	695,134	694,704
Carrying Amount | Fixed rate loan, 4.14% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	13,228	14,144
Carrying Amount | Fixed rate loan, 4.02% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	29,213	30,949
Carrying Amount | Fixed rate loan, 4.13% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	40,832	43,219
Carrying Amount | Fixed rate loan, 3.10% interest rate, due in 2035
Fair Value of Financial Instruments
Fixed rate loan	24,873	26,175
Carrying Amount | Fixed rate loan, 2.95% interest rate, due in 2036
Fair Value of Financial Instruments
Fixed rate loan	40,087	42,087
Carrying Amount | Fixed rate loan, 4.27% interest rate, due in 2037
Fair Value of Financial Instruments
Fixed rate loan	44,423	46,109
Carrying Amount | Fixed rate loan, 3.25% interest rate, due in 2038
Fair Value of Financial Instruments
Fixed rate loan	50,001	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	1,548,147	1,487,147
Estimated Fair Value | Fixed rate loan, 4.31% interest rate, due in 2029
Fair Value of Financial Instruments
Fixed rate loan	613,520	592,295
Estimated Fair Value | Fixed rate loan, 6.25% interest rate, due in 2030
Fair Value of Financial Instruments
Fixed rate loan	94,438	0
Estimated Fair Value | Fixed rate loan, 3.67% interest rate, due in 2031
Fair Value of Financial Instruments
Fixed rate loan	11,009	11,713
Estimated Fair Value | Fixed rate loan, 4.42% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	609,714	623,133
Estimated Fair Value | Fixed rate loan, 4.14% interest rate, due in 2032
Fair Value of Financial Instruments
Fixed rate loan	12,611	13,182
Estimated Fair Value | Fixed rate loan, 4.02% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	27,185	28,195
Estimated Fair Value | Fixed rate loan, 4.13% interest rate, due in 2033
Fair Value of Financial Instruments
Fixed rate loan	38,181	39,573
Estimated Fair Value | Fixed rate loan, 3.10% interest rate, due in 2035
Fair Value of Financial Instruments
Fixed rate loan	21,837	22,373
Estimated Fair Value | Fixed rate loan, 2.95% interest rate, due in 2036
Fair Value of Financial Instruments
Fixed rate loan	34,723	35,444
Estimated Fair Value | Fixed rate loan, 4.27% interest rate, due in 2037
Fair Value of Financial Instruments
Fixed rate loan	41,466	41,880
Estimated Fair Value | Fixed rate loan, 3.25% interest rate, due in 2038
Fair Value of Financial Instruments
Fixed rate loan	43,463	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	9 Months Ended	12 Months Ended
	Sep. 30, 2023 USD ($) property	Dec. 31, 2022 USD ($) property
Fair Value of Financial Instruments
Real estate properties	$ 4,765,820	$ 4,902,641
Fair Value, Recurring
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	124,411	124,358
Interest rate cap derivatives	51,322	73,133
Fair Value, Recurring | Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Investment 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
Investment in unconsolidated joint venture	0	0
Interest rate cap derivatives	51,322	73,133
Fair Value, Recurring | Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	124,411	124,358
Interest rate cap derivatives	0	0
Fair Value, Nonrecurring
Fair Value of Financial Instruments
Real estate properties	1,414	555,123
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	$ 555,123
Number of properties impaired | property	1	25

Fair Value of Assets and Liab_5

Fair Value of Assets and Liabilities - Fair Value Measurements Significant Unobservable Inputs Related to Certain Level 3 (Details) - Fair Value, Inputs, Level 3	Sep. 30, 2023	Dec. 31, 2022
Measurement Input, Discount Rate | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0525	0.0525
Measurement Input, Discount Rate | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0700	0.0700
Measurement Input, Exit Capitalization Rate | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0495	0.0475
Measurement Input, Exit Capitalization Rate | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0600	0.0600
Measurement Input, Holdings Periods
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture, holding periods		10 years
Measurement Input, Holdings Periods | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture, holding periods	10 years
Measurement Input, Holdings Periods | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture, holding periods	12 years

Fair Value of Assets and Liab_6

Fair Value of Assets and Liabilities - Changes In Fair Value For Our Investment In Unconsolidated Joint Venture (Details) - Equity Method Investments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 129,082	$ 143,716	$ 124,358	$ 143,021
Equity in earnings of unconsolidated joint venture	719	3,297	7,423	6,634
Distributions from unconsolidated joint venture	(5,390)	(1,320)	(7,370)	(3,962)
Ending balance	$ 124,411	$ 145,693	$ 124,411	$ 145,693

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended	9 Months Ended
	Oct. 12, 2023 USD ($) $ / shares	Sep. 13, 2023 USD ($) $ / shares	Jun. 01, 2023 trustee $ / shares shares	Sep. 30, 2023 $ / shares shares	Sep. 30, 2023 $ / shares shares
Shareholders' Equity
Number of officers | trustee			7
Subsequent Event
Shareholders' Equity
Common distributions declared (in dollars per share)	$ 0.01
Dividends payable | $	$ 658
Common Stock
Shareholders' Equity
Share repurchases to pay for tax withholding (in shares) | shares				40,636	48,722
Common Stock | Minimum
Shareholders' Equity
Share price (in dollars per share)				$ 3.54	$ 3.54
Common Stock | Maximum
Shareholders' Equity
Share price (in dollars per share)				$ 3.29	$ 3.29
Trustee
Shareholders' Equity
Common shares granted (in shares) | shares			20,000
Common share price (in dollars per share)			$ 1.78
Officer
Shareholders' Equity
Common share price (in dollars per share)		$ 3.63
Common share forfeiture (in shares) | $		$ 188,350

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Distributions Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended
	Aug. 17, 2023	May 18, 2023	Feb. 16, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2023
Equity [Abstract]
Dividends paid (in dollars per share)	$ 0.01	$ 0.01	$ 0.01							$ 0.03
Total Distribution	$ 656	$ 656	$ 656	$ 656	$ 656	$ 656	$ 654	$ 21,583	$ 21,584	$ 1,968

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details)	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2023 USD ($) employee agreement	Sep. 30, 2022 USD ($)	Sep. 30, 2023 USD ($) employee agreement	Sep. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0		0
Other operating expenses	$ 9,907,000	$ 8,453,000	$ 27,744,000	$ 22,278,000
Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	3,464,000	3,270,000	10,286,000	8,797,000
Capitalized Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	171,000	294,000	541,000	693,000
Reimbursed Property Level Operating Expenses
Related Party Transaction [Line Items]
Related party transaction, amount	$ 2,375,000	1,847,000	$ 6,216,000	5,155,000
Related Party
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Management fee expense	$ 5,919,000	6,465,000	$ 17,301,000	17,821,000
Incentive fee expense	$ 0	0	$ 0	0	$ 0
Management service agreement term			3 years
Number of joint venture agreements | agreement	2		2
Related Party | Reit Management And Research L L C
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Related Party | Expensed Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Other operating expenses	$ 3,293,000	$ 2,976,000	$ 9,745,000	$ 8,104,000

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	Sep. 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 | $	$ 5,896	$ 4,824
Joint Venture
Related Party Transaction [Line Items]
Number of joint venture agreements	2
Accounts payable and other liabilities | $	$ 613	$ 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 - USD ($)	Sep. 30, 2023	Dec. 31, 2022	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate			2.70%
Amount			$ 1,385,158,000
Fair value	$ 51,322,000	$ 73,133,000	$ 7,740,000
Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.40%
Amount	$ 1,400,000,000
Fair value	$ 12,712,000	23,337,000
ILPT Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.25%
Amount	$ 1,235,000,000
Fair value	$ 38,610,000	$ 49,796,000

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details)	1 Months Ended
	Sep. 30, 2022 USD ($) property derivative_instrument	Sep. 30, 2023 USD ($)	Dec. 31, 2022 USD ($)
Derivative Instruments, Gain (Loss) [Line Items]
Debt outstanding	$ 4,244,501,000	$ 4,303,631,000
Bridge Loan
Derivative Instruments, Gain (Loss) [Line Items]
Debt outstanding	$ 1,385,158,000
Number of properties used as collateral | property	109
Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Number of Instruments | derivative_instrument	2
Amount	$ 1,385,158,000
Derivative, interest rate cap (as a percent)	2.70%
Derivative instruments in hedges, at fair value, net	$ 7,740,000	$ 51,322,000	$ 73,133,000

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Sep. 30, 2023	Sep. 30, 2022
Derivative Instruments, Gain (Loss) [Line Items]
Amount of gain recognized in cumulative other comprehensive income	$ 3,428	$ 15,047	$ 19,677	$ 24,200
Unrealized (loss) gain on derivative instrument recognized in cumulative other comprehensive loss	(6,635)	8,847	(3,392)	18,917
Loss on Early Extinguishment
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from cumulative other comprehensive income	(10,063)	761	(23,069)	1,678
Interest Expense
Derivative Instruments, Gain (Loss) [Line Items]
Amount reclassified from cumulative other comprehensive income	$ 0	$ (6,961)	$ 0	$ (6,961)