Industrial Logistics Properties Trust (ILPT) 10-Q 30 Jul 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2024	Jul. 26, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		65,982,514
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2024		Dec. 31, 2023
Real estate properties:
Land	$ 1,113,714		$ 1,113,723
Buildings and improvements	4,059,694		4,055,829
Total real estate properties, gross	5,173,408		5,169,552
Accumulated depreciation	(460,526)		(397,454)
Total real estate properties, net	4,712,882		4,772,098
Investment in unconsolidated joint venture	117,451		115,360
Acquired real estate leases, net	219,975		243,521
Cash and cash equivalents	146,150		112,341
Restricted cash and cash equivalents	112,419	[1]	133,382
Rents receivable, including straight line rents of $100,750 and $94,309, respectively	118,173		119,170
Other assets, net	62,772		67,803
Total assets	5,489,822		5,563,675
LIABILITIES AND EQUITY
Mortgages and notes payable, net	4,306,586		4,305,941
Assumed real estate lease obligations, net	16,692		18,534
Total liabilities	4,402,055		4,401,896
Commitments and contingencies
Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,992,509 and 65,843,387 shares issued and outstanding, respectively	660		658
Additional paid in capital	1,016,980		1,015,777
Cumulative net (deficit) income	(37,382)		9,196
Cumulative other comprehensive income	5,235		10,171
Cumulative common distributions	(367,165)		(365,848)
Total equity attributable to common shareholders	618,328		669,954
Noncontrolling interest	469,439		491,825
Total equity	1,087,767		1,161,779
Total liabilities and equity	5,489,822		5,563,675
Nonrelated Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	74,021		72,455
Related Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	$ 4,756		$ 4,966
[1] Restricted cash and cash equivalents consist of amounts escrowed 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	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Straight line rents	$ 100,750	$ 94,309
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)	65,992,509	65,843,387
Common shares, shares outstanding (in shares)	65,992,509	65,843,387

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues [Abstract]
Rental income	$ 110,621	$ 108,043	$ 222,856	$ 218,301
Expenses:
Real estate taxes	15,149	15,100	31,010	31,567
Other operating expenses	9,207	8,519	19,529	17,837
Depreciation and amortization	43,421	44,909	86,998	90,366
General and administrative	7,939	8,131	15,628	16,038
Loss on impairment of real estate	0	254	0	254
Total expenses	75,716	76,913	153,165	156,062
Interest income	2,935	1,797	5,787	2,943
Interest expense	(73,631)	(71,846)	(146,861)	(142,617)
Loss on sale of real estate	0	0	0	(974)
Loss on early extinguishment of debt	0	(359)	0	(359)
Loss before income taxes and equity in earnings of unconsolidated joint venture	(35,791)	(39,278)	(71,383)	(78,768)
Income tax expense	(36)	(45)	(69)	(62)
Equity in earnings of unconsolidated joint venture	2,348	2,743	4,071	6,704
Net loss	(33,479)	(36,580)	(67,381)	(72,126)
Net loss attributable to noncontrolling interest	10,304	10,752	20,803	21,489
Net loss attributable to common shareholders	(23,175)	(25,828)	(46,578)	(50,637)
Other comprehensive income:
Unrealized (loss) gain on derivatives	(1,510)	12,021	(6,356)	3,243
Less: unrealized (gain) loss on derivatives attributable to noncontrolling interest	(468)	(419)	1,420	1,341
Other comprehensive (loss) income attributable to common shareholders	(1,978)	11,602	(4,936)	4,584
Comprehensive loss attributable to common shareholders	$ (25,153)	$ (14,226)	$ (51,514)	$ (46,053)
Weighted average common shares outstanding - basic (in shares)	65,626	65,369	65,591	65,339
Weighted average common shares outstanding - diluted (in shares)	65,626	65,369	65,591	65,339
Per common share data (basic and diluted):
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.35)	$ (0.40)	$ (0.71)	$ (0.77)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.35)	$ (0.40)	$ (0.71)	$ (0.77)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Total Equity Attributable to Common Shareholders	Common shares	Additional Paid In Capital	Cumulative Net (Deficit) Income	Cumulative Other Comprehensive Income	Cumulative Common Distributions	Total Attributable to Noncontrolling Interest
Beginning balance (in shares) at Dec. 31, 2022			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
Distributions to common shareholders	(656)	(656)					(656)
Other comprehensive (loss) income	(8,778)	(7,018)				(7,018)		(1,760)
Ending balance (in shares) at Mar. 31, 2023			65,565,969
Ending balance at Mar. 31, 2023	1,286,175	758,625	$ 656	1,014,585	92,376	14,885	(363,877)	527,550
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
Distributions to common shareholders	(656)	(656)					(656)
Other comprehensive (loss) income	12,021	11,602				11,602		419
Distributions to noncontrolling interest	(225)							(225)
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
Beginning balance (in shares) at Dec. 31, 2023	65,843,387		65,843,387
Beginning balance at Dec. 31, 2023	$ 1,161,779	669,954	$ 658	1,015,777	9,196	10,171	(365,848)	491,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(33,902)	(23,403)			(23,403)			(10,499)
Share grants, repurchases and forfeitures (in shares)			(11,857)
Share grants, repurchases and forfeitures	290	290		290
Distributions to common shareholders	(658)	(658)					(658)
Other comprehensive (loss) income	(4,846)	(2,958)				(2,958)		(1,888)
Distributions to noncontrolling interest	(163)							(163)
Ending balance (in shares) at Mar. 31, 2024			65,831,530
Ending balance at Mar. 31, 2024	$ 1,122,500	643,225	$ 658	1,016,067	(14,207)	7,213	(366,506)	479,275
Beginning balance (in shares) at Dec. 31, 2023	65,843,387		65,843,387
Beginning balance at Dec. 31, 2023	$ 1,161,779	669,954	$ 658	1,015,777	9,196	10,171	(365,848)	491,825
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Distributions to common shareholders	$ (1,317)
Ending balance (in shares) at Jun. 30, 2024	65,992,509		65,992,509
Ending balance at Jun. 30, 2024	$ 1,087,767	618,328	$ 660	1,016,980	(37,382)	5,235	(367,165)	469,439
Beginning balance (in shares) at Mar. 31, 2024			65,831,530
Beginning balance at Mar. 31, 2024	1,122,500	643,225	$ 658	1,016,067	(14,207)	7,213	(366,506)	479,275
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(33,479)	(23,175)			(23,175)			(10,304)
Share grants, repurchases and forfeitures (in shares)			160,979
Share grants, repurchases and forfeitures	915	915	$ 2	913
Distributions to common shareholders	(659)	(659)					(659)
Other comprehensive (loss) income	$ (1,510)	(1,978)				(1,978)		468
Ending balance (in shares) at Jun. 30, 2024	65,992,509		65,992,509
Ending balance at Jun. 30, 2024	$ 1,087,767	$ 618,328	$ 660	$ 1,016,980	$ (37,382)	$ 5,235	$ (367,165)	$ 469,439

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (67,381)	$ (72,126)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		63,111	62,464
Net amortization of debt issuance costs, premiums and discounts		9,748	13,434
Amortization of acquired real estate leases and assumed real estate lease obligations		21,704	26,308
Amortization of deferred leasing costs		1,458	1,101
Straight line rental income		(6,441)	(7,117)
Loss on sale of real estate		0	974
Loss on impairment of real estate		0	254
Loss on early extinguishment of debt		0	359
Proceeds from settlement of derivatives		(34,429)	(24,445)
General and administrative expenses paid in common shares		1,263	954
Other non-cash expenses		19,473	12,290
Distributions of earnings from unconsolidated joint venture		1,980	1,980
Equity in earnings of unconsolidated joint venture		(4,071)	(6,704)
Change in assets and liabilities:
Rents receivable		7,438	3,065
Other assets		3,701	(1,862)
Accounts payable and other liabilities		1,495	(627)
Due to related persons		(210)	329
Net cash provided by operating activities		18,839	10,631
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements		(3,606)	(7,301)
Purchase of interest rate cap		(26,175)	0
Proceeds from settlement of derivatives		34,429	24,445
Proceeds from sale of real estate		0	243
Net cash provided by investing activities		4,648	17,387
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable		0	91,000
Repayment of mortgage notes payable		(8,974)	(46,607)
Payment of debt issuance costs		(129)	(1,271)
Distributions to common shareholders		(1,317)	(1,312)
Repurchase of common shares		(58)	(15)
Distributions to noncontrolling interest		(163)	(225)
Net cash (used in) provided by financing activities		(10,641)	41,570
Increase in cash and cash equivalents and restricted cash and cash equivalents		12,846	69,588
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period		245,723	140,780
Cash and cash equivalents and restricted cash and cash equivalents at end of period		258,569	210,368
SUPPLEMENTAL DISCLOSURES:
Interest paid		118,509	142,095
Income taxes received (paid)		80	(545)
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued not paid		1,509	4,950
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:
Cash and cash equivalents		146,150	71,695
Restricted cash and cash equivalents	[1]	112,419	138,673
Total cash and cash equivalents and restricted cash		$ 258,569	$ 210,368
[1] Restricted cash and cash equivalents consist of amounts escrowed at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	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, 2023, or our 2023 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.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements New Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities, including those with a single reportable segment, to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification, or ASC, 280, Segment Reporting , in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 is required to be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU 2023-07 will have on our condensed consolidated financial statements.

Real Estate Investments

Real Estate Investments	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of June 30, 2024, our portfolio was comprised of 411 properties containing approximately 59,893,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 185 properties containing approximately 43,164,000 rentable square feet that were industrial and logistics properties 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 Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture, in which we own a 61% equity interest. As of June 30, 2024, we also owned a 22% equity interest in an unconsolidated joint venture. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. During the three and six months ended June 30, 2024 and 2023, amounts capitalized at our properties for tenant improvements, leasing costs, building improvements and development, redevelopment and other activities were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Tenant improvements (1) $ 142 $ 1,221 $ 586 $ 1,699 Leasing costs (1) 184 1,277 2,311 2,839 Building improvements (2) 2,506 1,283 3,308 1,653 Development, redevelopment and other activities (3) — 3,870 — 6,391 $ 2,832 $ 7,651 $ 6,205 $ 12,582 (1) Tenant improvements and leasing costs include capital expenditures used to improve tenants’ space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. (2) Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. (3) Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenues. During the six months ended June 30, 2024, we committed $4,348 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 2,609,000 rentable square feet. Committed, but unspent, tenant related obligations based on existing leases as of June 30, 2024 were $5,646, all of which is expected to be spent during the next 12 months. Consolidated Joint Venture We own a 61% equity interest in our consolidated joint venture. We control this 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 net loss attributable to noncontrolling interest in our condensed consolidated financial statements for the three months ended June 30, 2024 and 2023 of $10,314 and $10,676, respectively, and $20,828 and $21,404 for the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, our consolidated joint venture had total assets of $2,964,265 and total liabilities of $1,769,499. 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. We recognized net income (loss) attributable to noncontrolling interest in our condensed consolidated financial statements for the three months ended June 30, 2024 and 2023 of $10 and $(76), respectively, and $25 and $(85) for the six months ended June 30, 2024 and 2023, respectively. The tenancy in common made cash distributions to the unrelated third party investor of $0 and $225 during the three months ended June 30, 2024 and 2023, respectively, and cash distributions of $163 and $225 during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the tenancy in common had total assets of $10,786 and total liabilities of $188. 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 using 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	6 Months Ended
	Jun. 30, 2024
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 and are generally classified as operating leases. 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 $19,067 and $18,291 for the three months ended June 30, 2024 and 2023, respectively, and $40,242 and $39,390 for the six months ended June 30, 2024 and 2023, 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. Right of Use Assets and Lease Liabilities We are the lessee for three of our properties subject to ground leases and one office lease that we assumed in an acquisition. For leases with a term greater than 12 months under which we are the lessee, we recognize right of use assets and lease liabilities. The values of our right of use assets and related lease liabilities were $4,421 and $4,512, respectively, as of June 30, 2024, and $4,646 and $4,730, respectively, as of December 31, 2023. 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. Geographic Concentration For the three months ended June 30, 2024 and 2023, our Hawaii Properties represented 27.2% and 28.1%, respectively, of our rental income. For the six months ended June 30, 2024 and 2023, our Hawaii Properties represented 27.6% and 27.8%, respectively, of our rental income. Tenant Concentration 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 amortization of deferred leasing costs. Subsidiaries of FedEx Corporation, or FedEx, and subsidiaries of Amazon.com Services, Inc., or Amazon, represented 29.0% and 6.8% of our annualized rental revenues as of June 30, 2024, respectively, and 29.6% and 6.8% as of June 30, 2023, respectively.

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our outstanding indebtedness as of June 30, 2024 and December 31, 2023 is summarized below: Number of Properties Principal Interest Carrying Value Entity Secured By Balance Rate (1) Type Maturity of Collateral As of June 30, 2024 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,030,514 ILPT 186 650,000 4.31% Fixed 02/07/2029 490,024 ILPT 17 700,000 4.42% Fixed 03/09/2032 497,758 Mountain JV 82 1,400,000 5.81% Floating 03/09/2025 1,829,100 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 180,679 Mountain JV 1 10,706 3.67% Fixed 05/01/2031 28,688 Mountain JV 1 12,283 4.14% Fixed 07/01/2032 42,876 Mountain JV 1 27,423 4.02% Fixed 10/01/2033 83,618 Mountain JV 1 38,369 4.13% Fixed 11/01/2033 128,854 Mountain JV 1 23,542 3.10% Fixed 06/01/2035 45,732 Mountain JV 1 38,043 2.95% Fixed 01/01/2036 97,715 Mountain JV 1 42,683 4.27% Fixed 11/01/2037 109,208 Mountain JV 1 47,921 3.25% Fixed 01/01/2038 111,911 Total / weighted average 4,316,970 5.35% $ 4,676,677 Unamortized debt issuance costs (10,384) Total indebtedness, net $ 4,306,586 As of December 31, 2023 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,044,028 ILPT 186 650,000 4.31% Fixed 02/07/2029 490,149 ILPT 17 700,000 4.42% Fixed 03/09/2032 505,153 Mountain JV 82 1,400,000 6.17% Floating 03/09/2024 1,857,062 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 183,264 Mountain JV 1 11,380 3.67% Fixed 05/01/2031 28,932 Mountain JV 1 12,916 4.14% Fixed 07/01/2032 43,510 Mountain JV 1 28,622 4.02% Fixed 10/01/2033 84,793 Mountain JV 1 40,019 4.13% Fixed 11/01/2033 129,749 Mountain JV 1 24,433 3.10% Fixed 06/01/2035 46,394 Mountain JV 1 39,411 2.95% Fixed 01/01/2036 99,108 Mountain JV 1 43,850 4.27% Fixed 11/01/2037 110,097 Mountain JV 1 49,313 3.25% Fixed 01/01/2038 113,477 Total / weighted average 4,325,944 5.47% $ 4,735,716 Unamortized debt issuance costs (20,003) Total indebtedness, net $ 4,305,941 (1) Interest rates 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, which is secured by 104 of our properties, 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 under the ILPT Floating Rate Loan was 6.18%, including the impact of our interest rate cap on SOFR of 2.25%, as of June 30, 2024 and December 31, 2023, and for the three and six months ended June 30, 2024 and 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. As of July 30, 2024, we intend to exercise the first of our three, one year options to extend the maturity date of this loan. Our consolidated joint venture’s $1,400,000 loan, or the Mountain Floating Rate Loan, matures in March 2025, subject to two remaining one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. In March 2024, in connection with the exercise of its option to extend the maturity date of this loan to March 2025, our consolidated joint venture purchased a one year interest rate cap for $26,175 with a SOFR strike rate equal to 3.04%, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.40%. As of June 30, 2024 and December 31, 2023, the interest rate under the Mountain Floating Rate Loan was 5.81% and 6.17%, respectively. The weighted average interest rate under the Mountain Floating Rate Loan was 5.81% and 5.95% for the three and six months ended June 30, 2024, respectively, including the impact of our interest rate caps. The weighted average annual interest rate under the Mountain Floating Rate Loan was 6.17% for both the three and six months ended June 30, 2023, including the impact of our interest rate caps. Subject to the satisfaction of certain conditions, we have the option to prepay up to $280,000 of the Mountain Floating Rate Loan at par with no premium, and to prepay the balance of the Mountain Floating Rate Loan at any time, subject to a premium. 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 then 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 in conjunction with the repayment of these mortgage loans. The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. See Note 10 for further information regarding our interest rate caps. The required principal payments due during the next five years and thereafter under all our outstanding debt as of June 30, 2024 are as follows: Principal Payment 2024 $ 1,244,140 2025 1,418,794 2026 19,495 2027 20,229 2028 20,989 Thereafter 1,593,323 $ 4,316,970

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2024
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 and cash equivalents, mortgages and notes payable, accounts payable and interest rate caps. As of June 30, 2024 and December 31, 2023, 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 for our fixed rate mortgage notes payable. Our fixed rate mortgage notes payable had an aggregate carrying value of $1,674,158 and $1,682,501 as of June 30, 2024 and December 31, 2023, respectively, and a fair value of $1,525,930 and $1,553,863 as of June 30, 2024 and December 31, 2023, respectively. We estimate the fair value of our fixed rate mortgage notes payable using significant unobservable inputs (Level 3), including discounted cash flow analyses and prevailing market interest rates. The table below presents certain of our assets measured on a recurring basis at fair value as of June 30, 2024 and December 31, 2023, categorized by the level of inputs as defined in the fair value hierarchy under ASC 820, Fair Value Measurement , 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) As of June 30, 2024 Investment in unconsolidated joint venture $ 117,451 $ — $ — $ 117,451 Interest rate caps $ 30,929 $ — $ 30,929 $ — As of December 31, 2023 Investment in unconsolidated joint venture $ 115,360 $ — $ — $ 115,360 Interest rate caps $ 30,576 $ — $ 30,576 $ — The fair value of our investment in the unconsolidated joint venture is determined by applying our ownership percentage to the net asset value of the entity. The net asset value of the unconsolidated joint venture is determined by using similar estimation techniques as those used for consolidated real estate properties, including discounting expected future cash flows of the underlying real estate investments based on prevailing market rents over a holding period and including an exit capitalization rate to determine the final year of cash flows. The fair values of our interest rate cap derivatives are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date. The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below: Exit Valuation Discount Capitalization Holding Technique Rates Rates Periods As of June 30, 2024 Investment in unconsolidated joint venture Discounted cash flow 5.75% - 8.00% 5.25% - 6.50% 10 - 12 years As of December 31, 2023 Investment in unconsolidated joint venture Discounted cash flow 5.75% - 8.00% 5.25% - 6.50% 9 - 12 years The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 116,093 $ 127,329 $ 115,360 $ 124,358 Equity in earnings of unconsolidated joint venture 2,348 2,743 4,071 6,704 Distributions from unconsolidated joint venture (990) (990) (1,980) (1,980) Ending balance $ 117,451 $ 129,082 $ 117,451 $ 129,082

Shareholders' Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Shareholders' Equity	Shareholders’ Equity Common Share Awards On May 30, 2024, in accordance with our Trustee compensation arrangements, we awarded to each of our seven Trustees 23,316 of our common shares, valued at $3.86 per share, the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on that day. Common Share Purchases During the six months ended June 30, 2024, we purchased an aggregate of 14,090 of our common shares, valued at a weighted average price of $4.14 per common share, from certain former officers and employees of The RMR Group LLC, or RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the trading prices of our common shares at the close of trading on Nasdaq on the applicable purchase dates. Distributions During the six months ended June 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Distribution Total Declaration Date Record Date Payment Date Per Share Distribution January 11, 2024 January 22, 2024 February 15, 2024 $ 0.01 $ 658 April 11, 2024 April 22, 2024 May 16, 2024 0.01 659 $ 0.02 $ 1,317 On July 11, 2024, we declared a regular quarterly distribution to common shareholders of record on July 22, 2024 of $0.01 per share, or approximately $660. We expect to pay this distribution to our shareholders on or about August 15, 2024 using cash on hand.

Business and Property Managemen

Business and Property Management Agreements with RMR	6 Months Ended
	Jun. 30, 2024
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 business management fees of $5,809 and $11,639 for the three and six months ended June 30, 2024, respectively, and $5,656 and $11,382 for the three and six months ended June 30, 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of June 30, 2024 and 2023, no incentive fees are included in the business management fees we recognized for the three or six months ended June 30, 2024 or 2023. The actual amount of annual incentive fees for 2024, 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, 2024, and will be payable in January 2025. We did not incur any incentive fee payable to RMR for the year ended December 31, 2023. 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 $3,231 and $6,634 for the three and six months ended June 30, 2024, respectively, and $3,370 and $6,822 for the three and six months ended June 30, 2023, respectively. Of these amounts, for the three and six months ended June 30, 2024, $3,116 and $6,446, respectively, were included in other operating expenses in our condensed consolidated financial statements and $115 and $188, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. For the three and six months ended June 30, 2023, $3,133 and $6,452, respectively, were included in other operating expenses in our condensed consolidated statements of comprehensive income (loss) and $237 and $370, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. We are generally responsible for all of 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 $1,647 and $3,334 for these expenses and costs for the three and six months ended June 30, 2024, respectively, and $2,000 and $3,841 for the three and six months ended June 30, 2023, 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, our consolidated 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 9 for further information regarding our relationships, agreements and transactions with RMR.

Related Person Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2024
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. Each of our 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. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Yael Duffy, our President and Chief Operating Officer, is also the president and chief operating officer of Office Properties Income Trust, one of the other public companies managed by RMR. Other officers of RMR, including Mr. Jordan, serve as managing trustees or officers of certain of these public companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 8 for further information regarding our management agreements with RMR. Joint Ventures. We have two separate joint venture arrangements. RMR provides management services to each of these joint ventures. See Note 3 for further information regarding our joint ventures. As of June 30, 2024 and December 31, 2023, we owed $443 and $680, 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. For further information about these and other such relationships and certain other related person transactions, see our 2023 Annual Report.

Derivatives and Hedging Activit

Derivatives and Hedging Activities	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities 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 interest rate cap agreements to manage our interest rate risk exposure on each of the ILPT Floating Rate Loan and the Mountain 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. Our interest rate cap agreements are designated as cash flow hedges of interest rate risk and are measured on a recurring basis at fair value. See Notes 5 and 6 for further information regarding the debt our interest rate caps are related to and the fair value of our interest rate caps. The following table summarizes the terms of our outstanding interest rate cap agreements as of June 30, 2024 and December 31, 2023: Balance Sheet Underlying Maturity Strike Notional Fair Value at Line Item Instrument Date Rate Amount June 30, 2024 December 31, 2023 Other assets ILPT Floating Rate Loan 10/15/2024 2.25% $ 1,235,000 $ 10,943 $ 25,060 Other assets Mountain Floating Rate Loan 03/15/2024 3.40% $ 1,400,000 — 5,516 Other assets Mountain Floating Rate Loan 03/15/2025 3.04% $ 1,400,000 19,986 — $ 30,929 $ 30,576 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. The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income for the periods shown: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized gain on derivatives recognized in cumulative other comprehensive income $ 3,926 $ 20,025 $ 8,600 $ 16,249 Realized gain on derivatives reclassified from cumulative other comprehensive income into interest expense (5,436) (8,004) (14,956) (13,006) Unrealized (loss) gain on derivatives recognized in cumulative other comprehensive income $ (1,510) $ 12,021 $ (6,356) $ 3,243

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Jun. 30, 2024
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, 2023, or our 2023 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.
New Accounting Pronouncements	New Accounting Pronouncements. In November 2023, the Financial Accounting Standards Board issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities, including those with a single reportable segment, to: (i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or the CODM, and included in each reported measure of segment profit or loss; (ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by Accounting Standards Codification, or ASC, 280, Segment Reporting , in interim periods; and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures. ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments. ASU 2023-07 is required to be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact ASU 2023-07 will have on our condensed consolidated financial statements.

Real Estate Investments (Tables

Real Estate Investments (Tables)	6 Months Ended
	Jun. 30, 2024
Real Estate [Abstract]
Schedule of Capitalized Lessor Expenses	During the three and six months ended June 30, 2024 and 2023, amounts capitalized at our properties for tenant improvements, leasing costs, building improvements and development, redevelopment and other activities were as follows: Three Months Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Tenant improvements (1) $ 142 $ 1,221 $ 586 $ 1,699 Leasing costs (1) 184 1,277 2,311 2,839 Building improvements (2) 2,506 1,283 3,308 1,653 Development, redevelopment and other activities (3) — 3,870 — 6,391 $ 2,832 $ 7,651 $ 6,205 $ 12,582 (1) Tenant improvements and leasing costs include capital expenditures used to improve tenants’ space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. (2) Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. (3) Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenues.

Indebtedness (Tables)

Indebtedness (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	Our outstanding indebtedness as of June 30, 2024 and December 31, 2023 is summarized below: Number of Properties Principal Interest Carrying Value Entity Secured By Balance Rate (1) Type Maturity of Collateral As of June 30, 2024 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,030,514 ILPT 186 650,000 4.31% Fixed 02/07/2029 490,024 ILPT 17 700,000 4.42% Fixed 03/09/2032 497,758 Mountain JV 82 1,400,000 5.81% Floating 03/09/2025 1,829,100 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 180,679 Mountain JV 1 10,706 3.67% Fixed 05/01/2031 28,688 Mountain JV 1 12,283 4.14% Fixed 07/01/2032 42,876 Mountain JV 1 27,423 4.02% Fixed 10/01/2033 83,618 Mountain JV 1 38,369 4.13% Fixed 11/01/2033 128,854 Mountain JV 1 23,542 3.10% Fixed 06/01/2035 45,732 Mountain JV 1 38,043 2.95% Fixed 01/01/2036 97,715 Mountain JV 1 42,683 4.27% Fixed 11/01/2037 109,208 Mountain JV 1 47,921 3.25% Fixed 01/01/2038 111,911 Total / weighted average 4,316,970 5.35% $ 4,676,677 Unamortized debt issuance costs (10,384) Total indebtedness, net $ 4,306,586 As of December 31, 2023 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,044,028 ILPT 186 650,000 4.31% Fixed 02/07/2029 490,149 ILPT 17 700,000 4.42% Fixed 03/09/2032 505,153 Mountain JV 82 1,400,000 6.17% Floating 03/09/2024 1,857,062 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 183,264 Mountain JV 1 11,380 3.67% Fixed 05/01/2031 28,932 Mountain JV 1 12,916 4.14% Fixed 07/01/2032 43,510 Mountain JV 1 28,622 4.02% Fixed 10/01/2033 84,793 Mountain JV 1 40,019 4.13% Fixed 11/01/2033 129,749 Mountain JV 1 24,433 3.10% Fixed 06/01/2035 46,394 Mountain JV 1 39,411 2.95% Fixed 01/01/2036 99,108 Mountain JV 1 43,850 4.27% Fixed 11/01/2037 110,097 Mountain JV 1 49,313 3.25% Fixed 01/01/2038 113,477 Total / weighted average 4,325,944 5.47% $ 4,735,716 Unamortized debt issuance costs (20,003) Total indebtedness, net $ 4,305,941 (1) Interest rates reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts.
Schedule of the Principal Payments Due Under the Outstanding Debt	The required principal payments due during the next five years and thereafter under all our outstanding debt as of June 30, 2024 are as follows: Principal Payment 2024 $ 1,244,140 2025 1,418,794 2026 19,495 2027 20,229 2028 20,989 Thereafter 1,593,323 $ 4,316,970

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value Measurements, Recurring and Nonrecurring	The table below presents certain of our assets measured on a recurring basis at fair value as of June 30, 2024 and December 31, 2023, categorized by the level of inputs as defined in the fair value hierarchy under ASC 820, Fair Value Measurement , 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) As of June 30, 2024 Investment in unconsolidated joint venture $ 117,451 $ — $ — $ 117,451 Interest rate caps $ 30,929 $ — $ 30,929 $ — As of December 31, 2023 Investment in unconsolidated joint venture $ 115,360 $ — $ — $ 115,360 Interest rate caps $ 30,576 $ — $ 30,576 $ —
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 to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below: Exit Valuation Discount Capitalization Holding Technique Rates Rates Periods As of June 30, 2024 Investment in unconsolidated joint venture Discounted cash flow 5.75% - 8.00% 5.25% - 6.50% 10 - 12 years As of December 31, 2023 Investment in unconsolidated joint venture Discounted cash flow 5.75% - 8.00% 5.25% - 6.50% 9 - 12 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 Ended June 30, Six Months Ended June 30, 2024 2023 2024 2023 Beginning balance $ 116,093 $ 127,329 $ 115,360 $ 124,358 Equity in earnings of unconsolidated joint venture 2,348 2,743 4,071 6,704 Distributions from unconsolidated joint venture (990) (990) (1,980) (1,980) Ending balance $ 117,451 $ 129,082 $ 117,451 $ 129,082

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Schedule of Distributions Declared and Paid	During the six months ended June 30, 2024, we declared and paid regular quarterly distributions to common shareholders as follows: Distribution Total Declaration Date Record Date Payment Date Per Share Distribution January 11, 2024 January 22, 2024 February 15, 2024 $ 0.01 $ 658 April 11, 2024 April 22, 2024 May 16, 2024 0.01 659 $ 0.02 $ 1,317

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	6 Months Ended
	Jun. 30, 2024
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 as of June 30, 2024 and December 31, 2023: Balance Sheet Underlying Maturity Strike Notional Fair Value at Line Item Instrument Date Rate Amount June 30, 2024 December 31, 2023 Other assets ILPT Floating Rate Loan 10/15/2024 2.25% $ 1,235,000 $ 10,943 $ 25,060 Other assets Mountain Floating Rate Loan 03/15/2024 3.40% $ 1,400,000 — 5,516 Other assets Mountain Floating Rate Loan 03/15/2025 3.04% $ 1,400,000 19,986 — $ 30,929 $ 30,576
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 June 30, Six Months Ended June 30, 2024 2023 2024 2023 Unrealized gain on derivatives recognized in cumulative other comprehensive income $ 3,926 $ 20,025 $ 8,600 $ 16,249 Realized gain on derivatives reclassified from cumulative other comprehensive income into interest expense (5,436) (8,004) (14,956) (13,006) Unrealized (loss) gain on derivatives recognized in cumulative other comprehensive income $ (1,510) $ 12,021 $ (6,356) $ 3,243

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property segment	Jun. 30, 2023 USD ($)	Jun. 30, 2024 property	Jun. 30, 2024 ft²	Jun. 30, 2024 state	Jun. 30, 2024 building	Jun. 30, 2024
Real Estate Properties [Line Items]
Number of properties owned | property					411
Rentable square feet (in sqft) | ft²						59,893
Number of business segments | segment			1
Commitments related to tenant improvements and leasing costs			$ 4,348
Tenant improvements (in sqft) | ft²						2,609
Committed but unspent tenant related obligations	$ 5,646		5,646
Net income (loss) attributable to noncontrolling interest	(10,304)	$ (10,752)	(20,803)	$ (21,489)
Cash distributions			163	225
Unrelated Third Party
Real Estate Properties [Line Items]
Tenancy in common, total assets	10,786		10,786
Tenancy in common, total liabilities	188		188
Mountain Industrial REIT LLC
Real Estate Properties [Line Items]
Net income (loss) attributable to noncontrolling interest	(10,314)	(10,676)	(20,828)	(21,404)
Mountain Industrial REIT LLC | Other Joint Venture Investor
Real Estate Properties [Line Items]
Joint venture, total assets	2,964,265		2,964,265
Joint venture, liabilities	1,769,499		1,769,499
Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE
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 | state							27
Ownership interest (as percent)									61%
The Industrial Fund REIT LLC | Joint Venture
Real Estate Properties [Line Items]
Ownership interest (as percent)									22%
Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Cash distributions	0	225	163	225
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
Number of properties contributed | property					18
Hawaii
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²						16,729
Number of states where real estate is located | state							39
Number of buildings, leasable land parcels easements | building								226
Other States
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²						43,164
Number of states where real estate is located					185		38
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%
Net income (loss) attributable to noncontrolling interest	$ 10	$ (76)	$ 25	$ (85)
Number of properties | property			1
Somerset, New Jersey | Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Noncontrolling interest, ownership percentage by noncontrolling owners									33%

Real Estate Investments - Capit

Real Estate Investments - Capital Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Real Estate Properties [Line Items]
Capital expenditures incurred	$ 2,832	$ 7,651	$ 6,205	$ 12,582
Tenant improvements
Real Estate Properties [Line Items]
Capital expenditures incurred	142	1,221	586	1,699
Leasing costs
Real Estate Properties [Line Items]
Capital expenditures incurred	184	1,277	2,311	2,839
Building improvements
Real Estate Properties [Line Items]
Capital expenditures incurred	2,506	1,283	3,308	1,653
Development, redevelopment and other activities
Real Estate Properties [Line Items]
Capital expenditures incurred	$ 0	$ 3,870	$ 0	$ 6,391

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Certain variable payments	$ 19,067	$ 18,291	$ 40,242	$ 39,390
Number of properties subject to ground leases | property	3		3
Lessee, number of properties under an operating lease | property			1
Right-of-use asset	$ 4,421		$ 4,421		$ 4,646
Operating lease liability	$ 4,512		$ 4,512		$ 4,730
Amazon.com, Inc
Lessor, Lease, Description [Line Items]
Percentage of annualized rental revenue	29%	29.60%	29%	29.60%
FedEx Corporation
Lessor, Lease, Description [Line Items]
Percentage of annualized rental revenue	6.80%	6.80%	6.80%	6.80%
Sales Revenue, Net | Geographic Concentration Risk | Hawaii
Lessor, Lease, Description [Line Items]
Concentration risk	27.20%	28.10%	27.60%	27.80%

Indebtedness - Schedule of Outs

Indebtedness - Schedule of Outstanding Indebtedness (Details) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Debt Instrument [Line Items]
Total principal balance	$ 4,316,970	$ 4,325,944
Interest rate (as a percent)	5.35%	5.47%
Carrying Value of Collateral	$ 4,676,677	$ 4,735,716
Unamortized debt issuance costs	(10,384)	(20,003)
Total indebtedness, net	$ 4,306,586	$ 4,305,941
Mountain Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024
Debt Instrument [Line Items]
Number of properties used as collateral | property	104	104
Total principal balance	$ 1,235,000	$ 1,235,000
Interest rate (as a percent)	6.18%	6.18%
Carrying Value of Collateral	$ 1,030,514	$ 1,044,028
Mountain Floating Rate Loan | Floating Rate Loan, 5.81%, due in 2025
Debt Instrument [Line Items]
Number of properties used as collateral | property	82
Total principal balance	$ 1,400,000
Interest rate (as a percent)	5.81%
Carrying Value of Collateral	$ 1,829,100
Mountain 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
Interest rate (as a percent)		6.17%
Carrying Value of Collateral		$ 1,857,062
Fixed Rate Loan | Fixed Rate Loan, 4.31%, due in 2029
Debt Instrument [Line Items]
Number of properties used as collateral | property	186	186
Total principal balance	$ 650,000	$ 650,000
Interest rate (as a percent)	4.31%	4.31%
Carrying Value of Collateral	$ 490,024	$ 490,149
Fixed Rate Loan | Fixed Rate Loan, 4.42%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	17	17
Total principal balance	$ 700,000	$ 700,000
Interest rate (as a percent)	4.42%	4.42%
Carrying Value of Collateral	$ 497,758	$ 505,153
Fixed Rate Loan | Fixed rate loan, 6.25% due in 2030
Debt Instrument [Line Items]
Number of properties used as collateral | property	4	4
Total principal balance	$ 91,000	$ 91,000
Interest rate (as a percent)	6.25%	6.25%
Carrying Value of Collateral	$ 180,679	$ 183,264
Fixed Rate Loan | Fixed rate loan, 3.67% Due 2031
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 10,706	$ 11,380
Interest rate (as a percent)	3.67%	3.67%
Carrying Value of Collateral	$ 28,688	$ 28,932
Fixed Rate Loan | Fixed Rate Loan, 4.14%, due in 2032
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 12,283	$ 12,916
Interest rate (as a percent)	4.14%	4.14%
Carrying Value of Collateral	$ 42,876	$ 43,510
Fixed Rate Loan | Fixed rate loan, 4.02% Due 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 27,423	$ 28,622
Interest rate (as a percent)	4.02%	4.02%
Carrying Value of Collateral	$ 83,618	$ 84,793
Fixed Rate Loan | Fixed rate loan, 4.13% Due 2033
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 38,369	$ 40,019
Interest rate (as a percent)	4.13%	4.13%
Carrying Value of Collateral	$ 128,854	$ 129,749
Fixed Rate Loan | Fixed rate loan, 3.10% Due 2035
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 23,542	$ 24,433
Interest rate (as a percent)	3.10%	3.10%
Carrying Value of Collateral	$ 45,732	$ 46,394
Fixed Rate Loan | Fixed rate loan, 2.95% Due 2036
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 38,043	$ 39,411
Interest rate (as a percent)	2.95%	2.95%
Carrying Value of Collateral	$ 97,715	$ 99,108
Fixed Rate Loan | Fixed rate loan, 4.27% Due 2037
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 42,683	$ 43,850
Interest rate (as a percent)	4.27%	4.27%
Carrying Value of Collateral	$ 109,208	$ 110,097
Fixed Rate Loan | Fixed rate loan, 3.25% Due 2038
Debt Instrument [Line Items]
Number of properties used as collateral | property	1	1
Total principal balance	$ 47,921	$ 49,313
Interest rate (as a percent)	3.25%	3.25%
Carrying Value of Collateral	$ 111,911	$ 113,477

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Mar. 31, 2024 USD ($)	May 31, 2023 USD ($) mortgage property	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) property option	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Mar. 30, 2024
Debt Instrument [Line Items]
Debt outstanding			$ 4,306,586		$ 4,306,586		$ 4,305,941
Interest rate (as a percent)			5.35%		5.35%		5.47%
Principal balance			$ 4,316,970		$ 4,316,970		$ 4,325,944
Loss on early extinguishment of debt			0	$ 359	0	$ 359
Joint Venture
Debt Instrument [Line Items]
Number of outstanding mortgage loans | mortgage		4
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan
Debt Instrument [Line Items]
Debt outstanding			$ 1,235,000		$ 1,235,000
Number of properties used as collateral | property					104
Number of options to extend maturity date | option					3
Extension period					1 year
Basis spread on variable rate (as a percent)					3.93%
Weighted average interest rate (as a percent)			6.18%	6.18%	6.18%	6.18%
Floating Rate Loan, 6.18%, due in 2024 | 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%
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)			2.25%		2.25%		2.25%
Floating Rate Loan, 6.18%, due in 2024 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Number of properties used as collateral | property					104		104
Interest rate (as a percent)			6.18%		6.18%		6.18%
Principal balance			$ 1,235,000		$ 1,235,000		$ 1,235,000
Floating Rate Loan, Due in 2025 | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)	3.04%							3.40%
Floating Rate Loan, Due in 2025 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Debt outstanding			$ 1,400,000		$ 1,400,000
Number of options to extend maturity date | option					2
Extension period					1 year
Basis spread on variable rate (as a percent)					2.77%
Weighted average interest rate (as a percent)				6.17%		6.17%
Interest rate (as a percent)			5.81%		5.81%		6.17%
Prepayment terms without premium amount			$ 280,000		$ 280,000
Floating Rate Loan, Due in 2025 | Mountain Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument | Joint Venture
Debt Instrument [Line Items]
Term of contract period	1 year
Notional amount	$ 26,175
Floating Rate Loan, 6.17%, due in 2024 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Number of properties used as collateral | property							82
Interest rate (as a percent)							6.17%
Principal balance							$ 1,400,000
Floating Rate Loan, 6.86%, due in 2024 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)			5.81%		5.95%
Fixed Rate Loan, 6.25%, Due in 2030 | Mortgages Loan | Joint Venture
Debt Instrument [Line Items]
Number of properties used as collateral | property		4
Debt instrument, face amount		$ 91,000
Annual interest rate (as a percent)		6.25%
Principal balance		$ 35,910
Weighted average interest rate (as a percent)		3.70%
Loss on early extinguishment of debt		$ 359

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Indebtedness Maturity (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024	$ 1,244,140
2025	1,418,794
2026	19,495
2027	20,229
2028	20,989
Thereafter	1,593,323
Total principal balance	$ 4,316,970	$ 4,325,944

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value of Financial Instruments
Notes payable	$ 1,674,158	$ 1,682,501
Estimated Fair Value
Fair Value of Financial Instruments
Notes payable	$ 1,525,930	$ 1,553,863

Fair Value of Assets and Liab_4

Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) - Fair Value, Recurring - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	$ 117,451	$ 115,360
Interest rate caps	30,929	30,576
Fair Value, Inputs, Level 1
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	0	0
Interest rate caps	0	0
Fair Value, Inputs, Level 2
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	0	0
Interest rate caps	30,929	30,576
Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	117,451	115,360
Interest rate caps	$ 0	$ 0

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	Jun. 30, 2024	Dec. 31, 2023
Measurement Input, Discount Rate | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0575	0.0575
Measurement Input, Discount Rate | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0800	0.0800
Measurement Input, Exit Capitalization Rate | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0525	0.0525
Measurement Input, Exit Capitalization Rate | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0650	0.0650
Measurement Input, Holdings Periods | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture, holding periods	10 years	9 years
Measurement Input, Holdings Periods | Maximum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture, holding periods	12 years	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 116,093	$ 127,329	$ 115,360	$ 124,358
Equity in earnings of unconsolidated joint venture	2,348	2,743	4,071	6,704
Distributions from unconsolidated joint venture	(990)	(990)	(1,980)	(1,980)
Ending balance	$ 117,451	$ 129,082	$ 117,451	$ 129,082

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jul. 11, 2024 USD ($) $ / shares	May 30, 2024 trustee $ / shares shares	Jun. 30, 2024 $ / shares shares
Shareholders' Equity
Number of trustees | trustee		7
Subsequent Event
Shareholders' Equity
Common distributions declared (in dollars per share)	$ 0.01
Dividends payable | $	$ 660
Common Stock
Shareholders' Equity
Share repurchases to pay for tax withholding (in shares) | shares			14,090
Share price (in dollars per share)			$ 4.14
Trustee
Shareholders' Equity
Common shares granted (in shares) | shares		23,316
Common share price (in dollars per share)		$ 3.86

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Distributions Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended				6 Months Ended
	May 16, 2024	Feb. 15, 2024	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024
Equity [Abstract]
Distribution per share (in dollars per share)	$ 0.01	$ 0.01					$ 0.02
Total distribution	$ 659	$ 658	$ 659	$ 658	$ 656	$ 656	$ 1,317

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details)	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024 USD ($) employee agreement	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($) employee agreement	Jun. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0		0
Other operating expenses	$ 9,207,000	$ 8,519,000	$ 19,529,000	$ 17,837,000
Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	3,231,000	3,370,000	6,634,000	6,822,000
Capitalized Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	115,000	237,000	188,000	370,000
Reimbursed Property Level Operating Expenses
Related Party Transaction [Line Items]
Related party transaction, amount	$ 1,647,000	2,000,000	$ 3,334,000	3,841,000
Related Party
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Management fee expense	$ 5,809,000	5,656,000	$ 11,639,000	11,382,000
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	$ 3,116,000	$ 3,133,000	$ 6,446,000	$ 6,452,000

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	Jun. 30, 2024 USD ($) agreement	Dec. 31, 2023 USD ($)
Related Party
Related Party Transaction [Line Items]
Number of management service agreements	2
Number of joint venture agreements	2
Accounts payable and other liabilities | $	$ 4,756	$ 4,966
Joint Venture
Related Party Transaction [Line Items]
Number of joint venture agreements	2
Accounts payable and other liabilities | $	$ 443	$ 680

Derivatives and Hedging Activ_3

Derivatives and Hedging Activities - Schedule of Interest Rate Cap Agreements (Details) - Interest Rate Cap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)	Jun. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fair value	$ 30,929,000	$ 30,576,000
ILPT Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.25%
Notional amount	$ 1,235,000,000
Fair value	$ 10,943,000	25,060,000
Mountain Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.40%
Notional amount	$ 1,400,000,000
Fair value	$ 0	5,516,000
Mountain Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.04%
Notional amount	$ 1,400,000,000
Fair value	$ 19,986,000	$ 0

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Unrealized gain on derivatives recognized in cumulative other comprehensive income	$ 3,926	$ 20,025	$ 8,600	$ 16,249
Realized gain on derivatives reclassified from cumulative other comprehensive income into interest expense	(5,436)	(8,004)	(14,956)	(13,006)
Unrealized (loss) gain on derivatives recognized in cumulative other comprehensive income	$ (1,510)	$ 12,021	$ (6,356)	$ 3,243