Industrial Logistics Properties Trust (ILPT) 10-Q 29 Oct 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Oct. 28, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		66,144,422
Entity Central Index Key	0001717307
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024		Dec. 31, 2023
Real estate properties:
Land	$ 1,113,711		$ 1,113,723
Buildings and improvements	4,062,588		4,055,829
Total real estate properties, gross	5,176,299		5,169,552
Accumulated depreciation	(492,135)		(397,454)
Total real estate properties, net	4,684,164		4,772,098
Investment in unconsolidated joint venture	117,622		115,360
Acquired real estate leases, net	208,785		243,521
Cash and cash equivalents	153,863		112,341
Restricted cash and cash equivalents	111,068	[1]	133,382
Rents receivable, including straight line rents of $102,591 and $94,309, respectively	122,730		119,170
Other assets, net	56,576		67,803
Total assets	5,454,808		5,563,675
LIABILITIES AND EQUITY
Mortgages and notes payable, net	4,304,868		4,305,941
Assumed real estate lease obligations, net	15,795		18,534
Total liabilities	4,412,049		4,401,896
Commitments and contingencies
Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,144,422 and 65,843,387 shares issued and outstanding, respectively	661		658
Additional paid in capital	1,017,172		1,015,777
Cumulative net (deficit) income	(62,372)		9,196
Cumulative other comprehensive (loss) income	(1,749)		10,171
Cumulative common distributions	(367,824)		(365,848)
Total equity attributable to common shareholders	585,888		669,954
Noncontrolling interest	456,871		491,825
Total equity	1,042,759		1,161,779
Total liabilities and equity	5,454,808		5,563,675
Nonrelated Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	85,566		72,455
Related Party
LIABILITIES AND EQUITY
Accounts payable and other liabilities	$ 5,820		$ 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	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Straight line rents	$ 102,591	$ 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)	66,144,422	65,843,387
Common shares, shares outstanding (in shares)	66,144,422	65,843,387

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues [Abstract]
Rental income	$ 108,945	$ 110,142	$ 331,801	$ 328,443
Expenses:
Real estate taxes	15,339	14,926	46,349	46,493
Other operating expenses	8,897	9,907	28,426	27,744
Depreciation and amortization	43,205	43,912	130,203	134,278
General and administrative	7,237	7,712	22,865	23,750
Loss on impairment of real estate	0	0	0	254
Total expenses	74,678	76,457	227,843	232,519
Interest income	3,134	2,397	8,921	5,340
Interest expense	(73,936)	(72,941)	(220,797)	(215,558)
Loss on sale of real estate	0	0	0	(974)
Loss on early extinguishment of debt	0	0	0	(359)
Loss before income taxes and equity in earnings of unconsolidated joint venture	(36,535)	(36,859)	(107,918)	(115,627)
Income tax expense	(33)	(51)	(102)	(113)
Equity in earnings of unconsolidated joint venture	1,161	719	5,232	7,423
Net loss	(35,407)	(36,191)	(102,788)	(108,317)
Net loss attributable to noncontrolling interest	10,417	10,079	31,220	31,568
Net loss attributable to common shareholders	(24,990)	(26,112)	(71,568)	(76,749)
Other comprehensive income (loss):
Unrealized loss on derivatives	(8,972)	(6,635)	(15,328)	(3,392)
Less: unrealized loss on derivatives attributable to noncontrolling interest	1,988	2,290	3,408	3,631
Other comprehensive (loss) income attributable to common shareholders	(6,984)	(4,345)	(11,920)	239
Comprehensive loss attributable to common shareholders	$ (31,974)	$ (30,457)	$ (83,488)	$ (76,510)
Weighted average common shares outstanding - basic (in shares)	65,769	65,488	65,651	65,389
Weighted average common shares outstanding - diluted (in shares)	65,769	65,488	65,651	65,389
Per common share data (basic and diluted):
Net loss attributable to common shareholders, basic (in dollars per share)	$ (0.38)	$ (0.40)	$ (1.09)	$ (1.17)
Net loss attributable to common shareholders, diluted (in dollars per share)	$ (0.38)	$ (0.40)	$ (1.09)	$ (1.17)

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 (Loss)	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
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
Distributions to common shareholders	(656)	(656)					(656)
Other comprehensive (loss) income	(6,635)	(4,345)				(4,345)		(2,290)
Ending balance (in shares) at Sep. 30, 2023			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 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	$ (1,976)
Ending balance (in shares) at Sep. 30, 2024	66,144,422		66,144,422
Ending balance at Sep. 30, 2024	$ 1,042,759	585,888	$ 661	1,017,172	(62,372)	(1,749)	(367,824)	456,871
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
Ending balance at Jun. 30, 2024	1,087,767	618,328	$ 660	1,016,980	(37,382)	5,235	(367,165)	469,439
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss	(35,407)	(24,990)			(24,990)			(10,417)
Share grants, repurchases and forfeitures (in shares)			151,913
Share grants, repurchases and forfeitures	193	193	$ 1	192
Distributions to common shareholders	(659)	(659)					(659)
Other comprehensive (loss) income	(8,972)	(6,984)				(6,984)		(1,988)
Distributions to noncontrolling interest	$ (163)							(163)
Ending balance (in shares) at Sep. 30, 2024	66,144,422		66,144,422
Ending balance at Sep. 30, 2024	$ 1,042,759	$ 585,888	$ 661	$ 1,017,172	$ (62,372)	$ (1,749)	$ (367,824)	$ 456,871

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss		$ (102,788)	$ (108,317)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation		94,767	93,545
Amortization of interest rate caps		31,726	18,435
Net amortization of debt issuance costs, premiums and discounts		12,580	20,177
Amortization of acquired real estate leases and assumed real estate lease obligations		31,997	38,275
Amortization of deferred leasing costs		2,329	1,723
Straight line rental income		(8,282)	(10,531)
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		(52,365)	(40,426)
General and administrative expenses paid in common shares		1,709	1,430
Distributions of earnings from unconsolidated joint venture		2,970	2,970
Equity in earnings of unconsolidated joint venture		(5,232)	(7,423)
Change in assets and liabilities:
Rents receivable		4,722	3,260
Other assets		(11,981)	(11,459)
Accounts payable and other liabilities		12,420	9,745
Due to related persons		854	1,072
Net cash provided by operating activities		15,426	14,063
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate improvements		(6,142)	(13,649)
Proceeds from sale of real estate		0	243
Purchase of interest rate cap		(26,175)	0
Proceeds from settlement of derivatives		52,365	40,426
Distributions in excess of earnings from unconsolidated joint venture		0	4,400
Net cash provided by investing activities		20,048	31,420
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgage notes payable		0	91,000
Repayment of mortgage notes payable		(13,524)	(50,993)
Payment of debt issuance costs		(129)	(1,414)
Distributions to common shareholders		(1,976)	(1,968)
Repurchase of common shares		(311)	(160)
Distributions to noncontrolling interest		(326)	(225)
Net cash (used in) provided by financing activities		(16,266)	36,240
Increase in cash and cash equivalents and restricted cash and cash equivalents		19,208	81,723
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		264,931	222,503
SUPPLEMENTAL DISCLOSURES:
Interest paid		177,368	218,369
Income taxes (received) paid		(80)	85
NON-CASH INVESTING ACTIVITIES:
Real estate improvements accrued not paid		1,929	2,810
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:
Cash and cash equivalents		153,863	83,283
Restricted cash and cash equivalents	[1]	111,068	139,220
Total cash and cash equivalents and restricted cash		$ 264,931	$ 222,503
[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	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 30, 2024
Accounting Standards Update and Change in Accounting Principle [Abstract]
Recent Accounting Pronouncements	Recent 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 expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements.

Real Estate Investments

Real Estate Investments	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Real Estate Investments	Real Estate Investments As of September 30, 2024, our portfolio was comprised of 411 properties containing approximately 59,890,000 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 43,161,000 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 20,978,000 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 September 30, 2024, we also owned a 22% equity interest in The Industrial Fund REIT LLC, or the 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 nine months ended September 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 Nine Months Ended 2024 2023 2024 2023 Tenant improvements (1) $ 433 $ 194 $ 1,019 $ 1,893 Leasing costs (1) 2,695 1,047 5,006 3,886 Building improvements (2) 2,509 2,720 5,817 4,373 Development, redevelopment and other activities (3) — 1,314 — 7,705 $ 5,637 $ 5,275 $ 11,842 $ 17,857 (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 three and nine months ended September 30, 2024 and 2023, recognized net income (loss) attributable to noncontrolling interest in our condensed consolidated financial statements was as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Consolidated joint venture $ (10,428) $ (10,238) $ (31,256) $ (31,642) Tenancy in common 11 159 36 74 $ (10,417) $ (10,079) $ (31,220) $ (31,568) 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. As of September 30, 2024, our consolidated joint venture had total assets of $2,932,320 and total liabilities of $1,769,384. 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 approximate 67% tenancy in common interest in this property. The tenancy in common made cash distributions to the unrelated third party investor of $163 and $0 during the three months ended September 30, 2024 and 2023, respectively, and cash distributions of $326 and $225 during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the tenancy in common had total assets of $10,388 and total liabilities of $250. Unconsolidated Joint Venture We own a 22% equity interest in 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	9 Months Ended
	Sep. 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. Our leases provide for base rent payments and may also include variable payments. Rental income from operating leases, including any payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Allowances for bad debts are recognized as a direct reduction of rental income. In certain circumstances, some leases provide the tenant with the right to terminate if the legislature or other funding authority does not appropriate the funding necessary for the tenant to meet its lease obligations; we have determined the fixed non-cancelable lease term of these leases to be the full term of the lease because we believe the occurrence of early terminations to be a remote contingency based on both our historical experience and our assessments of the likelihood of lease cancellation on a separate lease basis. We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $18,997 and $19,310 for the three months ended September 30, 2024 and 2023, respectively, and $60,228 and $58,700 for the nine months ended September 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 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 $4,308 and $4,401, respectively, as of September 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 September 30, 2024 and 2023, our Hawaii Properties represented 26.9% and 28.1%, respectively, of our rental income. For the nine months ended September 30, 2024 and 2023, our Hawaii Properties represented 27.4% and 27.9%, 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 29.3% and 6.8% of our annualized rental revenues as of September 30, 2024, respectively, and 29.8% and 6.7% as of September 30, 2023, respectively.

Indebtedness

Indebtedness	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Indebtedness	Indebtedness Our outstanding indebtedness as of September 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 September 30, 2024 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,023,379 ILPT 186 650,000 4.31% Fixed 02/07/2029 489,875 ILPT 17 700,000 4.42% Fixed 03/09/2032 494,538 Mountain JV 82 1,400,000 5.81% Floating 03/09/2025 1,816,102 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 179,605 Mountain JV 1 10,365 3.67% Fixed 05/01/2031 28,525 Mountain JV 1 11,961 4.14% Fixed 07/01/2032 42,558 Mountain JV 1 26,815 4.02% Fixed 10/01/2033 83,031 Mountain JV 1 37,531 4.13% Fixed 11/01/2033 128,407 Mountain JV 1 23,091 3.10% Fixed 06/01/2035 45,401 Mountain JV 1 37,352 2.95% Fixed 01/01/2036 97,018 Mountain JV 1 42,090 4.27% Fixed 11/01/2037 108,408 Mountain JV 1 47,216 3.25% Fixed 01/01/2038 111,129 Total / weighted average 4,312,421 5.36% $ 4,647,976 Unamortized debt issuance costs (7,553) Total indebtedness, net $ 4,304,868 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, was scheduled to mature in October 2024, subject to three, one year extension options, and required that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. In October 2024, we exercised the first of our three, one year extension options for the maturity date of this loan. In connection with the exercise of the extension, we purchased a one year interest rate cap for $16,975 with a SOFR strike rate equal to 2.78%, which replaced the previous interest rate cap with a SOFR strike rate equal to 2.25%. 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 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 the first of its three, one year extension options for the maturity date of this loan, 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%. Subject to the satisfaction of certain conditions, we have the option to prepay the Mountain Floating Rate Loan in full or in part at any time at par with no premium. The weighted average interest rates under our floating rate loans for the three and nine months ended September 30, 2024 were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 ILPT Floating Rate Loan (1) 6.18% 6.18% 6.18% 6.18% Mountain Floating Rale Loan (2) 5.81% 6.17% 5.90% 6.17% (1) Reflects the impact of an interest rate cap with a SOFR strike rate equal to 2.25%. (2) Reflects the impact of interest rate caps with a current SOFR strike rate equal to 3.04%, which replaced the previous strike rate equal to 3.40% in March 2024. 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 September 30, 2024 are as follows: Principal Payment 2024 (1) $ 1,239,591 2025 (2) 1,418,794 2026 19,495 2027 20,229 2028 20,989 Thereafter 1,593,323 $ 4,312,421 (1) In October 2024, we exercised the first of our three, one year extension options for the maturity date of the ILPT Floating Rate Loan. (2) Our consolidated joint venture has two remaining one year extension options for the maturity date of the Mountain Floating Rate Loan.

Fair Value of Assets and Liabil

Fair Value of Assets and Liabilities	9 Months Ended
	Sep. 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 September 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 $1,669,925 and $1,682,501 as of September 30, 2024 and December 31, 2023, respectively, and a fair value of $1,599,252 and $1,553,863 as of September 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 September 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 September 30, 2024 Investment in unconsolidated joint venture $ 117,622 $ — $ — $ 117,622 Interest rate caps $ 9,697 $ — $ 9,697 $ — 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 September 30, 2024 Investment in unconsolidated joint venture Discounted cash flow 6.50% - 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 Nine Months Ended 2024 2023 2024 2023 Beginning balance $ 117,451 $ 129,082 $ 115,360 $ 124,358 Equity in earnings of unconsolidated joint venture 1,161 719 5,232 7,423 Distributions from unconsolidated joint venture (990) (5,390) (2,970) (7,370) Ending balance $ 117,622 $ 124,411 $ 117,622 $ 124,411

Shareholders' Equity

Shareholders' Equity	9 Months Ended
	Sep. 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. On September 11, 2024, we awarded under our equity compensation plan an aggregate of 204,915 of our common shares, valued at $4.84 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, 2024, we purchased an aggregate of 53,002 and 67,092, respectively, of our common shares, valued at a weighted average price of $4.78 and $4.65 per common share, respectively, 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 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 nine months ended September 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 July 11, 2024 July 22, 2024 August 15, 2024 0.01 659 $ 0.03 $ 1,976 On October 16, 2024, we declared a regular quarterly distribution to common shareholders of record on October 28, 2024 of $0.01 per share, or approximately $661. We expect to pay this distribution to our shareholders on or about November 14, 2024 using cash on hand.

Business and Property Managemen

Business and Property Management Agreements with RMR	9 Months Ended
	Sep. 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 $5,938 and $17,577 for the three and nine months ended September 30, 2024, respectively, and $5,919 and $17,301 for the three and nine months ended September 30, 2023, respectively. Based on our common share total return, as defined in our business management agreement, as of September 30, 2024 and 2023, no incentive fees are included in the business management fees we recognized for the three or nine months ended September 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 $3,317 and $9,951 for the three and nine months ended September 30, 2024, respectively, and $3,464 and $10,286 for the three and nine months ended September 30, 2023, respectively. Of these amounts, for the three and nine months ended September 30, 2024, $3,202 and $9,648, respectively, were included in other operating expenses in our condensed consolidated financial statements and $115 and $303, respectively, were capitalized as building improvements in our condensed consolidated balance sheets. 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. 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 $1,856 and $5,190 for these expenses and costs for the three and nine months ended September 30, 2024, respectively, and $2,375 and $6,216 for the three and nine months ended September 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	9 Months Ended
	Sep. 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 September 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	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: Balance Sheet Underlying Maturity Strike Notional Fair Value at Line Item Instrument Date Rate Amount September 30, 2024 December 31, 2023 Other assets ILPT Floating Rate Loan 10/15/2024 2.25% $ 1,235,000 $ 1,366 $ 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 8,331 — $ 9,697 $ 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. In October 2024, we exercised the first of our three, one year extension options for the maturity date of the ILPT Floating Rate Loan. In connection with the exercise of the extension, we purchased a one year interest rate cap for $16,975 with a SOFR strike rate equal to 2.78%, which replaced the previous interest rate cap with a SOFR strike rate equal to 2.25%. The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Amount of (loss) gain recognized on derivative in other comprehensive income (loss) $ (3,564) $ 3,428 $ 5,035 $ 19,677 Amount of gain reclassified from cumulative other comprehensive (loss) income into interest expense $ 5,407 $ 10,063 $ 20,363 $ 23,069 Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss) $ (73,936) $ (72,941) $ (220,797) $ (215,558)

Basis of Presentation (Policies

Basis of Presentation (Policies)	9 Months Ended
	Sep. 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	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 expect to include additional disclosures in the notes to our condensed consolidated financial statements as a result of the implementation of ASU 2023-07; however, these changes are not expected to have a material effect on our condensed consolidated financial statements.

Real Estate Investments (Tables

Real Estate Investments (Tables)	9 Months Ended
	Sep. 30, 2024
Real Estate [Abstract]
Schedule of Capitalized Lessor Expenses	During the three and nine months ended September 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 Nine Months Ended 2024 2023 2024 2023 Tenant improvements (1) $ 433 $ 194 $ 1,019 $ 1,893 Leasing costs (1) 2,695 1,047 5,006 3,886 Building improvements (2) 2,509 2,720 5,817 4,373 Development, redevelopment and other activities (3) — 1,314 — 7,705 $ 5,637 $ 5,275 $ 11,842 $ 17,857 (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.
Schedule of Net Income (Loss) Attributable to Noncontrolling Interest	During the three and nine months ended September 30, 2024 and 2023, recognized net income (loss) attributable to noncontrolling interest in our condensed consolidated financial statements was as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Consolidated joint venture $ (10,428) $ (10,238) $ (31,256) $ (31,642) Tenancy in common 11 159 36 74 $ (10,417) $ (10,079) $ (31,220) $ (31,568)

Indebtedness (Tables)

Indebtedness (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Schedule of Outstanding Indebtedness	Our outstanding indebtedness as of September 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 September 30, 2024 ILPT 104 $ 1,235,000 6.18% Floating 10/09/2024 $ 1,023,379 ILPT 186 650,000 4.31% Fixed 02/07/2029 489,875 ILPT 17 700,000 4.42% Fixed 03/09/2032 494,538 Mountain JV 82 1,400,000 5.81% Floating 03/09/2025 1,816,102 Mountain JV 4 91,000 6.25% Fixed 06/10/2030 179,605 Mountain JV 1 10,365 3.67% Fixed 05/01/2031 28,525 Mountain JV 1 11,961 4.14% Fixed 07/01/2032 42,558 Mountain JV 1 26,815 4.02% Fixed 10/01/2033 83,031 Mountain JV 1 37,531 4.13% Fixed 11/01/2033 128,407 Mountain JV 1 23,091 3.10% Fixed 06/01/2035 45,401 Mountain JV 1 37,352 2.95% Fixed 01/01/2036 97,018 Mountain JV 1 42,090 4.27% Fixed 11/01/2037 108,408 Mountain JV 1 47,216 3.25% Fixed 01/01/2038 111,129 Total / weighted average 4,312,421 5.36% $ 4,647,976 Unamortized debt issuance costs (7,553) Total indebtedness, net $ 4,304,868 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 Weighted Average Interest Rate Under Floating Rate Loans	The weighted average interest rates under our floating rate loans for the three and nine months ended September 30, 2024 were as follows: Three Months Ended Nine Months Ended 2024 2023 2024 2023 ILPT Floating Rate Loan (1) 6.18% 6.18% 6.18% 6.18% Mountain Floating Rale Loan (2) 5.81% 6.17% 5.90% 6.17% (1) Reflects the impact of an interest rate cap with a SOFR strike rate equal to 2.25%. (2) Reflects the impact of interest rate caps with a current SOFR strike rate equal to 3.04%, which replaced the previous strike rate equal to 3.40% in March 2024.
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 September 30, 2024 are as follows: Principal Payment 2024 (1) $ 1,239,591 2025 (2) 1,418,794 2026 19,495 2027 20,229 2028 20,989 Thereafter 1,593,323 $ 4,312,421 (1) In October 2024, we exercised the first of our three, one year extension options for the maturity date of the ILPT Floating Rate Loan. (2) Our consolidated joint venture has two remaining one year extension options for the maturity date of the Mountain Floating Rate Loan.

Fair Value of Assets and Liab_2

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
	Sep. 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 September 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 September 30, 2024 Investment in unconsolidated joint venture $ 117,622 $ — $ — $ 117,622 Interest rate caps $ 9,697 $ — $ 9,697 $ — 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 September 30, 2024 Investment in unconsolidated joint venture Discounted cash flow 6.50% - 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 Nine Months Ended 2024 2023 2024 2023 Beginning balance $ 117,451 $ 129,082 $ 115,360 $ 124,358 Equity in earnings of unconsolidated joint venture 1,161 719 5,232 7,423 Distributions from unconsolidated joint venture (990) (5,390) (2,970) (7,370) Ending balance $ 117,622 $ 124,411 $ 117,622 $ 124,411

Shareholders' Equity (Tables)

Shareholders' Equity (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Distributions Declared and Paid	During the nine months ended September 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 July 11, 2024 July 22, 2024 August 15, 2024 0.01 659 $ 0.03 $ 1,976

Derivatives and Hedging Activ_2

Derivatives and Hedging Activities (Tables)	9 Months Ended
	Sep. 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 September 30, 2024 and December 31, 2023: Balance Sheet Underlying Maturity Strike Notional Fair Value at Line Item Instrument Date Rate Amount September 30, 2024 December 31, 2023 Other assets ILPT Floating Rate Loan 10/15/2024 2.25% $ 1,235,000 $ 1,366 $ 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 8,331 — $ 9,697 $ 30,576
Schedule of Effects on Consolidated Statements of Income and Comprehensive Income (Loss)	The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown: Three Months Ended Nine Months Ended 2024 2023 2024 2023 Amount of (loss) gain recognized on derivative in other comprehensive income (loss) $ (3,564) $ 3,428 $ 5,035 $ 19,677 Amount of gain reclassified from cumulative other comprehensive (loss) income into interest expense $ 5,407 $ 10,063 $ 20,363 $ 23,069 Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss) $ (73,936) $ (72,941) $ (220,797) $ (215,558)

Real Estate Investments - Narra

Real Estate Investments - Narrative (Details) ft² in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) ft² property state building	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) ft² property segment state building	Sep. 30, 2023 USD ($)
Real Estate Properties [Line Items]
Number of properties owned | property	411		411
Rentable square feet (in sqft) | ft²	59,890		59,890
Number of business segments | segment			1
Net income (loss) attributable to noncontrolling interest	$ (10,417)	$ (10,079)	$ (31,220)	$ (31,568)
Cash distributions			326	225
Unrelated Third Party
Real Estate Properties [Line Items]
Tenancy in common, total assets	10,388		10,388
Tenancy in common, total liabilities	250		250
Mountain Industrial REIT LLC | Other Joint Venture Investor
Real Estate Properties [Line Items]
Joint venture, total assets	2,932,320		2,932,320
Joint venture, liabilities	$ 1,769,384		$ 1,769,384
Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE
Real Estate Properties [Line Items]
Number of properties owned | property	94		94
Rentable square feet (in sqft) | ft²	20,978		20,978
Number of states where real estate is located | state	27		27
Ownership interest (as percent)	61%		61%
The Industrial Fund REIT LLC | Joint Venture
Real Estate Properties [Line Items]
Ownership interest (as percent)	22%		22%
Tenancy in Common
Real Estate Properties [Line Items]
Net income (loss) attributable to noncontrolling interest	$ 11	159	$ 36	74
Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Cash distributions	$ 163	$ 0	$ 326	$ 225
Twelve Mainland Properties
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²	11,726		11,726
Number of states where real estate is located | state	12		12
Number of properties contributed | property	18		18
Hawaii
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²	16,729		16,729
Number of states where real estate is located | state	39		39
Number of buildings, leasable land parcels easements | building	226		226
Other States
Real Estate Properties [Line Items]
Number of properties owned | property	185		185
Rentable square feet (in sqft) | ft²	43,161		43,161
Number of states where real estate is located | state	38		38
Somerset, New Jersey | Tenancy in Common | Unrelated Third Party
Real Estate Properties [Line Items]
Rentable square feet (in sqft) | ft²	64		64
Ownership interest (as percent)	67%		67%
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%		33%

Real Estate Investments - Capit

Real Estate Investments - Capital Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Capital expenditures incurred	$ 5,637	$ 5,275	$ 11,842	$ 17,857
Tenant improvements
Real Estate Properties [Line Items]
Capital expenditures incurred	433	194	1,019	1,893
Leasing costs
Real Estate Properties [Line Items]
Capital expenditures incurred	2,695	1,047	5,006	3,886
Building improvements
Real Estate Properties [Line Items]
Capital expenditures incurred	2,509	2,720	5,817	4,373
Development, redevelopment and other activities
Real Estate Properties [Line Items]
Capital expenditures incurred	$ 0	$ 1,314	$ 0	$ 7,705

Real Estate Investments - Net I

Real Estate Investments - Net Income (Loss) Attributable to Noncontrolling Interest (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Real Estate Properties [Line Items]
Net loss attributable to noncontrolling interest	$ (10,417)	$ (10,079)	$ (31,220)	$ (31,568)
Consolidated joint venture
Real Estate Properties [Line Items]
Net loss attributable to noncontrolling interest	(10,428)	(10,238)	(31,256)	(31,642)
Tenancy in common
Real Estate Properties [Line Items]
Net loss attributable to noncontrolling interest	$ 11	$ 159	$ 36	$ 74

Leases (Details)

Leases (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Lessor, Lease, Description [Line Items]
Certain variable payments	$ 18,997	$ 19,310	$ 60,228	$ 58,700
Number of properties subject to ground leases | property	3		3
Lessee, number of properties under an operating lease | property			1
Right-of-use asset	$ 4,308		$ 4,308		$ 4,646
Operating lease liability	$ 4,401		$ 4,401		$ 4,730
Amazon.com, Inc
Lessor, Lease, Description [Line Items]
Percentage of annualized rental revenue	29.30%	29.80%	29.30%	29.80%
FedEx Corporation
Lessor, Lease, Description [Line Items]
Percentage of annualized rental revenue	6.80%	6.70%	6.80%	6.70%
Sales Revenue, Net | Geographic Concentration Risk | Hawaii
Lessor, Lease, Description [Line Items]
Concentration risk	26.90%	28.10%	27.40%	27.90%

Indebtedness - Schedule of Outs

Indebtedness - Schedule of Outstanding Indebtedness (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024 USD ($) property	Dec. 31, 2023 USD ($) property
Debt Instrument [Line Items]
Total principal balance	$ 4,312,421	$ 4,325,944
Interest rate (as a percent)	5.36%	5.47%
Carrying Value of Collateral	$ 4,647,976	$ 4,735,716
Unamortized debt issuance costs	(7,553)	(20,003)
Total indebtedness, net	$ 4,304,868	$ 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	$ 1,023,379	$ 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	$ 1,816,102
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	$ 489,875	$ 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	$ 494,538	$ 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	$ 179,605	$ 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	$ 10,365	$ 11,380
Interest rate (as a percent)	3.67%	3.67%
Carrying Value of Collateral	$ 28,525	$ 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	$ 11,961	$ 12,916
Interest rate (as a percent)	4.14%	4.14%
Carrying Value of Collateral	$ 42,558	$ 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	$ 26,815	$ 28,622
Interest rate (as a percent)	4.02%	4.02%
Carrying Value of Collateral	$ 83,031	$ 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	$ 37,531	$ 40,019
Interest rate (as a percent)	4.13%	4.13%
Carrying Value of Collateral	$ 128,407	$ 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	$ 23,091	$ 24,433
Interest rate (as a percent)	3.10%	3.10%
Carrying Value of Collateral	$ 45,401	$ 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	$ 37,352	$ 39,411
Interest rate (as a percent)	2.95%	2.95%
Carrying Value of Collateral	$ 97,018	$ 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	$ 42,090	$ 43,850
Interest rate (as a percent)	4.27%	4.27%
Carrying Value of Collateral	$ 108,408	$ 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	$ 47,216	$ 49,313
Interest rate (as a percent)	3.25%	3.25%
Carrying Value of Collateral	$ 111,129	$ 113,477

Indebtedness - Narrative (Detai

Indebtedness - Narrative (Details) $ in Thousands	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 29, 2024 USD ($) option	Mar. 31, 2024 USD ($) option	May 31, 2023 USD ($) property mortgage	Sep. 30, 2024 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) option property	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($) property	Oct. 28, 2024	Mar. 30, 2024
Debt Instrument [Line Items]
Debt outstanding				$ 4,304,868		$ 4,304,868		$ 4,305,941
Principal balance				4,312,421		4,312,421		$ 4,325,944
Loss on early extinguishment of debt				0	$ 0	0	$ 359
Joint Venture
Debt Instrument [Line Items]
Number of outstanding mortgage loans | mortgage			4
Floating Rate Loan, 6.18%, due in 2024 | Interest Rate Cap | Subsequent Event | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, interest rate cap (as a percent)	2.78%								2.25%
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%
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan | Subsequent Event
Debt Instrument [Line Items]
Number of options to extend maturity date | option	3
Extension period	1 year
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%
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan | Interest Rate Cap | Subsequent Event | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Term of contract period	1 year
Notional amount	$ 16,975
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
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%		3.04%		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		3				2
Extension period		1 year				1 year
Basis spread on variable rate (as a percent)						2.77%
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
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 - Weighted Average

Indebtedness - Weighted Average Interest Rate Under Floating Rate Loans (Details)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Mar. 30, 2024
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan
Debt Instrument [Line Items]
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 Cap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Strike rate	2.25%		2.25%
Floating Rate Loan, Due in 2025 | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Strike rate	3.04%		3.04%		3.04%	3.40%
Floating Rate Loan, Due in 2025 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Weighted average interest rate (as a percent)	5.81%	6.17%	5.90%	6.17%
Floating Rate Loan, Due In 2024 | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Debt Instrument [Line Items]
Strike rate					3.40%

Indebtedness - Summary of Futur

Indebtedness - Summary of Future Indebtedness Maturity (Details) $ in Thousands	1 Months Ended		9 Months Ended
	Oct. 29, 2024 option	Mar. 31, 2024 option	Sep. 30, 2024 USD ($) option	Dec. 31, 2023 USD ($)
Debt Instrument [Line Items]
2024			$ 1,239,591
2025			1,418,794
2026			19,495
2027			20,229
2028			20,989
Thereafter			1,593,323
Total principal balance			$ 4,312,421	$ 4,325,944
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan
Debt Instrument [Line Items]
Number of options to extend maturity date | option			3
Extension period			1 year
Floating Rate Loan, 6.18%, due in 2024 | ILPT Floating Rate Loan | Subsequent Event
Debt Instrument [Line Items]
Number of options to extend maturity date | option	3
Extension period	1 year
Floating Rate Loan, 6.18%, due in 2024 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Total principal balance			$ 1,235,000	$ 1,235,000
Floating Rate Loan, Due in 2025 | Mountain Floating Rate Loan
Debt Instrument [Line Items]
Number of options to extend maturity date | option		3	2
Extension period		1 year	1 year

Fair Value of Assets and Liab_3

Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value of Financial Instruments
Notes payable	$ 1,669,925	$ 1,682,501
Estimated Fair Value
Fair Value of Financial Instruments
Notes payable	$ 1,599,252	$ 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	Sep. 30, 2024	Dec. 31, 2023
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	$ 117,622	$ 115,360
Interest rate caps	9,697	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	9,697	30,576
Fair Value, Inputs, Level 3
Fair Value of Financial Instruments
Investment in unconsolidated joint venture	117,622	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	Sep. 30, 2024	Dec. 31, 2023
Measurement Input, Discount Rate | Minimum
Fair Value, Option, Quantitative Disclosures [Line Items]
Investment in unconsolidated joint venture	0.0650	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 117,451	$ 129,082	$ 115,360	$ 124,358
Equity in earnings of unconsolidated joint venture	1,161	719	5,232	7,423
Distributions from unconsolidated joint venture	(990)	(5,390)	(2,970)	(7,370)
Ending balance	$ 117,622	$ 124,411	$ 117,622	$ 124,411

Shareholders' Equity - Narrativ

Shareholders' Equity - Narrative (Details) $ / shares in Units, $ in Thousands				3 Months Ended						9 Months Ended
	Oct. 16, 2024 USD ($) $ / shares	Sep. 11, 2024 $ / shares shares	May 30, 2024 trustee $ / shares shares	Sep. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2024 USD ($) $ / shares	Mar. 31, 2024 USD ($) $ / shares	Sep. 30, 2023 USD ($)	Jun. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) $ / shares shares
Shareholders' Equity
Number of trustees | trustee			7
Common stock distributions declared (in dollars per share)				$ 0.01	$ 0.01	$ 0.01				$ 0.03
Common stock distributions, cash | $				$ 659	$ 659	$ 658	$ 656	$ 656	$ 656	$ 1,976
Subsequent Event
Shareholders' Equity
Common stock distributions declared (in dollars per share)	$ 0.01
Common stock distributions, cash | $	$ 661
Common Stock
Shareholders' Equity
Share repurchases to pay for tax withholding (in shares) | shares				53,002						67,092
Share price (in dollars per share)				$ 4.78						$ 4.65
Trustee
Shareholders' Equity
Common shares granted (in shares) | shares			23,316
Common share price (in dollars per share)			$ 3.86
Officer
Shareholders' Equity
Common shares granted (in shares) | shares		204,915
Common share price (in dollars per share)		$ 4.84

Shareholders' Equity - Schedule

Shareholders' Equity - Schedule of Distributions Declared and Paid (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024
Equity [Abstract]
Common stock distributions declared (in dollars per share)	$ 0.01	$ 0.01	$ 0.01				$ 0.03
Total distribution	$ 659	$ 659	$ 658	$ 656	$ 656	$ 656	$ 1,976

Business and Property Managem_2

Business and Property Management Agreements with RMR (Details) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024 USD ($) employee agreement	Sep. 30, 2023 USD ($)	Sep. 30, 2024 USD ($) employee agreement	Sep. 30, 2023 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Number of employees | employee	0		0
Other operating expenses	$ 8,897	$ 9,907	$ 28,426	$ 27,744
Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	3,317	3,464	9,951	10,286
Capitalized Property Management and Construction Supervision Fees
Related Party Transaction [Line Items]
Related party transaction, amount	115	171	303	541
Reimbursed Property Level Operating Expenses
Related Party Transaction [Line Items]
Related party transaction, amount	$ 1,856	2,375	$ 5,190	6,216
Related Party
Related Party Transaction [Line Items]
Number of management service agreements | agreement	2		2
Management fee expense	$ 5,938	5,919	$ 17,577	17,301
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	$ 3,202	$ 3,293	$ 9,648	$ 9,745

Related Person Transactions (De

Related Person Transactions (Details) $ in Thousands	Sep. 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 | $	$ 5,820	$ 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 ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivative Instruments, Gain (Loss) [Line Items]
Fair value	$ 9,697	$ 30,576
ILPT Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.25%
Notional amount	$ 1,235,000
Fair value	$ 1,366	25,060
Mountain Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.40%
Notional amount	$ 1,400,000
Fair value	$ 0	5,516
Mountain Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	3.04%
Notional amount	$ 1,400,000
Fair value	$ 8,331	$ 0

Derivatives and Hedging Activ_4

Derivatives and Hedging Activities - Narrative (Details) - Floating Rate Loan, 6.18%, due in 2024 $ in Thousands	1 Months Ended	9 Months Ended
	Oct. 29, 2024 USD ($) option	Sep. 30, 2024 option	Oct. 28, 2024
Subsequent Event | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate	2.78%		2.25%
ILPT Floating Rate Loan
Derivative Instruments, Gain (Loss) [Line Items]
Number of options to extend maturity date		3
Extension period		1 year
ILPT Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Strike rate		2.25%
ILPT Floating Rate Loan | Subsequent Event
Derivative Instruments, Gain (Loss) [Line Items]
Number of options to extend maturity date	3
Extension period	1 year
ILPT Floating Rate Loan | Subsequent Event | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument
Derivative Instruments, Gain (Loss) [Line Items]
Derivative instrument, term	1 year
Notional amount | $	$ 16,975

Derivatives and Hedging Activ_5

Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Amount of (loss) gain recognized on derivative in other comprehensive income (loss)	$ (3,564)	$ 3,428	$ 5,035	$ 19,677
Amount of gain reclassified from cumulative other comprehensive (loss) income into interest expense	5,407	10,063	20,363	23,069
Total amount of interest expense presented in the condensed consolidated statements of comprehensive income (loss)	$ (73,936)	$ (72,941)	$ (220,797)	$ (215,558)