INDUSTRIAL LOGISTICS PROPERTIES TRUST, 10-K filed on 2/18/2026
Annual Report
v3.25.4
Cover Page - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2025
Feb. 16, 2026
Jun. 30, 2025
Cover [Abstract]      
Document Type 10-K    
Document Annual Report true    
Document Period End Date Dec. 31, 2025    
Current Fiscal Year End Date --12-31    
Document Transition Report false    
Entity File Number 001-38342    
Entity Registrant Name INDUSTRIAL LOGISTICS PROPERTIES TRUST    
Entity Incorporation, State or Country Code MD    
Entity Tax Identification Number 82-2809631    
Entity Address, Address Line One Two Newton Place,    
Entity Address, Address Line Two 255 Washington Street,    
Entity Address, Address Line Three Suite 300,    
Entity Address, City or Town Newton,    
Entity Address, State or Province MA    
Entity Address, Postal Zip Code 02458-1634    
City Area Code 617    
Local Phone Number 219-1460    
Title of 12(b) Security Common Shares of Beneficial Interest    
Trading Symbol ILPT    
Security Exchange Name NASDAQ    
Entity Well-known Seasoned Issuer No    
Entity Voluntary Filers No    
Entity Current Reporting Status Yes    
Entity Interactive Data Current Yes    
Entity Filer Category Accelerated Filer    
Entity Small Business false    
Entity Emerging Growth Company false    
ICFR Auditor Attestation Flag true    
Document Financial Statement Error Correction [Flag] false    
Entity Shell Company false    
Entity Public Float     $ 294.5
Entity Common Stock, Shares Outstanding   66,653,129  
Documents Incorporated by Reference
Certain information required by Items 10, 11, 12, 13 and 14 of Part III of this Annual Report on Form 10-K is incorporated by reference to our definitive Proxy Statement for the 2026 Annual Meeting of Shareholders, to be filed with the Securities and Exchange Commission within 120 days after the fiscal year ended December 31, 2025.
    
Entity Central Index Key 0001717307    
Document Fiscal Year Focus 2025    
Document Fiscal Period Focus FY    
Amendment Flag false    
v3.25.4
Audit Information
 12 Months Ended
Dec. 31, 2025
Auditor [Abstract]  
Auditor Name Deloitte & Touche LLP
Auditor Firm ID 34
Auditor Location Boston, Massachusetts
v3.25.4
CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Real estate properties:    
Land $ 1,112,238 $ 1,113,711
Buildings and improvements 4,067,721 4,066,674
Total real estate properties, gross 5,179,959 5,180,385
Accumulated depreciation (648,310) (523,886)
Total real estate properties, net 4,531,649 4,656,499
Investment in unconsolidated joint venture 132,753 116,732
Acquired real estate leases, net 164,186 199,193
Cash and cash equivalents 94,812 131,706
Restricted cash and cash equivalents 88,219 110,774
Rents receivable, including straight line rents of $114,199 and $104,730, respectively 136,669 129,162
Other assets, net 41,656 62,265
Total assets 5,189,944 5,406,331
LIABILITIES AND EQUITY    
Mortgage notes payable, net 4,193,194 4,300,537
Assumed real estate lease obligations, net 11,679 14,937
Total liabilities 4,289,246 4,397,001
Commitments and contingencies
Equity:    
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,653,129 and 66,144,308 shares issued and outstanding, respectively 667 661
Additional paid in capital 1,018,985 1,017,382
Cumulative net deficit (152,660) (86,473)
Cumulative other comprehensive loss (836) (1,065)
Cumulative common distributions (376,459) (368,486)
Total equity attributable to common shareholders 489,697 562,019
Noncontrolling interests 411,001 447,311
Total equity 900,698 1,009,330
Total liabilities and equity 5,189,944 5,406,331
Nonrelated Party    
LIABILITIES AND EQUITY    
Accounts payable and other liabilities 74,571 76,753
Related Party    
LIABILITIES AND EQUITY    
Accounts payable and other liabilities $ 9,802 $ 4,774
v3.25.4
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Statement of Financial Position [Abstract]    
Straight line rents $ 114,199 $ 104,730
Common stock, par value per share (in usd per share) $ 0.01 $ 0.01
Common stock, shares authorized (in shares) 100,000,000 100,000,000
Common shares, shares issued (in shares) 66,653,129 66,144,308
Common shares, shares outstanding (in shares) 66,653,129 66,144,308
v3.25.4
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Revenues [Abstract]      
Rental income $ 448,848 $ 442,322 $ 437,338
Expenses:      
Real estate taxes 61,679 62,563 60,053
Other operating expenses 37,056 38,547 38,192
Depreciation and amortization 165,227 171,987 178,728
General and administrative 36,961 30,454 31,164
Acquisition and other transaction related costs 0 0 287
Loss on impairment of real estate 6,081 0 156
Total expenses 307,004 303,551 308,580
Interest and other income 6,716 11,427 7,911
Interest expense (264,559) (292,536) (288,537)
(Loss) gain on sale of real estate (1,376) 0 1,710
Loss on extinguishment of debt (5,070) 0 (359)
Loss before income taxes and equity in earnings of unconsolidated joint venture (122,445) (142,338) (150,517)
Income tax expense (104) (162) (104)
Equity in earnings of unconsolidated joint venture 19,981 5,332 902
Net loss (102,568) (137,168) (149,719)
Net loss attributable to noncontrolling interests 36,381 41,499 41,730
Net loss attributable to common shareholders (66,187) (95,669) (107,989)
Other comprehensive loss:      
Unrealized gain (loss) on derivatives 360 (13,925) (17,999)
Less: unrealized (gain) loss on derivatives attributable to noncontrolling interests (131) 2,689 6,267
Other comprehensive gain (loss) attributable to common shareholders 229 (11,236) (11,732)
Comprehensive loss attributable to common shareholders $ (65,958) $ (106,905) $ (119,721)
Weighted average common shares outstanding (basic) (in shares) 66,006 65,697 65,430
Weighted average common shares outstanding - diluted (in shares) 66,006 65,697 65,430
Net loss per share attributable to common shareholders, basic (in dollars per share) $ (1.00) $ (1.46) $ (1.65)
Net loss per share attributable to common shareholders, diluted (in dollars per share) $ (1.00) $ (1.46) $ (1.65)
v3.25.4
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
$ in Thousands
Total
Total Equity Attributable to Common Shareholders
Common shares
Additional Paid In Capital
Cumulative Net Income (Deficit)
Cumulative Other Comprehensive Income (Loss)
Cumulative Common Distributions
Noncontrolling Interests
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                
Net loss (149,719) (107,989)     (107,989)     (41,730)
Share grants, repurchases and forfeitures (in shares)     275,242          
Share grants, repurchases and forfeitures 1,578 1,578 $ 2 1,576        
Distributions to common shareholders (2,627) (2,627)         (2,627)  
Other comprehensive (loss) gain (17,999) (11,732)       (11,732)   (6,267)
Distributions to noncontrolling interests (225)             (225)
Ending balance (in shares) at Dec. 31, 2023     65,843,387          
Ending 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                
Net loss (137,168) (95,669)     (95,669)     (41,499)
Share grants, repurchases and forfeitures (in shares)     300,921          
Share grants, repurchases and forfeitures 1,608 1,608 $ 3 1,605        
Distributions to common shareholders (2,638) (2,638)         (2,638)  
Other comprehensive (loss) gain (13,925) (11,236)       (11,236)   (2,689)
Distributions to noncontrolling interests $ (326)             (326)
Ending balance (in shares) at Dec. 31, 2024 66,144,308   66,144,308          
Ending balance at Dec. 31, 2024 $ 1,009,330 562,019 $ 661 1,017,382 (86,473) (1,065) (368,486) 447,311
Increase (Decrease) in Stockholders' Equity                
Net loss (102,568) (66,187)     (66,187)     (36,381)
Share grants, repurchases and forfeitures (in shares)     508,821          
Share grants, repurchases and forfeitures 1,609 1,609 $ 6 1,603        
Distributions to common shareholders (7,973) (7,973)         (7,973)  
Other comprehensive (loss) gain 360 229       229   131
Distributions to noncontrolling interests $ (60)             (60)
Ending balance (in shares) at Dec. 31, 2025 66,653,129   66,653,129          
Ending balance at Dec. 31, 2025 $ 900,698 $ 489,697 $ 667 $ 1,018,985 $ (152,660) $ (836) $ (376,459) $ 411,001
v3.25.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net loss $ (102,568) $ (137,168) $ (149,719)
Adjustments to reconcile net loss to net cash provided by operating activities:      
Depreciation 127,588 126,525 125,262
Amortization of interest rate caps 30,658 42,883 24,578
Net amortization of debt issuance costs, premiums and discounts 3,183 12,946 26,922
Amortization of acquired real estate leases and assumed real estate lease obligations 31,749 40,731 49,935
Amortization of deferred leasing costs 4,113 3,184 2,440
Straight line rental income (9,469) (10,421) (13,599)
Loss (gain) on sale of real estate 1,376 0 (1,710)
Loss on impairment of real estate 6,081 0 156
Loss on extinguishment of debt 5,070 0 359
Proceeds from settlement of interest rate caps (33,887) (65,268) (56,915)
General and administrative expenses paid in common shares 2,059 1,920 1,741
Distributions of earnings from unconsolidated joint venture 3,960 3,960 3,960
Equity in earnings of unconsolidated joint venture (19,981) (5,332) (902)
Change in assets and liabilities:      
Rents receivable 1,962 429 1,440
Other assets 1,211 (11,302) (9,951)
Accounts payable and other liabilities 2,539 (932) 1,920
Due to related persons 5,028 (192) 142
Net cash provided by operating activities 60,672 1,963 6,059
CASH FLOWS FROM INVESTING ACTIVITIES:      
Real estate improvements (18,638) (5,698) (19,415)
Purchase of interest rate caps (15,010) (43,150) 0
Distributions in excess of earnings from unconsolidated joint venture 0 0 5,940
Proceeds from sale of real estate, net 3,720 0 24,300
Proceeds from settlement of interest rate caps 33,887 65,268 56,915
Net cash provided by investing activities 3,959 16,420 67,740
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of mortgage notes payable 1,160,000 0 91,000
Repayment of ILPT Floating Rate Loan and related costs (1,240,070) 0 0
Repayment of mortgage notes payable (18,793) (18,116) (55,418)
Payment of debt issuance costs (16,733) (234) (1,423)
Distributions to common shareholders (7,973) (2,638) (2,627)
Repurchase of common shares (451) (312) (163)
Distributions to noncontrolling interests (60) (326) (225)
Net cash (used in) provided by financing activities (124,080) (21,626) 31,144
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents (59,449) (3,243) 104,943
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 242,480 245,723 140,780
Cash and cash equivalents and restricted cash and cash equivalents at end of period 183,031 242,480 245,723
SUPPLEMENTAL DISCLOSURES:      
Interest paid 235,090 237,120 237,585
Income taxes (received) paid 0 (80) 85
NON-CASH INVESTING ACTIVITIES:      
Real estate improvements accrued not paid 1,744 6,465 1,235
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:      
Cash and cash equivalents 94,812 131,706 112,341
Restricted cash and cash equivalents 88,219 110,774 133,382
Total cash and cash equivalents and restricted cash $ 183,031 $ 242,480 $ 245,723
v3.25.4
Organization
 12 Months Ended
Dec. 31, 2025
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Organization Organization
Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, organized under Maryland law on September 15, 2017.
As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 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 183 properties containing approximately 42,875,000 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 December 31, 2025, we also owned a 22% equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture.
v3.25.4
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Consolidation. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control an entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the entity. This may include decisions regarding operating and capital budgets and the placement of new or additional financing secured by the assets of the venture, among others.
Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes.
Real Estate Properties. We record properties at cost. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives of up to 40 years. We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
We allocate a portion of the purchase price to acquired in-place leases and tenant relationships based upon market estimates of the costs to lease up the property. In determining these allocations, we estimate costs during the expected lease up periods, including carrying costs such as real estate taxes, insurance and other operating income and expenses and costs, and costs including leasing commissions, legal and other related expenses and costs to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value, which we refer to as lease origination value, between acquired in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in-place leases because such value and related amortization expense is immaterial to our consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We allocate a portion of the purchase price to above market and below market leases based on the present value (using a discount rate which reflects the risks associated with acquired in-place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in-place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable.
We amortize lease origination value (included in acquired real estate leases, net in our consolidated balance sheets) over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $33,526, $42,278 and $51,065 during the years ended December 31, 2025, 2024 and 2023, respectively. We amortize above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in net increases in rental income of $1,777, $1,547 and $1,130 during the years ended December 31, 2025, 2024 and 2023, respectively. If a lease is terminated prior to its stated expiration, we fully amortize the unamortized amounts relating to that lease at that time.
As of December 31, 2025 and 2024, our acquired real estate leases, net and assumed real estate lease obligations, net were as follows:
As of December 31,
20252024
Acquired real estate leases:
Above market lease values$23,778 $25,553 
Less: accumulated amortization(14,452)(14,746)
Above market lease values, net9,326 10,807 
Lease origination value277,501 314,671 
Less: accumulated amortization(122,641)(126,285)
Lease origination value, net154,860 188,386 
Acquired real estate leases, net$164,186 $199,193 
Assumed real estate lease obligations:
Below market lease values$29,132 $34,670 
Less: accumulated amortization(17,453)(19,733)
Assumed real estate lease obligations, net$11,679 $14,937 
As of December 31, 2025, the weighted average amortization periods for above market lease values, lease origination value and below market lease values were 8.9 years, 7.0 years and 6.1 years, respectively.
Expected future amortization related to our acquired real estate leases, net and assumed real estate obligations, net, deferred leasing costs, net and debt issuance costs, net as of December 31, 2025 are shown below:
Acquired
Real Estate
Leases andDeferredDebt
Assumed LeasingIssuance
ObligationsCostsCosts
2026$28,579 $4,412 $4,607 
202726,075 4,148 4,582 
202822,120 3,807 4,582 
202918,854 3,327 4,098 
203015,638 2,699 2,264 
Thereafter41,241 10,117 709 
Total$152,507 $28,510 $20,842 
Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). As of December 31, 2025 and 2024, we had deferred leasing costs, net of accumulated amortization, of $28,510 and $23,691, respectively. Deferred leasing costs, net are included in other assets, net in our consolidated balance sheets.
Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2025 and 2024, we had debt issuance costs, net of accumulated amortization, of $20,842 and $7,292, respectively, for certain of our mortgage notes payable.
Impairments. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long-term prospects for improvement in property performance, cash flow or liquidity concerns, legislative, market or industry changes that could permanently reduce the value of a property, or our decision to dispose of an asset before the end of its estimated useful life. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the carrying value exceeds the projected undiscounted cash flows, we determine the amount of any impairment loss by comparing the historical carrying value to the estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows:
Level 1 - Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2 - Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Level 3 - Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
Environmental Obligations. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of December 31, 2025 and 2024, accrued environmental remediation costs of $6,775 were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income (loss).
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.
Derivative Instruments and Hedging Activities. We account for our derivative instrument at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations.
Equity Method Investments. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. We own a 22% equity interest in the unconsolidated joint venture, which owns 18 properties. We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option.
Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in 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 the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term.
Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components under the Accounting Standards Codification, or ASC, 842, because the lease components are operating leases and the timing and pattern of recognition of the non-lease components are the same as those of the lease components. Income derived from our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).
Certain tenants under their leases are required to directly pay their obligations for insurance, real estate taxes and certain other expenses to the vendor and/or the municipality. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations.
Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes.
Right of Use Assets and Lease Liabilities. We are the lessee for three of our properties subject to ground leases and one office lease. For leases with a term greater than 12 months under which we are the lessee, we are required to record a right of use asset and lease liability. The values of our right of use assets and related lease liabilities were $3,726 and $3,821, respectively, as of December 31, 2025, and $4,193 and $4,288, respectively, as of December 31, 2024. Our right of use assets and related lease liabilities are included in other assets, net and accounts payable and other liabilities, respectively, in our consolidated balance sheets.
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.
Net Loss Per Share Attributable to Common Shareholders. We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate diluted net income (loss) per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share.
Noncontrolling Interests. Noncontrolling interests represents the share of our consolidated joint venture and/or tenancy in common owned by a third party. We allocate net income (loss) to noncontrolling interests based on our respective ownership interest during the period.
New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.
In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is required to be applied prospectively, and is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. Our early adoption of ASU 2025-03 on June 30, 2025 did not have a material impact on our consolidated financial statements.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies and enhances guidance on hedge accounting, addressing issues arising from the global reference rate reform initiative. ASU 2025-09 is required to be applied prospectively, and is effective for the first annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Our early adoption of ASU 2025-09 on December 31, 2025 did not have a material impact on our consolidated financial statements.
v3.25.4
Real Estate Investments
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Real Estate Investments Real Estate Investments
Capital Expenditures
During the years ended December 31, 2025 and 2024, amounts capitalized at certain of our properties for tenant improvements, leasing costs and building improvements were as follows:
Year Ended December 31,
20252024
Tenant improvements (1)
$4,860 $1,935 
Leasing costs (1)
9,010 6,271 
Building improvements (2)
9,057 8,993 
Total capital expenditures$22,927 $17,199 
(1)Includes 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)Includes expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets.
Disposition Activities
The table below provides information about dispositions, including the sale prices (excluding closing costs), during the years ended December 31, 2025, 2024 and 2023:
Gain (Loss) on
Number ofRentableSale of
Date of SaleLocationPropertiesSquare FeetSales PriceReal Estate
Dispositions during the year ended December 31, 2025:
November 2025Augusta, GA130,184 $1,650 $229 
December 2025Monaca, PA1255,658 2,250 (1,605)
Total2285,842 $3,900 $(1,376)
Dispositions during the year ended December 31, 2024:
We did not dispose of any properties during the year ended December 31, 2024.
Dispositions during the year ended December 31, 2023:
March 2023
Everett, WA
N/A
246,114 $270 $(974)
December 2023Mesquite, TX1211,112 20,890 118 
December 2023Asheville, NC132,599 4,300 2,566 
Total2489,825 $25,460 $1,710 
During the year ended December 31, 2025, one property previously classified as held for sale no longer met the requirements to be held for sale and was reclassified as held and used.
During the years ended December 31, 2025 and 2024, net loss attributable to noncontrolling interests in our consolidated financial statements was as follows:
Year Ended December 31,
202520242023
Consolidated joint venture$36,430 $41,558 $41,798 
Tenancy in common(49)(59)(68)
Total net loss attributable to noncontrolling interests$36,381 $41,499 $41,730 
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 consolidated financial statements.
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 $60 and $326 for the years ended December 31, 2025 and 2024, respectively.
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 unconsolidated joint venture in our consolidated financial statements.
v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases 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 $79,347, $80,720 and $76,572 for the years ended December 31, 2025, 2024 and 2023, respectively.
The following table summarizes the future contractual lease payments due from our tenants as of December 31, 2025:
Contractual
Lease Payments
2026$361,260 
2027346,590 
2028325,631 
2029290,537 
2030250,889 
Thereafter1,418,509 
Total$2,993,416 
Geographic 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.
Our Hawaii Properties represented 27.8% and 28.0% of our annualized rental revenues as of December 31, 2025 and 2024, respectively.
Tenant Concentration
FedEx Corporation and its subsidiaries, or FedEx, and Amazon.com Services, Inc. and its subsidiaries, or Amazon, represented 27.9% and 7.3% of our annualized rental revenues as of December 31, 2025, respectively, and 29.1% and 6.8% as of December 31, 2024, respectively.
v3.25.4
Indebtedness
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Indebtedness Indebtedness
Our outstanding indebtedness as of December 31, 2025 and December 31, 2024 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of December 31, 2025
ILPT186$650,000 4.31%Fixed02/07/2029$489,987 
ILPT1011,160,000 6.40%Fixed07/09/2030976,178 
ILPT17700,000 4.42%Fixed03/09/2032481,374 
Mountain JV
821,400,000 5.87%Floating03/09/20261,749,546 
Mountain JV491,000 6.25%Fixed06/10/2030173,992 
Mountain JV18,609 3.67%Fixed05/01/203128,492 
Mountain JV110,302 4.14%Fixed07/01/203240,975 
Mountain JV123,678 4.02%Fixed10/01/203380,094 
Mountain JV133,209 4.13%Fixed11/01/2033126,170 
Mountain JV120,784 3.10%Fixed06/01/203543,871 
Mountain JV133,817 2.95%Fixed01/01/203693,533 
Mountain JV139,031 4.27%Fixed11/01/2037104,474 
Mountain JV143,606 3.25%Fixed01/01/2038107,217 
Total / weighted average4,214,036 5.43%$4,495,903 
Unamortized debt issuance costs(20,842)
Total indebtedness, net$4,193,194 
As of December 31, 2024
ILPT104$1,235,000 6.71%Floating10/09/2025$1,017,228 
ILPT186650,000 4.31%Fixed02/07/2029490,454 
ILPT17700,000 4.42%Fixed03/09/2032491,143 
Mountain JV821,400,000 5.81%Floating03/09/20251,802,396 
Mountain JV491,000 6.25%Fixed06/10/2030178,465 
Mountain JV110,020 3.67%Fixed05/01/203128,363 
Mountain JV111,636 4.14%Fixed07/01/203242,242 
Mountain JV126,200 4.02%Fixed10/01/203382,443 
Mountain JV136,684 4.13%Fixed11/01/2033127,960 
Mountain JV122,637 3.10%Fixed06/01/203545,070 
Mountain JV136,655 2.95%Fixed01/01/203696,321 
Mountain JV141,491 4.27%Fixed11/01/2037107,606 
Mountain JV146,506 3.25%Fixed01/01/2038110,346 
Total / weighted average4,307,829 5.51%$4,620,037 
Unamortized debt issuance costs(7,292)
Total indebtedness, net$4,300,537 
(1)Interest rates reflect the impact of interest rate caps, if any.
In June 2025, we obtained a $1,160,000 fixed rate, interest only mortgage loan secured by 101 of our properties. This mortgage loan matures in July 2030 and requires that interest be paid at an annual rate of 6.40%. Subject to the satisfaction of certain conditions, we have the option to prepay our $1,160,000 mortgage loan in full or in part with a premium prior to January 9, 2030 and at par with no premium on or after January 9, 2030. We used the net proceeds from our $1,160,000 mortgage loan and cash on hand to repay in full our then $1,235,000 loan, or the ILPT Floating Rate Loan. The ILPT Floating Rate Loan was secured by 104 of our properties, was scheduled to mature in October 2025 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%. During year ended December 31, 2025, we recognized a $5,070 loss on extinguishment of debt related to the repayment of the ILPT Floating Rate Loan.
Our consolidated joint venture’s $1,400,000 loan, or the Mountain Floating Rate Loan, is secured by 82 properties, matures in March 2026, subject to one remaining one-year extension option, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. In March 2025, our consolidated joint venture exercised the second of its three, one-year extension options for the maturity date of this loan. In connection with the exercise of the extension, our consolidated joint venture purchased a one-year interest rate cap for $15,010 with a SOFR strike rate equal to 3.10%, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.04%. Subject to the satisfaction of certain conditions, our consolidated joint venture has 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 years ended December 31, 2025 and 2024 were as follows:

Year Ended December 31,
20252024
ILPT Floating Rate Loan (1)
6.71%6.26%
Mountain Floating Rate Loan (2)
5.85%5.88%
(1)In June 2025, we repaid in full the ILPT Floating Rate Loan using proceeds from our $1,160,000 mortgage loan and cash on hand. Reflects the impact of interest rate caps, which prior to the repayment, had a SOFR strike rate equal to 2.78% which replaced the previous strike rate equal to 2.25% in October 2024.
(2)Reflects the impact of interest rate caps, with a current SOFR strike rate equal to 3.10%, which replaced the previous strike rate equal to 3.04% in March 2025.
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. As of December 31, 2025, we believe that we were in compliance with all of the covenants and other terms under the agreements governing our debt obligations. See Note 11 for further information regarding our current and former interest rate caps.
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of December 31, 2025 are as follows:
Principal
Payment
2026$1,419,499 
202720,224 
202820,989 
2029671,778 
20301,273,597 
Thereafter807,949 
Total$4,214,036 
v3.25.4
Fair Value of Assets and Liabilities
 12 Months Ended
Dec. 31, 2025
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, mortgage notes payable, accounts payable and interest rate caps. We remeasure our interest rate caps at fair value on a quarterly basis. As of December 31, 2025 and 2024, the fair value of our other financial instruments approximated their carrying values in our 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 $2,793,219 and $1,665,649 as of December 31, 2025 and 2024, respectively, and a fair value of $2,784,286 and $1,535,640 as of December 31, 2025 and 2024, respectively. We estimate the fair value of our fixed rate mortgage notes payable using significant unobservable inputs, including discounted cash flow analyses and prevailing market interest rates.
The table below presents certain of our assets measured on a recurring and nonrecurring basis at fair value as of December 31, 2025 and 2024, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
Quoted Prices inSignificant OtherSignificant
Active Markets forObservableUnobservable
Identical AssetsInputsInputs
 Total(Level 1)(Level 2)(Level 3)
As of December 31, 2025
Recurring:
Investment in unconsolidated joint venture$132,753 $— $— $132,753 
Interest rate cap$1,629 $— $1,629 $— 
As of December 31, 2024
Recurring:
Investment in unconsolidated joint venture$116,732 $— $— $116,732 
Interest rate caps$16,916 $— $16,916 $— 

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 uses 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 significant unobservable inputs and are shown in the table below:
Exit
ValuationDiscountCapitalizationHolding
TechniqueRatesRatesPeriods
As of December 31, 2025
Investment in unconsolidated joint venture Discounted cash flow
6.50% - 8.00%
5.75% - 6.25%
10 - 11 years
As of December 31, 2024
Investment in unconsolidated joint ventureDiscounted cash flow
6.25% - 8.25%
5.25% - 6.50%
10 - 12 years
The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture:
Year Ended December 31,
 20252024
Beginning balance$116,732 $115,360 
Equity in earnings of unconsolidated joint venture19,981 5,332 
Distributions from unconsolidated joint venture(3,960)(3,960)
Ending balance$132,753 $116,732 
v3.25.4
Shareholders' Equity
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Shareholders' Equity Shareholders’ Equity
Common Share Awards
We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the years ended December 31, 2025, 2024 and 2023, we awarded to our officers and certain other employees of The RMR Group LLC, or RMR, annual share awards of 386,988, 204,915 and 188,350 of our common shares, respectively, valued at $2,380, $992 and $684, in aggregate, respectively. During the years ended December 31, 2025, 2024 and 2023, we awarded each of our then seven Trustees 28,875, 23,316 and 20,000 of our common shares with an aggregate value of $665, $630 and $249, respectively, as part of their annual compensation in accordance with our trustee compensation arrangements. The values or numbers, as applicable, of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period.
A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
202520242023
WeightedWeightedWeighted
AverageAverageAverage
NumberGrant DateNumberGrant DateNumberGrant Date
of SharesFair Valueof SharesFair Valueof SharesFair Value
Unvested at beginning of year310,177 $5.74 288,310 $8.50 260,800 $15.07 
Granted589,113 $5.17 368,127 $4.40 328,350 $2.84 
Vested(417,128)$5.07 (346,260)$6.61 (296,890)$8.02 
Forfeited(4,051)$5.57 — $— (3,950)$11.40 
Unvested at end of year478,111 $5.63 310,177 $5.74 288,310 $8.50 
As of December 31, 2025, the estimated future compensation expense for the unvested shares was approximately $2,426. The weighted average period over which the compensation expense will be recorded is approximately 24 months.
During the years ended December 31, 2025, 2024 and 2023, we recorded $2,059, $1,920 and $1,741, respectively, of compensation expense related to the 2018 Plan.
As of December 31, 2025, 2,346,871 common shares remain available for issuance under the 2018 Plan.
Common Share Purchases
During the years ended December 31, 2025, 2024 and 2023, we purchased an aggregate of 76,241, 67,206 and 49,158, respectively, of our common shares valued at weighted average prices of $5.93, $4.65 and $3.29 per common share, respectively, from certain of our Trustees, 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 years ended December 31, 2025, 2024 and 2023, we paid distributions on our common shares as follows:
Annual PerCharacterization of Distribution
ShareTotalReturn ofOrdinaryCapital
YearDistributionDistributionCapitalIncomeGain
2025$0.12 $7,973 100.0 %— %— %
2024$0.04 $2,638 100.0 %— %— %
2023$0.04 $2,627 100.0 %— %— %
On January 15, 2026, we declared a regular quarterly distribution to common shareholders of record on January 26, 2026 of $0.05 per share, or approximately $3,333. We expect to pay this distribution on or about February 19, 2026 using cash on hand.
v3.25.4
Per Common Share Amounts
 12 Months Ended
Dec. 31, 2025
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]  
Per Common Share Amounts Per Common Share Amounts
We calculate basic earnings per common share by dividing net loss attributable to common shareholders by the weighted average number of our common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested common share awards, and the related impact on earnings, are considered when calculating diluted earnings per share. The calculation of basic and diluted earnings per share is as follows:
 Year Ended December 31,
 202520242023
Numerators:
Net loss attributable to common shareholders$(66,187)$(95,669)$(107,989)
Loss attributable to participating unvested share awards
(44)(11)(10)
Net loss attributable to common shareholders used in calculating earnings per share$(66,231)$(95,680)$(107,999)
Denominators:
Weighted average common shares outstanding (basic and diluted)66,006 65,697 65,430 
Net loss attributable to common shareholders per common share
(basic and diluted)		$(1.00)$(1.46)$(1.65)
v3.25.4
Business and Property Management Agreements with RMR
 12 Months Ended
Dec. 31, 2025
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.
Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms:
•Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of:
•the sum of (i) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, plus (ii) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (iii) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and
•the sum of (i) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (ii) 0.5% of our Average Market Capitalization exceeding $250,000.
The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves.
•Incentive Management Fee. The incentive management fee which may be earned by RMR for an annual period is calculated as follows:
•An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0% of the product of:
•our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and
•the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Industrial REIT Index is the applicable benchmark index.
For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period.
•The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or our common shares are forfeited, during the measurement period.
•No incentive management fee is payable by us unless our total return per share during the measurement period is positive.
•The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated.
•If our total return per share exceeds 12.0% per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0% per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index).
•The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5% of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period.
•Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements.
We incurred a $5,679 incentive management fee pursuant to our business management agreement for the year ended December 31, 2025. We paid this incentive management fee to RMR in January 2026. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2024 and 2023.
•Property Management and Construction Supervision Fees. The property management fees payable to RMR by us for each applicable period are equal to 3.0% of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0% of construction costs.
•Expense Reimbursement. 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 and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR which are included in other operating expenses and general and administrative expenses, as applicable, in our consolidated statements of comprehensive income (loss).
•Term. Our management agreements with RMR have terms that end on December 31, 2045, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension.
•Termination Rights. We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience; (ii) immediately on written notice for cause, as defined therein; (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein; and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein.
•Termination Fee. If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR.
•Transition Services. RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable.
•Vendors. Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers.
•Investment Opportunities. Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR.
For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive management fees, property management fees, construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Financial Statement
Year Ended December 31,
Line Item
202520242023
Pursuant to business management agreement:
Business management fees
General and administrative expenses
$23,319 $23,439 $23,154 
Incentive management fees (1)
General and administrative expenses5,679 — — 
Total$28,998 $23,439 $23,154 
Pursuant to property management agreement:
Property management fees
Other operating expenses
$13,082 $12,885 $12,800 
Construction supervision fees
Buildings and improvements (2)
436 459 649 
Total$13,518 $13,344 $13,449 
Expense reimbursement:
Other expensesGeneral and administrative expenses$200 $304 $288 
Property level expenses
Other operating expenses
6,237 6,450 8,090 
Total$6,437 $6,754 $8,378 
(1)In January 2026, we paid RMR the incentive management fee incurred for the year ended December 31, 2025.
(2)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related assets.
In January 2025, in connection with a $100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and provide Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees.

Management Agreements Between Our Joint Ventures and RMR. We have two separate joint venture arrangements. One of these joint ventures, our consolidated joint venture, is with one, third party institutional investor. The other joint venture, the unconsolidated joint venture, is with two, third party institutional investors. See Note 3 for further information about our joint ventures.
RMR provides management services to both of these joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to the unconsolidated joint venture. We are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides 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 3 for further information about our joint ventures.
See Note 10 for further information regarding our relationships, agreements and transactions with RMR.
v3.25.4
Related Person Transactions
 12 Months Ended
Dec. 31, 2025
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 until December 31, 2025, is a managing director and an executive vice president and the chief operating officer of RMR Inc. and an officer and employee of RMR. Yael Duffy, our other Managing Trustee since January 1, 2026, and our President and Chief Executive Officer, is also an executive vice president of RMR Inc. and a managing trustee and president and chief executive officer of Office Properties Income Trust, one of the other public companies managed by RMR. 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. Other officers of RMR, including Ms. Duffy, 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 9 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.
RMR provides management services to each of our joint ventures. See Note 9 for further information regarding RMR’s management agreements with our joint ventures.
Share Awards to RMR Employees. As described in Note 7, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four anniversaries of the award dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR. These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. See Note 7 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards.
v3.25.4
Derivatives and Hedging Activities
 12 Months Ended
Dec. 31, 2025
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. As required under the loan agreement, we have an interest rate cap agreement to manage our interest rate risk exposure on the Mountain Floating Rate Loan, with interest payable at a rate equal to SOFR plus a premium. Additionally, we had another interest rate cap related to the ILPT Floating Rate Loan that matured in October 2025. 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 agreement for the Mountain Floating Rate Loan is designated as a cash flow hedge of interest rate risk and is measured on a recurring basis at fair value. See Notes 5 and 6 for further information regarding our current and former interest rate caps.
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 loss and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in cumulative other comprehensive loss related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt.
On June 26, 2025, we obtained a $1,160,000 mortgage loan and used the net proceeds from such loan and cash on hand to repay in full the ILPT Floating Rate Loan. As of June 26, 2025, we discontinued hedge accounting for the derivative associated with this underlying instrument, which was previously designated as a cash flow hedge of variable interest payments on our ILPT Floating Rate Loan. Upon discontinuation of hedge accounting, all subsequent changes in the fair value and proceeds from settlements of the interest rate cap are recognized in interest and other income in our consolidated statements of comprehensive income (loss).
The following table summarizes the terms of our outstanding interest rate cap agreements as of December 31, 2025 and 2024:
Balance
SheetUnderlyingMaturityStrikeNotionalFair Value at
Line Item InstrumentDateRateAmountDecember 31, 2025December 31, 2024
Other assets, net
ILPT Floating Rate Loan10/15/20252.78%$1,235,000 $— $13,302 
Other assets, net
Mountain Floating Rate Loan
03/15/20253.04%$1,400,000 — 3,614 
Other assets, net
Mountain Floating Rate Loan
03/15/20263.10%$1,400,000 1,629 — 
$1,629 $16,916 
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the periods shown:
Year Ended December 31,
202520242023
Amount of gain recognized on derivative in other comprehensive loss$970 $7,623 $15,640 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$610 $21,548 $33,639 
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss)$(264,559)$(292,536)$(288,537)
v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment ReportingWe manage our business on a consolidated basis and therefore have one reportable segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. The chief operating decision maker, or CODM, is our President and Chief Executive Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income (loss) as shown in our consolidated statements of comprehensive income (loss). The CODM is also regularly provided with information on expenses related to our management agreements with RMR, which are detailed in Note 9. The accounting policies of our reportable segment are the same as those described in Note 2. The measure of segment assets is reported as total assets in our consolidated balance sheets.
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
 12 Months Ended
Dec. 31, 2025
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract]  
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(dollars in thousands)
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
510 Production AvenueMadisonAL (A) $1,200 $9,967 $— $(2,118)$973 $8,076 $9,049 $(953)2/25/20222004
6735 Trippel RoadMobileAL (B) 1,500 44,354 — — 1,500 44,354 45,854 (4,879)2/25/20222017
11224 Will Walker RoadVanceAL (A) 3,901 40,857 550 — 3,901 41,407 45,308 (6,833)2/25/20222021
3200 Rodeo CourtBessemerAL (C) 3,201 23,462 — — 3,201 23,462 26,663 (2,581)2/25/20222021
4501 Industrial DriveFort SmithAR (A) 900 3,485 — — 900 3,485 4,385 (951)1/29/20152013
9860 West Buckeye RoadTollesonAZ (A) 4,801 26,716 1 — 4,801 26,717 31,518 (5,140)2/25/20222002
3870 Ronald Reagan BoulevardJohnstownCO (A) 2,780 9,722 — — 2,780 9,722 12,502 (2,180)4/9/20192007
125 North Troy Hill RoadColorado SpringsCO (A) 5,402 32,981 — (10,790)3,883 23,710 27,593 (2,394)2/25/20222016
14257 E. Easter AvenueCentennialCO (A) 1,801 10,563 — (2,607)1,421 8,336 9,757 (1,183)2/25/20222003
955 Aeroplaza DriveColorado SpringsCO (A) 800 7,412 389 — 800 7,801 8,601 (2,115)1/29/20152012
13400 East 39th Avenue and 3800 Wheeling StreetDenverCO (A) 3,100 12,955 283 — 3,100 13,238 16,338 (3,536)1/29/20151973
150 Greenhorn DrivePuebloCO (A) 200 4,177 — — 200 4,177 4,377 (1,140)1/29/20152013
2 Tower DriveWallingfordCT (A) 1,471 2,165 1,178 — 1,471 3,343 4,814 (1,582)10/24/20061978
50 Hollow Tree LaneNewingtonCT (C) 600 4,793 56 — 600 4,849 5,449 (629)2/25/20222000
235 Great Pond RoadWindsorCT (A) 2,400 9,469 612 — 2,400 10,081 12,481 (3,224)7/20/20122004
2100 NW 82nd AvenueMiamiFL (A) 144 1,297 454 — 144 1,751 1,895 (1,082)3/19/19981987
10450 Doral BoulevardDoralFL (A) 15,225 28,102 — — 15,225 28,102 43,327 (7,028)6/27/20181996
13509 Waterworks StreetJacksonvilleFL (A) 3,701 37,720 — (9,346)2,876 29,199 32,075 (2,948)2/25/20222014
27200 SW 127th AvenueHomesteadFL (A) 24,808 22,762 132 (8,376)20,440 18,886 39,326 (1,914)2/25/20222017
3155 Grissom ParkwayCocoaFL (A) 3,101 20,542 18 (4,620)2,495 16,546 19,041 (1,954)2/25/20222006
950 Bennett RoadOrlandoFL (A) 2,701 12,334 215 (737)2,568 11,945 14,513 (1,453)2/25/20221997
3736 Salisbury RoadJacksonvilleFL (A) 1,600 12,071 183 (2,998)1,250 9,606 10,856 (1,732)2/25/20221998
1341 N. Clyde Morris BoulevardDaytona BeachFL (A) 3,001 38,858 990 (1,762)2,875 38,212 41,087 (3,892)2/25/20222017
5000 North Ridge TrailDavenportFL (C) 4,001 52,290 — — 4,001 52,290 56,291 (5,752)2/25/20222016
14001 Jetport LoopFort MyersFL (C) 5,902 25,616 — — 5,902 25,616 31,518 (2,818)2/25/20222016
8411 Florida Mining BoulevardTampaFL (C) 7,602 29,985 19 — 7,602 30,004 37,606 (3,855)2/25/20222003
5101 West Waters AvenueTampaFL (C) 3,101 12,134 157 — 3,101 12,291 15,392 (1,916)2/25/20221997
3404 Cragmont DriveTampaFL (C) 1,600 6,557 916 — 1,600 7,473 9,073 (1,057)2/25/20221989
7569 Golf Course BoulevardPunta GordaFL (C) — 6,042 — — — 6,042 6,042 (665)2/25/20222007
1900 Interstate BoulevardLakelandFL (C) 500 3,405 — — 500 3,405 3,905 (437)2/25/20221993
2902 Gun Club RoadAugustaGA (A) 1,200 9,861 42 (6,995)441 3,667 4,108 (375)2/25/20222004
590 Northport ParkwaySavannahGA (C) 16,905 66,945 244 — 16,905 67,189 84,094 (7,393)2/25/20222017
3150 Highway 42Locust GroveGA (B) 9,803 109,420 41 — 9,803 109,461 119,264 (12,048)2/25/20222020
650 Braselton ParkwayBraseltonGA (B) 6,902 82,238 — — 6,902 82,238 89,140 (9,046)2/25/20222018
700 Hudson RoadGriffinGA (C) 900 20,442 339 — 900 20,781 21,681 (3,225)2/25/20222002
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
505 Morgan Lakes Industrial Blvd.SavannahGA (C) 8,203 31,714 125 — 8,203 31,839 40,042 (3,497)2/25/20222018
2002 International BoulevardAugustaGA (D) 3,818 30,780 — — 3,818 30,780 34,598 (3,046)7/14/20222022
2815 Kaihikapu StreetHonoluluHI (E) 1,818 — 6 — 1,818 6 1,824 (3)12/5/2003—
609 Ahua StreetHonoluluHI (E) 616 — — — 616 — 616 — 12/5/2003—
2849 Kaihikapu StreetHonoluluHI (E) 860 — — — 860 — 860 — 12/5/2003—
709 Ahua StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2839 Kilihau StreetHonoluluHI (E) 627 — — — 627 — 627 — 12/5/2003—
2906 Kaihikapu StreetHonoluluHI (E) 1,814 2 — — 1,814 2 1,816 (1)12/5/2003—
733 Mapunapuna StreetHonoluluHI (E) 3,403 — — — 3,403 — 3,403 — 12/5/2003—
2864 Awaawaloa StreetHonoluluHI (E) 1,836 — — — 1,836 — 1,836 — 12/5/2003—
2850 Awaawaloa StreetHonoluluHI (E) 287 172 — — 287 172 459 (95)12/5/2003—
2806 Kaihikapu StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2838 Kilihau StreetHonoluluHI (E) 4,262 — — — 4,262 — 4,262 — 12/5/2003—
852 Mapunapuna StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
812 Mapunapuna StreetHonoluluHI (E) 1,960 25 628 — 2,613 — 2,613 — 12/5/2003—
2969 Mapunapuna StreetHonoluluHI (E) 4,038 15 — — 4,038 15 4,053 (12)12/5/2003—
855 Ahua StreetHonoluluHI (E) 1,834 — — — 1,834 — 1,834 — 12/5/2003—
2855 Kaihikapu StreetHonoluluHI (E) 1,807 — — — 1,807 — 1,807 — 12/5/2003—
865 Ahua StreetHonoluluHI (E) 1,846 — 210 — 1,846 210 2,056 (21)12/5/2003—
719 Ahua StreetHonoluluHI (E) 1,960 — — — 1,960 — 1,960 — 12/5/2003—
759 Puuloa RoadHonoluluHI (E) 1,766 3 — (3)1,766 — 1,766 — 12/5/2003—
770 Mapunapuna StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2915 Kaihikapu StreetHonoluluHI (E) 2,579 — — — 2,579 — 2,579 — 12/5/2003—
704 Mapunapuna StreetHonoluluHI (E) 2,390 685 — — 2,390 685 3,075 (378)12/5/2003—
822 Mapunapuna StreetHonoluluHI (E) 1,795 15 — (15)1,795 — 1,795 — 12/5/2003—
842 Mapunapuna StreetHonoluluHI (E) 1,795 14 — (14)1,795 — 1,795 — 12/5/2003—
2839 Mokumoa StreetHonoluluHI (E) 1,942 — 53 — 1,942 53 1,995 (5)12/5/2003—
2861 Mokumoa StreetHonoluluHI (E) 3,867 — 53 — 3,867 53 3,920 (5)12/5/2003—
619 Mapunapuna StreetHonoluluHI (E) 1,401 2 12 — 1,401 14 1,415 (5)12/5/2003—
2847 Awaawaloa StreetHonoluluHI (E) 582 303 179 — 582 482 1,064 (238)12/5/2003—
2928 Kaihikapu Street - AHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2928 Kaihikapu Street - BHonoluluHI (E) 1,948 — — — 1,948 — 1,948 — 12/5/2003—
850 Ahua StreetHonoluluHI (E) 2,682 2 — (2)2,682 — 2,682 — 12/5/2003—
659 Ahua StreetHonoluluHI (E) 860 20 — (20)860 — 860 — 12/5/2003—
2831 Awaawaloa StreetHonoluluHI (E) 860 — 27 — 860 27 887 — 12/5/2003—
2760 Kam HighwayHonoluluHI (E) 703 — 191 — 703 191 894 (86)12/5/2003—
2965 Mokumoa StreetHonoluluHI (E) 2,140 — — — 2,140 — 2,140 — 12/5/2003—
2814 Kilihau StreetHonoluluHI (E) 1,925 — — — 1,925 — 1,925 — 12/5/2003—
2804 Kilihau StreetHonoluluHI (E) 1,775 2 — (2)1,775 — 1,775 — 12/5/2003—
2833 Kilihau StreetHonoluluHI (E) 601 — — — 601 — 601 — 12/5/2003—
692 Mapunapuna StreetHonoluluHI (E) 1,796 2 — (2)1,796 — 1,796 — 12/5/2003—
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
669 Ahua StreetHonoluluHI (E) 1,801 14 225 — 1,801 239 2,040 (44)12/5/2003—
761 Ahua StreetHonoluluHI (E) 3,757 2 338 — 3,757 340 4,097 (139)12/5/2003—
702 Ahua StreetHonoluluHI (E) 1,784 3 — (3)1,784 — 1,784 — 12/5/2003—
645 Ahua StreetHonoluluHI (E) 882 — 263 — 882 263 1,145 (24)12/5/2003—
675 Mapunapuna StreetHonoluluHI (E) 1,081 — — — 1,081 — 1,081 — 12/5/2003—
2858 Kaihikapu StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2857 Awaawaloa StreetHonoluluHI (E) 983 — — — 983 — 983 — 12/5/2003—
2812 Awaawaloa StreetHonoluluHI (E) 1,801 3 — (3)1,801 — 1,801 — 12/5/2003—
2809 Kaihikapu StreetHonoluluHI (E) 1,837 — — — 1,837 — 1,837 — 12/5/2003—
803 Ahua StreetHonoluluHI (E) 3,804 — — — 3,804 — 3,804 — 12/5/2003—
2889 Mokumoa StreetHonoluluHI (E) 1,783 5 — (5)1,783 — 1,783 — 12/5/2003—
819 Ahua StreetHonoluluHI (E) 4,821 583 30 — 4,821 613 5,434 (337)12/5/2003—
830 Mapunapuna StreetHonoluluHI (E) 1,801 25 — (25)1,801 — 1,801 — 12/5/2003—
2831 Kaihikapu StreetHonoluluHI (E) 1,272 529 55 — 1,272 584 1,856 (321)12/5/2003—
2846-A Awaawaloa StreetHonoluluHI (E) 2,181 954 — — 2,181 954 3,135 (526)12/5/2003—
2816 Awaawaloa StreetHonoluluHI (E) 1,009 27 — — 1,009 27 1,036 (15)12/5/2003—
673 Ahua StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
697 Ahua StreetHonoluluHI (E) 994 811 — (4)994 807 1,801 (445)12/5/2003—
808 Ahua StreetHonoluluHI (E) 3,279 — — — 3,279 — 3,279 — 12/5/2003—
659 Puuloa RoadHonoluluHI (E) 1,807 — — — 1,807 — 1,807 — 12/5/2003—
666 Mapunapuna StreetHonoluluHI (E) 860 2 — (2)860 — 860 — 12/5/2003—
679 Puuloa RoadHonoluluHI (E) 1,807 3 — (3)1,807 — 1,807 — 12/5/2003—
673 Mapunapuna StreetHonoluluHI (E) 1,801 20 — (20)1,801 — 1,801 — 12/5/2003—
2827 Kaihikapu StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2826 Kaihikapu StreetHonoluluHI (E) 3,921 — — — 3,921 — 3,921 — 12/5/2003—
685 Ahua StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2844 Kaihikapu StreetHonoluluHI (E) 1,960 14 196 — 1,960 210 2,170 (32)12/5/2003—
789 Mapunapuna StreetHonoluluHI (E) 2,608 3 — (3)2,608 — 2,608 — 12/5/2003—
2808 Kam HighwayHonoluluHI (E) 310 — — — 310 — 310 — 12/5/2003—
2815 Kilihau StreetHonoluluHI (E) 287 — — — 287 — 287 — 12/5/2003—
2821 Kilihau StreetHonoluluHI (E) 287 — — — 287 — 287 — 12/5/2003—
2829 Kilihau StreetHonoluluHI (E) 287 — — — 287 — 287 — 12/5/2003—
2819 Mokumoa Street - AHonoluluHI (E) 1,821 — 158 — 1,821 158 1,979 (10)12/5/2003—
2819 Mokumoa Street - BHonoluluHI (E) 1,816 — 158 — 1,816 158 1,974 (10)12/5/2003—
2879 Mokumoa StreetHonoluluHI (E) 1,789 — — — 1,789 — 1,789 — 12/5/2003—
2927 Mokumoa StreetHonoluluHI (E) 1,778 — — — 1,778 — 1,778 — 12/5/2003—
2833 Paa Street #2HonoluluHI (E) 1,675 — — — 1,675 — 1,675 — 12/5/2003—
855 Mapunapuna StreetHonoluluHI (E) 3,265 — — — 3,265 — 3,265 — 12/5/2003—
2829 Awaawaloa StreetHonoluluHI (E) 1,720 2 348 — 1,720 350 2,070 — 12/5/2003—
766 Mapunapuna StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
2908 Kaihikapu StreetHonoluluHI (E) 1,798 23 — (11)1,798 12 1,810 (5)12/5/2003—
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
729 Ahua StreetHonoluluHI (E) 1,801 — 63 — 1,801 63 1,864 (8)12/5/2003—
739 Ahua StreetHonoluluHI (E) 1,801 — 63 — 1,801 63 1,864 (8)12/5/2003—
2868 Kaihikapu StreetHonoluluHI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003—
660 Ahua StreetHonoluluHI (E) 1,783 4 45 — 1,783 49 1,832 (5)12/5/2003—
2869 Mokumoa StreetHonoluluHI (E) 1,794 — — — 1,794 — 1,794 — 12/5/2003—
2836 Awaawaloa StreetHonoluluHI (E) 1,353 — — — 1,353 — 1,353 — 12/5/2003—
113 Puuhale RoadHonoluluHI (E) 3,729 — — — 3,729 — 3,729 — 12/5/2003—
2140 Kaliawa StreetHonoluluHI (E) 931 — — — 931 — 931 — 12/5/2003—
165 Sand Island Access RoadHonoluluHI (E) 758 — — — 758 — 758 — 12/5/2003—
2106 Kaliawa StreetHonoluluHI (E) 1,568 — 228 — 1,568 228 1,796 (184)12/5/2003—
140 Puuhale RoadHonoluluHI (E) 1,100 — 41 — 1,100 41 1,141 (26)12/5/2003—
2020 Auiki StreetHonoluluHI (E) 2,385 — — — 2,385 — 2,385 — 12/5/2003—
2103 Kaliawa StreetHonoluluHI (E) 3,212 — — — 3,212 — 3,212 — 12/5/2003—
1926 Auiki StreetHonoluluHI (E) 2,872 — 1,617 — 2,872 1,617 4,489 (838)12/5/20031959
1931 Kahai StreetHonoluluHI (E) 3,779 — — — 3,779 — 3,779 — 12/5/2003—
215 Puuhale RoadHonoluluHI (E) 2,117 — — — 2,117 — 2,117 — 12/5/2003—
207 Puuhale RoadHonoluluHI (E) 2,024 — — — 2,024 — 2,024 — 12/5/2003—
125 Puuhale RoadHonoluluHI (E) 1,630 — — — 1,630 — 1,630 — 12/5/2003—
125B Puuhale RoadHonoluluHI (E) 2,815 — — — 2,815 — 2,815 — 12/5/2003—
2001 Kahai StreetHonoluluHI (E) 1,091 — — — 1,091 — 1,091 — 12/5/2003—
2110 Auiki StreetHonoluluHI (E) 837 — — — 837 — 837 — 12/5/2003—
142 Mokauea StreetHonoluluHI (E) 2,182 — 1,576 — 2,182 1,576 3,758 (699)12/5/20031972
2139 Kaliawa StreetHonoluluHI (E) 885 — — — 885 — 885 — 12/5/2003—
2122 Kaliawa StreetHonoluluHI (E) 1,365 — — — 1,365 — 1,365 — 12/5/2003—
148 Mokauea StreetHonoluluHI (E) 3,476 — — — 3,476 — 3,476 — 12/5/2003—
151 Puuhale RoadHonoluluHI (E) 1,956 — 48 — 1,956 48 2,004 (9)12/5/2003—
2127 Auiki StreetHonoluluHI (E) 2,906 — 67 — 2,906 67 2,973 (51)12/5/2003—
2144 Auiki StreetHonoluluHI (E) 2,640 — 7,659 — 2,640 7,659 10,299 (3,611)12/5/20031953
179 Sand Island Access RoadHonoluluHI (E) 2,480 — — — 2,480 — 2,480 — 12/5/2003—
106 Puuhale RoadHonoluluHI (E) 1,113 — 438 — 1,113 438 1,551 (175)12/5/20031966
120 Mokauea StreetHonoluluHI (E) 1,953 — 1,267 — 1,953 1,267 3,220 (378)12/5/20031970
120B Mokauea StreetHonoluluHI (E) 1,953 — 16 — 1,953 16 1,969 (4)12/5/20031970
231 Sand Island Access RoadHonoluluHI (E) 752 — — — 752 — 752 — 12/5/2003—
231B Sand Island Access RoadHonoluluHI (E) 1,539 — — — 1,539 — 1,539 — 12/5/2003—
220 Puuhale RoadHonoluluHI (E) 2,619 — — — 2,619 — 2,619 — 12/5/2003—
150 Puuhale RoadHonoluluHI (E) 4,887 — — — 4,887 — 4,887 — 12/5/2003—
197 Sand Island Access RoadHonoluluHI (E) 1,238 — — — 1,238 — 1,238 — 12/5/2003—
2019 Kahai StreetHonoluluHI (E) 1,377 — — — 1,377 — 1,377 — 12/5/2003—
2344 Pahounui DriveHonoluluHI (E) 6,709 — — — 6,709 — 6,709 — 12/5/2003—
238 Sand Island Access RoadHonoluluHI (E) 2,273 — — — 2,273 — 2,273 — 12/5/2003—
2308 Pahounui DriveHonoluluHI (E) 3,314 — — — 3,314 — 3,314 — 12/5/2003—
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
2135 Auiki StreetHonoluluHI (E) 825 — — — 825 — 825 — 12/5/2003—
218 Mohonua PlaceHonoluluHI (E) 1,741 — — — 1,741 — 1,741 — 12/5/2003—
180 Sand Island Access RoadHonoluluHI (E) 1,655 — — — 1,655 — 1,655 — 12/5/2003—
2250 Pahounui DriveHonoluluHI (E) 3,862 — — — 3,862 — 3,862 — 12/5/2003—
158 Sand Island Access RoadHonoluluHI (E) 2,488 — — — 2,488 — 2,488 — 12/5/2003—
2264 Pahounui DriveHonoluluHI (E) 1,632 — — — 1,632 — 1,632 — 12/5/2003—
2276 Pahounui DriveHonoluluHI (E) 1,619 — — — 1,619 — 1,619 — 12/5/2003—
204 Sand Island Access RoadHonoluluHI (E) 1,689 — — — 1,689 — 1,689 — 12/5/2003—
228 Mohonua PlaceHonoluluHI (E) 1,865 — — — 1,865 — 1,865 — 12/5/2003—
212 Mohonua PlaceHonoluluHI (E) 1,067 — — — 1,067 — 1,067 — 12/5/2003—
214 Sand Island Access RoadHonoluluHI (E) 1,864 — 593 — 1,864 593 2,457 (261)12/5/20031981
2879 Paa StreetHonoluluHI (E) 1,691 — 45 — 1,691 45 1,736 (19)12/5/2003—
2833 Paa StreetHonoluluHI (E) 1,701 — — — 1,701 — 1,701 — 12/5/2003—
1055 Ahua StreetHonoluluHI (E) 1,216 — — — 1,216 — 1,216 — 12/5/2003—
2875 Paa StreetHonoluluHI (E) 1,330 — — — 1,330 — 1,330 — 12/5/2003—
1000 Mapunapuna StreetHonoluluHI (E) 2,252 — — — 2,252 — 2,252 — 12/5/2003—
2850 Paa StreetHonoluluHI (E) 22,827 — — — 22,827 — 22,827 — 12/5/2003—
2828 Paa StreetHonoluluHI (E) 12,448 — — — 12,448 — 12,448 — 12/5/2003—
1045 Mapunapuna StreetHonoluluHI (E) 819 — — — 819 — 819 — 12/5/2003—
1122 Mapunapuna StreetHonoluluHI (E) 5,781 — — — 5,781 — 5,781 — 12/5/2003—
2810 Paa StreetHonoluluHI (E) 3,340 — — — 3,340 — 3,340 — 12/5/2003—
2886 Paa StreetHonoluluHI (E) 2,205 — — — 2,205 — 2,205 — 12/5/2003—
2810 Pukoloa StreetHonoluluHI (E) 27,699 — — — 27,699 — 27,699 — 12/5/2003—
1052 Ahua StreetHonoluluHI (E) 1,703 — 240 — 1,703 240 1,943 (122)12/5/2003—
1024 Mapunapuna StreetHonoluluHI (E) 1,385 — — — 1,385 — 1,385 — 12/5/2003—
1030 Mapunapuna StreetHonoluluHI (E) 5,655 — — — 5,655 — 5,655 — 12/5/2003—
1001 Ahua StreetHonoluluHI (E) 15,155 3,312 91 — 15,155 3,403 18,558 (1,865)12/5/2003—
944 Ahua StreetHonoluluHI (E) 1,219 — — — 1,219 — 1,219 — 12/5/2003—
918 Ahua StreetHonoluluHI (E) 3,820 — — — 3,820 — 3,820 — 12/5/2003—
2864 Mokumoa StreetHonoluluHI (E) 2,092 — — — 2,092 — 2,092 — 12/5/2003—
1050 Kikowaena PlaceHonoluluHI (E) 1,404 873 — — 1,404 873 2,277 (481)12/5/2003—
949 Mapunapuna StreetHonoluluHI (E) 11,568 — — — 11,568 — 11,568 — 12/5/2003—
2855 Pukoloa StreetHonoluluHI (E) 1,934 — — — 1,934 — 1,934 — 12/5/2003—
2865 Pukoloa StreetHonoluluHI (E) 1,934 — — — 1,934 — 1,934 — 12/5/2003—
2850 Mokumoa StreetHonoluluHI (E) 2,143 — — — 2,143 — 2,143 — 12/5/2003—
905 Ahua StreetHonoluluHI (E) 1,148 — — — 1,148 — 1,148 — 12/5/2003—
1150 Kikowaena StreetHonoluluHI (E) 2,445 — — — 2,445 — 2,445 — 12/5/2003—
960 Ahua StreetHonoluluHI (E) 614 — — — 614 — 614 — 12/5/2003—
1062 Kikowaena PlaceHonoluluHI (E) 1,049 598 217 — 1,049 815 1,864 (376)12/5/2003—
2829 Pukoloa StreetHonoluluHI (E) 2,088 — — — 2,088 — 2,088 — 12/5/2003—
2841 Pukoloa StreetHonoluluHI (E) 2,088 — — — 2,088 — 2,088 — 12/5/2003—
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
2819 Pukoloa StreetHonoluluHI (E) 2,090 — 34 — 2,090 34 2,124 (14)12/5/2003—
950 Mapunapuna StreetHonoluluHI (E) 1,724 — — — 1,724 — 1,724 — 12/5/2003—
960 Mapunapuna StreetHonoluluHI (E) 1,933 — — — 1,933 — 1,933 — 12/5/2003—
930 Mapunapuna StreetHonoluluHI (E) 3,654 — — — 3,654 — 3,654 — 12/5/2003—
1038 Kikowaena PlaceHonoluluHI (E) 2,576 — — — 2,576 — 2,576 — 12/5/2003—
1024 Kikowaena PlaceHonoluluHI (E) 1,818 — — — 1,818 — 1,818 — 12/5/2003—
2970 Mokumoa StreetHonoluluHI (E) 1,722 — — — 1,722 — 1,722 — 12/5/2003—
970 Ahua StreetHonoluluHI (E) 817 — — — 817 — 817 — 12/5/2003—
2840 Mokumoa StreetHonoluluHI (E) 2,149 — — — 2,149 — 2,149 — 12/5/2003—
2830 Mokumoa StreetHonoluluHI (E) 2,146 — — — 2,146 — 2,146 — 12/5/2003—
1027 Kikowaena PlaceHonoluluHI (E) 5,444 — — — 5,444 — 5,444 — 12/5/2003—
2960 Mokumoa StreetHonoluluHI (E) 1,977 — — — 1,977 — 1,977 — 12/5/2003—
80 Sand Island Access RoadHonoluluHI (E) 7,972 — — — 7,972 — 7,972 — 12/5/2003—
94-240 Pupuole StreetWaipahuHI (E) 717 — — — 717 — 717 — 12/5/2003—
525 N. King StreetHonoluluHI (E) 1,342 — — — 1,342 — 1,342 — 12/5/2003—
1360 Pali HighwayHonoluluHI (E) 9,170 — — — 9,170 — 9,170 — 12/5/2003—
1330 Pali HighwayHonoluluHI (E) 1,423 — — — 1,423 — 1,423 — 12/5/2003—
33 S. Vineyard BoulevardHonoluluHI (E) 844 — — — 844 — 844 — 12/5/2003—
848 Ala Lilikoi StreetHonoluluHI (E) 9,426 — — — 9,426 — 9,426 — 12/5/2003—
846 Ala Lilikoi StreetHonoluluHI (E) 234 — — — 234 — 234 — 12/5/2003—
2635 Waiwai Loop AHonoluluHI (E) 934 350 683 — 934 1,033 1,967 (523)12/5/2003—
2635 Waiwai Loop BHonoluluHI (E) 1,177 105 670 — 1,165 787 1,952 (387)12/5/2003—
120 Sand Island Access RoadHonoluluHI (E) 1,132 11,307 2,725 — 1,132 14,032 15,164 (6,704)11/23/20042004
91-222 OlaiKapoleiHI (A) 2,035 — 77 — 2,035 77 2,112 (15)6/15/2005—
91-265 HanuaKapoleiHI (A) 1,569 — — — 1,569 — 1,569 — 6/15/2005—
91-255 HanuaKapoleiHI (A) 1,230 — 35 — 1,230 35 1,265 (16)6/15/2005—
91-241 KalaeloaKapoleiHI (A) 426 3,983 907 — 426 4,890 5,316 (2,402)6/15/20051990
91-141 KalaeloaKapoleiHI (A) 11,624 — — — 11,624 — 11,624 — 6/15/2005—
91-250 KomohanaKapoleiHI (A) 1,506 — 35 — 1,506 35 1,541 (3)6/15/2005—
91-202 KalaeloaKapoleiHI (A) 1,722 — 326 — 1,722 326 2,048 (102)6/15/20051964
91-080 HanuaKapoleiHI (A) 2,187 — — — 2,187 — 2,187 — 6/15/2005—
91-027 Kaomi LoopKapoleiHI (A) 2,667 — — — 2,667 — 2,667 — 6/15/2005—
91-185 KalaeloaKapoleiHI (A) 1,761 — 81 — 1,761 81 1,842 (14)6/15/2005—
91-329 KauhiKapoleiHI (A) 294 2,297 2,855 — 294 5,152 5,446 (2,833)6/15/20051980
91-399 KauhiKapoleiHI (A) 27,405 — 128 — 27,405 128 27,533 (13)6/15/2005—
91-086 Kaomi LoopKapoleiHI N/A 13,884 — — — 13,884 — 13,884 — 6/15/2005—
91-349 KauhiKapoleiHI (A) 649 — — — 649 — 649 — 6/15/2005—
91-400 KomohanaKapoleiHI (A) 1,494 — — — 1,494 — 1,494 — 6/15/2005—
91-174 OlaiKapoleiHI (A) 962 — 47 — 962 47 1,009 (38)6/15/2005—
91-218 OlaiKapoleiHI (A) 1,622 — 62 — 1,622 62 1,684 (46)6/15/2005—
91-175 OlaiKapoleiHI (A) 1,243 — 87 — 1,243 87 1,330 (59)6/15/2005—
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
91-210 OlaiKapoleiHI (A) 706 — — — 706 — 706 — 6/15/2005—
91-087 HanuaKapoleiHI (A) 381 — — — 381 — 381 — 6/15/2005—
91-083 HanuaKapoleiHI (A) 716 — — — 716 — 716 — 6/15/2005—
91-091 HanuaKapoleiHI (A) 552 — — — 552 — 552 — 6/15/2005—
91-220 KalaeloaKapoleiHI (A) 242 1,457 508 — 242 1,965 2,207 (879)6/15/20051991
91-252 KauhiKapoleiHI (A) 536 — — — 536 — 536 — 6/15/2005—
91-259 OlaiKapoleiHI (A) 2,944 — — — 2,944 — 2,944 — 6/15/2005—
91-238 KauhiKapoleiHI (A) 1,390 — 9,512 — 1,390 9,512 10,902 (4,379)6/15/20051981
91-416 KomohanaKapoleiHI (A) 713 — 11 — 713 11 724 (9)6/15/2005—
91-410 KomohanaKapoleiHI (A) 418 — 12 — 418 12 430 (9)6/15/2005—
91-300 HanuaKapoleiHI (A) 1,381 — 18 — 1,381 18 1,399 (4)6/15/20051994
91-171 OlaiKapoleiHI (A) 218 — — — 218 — 218 — 6/15/2005—
91-210 KauhiKapoleiHI (A) 567 — 1,018 — 567 1,018 1,585 (243)6/15/20051990
91-110 Kaomi LoopKapoleiHI (A) 1,293 — — — 1,293 — 1,293 — 6/15/2005—
91-102 Kaomi LoopKapoleiHI (A) 1,599 — — — 1,599 — 1,599 — 6/15/2005—
91-064 Kaomi LoopKapoleiHI (A) 1,826 — — — 1,826 — 1,826 — 6/15/2005—
91-119 OlaiKapoleiHI (A) 1,981 — — — 1,981 — 1,981 — 6/15/2005—
91-150 Kaomi LoopKapoleiHI (A) 3,159 — — — 3,159 — 3,159 — 6/15/2005—
Texaco EasementKapoleiHI N/A 2,657 — — — 2,657 — 2,657 — 6/15/2005—
Tesaro 967 EasementKapoleiHI N/A 6,593 — — — 6,593 — 6,593 — 6/15/2005—
AES HI EasementKapoleiHI N/A 1,250 — — — 1,250 — 1,250 — 6/15/2005—
Other Easements & LotsKapoleiHI N/A 358 — 1,862 — 358 1,862 2,220 (888)6/15/2005—
889 Ahua StreetHonoluluHI (E) 5,888 315 — — 5,888 315 6,203 (103)11/21/2012—
951 Trails RoadEldridgeIA (F) 470 7,480 2,339 — 470 9,819 10,289 (4,440)4/2/20071994
2300 North 33rd Avenue EastNewtonIA (A) 500 13,236 58 — 500 13,294 13,794 (5,742)9/29/20082008
3425 Maple DriveFort DodgeIA (A) 100 2,000 — — 100 2,000 2,100 (384)4/9/20192014
4401 112th StreetUrbandaleIA (C) 800 3,117 — — 800 3,117 3,917 (600)2/25/20221985
7121 South Fifth AvenuePocatelloID (A) 400 4,201 615 — 400 4,816 5,216 (1,317)1/29/20152007
2580 Technology DriveElginIL (A) 1,500 9,068 16 (3,053)1,067 6,464 7,531 (1,153)2/25/20222001
5795 Logistics ParkwayRockfordIL (A) 400 3,368 — (688)327 2,753 3,080 (325)2/25/20221998
1602 Vincent DriveSaugetIL (C) 1,400 27,028 444 — 1,400 27,472 28,872 (3,094)2/25/20222014
6 Konzen CourtGranite CityIL (C) 900 20,268 741 — 900 21,009 21,909 (4,073)2/25/20222001
1000 Knell RoadMontgomeryIL (C) 2,101 19,258 1,333 — 2,101 20,591 22,692 (3,051)2/25/20222000
1430 South Wolf RoadWheelingIL (C) 4,702 19,641 — — 4,702 19,641 24,343 (2,160)2/25/20222003
1270 North WilkeningSchaumburgIL (C) 2,801 7,733 23 — 2,801 7,756 10,557 (1,495)2/25/20221996
4472 Technology DriveRockfordIL (C) 400 5,912 — — 400 5,912 6,312 (759)2/25/20222011
7019 High Grove BoulevardBurr RidgeIL (C) 800 1,090 33 — 800 1,123 1,923 (142)2/25/20221997
1230 West 171st StreetHarveyIL (A) 800 1,673 646 — 800 2,319 3,119 (521)1/29/20152004
5156 American RoadRockfordIL (A) 400 1,529 388 — 400 1,917 2,317 (616)1/29/20151996
9215-9347 E Pendleton PikeLawrenceIN (A) 3,763 34,877 — — 3,763 34,877 38,640 (6,856)2/14/20192009
6825 West County Road 400 NorthGreenfieldIN (F) 918 14,300 3,312 — 918 17,612 18,530 (3,246)2/14/20192008
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
900 Commerce Parkway West DriveGreenwoodIN (F) 1,483 16,253 1,005 — 1,483 17,258 18,741 (3,402)2/14/20192007
2482 Century DriveGoshenIN (A) 840 9,061 500 — 840 9,561 10,401 (1,761)4/9/20192005
3201 Bearing DriveFranklinIN (F) 1,100 15,403 — — 1,100 15,403 16,503 (3,454)4/9/20191973
482 Chaney AvenueGreenwoodIN (C) 2,401 55,810 51 — 2,401 55,861 58,262 (7,175)2/25/20222014
1151 South Graham RoadGreenwoodIN (B) 7,002 108,700 897 — 7,002 109,597 116,599 (12,124)2/25/20222019
5440 Haggerty LaneLafayetteIN (C) 3,601 31,058 18 — 3,601 31,076 34,677 (3,422)2/25/20222019
8951 Mirabel RoadIndianapolisIN (C) 3,001 36,978 — — 3,001 36,978 39,979 (4,068)2/25/20222014
17001 West Mercury StreetGardnerKS (F) 5,741 32,701 400 — 5,741 33,101 38,842 (4,221)12/30/20202018
435 SE 70th StreetTopekaKS (A) — 3,563 120 (594)— 3,089 3,089 (398)2/25/20222006
22525 West 167th StreetOlatheKS (C) 4,301 52,183 83 — 4,301 52,266 56,567 (5,752)2/25/20222016
2552 South 98th StreetEdwardsvilleKS (C) 3,601 20,988 — — 3,601 20,988 24,589 (2,693)2/25/20222013
2701 South 98th StreetEdwardsvilleKS (C) 2,701 10,998 400 — 2,701 11,398 14,099 (1,818)2/25/20222001
1985 International WayHebronKY (A) 1,453 8,546 1,575 — 1,453 10,121 11,574 (2,436)2/14/20191997
2311 South Park RoadLouisvilleKY (A) 1,600 13,119 — — 1,600 13,119 14,719 (1,442)2/25/20222016
1509 Leestown RoadFrankfortKY (C) 4,801 38,708 — — 4,801 38,708 43,509 (4,968)2/25/20222014
4555 West Highway 146BucknerKY (C) 3,201 39,977 — — 3,201 39,977 43,178 (5,130)2/25/20222013
450 Northpointe CourtCovingtonLA (C) 1,300 26,883 — — 1,300 26,883 28,183 (2,957)2/25/20222015
209 South Bud StreetLafayetteLA (A) 700 4,549 41 — 700 4,590 5,290 (1,261)1/29/20152010
17200 Manchac Park LaneBaton RougeLA (A) 1,700 8,860 397 — 1,700 9,257 10,957 (2,488)1/29/20152014
11900 Trolley LaneBeltsvilleMD (A) 8,203 23,095 179 (1,243)7,877 22,357 30,234 (2,656)2/25/20222000
4000 Principio ParkwayNorth EastMD (F) 4,200 71,518 1,596 — 4,200 73,114 77,314 (19,806)1/29/20152012
3466 Shippers DriveWalkerMI (C) 4,902 29,780 144 — 4,902 29,924 34,826 (3,310)2/25/20222016
1601 Brown RoadOrionMI (C) 4,701 57,812 872 — 4,701 58,684 63,385 (6,640)2/25/20222006
38401 Amrhein RoadLivoniaMI (C) 1,400 14,778 161 — 1,400 14,939 16,339 (1,902)2/25/20221999
28000 Five M Center DriveRomulusMI (C) 300 8,530 182 — 300 8,712 9,012 (1,255)2/25/20221997
3800 Midlink DriveKalamazooMI (A) 2,630 40,599 — — 2,630 40,599 43,229 (11,081)1/29/20152014
10100 89th Avenue NMaple GroveMN (F) 3,469 21,284 1,106 — 3,469 22,390 25,859 (4,708)10/16/20182015
2427 Henry Road NWStewartvilleMN (C) 1,300 3,145 — — 1,300 3,145 4,445 (404)2/25/20222013
2401 Cram Avenue SEBemidjiMN (A) 100 2,137 — — 100 2,137 2,237 (583)1/29/20152013
5501 Providence Hill DriveSt. JosephMO (A) 400 3,500 24 — 400 3,524 3,924 (693)4/9/20192014
3502 Enterprise AvenueJoplinMO (A) 1,380 12,121 34 — 1,380 12,155 13,535 (2,336)4/9/20192014
5703 Mitchell AvenueSt. JosephMO (C) 1,600 19,085 758 — 1,600 19,843 21,443 (3,920)2/25/20222000
10551 N Congress AvenueKansas CityMO (C) 600 13,538 6 — 600 13,544 14,144 (1,489)2/25/20222014
831 Lone Star DriveO'FallonMO (C) 1,200 7,304 — — 1,200 7,304 8,504 (1,125)2/25/20221989
2901 E Heartland DriveLibertyMO (C) 1,100 6,886 283 — 1,100 7,169 8,269 (1,087)2/25/20221997
110 Stanbury Industrial DriveBrookfieldMO N/A 200 1,859 — (546)181 1,332 1,513 (76)1/29/20152012
12385 Crossroad DriveOlive BranchMS (D) 3,301 61,763 1,266 — 3,301 63,029 66,330 (8,010)2/25/20222012
8644 Polk LaneOlive BranchMS (C) 900 20,171 188 — 900 20,359 21,259 (2,265)2/25/20222011
440 US Highway 49 SouthRichlandMS (C) 200 2,329 268 — 200 2,597 2,797 (452)2/25/20221986
105 Business Park DriveRidgelandMS (C) 500 1,949 9 — 500 1,958 2,458 (378)2/25/20221988
590 Assembly CourtFayettevilleNC (A) 700 9,410 109 (2,328)539 7,352 7,891 (1,044)2/25/20221996
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
4350 Fortune Ave NWConcordNC (C) 4,401 53,085 — — 4,401 53,085 57,486 (5,839)2/25/20222017
4690 Global Avenue NWConcordNC (C) 4,601 45,793 — — 4,601 45,793 50,394 (5,037)2/25/20222015
6538 & 6526 Judge Adams RoadWhitsettNC (B) 2,501 46,343 126 — 2,501 46,469 48,970 (5,099)2/25/20222019
4040 Business Park CourtWinston SalemNC (C) 800 8,411 260 — 800 8,671 9,471 (1,191)2/25/20222001
3900 NE 6th StreetMinotND (A) 700 3,223 — — 700 3,223 3,923 (880)1/29/20152013
7130 Q StreetOmahaNE (A) 1,600 7,390 — (2,138)1,220 5,632 6,852 (800)2/25/20221997
1415 West Commerce WayLincolnNE (A) 2,200 8,518 389 — 2,200 8,907 11,107 (2,539)1/29/20151971
52 Pettengill RoadLondonderryNH (F) 5,871 43,335 203 — 5,871 43,538 49,409 (8,354)4/9/20192015
1135 Easton AvenueFranklin TownshipNJ N/A 3,601 5,564 539 — 3,601 6,103 9,704 (1,108)2/25/20221969
584 US Highway 130TrentonNJ (B) 70,422 62,639 — — 70,422 62,639 133,061 (6,890)2/25/20222017
725 Darlington AvenueMahwahNJ (F) 8,492 9,451 2,339 — 8,492 11,790 20,282 (3,715)4/9/20141999
309 Dulty's LaneBurlingtonNJ (F) 1,600 51,400 — — 1,600 51,400 53,000 (14,029)1/29/20152001
7000 West Post RoadLas VegasNV (F) 4,230 13,472 322 — 4,230 13,794 18,024 (3,162)4/9/20192010
2375 East Newlands RoadFernleyNV (A) 1,100 17,314 280 — 1,100 17,594 18,694 (4,859)1/29/20152007
158 West Yard RoadFeura BushNY (A) 1,870 7,931 1,078 — 1,870 9,009 10,879 (2,799)4/9/20191989
3779 Lake Shore RoadHamburgNY (C) 2,701 38,186 312 — 2,701 38,498 41,199 (4,221)2/25/20222016
1289 Walden AvenueCheektowagaNY (C) 600 6,314 589 — 600 6,903 7,503 (1,390)2/25/20222001
4 Liebich LaneHalfmoonNY (C) 400 8,521 113 — 400 8,634 9,034 (952)2/25/20222011
55 Commerce AvenueAlbanyNY (A) 1,000 10,105 480 — 1,000 10,585 11,585 (2,915)1/29/20152013
32150 Just Imagine DriveAvonOH (A) 2,200 23,280 — — 2,200 23,280 25,480 (9,652)5/29/20091996
1580, 1590 & 1600 Williams RoadColumbusOH (A) 2,060 29,143 367 — 2,060 29,510 31,570 (6,838)4/9/20191992
7303 Rickenbacker Parkway WestColumbusOH (F) 1,491 27,407 — — 1,491 27,407 28,898 (3,546)6/21/20212020
3245 Henry Road and 3185 Columbia RoadRichfieldOH (A) 2,499 21,640 — — 2,499 21,640 24,139 (2,775)2/25/20222005
8341 Industrial ParkwayPlain CityOH (B) 6,702 97,563 — — 6,702 97,563 104,265 (10,732)2/25/20222020
201 Exploration DriveMonroeOH (D) 1,801 38,868 — — 1,801 38,868 40,669 (4,275)2/25/20222014
9780 Mopar DriveStreetsboroOH (C) 2,701 26,021 987 — 2,701 27,008 29,709 (3,779)2/25/20222011
2465 Fontaine StreetKentonOH (C) 1,000 19,323 63 — 1,000 19,386 20,386 (2,128)2/25/20222017
4651 Prosper DriveStowOH (C) 1,400 30,772 — — 1,400 30,772 32,172 (3,385)2/25/20222017
747 Mill Park DriveLancasterOH (C) 1,400 17,609 — — 1,400 17,609 19,009 (1,937)2/25/20222019
9667 Inter-Ocean DriveWest Chester Twp.OH (C) 1,300 10,880 — — 1,300 10,880 12,180 (1,675)2/25/20221999
5313 Majestic ParkwayBedford HeightsOH (C) 1,100 8,107 402 — 1,100 8,509 9,609 (1,634)2/25/20221998
1115 Regina Graeter WayCincinnatiOH (C) 700 7,908 — — 700 7,908 8,608 (870)2/25/20222015
4170 Columbia RoadLebanonOH (C) 400 9,841 146 — 400 9,987 10,387 (1,134)2/25/20222011
1415 Industrial DriveChillicotheOH (A) 1,200 3,265 — — 1,200 3,265 4,465 (891)1/29/20152012
200 Orange Point DriveLewis CenterOH (A) 1,300 8,613 319 — 1,300 8,932 10,232 (2,501)1/29/20152013
301 Commerce DriveSouth PointOH (A) 600 4,530 22 — 600 4,552 5,152 (1,247)1/29/20152013
5300 Centerpoint ParkwayGroveportOH (F) 2,700 29,863 364 — 2,700 30,227 32,927 (8,253)1/29/20152014
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
2701 S.W. 18TH StreetOklahoma CityOK (A) 2,401 18,865 — (5,675)1,760 13,831 15,591 (1,397)2/25/20222011
8000 Mid America Blvd.Oklahoma CityOK (A) 900 12,813 — (1,814)781 11,118 11,899 (1,312)2/25/20222017
1414 South Council RoadOklahoma CityOK (C) 5,002 39,952 — — 5,002 39,952 44,954 (4,395)2/25/20222017
6101 SW 44th StreetOklahoma CityOK (C) 2,401 13,868 — — 2,401 13,868 16,269 (1,526)2/25/20222020
2759 North Garnett RoadTulsaOK (C) 800 4,879 79 — 800 4,958 5,758 (539)2/25/20222008
2820 State Highway 31McAlesterOK (A) 581 2,237 4,582 — 581 6,819 7,400 (1,562)1/29/20152012
101 North Campus DriveImperialPA (C) 3,801 26,700 106 — 3,801 26,806 30,607 (2,950)2/25/20222015
231 Theater DriveAltoonaPA (C) 1,400 9,864 — — 1,400 9,864 11,264 (1,266)2/25/20222013
700 Marine DriveRock HillSC (A) 820 8,381 1,046 — 820 9,427 10,247 (2,121)4/9/20191986
1990 Hood RoadGreerSC (A) 400 10,702 — — 400 10,702 11,102 (2,057)4/9/20192015
7410 Magi DriveHanahanSC (A) 2,401 31,029 578 — 2,401 31,607 34,008 (4,840)2/25/20222001
6850 Weber BoulevardCharlestonSC (A) 11,604 44,602 — (12,228)9,079 34,899 43,978 (3,524)2/25/20222018
1892 Anfield RoadNorth CharlestonSC (A) 4,001 21,179 — (3,822)3,394 17,964 21,358 (1,814)2/25/20222017
7409 Magi DriveHanahanSC (A) 1,801 13,651 90 (1,389)1,639 12,514 14,153 (1,474)2/25/20222004
1103 Powderhouse Road SEAikenSC (C) 1,200 36,140 162 — 1,200 36,302 37,502 (3,986)2/25/20222017
3058 Lakemont BlvdFt. MillSC (C) 2,901 33,304 20 — 2,901 33,324 36,225 (3,670)2/25/20222008
510 John Dodd RoadSpartanburgSC (F) 3,300 57,998 418 — 3,300 58,416 61,716 (15,971)1/29/20152012
996 Paragon WayRock HillSC (A) 2,334 35,920 695 — 2,334 36,615 38,949 (9,940)1/29/20152014
5001 West Delbridge StreetSioux FallsSD (A) 2,570 14,832 — — 2,570 14,832 17,402 (2,851)4/9/20192016
5025 Tuggle RoadMemphisTN (C) 1,400 31,520 56 — 1,400 31,576 32,976 (4,059)2/25/20221994
900 Hutchinson PlaceLebanonTN (C) 2,601 31,582 — — 2,601 31,582 34,183 (6,080)2/25/20221993
6023 Century Oaks DriveChattanoogaTN (C) 500 5,759 214 — 500 5,973 6,473 (1,230)2/25/20222002
3774 Snyder RoadKodakTN (C) 3,201 30,564 — — 3,201 30,564 33,765 (3,362)2/25/20222021
4836 Hickory Hill RoadMemphisTN (F) 1,402 10,769 1,774 — 1,402 12,543 13,945 (3,773)12/23/20141984
2020 Joe B. Jackson ParkwayMurfreesboroTN (F) 7,500 55,259 456 — 7,500 55,715 63,215 (15,224)1/29/20152012
11501 Wilkinson DriveEl PasoTX (A) 2,401 19,665 116 (2,259)2,155 17,768 19,923 (2,520)2/25/20222005
5005 Samuell Blvd.MesquiteTX (C) 6,366 62,879 2,291 — 6,366 65,170 71,536 (7,387)2/25/20222017
2701 Texas Longhorn WayFt. WorthTX (D) 9,303 42,504 731 — 9,303 43,235 52,538 (4,809)2/25/20222015
2000 Luna RoadCarrolltonTX (C) 1,801 25,816 132 — 1,801 25,948 27,749 (3,334)2/25/20222008
21200 Spring Plaza DriveSpringTX (C) 2,701 29,832 — — 2,701 29,832 32,533 (3,828)2/25/20222013
502 West Independence DriveEdinburgTX (C) 800 19,673 — — 800 19,673 20,473 (2,164)2/25/20222011
800 Lindale Industrial ParkwayLindaleTX (C) 800 18,947 692 — 800 19,639 20,439 (2,352)2/25/20222014
685 Alliance ParkwayHewittTX (C) 800 23,207 — — 800 23,207 24,007 (2,978)2/25/20222012
16211 Air Center BoulevardHoustonTX (C) 1,600 13,529 321 — 1,600 13,850 15,450 (1,539)2/25/20222005
246 Glasson DriveCorpus ChristiTX (C) — 9,596 — — — 9,596 9,596 (1,056)2/25/20222011
985 Kershaw StreetOgdenUT (A) 2,301 13,994 — (1,903)2,032 12,360 14,392 (1,248)2/25/20222019
1095 South 4800 WestSalt Lake CityUT (A) 1,500 6,913 20 — 1,500 6,933 8,433 (1,900)1/29/20152012
8800 Studley RoadMechanicsvilleVA (C) 1,100 10,813 383 — 1,100 11,196 12,296 (2,139)2/25/20221988
Initial Cost toGross Amount Carried at
CompanyCosts
Close of Period (4)
BuildingsCapitalizedBuildingsOriginal
andSubsequent toImpairment/andAccumulatedDate Construction
PropertyLocationState
Encumbrances (1)
LandEquipmentAcquisition
Writedowns (2)
LandEquipment
Total (2)
Depreciation (3)
Acquired
Date (5)
1935 Blue Hills DriveRoanokeVA (C) 1,300 13,908 39 — 1,300 13,947 15,247 (1,794)2/25/20222013
3736 Tom Andrews RoadRoanokeVA (C) 600 9,273 207 — 600 9,480 10,080 (1,207)2/25/20221996
2300 Westmoreland StreetRichmondVA (C) 600 6,109 329 — 600 6,438 7,038 (969)2/25/20222004
1122 Stony Ridge RoadCharlottesvilleVA (C) 2,101 6,051 233 — 2,101 6,284 8,385 (754)2/25/20221998
1901 Meadowville Technology ParkwayChesterVA (F) 4,000 67,511 170 — 4,000 67,681 71,681 (18,499)1/29/20152012
635 Community DriveSouth BurlingtonVT (C) 10,003 38,560 — — 10,003 38,560 48,563 (4,242)2/25/20222021
2000 South Walnut StreetBurlingtonWA (B) 8,603 22,749 870 (1,218)7,385 23,619 31,004 (2,512)2/25/20222015
5300 International DriveCudahyWI (C) 1,801 17,367 36 — 1,801 17,403 19,204 (1,920)2/25/20222001
3383 Spirit WayGreen BayWI (C) 600 9,345 — — 600 9,345 9,945 (1,028)2/25/20222013
$1,128,069 $4,048,027 $95,248 $(91,385)$1,112,238 $4,067,721 $5,179,959 $(648,310)
(1) Represents mortgage notes payable, net. Certain of our properties are encumbered as follows:
EncumbranceUndepreciated Cost
(A) 101 properties encumbered by one mortgage loan
$1,145,101 $1,163,201 
(B) 8 properties encumbered by mortgage loans
213,036 688,156 
(C) 82 properties encumbered by the Mountain Floating Rate Loan
1,399,975 1,967,880 
(D) 4 properties encumbered by one mortgage loan
90,354 194,134 
(E) 186 properties encumbered by one mortgage loan
648,304 509,595 
(F) 17 properties encumbered by one mortgage loan
696,424 619,177 
$4,193,194 $5,142,143 
(2) Excludes value of real estate intangibles and includes partial dispositions.
(3) We depreciate buildings and improvements over periods ranging up to 40 years.
(4) The total aggregate cost for U.S. federal income tax purposes is $5,752,753.
(5) Properties without an original construction date are land parcels only.
INDUSTRIAL LOGISTICS PROPERTIES TRUST
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION
December 31, 2025
(dollars in thousands)
Analysis of the carrying amount of real estate properties and accumulated depreciation:
Real EstateAccumulated
PropertiesDepreciation
Balance at December 31, 2022$5,176,108 $(273,467)
Additions18,181 (125,262)
Disposals(24,190)884 
Impairments(547)391 
Balance at December 31, 2023$5,169,552 $(397,454)
Additions10,833 (126,432)
Disposals— — 
Impairments— — 
Balance at December 31, 2024$5,180,385 $(523,886)
Additions13,431 (127,250)
Disposals(7,776)2,826 
Impairments(6,081)— 
Balance at December 31, 2025$5,179,959 $(648,310)
v3.25.4
Insider Trading Arrangements
 3 Months Ended
Dec. 31, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.4
Insider Trading Policies and Procedures
 12 Months Ended
Dec. 31, 2025
Insider Trading Policies and Procedures [Line Items]  
Insider Trading Policies and Procedures Adopted true
v3.25.4
Cybersecurity Risk Management and Strategy Disclosure
 12 Months Ended
Dec. 31, 2025
Cybersecurity Risk Management, Strategy, and Governance [Line Items]  
Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems.
Cybersecurity Risk Management Processes Integrated [Flag] true
Cybersecurity Risk Management Processes Integrated [Text Block]
We rely on the information technology and systems maintained by our manager, RMR, and rely on our manager to identify, assess and manage material risks from cybersecurity threats. RMR takes various actions, and incurs significant costs, to maintain and protect the operation and security of information technology and systems, including the data maintained in those systems. Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks. In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management. We have not been materially affected and do not believe we are reasonably likely to be materially affected by any risks from cybersecurity threats, including as a result of previous incidents.
Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] false
Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee oversees cybersecurity matters,
Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Role of Management [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Management Positions or Committees Responsible [Flag] true
Cybersecurity Risk Management Positions or Committees Responsible [Text Block] Our Audit Committee oversees cybersecurity matters, including the material risks related thereto, and regularly receives updates from RMR’s chief information officer regarding the development and advancement of its cybersecurity strategy, as well as the related risks.
Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] In the event of a cybersecurity incident, RMR has a detailed incident response plan in place for contacting authorities and informing key stakeholders, including our management.
Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] true
v3.25.4
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Basis of Presentation Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.
Consolidation
Consolidation. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control an entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the entity. This may include decisions regarding operating and capital budgets and the placement of new or additional financing secured by the assets of the venture, among others.
Use of Estimates
Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes.
Real Estate Properties
Real Estate Properties. We record properties at cost. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives of up to 40 years. We allocate the purchase prices of our properties to land, buildings and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.
We allocate a portion of the purchase price to acquired in-place leases and tenant relationships based upon market estimates of the costs to lease up the property. In determining these allocations, we estimate costs during the expected lease up periods, including carrying costs such as real estate taxes, insurance and other operating income and expenses and costs, and costs including leasing commissions, legal and other related expenses and costs to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value, which we refer to as lease origination value, between acquired in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in-place leases because such value and related amortization expense is immaterial to our consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We allocate a portion of the purchase price to above market and below market leases based on the present value (using a discount rate which reflects the risks associated with acquired in-place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in-place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable.
Deferred Leasing Costs Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss).
Debt Issuance Costs Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.
Impairments
Impairments. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long-term prospects for improvement in property performance, cash flow or liquidity concerns, legislative, market or industry changes that could permanently reduce the value of a property, or our decision to dispose of an asset before the end of its estimated useful life. If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the carrying value exceeds the projected undiscounted cash flows, we determine the amount of any impairment loss by comparing the historical carrying value to the estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.
Fair Value of Financial Instruments
Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows:
Level 1 - Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access.
Level 2 - Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly.
Level 3 - Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement.
Environmental Obligations
Environmental Obligations. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of December 31, 2025 and 2024, accrued environmental remediation costs of $6,775 were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income (loss).
Cash and Cash Equivalents, Restricted Cash and Cash Equivalents
Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents.
Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents consist of cash held for the operations of our consolidated joint venture and amounts escrowed as required by the agreements governing certain of our mortgage debt.
Derivative Instruments and Hedging Activities
Derivative Instruments and Hedging Activities. We account for our derivative instrument at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations.
Equity Method Investments
Equity Method Investments. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. We own a 22% equity interest in the unconsolidated joint venture, which owns 18 properties. We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option.
Revenue Recognition
Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in 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 the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term.
Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components under the Accounting Standards Codification, or ASC, 842, because the lease components are operating leases and the timing and pattern of recognition of the non-lease components are the same as those of the lease components. Income derived from our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).
Certain tenants under their leases are required to directly pay their obligations for insurance, real estate taxes and certain other expenses to the vendor and/or the municipality. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations.
Income Taxes
Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes.
Right of Use Assets and Lease Liabilities
Right of Use Assets and Lease Liabilities. We are the lessee for three of our properties subject to ground leases and one office lease. For leases with a term greater than 12 months under which we are the lessee, we are required to record a right of use asset and lease liability. The values of our right of use assets and related lease liabilities were $3,726 and $3,821, respectively, as of December 31, 2025, and $4,193 and $4,288, respectively, as of December 31, 2024. Our right of use assets and related lease liabilities are included in other assets, net and accounts payable and other liabilities, respectively, in our consolidated balance sheets.
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.
Net Loss Per Share Attributable to Common Shareholders
Net Loss Per Share Attributable to Common Shareholders. We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate diluted net income (loss) per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share.
Noncontrolling Interests Noncontrolling Interests. Noncontrolling interests represents the share of our consolidated joint venture and/or tenancy in common owned by a third party. We allocate net income (loss) to noncontrolling interests based on our respective ownership interest during the period.
New Accounting Pronouncements
New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses, which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements.
In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity, which clarifies the guidance in determining the accounting acquirer in a business combination effected primarily by exchanging equity interests when the acquiree is a variable interest entity that meets the definition of a business. ASU 2025-03 is required to be applied prospectively, and is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods within those annual reporting periods, with early adoption permitted. Our early adoption of ASU 2025-03 on June 30, 2025 did not have a material impact on our consolidated financial statements.
In November 2025, the FASB issued ASU 2025-09, Derivatives and Hedging (Topic 815): Hedge Accounting Improvements, which clarifies and enhances guidance on hedge accounting, addressing issues arising from the global reference rate reform initiative. ASU 2025-09 is required to be applied prospectively, and is effective for the first annual reporting periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. Our early adoption of ASU 2025-09 on December 31, 2025 did not have a material impact on our consolidated financial statements.
v3.25.4
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2025
Accounting Policies [Abstract]  
Schedule of Acquired Real Estate Leases, Net and Assumed Real Estate Lease Obligations, Net
As of December 31, 2025 and 2024, our acquired real estate leases, net and assumed real estate lease obligations, net were as follows:
As of December 31,
20252024
Acquired real estate leases:
Above market lease values$23,778 $25,553 
Less: accumulated amortization(14,452)(14,746)
Above market lease values, net9,326 10,807 
Lease origination value277,501 314,671 
Less: accumulated amortization(122,641)(126,285)
Lease origination value, net154,860 188,386 
Acquired real estate leases, net$164,186 $199,193 
Assumed real estate lease obligations:
Below market lease values$29,132 $34,670 
Less: accumulated amortization(17,453)(19,733)
Assumed real estate lease obligations, net$11,679 $14,937 
Schedule of Expected Future Amortization Related to Acquired Real Estate Leases, Net and Assumed Real Estate Obligations, Net, Deferred Leasing Costs, Net and Debt Issuance Costs, Net
Expected future amortization related to our acquired real estate leases, net and assumed real estate obligations, net, deferred leasing costs, net and debt issuance costs, net as of December 31, 2025 are shown below:
Acquired
Real Estate
Leases andDeferredDebt
Assumed LeasingIssuance
ObligationsCostsCosts
2026$28,579 $4,412 $4,607 
202726,075 4,148 4,582 
202822,120 3,807 4,582 
202918,854 3,327 4,098 
203015,638 2,699 2,264 
Thereafter41,241 10,117 709 
Total$152,507 $28,510 $20,842 
v3.25.4
Real Estate Investments (Tables)
 12 Months Ended
Dec. 31, 2025
Real Estate [Abstract]  
Schedule of Capitalized Lessor Expenses
During the years ended December 31, 2025 and 2024, amounts capitalized at certain of our properties for tenant improvements, leasing costs and building improvements were as follows:
Year Ended December 31,
20252024
Tenant improvements (1)
$4,860 $1,935 
Leasing costs (1)
9,010 6,271 
Building improvements (2)
9,057 8,993 
Total capital expenditures$22,927 $17,199 
(1)Includes 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)Includes expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets.
Schedule of Property Dispositions
The table below provides information about dispositions, including the sale prices (excluding closing costs), during the years ended December 31, 2025, 2024 and 2023:
Gain (Loss) on
Number ofRentableSale of
Date of SaleLocationPropertiesSquare FeetSales PriceReal Estate
Dispositions during the year ended December 31, 2025:
November 2025Augusta, GA130,184 $1,650 $229 
December 2025Monaca, PA1255,658 2,250 (1,605)
Total2285,842 $3,900 $(1,376)
Dispositions during the year ended December 31, 2024:
We did not dispose of any properties during the year ended December 31, 2024.
Dispositions during the year ended December 31, 2023:
March 2023
Everett, WA
N/A
246,114 $270 $(974)
December 2023Mesquite, TX1211,112 20,890 118 
December 2023Asheville, NC132,599 4,300 2,566 
Total2489,825 $25,460 $1,710 
Schedule of Recognized Net Loss (Income) Attributable to Noncontrolling Interest
During the years ended December 31, 2025 and 2024, net loss attributable to noncontrolling interests in our consolidated financial statements was as follows:
Year Ended December 31,
202520242023
Consolidated joint venture$36,430 $41,558 $41,798 
Tenancy in common(49)(59)(68)
Total net loss attributable to noncontrolling interests$36,381 $41,499 $41,730 
v3.25.4
Leases (Tables)
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Schedule of Future Contractual Lease Payments Due from our Tenants
The following table summarizes the future contractual lease payments due from our tenants as of December 31, 2025:
Contractual
Lease Payments
2026$361,260 
2027346,590 
2028325,631 
2029290,537 
2030250,889 
Thereafter1,418,509 
Total$2,993,416 
v3.25.4
Indebtedness (Tables)
 12 Months Ended
Dec. 31, 2025
Debt Disclosure [Abstract]  
Schedule of Outstanding Indebtedness
Our outstanding indebtedness as of December 31, 2025 and December 31, 2024 is summarized below:
Number of
PropertiesPrincipalInterest
Carrying Value
EntitySecured ByBalance
Rate (1)
TypeMaturity
of Collateral
As of December 31, 2025
ILPT186$650,000 4.31%Fixed02/07/2029$489,987 
ILPT1011,160,000 6.40%Fixed07/09/2030976,178 
ILPT17700,000 4.42%Fixed03/09/2032481,374 
Mountain JV
821,400,000 5.87%Floating03/09/20261,749,546 
Mountain JV491,000 6.25%Fixed06/10/2030173,992 
Mountain JV18,609 3.67%Fixed05/01/203128,492 
Mountain JV110,302 4.14%Fixed07/01/203240,975 
Mountain JV123,678 4.02%Fixed10/01/203380,094 
Mountain JV133,209 4.13%Fixed11/01/2033126,170 
Mountain JV120,784 3.10%Fixed06/01/203543,871 
Mountain JV133,817 2.95%Fixed01/01/203693,533 
Mountain JV139,031 4.27%Fixed11/01/2037104,474 
Mountain JV143,606 3.25%Fixed01/01/2038107,217 
Total / weighted average4,214,036 5.43%$4,495,903 
Unamortized debt issuance costs(20,842)
Total indebtedness, net$4,193,194 
As of December 31, 2024
ILPT104$1,235,000 6.71%Floating10/09/2025$1,017,228 
ILPT186650,000 4.31%Fixed02/07/2029490,454 
ILPT17700,000 4.42%Fixed03/09/2032491,143 
Mountain JV821,400,000 5.81%Floating03/09/20251,802,396 
Mountain JV491,000 6.25%Fixed06/10/2030178,465 
Mountain JV110,020 3.67%Fixed05/01/203128,363 
Mountain JV111,636 4.14%Fixed07/01/203242,242 
Mountain JV126,200 4.02%Fixed10/01/203382,443 
Mountain JV136,684 4.13%Fixed11/01/2033127,960 
Mountain JV122,637 3.10%Fixed06/01/203545,070 
Mountain JV136,655 2.95%Fixed01/01/203696,321 
Mountain JV141,491 4.27%Fixed11/01/2037107,606 
Mountain JV146,506 3.25%Fixed01/01/2038110,346 
Total / weighted average4,307,829 5.51%$4,620,037 
Unamortized debt issuance costs(7,292)
Total indebtedness, net$4,300,537 
(1)Interest rates reflect the impact of interest rate caps, if any.
Schedule of Weighted Average Interest Rate Under Floating Rate Loans
The weighted average interest rates under our floating rate loans for the years ended December 31, 2025 and 2024 were as follows:

Year Ended December 31,
20252024
ILPT Floating Rate Loan (1)
6.71%6.26%
Mountain Floating Rate Loan (2)
5.85%5.88%
(1)In June 2025, we repaid in full the ILPT Floating Rate Loan using proceeds from our $1,160,000 mortgage loan and cash on hand. Reflects the impact of interest rate caps, which prior to the repayment, had a SOFR strike rate equal to 2.78% which replaced the previous strike rate equal to 2.25% in October 2024.
(2)Reflects the impact of interest rate caps, with a current SOFR strike rate equal to 3.10%, which replaced the previous strike rate equal to 3.04% in March 2025.
Schedule of the Principal Payments Due Under the Outstanding Debt
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of December 31, 2025 are as follows:
Principal
Payment
2026$1,419,499 
202720,224 
202820,989 
2029671,778 
20301,273,597 
Thereafter807,949 
Total$4,214,036 
v3.25.4
Fair Value of Assets and Liabilities (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurements, Recurring and Nonrecurring
The table below presents certain of our assets measured on a recurring and nonrecurring basis at fair value as of December 31, 2025 and 2024, categorized by the level of inputs, as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
Quoted Prices inSignificant OtherSignificant
Active Markets forObservableUnobservable
Identical AssetsInputsInputs
 Total(Level 1)(Level 2)(Level 3)
As of December 31, 2025
Recurring:
Investment in unconsolidated joint venture$132,753 $— $— $132,753 
Interest rate cap$1,629 $— $1,629 $— 
As of December 31, 2024
Recurring:
Investment in unconsolidated joint venture$116,732 $— $— $116,732 
Interest rate caps$16,916 $— $16,916 $— 
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 significant unobservable inputs and are shown in the table below:
Exit
ValuationDiscountCapitalizationHolding
TechniqueRatesRatesPeriods
As of December 31, 2025
Investment in unconsolidated joint venture Discounted cash flow
6.50% - 8.00%
5.75% - 6.25%
10 - 11 years
As of December 31, 2024
Investment in unconsolidated joint ventureDiscounted cash flow
6.25% - 8.25%
5.25% - 6.50%
10 - 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:
Year Ended December 31,
 20252024
Beginning balance$116,732 $115,360 
Equity in earnings of unconsolidated joint venture19,981 5,332 
Distributions from unconsolidated joint venture(3,960)(3,960)
Ending balance$132,753 $116,732 
v3.25.4
Shareholders' Equity (Tables)
 12 Months Ended
Dec. 31, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Shares Awarded, Vested and Forfeited
A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2025, 2024 and 2023 is as follows:
Year Ended December 31,
202520242023
WeightedWeightedWeighted
AverageAverageAverage
NumberGrant DateNumberGrant DateNumberGrant Date
of SharesFair Valueof SharesFair Valueof SharesFair Value
Unvested at beginning of year310,177 $5.74 288,310 $8.50 260,800 $15.07 
Granted589,113 $5.17 368,127 $4.40 328,350 $2.84 
Vested(417,128)$5.07 (346,260)$6.61 (296,890)$8.02 
Forfeited(4,051)$5.57 — $— (3,950)$11.40 
Unvested at end of year478,111 $5.63 310,177 $5.74 288,310 $8.50 
Schedule of Distributions Paid on Common Shares
During the years ended December 31, 2025, 2024 and 2023, we paid distributions on our common shares as follows:
Annual PerCharacterization of Distribution
ShareTotalReturn ofOrdinaryCapital
YearDistributionDistributionCapitalIncomeGain
2025$0.12 $7,973 100.0 %— %— %
2024$0.04 $2,638 100.0 %— %— %
2023$0.04 $2,627 100.0 %— %— %
v3.25.4
Per Common Share Amounts (Tables)
 12 Months Ended
Dec. 31, 2025
Weighted Average Number of Shares Outstanding Reconciliation [Abstract]  
Schedule of Weighted Average Common Shares, Basic and Diluted The calculation of basic and diluted earnings per share is as follows:
 Year Ended December 31,
 202520242023
Numerators:
Net loss attributable to common shareholders$(66,187)$(95,669)$(107,989)
Loss attributable to participating unvested share awards
(44)(11)(10)
Net loss attributable to common shareholders used in calculating earnings per share$(66,231)$(95,680)$(107,999)
Denominators:
Weighted average common shares outstanding (basic and diluted)66,006 65,697 65,430 
Net loss attributable to common shareholders per common share
(basic and diluted)		$(1.00)$(1.46)$(1.65)
v3.25.4
Business and Property Management Agreements with RMR (Tables)
 12 Months Ended
Dec. 31, 2025
Related Party Transactions [Abstract]  
Schedule of Business Management and Operating Expenses
For the years ended December 31, 2025, 2024 and 2023, the business management fees, incentive management fees, property management fees, construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows:
Financial Statement
Year Ended December 31,
Line Item
202520242023
Pursuant to business management agreement:
Business management fees
General and administrative expenses
$23,319 $23,439 $23,154 
Incentive management fees (1)
General and administrative expenses5,679 — — 
Total$28,998 $23,439 $23,154 
Pursuant to property management agreement:
Property management fees
Other operating expenses
$13,082 $12,885 $12,800 
Construction supervision fees
Buildings and improvements (2)
436 459 649 
Total$13,518 $13,344 $13,449 
Expense reimbursement:
Other expensesGeneral and administrative expenses$200 $304 $288 
Property level expenses
Other operating expenses
6,237 6,450 8,090 
Total$6,437 $6,754 $8,378 
(1)In January 2026, we paid RMR the incentive management fee incurred for the year ended December 31, 2025.
(2)Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related assets.
v3.25.4
Derivatives and Hedging Activities (Tables)
 12 Months Ended
Dec. 31, 2025
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 December 31, 2025 and 2024:
Balance
SheetUnderlyingMaturityStrikeNotionalFair Value at
Line Item InstrumentDateRateAmountDecember 31, 2025December 31, 2024
Other assets, net
ILPT Floating Rate Loan10/15/20252.78%$1,235,000 $— $13,302 
Other assets, net
Mountain Floating Rate Loan
03/15/20253.04%$1,400,000 — 3,614 
Other assets, net
Mountain Floating Rate Loan
03/15/20263.10%$1,400,000 1,629 — 
$1,629 $16,916 
Schedule of Effects on Consolidated Statements of Income and Comprehensive Loss
The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive loss for the periods shown:
Year Ended December 31,
202520242023
Amount of gain recognized on derivative in other comprehensive loss$970 $7,623 $15,640 
Amount of gain reclassified from cumulative other comprehensive loss into interest expense$610 $21,548 $33,639 
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss)$(264,559)$(292,536)$(288,537)
v3.25.4
Organization (Details)
ft² in Thousands
Dec. 31, 2025
ft²
property
state
building
Subsidiary, Sale of Stock [Line Items]  
Number of properties owned | property 409
Rentable square feet (in sqft) 59,604
Consolidated Entity, Excluding Consolidated VIE | Mountain Industrial REIT LLC  
Subsidiary, Sale of Stock [Line Items]  
Number of properties owned | property 94
Rentable square feet (in sqft) 20,978
Number of states where real estate is located | state 27
Ownership interest (as a percent) 61.00%
Joint Venture | The Industrial Fund REIT LLC  
Subsidiary, Sale of Stock [Line Items]  
Ownership interest (as a percent) 22.00%
Hawaii  
Subsidiary, Sale of Stock [Line Items]  
Rentable square feet (in sqft) 16,729
Number of states where real estate is located | state 39
Number of buildings, leasable lands and easements owned | building 226
Other States  
Subsidiary, Sale of Stock [Line Items]  
Number of properties owned | property 183
Rentable square feet (in sqft) 42,875
Number of states where real estate is located | state 38
v3.25.4
Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Maximum      
Property, Plant and Equipment [Line Items]      
Estimated useful lives (in years) 40 years    
Amortization of the value of acquired in place leases $ 33,526 $ 42,278 $ 51,065
Increases in rental income $ 1,777 $ 1,547 $ 1,130
Weighted Average      
Property, Plant and Equipment [Line Items]      
Amortization period of capitalized below market lease values (in years) 6 years 1 month 6 days    
Weighted Average | Above Market Lease      
Property, Plant and Equipment [Line Items]      
Amortization periods for capitalized above market lease and lease origination values (in years) 8 years 10 months 24 days    
Weighted Average | Acquired Real Estate Leases      
Property, Plant and Equipment [Line Items]      
Amortization periods for capitalized above market lease and lease origination values (in years) 7 years    
v3.25.4
Summary of Significant Accounting Policies - Schedule of Acquired Real Estate Leases, Net and Assumed Real Estate Lease Obligations, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Acquired real estate leases:    
Acquired real estate leases, net $ 164,186 $ 199,193
Assumed real estate lease obligations:    
Below market lease values 29,132 34,670
Less: accumulated amortization (17,453) (19,733)
Assumed real estate lease obligations, net 11,679 14,937
Above Market Lease    
Acquired real estate leases:    
Acquired real estate leases, gross 23,778 25,553
Less: accumulated amortization (14,452) (14,746)
Acquired real estate leases, net 9,326 10,807
Acquired Real Estate Leases    
Acquired real estate leases:    
Acquired real estate leases, gross 277,501 314,671
Less: accumulated amortization (122,641) (126,285)
Acquired real estate leases, net $ 154,860 $ 188,386
v3.25.4
Summary of Significant Accounting Policies - Schedule of Expected Future Amortization Related to Acquired Real Estate Leases, Net and Assumed Real Estate Obligations, Net, Deferred Leasing Costs, Net and Debt Issuance Costs, Net (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Acquired real estate leases, net $ 164,186 $ 199,193
Deferred Leasing Costs    
2026 4,412  
2027 4,148  
2028 3,807  
2029 3,327  
2030 2,699  
Thereafter 10,117  
Deferred leasing costs 28,510  
Debt Issuance Costs    
2026 4,607  
2027 4,582  
2028 4,582  
2029 4,098  
2030 2,264  
Thereafter 709  
Debt issuance costs 20,842  
Acquired Real Estate Leases and Assumed Obligations    
Finite-Lived Intangible Assets [Line Items]    
2026 28,579  
2027 26,075  
2028 22,120  
2029 18,854  
2030 15,638  
Thereafter 41,241  
Acquired real estate leases, net $ 152,507  
v3.25.4
Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Accounting Policies [Abstract]    
Accumulated amortization of deferred leasing costs $ 28,510 $ 23,691
v3.25.4
Summary of Significant Accounting Policies - Debt Issuance Costs and Other Narrative Items (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Debt Instrument [Line Items]    
Accrued environmental remediation cost $ 6,775 $ 6,775
The Industrial Fund REIT LLC | Partnership Interest    
Debt Instrument [Line Items]    
Ownership interest (as a percent) 22.00%  
12 Mainland Properties    
Debt Instrument [Line Items]    
Number of properties contributed | property 18  
Loans Payable | Mortgage Loan 2019    
Debt Instrument [Line Items]    
Debt issuance cost, mortgage loan $ 20,842 $ 7,292
v3.25.4
Summary of Significant Accounting Policies - Right of Use Asset and Lease Liability (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
Accounting Policies [Abstract]    
Properties subject to ground leases | property 3  
Lessee, number of properties under an operating lease | property 1  
Right of use asset | $ $ 3,726 $ 4,193
Lease liability | $ $ 3,821 $ 4,288
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] Other assets, net Other assets, net
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] Accounts Payable and Accrued Liabilities Accounts Payable and Accrued Liabilities
v3.25.4
Real Estate Investments - Schedule of Capitalized Lessor Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Real Estate Properties    
Capital expenditures incurred $ 22,927 $ 17,199
Tenant improvements    
Real Estate Properties    
Capital expenditures incurred 4,860 1,935
Leasing costs    
Real Estate Properties    
Capital expenditures incurred 9,010 6,271
Building improvements    
Real Estate Properties    
Capital expenditures incurred $ 9,057 $ 8,993
v3.25.4
Real Estate Investments - Schedule of Property Dispositions (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
property
Dec. 31, 2023
USD ($)
ft²
property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Rentable Square Feet (in sqft) | ft² 59,604,000  
Disposal Group, Held-for-Sale, Not Discontinued Operations    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 2 2
Rentable Square Feet (in sqft) | ft² 285,842 489,825
Sales Price $ 3,900 $ 25,460
Gain (Loss) on Sale of Real Estate $ (1,376) $ 1,710
Disposal Group, Held-for-Sale, Not Discontinued Operations | 2025 Dispositions | Augusta, GA    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 1  
Rentable Square Feet (in sqft) | ft² 30,184  
Sales Price $ 1,650  
Gain (Loss) on Sale of Real Estate $ 229  
Disposal Group, Held-for-Sale, Not Discontinued Operations | 2025 Dispositions | Monaca, PA    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property 1  
Rentable Square Feet (in sqft) | ft² 255,658  
Sales Price $ 2,250  
Gain (Loss) on Sale of Real Estate $ (1,605)  
Disposal Group, Held-for-Sale, Not Discontinued Operations | 2023 Dispositions | Everett, WA    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Rentable Square Feet (in sqft) | ft²   246,114
Sales Price   $ 270
Gain (Loss) on Sale of Real Estate   $ (974)
Disposal Group, Held-for-Sale, Not Discontinued Operations | 2023 Dispositions | Mesquite, TX    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property   1
Rentable Square Feet (in sqft) | ft²   211,112
Sales Price   $ 20,890
Gain (Loss) on Sale of Real Estate   $ 118
Disposal Group, Held-for-Sale, Not Discontinued Operations | 2023 Dispositions | Asheville, NC    
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]    
Number of Properties | property   1
Rentable Square Feet (in sqft) | ft²   32,599
Sales Price   $ 4,300
Gain (Loss) on Sale of Real Estate   $ 2,566
v3.25.4
Real Estate Investments - Schedule of Recognized Net Loss (Income) Attributable to Noncontrolling Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties      
Total net loss attributable to noncontrolling interests $ 36,381 $ 41,499 $ 41,730
Consolidated joint venture      
Real Estate Properties      
Total net loss attributable to noncontrolling interests 36,430 41,558 41,798
Tenancy in common      
Real Estate Properties      
Total net loss attributable to noncontrolling interests $ (49) $ (59) $ (68)
v3.25.4
Real Estate Investments - Joint Venture Activities - Narrative (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
ft²
state
property
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Schedule of Equity Method Investments [Line Items]      
Rentable square feet (in sqft) 59,604,000    
Cash distributions | $ $ 60 $ 326 $ 225
Tenancy in Common | Unrelated Third Party | Somerset, New Jersey      
Schedule of Equity Method Investments [Line Items]      
Noncontrolling interest, ownership percentage by noncontrolling owners 33.00%    
Tenancy in Common | Unrelated Third Party      
Schedule of Equity Method Investments [Line Items]      
Cash distributions | $ $ 60 $ 326  
Tenancy in Common | Unrelated Third Party | Somerset, New Jersey      
Schedule of Equity Method Investments [Line Items]      
Ownership interest (as a percent) 67.00%    
Number of properties | property 1    
Rentable square feet (in sqft) 64,000    
12 Mainland Properties      
Schedule of Equity Method Investments [Line Items]      
Rentable square feet (in sqft) 11,726,000    
Number of properties contributed | property 18    
Number of states where real estate is located | state 12    
Consolidated Entity, Excluding Consolidated VIE | Mountain Industrial REIT LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership interest (as a percent) 61.00%    
Rentable square feet (in sqft) 20,978,000    
Number of states where real estate is located | state 27    
Partnership Interest | The Industrial Fund REIT LLC      
Schedule of Equity Method Investments [Line Items]      
Ownership interest (as a percent) 22.00%    
v3.25.4
Leases - Narrative (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Lessor, Lease, Description [Line Items]      
Variable lease income $ 79,347 $ 80,720 $ 76,572
FedEx Corporation      
Lessor, Lease, Description [Line Items]      
Percentage of annualized rental revenue 27.90% 29.10%  
Amazon.com, Inc      
Lessor, Lease, Description [Line Items]      
Percentage of annualized rental revenue 7.30% 6.80%  
Hawaii | Sales Revenue, Net | Geographic Concentration Risk      
Lessor, Lease, Description [Line Items]      
Percentage of revenues 27.80% 28.00%  
v3.25.4
Leases - Schedule of Future Contractual Lease Payments Due from our Tenants (Details)
$ in Thousands
Dec. 31, 2025
USD ($)
Leases [Abstract]  
2026 $ 361,260
2027 346,590
2028 325,631
2029 290,537
2030 250,889
Thereafter 1,418,509
Total $ 2,993,416
v3.25.4
Indebtedness - Schedule of Outstanding Indebtedness (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
property
Dec. 31, 2025
USD ($)
property
Dec. 31, 2024
USD ($)
property
Debt Instrument [Line Items]      
Total principal balance   $ 4,214,036 $ 4,307,829
Interest rate (as a percent)   5.43% 5.51%
Net book value of collateral   $ 4,495,903 $ 4,620,037
Unamortized debt issuance costs   (20,842) (7,292)
Total indebtedness, net   $ 4,193,194 $ 4,300,537
Fixed rate loan, 4.31%, due in 2029 | Fixed Rate Loan      
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%
Net book value of collateral   $ 489,987 $ 490,454
Fixed Rate Loan, 6.40%, due in 2030 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   101  
Total principal balance   $ 1,160,000  
Interest rate (as a percent) 6.40% 6.40%  
Net book value of collateral   $ 976,178  
Fixed rate loan, 4.42%, due in 2032 | Fixed Rate Loan      
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%
Net book value of collateral   $ 481,374 $ 491,143
Floating Rate Loan, 5.87%, due in 2026 | Floating Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   82  
Total principal balance   $ 1,400,000  
Interest rate (as a percent)   5.87%  
Net book value of collateral   $ 1,749,546  
Fixed rate loan, 6.25% due in 2030 | Fixed Rate Loan      
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%
Net book value of collateral   $ 173,992 $ 178,465
Fixed rate loan, 3.67% due in 2031 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 8,609 $ 10,020
Interest rate (as a percent)   3.67% 3.67%
Net book value of collateral   $ 28,492 $ 28,363
Fixed rate loan, 4.14%, due in 2032 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 10,302 $ 11,636
Interest rate (as a percent)   4.14% 4.14%
Net book value of collateral   $ 40,975 $ 42,242
Fixed rate loan, 4.02%, due in 2033 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 23,678 $ 26,200
Interest rate (as a percent)   4.02% 4.02%
Net book value of collateral   $ 80,094 $ 82,443
Fixed rate loan, 4.13%, due in 2033 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 33,209 $ 36,684
Interest rate (as a percent)   4.13% 4.13%
Net book value of collateral   $ 126,170 $ 127,960
Fixed rate loan, 3.10%, due in 2035 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 20,784 $ 22,637
Interest rate (as a percent)   3.10% 3.10%
Net book value of collateral   $ 43,871 $ 45,070
Fixed rate loan, 2.95%, due in 2036 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 33,817 $ 36,655
Interest rate (as a percent)   2.95% 2.95%
Net book value of collateral   $ 93,533 $ 96,321
Fixed rate loan, 4.27%, due in 2037 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 39,031 $ 41,491
Interest rate (as a percent)   4.27% 4.27%
Net book value of collateral   $ 104,474 $ 107,606
Fixed rate loan, 3.25%, due in 2038 | Fixed Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property   1 1
Total principal balance   $ 43,606 $ 46,506
Interest rate (as a percent)   3.25% 3.25%
Net book value of collateral   $ 107,217 $ 110,346
Floating Rate Loan, 6.71%, due in 2025 | Floating Rate Loan      
Debt Instrument [Line Items]      
Number of properties used as collateral | property 104   104
Total principal balance     $ 1,235,000
Interest rate (as a percent)     6.71%
Net book value of collateral     $ 1,017,228
Floating Rate Loan, 5.81%, due in 2025 | Floating Rate Loan      
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%
Net book value of collateral     $ 1,802,396
v3.25.4
Indebtedness - Narrative (Details)
$ in Thousands
 1 Months Ended 12 Months Ended
Jun. 30, 2025
USD ($)
property
Mar. 31, 2025
option
Dec. 31, 2025
USD ($)
property
option
Dec. 31, 2024
USD ($)
property
Dec. 31, 2023
USD ($)
Jun. 26, 2025
USD ($)
Mar. 30, 2025
Debt Instrument [Line Items]              
Interest rate (as a percent)     5.43% 5.51%      
Repayment of mortgage notes payable     $ 18,793 $ 18,116 $ 55,418    
Loss on extinguishment of debt     5,070 0 $ 359    
Long-term debt     $ 4,193,194 $ 4,300,537      
Floating Rate Loan, Due in 2025 | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent)     3.10%       3.04%
Floating Rate Loan, Due in 2025 | Floating Rate Loan              
Debt Instrument [Line Items]              
Number of properties used as collateral | property     82        
Basis spread on variable rate (as a percent)     2.77%        
Long-term debt     $ 1,400,000        
Number of options to extend maturity date | option   3 1        
Extension period (in years)   1 year 1 year        
Floating Rate Loan, Due in 2025 | Floating Rate Loan | Joint Venture | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Term of contract period (in years)   1 year          
Notional amount     $ 15,010        
Fixed Rate Loan, 6.40%, due in 2030 | Fixed Rate Loan              
Debt Instrument [Line Items]              
Debt instrument, face amount $ 1,160,000         $ 1,160,000  
Number of properties used as collateral | property     101        
Interest rate (as a percent) 6.40%   6.40%        
Prepayment terms with premium amount $ 1,160,000            
Floating Rate Loan, 6.71%, due in 2025 | Floating Rate Loan              
Debt Instrument [Line Items]              
Number of properties used as collateral | property 104     104      
Interest rate (as a percent)       6.71%      
Repayment of mortgage notes payable $ 1,235,000            
Basis spread on variable rate (as a percent) 3.93%            
Loss on extinguishment of debt     $ 5,070        
v3.25.4
Indebtedness - Weighted Average Interest Rate Under Floating Rate Loans (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Jun. 30, 2025
Jun. 26, 2025
Mar. 31, 2025
Mar. 30, 2025
Oct. 31, 2024
ILPT Floating Rate Loan              
Debt Instrument [Line Items]              
Weighted average interest rate (as a percent) 6.71% 6.26%          
Mountain Floating Rate Loan              
Debt Instrument [Line Items]              
Weighted average interest rate (as a percent) 5.85% 5.88%          
Floating Rate Loan, Due in 2025 | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent) 3.10%         3.04%  
Floating Rate Loan, Due in 2025 | ILPT Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent)     2.78%        
Floating Rate Loan, Due in 2025 | Mountain Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent) 3.10%            
Floating Rate Loan, Due In 2024 | ILPT Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent)             2.25%
Floating Rate Loan, Due In 2024 | Mountain Floating Rate Loan | Interest Rate Cap | Cash Flow Hedging | Designated as Hedging Instrument              
Debt Instrument [Line Items]              
Strike rate (as a percent)         3.04%    
Fixed Rate Loan, 6.40%, due in 2030 | Fixed Rate Loan              
Debt Instrument [Line Items]              
Debt instrument, face amount     $ 1,160,000 $ 1,160,000      
v3.25.4
Indebtedness - Schedule of Future Indebtedness Maturity (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Debt Disclosure [Abstract]    
2026 $ 1,419,499  
2027 20,224  
2028 20,989  
2029 671,778  
2030 1,273,597  
Thereafter 807,949  
Total principal balance $ 4,214,036 $ 4,307,829
v3.25.4
Fair Value of Assets and Liabilities - Narrative (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Carrying Amount    
Fair Value of Financial Instruments    
Notes payable $ 2,793,219 $ 1,665,649
Estimated Fair Value    
Fair Value of Financial Instruments    
Notes payable $ 2,784,286 $ 1,535,640
v3.25.4
Fair Value of Assets and Liabilities - Schedule of Assets Measured on Recurring Basis (Details) - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Fair Value of Financial Instruments    
Investment in unconsolidated joint venture $ 132,753 $ 116,732
Interest rate cap 1,629 16,916
Fair Value, Inputs, Level 1    
Fair Value of Financial Instruments    
Investment in unconsolidated joint venture 0 0
Interest rate cap 0 0
Fair Value, Inputs, Level 2    
Fair Value of Financial Instruments    
Investment in unconsolidated joint venture 0 0
Interest rate cap 1,629 16,916
Fair Value, Inputs, Level 3    
Fair Value of Financial Instruments    
Investment in unconsolidated joint venture 132,753 116,732
Interest rate cap $ 0 $ 0
v3.25.4
Fair Value of Assets and Liabilities - Schedule of Fair Value Measurements Significant Unobservable Inputs Related to Certain Level 3 (Details) - Fair Value, Inputs, Level 3
Dec. 31, 2025
Dec. 31, 2024
Minimum | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture 0.0650 0.0625
Minimum | Measurement Input, Exit Capitalization Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture 0.0575 0.0525
Minimum | Measurement Input, Holdings Periods    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture, holding periods 10 years 10 years
Maximum | Measurement Input, Discount Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture 0.0800 0.0825
Maximum | Measurement Input, Exit Capitalization Rate    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture 0.0625 0.0650
Maximum | Measurement Input, Holdings Periods    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment in unconsolidated joint venture, holding periods 11 years 12 years
v3.25.4
Fair Value of Assets and Liabilities - Schedule of Changes In Fair Value For Our Investment In Unconsolidated Joint Venture (Details) - Equity Method Investments - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]    
Beginning balance $ 116,732 $ 115,360
Equity in earnings of unconsolidated joint venture 19,981 5,332
Distributions from unconsolidated joint venture (3,960) (3,960)
Ending balance $ 132,753 $ 116,732
v3.25.4
Shareholders' Equity - Share Awards (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
installment
trustee
shares
Dec. 31, 2024
USD ($)
shares
Dec. 31, 2023
USD ($)
shares
Dec. 31, 2022
shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of trustees | trustee 7      
Unvested shares (in shares) | shares 478,111 310,177 288,310 260,800
Estimated future compensation expense for the unvested shares | $ $ 2,426      
Weighted average period of which compensation expense will be recognized 24 months      
Compensation expense | $ $ 2,059 $ 1,920 $ 1,741  
Shares available for issuance under the award plan | shares 2,346,871      
Trustees | Common shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares granted (in shares) | shares 28,875 23,316 20,000  
Common shares granted | $ $ 665 $ 630 $ 249  
Related Party | RMR LLC        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common shares granted (in shares) | shares 386,988 204,915 188,350  
Common shares granted | $ $ 2,380 $ 992 $ 684  
Related Party | RMR LLC | Officers and Employees        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Number of equal annual installments | installment 5      
v3.25.4
Shareholders' Equity - Schedule of Shares Awarded, Vested and Forfeited (Details) - $ / shares
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]      
Unvested shares at the beginning of the period (in shares) 310,177 288,310 260,800
Granted (in shares) 589,113 368,127 328,350
Vested (in shares) (417,128) (346,260) (296,890)
Forfeited (in shares) (4,051) 0 (3,950)
Unvested shares at the end of the period (in shares) 478,111 310,177 288,310
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]      
Unvested shares at the beginning of the period (in dollars per share) $ 5.74 $ 8.50 $ 15.07
Granted (in dollars per share) 5.17 4.40 2.84
Vested (in dollars per share) 5.07 6.61 8.02
Forfeited (in dollars per share) 5.57 0 11.40
Unvested shares at the end of the period (in dollars per share) $ 5.63 $ 5.74 $ 8.50
v3.25.4
Shareholders' Equity - Common Share Purchases (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Jan. 15, 2026
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Subsequent Event        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Common distributions declared (in dollars per share) $ 0.05      
Dividends payable $ 3,333      
Common shares        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Share repurchases to pay for tax withholding (in shares)   76,241 67,206 49,158
Share price (in dollars per share)   $ 5.93 $ 4.65 $ 3.29
v3.25.4
Shareholders' Equity - Schedule of Distributions Paid on Common Shares (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]      
Distribution per share (in dollars per share) $ 0.12 $ 0.04 $ 0.04
Total Distributions $ 7,973 $ 2,638 $ 2,627
Distributions per share paid (in dollars per share) 100.00% 100.00% 100.00%
Distribution characterization percentage, ordinary income 0.00% 0.00% 0.00%
Distribution characterization percentage, capital gain 0.00% 0.00% 0.00%
v3.25.4
Per Common Share Amounts (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Numerators:      
Net loss attributable to common shareholders $ (66,187) $ (95,669) $ (107,989)
Loss attributable to participating unvested share awards (44) (11) (10)
Net loss attributable to common shareholders used in calculating earnings per share $ (66,231) $ (95,680) $ (107,999)
Denominators:      
Weighted average common shares outstanding (basic) (in shares) 66,006 65,697 65,430
Weighted average common shares outstanding (diluted) (in shares) 66,006 65,697 65,430
Net loss attributable to common shareholders per common share (basic) (in dollars per share) $ (1.00) $ (1.46) $ (1.65)
Net loss attributable to common shareholders per common share (diluted) (in dollars per share) $ (1.00) $ (1.46) $ (1.65)
v3.25.4
Business and Property Management Agreements with RMR - Narrative (Details)
 1 Months Ended 12 Months Ended
Jan. 31, 2025
USD ($)
Dec. 31, 2025
USD ($)
employee
agreement
investor
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Feb. 25, 2022
investor
Related Party Transaction [Line Items]          
Number of employees | employee   0      
Property management fees as percentage of gross collected rents   3.00%      
Construction supervision fees as percentage of construction costs   5.00%      
Number of business days prior written notice for termination of property management agreement   60 days      
Window following a change of control (in months)   12 months      
Number of joint venture agreements | agreement   2      
Monmouth Real Estate Investment Corporation          
Related Party Transaction [Line Items]          
Number of investors | investor         1
12 Mainland Properties          
Related Party Transaction [Line Items]          
Number of investors | investor   2      
Citibank | Credit Agreement and Related Security Agreement | The RMR Group LLC          
Related Party Transaction [Line Items]          
Number of days notice to cure default 30 days        
Citibank | Credit Agreement and Related Security Agreement | The RMR Group LLC | Line of Credit          
Related Party Transaction [Line Items]          
Maximum borrowing capacity of revolving credit facility $ 100,000,000        
Related Party          
Related Party Transaction [Line Items]          
Number of management service agreements | agreement   2      
Incentive fee expense   $ 5,679,000 $ 0 $ 0  
Term remaining prior to termination used in calculation of termination fee (in years)   10 years      
Period of transition services after termination agreement (in days)   120 days      
Related Party | Minimum          
Related Party Transaction [Line Items]          
Termination fee term (in years)   19 years      
Related Party | Maximum          
Related Party Transaction [Line Items]          
Termination fee term (in years)   20 years      
Related Party | Reit Management And Research L L C          
Related Party Transaction [Line Items]          
Number of management service agreements | agreement   2      
Percentage applied on average historical cost of real estate investment properties acquired to calculate base management fee   0.50%      
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments up to specified amount   0.70%      
Base management fee payable threshold amount of other real estate investments   $ 250,000,000      
Annual business management fee as percentage of aggregate cost of properties acquired in excess of specified amount   0.50%      
Base management fee payable as percentage of average closing stock price on stock exchange   0.70%      
Base management fee payable as percentage of average market capitalization exceeding specified amount   0.50%      
Percentage for limitation and adjustments of incentive management fee payable   12.00%      
Incentive management fee measurement period (in years)   3 years      
Period of consecutive trading days   10 days      
Period of trading days of measurement period used in calculation   30 days      
Incentive management fee payable   $ 0      
Required return per share to adjust the return per share benchmark (as a percent)   12.00%      
Adjusted benchmark return qualification for management fee reduction minimum   2.00%      
Adjusted benchmark return qualification for management fee reduction maximum   5.00%      
Incentive management fee, percentage of common shares outstanding used in calculation   1.50%      
v3.25.4
Business and Property Management Agreements with RMR - Schedule of Business Management and Operating Expenses (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Business Management Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount $ 23,319 $ 23,439 $ 23,154
Property Management and Construction Supervision Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount 13,518 13,344 13,449
Property Management Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount 13,082 12,885 12,800
Construction Supervision Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount 436 459 649
Property Level Expenses      
Related Party Transaction [Line Items]      
Related party transaction, amount 6,437 6,754 8,378
Property Level Expenses | General and Administrative Expense      
Related Party Transaction [Line Items]      
Related party transaction, amount 200 304 288
Property Level Expenses | Other Cost and Expense, Operating      
Related Party Transaction [Line Items]      
Related party transaction, amount 6,237 6,450 8,090
Business Management Agreement, Incentive Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount 5,679 0 0
Business Management Agreement, Business Management Fees And Incentive Fees      
Related Party Transaction [Line Items]      
Related party transaction, amount $ 28,998 $ 23,439 $ 23,154
v3.25.4
Related Person Transactions (Details)
 12 Months Ended
Dec. 31, 2025
agreement
Related Party Transaction [Line Items]  
Number of joint venture agreements 2
Related Party  
Related Party Transaction [Line Items]  
Number of management service agreements 2
Related Party | Vesting on Grant Date  
Related Party Transaction [Line Items]  
Award vesting rights 20.00%
Related Party | Vesting on 1st Anniversary  
Related Party Transaction [Line Items]  
Award vesting rights 20.00%
Related Party | Vesting on 2nd Anniversary  
Related Party Transaction [Line Items]  
Award vesting rights 20.00%
Related Party | Vesting on 3rd Anniversary  
Related Party Transaction [Line Items]  
Award vesting rights 20.00%
Related Party | Vesting on 4th Anniversary  
Related Party Transaction [Line Items]  
Award vesting rights 20.00%
Joint Venture  
Related Party Transaction [Line Items]  
Number of joint venture agreements 2
v3.25.4
Derivatives and Hedging Activities - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2025
Jun. 26, 2025
Fixed Rate Loan, 6.40%, due in 2030 | Fixed Rate Loan    
Derivative Instruments, Gain (Loss) [Line Items]    
Debt instrument, face amount $ 1,160,000 $ 1,160,000
v3.25.4
Derivatives and Hedging Activities - Schedule of Interest Rate Cap Agreements (Details) - Interest Rate Cap - Cash Flow Hedging - Designated as Hedging Instrument - USD ($)
$ in Thousands
Dec. 31, 2025
Dec. 31, 2024
Derivative Instruments, Gain (Loss) [Line Items]    
Fair value $ 1,629 $ 16,916
ILPT Floating Rate Loan    
Derivative Instruments, Gain (Loss) [Line Items]    
Strike rate (as a percent) 2.78%  
Notional amount $ 1,235,000  
Fair value $ 0 13,302
Mountain Floating Rate Loan    
Derivative Instruments, Gain (Loss) [Line Items]    
Strike rate (as a percent) 3.04%  
Notional amount $ 1,400,000  
Fair value $ 0 3,614
Mountain Floating Rate Loan    
Derivative Instruments, Gain (Loss) [Line Items]    
Strike rate (as a percent) 3.10%  
Notional amount $ 1,400,000  
Fair value $ 1,629 $ 0
v3.25.4
Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]      
Amount of gain recognized on derivative in other comprehensive loss $ 970 $ 7,623 $ 15,640
Amount of gain reclassified from cumulative other comprehensive loss into interest expense 610 21,548 33,639
Total amount of interest expense presented in the consolidated statements of comprehensive income (loss) $ (264,559) $ (292,536) $ (288,537)
v3.25.4
Segment Reporting (Details)
 12 Months Ended
Dec. 31, 2025
segment
Segment Reporting [Abstract]  
Number of reportable segments 1
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
USD ($)
property
mortgage
Dec. 31, 2024
USD ($)
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Initial Cost to Company        
Land $ 1,128,069      
Buildings and Equipment 4,048,027      
Costs Capitalized Subsequent to Acquisition 95,248      
Impairment/ Writedowns (91,385)      
Gross Amount Carried at Close of Period        
Land 1,112,238      
Buildings and Equipment 4,067,721      
Total 5,179,959 $ 5,180,385 $ 5,169,552 $ 5,176,108
Accumulated Depreciation (648,310) $ (523,886) $ (397,454) $ (273,467)
U.S. federal income tax basis $ 5,752,753      
Building and Building Improvements        
Gross Amount Carried at Close of Period        
Life used for depreciation (in years) 40 years      
Mortgages Loan        
Gross Amount Carried at Close of Period        
Encumbrances $ 4,193,194      
Undepreciated cost $ 5,142,143      
Mortgages Loan | 104 properties encumbered by the ILPT Floating Rate Loan        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 101      
Number of debt instruments | mortgage 1      
Encumbrances $ 1,145,101      
Undepreciated cost $ 1,163,201      
Mortgages Loan | 8 properties encumbered by mortgage loans        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 8      
Encumbrances $ 213,036      
Undepreciated cost $ 688,156      
Mortgages Loan | 82 properties encumbered by the Mountain Floating Rate Loan        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 82      
Encumbrances $ 1,399,975      
Undepreciated cost $ 1,967,880      
Mortgages Loan | 4 properties encumbered by one mortgage loan        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 4      
Number of debt instruments | mortgage 1      
Encumbrances $ 90,354      
Undepreciated cost $ 194,134      
Mortgages Loan | 186 properties encumbered by one mortgage loan        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 186      
Number of debt instruments | mortgage 1      
Encumbrances $ 648,304      
Undepreciated cost $ 509,595      
Mortgages Loan | 17 properties encumbered by one mortgage loan        
Gross Amount Carried at Close of Period        
Number of properties used as collateral | property 17      
Number of debt instruments | mortgage 1      
Encumbrances $ 696,424      
Undepreciated cost 619,177      
510 Production Avenue        
Initial Cost to Company        
Land 1,200      
Buildings and Equipment 9,967      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2,118)      
Gross Amount Carried at Close of Period        
Land 973      
Buildings and Equipment 8,076      
Total 9,049      
Accumulated Depreciation (953)      
6735 Trippel Road        
Initial Cost to Company        
Land 1,500      
Buildings and Equipment 44,354      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,500      
Buildings and Equipment 44,354      
Total 45,854      
Accumulated Depreciation (4,879)      
11224 Will Walker Road        
Initial Cost to Company        
Land 3,901      
Buildings and Equipment 40,857      
Costs Capitalized Subsequent to Acquisition 550      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,901      
Buildings and Equipment 41,407      
Total 45,308      
Accumulated Depreciation (6,833)      
3200 Rodeo Court        
Initial Cost to Company        
Land 3,201      
Buildings and Equipment 23,462      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,201      
Buildings and Equipment 23,462      
Total 26,663      
Accumulated Depreciation (2,581)      
4501 Industrial Drive        
Initial Cost to Company        
Land 900      
Buildings and Equipment 3,485      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 900      
Buildings and Equipment 3,485      
Total 4,385      
Accumulated Depreciation (951)      
9860 West Buckeye Road        
Initial Cost to Company        
Land 4,801      
Buildings and Equipment 26,716      
Costs Capitalized Subsequent to Acquisition 1      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,801      
Buildings and Equipment 26,717      
Total 31,518      
Accumulated Depreciation (5,140)      
3870 Ronald Reagan Boulevard        
Initial Cost to Company        
Land 2,780      
Buildings and Equipment 9,722      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,780      
Buildings and Equipment 9,722      
Total 12,502      
Accumulated Depreciation (2,180)      
125 North Troy Hill Road        
Initial Cost to Company        
Land 5,402      
Buildings and Equipment 32,981      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (10,790)      
Gross Amount Carried at Close of Period        
Land 3,883      
Buildings and Equipment 23,710      
Total 27,593      
Accumulated Depreciation (2,394)      
14257 E. Easter Avenue        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 10,563      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2,607)      
Gross Amount Carried at Close of Period        
Land 1,421      
Buildings and Equipment 8,336      
Total 9,757      
Accumulated Depreciation (1,183)      
955 Aeroplaza Drive        
Initial Cost to Company        
Land 800      
Buildings and Equipment 7,412      
Costs Capitalized Subsequent to Acquisition 389      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 7,801      
Total 8,601      
Accumulated Depreciation (2,115)      
13400 East 39th Avenue and 3800 Wheeling Street        
Initial Cost to Company        
Land 3,100      
Buildings and Equipment 12,955      
Costs Capitalized Subsequent to Acquisition 283      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,100      
Buildings and Equipment 13,238      
Total 16,338      
Accumulated Depreciation (3,536)      
150 Greenhorn Drive        
Initial Cost to Company        
Land 200      
Buildings and Equipment 4,177      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 200      
Buildings and Equipment 4,177      
Total 4,377      
Accumulated Depreciation (1,140)      
2 Tower Drive        
Initial Cost to Company        
Land 1,471      
Buildings and Equipment 2,165      
Costs Capitalized Subsequent to Acquisition 1,178      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,471      
Buildings and Equipment 3,343      
Total 4,814      
Accumulated Depreciation (1,582)      
50 Hollow Tree Lane        
Initial Cost to Company        
Land 600      
Buildings and Equipment 4,793      
Costs Capitalized Subsequent to Acquisition 56      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 4,849      
Total 5,449      
Accumulated Depreciation (629)      
235 Great Pond Road        
Initial Cost to Company        
Land 2,400      
Buildings and Equipment 9,469      
Costs Capitalized Subsequent to Acquisition 612      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,400      
Buildings and Equipment 10,081      
Total 12,481      
Accumulated Depreciation (3,224)      
2100 NW 82nd Avenue        
Initial Cost to Company        
Land 144      
Buildings and Equipment 1,297      
Costs Capitalized Subsequent to Acquisition 454      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 144      
Buildings and Equipment 1,751      
Total 1,895      
Accumulated Depreciation (1,082)      
10450 Doral Boulevard        
Initial Cost to Company        
Land 15,225      
Buildings and Equipment 28,102      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 15,225      
Buildings and Equipment 28,102      
Total 43,327      
Accumulated Depreciation (7,028)      
13509 Waterworks Street        
Initial Cost to Company        
Land 3,701      
Buildings and Equipment 37,720      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (9,346)      
Gross Amount Carried at Close of Period        
Land 2,876      
Buildings and Equipment 29,199      
Total 32,075      
Accumulated Depreciation (2,948)      
27200 SW 127th Avenue        
Initial Cost to Company        
Land 24,808      
Buildings and Equipment 22,762      
Costs Capitalized Subsequent to Acquisition 132      
Impairment/ Writedowns (8,376)      
Gross Amount Carried at Close of Period        
Land 20,440      
Buildings and Equipment 18,886      
Total 39,326      
Accumulated Depreciation (1,914)      
3155 Grissom Parkway        
Initial Cost to Company        
Land 3,101      
Buildings and Equipment 20,542      
Costs Capitalized Subsequent to Acquisition 18      
Impairment/ Writedowns (4,620)      
Gross Amount Carried at Close of Period        
Land 2,495      
Buildings and Equipment 16,546      
Total 19,041      
Accumulated Depreciation (1,954)      
950 Bennett Road        
Initial Cost to Company        
Land 2,701      
Buildings and Equipment 12,334      
Costs Capitalized Subsequent to Acquisition 215      
Impairment/ Writedowns (737)      
Gross Amount Carried at Close of Period        
Land 2,568      
Buildings and Equipment 11,945      
Total 14,513      
Accumulated Depreciation (1,453)      
3736 Salisbury Road        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 12,071      
Costs Capitalized Subsequent to Acquisition 183      
Impairment/ Writedowns (2,998)      
Gross Amount Carried at Close of Period        
Land 1,250      
Buildings and Equipment 9,606      
Total 10,856      
Accumulated Depreciation (1,732)      
1341 N. Clyde Morris Boulevard        
Initial Cost to Company        
Land 3,001      
Buildings and Equipment 38,858      
Costs Capitalized Subsequent to Acquisition 990      
Impairment/ Writedowns (1,762)      
Gross Amount Carried at Close of Period        
Land 2,875      
Buildings and Equipment 38,212      
Total 41,087      
Accumulated Depreciation (3,892)      
5000 North Ridge Trail        
Initial Cost to Company        
Land 4,001      
Buildings and Equipment 52,290      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,001      
Buildings and Equipment 52,290      
Total 56,291      
Accumulated Depreciation (5,752)      
14001 Jetport Loop        
Initial Cost to Company        
Land 5,902      
Buildings and Equipment 25,616      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,902      
Buildings and Equipment 25,616      
Total 31,518      
Accumulated Depreciation (2,818)      
8411 Florida Mining Boulevard        
Initial Cost to Company        
Land 7,602      
Buildings and Equipment 29,985      
Costs Capitalized Subsequent to Acquisition 19      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 7,602      
Buildings and Equipment 30,004      
Total 37,606      
Accumulated Depreciation (3,855)      
5101 West Waters Avenue        
Initial Cost to Company        
Land 3,101      
Buildings and Equipment 12,134      
Costs Capitalized Subsequent to Acquisition 157      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,101      
Buildings and Equipment 12,291      
Total 15,392      
Accumulated Depreciation (1,916)      
3404 Cragmont Drive        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 6,557      
Costs Capitalized Subsequent to Acquisition 916      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,600      
Buildings and Equipment 7,473      
Total 9,073      
Accumulated Depreciation (1,057)      
7569 Golf Course Boulevard        
Initial Cost to Company        
Land 0      
Buildings and Equipment 6,042      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 0      
Buildings and Equipment 6,042      
Total 6,042      
Accumulated Depreciation (665)      
1900 Interstate Boulevard        
Initial Cost to Company        
Land 500      
Buildings and Equipment 3,405      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 500      
Buildings and Equipment 3,405      
Total 3,905      
Accumulated Depreciation (437)      
2902 Gun Club Road        
Initial Cost to Company        
Land 1,200      
Buildings and Equipment 9,861      
Costs Capitalized Subsequent to Acquisition 42      
Impairment/ Writedowns (6,995)      
Gross Amount Carried at Close of Period        
Land 441      
Buildings and Equipment 3,667      
Total 4,108      
Accumulated Depreciation (375)      
590 Northport Parkway        
Initial Cost to Company        
Land 16,905      
Buildings and Equipment 66,945      
Costs Capitalized Subsequent to Acquisition 244      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 16,905      
Buildings and Equipment 67,189      
Total 84,094      
Accumulated Depreciation (7,393)      
3150 Highway 42        
Initial Cost to Company        
Land 9,803      
Buildings and Equipment 109,420      
Costs Capitalized Subsequent to Acquisition 41      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 9,803      
Buildings and Equipment 109,461      
Total 119,264      
Accumulated Depreciation (12,048)      
650 Braselton Parkway        
Initial Cost to Company        
Land 6,902      
Buildings and Equipment 82,238      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 6,902      
Buildings and Equipment 82,238      
Total 89,140      
Accumulated Depreciation (9,046)      
700 Hudson Road        
Initial Cost to Company        
Land 900      
Buildings and Equipment 20,442      
Costs Capitalized Subsequent to Acquisition 339      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 900      
Buildings and Equipment 20,781      
Total 21,681      
Accumulated Depreciation (3,225)      
505 Morgan Lakes Industrial Blvd.        
Initial Cost to Company        
Land 8,203      
Buildings and Equipment 31,714      
Costs Capitalized Subsequent to Acquisition 125      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 8,203      
Buildings and Equipment 31,839      
Total 40,042      
Accumulated Depreciation (3,497)      
2002 International Boulevard        
Initial Cost to Company        
Land 3,818      
Buildings and Equipment 30,780      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,818      
Buildings and Equipment 30,780      
Total 34,598      
Accumulated Depreciation (3,046)      
2815 Kaihikapu Street        
Initial Cost to Company        
Land 1,818      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 6      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,818      
Buildings and Equipment 6      
Total 1,824      
Accumulated Depreciation (3)      
609 Ahua Street        
Initial Cost to Company        
Land 616      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 616      
Buildings and Equipment 0      
Total 616      
Accumulated Depreciation 0      
2849 Kaihikapu Street        
Initial Cost to Company        
Land 860      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 860      
Buildings and Equipment 0      
Total 860      
Accumulated Depreciation 0      
709 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2839 Kilihau Street        
Initial Cost to Company        
Land 627      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 627      
Buildings and Equipment 0      
Total 627      
Accumulated Depreciation 0      
2906 Kaihikapu Street        
Initial Cost to Company        
Land 1,814      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,814      
Buildings and Equipment 2      
Total 1,816      
Accumulated Depreciation (1)      
733 Mapunapuna Street        
Initial Cost to Company        
Land 3,403      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,403      
Buildings and Equipment 0      
Total 3,403      
Accumulated Depreciation 0      
2864 Awaawaloa Street        
Initial Cost to Company        
Land 1,836      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,836      
Buildings and Equipment 0      
Total 1,836      
Accumulated Depreciation 0      
2850 Awaawaloa Street        
Initial Cost to Company        
Land 287      
Buildings and Equipment 172      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 287      
Buildings and Equipment 172      
Total 459      
Accumulated Depreciation (95)      
2806 Kaihikapu Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2838 Kilihau Street        
Initial Cost to Company        
Land 4,262      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,262      
Buildings and Equipment 0      
Total 4,262      
Accumulated Depreciation 0      
852 Mapunapuna Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
812 Mapunapuna Street        
Initial Cost to Company        
Land 1,960      
Buildings and Equipment 25      
Costs Capitalized Subsequent to Acquisition 628      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,613      
Buildings and Equipment 0      
Total 2,613      
Accumulated Depreciation 0      
2969 Mapunapuna Street        
Initial Cost to Company        
Land 4,038      
Buildings and Equipment 15      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,038      
Buildings and Equipment 15      
Total 4,053      
Accumulated Depreciation (12)      
855 Ahua Street        
Initial Cost to Company        
Land 1,834      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,834      
Buildings and Equipment 0      
Total 1,834      
Accumulated Depreciation 0      
2855 Kaihikapu Street        
Initial Cost to Company        
Land 1,807      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,807      
Buildings and Equipment 0      
Total 1,807      
Accumulated Depreciation 0      
865 Ahua Street        
Initial Cost to Company        
Land 1,846      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 210      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,846      
Buildings and Equipment 210      
Total 2,056      
Accumulated Depreciation (21)      
719 Ahua Street        
Initial Cost to Company        
Land 1,960      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,960      
Buildings and Equipment 0      
Total 1,960      
Accumulated Depreciation 0      
759 Puuloa Road        
Initial Cost to Company        
Land 1,766      
Buildings and Equipment 3      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3)      
Gross Amount Carried at Close of Period        
Land 1,766      
Buildings and Equipment 0      
Total 1,766      
Accumulated Depreciation 0      
770 Mapunapuna Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2915 Kaihikapu Street        
Initial Cost to Company        
Land 2,579      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,579      
Buildings and Equipment 0      
Total 2,579      
Accumulated Depreciation 0      
704 Mapunapuna Street        
Initial Cost to Company        
Land 2,390      
Buildings and Equipment 685      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,390      
Buildings and Equipment 685      
Total 3,075      
Accumulated Depreciation (378)      
822 Mapunapuna Street        
Initial Cost to Company        
Land 1,795      
Buildings and Equipment 15      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (15)      
Gross Amount Carried at Close of Period        
Land 1,795      
Buildings and Equipment 0      
Total 1,795      
Accumulated Depreciation 0      
842 Mapunapuna Street        
Initial Cost to Company        
Land 1,795      
Buildings and Equipment 14      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (14)      
Gross Amount Carried at Close of Period        
Land 1,795      
Buildings and Equipment 0      
Total 1,795      
Accumulated Depreciation 0      
2839 Mokumoa Street        
Initial Cost to Company        
Land 1,942      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 53      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,942      
Buildings and Equipment 53      
Total 1,995      
Accumulated Depreciation (5)      
2861 Mokumoa Street        
Initial Cost to Company        
Land 3,867      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 53      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,867      
Buildings and Equipment 53      
Total 3,920      
Accumulated Depreciation (5)      
619 Mapunapuna Street        
Initial Cost to Company        
Land 1,401      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 12      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,401      
Buildings and Equipment 14      
Total 1,415      
Accumulated Depreciation (5)      
2847 Awaawaloa Street        
Initial Cost to Company        
Land 582      
Buildings and Equipment 303      
Costs Capitalized Subsequent to Acquisition 179      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 582      
Buildings and Equipment 482      
Total 1,064      
Accumulated Depreciation (238)      
2928 Kaihikapu Street - A        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2928 Kaihikapu Street - B        
Initial Cost to Company        
Land 1,948      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,948      
Buildings and Equipment 0      
Total 1,948      
Accumulated Depreciation 0      
850 Ahua Street        
Initial Cost to Company        
Land 2,682      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2)      
Gross Amount Carried at Close of Period        
Land 2,682      
Buildings and Equipment 0      
Total 2,682      
Accumulated Depreciation 0      
659 Ahua Street        
Initial Cost to Company        
Land 860      
Buildings and Equipment 20      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (20)      
Gross Amount Carried at Close of Period        
Land 860      
Buildings and Equipment 0      
Total 860      
Accumulated Depreciation 0      
2831 Awaawaloa Street        
Initial Cost to Company        
Land 860      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 27      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 860      
Buildings and Equipment 27      
Total 887      
Accumulated Depreciation 0      
2760 Kam Highway        
Initial Cost to Company        
Land 703      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 191      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 703      
Buildings and Equipment 191      
Total 894      
Accumulated Depreciation (86)      
2965 Mokumoa Street        
Initial Cost to Company        
Land 2,140      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,140      
Buildings and Equipment 0      
Total 2,140      
Accumulated Depreciation 0      
2814 Kilihau Street        
Initial Cost to Company        
Land 1,925      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,925      
Buildings and Equipment 0      
Total 1,925      
Accumulated Depreciation 0      
2804 Kilihau Street        
Initial Cost to Company        
Land 1,775      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2)      
Gross Amount Carried at Close of Period        
Land 1,775      
Buildings and Equipment 0      
Total 1,775      
Accumulated Depreciation 0      
2833 Kilihau Street        
Initial Cost to Company        
Land 601      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 601      
Buildings and Equipment 0      
Total 601      
Accumulated Depreciation 0      
692 Mapunapuna Street        
Initial Cost to Company        
Land 1,796      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2)      
Gross Amount Carried at Close of Period        
Land 1,796      
Buildings and Equipment 0      
Total 1,796      
Accumulated Depreciation 0      
669 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 14      
Costs Capitalized Subsequent to Acquisition 225      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 239      
Total 2,040      
Accumulated Depreciation (44)      
761 Ahua Street        
Initial Cost to Company        
Land 3,757      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 338      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,757      
Buildings and Equipment 340      
Total 4,097      
Accumulated Depreciation (139)      
702 Ahua Street        
Initial Cost to Company        
Land 1,784      
Buildings and Equipment 3      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3)      
Gross Amount Carried at Close of Period        
Land 1,784      
Buildings and Equipment 0      
Total 1,784      
Accumulated Depreciation 0      
645 Ahua Street        
Initial Cost to Company        
Land 882      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 263      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 882      
Buildings and Equipment 263      
Total 1,145      
Accumulated Depreciation (24)      
675 Mapunapuna Street        
Initial Cost to Company        
Land 1,081      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,081      
Buildings and Equipment 0      
Total 1,081      
Accumulated Depreciation 0      
2858 Kaihikapu Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2857 Awaawaloa Street        
Initial Cost to Company        
Land 983      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 983      
Buildings and Equipment 0      
Total 983      
Accumulated Depreciation 0      
2812 Awaawaloa Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 3      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3)      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2809 Kaihikapu Street        
Initial Cost to Company        
Land 1,837      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,837      
Buildings and Equipment 0      
Total 1,837      
Accumulated Depreciation 0      
803 Ahua Street        
Initial Cost to Company        
Land 3,804      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,804      
Buildings and Equipment 0      
Total 3,804      
Accumulated Depreciation 0      
2889 Mokumoa Street        
Initial Cost to Company        
Land 1,783      
Buildings and Equipment 5      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (5)      
Gross Amount Carried at Close of Period        
Land 1,783      
Buildings and Equipment 0      
Total 1,783      
Accumulated Depreciation 0      
819 Ahua Street        
Initial Cost to Company        
Land 4,821      
Buildings and Equipment 583      
Costs Capitalized Subsequent to Acquisition 30      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,821      
Buildings and Equipment 613      
Total 5,434      
Accumulated Depreciation (337)      
830 Mapunapuna Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 25      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (25)      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2831 Kaihikapu Street        
Initial Cost to Company        
Land 1,272      
Buildings and Equipment 529      
Costs Capitalized Subsequent to Acquisition 55      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,272      
Buildings and Equipment 584      
Total 1,856      
Accumulated Depreciation (321)      
2846-A Awaawaloa Street        
Initial Cost to Company        
Land 2,181      
Buildings and Equipment 954      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,181      
Buildings and Equipment 954      
Total 3,135      
Accumulated Depreciation (526)      
2816 Awaawaloa Street        
Initial Cost to Company        
Land 1,009      
Buildings and Equipment 27      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,009      
Buildings and Equipment 27      
Total 1,036      
Accumulated Depreciation (15)      
673 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
697 Ahua Street        
Initial Cost to Company        
Land 994      
Buildings and Equipment 811      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (4)      
Gross Amount Carried at Close of Period        
Land 994      
Buildings and Equipment 807      
Total 1,801      
Accumulated Depreciation (445)      
808 Ahua Street        
Initial Cost to Company        
Land 3,279      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,279      
Buildings and Equipment 0      
Total 3,279      
Accumulated Depreciation 0      
659 Puuloa Road        
Initial Cost to Company        
Land 1,807      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,807      
Buildings and Equipment 0      
Total 1,807      
Accumulated Depreciation 0      
666 Mapunapuna Street        
Initial Cost to Company        
Land 860      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2)      
Gross Amount Carried at Close of Period        
Land 860      
Buildings and Equipment 0      
Total 860      
Accumulated Depreciation 0      
679 Puuloa Road        
Initial Cost to Company        
Land 1,807      
Buildings and Equipment 3      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3)      
Gross Amount Carried at Close of Period        
Land 1,807      
Buildings and Equipment 0      
Total 1,807      
Accumulated Depreciation 0      
673 Mapunapuna Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 20      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (20)      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2827 Kaihikapu Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2826 Kaihikapu Street        
Initial Cost to Company        
Land 3,921      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,921      
Buildings and Equipment 0      
Total 3,921      
Accumulated Depreciation 0      
685 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2844 Kaihikapu Street        
Initial Cost to Company        
Land 1,960      
Buildings and Equipment 14      
Costs Capitalized Subsequent to Acquisition 196      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,960      
Buildings and Equipment 210      
Total 2,170      
Accumulated Depreciation (32)      
789 Mapunapuna Street        
Initial Cost to Company        
Land 2,608      
Buildings and Equipment 3      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3)      
Gross Amount Carried at Close of Period        
Land 2,608      
Buildings and Equipment 0      
Total 2,608      
Accumulated Depreciation 0      
2808 Kam Highway        
Initial Cost to Company        
Land 310      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 310      
Buildings and Equipment 0      
Total 310      
Accumulated Depreciation 0      
2815 Kilihau Street        
Initial Cost to Company        
Land 287      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 287      
Buildings and Equipment 0      
Total 287      
Accumulated Depreciation 0      
2821 Kilihau Street        
Initial Cost to Company        
Land 287      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 287      
Buildings and Equipment 0      
Total 287      
Accumulated Depreciation 0      
2829 Kilihau Street        
Initial Cost to Company        
Land 287      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 287      
Buildings and Equipment 0      
Total 287      
Accumulated Depreciation 0      
2819 Mokumoa Street - A        
Initial Cost to Company        
Land 1,821      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 158      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,821      
Buildings and Equipment 158      
Total 1,979      
Accumulated Depreciation (10)      
2819 Mokumoa Street - B        
Initial Cost to Company        
Land 1,816      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 158      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,816      
Buildings and Equipment 158      
Total 1,974      
Accumulated Depreciation (10)      
2879 Mokumoa Street        
Initial Cost to Company        
Land 1,789      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,789      
Buildings and Equipment 0      
Total 1,789      
Accumulated Depreciation 0      
2927 Mokumoa Street        
Initial Cost to Company        
Land 1,778      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,778      
Buildings and Equipment 0      
Total 1,778      
Accumulated Depreciation 0      
2833 Paa Street #2        
Initial Cost to Company        
Land 1,675      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,675      
Buildings and Equipment 0      
Total 1,675      
Accumulated Depreciation 0      
855 Mapunapuna Street        
Initial Cost to Company        
Land 3,265      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,265      
Buildings and Equipment 0      
Total 3,265      
Accumulated Depreciation 0      
2829 Awaawaloa Street        
Initial Cost to Company        
Land 1,720      
Buildings and Equipment 2      
Costs Capitalized Subsequent to Acquisition 348      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,720      
Buildings and Equipment 350      
Total 2,070      
Accumulated Depreciation 0      
766 Mapunapuna Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
2908 Kaihikapu Street        
Initial Cost to Company        
Land 1,798      
Buildings and Equipment 23      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (11)      
Gross Amount Carried at Close of Period        
Land 1,798      
Buildings and Equipment 12      
Total 1,810      
Accumulated Depreciation (5)      
729 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 63      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 63      
Total 1,864      
Accumulated Depreciation (8)      
739 Ahua Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 63      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 63      
Total 1,864      
Accumulated Depreciation (8)      
2868 Kaihikapu Street        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 0      
Total 1,801      
Accumulated Depreciation 0      
660 Ahua Street        
Initial Cost to Company        
Land 1,783      
Buildings and Equipment 4      
Costs Capitalized Subsequent to Acquisition 45      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,783      
Buildings and Equipment 49      
Total 1,832      
Accumulated Depreciation (5)      
2869 Mokumoa Street        
Initial Cost to Company        
Land 1,794      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,794      
Buildings and Equipment 0      
Total 1,794      
Accumulated Depreciation 0      
2836 Awaawaloa Street        
Initial Cost to Company        
Land 1,353      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,353      
Buildings and Equipment 0      
Total 1,353      
Accumulated Depreciation 0      
113 Puuhale Road        
Initial Cost to Company        
Land 3,729      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,729      
Buildings and Equipment 0      
Total 3,729      
Accumulated Depreciation 0      
2140 Kaliawa Street        
Initial Cost to Company        
Land 931      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 931      
Buildings and Equipment 0      
Total 931      
Accumulated Depreciation 0      
165 Sand Island Access Road        
Initial Cost to Company        
Land 758      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 758      
Buildings and Equipment 0      
Total 758      
Accumulated Depreciation 0      
2106 Kaliawa Street        
Initial Cost to Company        
Land 1,568      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 228      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,568      
Buildings and Equipment 228      
Total 1,796      
Accumulated Depreciation (184)      
140 Puuhale Road        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 41      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 41      
Total 1,141      
Accumulated Depreciation (26)      
2020 Auiki Street        
Initial Cost to Company        
Land 2,385      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,385      
Buildings and Equipment 0      
Total 2,385      
Accumulated Depreciation 0      
2103 Kaliawa Street        
Initial Cost to Company        
Land 3,212      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,212      
Buildings and Equipment 0      
Total 3,212      
Accumulated Depreciation 0      
1926 Auiki Street        
Initial Cost to Company        
Land 2,872      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 1,617      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,872      
Buildings and Equipment 1,617      
Total 4,489      
Accumulated Depreciation (838)      
1931 Kahai Street        
Initial Cost to Company        
Land 3,779      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,779      
Buildings and Equipment 0      
Total 3,779      
Accumulated Depreciation 0      
215 Puuhale Road        
Initial Cost to Company        
Land 2,117      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,117      
Buildings and Equipment 0      
Total 2,117      
Accumulated Depreciation 0      
207 Puuhale Road        
Initial Cost to Company        
Land 2,024      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,024      
Buildings and Equipment 0      
Total 2,024      
Accumulated Depreciation 0      
125 Puuhale Road        
Initial Cost to Company        
Land 1,630      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,630      
Buildings and Equipment 0      
Total 1,630      
Accumulated Depreciation 0      
125B Puuhale Road        
Initial Cost to Company        
Land 2,815      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,815      
Buildings and Equipment 0      
Total 2,815      
Accumulated Depreciation 0      
2001 Kahai Street        
Initial Cost to Company        
Land 1,091      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,091      
Buildings and Equipment 0      
Total 1,091      
Accumulated Depreciation 0      
2110 Auiki Street        
Initial Cost to Company        
Land 837      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 837      
Buildings and Equipment 0      
Total 837      
Accumulated Depreciation 0      
142 Mokauea Street        
Initial Cost to Company        
Land 2,182      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 1,576      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,182      
Buildings and Equipment 1,576      
Total 3,758      
Accumulated Depreciation (699)      
2139 Kaliawa Street        
Initial Cost to Company        
Land 885      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 885      
Buildings and Equipment 0      
Total 885      
Accumulated Depreciation 0      
2122 Kaliawa Street        
Initial Cost to Company        
Land 1,365      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,365      
Buildings and Equipment 0      
Total 1,365      
Accumulated Depreciation 0      
148 Mokauea Street        
Initial Cost to Company        
Land 3,476      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,476      
Buildings and Equipment 0      
Total 3,476      
Accumulated Depreciation 0      
151 Puuhale Road        
Initial Cost to Company        
Land 1,956      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 48      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,956      
Buildings and Equipment 48      
Total 2,004      
Accumulated Depreciation (9)      
2127 Auiki Street        
Initial Cost to Company        
Land 2,906      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 67      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,906      
Buildings and Equipment 67      
Total 2,973      
Accumulated Depreciation (51)      
2144 Auiki Street        
Initial Cost to Company        
Land 2,640      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 7,659      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,640      
Buildings and Equipment 7,659      
Total 10,299      
Accumulated Depreciation (3,611)      
179 Sand Island Access Road        
Initial Cost to Company        
Land 2,480      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,480      
Buildings and Equipment 0      
Total 2,480      
Accumulated Depreciation 0      
106 Puuhale Road        
Initial Cost to Company        
Land 1,113      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 438      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,113      
Buildings and Equipment 438      
Total 1,551      
Accumulated Depreciation (175)      
120 Mokauea Street        
Initial Cost to Company        
Land 1,953      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 1,267      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,953      
Buildings and Equipment 1,267      
Total 3,220      
Accumulated Depreciation (378)      
120B Mokauea Street        
Initial Cost to Company        
Land 1,953      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 16      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,953      
Buildings and Equipment 16      
Total 1,969      
Accumulated Depreciation (4)      
231 Sand Island Access Road        
Initial Cost to Company        
Land 752      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 752      
Buildings and Equipment 0      
Total 752      
Accumulated Depreciation 0      
231B Sand Island Access Road        
Initial Cost to Company        
Land 1,539      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,539      
Buildings and Equipment 0      
Total 1,539      
Accumulated Depreciation 0      
220 Puuhale Road        
Initial Cost to Company        
Land 2,619      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,619      
Buildings and Equipment 0      
Total 2,619      
Accumulated Depreciation 0      
150 Puuhale Road        
Initial Cost to Company        
Land 4,887      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,887      
Buildings and Equipment 0      
Total 4,887      
Accumulated Depreciation 0      
197 Sand Island Access Road        
Initial Cost to Company        
Land 1,238      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,238      
Buildings and Equipment 0      
Total 1,238      
Accumulated Depreciation 0      
2019 Kahai Street        
Initial Cost to Company        
Land 1,377      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,377      
Buildings and Equipment 0      
Total 1,377      
Accumulated Depreciation 0      
2344 Pahounui Drive        
Initial Cost to Company        
Land 6,709      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 6,709      
Buildings and Equipment 0      
Total 6,709      
Accumulated Depreciation 0      
238 Sand Island Access Road        
Initial Cost to Company        
Land 2,273      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,273      
Buildings and Equipment 0      
Total 2,273      
Accumulated Depreciation 0      
2308 Pahounui Drive        
Initial Cost to Company        
Land 3,314      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,314      
Buildings and Equipment 0      
Total 3,314      
Accumulated Depreciation 0      
2135 Auiki Street        
Initial Cost to Company        
Land 825      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 825      
Buildings and Equipment 0      
Total 825      
Accumulated Depreciation 0      
218 Mohonua Place        
Initial Cost to Company        
Land 1,741      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,741      
Buildings and Equipment 0      
Total 1,741      
Accumulated Depreciation 0      
180 Sand Island Access Road        
Initial Cost to Company        
Land 1,655      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,655      
Buildings and Equipment 0      
Total 1,655      
Accumulated Depreciation 0      
2250 Pahounui Drive        
Initial Cost to Company        
Land 3,862      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,862      
Buildings and Equipment 0      
Total 3,862      
Accumulated Depreciation 0      
158 Sand Island Access Road        
Initial Cost to Company        
Land 2,488      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,488      
Buildings and Equipment 0      
Total 2,488      
Accumulated Depreciation 0      
2264 Pahounui Drive        
Initial Cost to Company        
Land 1,632      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,632      
Buildings and Equipment 0      
Total 1,632      
Accumulated Depreciation 0      
2276 Pahounui Drive        
Initial Cost to Company        
Land 1,619      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,619      
Buildings and Equipment 0      
Total 1,619      
Accumulated Depreciation 0      
204 Sand Island Access Road        
Initial Cost to Company        
Land 1,689      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,689      
Buildings and Equipment 0      
Total 1,689      
Accumulated Depreciation 0      
228 Mohonua Place        
Initial Cost to Company        
Land 1,865      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,865      
Buildings and Equipment 0      
Total 1,865      
Accumulated Depreciation 0      
212 Mohonua Place        
Initial Cost to Company        
Land 1,067      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,067      
Buildings and Equipment 0      
Total 1,067      
Accumulated Depreciation 0      
214 Sand Island Access Road        
Initial Cost to Company        
Land 1,864      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 593      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,864      
Buildings and Equipment 593      
Total 2,457      
Accumulated Depreciation (261)      
2879 Paa Street        
Initial Cost to Company        
Land 1,691      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 45      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,691      
Buildings and Equipment 45      
Total 1,736      
Accumulated Depreciation (19)      
2833 Paa Street        
Initial Cost to Company        
Land 1,701      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,701      
Buildings and Equipment 0      
Total 1,701      
Accumulated Depreciation 0      
1055 Ahua Street        
Initial Cost to Company        
Land 1,216      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,216      
Buildings and Equipment 0      
Total 1,216      
Accumulated Depreciation 0      
2875 Paa Street        
Initial Cost to Company        
Land 1,330      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,330      
Buildings and Equipment 0      
Total 1,330      
Accumulated Depreciation 0      
1000 Mapunapuna Street        
Initial Cost to Company        
Land 2,252      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,252      
Buildings and Equipment 0      
Total 2,252      
Accumulated Depreciation 0      
2850 Paa Street        
Initial Cost to Company        
Land 22,827      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 22,827      
Buildings and Equipment 0      
Total 22,827      
Accumulated Depreciation 0      
2828 Paa Street        
Initial Cost to Company        
Land 12,448      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 12,448      
Buildings and Equipment 0      
Total 12,448      
Accumulated Depreciation 0      
1045 Mapunapuna Street        
Initial Cost to Company        
Land 819      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 819      
Buildings and Equipment 0      
Total 819      
Accumulated Depreciation 0      
1122 Mapunapuna Street        
Initial Cost to Company        
Land 5,781      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,781      
Buildings and Equipment 0      
Total 5,781      
Accumulated Depreciation 0      
2810 Paa Street        
Initial Cost to Company        
Land 3,340      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,340      
Buildings and Equipment 0      
Total 3,340      
Accumulated Depreciation 0      
2886 Paa Street        
Initial Cost to Company        
Land 2,205      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,205      
Buildings and Equipment 0      
Total 2,205      
Accumulated Depreciation 0      
2810 Pukoloa Street        
Initial Cost to Company        
Land 27,699      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 27,699      
Buildings and Equipment 0      
Total 27,699      
Accumulated Depreciation 0      
1052 Ahua Street        
Initial Cost to Company        
Land 1,703      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 240      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,703      
Buildings and Equipment 240      
Total 1,943      
Accumulated Depreciation (122)      
1024 Mapunapuna Street        
Initial Cost to Company        
Land 1,385      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,385      
Buildings and Equipment 0      
Total 1,385      
Accumulated Depreciation 0      
1030 Mapunapuna Street        
Initial Cost to Company        
Land 5,655      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,655      
Buildings and Equipment 0      
Total 5,655      
Accumulated Depreciation 0      
1001 Ahua Street        
Initial Cost to Company        
Land 15,155      
Buildings and Equipment 3,312      
Costs Capitalized Subsequent to Acquisition 91      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 15,155      
Buildings and Equipment 3,403      
Total 18,558      
Accumulated Depreciation (1,865)      
944 Ahua Street        
Initial Cost to Company        
Land 1,219      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,219      
Buildings and Equipment 0      
Total 1,219      
Accumulated Depreciation 0      
918 Ahua Street        
Initial Cost to Company        
Land 3,820      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,820      
Buildings and Equipment 0      
Total 3,820      
Accumulated Depreciation 0      
2864 Mokumoa Street        
Initial Cost to Company        
Land 2,092      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,092      
Buildings and Equipment 0      
Total 2,092      
Accumulated Depreciation 0      
1050 Kikowaena Place        
Initial Cost to Company        
Land 1,404      
Buildings and Equipment 873      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,404      
Buildings and Equipment 873      
Total 2,277      
Accumulated Depreciation (481)      
949 Mapunapuna Street        
Initial Cost to Company        
Land 11,568      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 11,568      
Buildings and Equipment 0      
Total 11,568      
Accumulated Depreciation 0      
2855 Pukoloa Street        
Initial Cost to Company        
Land 1,934      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,934      
Buildings and Equipment 0      
Total 1,934      
Accumulated Depreciation 0      
2865 Pukoloa Street        
Initial Cost to Company        
Land 1,934      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,934      
Buildings and Equipment 0      
Total 1,934      
Accumulated Depreciation 0      
2850 Mokumoa Street        
Initial Cost to Company        
Land 2,143      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,143      
Buildings and Equipment 0      
Total 2,143      
Accumulated Depreciation 0      
905 Ahua Street        
Initial Cost to Company        
Land 1,148      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,148      
Buildings and Equipment 0      
Total 1,148      
Accumulated Depreciation 0      
1150 Kikowaena Street        
Initial Cost to Company        
Land 2,445      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,445      
Buildings and Equipment 0      
Total 2,445      
Accumulated Depreciation 0      
960 Ahua Street        
Initial Cost to Company        
Land 614      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 614      
Buildings and Equipment 0      
Total 614      
Accumulated Depreciation 0      
1062 Kikowaena Place        
Initial Cost to Company        
Land 1,049      
Buildings and Equipment 598      
Costs Capitalized Subsequent to Acquisition 217      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,049      
Buildings and Equipment 815      
Total 1,864      
Accumulated Depreciation (376)      
2829 Pukoloa Street        
Initial Cost to Company        
Land 2,088      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,088      
Buildings and Equipment 0      
Total 2,088      
Accumulated Depreciation 0      
2841 Pukoloa Street        
Initial Cost to Company        
Land 2,088      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,088      
Buildings and Equipment 0      
Total 2,088      
Accumulated Depreciation 0      
2819 Pukoloa Street        
Initial Cost to Company        
Land 2,090      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 34      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,090      
Buildings and Equipment 34      
Total 2,124      
Accumulated Depreciation (14)      
950 Mapunapuna Street        
Initial Cost to Company        
Land 1,724      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,724      
Buildings and Equipment 0      
Total 1,724      
Accumulated Depreciation 0      
960 Mapunapuna Street        
Initial Cost to Company        
Land 1,933      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,933      
Buildings and Equipment 0      
Total 1,933      
Accumulated Depreciation 0      
930 Mapunapuna Street        
Initial Cost to Company        
Land 3,654      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,654      
Buildings and Equipment 0      
Total 3,654      
Accumulated Depreciation 0      
1038 Kikowaena Place        
Initial Cost to Company        
Land 2,576      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,576      
Buildings and Equipment 0      
Total 2,576      
Accumulated Depreciation 0      
1024 Kikowaena Place        
Initial Cost to Company        
Land 1,818      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,818      
Buildings and Equipment 0      
Total 1,818      
Accumulated Depreciation 0      
2970 Mokumoa Street        
Initial Cost to Company        
Land 1,722      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,722      
Buildings and Equipment 0      
Total 1,722      
Accumulated Depreciation 0      
970 Ahua Street        
Initial Cost to Company        
Land 817      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 817      
Buildings and Equipment 0      
Total 817      
Accumulated Depreciation 0      
2840 Mokumoa Street        
Initial Cost to Company        
Land 2,149      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,149      
Buildings and Equipment 0      
Total 2,149      
Accumulated Depreciation 0      
2830 Mokumoa Street        
Initial Cost to Company        
Land 2,146      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,146      
Buildings and Equipment 0      
Total 2,146      
Accumulated Depreciation 0      
1027 Kikowaena Place        
Initial Cost to Company        
Land 5,444      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,444      
Buildings and Equipment 0      
Total 5,444      
Accumulated Depreciation 0      
2960 Mokumoa Street        
Initial Cost to Company        
Land 1,977      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,977      
Buildings and Equipment 0      
Total 1,977      
Accumulated Depreciation 0      
80 Sand Island Access Road        
Initial Cost to Company        
Land 7,972      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 7,972      
Buildings and Equipment 0      
Total 7,972      
Accumulated Depreciation 0      
94-240 Pupuole Street        
Initial Cost to Company        
Land 717      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 717      
Buildings and Equipment 0      
Total 717      
Accumulated Depreciation 0      
525 N. King Street        
Initial Cost to Company        
Land 1,342      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,342      
Buildings and Equipment 0      
Total 1,342      
Accumulated Depreciation 0      
1360 Pali Highway        
Initial Cost to Company        
Land 9,170      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 9,170      
Buildings and Equipment 0      
Total 9,170      
Accumulated Depreciation 0      
1330 Pali Highway        
Initial Cost to Company        
Land 1,423      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,423      
Buildings and Equipment 0      
Total 1,423      
Accumulated Depreciation 0      
33 S. Vineyard Boulevard        
Initial Cost to Company        
Land 844      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 844      
Buildings and Equipment 0      
Total 844      
Accumulated Depreciation 0      
848 Ala Lilikoi Street        
Initial Cost to Company        
Land 9,426      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 9,426      
Buildings and Equipment 0      
Total 9,426      
Accumulated Depreciation 0      
846 Ala Lilikoi Street        
Initial Cost to Company        
Land 234      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 234      
Buildings and Equipment 0      
Total 234      
Accumulated Depreciation 0      
2635 Waiwai Loop A        
Initial Cost to Company        
Land 934      
Buildings and Equipment 350      
Costs Capitalized Subsequent to Acquisition 683      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 934      
Buildings and Equipment 1,033      
Total 1,967      
Accumulated Depreciation (523)      
2635 Waiwai Loop B        
Initial Cost to Company        
Land 1,177      
Buildings and Equipment 105      
Costs Capitalized Subsequent to Acquisition 670      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,165      
Buildings and Equipment 787      
Total 1,952      
Accumulated Depreciation (387)      
120 Sand Island Access Road        
Initial Cost to Company        
Land 1,132      
Buildings and Equipment 11,307      
Costs Capitalized Subsequent to Acquisition 2,725      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,132      
Buildings and Equipment 14,032      
Total 15,164      
Accumulated Depreciation (6,704)      
91-222 Olai        
Initial Cost to Company        
Land 2,035      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 77      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,035      
Buildings and Equipment 77      
Total 2,112      
Accumulated Depreciation (15)      
91-265 Hanua        
Initial Cost to Company        
Land 1,569      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,569      
Buildings and Equipment 0      
Total 1,569      
Accumulated Depreciation 0      
91-255 Hanua        
Initial Cost to Company        
Land 1,230      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 35      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,230      
Buildings and Equipment 35      
Total 1,265      
Accumulated Depreciation (16)      
91-241 Kalaeloa        
Initial Cost to Company        
Land 426      
Buildings and Equipment 3,983      
Costs Capitalized Subsequent to Acquisition 907      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 426      
Buildings and Equipment 4,890      
Total 5,316      
Accumulated Depreciation (2,402)      
91-141 Kalaeloa        
Initial Cost to Company        
Land 11,624      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 11,624      
Buildings and Equipment 0      
Total 11,624      
Accumulated Depreciation 0      
91-250 Komohana        
Initial Cost to Company        
Land 1,506      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 35      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,506      
Buildings and Equipment 35      
Total 1,541      
Accumulated Depreciation (3)      
91-202 Kalaeloa        
Initial Cost to Company        
Land 1,722      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 326      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,722      
Buildings and Equipment 326      
Total 2,048      
Accumulated Depreciation (102)      
91-080 Hanua        
Initial Cost to Company        
Land 2,187      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,187      
Buildings and Equipment 0      
Total 2,187      
Accumulated Depreciation 0      
91-027 Kaomi Loop        
Initial Cost to Company        
Land 2,667      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,667      
Buildings and Equipment 0      
Total 2,667      
Accumulated Depreciation 0      
91-185 Kalaeloa        
Initial Cost to Company        
Land 1,761      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 81      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,761      
Buildings and Equipment 81      
Total 1,842      
Accumulated Depreciation (14)      
91-329 Kauhi        
Initial Cost to Company        
Land 294      
Buildings and Equipment 2,297      
Costs Capitalized Subsequent to Acquisition 2,855      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 294      
Buildings and Equipment 5,152      
Total 5,446      
Accumulated Depreciation (2,833)      
91-399 Kauhi        
Initial Cost to Company        
Land 27,405      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 128      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 27,405      
Buildings and Equipment 128      
Total 27,533      
Accumulated Depreciation (13)      
91-086 Kaomi Loop        
Initial Cost to Company        
Land 13,884      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 13,884      
Buildings and Equipment 0      
Total 13,884      
Accumulated Depreciation 0      
91-349 Kauhi        
Initial Cost to Company        
Land 649      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 649      
Buildings and Equipment 0      
Total 649      
Accumulated Depreciation 0      
91-400 Komohana        
Initial Cost to Company        
Land 1,494      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,494      
Buildings and Equipment 0      
Total 1,494      
Accumulated Depreciation 0      
91-174 Olai        
Initial Cost to Company        
Land 962      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 47      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 962      
Buildings and Equipment 47      
Total 1,009      
Accumulated Depreciation (38)      
91-218 Olai        
Initial Cost to Company        
Land 1,622      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 62      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,622      
Buildings and Equipment 62      
Total 1,684      
Accumulated Depreciation (46)      
91-175 Olai        
Initial Cost to Company        
Land 1,243      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 87      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,243      
Buildings and Equipment 87      
Total 1,330      
Accumulated Depreciation (59)      
91-210 Olai        
Initial Cost to Company        
Land 706      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 706      
Buildings and Equipment 0      
Total 706      
Accumulated Depreciation 0      
91-087 Hanua        
Initial Cost to Company        
Land 381      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 381      
Buildings and Equipment 0      
Total 381      
Accumulated Depreciation 0      
91-083 Hanua        
Initial Cost to Company        
Land 716      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 716      
Buildings and Equipment 0      
Total 716      
Accumulated Depreciation 0      
91-091 Hanua        
Initial Cost to Company        
Land 552      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 552      
Buildings and Equipment 0      
Total 552      
Accumulated Depreciation 0      
91-220 Kalaeloa        
Initial Cost to Company        
Land 242      
Buildings and Equipment 1,457      
Costs Capitalized Subsequent to Acquisition 508      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 242      
Buildings and Equipment 1,965      
Total 2,207      
Accumulated Depreciation (879)      
91-252 Kauhi        
Initial Cost to Company        
Land 536      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 536      
Buildings and Equipment 0      
Total 536      
Accumulated Depreciation 0      
91-259 Olai        
Initial Cost to Company        
Land 2,944      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,944      
Buildings and Equipment 0      
Total 2,944      
Accumulated Depreciation 0      
91-238 Kauhi        
Initial Cost to Company        
Land 1,390      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 9,512      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,390      
Buildings and Equipment 9,512      
Total 10,902      
Accumulated Depreciation (4,379)      
91-416 Komohana        
Initial Cost to Company        
Land 713      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 11      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 713      
Buildings and Equipment 11      
Total 724      
Accumulated Depreciation (9)      
91-410 Komohana        
Initial Cost to Company        
Land 418      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 12      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 418      
Buildings and Equipment 12      
Total 430      
Accumulated Depreciation (9)      
91-300 Hanua        
Initial Cost to Company        
Land 1,381      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 18      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,381      
Buildings and Equipment 18      
Total 1,399      
Accumulated Depreciation (4)      
91-171 Olai        
Initial Cost to Company        
Land 218      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 218      
Buildings and Equipment 0      
Total 218      
Accumulated Depreciation 0      
91-210 Kauhi        
Initial Cost to Company        
Land 567      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 1,018      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 567      
Buildings and Equipment 1,018      
Total 1,585      
Accumulated Depreciation (243)      
91-110 Kaomi Loop        
Initial Cost to Company        
Land 1,293      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,293      
Buildings and Equipment 0      
Total 1,293      
Accumulated Depreciation 0      
91-102 Kaomi Loop        
Initial Cost to Company        
Land 1,599      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,599      
Buildings and Equipment 0      
Total 1,599      
Accumulated Depreciation 0      
91-064 Kaomi Loop        
Initial Cost to Company        
Land 1,826      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,826      
Buildings and Equipment 0      
Total 1,826      
Accumulated Depreciation 0      
91-119 Olai        
Initial Cost to Company        
Land 1,981      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,981      
Buildings and Equipment 0      
Total 1,981      
Accumulated Depreciation 0      
91-150 Kaomi Loop        
Initial Cost to Company        
Land 3,159      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,159      
Buildings and Equipment 0      
Total 3,159      
Accumulated Depreciation 0      
Texaco Easement        
Initial Cost to Company        
Land 2,657      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,657      
Buildings and Equipment 0      
Total 2,657      
Accumulated Depreciation 0      
Tesaro 967 Easement        
Initial Cost to Company        
Land 6,593      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 6,593      
Buildings and Equipment 0      
Total 6,593      
Accumulated Depreciation 0      
AES HI Easement        
Initial Cost to Company        
Land 1,250      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,250      
Buildings and Equipment 0      
Total 1,250      
Accumulated Depreciation 0      
Other Easements & Lots        
Initial Cost to Company        
Land 358      
Buildings and Equipment 0      
Costs Capitalized Subsequent to Acquisition 1,862      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 358      
Buildings and Equipment 1,862      
Total 2,220      
Accumulated Depreciation (888)      
889 Ahua Street        
Initial Cost to Company        
Land 5,888      
Buildings and Equipment 315      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,888      
Buildings and Equipment 315      
Total 6,203      
Accumulated Depreciation (103)      
951 Trails Road        
Initial Cost to Company        
Land 470      
Buildings and Equipment 7,480      
Costs Capitalized Subsequent to Acquisition 2,339      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 470      
Buildings and Equipment 9,819      
Total 10,289      
Accumulated Depreciation (4,440)      
2300 North 33rd Avenue East        
Initial Cost to Company        
Land 500      
Buildings and Equipment 13,236      
Costs Capitalized Subsequent to Acquisition 58      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 500      
Buildings and Equipment 13,294      
Total 13,794      
Accumulated Depreciation (5,742)      
3425 Maple Drive        
Initial Cost to Company        
Land 100      
Buildings and Equipment 2,000      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 100      
Buildings and Equipment 2,000      
Total 2,100      
Accumulated Depreciation (384)      
4401 112th Street        
Initial Cost to Company        
Land 800      
Buildings and Equipment 3,117      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 3,117      
Total 3,917      
Accumulated Depreciation (600)      
7121 South Fifth Avenue        
Initial Cost to Company        
Land 400      
Buildings and Equipment 4,201      
Costs Capitalized Subsequent to Acquisition 615      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 4,816      
Total 5,216      
Accumulated Depreciation (1,317)      
2580 Technology Drive        
Initial Cost to Company        
Land 1,500      
Buildings and Equipment 9,068      
Costs Capitalized Subsequent to Acquisition 16      
Impairment/ Writedowns (3,053)      
Gross Amount Carried at Close of Period        
Land 1,067      
Buildings and Equipment 6,464      
Total 7,531      
Accumulated Depreciation (1,153)      
5795 Logistics Parkway        
Initial Cost to Company        
Land 400      
Buildings and Equipment 3,368      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (688)      
Gross Amount Carried at Close of Period        
Land 327      
Buildings and Equipment 2,753      
Total 3,080      
Accumulated Depreciation (325)      
1602 Vincent Drive        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 27,028      
Costs Capitalized Subsequent to Acquisition 444      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 27,472      
Total 28,872      
Accumulated Depreciation (3,094)      
6 Konzen Court        
Initial Cost to Company        
Land 900      
Buildings and Equipment 20,268      
Costs Capitalized Subsequent to Acquisition 741      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 900      
Buildings and Equipment 21,009      
Total 21,909      
Accumulated Depreciation (4,073)      
1000 Knell Road        
Initial Cost to Company        
Land 2,101      
Buildings and Equipment 19,258      
Costs Capitalized Subsequent to Acquisition 1,333      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,101      
Buildings and Equipment 20,591      
Total 22,692      
Accumulated Depreciation (3,051)      
1430 South Wolf Road        
Initial Cost to Company        
Land 4,702      
Buildings and Equipment 19,641      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,702      
Buildings and Equipment 19,641      
Total 24,343      
Accumulated Depreciation (2,160)      
1270 North Wilkening        
Initial Cost to Company        
Land 2,801      
Buildings and Equipment 7,733      
Costs Capitalized Subsequent to Acquisition 23      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,801      
Buildings and Equipment 7,756      
Total 10,557      
Accumulated Depreciation (1,495)      
4472 Technology Drive        
Initial Cost to Company        
Land 400      
Buildings and Equipment 5,912      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 5,912      
Total 6,312      
Accumulated Depreciation (759)      
7019 High Grove Boulevard        
Initial Cost to Company        
Land 800      
Buildings and Equipment 1,090      
Costs Capitalized Subsequent to Acquisition 33      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 1,123      
Total 1,923      
Accumulated Depreciation (142)      
1230 West 171st Street        
Initial Cost to Company        
Land 800      
Buildings and Equipment 1,673      
Costs Capitalized Subsequent to Acquisition 646      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 2,319      
Total 3,119      
Accumulated Depreciation (521)      
5156 American Road        
Initial Cost to Company        
Land 400      
Buildings and Equipment 1,529      
Costs Capitalized Subsequent to Acquisition 388      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 1,917      
Total 2,317      
Accumulated Depreciation (616)      
9215-9347 E Pendleton Pike        
Initial Cost to Company        
Land 3,763      
Buildings and Equipment 34,877      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,763      
Buildings and Equipment 34,877      
Total 38,640      
Accumulated Depreciation (6,856)      
6825 West County Road 400 North        
Initial Cost to Company        
Land 918      
Buildings and Equipment 14,300      
Costs Capitalized Subsequent to Acquisition 3,312      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 918      
Buildings and Equipment 17,612      
Total 18,530      
Accumulated Depreciation (3,246)      
900 Commerce Parkway West Drive        
Initial Cost to Company        
Land 1,483      
Buildings and Equipment 16,253      
Costs Capitalized Subsequent to Acquisition 1,005      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,483      
Buildings and Equipment 17,258      
Total 18,741      
Accumulated Depreciation (3,402)      
2482 Century Drive        
Initial Cost to Company        
Land 840      
Buildings and Equipment 9,061      
Costs Capitalized Subsequent to Acquisition 500      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 840      
Buildings and Equipment 9,561      
Total 10,401      
Accumulated Depreciation (1,761)      
3201 Bearing Drive        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 15,403      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 15,403      
Total 16,503      
Accumulated Depreciation (3,454)      
482 Chaney Avenue        
Initial Cost to Company        
Land 2,401      
Buildings and Equipment 55,810      
Costs Capitalized Subsequent to Acquisition 51      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,401      
Buildings and Equipment 55,861      
Total 58,262      
Accumulated Depreciation (7,175)      
1151 South Graham Road        
Initial Cost to Company        
Land 7,002      
Buildings and Equipment 108,700      
Costs Capitalized Subsequent to Acquisition 897      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 7,002      
Buildings and Equipment 109,597      
Total 116,599      
Accumulated Depreciation (12,124)      
5440 Haggerty Lane        
Initial Cost to Company        
Land 3,601      
Buildings and Equipment 31,058      
Costs Capitalized Subsequent to Acquisition 18      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,601      
Buildings and Equipment 31,076      
Total 34,677      
Accumulated Depreciation (3,422)      
8951 Mirabel Road        
Initial Cost to Company        
Land 3,001      
Buildings and Equipment 36,978      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,001      
Buildings and Equipment 36,978      
Total 39,979      
Accumulated Depreciation (4,068)      
17001 West Mercury Street        
Initial Cost to Company        
Land 5,741      
Buildings and Equipment 32,701      
Costs Capitalized Subsequent to Acquisition 400      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,741      
Buildings and Equipment 33,101      
Total 38,842      
Accumulated Depreciation (4,221)      
435 SE 70th Street        
Initial Cost to Company        
Land 0      
Buildings and Equipment 3,563      
Costs Capitalized Subsequent to Acquisition 120      
Impairment/ Writedowns (594)      
Gross Amount Carried at Close of Period        
Land 0      
Buildings and Equipment 3,089      
Total 3,089      
Accumulated Depreciation (398)      
22525 West 167th Street        
Initial Cost to Company        
Land 4,301      
Buildings and Equipment 52,183      
Costs Capitalized Subsequent to Acquisition 83      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,301      
Buildings and Equipment 52,266      
Total 56,567      
Accumulated Depreciation (5,752)      
2552 South 98th Street        
Initial Cost to Company        
Land 3,601      
Buildings and Equipment 20,988      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,601      
Buildings and Equipment 20,988      
Total 24,589      
Accumulated Depreciation (2,693)      
2701 South 98th Street        
Initial Cost to Company        
Land 2,701      
Buildings and Equipment 10,998      
Costs Capitalized Subsequent to Acquisition 400      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,701      
Buildings and Equipment 11,398      
Total 14,099      
Accumulated Depreciation (1,818)      
1985 International Way        
Initial Cost to Company        
Land 1,453      
Buildings and Equipment 8,546      
Costs Capitalized Subsequent to Acquisition 1,575      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,453      
Buildings and Equipment 10,121      
Total 11,574      
Accumulated Depreciation (2,436)      
2311 South Park Road        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 13,119      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,600      
Buildings and Equipment 13,119      
Total 14,719      
Accumulated Depreciation (1,442)      
1509 Leestown Road        
Initial Cost to Company        
Land 4,801      
Buildings and Equipment 38,708      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,801      
Buildings and Equipment 38,708      
Total 43,509      
Accumulated Depreciation (4,968)      
4555 West Highway 146        
Initial Cost to Company        
Land 3,201      
Buildings and Equipment 39,977      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,201      
Buildings and Equipment 39,977      
Total 43,178      
Accumulated Depreciation (5,130)      
450 Northpointe Court        
Initial Cost to Company        
Land 1,300      
Buildings and Equipment 26,883      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,300      
Buildings and Equipment 26,883      
Total 28,183      
Accumulated Depreciation (2,957)      
209 South Bud Street        
Initial Cost to Company        
Land 700      
Buildings and Equipment 4,549      
Costs Capitalized Subsequent to Acquisition 41      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 700      
Buildings and Equipment 4,590      
Total 5,290      
Accumulated Depreciation (1,261)      
17200 Manchac Park Lane        
Initial Cost to Company        
Land 1,700      
Buildings and Equipment 8,860      
Costs Capitalized Subsequent to Acquisition 397      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,700      
Buildings and Equipment 9,257      
Total 10,957      
Accumulated Depreciation (2,488)      
11900 Trolley Lane        
Initial Cost to Company        
Land 8,203      
Buildings and Equipment 23,095      
Costs Capitalized Subsequent to Acquisition 179      
Impairment/ Writedowns (1,243)      
Gross Amount Carried at Close of Period        
Land 7,877      
Buildings and Equipment 22,357      
Total 30,234      
Accumulated Depreciation (2,656)      
4000 Principio Parkway        
Initial Cost to Company        
Land 4,200      
Buildings and Equipment 71,518      
Costs Capitalized Subsequent to Acquisition 1,596      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,200      
Buildings and Equipment 73,114      
Total 77,314      
Accumulated Depreciation (19,806)      
3466 Shippers Drive        
Initial Cost to Company        
Land 4,902      
Buildings and Equipment 29,780      
Costs Capitalized Subsequent to Acquisition 144      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,902      
Buildings and Equipment 29,924      
Total 34,826      
Accumulated Depreciation (3,310)      
1601 Brown Road        
Initial Cost to Company        
Land 4,701      
Buildings and Equipment 57,812      
Costs Capitalized Subsequent to Acquisition 872      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,701      
Buildings and Equipment 58,684      
Total 63,385      
Accumulated Depreciation (6,640)      
38401 Amrhein Road        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 14,778      
Costs Capitalized Subsequent to Acquisition 161      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 14,939      
Total 16,339      
Accumulated Depreciation (1,902)      
28000 Five M Center Drive        
Initial Cost to Company        
Land 300      
Buildings and Equipment 8,530      
Costs Capitalized Subsequent to Acquisition 182      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 300      
Buildings and Equipment 8,712      
Total 9,012      
Accumulated Depreciation (1,255)      
3800 Midlink Drive        
Initial Cost to Company        
Land 2,630      
Buildings and Equipment 40,599      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,630      
Buildings and Equipment 40,599      
Total 43,229      
Accumulated Depreciation (11,081)      
10100 89th Avenue N        
Initial Cost to Company        
Land 3,469      
Buildings and Equipment 21,284      
Costs Capitalized Subsequent to Acquisition 1,106      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,469      
Buildings and Equipment 22,390      
Total 25,859      
Accumulated Depreciation (4,708)      
2427 Henry Road NW        
Initial Cost to Company        
Land 1,300      
Buildings and Equipment 3,145      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,300      
Buildings and Equipment 3,145      
Total 4,445      
Accumulated Depreciation (404)      
2401 Cram Avenue SE        
Initial Cost to Company        
Land 100      
Buildings and Equipment 2,137      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 100      
Buildings and Equipment 2,137      
Total 2,237      
Accumulated Depreciation (583)      
5501 Providence Hill Drive        
Initial Cost to Company        
Land 400      
Buildings and Equipment 3,500      
Costs Capitalized Subsequent to Acquisition 24      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 3,524      
Total 3,924      
Accumulated Depreciation (693)      
3502 Enterprise Avenue        
Initial Cost to Company        
Land 1,380      
Buildings and Equipment 12,121      
Costs Capitalized Subsequent to Acquisition 34      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,380      
Buildings and Equipment 12,155      
Total 13,535      
Accumulated Depreciation (2,336)      
5703 Mitchell Avenue        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 19,085      
Costs Capitalized Subsequent to Acquisition 758      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,600      
Buildings and Equipment 19,843      
Total 21,443      
Accumulated Depreciation (3,920)      
10551 N Congress Avenue        
Initial Cost to Company        
Land 600      
Buildings and Equipment 13,538      
Costs Capitalized Subsequent to Acquisition 6      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 13,544      
Total 14,144      
Accumulated Depreciation (1,489)      
831 Lone Star Drive        
Initial Cost to Company        
Land 1,200      
Buildings and Equipment 7,304      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,200      
Buildings and Equipment 7,304      
Total 8,504      
Accumulated Depreciation (1,125)      
2901 E Heartland Drive        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 6,886      
Costs Capitalized Subsequent to Acquisition 283      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 7,169      
Total 8,269      
Accumulated Depreciation (1,087)      
110 Stanbury Industrial Drive        
Initial Cost to Company        
Land 200      
Buildings and Equipment 1,859      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (546)      
Gross Amount Carried at Close of Period        
Land 181      
Buildings and Equipment 1,332      
Total 1,513      
Accumulated Depreciation (76)      
12385 Crossroad Drive        
Initial Cost to Company        
Land 3,301      
Buildings and Equipment 61,763      
Costs Capitalized Subsequent to Acquisition 1,266      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,301      
Buildings and Equipment 63,029      
Total 66,330      
Accumulated Depreciation (8,010)      
8644 Polk Lane        
Initial Cost to Company        
Land 900      
Buildings and Equipment 20,171      
Costs Capitalized Subsequent to Acquisition 188      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 900      
Buildings and Equipment 20,359      
Total 21,259      
Accumulated Depreciation (2,265)      
440 US Highway 49 South        
Initial Cost to Company        
Land 200      
Buildings and Equipment 2,329      
Costs Capitalized Subsequent to Acquisition 268      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 200      
Buildings and Equipment 2,597      
Total 2,797      
Accumulated Depreciation (452)      
105 Business Park Drive        
Initial Cost to Company        
Land 500      
Buildings and Equipment 1,949      
Costs Capitalized Subsequent to Acquisition 9      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 500      
Buildings and Equipment 1,958      
Total 2,458      
Accumulated Depreciation (378)      
590 Assembly Court        
Initial Cost to Company        
Land 700      
Buildings and Equipment 9,410      
Costs Capitalized Subsequent to Acquisition 109      
Impairment/ Writedowns (2,328)      
Gross Amount Carried at Close of Period        
Land 539      
Buildings and Equipment 7,352      
Total 7,891      
Accumulated Depreciation (1,044)      
4350 Fortune Ave NW        
Initial Cost to Company        
Land 4,401      
Buildings and Equipment 53,085      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,401      
Buildings and Equipment 53,085      
Total 57,486      
Accumulated Depreciation (5,839)      
4690 Global Avenue NW        
Initial Cost to Company        
Land 4,601      
Buildings and Equipment 45,793      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,601      
Buildings and Equipment 45,793      
Total 50,394      
Accumulated Depreciation (5,037)      
6538 & 6526 Judge Adams Road        
Initial Cost to Company        
Land 2,501      
Buildings and Equipment 46,343      
Costs Capitalized Subsequent to Acquisition 126      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,501      
Buildings and Equipment 46,469      
Total 48,970      
Accumulated Depreciation (5,099)      
4040 Business Park Court        
Initial Cost to Company        
Land 800      
Buildings and Equipment 8,411      
Costs Capitalized Subsequent to Acquisition 260      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 8,671      
Total 9,471      
Accumulated Depreciation (1,191)      
3900 NE 6th Street        
Initial Cost to Company        
Land 700      
Buildings and Equipment 3,223      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 700      
Buildings and Equipment 3,223      
Total 3,923      
Accumulated Depreciation (880)      
7130 Q Street        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 7,390      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (2,138)      
Gross Amount Carried at Close of Period        
Land 1,220      
Buildings and Equipment 5,632      
Total 6,852      
Accumulated Depreciation (800)      
1415 West Commerce Way        
Initial Cost to Company        
Land 2,200      
Buildings and Equipment 8,518      
Costs Capitalized Subsequent to Acquisition 389      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,200      
Buildings and Equipment 8,907      
Total 11,107      
Accumulated Depreciation (2,539)      
52 Pettengill Road        
Initial Cost to Company        
Land 5,871      
Buildings and Equipment 43,335      
Costs Capitalized Subsequent to Acquisition 203      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,871      
Buildings and Equipment 43,538      
Total 49,409      
Accumulated Depreciation (8,354)      
1135 Easton Avenue        
Initial Cost to Company        
Land 3,601      
Buildings and Equipment 5,564      
Costs Capitalized Subsequent to Acquisition 539      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,601      
Buildings and Equipment 6,103      
Total 9,704      
Accumulated Depreciation (1,108)      
584 US Highway 130        
Initial Cost to Company        
Land 70,422      
Buildings and Equipment 62,639      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 70,422      
Buildings and Equipment 62,639      
Total 133,061      
Accumulated Depreciation (6,890)      
725 Darlington Avenue        
Initial Cost to Company        
Land 8,492      
Buildings and Equipment 9,451      
Costs Capitalized Subsequent to Acquisition 2,339      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 8,492      
Buildings and Equipment 11,790      
Total 20,282      
Accumulated Depreciation (3,715)      
309 Dulty's Lane        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 51,400      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,600      
Buildings and Equipment 51,400      
Total 53,000      
Accumulated Depreciation (14,029)      
7000 West Post Road        
Initial Cost to Company        
Land 4,230      
Buildings and Equipment 13,472      
Costs Capitalized Subsequent to Acquisition 322      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,230      
Buildings and Equipment 13,794      
Total 18,024      
Accumulated Depreciation (3,162)      
2375 East Newlands Road        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 17,314      
Costs Capitalized Subsequent to Acquisition 280      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 17,594      
Total 18,694      
Accumulated Depreciation (4,859)      
158 West Yard Road        
Initial Cost to Company        
Land 1,870      
Buildings and Equipment 7,931      
Costs Capitalized Subsequent to Acquisition 1,078      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,870      
Buildings and Equipment 9,009      
Total 10,879      
Accumulated Depreciation (2,799)      
3779 Lake Shore Road        
Initial Cost to Company        
Land 2,701      
Buildings and Equipment 38,186      
Costs Capitalized Subsequent to Acquisition 312      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,701      
Buildings and Equipment 38,498      
Total 41,199      
Accumulated Depreciation (4,221)      
1289 Walden Avenue        
Initial Cost to Company        
Land 600      
Buildings and Equipment 6,314      
Costs Capitalized Subsequent to Acquisition 589      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 6,903      
Total 7,503      
Accumulated Depreciation (1,390)      
4 Liebich Lane        
Initial Cost to Company        
Land 400      
Buildings and Equipment 8,521      
Costs Capitalized Subsequent to Acquisition 113      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 8,634      
Total 9,034      
Accumulated Depreciation (952)      
55 Commerce Avenue        
Initial Cost to Company        
Land 1,000      
Buildings and Equipment 10,105      
Costs Capitalized Subsequent to Acquisition 480      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,000      
Buildings and Equipment 10,585      
Total 11,585      
Accumulated Depreciation (2,915)      
32150 Just Imagine Drive        
Initial Cost to Company        
Land 2,200      
Buildings and Equipment 23,280      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,200      
Buildings and Equipment 23,280      
Total 25,480      
Accumulated Depreciation (9,652)      
1580, 1590 & 1600 Williams Road        
Initial Cost to Company        
Land 2,060      
Buildings and Equipment 29,143      
Costs Capitalized Subsequent to Acquisition 367      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,060      
Buildings and Equipment 29,510      
Total 31,570      
Accumulated Depreciation (6,838)      
7303 Rickenbacker Parkway West        
Initial Cost to Company        
Land 1,491      
Buildings and Equipment 27,407      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,491      
Buildings and Equipment 27,407      
Total 28,898      
Accumulated Depreciation (3,546)      
3245 Henry Road and 3185 Columbia Road        
Initial Cost to Company        
Land 2,499      
Buildings and Equipment 21,640      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,499      
Buildings and Equipment 21,640      
Total 24,139      
Accumulated Depreciation (2,775)      
8341 Industrial Parkway        
Initial Cost to Company        
Land 6,702      
Buildings and Equipment 97,563      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 6,702      
Buildings and Equipment 97,563      
Total 104,265      
Accumulated Depreciation (10,732)      
201 Exploration Drive        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 38,868      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 38,868      
Total 40,669      
Accumulated Depreciation (4,275)      
9780 Mopar Drive        
Initial Cost to Company        
Land 2,701      
Buildings and Equipment 26,021      
Costs Capitalized Subsequent to Acquisition 987      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,701      
Buildings and Equipment 27,008      
Total 29,709      
Accumulated Depreciation (3,779)      
2465 Fontaine Street        
Initial Cost to Company        
Land 1,000      
Buildings and Equipment 19,323      
Costs Capitalized Subsequent to Acquisition 63      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,000      
Buildings and Equipment 19,386      
Total 20,386      
Accumulated Depreciation (2,128)      
4651 Prosper Drive        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 30,772      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 30,772      
Total 32,172      
Accumulated Depreciation (3,385)      
747 Mill Park Drive        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 17,609      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 17,609      
Total 19,009      
Accumulated Depreciation (1,937)      
9667 Inter-Ocean Drive        
Initial Cost to Company        
Land 1,300      
Buildings and Equipment 10,880      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,300      
Buildings and Equipment 10,880      
Total 12,180      
Accumulated Depreciation (1,675)      
5313 Majestic Parkway        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 8,107      
Costs Capitalized Subsequent to Acquisition 402      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 8,509      
Total 9,609      
Accumulated Depreciation (1,634)      
1115 Regina Graeter Way        
Initial Cost to Company        
Land 700      
Buildings and Equipment 7,908      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 700      
Buildings and Equipment 7,908      
Total 8,608      
Accumulated Depreciation (870)      
4170 Columbia Road        
Initial Cost to Company        
Land 400      
Buildings and Equipment 9,841      
Costs Capitalized Subsequent to Acquisition 146      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 9,987      
Total 10,387      
Accumulated Depreciation (1,134)      
1415 Industrial Drive        
Initial Cost to Company        
Land 1,200      
Buildings and Equipment 3,265      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,200      
Buildings and Equipment 3,265      
Total 4,465      
Accumulated Depreciation (891)      
200 Orange Point Drive        
Initial Cost to Company        
Land 1,300      
Buildings and Equipment 8,613      
Costs Capitalized Subsequent to Acquisition 319      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,300      
Buildings and Equipment 8,932      
Total 10,232      
Accumulated Depreciation (2,501)      
301 Commerce Drive        
Initial Cost to Company        
Land 600      
Buildings and Equipment 4,530      
Costs Capitalized Subsequent to Acquisition 22      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 4,552      
Total 5,152      
Accumulated Depreciation (1,247)      
5300 Centerpoint Parkway        
Initial Cost to Company        
Land 2,700      
Buildings and Equipment 29,863      
Costs Capitalized Subsequent to Acquisition 364      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,700      
Buildings and Equipment 30,227      
Total 32,927      
Accumulated Depreciation (8,253)      
2701 S.W. 18TH Street        
Initial Cost to Company        
Land 2,401      
Buildings and Equipment 18,865      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (5,675)      
Gross Amount Carried at Close of Period        
Land 1,760      
Buildings and Equipment 13,831      
Total 15,591      
Accumulated Depreciation (1,397)      
8000 Mid America Blvd.        
Initial Cost to Company        
Land 900      
Buildings and Equipment 12,813      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (1,814)      
Gross Amount Carried at Close of Period        
Land 781      
Buildings and Equipment 11,118      
Total 11,899      
Accumulated Depreciation (1,312)      
1414 South Council Road        
Initial Cost to Company        
Land 5,002      
Buildings and Equipment 39,952      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 5,002      
Buildings and Equipment 39,952      
Total 44,954      
Accumulated Depreciation (4,395)      
6101 SW 44th Street        
Initial Cost to Company        
Land 2,401      
Buildings and Equipment 13,868      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,401      
Buildings and Equipment 13,868      
Total 16,269      
Accumulated Depreciation (1,526)      
2759 North Garnett Road        
Initial Cost to Company        
Land 800      
Buildings and Equipment 4,879      
Costs Capitalized Subsequent to Acquisition 79      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 4,958      
Total 5,758      
Accumulated Depreciation (539)      
2820 State Highway 31        
Initial Cost to Company        
Land 581      
Buildings and Equipment 2,237      
Costs Capitalized Subsequent to Acquisition 4,582      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 581      
Buildings and Equipment 6,819      
Total 7,400      
Accumulated Depreciation (1,562)      
101 North Campus Drive        
Initial Cost to Company        
Land 3,801      
Buildings and Equipment 26,700      
Costs Capitalized Subsequent to Acquisition 106      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,801      
Buildings and Equipment 26,806      
Total 30,607      
Accumulated Depreciation (2,950)      
231 Theater Drive        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 9,864      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 9,864      
Total 11,264      
Accumulated Depreciation (1,266)      
700 Marine Drive        
Initial Cost to Company        
Land 820      
Buildings and Equipment 8,381      
Costs Capitalized Subsequent to Acquisition 1,046      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 820      
Buildings and Equipment 9,427      
Total 10,247      
Accumulated Depreciation (2,121)      
1990 Hood Road        
Initial Cost to Company        
Land 400      
Buildings and Equipment 10,702      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 400      
Buildings and Equipment 10,702      
Total 11,102      
Accumulated Depreciation (2,057)      
7410 Magi Drive        
Initial Cost to Company        
Land 2,401      
Buildings and Equipment 31,029      
Costs Capitalized Subsequent to Acquisition 578      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,401      
Buildings and Equipment 31,607      
Total 34,008      
Accumulated Depreciation (4,840)      
6850 Weber Boulevard        
Initial Cost to Company        
Land 11,604      
Buildings and Equipment 44,602      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (12,228)      
Gross Amount Carried at Close of Period        
Land 9,079      
Buildings and Equipment 34,899      
Total 43,978      
Accumulated Depreciation (3,524)      
1892 Anfield Road        
Initial Cost to Company        
Land 4,001      
Buildings and Equipment 21,179      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (3,822)      
Gross Amount Carried at Close of Period        
Land 3,394      
Buildings and Equipment 17,964      
Total 21,358      
Accumulated Depreciation (1,814)      
7409 Magi Drive        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 13,651      
Costs Capitalized Subsequent to Acquisition 90      
Impairment/ Writedowns (1,389)      
Gross Amount Carried at Close of Period        
Land 1,639      
Buildings and Equipment 12,514      
Total 14,153      
Accumulated Depreciation (1,474)      
1103 Powderhouse Road SE        
Initial Cost to Company        
Land 1,200      
Buildings and Equipment 36,140      
Costs Capitalized Subsequent to Acquisition 162      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,200      
Buildings and Equipment 36,302      
Total 37,502      
Accumulated Depreciation (3,986)      
3058 Lakemont Blvd        
Initial Cost to Company        
Land 2,901      
Buildings and Equipment 33,304      
Costs Capitalized Subsequent to Acquisition 20      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,901      
Buildings and Equipment 33,324      
Total 36,225      
Accumulated Depreciation (3,670)      
510 John Dodd Road        
Initial Cost to Company        
Land 3,300      
Buildings and Equipment 57,998      
Costs Capitalized Subsequent to Acquisition 418      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,300      
Buildings and Equipment 58,416      
Total 61,716      
Accumulated Depreciation (15,971)      
996 Paragon Way        
Initial Cost to Company        
Land 2,334      
Buildings and Equipment 35,920      
Costs Capitalized Subsequent to Acquisition 695      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,334      
Buildings and Equipment 36,615      
Total 38,949      
Accumulated Depreciation (9,940)      
5001 West Delbridge Street        
Initial Cost to Company        
Land 2,570      
Buildings and Equipment 14,832      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,570      
Buildings and Equipment 14,832      
Total 17,402      
Accumulated Depreciation (2,851)      
5025 Tuggle Road        
Initial Cost to Company        
Land 1,400      
Buildings and Equipment 31,520      
Costs Capitalized Subsequent to Acquisition 56      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,400      
Buildings and Equipment 31,576      
Total 32,976      
Accumulated Depreciation (4,059)      
900 Hutchinson Place        
Initial Cost to Company        
Land 2,601      
Buildings and Equipment 31,582      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,601      
Buildings and Equipment 31,582      
Total 34,183      
Accumulated Depreciation (6,080)      
6023 Century Oaks Drive        
Initial Cost to Company        
Land 500      
Buildings and Equipment 5,759      
Costs Capitalized Subsequent to Acquisition 214      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 500      
Buildings and Equipment 5,973      
Total 6,473      
Accumulated Depreciation (1,230)      
3774 Snyder Road        
Initial Cost to Company        
Land 3,201      
Buildings and Equipment 30,564      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 3,201      
Buildings and Equipment 30,564      
Total 33,765      
Accumulated Depreciation (3,362)      
4836 Hickory Hill Road        
Initial Cost to Company        
Land 1,402      
Buildings and Equipment 10,769      
Costs Capitalized Subsequent to Acquisition 1,774      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,402      
Buildings and Equipment 12,543      
Total 13,945      
Accumulated Depreciation (3,773)      
2020 Joe B. Jackson Parkway        
Initial Cost to Company        
Land 7,500      
Buildings and Equipment 55,259      
Costs Capitalized Subsequent to Acquisition 456      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 7,500      
Buildings and Equipment 55,715      
Total 63,215      
Accumulated Depreciation (15,224)      
11501 Wilkinson Drive        
Initial Cost to Company        
Land 2,401      
Buildings and Equipment 19,665      
Costs Capitalized Subsequent to Acquisition 116      
Impairment/ Writedowns (2,259)      
Gross Amount Carried at Close of Period        
Land 2,155      
Buildings and Equipment 17,768      
Total 19,923      
Accumulated Depreciation (2,520)      
5005 Samuell Blvd.        
Initial Cost to Company        
Land 6,366      
Buildings and Equipment 62,879      
Costs Capitalized Subsequent to Acquisition 2,291      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 6,366      
Buildings and Equipment 65,170      
Total 71,536      
Accumulated Depreciation (7,387)      
2701 Texas Longhorn Way        
Initial Cost to Company        
Land 9,303      
Buildings and Equipment 42,504      
Costs Capitalized Subsequent to Acquisition 731      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 9,303      
Buildings and Equipment 43,235      
Total 52,538      
Accumulated Depreciation (4,809)      
2000 Luna Road        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 25,816      
Costs Capitalized Subsequent to Acquisition 132      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 25,948      
Total 27,749      
Accumulated Depreciation (3,334)      
21200 Spring Plaza Drive        
Initial Cost to Company        
Land 2,701      
Buildings and Equipment 29,832      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,701      
Buildings and Equipment 29,832      
Total 32,533      
Accumulated Depreciation (3,828)      
502 West Independence Drive        
Initial Cost to Company        
Land 800      
Buildings and Equipment 19,673      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 19,673      
Total 20,473      
Accumulated Depreciation (2,164)      
800 Lindale Industrial Parkway        
Initial Cost to Company        
Land 800      
Buildings and Equipment 18,947      
Costs Capitalized Subsequent to Acquisition 692      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 19,639      
Total 20,439      
Accumulated Depreciation (2,352)      
685 Alliance Parkway        
Initial Cost to Company        
Land 800      
Buildings and Equipment 23,207      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 800      
Buildings and Equipment 23,207      
Total 24,007      
Accumulated Depreciation (2,978)      
16211 Air Center Boulevard        
Initial Cost to Company        
Land 1,600      
Buildings and Equipment 13,529      
Costs Capitalized Subsequent to Acquisition 321      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,600      
Buildings and Equipment 13,850      
Total 15,450      
Accumulated Depreciation (1,539)      
246 Glasson Drive        
Initial Cost to Company        
Land 0      
Buildings and Equipment 9,596      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 0      
Buildings and Equipment 9,596      
Total 9,596      
Accumulated Depreciation (1,056)      
985 Kershaw Street        
Initial Cost to Company        
Land 2,301      
Buildings and Equipment 13,994      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns (1,903)      
Gross Amount Carried at Close of Period        
Land 2,032      
Buildings and Equipment 12,360      
Total 14,392      
Accumulated Depreciation (1,248)      
1095 South 4800 West        
Initial Cost to Company        
Land 1,500      
Buildings and Equipment 6,913      
Costs Capitalized Subsequent to Acquisition 20      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,500      
Buildings and Equipment 6,933      
Total 8,433      
Accumulated Depreciation (1,900)      
8800 Studley Road        
Initial Cost to Company        
Land 1,100      
Buildings and Equipment 10,813      
Costs Capitalized Subsequent to Acquisition 383      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,100      
Buildings and Equipment 11,196      
Total 12,296      
Accumulated Depreciation (2,139)      
1935 Blue Hills Drive        
Initial Cost to Company        
Land 1,300      
Buildings and Equipment 13,908      
Costs Capitalized Subsequent to Acquisition 39      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,300      
Buildings and Equipment 13,947      
Total 15,247      
Accumulated Depreciation (1,794)      
3736 Tom Andrews Road        
Initial Cost to Company        
Land 600      
Buildings and Equipment 9,273      
Costs Capitalized Subsequent to Acquisition 207      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 9,480      
Total 10,080      
Accumulated Depreciation (1,207)      
2300 Westmoreland Street        
Initial Cost to Company        
Land 600      
Buildings and Equipment 6,109      
Costs Capitalized Subsequent to Acquisition 329      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 6,438      
Total 7,038      
Accumulated Depreciation (969)      
1122 Stony Ridge Road        
Initial Cost to Company        
Land 2,101      
Buildings and Equipment 6,051      
Costs Capitalized Subsequent to Acquisition 233      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 2,101      
Buildings and Equipment 6,284      
Total 8,385      
Accumulated Depreciation (754)      
1901 Meadowville Technology Parkway        
Initial Cost to Company        
Land 4,000      
Buildings and Equipment 67,511      
Costs Capitalized Subsequent to Acquisition 170      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 4,000      
Buildings and Equipment 67,681      
Total 71,681      
Accumulated Depreciation (18,499)      
635 Community Drive        
Initial Cost to Company        
Land 10,003      
Buildings and Equipment 38,560      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 10,003      
Buildings and Equipment 38,560      
Total 48,563      
Accumulated Depreciation (4,242)      
2000 South Walnut Street        
Initial Cost to Company        
Land 8,603      
Buildings and Equipment 22,749      
Costs Capitalized Subsequent to Acquisition 870      
Impairment/ Writedowns (1,218)      
Gross Amount Carried at Close of Period        
Land 7,385      
Buildings and Equipment 23,619      
Total 31,004      
Accumulated Depreciation (2,512)      
5300 International Drive        
Initial Cost to Company        
Land 1,801      
Buildings and Equipment 17,367      
Costs Capitalized Subsequent to Acquisition 36      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 1,801      
Buildings and Equipment 17,403      
Total 19,204      
Accumulated Depreciation (1,920)      
3383 Spirit Way        
Initial Cost to Company        
Land 600      
Buildings and Equipment 9,345      
Costs Capitalized Subsequent to Acquisition 0      
Impairment/ Writedowns 0      
Gross Amount Carried at Close of Period        
Land 600      
Buildings and Equipment 9,345      
Total 9,945      
Accumulated Depreciation $ (1,028)      
v3.25.4
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Analysis of Carrying Amount And Accumulated Depreciation (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2025
Dec. 31, 2024
Dec. 31, 2023
Real Estate Properties      
Balance at the beginning of the period $ 5,180,385 $ 5,169,552 $ 5,176,108
Additions 13,431 10,833 18,181
Disposals (7,776) 0 (24,190)
Impairments (6,081) 0 (547)
Balance at the end of the period 5,179,959 5,180,385 5,169,552
Accumulated Depreciation      
Balance at the beginning of the period (523,886) (397,454) (273,467)
Additions (127,250) (126,432) (125,262)
Disposals 2,826 0 884
Impairments 0 0 391
Balance at the end of the period $ (648,310) $ (523,886) $ (397,454)