10 unchanged sentences
In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013 Framework).
−Removed: Based on this assessment, we believe that, as of December 31, 2019, our internal control over financial reporting is effective.
−Removed: Ernst & Young LLP, the independent registered public accounting firm that audited our 2019 Consolidated Financial Statements included in this Annual Report on Form 10-K, has issued an attestation report on our internal control over financial reporting.
+Added: Based on this assessment, we believe that, as of December 31, 2020, our internal control over financial reporting was effective.
+Added: Deloitte & Touche LLP, the independent registered public accounting firm that audited our 2020 Consolidated Financial Statements included in this Annual Report on Form 10-K, has issued an attestation report on our internal control over financial reporting.
The report appears elsewhere herein.
Other Information
−Removed: On February 21, 2020, our Board of Trustees, pursuant to a recommendation of the Nominating and Governance Committee of our Board of Trustees, increased its size from five to seven members, with one new Trustee to be in Class III of our Board of Trustees with a term expiring at our 2021 annual meeting of shareholders and the other new Trustee to be in Class I of our Board of Trustees with a term expiring at our 2022 annual meeting of shareholders, and in order to fill the vacancies created by such increase, elected Laura A.
−Removed: Wilkin and Kevin C.
−Removed: Phelan, as Independent Trustees in Class III and Class I of our Board of Trustees, respectively.
−Removed: Wilkin and Mr.
−Removed: Phelan were also each elected as a member of the Compensation Committee and the Nominating and Governance Committee of our Board of Trustees, and Ms.
−Removed: Wilkin was also elected to the Audit Committee of our Board of Trustees.
−Removed: Wilkin, age 55, has been a senior advisor at Boston Consulting Group, Inc., a management consulting firm, since November 2019.
−Removed: Prior to that she served as executive vice president and chief supply chain officer of Petco Animal Supplies, Inc., a retailer of pet food, supplies, services and companion animals in the United States, or Petco, from 2018 to 2019.
−Removed: Prior to joining Petco, Ms.
−Removed: Wilkin served as senior vice president, logistics, from 2016 to 2017, senior vice president, replenishment and flow strategy, from 2013 to 2016, and divisional vice president, supply chain, from 2010 to 2012, of Walmart Inc.
−Removed: Prior to joining Walmart, Ms.
−Removed: Wilkin held various senior supply chain roles at large retailers.
−Removed: Phelan, age 75, has been co-chairman of the Boston office of Colliers International Group, Inc.
−Removed: (formerly known as Meredith & Grew, or M&G), a full service commercial real estate firm, since 2010.
−Removed: Prior to that he served as president since 2007 and prior to that as executive vice president of the executive committee, and director and partner of M&G.
−Removed: Phelan joined M&G in 1978 and established the finance and capital markets group.
−Removed: Prior to joining M&G, Mr.
−Removed: Phelan was a vice president at State Street Bank & Trust Co., where he was responsible for commercial lending.
−Removed: Phelan serves on a number of non-profit boards of directors and trustees.
−Removed: There is no arrangement or understanding between Ms.
−Removed: Wilkin or Mr.
−Removed: Phelan and any other person pursuant to which Ms.
−Removed: Wilkin or Mr.
−Removed: Phelan, respectively, was selected as a Trustee.
−Removed: There are no transactions, relationships or agreements between Ms.
−Removed: Phelan and us that would require disclosure pursuant to Item 404(a) of Regulation S-K promulgated under the Exchange Act.
−Removed: Our Board of Trustees concluded that each of Ms.
−Removed: Wilkin and Mr.
−Removed: Phelan is qualified to serve as our Independent Trustee in accordance with the requirements of Nasdaq, the SEC and our declaration of trust.
−Removed: For their service as Trustees, Ms.
−Removed: Wilkin and Mr.
−Removed: Phelan will be entitled to the compensation we generally provide to our Independent Trustees, with the annual cash fees prorated.
−Removed: A summary of our currently effective trustee compensation is filed as Exhibit 10.9 to this Annual Report on Form 10-K and is incorporated herein by reference.
−Removed: Consistent with those compensation arrangements, on February 21, 2020 we awarded to each of Ms.
−Removed: Wilkin and Mr.
−Removed: Phelan 3,000 of our common shares in connection with their election, all of which vested on the award date.
−Removed: In connection with their elections, we entered into an indemnification agreement with each of Ms.
−Removed: Wilkin and Mr.
−Removed: Phelan, effective as of February 21, 2020, on substantially the same terms as the agreements previously entered into between us and each of our other Trustees.
−Removed: The form of indemnification agreement entered into between us and our Trustees is filed as Exhibit 10.8 to this Annual Report on Form 10-K and is incorporated herein by reference.
Directors, Executive Officers and Corporate Governance
15 unchanged sentences
Number of securities
−Removed: Number of securities
−Removed: remaining available for future
−Removed: to be issued upon
−Removed: Weighted-average
−Removed: issuance under equity
−Removed: exercise price of
−Removed: compensation plan (excluding
−Removed: outstanding options,
−Removed: outstanding options,
−Removed: securities reflected in
−Removed: warrants and rights
−Removed: warrants and rights
−Removed: Plan category
−Removed: Equity compensation plans approved by securityholders-2018 Plan
+Added: Number of securities remaining available for future
+Added: to be issued upon Weighted-average issuance under equity
+Added: exercise of exercise price of compensation plan (excluding
+Added: outstanding options, outstanding options, securities reflected in
+Added: warrants and rights warrants and rights column (a))
+Added: Plan category (a) (b) (c)
+Added: Equity compensation plans approved by securityholders-2018 Plan None.
3,698,912 (1)
−Removed: Equity compensation plans not approved by securityholders
+Added: Equity compensation plans not approved by securityholders None.
3,698,912 (1)
8 unchanged sentences
Exhibits and Financial Statement Schedules
−Removed: Index to Financial Statements and Financial Statement Schedules
+Added: (a) Index to Financial Statements and Financial Statement Schedules
The following consolidated financial statements and financial statement schedules of Industrial Logistics Properties Trust are included on the pages indicated:
Reports of Independent Registered Public Accounting Firm
+Added: Report of Independent Registered Public Accounting Firm
Consolidated Balance Sheets as of December 31, 2020 and 2019
5 unchanged sentences
All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, or are inapplicable, and therefore have been omitted.
−Removed: Agreement of Purchase and Sale, dated as of February 14, 2019, by and among the Company and certain subsidiaries of GPT Operating Partnership LP.
−Removed: (Incorporated by reference to the Company's Current Report on Form 8-K dated February 14, 2019)
−Removed: Agreement of Purchase and Sale, dated as of February 14, 2019 by and among the Company and certain indirect subsidiaries of Cole Office & Industrial REIT (CCIT II), Inc.
−Removed: (Incorporated by reference to the Company's Current Report on Form 8-K dated February 14, 2019.)
−Removed: First Amendment to Agreement of Purchase and Sale, dated as of March 18, 2019, by and among the Company and certain indirect subsidiaries of Cole Office & Industrial REIT (CCIT II), Inc.
−Removed: (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2019.)
+Added: Number Description
3.1 Composite Copy of Amended and Restated Declaration of Trust of the Company, dated as of January 11, 2018, as amended to date.
1 unchanged sentence
3.2 Amended and Restated Bylaws of the Company, adopted March 25, 2019.
−Removed: (Incorporated by reference to the Company's Current Report on Form 8-K dated March 25, 2019.)
+Added: (Incorporated by reference to the Company’s Current Report on Form 8-K filed on March 26, 2019.)
4.1 Form of Common Share Certificate.
6 unchanged sentences
10.1 Transaction Agreement, dated as of January 17, 2018, between the Company and Office Properties Income Trust (f/k/a Government Properties Income Trust) (as successor to Select Income REIT).
−Removed: (Incorporated by reference to the Company’s Current Report on Form 8-K dated January 11, 2018.)
+Added: (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 1 8 , 2018.)
10.2 Credit Agreement, dated as of December 29, 2017, among the Company, Citibank, N.A., as administrative agent and collateral agent, and each of the other financial institutions initially a signatory thereto.
−Removed: (Incorporated by reference to Select Income REIT’s Current Report on Form 8-K dated December 29, 2017.)
−Removed: Business Management Agreement, dated as of January 17, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K dated January 11, 2018.)
−Removed: Amendment to Business Management Agreement, dated as of December 31, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company's Current Report on Form 8-K dated December 31, 2018.)
−Removed: Property Management Agreement, dated as of January 17, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K dated January 11, 2018.)
−Removed: 2018 Equity Compensation Plan.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K dated January 11, 2018.)
+Added: (Incorporated by reference to Select Income REIT’s Current Report on Form 8-K filed on December 29, 2017.)
+Added: 10.3 Business Management Agreement, dated as of January 17, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 1 8 , 2018.)
+Added: 10.4 Amendment to Business Management Agreement, dated as of December 31, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 4, 2019.)
+Added: 10.5 Property Management Agreement, dated as of January 17, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 1 8 , 2018.)
+Added: 10.6 2018 Equity Compensation Plan.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 1 8 , 2018.)
10.7 Form of Share Award Agreement.(+) (Incorporated by reference to Amendment No.
3 to the Company’s Registration Statement on Form S-11, File No.
−Removed: Form of Indemnification Agreement.(+) (Filed herewith.)
−Removed: Summary of Trustee Compensation.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K dated June 3, 2019.)
+Added: 10.8 Form of Share Award Agreement.(+) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020.)
+Added: 10.9 Form of Indemnification Agreement.(+) ( Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2 020.
+Added: 10.10 Summary of Trustee Compensation.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on May 29, 2020.)
10.11 Loan Agreement, dated as of January 29, 2019, among certain of the Company’s subsidiaries, as co-borrowers, and Morgan Stanley Bank, N.A., Citi Real Estate Funding Inc., UBS AG and JPMorgan Chase Bank, National Association.
1 unchanged sentence
10.12 Loan Agreement, dated as of October 21, 2019, among certain of the Company’s subsidiaries, as co-borrowers, and Morgan Stanley Bank, N.A., UBS AG and Bank of America, N.A.
−Removed: (Incorporated by reference to the Company's Current Report on Form 8-K dated October 21, 2019.)
+Added: (Incorporated by reference to the Company’s Current Report on Form 8-K filed on October 23, 2019.)
21.1 Subsidiaries of the Company.
(Filed herewith.)
+Added: 23.1 Consent of Deloitte & Touche LLP.
+Added: (Filed herewith.)
23.2 Consent of Ernst & Young LLP.
10 unchanged sentences
(Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.)
−Removed: Letter Agreement, dated as of February 21, 2020, between the Company and The RMR Group LLC.
−Removed: (Filed herewith.)
−Removed: XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
−Removed: XBRL Taxonomy Extension Schema Document.
+Added: 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
+Added: 101.SCH XBRL Taxonomy Extension Schema Document.
(Filed herewith.)
−Removed: XBRL Taxonomy Extension Calculation Linkbase Document.
+Added: 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document.
(Filed herewith.)
−Removed: XBRL Taxonomy Extension Definition Linkbase Document.
+Added: 101.DEF XBRL Taxonomy Extension Definition Linkbase Document.
(Filed herewith.)
−Removed: XBRL Taxonomy Extension Label Linkbase Document.
+Added: 101.LAB XBRL Taxonomy Extension Label Linkbase Document.
(Filed herewith.)
−Removed: XBRL Taxonomy Extension Presentation Linkbase Document.
+Added: 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document.
(Filed herewith.)
5 unchanged sentences
Opinion on the Financial Statements
−Removed: We have audited the accompanying consolidated balance sheets of Industrial Logistics Properties Trust (the Company) as of December 31, 2019 and 2018, the related consolidated statements of comprehensive income, shareholders' equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and the financial statement schedule listed in the Index at item 15(a) (collectively referred to as the “consolidated financial statements”).
−Removed: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019 and 2018, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2019, in conformity with U.S.
−Removed: generally accepted accounting principles.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 24, 2020 expressed an unqualified opinion thereon.
+Added: We have audited the accompanying consolidated balance sheet of Industrial Logistics Properties Trust (the "Company") as of December 31, 2020, the related consolidated statements of comprehensive income, shareholders' equity, and cash flows, for the year then ended, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the "financial statements").
+Added: In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020, and the results of its operations and its cash flows for the year then ended, in conformity with accounting principles generally accepted in the United States of America.
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 18, 2021, expressed an unqualified opinion on the Company's internal control over financial reporting.
Basis for Opinion
These financial statements are the responsibility of the Company's management.
−Removed: Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
+Added: Our responsibility is to express an opinion on the Company's financial statements based on our audit.
We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
−Removed: We conducted our audits in accordance with the standards of the PCAOB.
+Added: We conducted our audit in accordance with the standards of the PCAOB.
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
−Removed: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
−Removed: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
−Removed: We believe that our audits provide a reasonable basis for our opinion.
−Removed: Critical Audit Matters
−Removed: The critical audit matters communicated below are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that:
−Removed: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments.
−Removed: The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts or disclosures to which they relate.
−Removed: Accounting for the Acquisition of Real Estate
−Removed: Description of the Matter
−Removed: As described in Note 3 to the consolidated financial statements, during 2019, the Company acquired 30 industrial properties for an aggregate purchase price of $941 million.
−Removed: These acquisitions were accounted for as asset acquisitions.
−Removed: Auditing the Company’s accounting for these acquisitions was complex and highly judgmental due to the significant estimation required to determine the fair value of the acquired assets and assumed liabilities.
−Removed: The fair value estimates were sensitive to significant assumptions, such as market rents, costs to execute leases in current market conditions, discount rates, and capitalization rates.
−Removed: These significant assumptions are forward looking and could be affected by future market or economic conditions.
−Removed: How We Addressed the Matter in Our Audit
−Removed: We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the accounting for real estate acquisitions.
−Removed: For example, we tested controls over the allocation of the purchase price to the acquired assets and assumed liabilities, including controls over management’s review of the methodologies and the significant assumptions used to determine fair value.
−Removed: To test the accounting for real estate acquisitions, our audit procedures included, among other things, evaluating whether intangible assets or liabilities, including above market leases, below market leases and in-place leases, were properly identified, and evaluating the Company’s use of the income and market approach methodologies.
−Removed: We also tested the significant assumptions used to determine the fair value of acquired assets and assumed liabilities.
−Removed: For example, we compared the significant assumptions used to current industry and economic trends.
−Removed: Additionally, we tested the completeness and accuracy of the underlying data supporting the significant assumptions and estimates.
−Removed: We involved our valuation specialists to assist in our evaluation of the methodologies used by the Company and the significant assumptions that were used in determining the fair value estimates.
−Removed: Impairment of Real Estate Properties
−Removed: Description of the Matter
−Removed: The Company’s net real estate properties totaled $2.2 billion as of December 31, 2019.
−Removed: As discussed in Note 2 to the consolidated financial statements, the Company evaluates their properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.
−Removed: Auditing management’s property impairment analysis was complex and involved a high degree of subjectivity due to the significant estimation required in determining the future undiscounted net cash flows expected to be generated from those assets with indicators of impairment.
−Removed: The future net undiscounted cash flows are sensitive to significant assumptions, such as hold periods, market rents, and terminal capitalization rates, which are forward-looking and could be affected by future economic and market conditions.
−Removed: How We Addressed the Matter in Our Audit
−Removed: We obtained an understanding, evaluated the design and tested the operating effectiveness of the Company’s controls over the process for assessing impairment of real estate properties.
−Removed: For example, we tested controls over management’s review of the future net undiscounted cash flows calculations, including the significant assumptions and data inputs used to develop the undiscounted cash flows.
−Removed: Our testing of the Company’s impairment assessment included, among other procedures, evaluating the assumptions used to develop the estimated undiscounted cash flows used to assess the recoverability of real estate properties.
−Removed: Specifically, we evaluated the significant assumptions used to estimate the property cash flows, including market rents and terminal capitalization rates through comparison to current industry and economic trends and tested the completeness and accuracy of the underlying data supporting the significant assumptions.
−Removed: We compared the projected forecasted amounts to past performance of the properties and the Company’s history related to similar properties and other forecasted financial information prepared by the Company.
−Removed: We also held discussions with management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the hold period and other cash flow assumptions for the properties.
−Removed: We searched for and evaluated information that corroborated or contradicted the Company’s assumptions.
−Removed: /s/ Ernst & Young LLP
−Removed: We have served as the Company’s auditor since 2017.
+Added: Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audit provides a reasonable basis for our opinion.
+Added: Critical Audit Matter
+Added: The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments.
+Added: The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
+Added: Impairment of Real Estate Properties - Refer to Notes 2 to the financial statements
+Added: Critical Audit Matter Description
+Added: The Company’s investments in real estate assets are evaluated for impairment periodically or when events or changes in circumstances indicate that the carrying amount of a real estate asset may not be recoverable.
+Added: The Company’s evaluation of the recoverability of real estate assets involves the comparison of undiscounted future cash flows expected to be generated by each real estate asset over the Company’s estimated holding period to the respective carrying amount.
+Added: The Company’s undiscounted future cash flows analysis and the assessment of expected remaining holding period requires management to make significant estimates and assumptions related to future occupancy levels, rental rates, estimated sale proceeds, and capitalization rates.
+Added: In the event that a real estate asset is not recoverable, the Company will adjust the real estate asset to its fair value based on third-party appraisals, broker selling estimates, sale agreements under negotiation, and/or final selling prices, when available, and recognize an impairment loss for the carrying amount in excess of fair value.
+Added: We identified the impairment of real estate assets as a critical audit matter because of the significant estimates and assumptions management makes to evaluate the recoverability of real estate assets.
+Added: This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of management’s undiscounted future cash flows analysis and assessment of expected remaining holding period.
+Added: How the Critical Audit Matter Was Addressed in the Audit
+Added: Our audit procedures related to the undiscounted cash flows analysis and the assessment of the expected remaining hold period included the following, among others:
+Added: • We tested the effectiveness of controls over management’s evaluation of the recoverability of real estate property assets, including the key inputs utilized in estimating the undiscounted future cash flows.
+Added: • We evaluated the undiscounted cash flow analysis including estimates of future occupancy levels, rental rates, estimated sale proceeds, and capitalization rates for each real estate asset or group of assets with possible impairment indicators by (1) evaluating the source information and assumptions used by management and (2) testing the mathematical accuracy of the undiscounted future cash flows analysis.
+Added: • We evaluated the reasonableness of management’s undiscounted future cash flows analysis by comparing management’s projections to external market sources and evidence obtained in other areas of our audit.
+Added: • We held discussions with management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the hold period and other cash flow assumptions for the properties.
+Added: /s/ Deloitte & Touche LLP
Boston, Massachusetts
February 18, 2021
+Added: We have served as the Company's auditor since 2020.
Report of Independent Registered Public Accounting Firm
1 unchanged sentence
Opinion on Internal Control over Financial Reporting
−Removed: We have audited Industrial Logistics Properties Trust’s internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria).
−Removed: In our opinion, Industrial Logistics Properties Trust (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2019, based on the COSO criteria.
−Removed: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated balance sheets of the Company as of December 31, 2019 and 2018, the related consolidated statements of comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes and the financial statement schedule listed in the Index at item 15(a), and our report dated February 24, 2020, expressed an unqualified opinion thereon.
+Added: We have audited the internal control over financial reporting of Industrial Logistic Properties Trust (the “Company”) as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).
+Added: In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2020, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.
+Added: We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2020, of the Company and our report dated February 18, 2021, expressed an unqualified opinion on those financial statements.
Basis for Opinion
14 unchanged sentences
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
+Added: /s/ Deloitte & Touche LLP
+Added: Boston, Massachusetts
+Added: February 18, 2021
+Added: Report of Independent Registered Public Accounting Firm
+Added: To the Trustees and Shareholders of Industrial Logistics Properties Trust
+Added: Opinion on the Financial Statements
+Added: We have audited the accompanying consolidated balance sheet of Industrial Logistics Properties Trust (the Company) as of December 31, 2019, the related consolidated statements of comprehensive income, shareholders' equity and cash flows for each of the two years in the period ended December 31, 2019, and the related notes and the financial statement schedule listed in the Index at item 15(a) (collectively referred to as the “consolidated financial statements”).
+Added: In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company at December 31, 2019, and the results of its operations and its cash flows for each of the two years in the period ended December 31, 2019, in conformity with U.S.
+Added: generally accepted accounting principles.
+Added: We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2019, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated February 24, 2020 expressed an unqualified opinion thereon.
+Added: Basis for Opinion
+Added: These financial statements are the responsibility of the Company's management.
+Added: Our responsibility is to express an opinion on the Company’s financial statements based on our audits.
+Added: We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S.
+Added: federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
+Added: We conducted our audits in accordance with the standards of the PCAOB.
+Added: Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
+Added: Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.
+Added: Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
+Added: Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements.
+Added: We believe that our audits provide a reasonable basis for our opinion.
/s/ Ernst & Young LLP
+Added: We served as the Company’s auditor from 2017 to 2020.
Boston, Massachusetts
4 unchanged sentences
Real estate properties:
+Added: Land $ 709,099 $ 747,794
Buildings and improvements 1,099,971 1,588,170
2 unchanged sentences
Total real estate properties, net 1,667,664 2,204,496
+Added: Investment in unconsolidated joint venture 60,590 —
Acquired real estate leases, net 83,644 138,596
2 unchanged sentences
Rents receivable, including straight line rents of $ 62,753 and $ 58,336 , respectively
+Added: 69,511 62,782
Deferred leasing costs, net 4,595 6,581
2 unchanged sentences
Other assets, net 2,765 3,438
+Added: Total assets $ 1,915,745 $ 2,454,901
LIABILITIES AND SHAREHOLDERS' EQUITY
22 unchanged sentences
Year Ended December 31,
+Added: 2020 2019 2018
Rental income $ 254,575 $ 229,234 $ 162,530
2 unchanged sentences
Depreciation and amortization 70,518 61,927 28,575
−Removed: Acquisition and transaction related costs
+Added: Acquisition and certain other transaction related costs 200 — —
General and administrative 19,580 17,189 11,307
Total expenses 146,232 127,126 72,229
+Added: Gain on sale of real estate 23,996 — —
Interest income 113 743 200
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $ 2,481 , $ 2,017 and $ 1,244 , respectively)
−Removed: Income before income tax expense and equity in earnings of an investee
+Added: ( 51,619 ) ( 50,848 ) ( 16,081 )
+Added: Gain on early extinguishment of debt 120 — —
+Added: Income before income tax expense and equity in earnings of investees 80,953 52,003 74,420
Income tax expense ( 277 ) ( 171 ) ( 32 )
−Removed: Equity in earnings of an investee
+Added: Equity in earnings of investees 529 666 —
+Added: Net income $ 81,205 $ 52,498 $ 74,388
+Added: Net loss attributable to noncontrolling interest 866 — —
+Added: Net income attributable to common shareholders $ 82,071 $ 52,498 $ 74,388
Weighted average common shares outstanding - basic 65,104 65,049 64,139
Weighted average common shares outstanding - diluted 65,114 65,055 64,140
−Removed: Net income per common share - basic and diluted
+Added: Per common share data (basic and diluted):
+Added: Net income attributable to common shareholders $ 1.26 $ 0.81 $ 1.16
The accompanying notes are an integral part of these consolidated financial statements.
2 unchanged sentences
(dollars in thousands)
−Removed: Distributions
−Removed: Balance at December 31, 2016
−Removed: Contributions
−Removed: Distributions
−Removed: Issuance of common shares and reclassification of ownership interest
+Added: Total Equity Total Equity
+Added: Number of Additional Cumulative Attributable to Attributable to Total
+Added: Common Common Paid In Cumulative Common Common Noncontrolling Shareholders'
+Added: Shares Shares Capital Net Income Distributions Shareholders Interest Equity
Balance at December 31, 2017 45,000,000 $ 450 $ 546,489 $ 15,269 $ — $ 562,208 $ — $ 562,208
+Added: Net income — — — 74,388 — 74,388 — 74,388
Contributions — — 16,162 — — 16,162 — 16,162
1 unchanged sentence
Issuance of common shares, net 20,000,000 200 444,109 — — 444,309 — 444,309
+Added: Share grants 77,400 1 926 — — 927 — 927
Share forfeitures ( 240 ) — — — — — — —
2 unchanged sentences
Balance at December 31, 2018 65,074,791 651 998,447 89,657 ( 60,482 ) 1,028,273 — 1,028,273
+Added: Net income — — — 52,498 — 52,498 — 52,498
+Added: Share grants 119,200 1 1,110 — — 1,111 — 1,111
Share repurchases ( 11,963 ) — ( 253 ) — — ( 253 ) — ( 253 )
2 unchanged sentences
Balance at December 31, 2019 65,180,628 652 999,302 142,155 ( 146,419 ) 995,690 — 995,690
+Added: Net income (loss) — — — 82,071 — 82,071 ( 866 ) 81,205
+Added: Share grants 139,100 1 2,335 — — 2,336 — 2,336
+Added: Share repurchases ( 18,060 ) — ( 382 ) — — ( 382 ) — ( 382 )
+Added: Share forfeitures ( 580 ) — ( 3 ) — — ( 3 ) — ( 3 )
+Added: Distributions to common shareholders — — — — ( 86,089 ) ( 86,089 ) — ( 86,089 )
+Added: Contributions from noncontrolling interest — — 9,567 — — 9,567 98,375 107,942
+Added: Distributions to noncontrolling interest — — — — — — ( 5,479 ) ( 5,479 )
+Added: Sale of interest in joint venture — — — — — — ( 92,030 ) ( 92,030 )
+Added: Balance at December 31, 2020 65,301,088 $ 653 $ 1,010,819 $ 224,226 $ ( 232,508 ) $ 1,003,190 $ — $ 1,003,190
The accompanying notes are an integral part of these consolidated financial statements.
3 unchanged sentences
Year Ended December 31,
+Added: 2020 2019 2018
CASH FLOWS FROM OPERATING ACTIVITIES:
+Added: Net income $ 81,205 $ 52,498 $ 74,388
Adjustments to reconcile net income to net cash provided by operating activities:
+Added: Depreciation 43,821 38,177 18,781
Net amortization of debt issuance costs, premiums and discounts 2,481 2,017 1,244
3 unchanged sentences
Straight line rental income ( 9,041 ) ( 4,345 ) ( 4,739 )
+Added: Gain on early extinguishment of debt ( 120 ) — —
+Added: Gain on sale of property ( 23,996 ) — —
Other non-cash expenses 2,331 1,109 927
−Removed: Equity in earnings of Affiliates Insurance Company
+Added: Equity in earnings of investees ( 529 ) ( 666 ) —
Distributions of earnings from Affiliates Insurance Company — 666 —
2 unchanged sentences
Deferred leasing costs ( 2,443 ) ( 1,457 ) ( 1,745 )
+Added: Other assets ( 1,068 ) ( 594 ) 3,591
Due from related persons ( 3,871 ) ( 114 ) ( 1,390 )
7 unchanged sentences
Real estate improvements ( 5,857 ) ( 17,157 ) ( 5,004 )
+Added: Proceeds from sale of properties 10,578 — —
+Added: Proceeds from sale of interest in joint venture 106,283 — —
Distributions in excess of earnings from Affiliates Insurance Company 287 8,334 —
1 unchanged sentence
Net cash used in investing activities ( 4,522 ) ( 893,393 ) ( 135,527 )
+Added: The accompanying notes are an integral part of these consolidated financial statements.
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
+Added: (dollars in thousands)
+Added: Year Ended December 31,
+Added: 2020 2019 2018
CASH FLOWS FROM FINANCING ACTIVITIES:
3 unchanged sentences
Repayments of revolving credit facility ( 323,000 ) ( 847,000 ) ( 530,000 )
−Removed: Repayment of mortgage notes payable
−Removed: Repayment of SIR note
+Added: Repayment of mortgage note payable ( 48,750 ) — —
Payment of debt issuance costs — ( 8,775 ) ( 5,378 )
+Added: Proceeds from noncontrolling interest, net 107,942 — —
+Added: Distributions to noncontrolling interest ( 5,479 ) — —
Distributions to common shareholders ( 86,089 ) ( 85,937 ) ( 60,482 )
2 unchanged sentences
Distributions — — ( 9,187 )
−Removed: Net cash provided by (used in) financing activities
−Removed: Increase in cash, cash equivalents and restricted cash
−Removed: Cash and cash equivalents at beginning of period
+Added: Net cash (used in) provided by financing activities ( 121,758 ) 802,035 48,372
+Added: (Decrease) increase in cash, cash equivalents and restricted cash ( 11,716 ) 24,942 9,608
+Added: Cash, cash equivalents and restricted cash at beginning of period 34,550 9,608 —
Cash, cash equivalents and restricted cash at end of period $ 22,834 $ 34,550 $ 9,608
−Removed: The accompanying notes are an integral part of these consolidated financial statements.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)
−Removed: (dollars in thousands)
Year Ended December 31,
+Added: 2020 2019 2018
SUPPLEMENTAL DISCLOSURES:
2 unchanged sentences
Interest capitalized $ — $ 187 $ —
−Removed: NON-CASH INVESTING ACTIVITIES:
−Removed: Real estate acquired by assumption of mortgage notes payable
−Removed: NON-CASH FINANCING ACTIVITIES:
−Removed: Distribution to SIR of ownership interest
−Removed: Issuance of SIR note
−Removed: Issuance of common shares
−Removed: Assumption of mortgage notes payable
+Added: NON-CASH INVESTING AND FINANCING ACTIVITIES:
+Added: Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:
+Added: Real estate, net $ ( 631,879 ) $ — $ —
+Added: Mortgage notes, net $ 403,160 $ — $ —
+Added: Real estate acquired by assumption of mortgage note payable $ — $ ( 56,980 ) $ —
+Added: Assumption of mortgage note payable $ — $ 56,980 $ —
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
1 unchanged sentence
As of December 31,
+Added: 2020 2019 2018
Cash and cash equivalents $ 22,834 $ 28,415 $ 9,608
5 unchanged sentences
(dollars in thousands, except per share data)
−Removed: Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, formed under Maryland law on September 15, 2017, as a wholly owned subsidiary of Select Income REIT, or SIR, a former publicly traded REIT that merged with a wholly owned subsidiary of Office Properties Income Trust (formerly known as Government Properties Income Trust), or OPI, on December 31, 2018.
+Added: Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, formed under Maryland law on September 15, 2017, as a wholly owned subsidiary of Select Income REIT, or SIR, a former publicly traded REIT that merged with a subsidiary of Office Properties Income Trust, or OPI, on December 31, 2018.
Until January 17, 2018, we were a wholly owned subsidiary of SIR and SIR managed and controlled our cash management function through a series of commingled centralized accounts.
−Removed: As a result, the cash receipts collected by SIR on our behalf have been accounted for as distributions and the cash disbursements paid by SIR on our behalf have been accounted for as contributions within ownership interest through September 29, 2017.
−Removed: Subsequent to September 29, 2017, contributions and distributions have been accounted for as an increase or decrease, respectively, in additional paid in capital.
+Added: As a result, for the year ended December 31, 2018, the cash receipts collected by SIR on our behalf have been accounted for as distributions and the cash disbursements paid by SIR on our behalf have been accounted for as additional paid in capital.
On January 17, 2018, we completed an initial public offering and listing on The Nasdaq Stock Market LLC, or Nasdaq, of 20,000,000 of our common shares, or our IPO.
1 unchanged sentence
Our Initial Properties were contributed to us on September 29, 2017, by SIR.
−Removed: Two hundred twenty six ( 226 ) of these properties with a total of approximately 16,834,000 rentable square feet are located on the island of Oahu, HI.
−Removed: The remaining 40 properties have a total of approximately 11,706,000 rentable square feet and are located in 24 other states.
−Removed: In connection with our formation and this contribution of properties, we (1) issued to SIR 45,000,000 of our common shares of beneficial interest, $ .01 par value per share, or our common shares, (2) issued to SIR a $ 750,000 non-interest bearing demand note, or the SIR Note, and (3) assumed three mortgage notes totaling $ 63,069 , excluding premiums, that were secured by three of our Initial Properties.
+Added: In connection with our formation and this contribution of properties, we (1) issued to SIR 45,000,000 of our common shares of beneficial interest, $ .01 par value per share, or our common shares, (2) issued to SIR a $ 750,000 non-interest bearing demand note, or the SIR Note, which we repaid with proceeds from our IPO, and (3) assumed three mortgage notes totaling $ 63,069 , excluding premiums, that were secured by three of our Initial Properties.
On December 27, 2018, SIR distributed all 45,000,000 of our common shares that SIR owned to SIR's shareholders of record as of the close of business on December 20, 2018.
1 unchanged sentence
Basis of Presentation.
−Removed: These consolidated financial statements include the accounts of us and our subsidiaries, all of which are 100% owned directly or indirectly by us.
+Added: 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.
−Removed: The accounts of our Initial Properties are presented at SIR’s historical basis and are consolidated for prior periods presented as the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 805-50-30, Business Combinations .
+Added: The consolidated accounts of our Initial Properties are presented at SIR’s historical basis and the transaction described in Note 1 has been accounted for as a reorganization of entities under common control in accordance with the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, 805-50-30, Business Combinations .
Substantially all of the rental income received from our tenants and SIR’s other tenants was deposited in and commingled with SIR’s general funds during the periods prior to January 17, 2018.
−Removed: Prior to January 17, 2018, general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments.
+Added: For the period from January 1, 2018 to January 17, 2018, $ 538 of general and administrative costs of SIR were primarily allocated to us based on the historical cost of our real estate investments as a percentage of SIR’s historical cost of all of its real estate investments.
In accordance with applicable accounting guidance, we believe this method for allocating general and administrative expenses is reasonable.
12 unchanged sentences
We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest 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.
−Removed: The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine that renewal to be probable.
+Added: The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable.
We allocate a portion of the purchase price to acquired in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase.
51 unchanged sentences
Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgage notes.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
Deferred Leasing Costs.
−Removed: Deferred leasing costs include capitalized brokerage, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases.
+Added: Deferred leasing costs include capitalized brokerage costs and, until January 1, 2019, legal and other fees associated with the successful negotiation of leases, which are amortized to depreciation and amortization expense on a straight line basis over the terms of the respective leases.
Deferred leasing costs totaled $ 8,116 and $ 11,383 at December 31, 2020 and 2019, respectively, and accumulated amortization of deferred leasing costs totaled $ 3,521 and $ 4,802 at December 31, 2020 and 2019, respectively.
−Removed: Included in deferred leasing costs at December 31, 2019 , was $ 83 of estimated costs associated with leases under negotiation.
Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2020, are estimated to be $ 682 in 2021, $ 608 in 2022, $ 422 in 2023, $ 388 in 2024, $ 365 in 2025 and $ 2,130 thereafter.
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
Debt Issuance Costs.
3 unchanged sentences
Future amortization of debt issuance costs to be recognized with respect to our revolving credit facility and mortgage notes payable as of December 31, 2020 are estimated to be $ 2,024 in 2021, $ 547 in 2022, $ 547 in 2023, $ 547 in 2024, $ 547 in 2025 and $ 1,686 thereafter.
−Removed: Other Assets.
−Removed: Other assets consist of our investment in Affiliates Insurance Company, or AIC, prepaid insurance and prepaid real estate taxes.
−Removed: We account for our investment in AIC, until AIC was dissolved as described in Note 10, using the equity method of accounting.
−Removed: Significant influence is present through common representation on the boards of trustees or directors of us and AIC.
+Added: Equity Method Investments.
+Added: We own a 22 % equity interest in an unconsolidated joint venture which owns 12 properties, or our joint venture.
+Added: The properties owned by our joint venture are encumbered by an aggr egate $ 406,980 of mo rtgage debts.
+Added: We do not control the activities that are most significant to our joint venture and, as a result, we account for our investment in our joint venture under the equity method of accounting under the fair value option.
+Added: See Notes 3 and 6 for more information regarding our joint venture.
+Added: We account for our investment in Affiliates Insurance Company, or AIC, until AIC was dissolved as described in Note 10, using the equity method of accounting.
+Added: Significant influence was present through common representation on the boards of trustees or directors of us and AIC.
We acquired shares of common stock of AIC from SIR on December 31, 2018 for $ 8,632 .
Until its dissolution on February 13, 2020, we owned a 14.3 % ownership interest in AIC.
+Added: As of December 31, 2020 and 2019, our investment in AIC had a carrying value of $ 12 and $ 298 , respectively.
See Note 10 for more information regarding our investment in AIC.
+Added: We periodically evaluate our equity method investments for possible indicators of other than temporary impairment whenever events or changes in circumstances indicate the carrying amount of the investment might not be recoverable.
+Added: These indicators may include the length of time and the extent to which the market value of our investment is below our carrying value, the financial condition of our investees, our intent and ability to be a long term holder of the investment and other considerations.
+Added: If the decline in fair value is judged to be other than temporary, we record an impairment charge to adjust the basis of the investment to its estimated fair value.
Revenue Recognition.
14 unchanged sentences
2016-02 requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales type leases, direct financing leases and operating leases.
−Removed: We adopted these standards which were effective as of January 1, 2019.
+Added: These standards were effective as of January 1, 2019.
Upon adoption, we applied the package of practical expedients that has allowed us to not reassess (i) whether any expired or existing contracts are or contain leases, (ii) lease classification for any expired or existing leases and (iii) initial direct costs for any expired or existing leases.
9 unchanged sentences
For periods prior to January 1, 2019, we maintained an allowance for doubtful accounts for estimated losses resulting from the inability or unwillingness of certain tenants to make payments required under their leases.
−Removed: The computation of the allowance was based on the tenants’ payment histories and then current credit profiles, as well as other considerations.
−Removed: Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods were not reclassified to conform to the current presentation.
+Added: The computation of the allowance was based on
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
+Added: the tenants’ payment histories and then current credit profiles, as well as other considerations.
+Added: Provisions for credit losses prior to January 1, 2019 were previously included in other operating expenses in our consolidated financial statements and prior periods were not reclassified to conform to the current presentation.
Our leases provide for base rent payments and in addition may include variable payments.
1 unchanged sentence
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.
−Removed: We do not include in our measurement of our lease receivables certain variable payments, including changes in the index or market based indices after the inception of the lease, certain tenant reimbursements and other income, and percentage rents until the specific events that trigger the variable payments have occurred.
−Removed: Such payments totaled $ 40,898 for the year ended December 31, 2019, of which tenant reimbursements totaled $ 38,755 .
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.
5 unchanged sentences
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.
−Removed: The following table presents our operating lease maturity analysis as of December 31, 2019:
−Removed: For the years ended December 31, 2018 and 2017 , rental income from operating leases was recognized on a straight line basis over the lives of lease agreements.
−Removed: We deferred the recognition of contingent rental income, such as percentage rents, until the specific targets that triggered the contingent rental income was achieved.
−Removed: Contingent rental income recognized for the years ended December 31, 2018 and 2017 totaled $ 941 and $ 650 , respectively.
−Removed: Tenant reimbursements and other income, which included property level operating expenses, capital expenditures reimbursed by our tenants, contingent rental income as well as other incidental revenues, totaled $ 23,219 and $ 21,680 for the years ended December 31, 2018 and 2017, respectively.
Income Taxes.
6 unchanged sentences
We are, however, subject to certain state and local taxes.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
Use of Estimates.
1 unchanged sentence
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.
−Removed: The actual results could differ from these estimates.
−Removed: Significant estimates in the consolidated financial statements include purchase price allocations, useful lives of fixed assets, the assessments of the carrying values and impairments of long lived assets and the allowance for doubtful accounts .
−Removed: Ownership Interest.
−Removed: For the periods prior to January 17, 2018, our investment activities were financed by SIR.
−Removed: Amounts invested in or advanced to us did not carry interest and had no specific repayment terms.
Net Income Per Common Share.
7 unchanged sentences
Reclassifications have been made to the prior years' consolidated financial statements to conform to the current year's presentation.
−Removed: New Accounting Pronouncements.
−Removed: In June 2016, the FASB issued ASU No.
−Removed: 2016-13, Financial Instruments - Credit Losses (Topic 326):
−Removed: Measurement of Credit Losses on Financial Instruments , which requires that entities use a new forward looking “expected loss” model that generally will result in the earlier recognition of allowance for credit losses.
−Removed: The measurement of expected credit losses is based upon historical experience, current conditions, and reasonable and supportable forecasts that affect the collectability of the reported amount.
−Removed: 2016-13 will be effective for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years.
−Removed: We expect to adopt the standard using the modified retrospective approach.
−Removed: The implementation of this standard is not expected to have a material impact in our consolidated financial statements.
−Removed: Real Estate Properties
−Removed: As of December 31, 2019 , we owned 300 properties with a total of approximately 42,939,000 rentable square feet, including 226 buildings, leasable land parcels and easements with a total of approximately 16,756,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 74 properties with a total of approximately 26,183,000 rentable square feet of industrial properties located in 29 other states, or our Mainland Properties.
+Added: Real Estate Investments
+Added: As of December 31, 2020, our portfolio was comprised of 289 wholly owned properties with a total of approximately 34,870,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,756,000 rentable square feet of primarily industrial lands located on the island of Oahu, HI, or our Hawaii Properties, and 63 properties containing approximately 18,114,000 rentable square feet of industrial properties located in 30 other states, or our Mainland Properties.
+Added: As of December 31, 2020, we also owned a 22 % equity interest in an unconsolidated joint venture which owns 12 properties located in nine states in the mainland United States totaling approximately 9,227,000 rentable square feet that were 100 % leased.
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
We operate in one business segment:
2 unchanged sentences
In addition, a subsidiary of Amazon.com, Inc., which is a tenant at certain of our Mainland Properties, accounted for $ 38,241 , $ 31,623 and $ 16,047 of our rental income for the years ended December 31, 2020, 2019 and 2018, respectively.
+Added: Joint Venture Activities
+Added: As of December 31, 2020, we have an equity investment in a joint venture that consists of the following:
+Added: ILPT Carrying Value of
+Added: ILPT Investment at December 31, Number of Square
+Added: Joint Venture Ownership 2020 Properties Location Feet
+Added: 12 properties in nine states
+Added: 22 % $ 60,590 12 Various 9,226,729
+Added: The following table provides a summary of the mortgage debts of our joint venture:
+Added: Principal Balance
+Added: at December 31,
+Added: Joint Venture Coupon Rate (1)
+Added: Maturity Date 2020 (2)
+Added: Mortgage note payable (secured by one property in Florida)
+Added: 3.60 % 10/1/2023 $ 56,980
+Added: Mortgage note payable (secured by 11 other properties in eight states)
+Added: 3.33 % 11/7/2029 350,000
+Added: Weighted Average/Total 3.37 % $ 406,980
+Added: (1) Includes the effect of mark to market purchase accounting.
+Added: (2) Amounts are not adjusted for our minority interest.
+Added: In the first quarter of 2020, we entered into agreements related to a joint venture for 12 of our properties in the mainland United States with an Asian institutional investor.
+Added: We contributed 11 of these properties to our joint venture in February 2020 and the remaining property in March 2020.
+Added: We received proceeds from the investor in an aggregate amount of $ 107,942 , which includes $ 734 of costs associated with the formation of our joint venture, for a 39 % equity interest in our joint venture and we retained the remaining 61 % equity interest in our joint venture.
+Added: We recognized a noncontrolling interest in our consolidated balance sheet of $ 98,375 as of the completion of this transaction, which was equal to 39 % of our aggregate carrying value of the total equity of the properties immediately prior to our respective contributions of the properties to our joint venture.
+Added: The difference between the net proceeds received from this transaction and the noncontrolling interest recognized, which was $ 9,567 , has been reflected as an increase in additional paid in capital in our consolidated balance sheet.
+Added: The portion of our joint venture's net loss not attributable to us, or $ 866 for the year ended December 31, 2020 is reported as noncontrolling interest in our consolidated statements of comprehensive income.
+Added: During the year ended December 31, 2020, our joint venture made aggregate cash distributions of $ 14,049 , $ 5,479 to the first joint venture investor, which was reflected as a decrease in total equity attributable to noncontrolling interest and $ 8,570 to us.
+Added: We determined that, while we owned a 61 % equity interest in our joint venture, our joint venture was a variable interest entity, or VIE, as defined under the Consolidation Topic of the FASB ASC.
+Added: We concluded that we must consolidate this VIE, and we did so, until we sold an additional 39 % equity interest in the joint venture in November 2020.
+Added: We reached this determination because we were the entity with the power to direct the activities that most significantly impacted the VIE's economic performance and we had the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore were the primary beneficiary of the VIE.
+Added: The joint venture investor's interest in this consolidated entity was reflected as noncontrolling interest in our consolidated financial statements.
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
+Added: In November 2020, we sold an additional 39 % equity interest from our remaining 61 % equity interest in our joint venture to a second unrelated third party institutional investor for $ 108,812 , which includes certain costs associated with the formation of our joint venture.
+Added: We deconsolidated the net assets of our joint venture and recognized a net gain on sale of $ 23,415 on this transaction, which is included in gain on sale of real estate in our consolidated statements of comprehensive income.
+Added: After giving effect to the sale, we continue to own a 22 % equity interest in our joint venture, but have determined that we are no longer the primary beneficiary.
+Added: Effective as of the date of the sale, we deconsolidated our joint venture and, since that time, we account for our joint venture using the equity method of accounting under the fair value option.
+Added: Our initial investment amount was based on an aggregate property valuation of $ 680,000 , less $ 406,980 of existing mortgage debts on the properties that our joint venture assumed.
+Added: We used the net proceeds from this transaction to reduce outstanding borrowings under our revolving credit facility.
+Added: For more information regarding the use of the equity method for our joint venture, see Note 6 to the Notes to the Consolidated Financial Statements included in Part IV, of this Annual Report on Form 10-K.
+Added: 2020 Disposition:
+Added: During the year ended December 31, 2020, we sold one property located in Virginia containing approximately 308,000 rentable square feet for a sales price of $ 10,775 , excluding closing costs.
+Added: The sale of this property, as presented in the following table, does not represent a significant disposition or a strategic shift.
+Added: As a result, the results of operations of this property are included in continuing operations through the date of sale in our consolidated statements of comprehensive income.
+Added: We did not dispose of any properties during the years ended December 31, 2019 and 2018.
+Added: Number of Square Gross Gain on Sale of
+Added: Date of Sale Properties Location Feet Sale Price (1)
+Added: December 2020 1 Winchester, VA 308,217 $ 10,775 $ 581
+Added: (1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs.
2020 Acquisitions:
−Removed: During the year ended December 31, 2019 , we completed the acquisition of 30 industrial properties containing a combined 13,288,180 rentable square feet for an aggregate purchase price of $ 941,550 , including acquisition related costs of $ 4,800 .
+Added: During the year ended December 31, 2020, we acquired two properties containing a combined 1,465,846 rentable square feet for an aggregate purchase price of $ 115,813 , including acquisition related costs of $ 332 .
These acquisitions were accounted for as acquisitions of assets.
We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows:
−Removed: February 2019
−Removed: 2 mainland states
−Removed: Indianapolis, IN
−Removed: 12 mainland states
−Removed: In October 2018, we acquired a land parcel adjacent to a property we own located in Ankeny, IA for a purchase price of $ 450 , excluding acquisition related costs.
−Removed: During the year ended December 31, 2019, we completed the development of a 194,000 square foot property expansion for an existing tenant at this property for $ 13,507 .
−Removed: In February 2020, we acquired a net leased Class A e-commerce distribution center located in Goodyear, AZ with approximately 820,000 rentable square feet for a purchase price of $ 72,000 , excluding acquisition related costs.
−Removed: This property is 100% leased and has a remaining lease term of approximately six years .
−Removed: In February 2020, we entered into agreements related to a joint venture with an Asian institutional investor for up to 12 of our Mainland Properties, including 11 properties secured by our $ 350,000 mortgage loan we obtained in October 2019.
−Removed: The investor will contribute approximately $ 108,300 , which includes certain costs associated with the formation of the joint venture, for a 39 % equity interest in the joint venture and we retained the remaining 61 % equity interest in the joint venture.
−Removed: The investment amount is based on an aggregate property valuation of $ 680,000 , less approximately $ 407,000 of existing mortgage debt on the properties at the time of the investment.
−Removed: We closed the joint venture with 11 of the 12 properties and the investor will initially contribute approximately $ 82,000 with the balance contributed when the twelfth property is added.
−Removed: We expect to use the net proceeds from this transaction to reduce outstanding borrowings under our revolving credit facility.
+Added: Number Rentable Buildings Acquired
+Added: of Square Purchase and Real Estate
+Added: Date Market Area Properties Feet Price Land Improvements Leases
+Added: February 2020 Phoenix, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738
+Added: December 2020 Kansas City, KS 1 645,462 44,185 5,740 32,701 5,744
+Added: 2 1,465,846 $ 115,813 $ 16,954 $ 87,377 $ 11,482
+Added: 2020 Investments:
During the year ended December 31, 2020, we committed $ 2,106 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 1,102,000 square feet.
−Removed: Committed but unspent tenant related obligations based on existing leases as of December 31, 2019 were $ 793 .
+Added: Committed, but unspent tenant related obligations based on existing leases as of December 31, 2020, were $ 544 , of which $ 373 is expected to be spent during the next 12 months.
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
2019 Acquisitions:
−Removed: During the year ended December 31, 2018, we completed the acquisition of four industrial properties containing a combined 985,235 rentable square feet for an aggregate purchase price of $ 121,385 , including acquisition related costs of $ 1,360 .
+Added: During the year ended December 31, 2019, we completed the acquisition of 30 industrial properties containing a combined 13,288,180 rentable square feet for an aggregate purchase price of $ 941,550 , including acquisition related costs of $ 4,800 .
These acquisitions were accounted for as acquisitions of assets.
−Removed: We allocated the purchase prices of these acquisitions based on the estimated fair value of the acquired assets as follows:
−Removed: Buildings and
−Removed: Doral, FL (1)
−Removed: September 2018
−Removed: September 2018
−Removed: Upper Marlboro, MD
−Removed: Maple Grove, MN
−Removed: (1) This property was acquired and simultaneously leased back to the seller.
+Added: We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows:
+Added: Number Rentable Buildings Acquired Real Estate Discount
+Added: of Square Purchase and Real Estate Lease on Assumed
+Added: Date Market Area Properties Feet Price Land Improvements Leases Obligations Debt
+Added: February 2019 2 mainland states 7 3,708,343 $ 250,276 $ 19,558 $ 205,811 $ 24,907 $ — $ —
+Added: April 2019 Indianapolis, IN 1 493,500 30,517 2,817 24,836 2,864 — —
+Added: April 2019 12 mainland states 20 8,694,321 628,457 52,546 519,829 56,715 ( 1,965 ) 1,332
+Added: August 2019 Columbus, OH 2 392,016 32,300 2,393 27,363 2,544 — —
+Added: 30 13,288,180 $ 941,550 $ 77,314 $ 777,839 $ 87,030 $ ( 1,965 ) $ 1,332
+Added: Rental income from operating leases, including payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable.
+Added: We increased rental income by $ 9,041 , $ 4,345 and $ 4,739 to record revenue on a straight line basis during the years ended December 31, 2020, 2019 and 2018, respectively.
+Added: 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.
+Added: Such payments totaled $ 45,858 , $ 40,898 and $ 24,161 for the years ended December 31, 2020, 2019 and 2018, respectively, of which tenant reimbursements totaled $ 44,878 , $ 38,755 and $ 23,219 , respectively.
+Added: The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2020:
+Added: 2021 $ 169,312
+Added: Thereafter 991,913
+Added: As a result of the COVID-19 pandemic and its aftermath, certain of our tenants have requested relief from their obligations to pay rent due to us.
+Added: We evaluate these requests on a tenant by tenant basis.
+Added: As of February 15, 2021, we granted requests to certain of our tenants to defer aggregate rent payments of $ 3,244 .
+Added: In most cases, these tenants were obligated to pay the deferred rents in 12 equal monthly installments beginning in September 2020.
+Added: We have elected to use the FASB relief package regarding the application of lease accounting guidance to lease concessions provided as a result of the COVID-19 pandemic.
+Added: The FASB relief package provides entities with the option to account for lease concessions resulting from the COVID-19 pandemic outside of the existing lease modification guidance if the resulting cash flows from the modified lease are substantially the same as or less than the original lease.
+Added: Because the deferred rent amounts referenced above will be repaid, the cash flows from the respective leases are substantially the same as before the rent deferrals.
+Added: As of December 31, 2020, deferred payments totaling $ 2,630 are included in rents receivable in our condensed consolidated balance sheet.
+Added: These deferred amounts did not negatively impact our financial results for the year ended December 31, 2020.
INDUSTRIAL LOGISTICS PROPERTIES TRUST
2 unchanged sentences
As of December 31, 2020 and 2019, our outstanding indebtedness consisted of the following:
−Removed: Principal Balance as of
−Removed: of Collateral
−Removed: At December 31,
+Added: Principal Balance as of Value
+Added: December 31, of Collateral
+Added: Interest At December 31,
+Added: Rate Maturity 2020
Unsecured revolving credit facility (2)
+Added: $ 221,000 $ 310,000 1.70 % Dec 2021 $ —
+Added: Mortgage notes payable (secured by 186 properties in Hawaii)
+Added: 650,000 650,000 4.31 % Feb 2029 491,559
Mortgage note payable (secured by one property in Virginia)
+Added: — 48,750 3.48 % Nov 2020 —
Mortgage note payable (secured by one property in Florida) (3)
−Removed: Mortgage note payable (secured by 186 properties in Hawaii)
−Removed: Mortgage note payable (secured by 11 Mainland Properties)
+Added: — 56,980 4.22 % Oct 2023 —
+Added: Mortgage note payable (secured by 11 properties located in eight states) (3)
+Added: — 350,000 3.33 % Nov 2029 —
+Added: 871,000 1,415,730 $ 491,559
Unamortized debt issuance costs, premiums and discounts ( 4,421 ) ( 9,122 )
+Added: $ 866,579 $ 1,406,608
(1) The principal balances are the amounts stated in contracts.
1 unchanged sentence
(2) The maturity date of our revolving credit facility is December 29, 2021 and we have the option to extend the maturity date for two , six month periods through December 29, 2022.
−Removed: On December 29, 2017, we obtained a $ 750,000 secured revolving credit facility which initially had a maturity date of March 29, 2018.
−Removed: Upon the completion of our IPO, our secured revolving credit facility became a $ 750,000 unsecured revolving credit facility and the maturity date was extended to December 29, 2021.
−Removed: Borrowings under our revolving credit facility are available for our general business purposes, including acquisitions.
+Added: (3) The properties encumbered by these mortgages were contributed in the first quarter of 2020 to a joint venture, which we deconsolidated in November 2020 and in which we currently own a 22 % equity interest.
+Added: In 2019, these properties were consolidated into our financial statements.
+Added: See Note 3 for further information regarding our joint venture.
+Added: We have a $ 750,000 unsecured revolving credit facility that is available for our general business purposes, including acquisitions.
+Added: The maturity date of our revolving credit facility is December 29, 2021.
We may borrow, repay and reborrow funds under our revolving credit facility until maturity, and no principal repayment is due until maturity.
1 unchanged sentence
We have the option to extend the maturity date of our revolving credit facility for two , six month periods, subject to payment of extension fees and satisfaction of other conditions.
−Removed: We are also required to pay a commitment fee on the unused portion of our revolving credit facility until and if such time as we make a ratings election, and thereafter we will be required to pay a facility fee in lieu of such commitment fee based on the maximum amount of our revolving credit facility.
+Added: We are also required to pay a commitment fee on the unused portion of our revolving credit facility.
The agreement governing our revolving credit facility, or our credit agreement, also includes a feature under which the maximum borrowing availability under our revolving credit facility may be increased to up to $ 1,500,000 in certain circumstances.
−Removed: As of December 31, 2019 and 2018, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 155 basis points and LIBOR plus 130 basis points , respectively.
+Added: As of December 31, 2020 and 2019, interest payable on the amount outstanding under our revolving credit facility was LIBOR plus 155 basis points.
As of December 31, 2020 and 2019, the interest rate payable on borrowings under our revolving credit facility was 1.70 % and 3.26 %, respectively.
The weighted average interest rate for borrowings under our revolving credit facility was 2.36 %, 3.68 % and 3.33 % for the years ended December 31, 2020, 2019 and 2018, respectively.
−Removed: As of December 31, 2019 and February 19, 2020, we had $ 310,000 and $ 385,000 , respectively, outstanding under our revolving credit facility and $ 440,000 and $ 365,000 , respectively, available to borrow under our revolving credit facility.
+Added: As of December 31, 2020 and February 15, 2021, we had $ 221,000 outstanding under our revolving credit facility, and $ 529,000 available to borrow under our revolving credit facility.
Our credit agreement provides for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default, such as, a change of control of us, which includes RMR LLC ceasing to act as our business manager and property manager.
2 unchanged sentences
In January 2019, we obtained a $ 650,000 mortgage loan secured by 186 of our properties located on the island of Oahu, HI containing approximately 9.6 million square feet.
−Removed: This non-amortizing loan matures on February 7, 2029 and requires monthly payments of interest only at a fixed rate of 4.31 % per annum.
−Removed: We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility and to fund acquisitions.
+Added: This non-amortizing loan matures on February 7, 2029 and requires monthly
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
−Removed: In October 2019, we obtained a $ 350,000 mortgage loan secured by 11 of our Mainland Properties located in eight states containing an aggregate of approximately 8.2 million rentable square feet.
−Removed: This non-amortizing loan matures in November 2029 and requires monthly payments of interest at a fixed rate of 3.33 % per annum.
−Removed: We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility.
+Added: payments of interest only at a fixed rate of 4.31 % per annum.
+Added: We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility and to fund acquisitions.
In connection with the acquisition of a portfolio of 20 industrial properties in April 2019, as discussed in Note 3, we assumed a $ 56,980 mortgage note secured by one property containing approximately 1.0 million square feet located in Ruskin, FL.
2 unchanged sentences
We recorded this discount as we believed the interest rate payable on this mortgage note was below the rate we would have had to pay for debt with the same maturity and similar other terms at the time we assumed this obligation.
+Added: In October 2019, we obtained a $ 350,000 mortgage loan secured by 11 of our properties located in eight states containing an aggregate of approximately 8.2 million rentable square feet.
+Added: This non-amortizing loan matures in November 2029 and requires monthly payments of interest at a fixed rate of 3.33 % per annum.
+Added: We used the proceeds from this loan to reduce outstanding borrowings under our revolving credit facility.
+Added: We no longer include the $ 56,980 secured mortgage note or the $ 350,000 mortgage loan in our consolidated balance sheet following the deconsolidation of the net assets of our formerly majority-owned joint venture discussed in Note 3.
+Added: In May 2020, we prepaid at par plus accrued interest a mortgage note secured by one of our properties with an outstanding principal balance of approximately $ 48,750 , an annual interest rate of 3.48 % and a maturity date in November 2020.
+Added: As a result of the prepayment of this mortgage note, we recorded a gain on early extinguishment of debt of $ 120 for the year ended December 31, 2020 to write off unamortized premiums.
The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2020 are as follows:
−Removed: Total debt outstanding as of December 31, 2019 , including unamortized debt issuance costs, premiums and discounts, was $ 1,406,608 .
+Added: 2021 $ 221,000
+Added: Thereafter 650,000
+Added: $ 871,000 (1)
+Added: (1) Total debt outstanding as of December 31, 2020, including unamortized debt issuance costs of $ 4,421 , was 645,579 .
Fair Value of Assets and Liabilities
1 unchanged sentence
At December 31, 2020 and 2019, the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to the short term nature or floating interest rates, except as follows:
−Removed: At December 31, 2019
−Removed: At December 31, 2018
+Added: At December 31, 2020 At December 31, 2019
+Added: Carrying Estimated Carrying Estimated
+Added: Fair Value Value (1)
Mortgage notes payable $ 645,579 $ 730,119 $ 1,096,608 $ 1,143,437
(1) Includes unamortized debt issuance costs, premiums and discounts of $ 4,421 and $ 9,122 as of December 31, 2020 and 2019, respectively.
−Removed: We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs).
−Removed: Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
+Added: We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and currently prevailing market rates as of the measurement date (Level 3 inputs).
+Added: Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.
+Added: The table below presents certain of our assets measured on a recurring basis at fair value at December 31, 2020, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
+Added: Quoted Prices in Significant Other Significant
+Added: Active Markets for Observable Unobservable
+Added: Identical Assets Inputs Inputs
+Added: Total (Level 1) (Level 2) (Level 3)
+Added: Recurring fair value measurements
+Added: Investment in unconsolidated joint venture (1)
+Added: $ 60,590 $ — $ — $ 60,590
+Added: (1) We own a 22 % equity interest in a joint venture that owns 12 properties and is included in investment in unconsolidated joint venture in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs).
+Added: The significant unobservable inputs used in the fair value are discount rates, exit capitalization rates, holding periods and market rents.
+Added: The assumptions are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience.
+Added: See Note 3 for further information regarding our joint venture .
Shareholders’ Equity
2 unchanged sentences
During the years ended December 31, 2020, 2019 and 2018, we awarded to our officers and other employees of RMR LLC annual share awards of 108,600 , 104,200 and 54,400 of our common shares, respectively, valued at $ 2,460 , $ 2,260 and $ 1,269 , in aggregate, respectively.
−Removed: In accordance with our Trustee compensation arrangements, we also granted each of our Trustees 3,000 common shares in 2019 with an aggregate value of $ 281 ( $ 56 per Trustee).
−Removed: During 2018, we granted each of our then Trustees 1,000 of our common shares with an aggregate value of $ 104 ( $ 21 per Trustee) as compensation for the period from our IPO to May 2018 and granted each of our then Trustees 3,000 common shares with an aggregate value of $ 314 ( $ 63 per Trustee) as part of their annual compensation.
−Removed: We granted an additional 3,000 common shares in December 2018, with an aggregate value of $ 61 to one of our Managing Trustees, who was elected as a Managing Trustee in December 2018.
−Removed: The values of the share grants were based upon the closing price of our common shares trading on Nasdaq on the dates of grants.
−Removed: The common shares granted to our Trustees vested immediately.
−Removed: The common shares granted to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of grant.
−Removed: We include the value of granted shares in general and administrative expenses ratably over the vesting period.
−Removed: A summary of shares granted, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2019 is as follows:
−Removed: December 31, 2019
−Removed: December 31, 2018
+Added: In accordance with our Trustee compensation arrangements, we awarded each of our then seven Trustees 3,500 common shares in 2020 with an aggregate value of $ 460 ($ 66 per Trustee).
+Added: Also in 2020, in connection with the election of two of our Trustees, we awarded 3,000 of our common shares to each such Trustee with an aggregate value of $ 141 ($ 71 per Trustee) as part of their annual compensation.
+Added: During 2019, we awarded each of our then Trustees 3,000 common shares with an aggregate value of $ 281 ($ 56 per Trustee) as part of their annual compensation.
+Added: During 2018, we awarded each of our then Trustees 1,000 of our common shares with an aggregate value of $ 104 ($ 21 per Trustee) as compensation for the period from our IPO to May 2018 and awarded each of our then Trustees 3,000 common shares with an aggregate value of $ 314 ($ 63 per Trustee) as part of their annual compensation.
+Added: We awarded an additional 3,000 common shares in December 2018, with an aggregate value of $ 61 to one of our Managing Trustees, who was elected as a Managing Trustee in December 2018.
+Added: The values of the share awards were based upon the closing price of our common shares trading on Nasdaq on the dates of awards.
+Added: The common shares awarded to our Trustees vested immediately.
+Added: The common shares awarded to our officers and certain other employees of RMR LLC vest in five equal annual installments beginning on the date of award.
+Added: We recognize share forfeitures as they occur.
+Added: We include the value of awarded shares in general and administrative expenses ratably over the vesting period.
+Added: A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the year ended December 31, 2020, 2019 and 2018 is as follows:
+Added: December 31, 2020 December 31, 2019 December 31, 2018
+Added: Weighted Weighted Weighted
+Added: Average Average Average
+Added: Number Grant Date Number Grant Date Number Grant Date
+Added: of Shares Fair Value of Shares Fair Value of Shares Fair Value
Unvested at beginning of year 108,200 $ 22.08 43,280 $ 23.33 — $ —
+Added: Granted 139,100 22.01 119,200 21.32 77,400 22.60
+Added: Vested ( 84,520 ) 21.41 ( 52,880 ) 20.78 ( 33,880 ) 21.64
+Added: Forfeited ( 580 ) 22.20 ( 1,400 ) 22.39 ( 240 ) 23.33
Unvested at end of year 162,200 $ 22.37 108,200 $ 22.08 43,280 $ 23.33
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
The 162,200 unvested shares as of December 31, 2020 are scheduled to vest as follows:
5 unchanged sentences
Common Share Purchases:
−Removed: During the years ended December 31, 2019 and 2018, we repurchased our common shares from our current and former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares, valued at the closing price of our common shares on Nasdaq on the purchase date, as follows:
−Removed: Date Purchased
−Removed: Number of Shares
−Removed: Price per Share
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
+Added: During the years ended December 31, 2020, 2019 and 2018, we repurchased 18,060 , 11,963 and 2,369 of our common shares, respectively, at weighted average prices of $ 21.16 , $ 21.19 and 22.08 per common share, respectively, from our Trustees and current and former officers and employees of RMR LLC in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.
Distributions:
During the years ended December 31, 2020, 2019 and 2018, we paid distributions on our common shares as follows:
−Removed: Characterization of Distribution
+Added: Annual Per Characterization of Distribution
+Added: Share Total Return of Ordinary
+Added: Year Distribution Distribution Capital Income
+Added: 2020 $ 1.32 $ 86,089 29.0 % 71.0 %
+Added: 2019 $ 1.32 $ 85,937 21.8 % 78.2 %
+Added: 2018 $ 0.93 $ 60,482 — % 100.0 %
On January 14, 2021, we declared a regular quarterly distribution of $ 0.33 per common share, or $ 21,549 , to shareholders of record on January 25, 2021.
We paid this distribution to our shareholders on February 18, 2021.
−Removed: Weighted Average Common Shares
+Added: Per Common Share Amounts
The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands):
Year Ended December 31,
+Added: 2020 2019 2018
Weighted average common shares for basic earnings per share 65,104 65,049 64,139
2 unchanged sentences
Weighted average common shares for diluted earnings per share 65,114 65,055 64,140
−Removed: Certain Arrangements, Allocations and Operations Prior to our IPO
−Removed: In connection with our IPO, on September 29, 2017, SIR contributed to us 266 properties with a total of approximately 28,540,000 rentable square feet, including 16,834,000 rentable square feet of primarily industrial lands in Hawaii and approximately 11,706,000 rentable square feet of industrial and logistics properties in 24 other states.
−Removed: In connection with our formation and this contribution from SIR, we issued to SIR 45,000,000 of our common shares and the SIR Note, and we assumed three mortgage notes totaling $ 63,069 , as of September 30, 2017, that were secured by three of our Initial Properties.
−Removed: In December 2017, we obtained a $ 750,000 secured revolving credit facility, and we used the proceeds of an initial borrowing under this credit facility to pay the SIR Note in full.
−Removed: Also in December 2017, SIR prepaid on our behalf two of the mortgage notes totaling approximately $ 14,319 that had encumbered two of our Initial Properties.
−Removed: In connection with our IPO, we reimbursed SIR for approximately $ 7,271 of costs that SIR incurred in connection with our formation and preparation for our IPO.
−Removed: We do not have any employees.
−Removed: As a wholly owned subsidiary of SIR, until the completion of our IPO, we received services from RMR LLC under SIR’s management agreements with RMR LLC.
−Removed: In connection with our IPO, we entered two agreements with RMR LLC to provide management services to us that were substantially similar to the terms of the then management agreements between SIR and RMR LLC.
−Removed: See Note 9 for more information regarding our management agreements with RMR LLC.
−Removed: For periods prior to the completion of our IPO on January 17, 2018, base management fees payable by SIR under SIR’s business management agreement with RMR LLC were calculated based on the historical costs of our Initial Properties and incentive management fees payable by SIR and allocated to us were based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR.
−Removed: Base management fees paid by SIR allocated to us by SIR for the period from January 1, 2018 to January 16, 2018 and the year ended December 31, 2017 were $ 308 and $ 6,823 , respectively.
−Removed: These amounts are included in other operating expenses in our consolidated financial statements.
−Removed: The incentive management fee allocated to us by SIR for the year ended December 31, 2017 and paid by SIR to RMR LLC in January 2018 was $ 7,660 .
−Removed: General and administrative expenses incurred by SIR were allocated to us by SIR for periods prior to our IPO based on the percentage of the base management fees allocated to us compared to the total base management fees paid by SIR.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
−Removed: RMR LLC was paid, by SIR, property management fees equal to 3.0 % of gross collected rents and construction supervision fees equal to 5.0 % of construction costs.
−Removed: The aggregate property management and construction supervision fees allocated to us by SIR for the period from January 1 to January 16, 2018 and the year ended December 31, 2017 were $ 230 and $ 4,244 , respectively.
−Removed: These amounts were calculated based upon gross collected rents and construction supervision services provided at or for our Initial Properties.
−Removed: These amounts are included in other operating expenses or have been capitalized, as appropriate, in our consolidated financial statements.
−Removed: Under SIR’s management agreements with RMR LLC, SIR was generally responsible for all of our operating expenses, including certain expenses incurred by RMR LLC on our behalf, including the employment and related expenses of RMR LLC’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR LLC’s centralized accounting personnel, our share of RMR LLC’s costs for providing our internal audit function and as otherwise agreed.
−Removed: Our property level operating costs are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC.
−Removed: The total of these property management related reimbursements paid to RMR LLC for costs incurred by RMR LLC related to our Initial Properties for the period from January 1 to January 16, 2018 and the year ended December 31, 2017 were $ 120 and $ 2,512 respectively.
−Removed: These amounts are included in other operating expenses in our consolidated financial statements for these periods.
−Removed: We also paid or reimbursed SIR for our allocated portion of certain insurance policies.
−Removed: The total of these insurance related reimbursements paid to SIR for costs for the period from January 1 to January 16, 2018 was $ 4 .
−Removed: See Note 10 for more information.
−Removed: See Notes 9 and 10 for more information regarding our relationships, agreements and transactions with RMR LLC and SIR.
Business and Property Management Agreements with RMR LLC
1 unchanged sentence
The personnel and various services we require to operate our business are provided to us by RMR LLC.
−Removed: Upon completion of our IPO on January 17, 2018, we entered two agreements with RMR LLC to provide management services to us:
−Removed: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations.
−Removed: See Notes 8 and 10 for more information regarding our relationship, agreements and transactions with RMR LLC prior to our IPO.
+Added: We have two agreements with RMR LLC to provide management services to us:
+Added: (1) a business management agreement, which relates to our business generally;
+Added: and (2) a property management agreement, which relates to our property level operations.
Management Agreements with RMR LLC.
2 unchanged sentences
The annual base management fee payable to RMR LLC by us for each applicable period is equal to the lesser of:
−Removed: the sum of (i) 0.5 % of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred Assets, which includes our Initial Properties we acquired from SIR, 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 ;
−Removed: 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 .
+Added: ◦ the sum of (i) 0.5 % of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR LLC provided business management or property management services, or the Transferred
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
+Added: 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 ;
+Added: ◦ 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.
8 unchanged sentences
For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) if the measurement period ends on or before December 31, 2020, $ 24.00 per common share (our unadjusted initial share price, as defined under the business management agreement, based on our IPO price of our common shares) or, if the measurement period ends after December 31, 2020, 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 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.
−Removed: 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 additional common shares are issued or if we repurchase our common shares during the measurement period.
+Added: ◦ 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.
−Removed: The measurement periods are generally three year periods ending with the year for which the incentive management fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive fee for 2020 (the period beginning on January 12, 2018, the first day our common shares began trading, and ending on December 31, 2020), 2019 (the period beginning on January 12, 2018 and ending on December 31, 2019) and 2018 (the period beginning on January 12, 2018 and ending on December 31, 2018).
−Removed: 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.
−Removed: 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, 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.
+Added: ◦ The measurement periods are generally three year periods ending with the year for which the incentive management fee is being calculated, with shorter periods applicable in the case of the calculation of the incentive fee for 2020 (the period beginning on January 12, 2018, the first day our common shares began
INDUSTRIAL LOGISTICS PROPERTIES TRUST
1 unchanged sentence
(dollars in thousands, except per share data)
+Added: trading, and ending on December 31, 2020), 2019 (the period beginning on January 12, 2018 and ending on December 31, 2019) and 2018 (the period beginning on January 12, 2018 and ending on December 31, 2018).
+Added: ◦ 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.
+Added: 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, 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.
◦ The incentive management fee is subject to a cap.
1 unchanged sentence
◦ Incentive management fees we paid to RMR LLC 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 LLC 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.
−Removed: Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $ 11,897 for the year ended December 31, 2019 and $ 7,269 for the period from January 17, 2018 through December 31, 2018.
+Added: Pursuant to our business management agreement with RMR LLC, we recognized net business management fees of $ 12,983 and $ 11,897 for the years ended December 31, 2020 and 2019, respectively, and $ 7,269 for the period from January 17, 2018 through December 31, 2018.
+Added: The net business management fees we recognized for the year ended December 31, 2020 include $ 1,005 of management fees paid to RMR LLC by our joint venture that was a consolidated subsidiary of ours until November 2020.
+Added: See Note 3 for further information regarding our joint venture.
The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income for the years ended December 31, 2020, 2019 and 2018.
2 unchanged sentences
The property management fees payable to RMR LLC by us for each applicable period are equal to 3.0 % of gross collected rents and the construction supervision fees payable to RMR LLC by us for each applicable period are equal to 5.0 % of construction costs.
−Removed: Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $ 7,548 and $ 4,680 for the year ended December 31, 2019 and for the period from January 17, 2018 through December 31, 2018, respectively.
−Removed: These amounts are included in operating expenses in our consolidated statements of comprehensive income, or capitalized, as appropriate.
+Added: Pursuant to our property management agreement with RMR LLC, we recognized aggregate property management and construction supervision fees of $ 7,472 and $ 7,548 for the years ended December 31, 2020 and 2019, respectively, and $ 4,680 for the period from January 17, 2018 through December 31, 2018.
+Added: For the years ended December 31, 2020 and 2019 and for the period from January 17, 2018 through December 31, 2018, $ 7,267 , $ 6,697 and $ 4,467 , respectively, of the total net property management and construction supervision fees were expensed to other operating expenses in our consolidated statements of comprehensive income and $ 205 , $ 851 and $ 213 , respectively, were capitalized as building improvements in our consolidated balance sheets.
• Expense Reimbursement .
3 unchanged sentences
Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR LLC.
−Removed: We reimbursed RMR LLC $ 4,269 and $ 2,908 for these expenses and costs for the year ended December 31, 2019 and for the period from January 17, 2018 through December 31, 2018, respectively.
+Added: We reimbursed RMR LLC $ 4,948 and $ 4,269 for these expenses and costs for the years ended December 31, 2020 and 2019, respectively, and
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
+Added: $ 2,908 for the period from January 17, 2018 through December 31, 2018.
These amounts are included in other operating expenses and general and administrative expenses, as applicable, for these periods.
4 unchanged sentences
RMR LLC has the right to terminate the management agreements for good reason, as defined therein.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
• Termination Fee .
8 unchanged sentences
Under our business management agreement with RMR LLC, we acknowledge that RMR LLC 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 LLC.
+Added: Management Agreements between Our Joint Venture and RMR LLC.
+Added: As described further in Note 3, we own a 22 % equity interest in our joint venture.
+Added: In November 2020, our joint venture entered into (1) an amended and restated asset management agreement with RMR LLC, which provides for an asset management fee of 1.0 % of average invested capital for our joint venture, and (2) an amended and restated master property management agreement with RMR LLC, which provides for a property management fee of 3 % of gross collected rents and 5 % of construction costs supervised by RMR LLC for our joint venture.
+Added: Prior to November 2020, our joint venture was our consolidated subsidiary and, as such, we were obligated to pay fees under our management agreements with RMR LLC regarding our joint venture;
+Added: however, any fees paid by that joint venture were credited against the fees payable by us to RMR LLC.
+Added: Starting in November 2020, our joint venture is no longer our consolidated subsidiary and, as a result, we are no longer required to pay management fees to RMR LLC with respect to our joint venture and fees our joint venture pays to RMR LLC are no longer credited against amounts we owe to RMR LLC.
+Added: INDUSTRIAL LOGISTICS PROPERTIES TRUST
+Added: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
+Added: (dollars in thousands, except per share data)
Related Person Transactions
−Removed: We have relationships and historical and continuing transactions with RMR LLC, RMR Inc.
−Removed: and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers.
+Added: We have relationships and historical and continuing transactions with RMR LLC, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR LLC or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers.
RMR LLC is a majority owned subsidiary of RMR Inc.
−Removed: The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, as the sole trustee of ABP Trust, is the controlling shareholder of RMR Inc.
−Removed: and is a managing director and the president and chief executive officer of RMR Inc.
+Added: The Chair of our Board of Trustees and one of our Managing Trustees, Adam Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., a managing director and the president and chief executive officer of RMR Inc.
and an officer and employee of RMR LLC.
−Removed: John Murray, our other Managing Trustee and President and Chief Executive Officer, also serves as an executive officer of RMR LLC, and each of our other officers is also an officer and employee of RMR LLC.
+Added: John Murray, our other Managing Trustee and our President and Chief Executive Officer, also serves as an officer and employee of RMR LLC, and each of our other officers is also an officer and employee of RMR LLC.
Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR LLC or its subsidiaries provide management services.
Adam Portnoy serves as chair of the boards of trustees or boards of directors of several of these public companies and as a managing director or managing trustee of these public companies.
−Removed: Other officers of RMR LLC serve as managing trustees or managing directors of certain of these companies.
−Removed: In addition, officers of RMR LLC and RMR Inc.
−Removed: serve as our officers and officers of other companies to which RMR LLC or its subsidiaries provide management services, including SIR prior to its merger into OPI’s subsidiary.
−Removed: Our Manager, RMR LLC.
+Added: Other officers of RMR LLC, including Mr.
+Added: Murray and certain of our other officers, serve as managing trustees, managing directors or officers of certain of these companies.
+Added: O ur Manager, RMR LLC.
We have two agreements with RMR LLC to provide management services to us.
−Removed: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to our property level operations.
−Removed: See Note 9 for more information regarding our management agreements with RMR LLC.
+Added: See Note 9 for further information regarding our management agreements with RMR LLC.
Share Awards to RMR LLC Employees .
3 unchanged sentences
These awards to RMR LLC employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR LLC.
−Removed: See Note 6 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 obligation on the vesting of share awards.
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
−Removed: Effective December 31, 2018, SIR merged with and into a wholly owned subsidiary of OPI.
+Added: 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.
+Added: Effective December 31, 2018, SIR merged with and into a subsidiary of OPI.
Adam Portnoy is also a managing trustee of OPI and was a managing trustee of SIR prior to its merger with OPI’s subsidiary.
2 unchanged sentences
As a result of the merger, OPI succeeded to all of SIR’s rights and obligations, including with respect to SIR’s agreements with us.
−Removed: OPI and SIR owed to us $ 1,504 and $ 865 as of December 31, 2019 and 2018, respectively, for rents that they collected on our behalf from certain of our tenants as a result of SIR having previously owned those properties and being the landlord of those tenants prior to SIR having contributed those properties to us in connection with our IPO, and which were due to us.
−Removed: OPI paid these amounts due to us or collected on our behalf in January 2020 and 2019, respectively.
+Added: OPI owed to us $ 1,504 as of December 31, 2019 for rents that it collected on our behalf from certain of our tenants.
+Added: A predecessor of OPI owned those properties and those tenants first became tenants at those properties prior to our ownership.
+Added: OPI paid these amounts due to us or collected on our behalf in January 2020.
Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR LLC provides management services owned AIC in equal amounts.
−Removed: Certain of our Trustees and certain trustees or directors of the other AIC shareholders served on the board of directors of AIC, until its dissolution.
−Removed: We (including, prior to our IPO, through SIR, as SIR’s subsidiary) and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC.
−Removed: SIR allocated to us the portion of the premiums for this insurance program, including taxes and fees, covering our Initial Properties, which allocations were $ 266 , $ 320 and $ 351 for the policy years ended June 30, 2019, 2018 and 2017, respectively.
−Removed: The policies under that program expired on June 30, 2019, and we and the other AIC shareholders elected not to renew the AIC property insurance program;
−Removed: we have instead purchased standalone property insurance coverage with unrelated third party insurance providers.
−Removed: On February 13, 2020, AIC was dissolved and in connection with its dissolution, we and each AIC shareholders received an initial liquidating distribution of $ 9,000 from AIC in December 2019.
−Removed: As of December 31, 2019 and 2018, our investment in AIC had a carrying value of $ 298 and $ 8,632 , respectively.
−Removed: This amount is included in other assets in our consolidated balance sheets.
−Removed: We recognized income related to our investment in AIC of $ 666 for the year ended December 31, 2019, which is presented as equity in earnings of an investee in our consolidated statement of comprehensive income.
−Removed: We did not recognize any income related to our investment in AIC for the year ended December 31, 2018.
−Removed: RMR LLC historically provided management and administrative services to AIC for a fee equal to 3.0 % of the total premiums paid for insurance arranged by AIC.
−Removed: As a result of the property insurance program having been discontinued as of June 30, 2019, AIC has not incurred fees payable to RMR LLC since that time.
−Removed: Directors’ and Officers’ Liability Insurance.
−Removed: We, RMR Inc., RMR LLC and certain other companies to which RMR LLC or its subsidiaries provide management services participate in a combined directors’ and officers’ liability insurance policy.
−Removed: The current combined policy expires in September 2020.
−Removed: Prior to SIR’s distribution of our common shares to its shareholders, as a majority owned subsidiary of SIR, we were provided coverage under this policy and SIR allocated a portion of its cost of the policy to us.
−Removed: We paid $ 160 for the year ended December 31, 2019 for this insurance and the cost of this insurance SIR allocated to us was $ 90 and $ 116 for the years ended December 31, 2018, and 2017, respectively.
−Removed: Selected Quarterly Financial Data (Unaudited)
−Removed: The following is a summary of our unaudited quarterly results of operations for 2019 and 2018 :
−Removed: Total revenues
−Removed: Net income per common share—basic and diluted
−Removed: Common distributions declared
−Removed: INDUSTRIAL LOGISTICS PROPERTIES TRUST
−Removed: NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
−Removed: (dollars in thousands, except per share data)
−Removed: Total revenues
−Removed: Net income per common share—basic and diluted
−Removed: Common distributions declared
+Added: We and the other AIC shareholders historically participated in a combined property insurance program arranged and insured or reinsured in part by AIC until June 30, 2019.
+Added: In connection with AIC’s dissolution, we and each other AIC shareholder received an initial liquidating distribution of $ 9,000 from AIC in December 2019 and an additional liquidating distribution of approximately $ 287 in June 2020.
+Added: We recognized income related to our investment in AIC of $ 666 for the year ended December 31, 2019, which is presented as equity in earnings of investees in our consolidated statement of comprehensive income.
+Added: We did not recognize any income related to our investment in AIC for the years ended December 31, 2020 or 2018.
+Added: Our Joint Venture.
+Added: As of December 31, 2020, our joint venture owed to us $ 2,665 for post-closing adjustments relating to our sale of some of our equity interests to a second third party institutional investor in November 2020.
+Added: This amount is presented as due from related persons in our consolidated balance sheet.
INDUSTRIAL LOGISTICS PROPERTIES TRUST
2 unchanged sentences
(dollars in thousands)
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 4501 Industrial Drive
−Removed: Mainland Properties
−Removed: 955 Aeroplaza Drive
−Removed: Colorado Springs
−Removed: Mainland Properties
−Removed: 13400 East 39th Avenue and 3800 Wheeling Street
−Removed: Mainland Properties
−Removed: 3870 Ronald Reagan Boulevard
−Removed: Mainland Properties
−Removed: 150 Greenhorn Drive
−Removed: Mainland Properties
−Removed: 2 Tower Drive
−Removed: Mainland Properties
−Removed: 235 Great Pond Drive
−Removed: Mainland Properties
−Removed: 10450 Doral Boulevard
−Removed: Mainland Properties
−Removed: 2100 NW 82nd Avenue
−Removed: Mainland Properties
−Removed: 3350 Laurel Ridge Avenue
−Removed: Mainland Properties
−Removed: 1000 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 1001 Ahua Street
−Removed: Hawaii Properties
−Removed: 1024 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 1024 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 1027 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 1030 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 1038 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 1045 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 1050 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 1052 Ahua Street
−Removed: Hawaii Properties
−Removed: 1055 Ahua Street
−Removed: Hawaii Properties
−Removed: 106 Puuhale Road
−Removed: Hawaii Properties
−Removed: 1062 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 1122 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 113 Puuhale Road
−Removed: Hawaii Properties
−Removed: 1150 Kikowaena Place
−Removed: Hawaii Properties
−Removed: 120 Mokauea Street
−Removed: Hawaii Properties
−Removed: 120 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 120B Mokauea Street
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 1 4501 Industrial Drive Fort Smith AR Mainland Properties $ 900 $ 3,485 $ — $ 900 $ 3,485 $ 4,385 $ ( 516 ) 1/29/2015 2013
+Added: 2 16920 West Commerce Drive Goodyear AZ Mainland Properties 11,214 54,676 32 11,214 54,708 65,922 ( 1,376 ) 2/14/2020 2008
+Added: 3 955 Aeroplaza Drive Colorado Springs CO Mainland Properties 800 7,412 39 800 7,451 8,251 ( 1,103 ) 1/29/2015 2012
+Added: 4/5 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Properties 3,100 12,955 4 3,100 12,959 16,059 ( 1,917 ) 1/29/2015 1973
+Added: 6 3870 Ronald Reagan Boulevard Johnstown CO Mainland Properties 2,780 9,722 — 2,780 9,722 12,502 ( 559 ) 4/9/2019 2007
+Added: 7 150 Greenhorn Drive Pueblo CO Mainland Properties 200 4,177 — 200 4,177 4,377 ( 618 ) 1/29/2015 2013
+Added: 8 2 Tower Drive Wallingford CT Mainland Properties 1,471 2,165 858 1,471 3,023 4,494 ( 854 ) 10/24/2006 1978
+Added: 9 235 Great Pond Road Windsor CT Mainland Properties 2,400 9,469 — 2,400 9,469 11,869 ( 1,993 ) 7/20/2012 2004
+Added: 10 10450 Doral Boulevard Doral FL Mainland Properties 15,225 28,102 — 15,225 28,102 43,327 ( 2,342 ) 6/27/2018 1996
+Added: 11 2100 NW 82nd Avenue Miami FL Mainland Properties 144 1,297 454 144 1,751 1,895 ( 845 ) 3/19/1998 1987
+Added: 12 1000 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,252 — — 2,252 — 2,252 — 12/5/2003 —
+Added: 13 1001 Ahua Street Honolulu HI Hawaii Properties (A) 15,155 3,312 91 15,155 3,403 18,558 ( 1,439 ) 12/5/2003 —
+Added: 14 1024 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,818 — — 1,818 — 1,818 — 12/5/2003 —
+Added: 15 1024 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,385 — — 1,385 — 1,385 — 12/5/2003 —
+Added: 16 1027 Kikowaena Place Honolulu HI Hawaii Properties (A) 5,444 — — 5,444 — 5,444 — 12/5/2003 —
+Added: 17 1030 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,655 — — 5,655 — 5,655 — 12/5/2003 —
+Added: 18 1038 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,576 — — 2,576 — 2,576 — 12/5/2003 —
+Added: 19 1045 Mapunapuna Street Honolulu HI Hawaii Properties (A) 819 — — 819 — 819 — 12/5/2003 —
+Added: 20 1050 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,404 873 — 1,404 873 2,277 ( 372 ) 12/5/2003 —
+Added: 21 1052 Ahua Street Honolulu HI Hawaii Properties (A) 1,703 — 240 1,703 240 1,943 ( 92 ) 12/5/2003 —
+Added: 22 1055 Ahua Street Honolulu HI Hawaii Properties (A) 1,216 — — 1,216 — 1,216 — 12/5/2003 —
+Added: 23 106 Puuhale Road Honolulu HI Hawaii Properties (A) 1,113 — 274 1,113 274 1,387 ( 81 ) 12/5/2003 1966
+Added: 24 1062 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,049 598 61 1,049 659 1,708 ( 256 ) 12/5/2003 —
+Added: 25 1122 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,781 — — 5,781 — 5,781 — 12/5/2003 —
+Added: 26 113 Puuhale Road Honolulu HI Hawaii Properties (A) 3,729 — — 3,729 — 3,729 — 12/5/2003 —
+Added: 27 1150 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,445 — — 2,445 — 2,445 — 12/5/2003 —
+Added: 28 120 Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — 1,029 1,953 1,029 2,982 ( 150 ) 12/5/2003 1970
+Added: 29 120 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,132 11,307 1,423 1,132 12,730 13,862 ( 4,965 ) 11/23/2004 2004
+Added: 30 120B Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — — 1,953 — 1,953 — 12/5/2003 1970
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 125 Puuhale Road
−Removed: Hawaii Properties
−Removed: 125B Puuhale Road
−Removed: Hawaii Properties
−Removed: 1330 Pali Highway
−Removed: Hawaii Properties
−Removed: 1360 Pali Highway
−Removed: Hawaii Properties
−Removed: 140 Puuhale Road
−Removed: Hawaii Properties
−Removed: 142 Mokauea Street
−Removed: Hawaii Properties
−Removed: 148 Mokauea Street
−Removed: Hawaii Properties
−Removed: 150 Puuhale Road
−Removed: Hawaii Properties
−Removed: 151 Puuhale Road
−Removed: Hawaii Properties
−Removed: 158 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 165 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 179 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 180 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 1926 Auiki Street
−Removed: Hawaii Properties
−Removed: 1931 Kahai Street
−Removed: Hawaii Properties
−Removed: 197 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 2001 Kahai Street
−Removed: Hawaii Properties
−Removed: 2019 Kahai Street
−Removed: Hawaii Properties
−Removed: 2020 Auiki Street
−Removed: Hawaii Properties
−Removed: 204 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 207 Puuhale Road
−Removed: Hawaii Properties
−Removed: 2103 Kaliawa Street
−Removed: Hawaii Properties
−Removed: 2106 Kaliawa Street
−Removed: Hawaii Properties
−Removed: 2110 Auiki Street
−Removed: Hawaii Properties
−Removed: 212 Mohonua Place
−Removed: Hawaii Properties
−Removed: 2122 Kaliawa Street
−Removed: Hawaii Properties
−Removed: 2127 Auiki Street
−Removed: Hawaii Properties
−Removed: 2135 Auiki Street
−Removed: Hawaii Properties
−Removed: 2139 Kaliawa Street
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 31 125 Puuhale Road Honolulu HI Hawaii Properties (A) 1,630 — — 1,630 — 1,630 — 12/5/2003 —
+Added: 32 125B Puuhale Road Honolulu HI Hawaii Properties (A) 2,815 — — 2,815 — 2,815 — 12/5/2003 —
+Added: 33 1330 Pali Highway Honolulu HI Hawaii Properties (A) 1,423 — — 1,423 — 1,423 — 12/5/2003 —
+Added: 34 1360 Pali Highway Honolulu HI Hawaii Properties (A) 9,170 — 161 9,170 161 9,331 ( 124 ) 12/5/2003 —
+Added: 35 140 Puuhale Road Honolulu HI Hawaii Properties (A) 1,100 — — 1,100 — 1,100 — 12/5/2003 —
+Added: 36 142 Mokauea Street Honolulu HI Hawaii Properties (A) 2,182 — 1,576 2,182 1,576 3,758 ( 435 ) 12/5/2003 1972
+Added: 37 148 Mokauea Street Honolulu HI Hawaii Properties (A) 3,476 — — 3,476 — 3,476 — 12/5/2003 —
+Added: 38 150 Puuhale Road Honolulu HI Hawaii Properties (A) 4,887 — — 4,887 — 4,887 — 12/5/2003 —
+Added: 39 151 Puuhale Road Honolulu HI Hawaii Properties (A) 1,956 — — 1,956 — 1,956 — 12/5/2003 —
+Added: 40 158 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,488 — — 2,488 — 2,488 — 12/5/2003 —
+Added: 41 165 Sand Island Access Road Honolulu HI Hawaii Properties (A) 758 — — 758 — 758 — 12/5/2003 —
+Added: 42 179 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,480 — — 2,480 — 2,480 — 12/5/2003 —
+Added: 43 180 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,655 — — 1,655 — 1,655 — 12/5/2003 —
+Added: 44 1926 Auiki Street Honolulu HI Hawaii Properties (A) 2,872 — 1,722 2,872 1,722 4,594 ( 582 ) 12/5/2003 1959
+Added: 45 1931 Kahai Street Honolulu HI Hawaii Properties (A) 3,779 — — 3,779 — 3,779 — 12/5/2003 —
+Added: 46 197 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,238 — — 1,238 — 1,238 — 12/5/2003 —
+Added: 47 2001 Kahai Street Honolulu HI Hawaii Properties (A) 1,091 — — 1,091 — 1,091 — 12/5/2003 —
+Added: 48 2019 Kahai Street Honolulu HI Hawaii Properties (A) 1,377 — — 1,377 — 1,377 — 12/5/2003 —
+Added: 49 2020 Auiki Street Honolulu HI Hawaii Properties (A) 2,385 — — 2,385 — 2,385 — 12/5/2003 —
+Added: 50 204 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,689 — — 1,689 — 1,689 — 12/5/2003 —
+Added: 51 207 Puuhale Road Honolulu HI Hawaii Properties (A) 2,024 — — 2,024 — 2,024 — 12/5/2003 —
+Added: 52 2103 Kaliawa Street Honolulu HI Hawaii Properties (A) 3,212 — — 3,212 — 3,212 — 12/5/2003 —
+Added: 53 2106 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,568 — 169 1,568 169 1,737 ( 89 ) 12/5/2003 —
+Added: 54 2110 Auiki Street Honolulu HI Hawaii Properties (A) 837 — — 837 — 837 — 12/5/2003 —
+Added: 55 212 Mohonua Place Honolulu HI Hawaii Properties (A) 1,067 — — 1,067 — 1,067 — 12/5/2003 —
+Added: 56 2122 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,365 — — 1,365 — 1,365 — 12/5/2003 —
+Added: 57 2127 Auiki Street Honolulu HI Hawaii Properties (A) 2,906 — 67 2,906 67 2,973 ( 29 ) 12/5/2003 —
+Added: 58 2135 Auiki Street Honolulu HI Hawaii Properties (A) 825 — — 825 — 825 — 12/5/2003 —
+Added: 59 2139 Kaliawa Street Honolulu HI Hawaii Properties (A) 885 — — 885 — 885 — 12/5/2003 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 214 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 2140 Kaliawa Street
−Removed: Hawaii Properties
−Removed: 2144 Auiki Street
−Removed: Hawaii Properties
−Removed: 215 Puuhale Road
−Removed: Hawaii Properties
−Removed: 218 Mohonua Place
−Removed: Hawaii Properties
−Removed: 220 Puuhale Road
−Removed: Hawaii Properties
−Removed: 2250 Pahounui Drive
−Removed: Hawaii Properties
−Removed: 2264 Pahounui Drive
−Removed: Hawaii Properties
−Removed: 2276 Pahounui Drive
−Removed: Hawaii Properties
−Removed: 228 Mohonua Place
−Removed: Hawaii Properties
−Removed: 2308 Pahounui Drive
−Removed: Hawaii Properties
−Removed: 231 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 231B Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 2344 Pahounui Drive
−Removed: Hawaii Properties
−Removed: 238 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 2635 Waiwai Loop A
−Removed: Hawaii Properties
−Removed: 2635 Waiwai Loop B
−Removed: Hawaii Properties
−Removed: 2760 Kam Highway
−Removed: Hawaii Properties
−Removed: 2804 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2806 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2808 Kam Highway
−Removed: Hawaii Properties
−Removed: 2809 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2810 Paa Street
−Removed: Hawaii Properties
−Removed: 2810 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2812 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2814 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2815 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2815 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2816 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2819 Mokumoa Street - A
−Removed: Hawaii Properties
−Removed: 2819 Mokumoa Street - B
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 60 214 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,864 — 542 1,864 542 2,406 ( 95 ) 12/5/2003 1981
+Added: 61 2140 Kaliawa Street Honolulu HI Hawaii Properties (A) 931 — — 931 — 931 — 12/5/2003 —
+Added: 62 2144 Auiki Street Honolulu HI Hawaii Properties (A) 2,640 — 7,196 2,640 7,196 9,836 ( 2,481 ) 12/5/2003 1953
+Added: 63 215 Puuhale Road Honolulu HI Hawaii Properties (A) 2,117 — — 2,117 — 2,117 — 12/5/2003 —
+Added: 64 218 Mohonua Place Honolulu HI Hawaii Properties (A) 1,741 — — 1,741 — 1,741 — 12/5/2003 —
+Added: 65 220 Puuhale Road Honolulu HI Hawaii Properties (A) 2,619 — — 2,619 — 2,619 — 12/5/2003 —
+Added: 66 2250 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,862 — — 3,862 — 3,862 — 12/5/2003 —
+Added: 67 2264 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,632 — — 1,632 — 1,632 — 12/5/2003 —
+Added: 68 2276 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,619 — — 1,619 — 1,619 — 12/5/2003 —
+Added: 69 228 Mohonua Place Honolulu HI Hawaii Properties (A) 1,865 — — 1,865 — 1,865 — 12/5/2003 —
+Added: 70 2308 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,314 — — 3,314 — 3,314 — 12/5/2003 —
+Added: 71 231 Sand Island Access Road Honolulu HI Hawaii Properties (A) 752 — — 752 — 752 — 12/5/2003 —
+Added: 72 231B Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,539 — — 1,539 — 1,539 — 12/5/2003 —
+Added: 73 2344 Pahounui Drive Honolulu HI Hawaii Properties (A) 6,709 — — 6,709 — 6,709 — 12/5/2003 —
+Added: 74 238 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,273 — — 2,273 — 2,273 — 12/5/2003 —
+Added: 75 2635 Waiwai Loop A Honolulu HI Hawaii Properties (A) 934 350 683 934 1,033 1,967 ( 243 ) 12/5/2003 —
+Added: 76 2635 Waiwai Loop B Honolulu HI Hawaii Properties (A) 1,177 105 682 1,177 787 1,964 ( 139 ) 12/5/2003 —
+Added: 77 2760 Kam Highway Honolulu HI Hawaii Properties (A) 703 — 185 703 185 888 — 12/5/2003 —
+Added: 78 2804 Kilihau Street Honolulu HI Hawaii Properties (A) 1,775 2 — 1,775 2 1,777 — 12/5/2003 —
+Added: 79 2806 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 80 2808 Kam Highway Honolulu HI Hawaii Properties (A) 310 — — 310 — 310 — 12/5/2003 —
+Added: 81 2809 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,837 — — 1,837 — 1,837 — 12/5/2003 —
+Added: 82 2810 Paa Street Honolulu HI Hawaii Properties (A) 3,340 — — 3,340 — 3,340 — 12/5/2003 —
+Added: 83 2810 Pukoloa Street Honolulu HI Hawaii Properties (A) 27,699 — — 27,699 — 27,699 — 12/5/2003 —
+Added: 84 2812 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,801 3 — 1,801 3 1,804 ( 2 ) 12/5/2003 —
+Added: 85 2814 Kilihau Street Honolulu HI Hawaii Properties (A) 1,925 — — 1,925 — 1,925 — 12/5/2003 —
+Added: 86 2815 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,818 — 6 1,818 6 1,824 ( 2 ) 12/5/2003 —
+Added: 87 2815 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 —
+Added: 88 2816 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,009 27 — 1,009 27 1,036 ( 12 ) 12/5/2003 —
+Added: 89 2819 Mokumoa Street - A Honolulu HI Hawaii Properties (A) 1,821 — — 1,821 — 1,821 — 12/5/2003 —
+Added: 90 2819 Mokumoa Street - B Honolulu HI Hawaii Properties (A) 1,816 — — 1,816 — 1,816 — 12/5/2003 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 2819 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2821 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2826 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2827 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2828 Paa Street
−Removed: Hawaii Properties
−Removed: 2829 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2829 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2829 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2830 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2831 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2831 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2833 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2833 Paa Street
−Removed: Hawaii Properties
−Removed: 2833 Paa Street #2
−Removed: Hawaii Properties
−Removed: 2836 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2838 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2839 Kilihau Street
−Removed: Hawaii Properties
−Removed: 2839 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2840 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2841 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2844 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2846-A Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2847 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2849 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2850 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2850 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2850 Paa Street
−Removed: Hawaii Properties
−Removed: 2855 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2855 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2857 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2858 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 91 2819 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,090 — 34 2,090 34 2,124 ( 10 ) 12/5/2003 —
+Added: 92 2821 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 —
+Added: 93 2826 Kaihikapu Street Honolulu HI Hawaii Properties (A) 3,921 — — 3,921 — 3,921 — 12/5/2003 —
+Added: 94 2827 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 95 2828 Paa Street Honolulu HI Hawaii Properties (A) 12,448 — — 12,448 — 12,448 — 12/5/2003 —
+Added: 96 2829 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,720 2 8 1,720 10 1,730 ( 2 ) 12/5/2003 —
+Added: 97 2829 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — 287 — 287 — 12/5/2003 —
+Added: 98 2829 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 —
+Added: 99 2830 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,146 — — 2,146 — 2,146 — 12/5/2003 —
+Added: 100 2831 Awaawaloa Street Honolulu HI Hawaii Properties (A) 860 — 7 860 7 867 — 12/5/2003 —
+Added: 101 2831 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,272 529 55 1,272 584 1,856 ( 248 ) 12/5/2003 —
+Added: 102 2833 Kilihau Street Honolulu HI Hawaii Properties (A) 601 — — 601 — 601 — 12/5/2003 —
+Added: 103 2833 Paa Street Honolulu HI Hawaii Properties (A) 1,701 — — 1,701 — 1,701 — 12/5/2003 —
+Added: 104 2833 Paa Street #2 Honolulu HI Hawaii Properties (A) 1,675 — — 1,675 — 1,675 — 12/5/2003 —
+Added: 105 2836 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,353 — — 1,353 — 1,353 — 12/5/2003 —
+Added: 106 2838 Kilihau Street Honolulu HI Hawaii Properties (A) 4,262 — — 4,262 — 4,262 — 12/5/2003 —
+Added: 107 2839 Kilihau Street Honolulu HI Hawaii Properties (A) 627 — — 627 — 627 — 12/5/2003 —
+Added: 108 2839 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,942 — — 1,942 — 1,942 — 12/5/2003 —
+Added: 109 2840 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,149 — — 2,149 — 2,149 — 12/5/2003 —
+Added: 110 2841 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — 2,088 — 2,088 — 12/5/2003 —
+Added: 111 2844 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,960 14 — 1,960 14 1,974 ( 13 ) 12/5/2003 —
+Added: 112 2846-A Awaawaloa Street Honolulu HI Hawaii Properties (A) 2,181 954 — 2,181 954 3,135 ( 407 ) 12/5/2003 —
+Added: 113 2847 Awaawaloa Street Honolulu HI Hawaii Properties (A) 582 303 — 582 303 885 ( 129 ) 12/5/2003 —
+Added: 114 2849 Kaihikapu Street Honolulu HI Hawaii Properties (A) 860 — — 860 — 860 — 12/5/2003 —
+Added: 115 2850 Awaawaloa Street Honolulu HI Hawaii Properties (A) 287 172 — 287 172 459 ( 73 ) 12/5/2003 —
+Added: 116 2850 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,143 — — 2,143 — 2,143 — 12/5/2003 —
+Added: 117 2850 Paa Street Honolulu HI Hawaii Properties (A) 22,827 — — 22,827 — 22,827 — 12/5/2003 —
+Added: 118 2855 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 —
+Added: 119 2855 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 —
+Added: 120 2857 Awaawaloa Street Honolulu HI Hawaii Properties (A) 983 — — 983 — 983 — 12/5/2003 —
+Added: 121 2858 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 2861 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2864 Awaawaloa Street
−Removed: Hawaii Properties
−Removed: 2864 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2865 Pukoloa Street
−Removed: Hawaii Properties
−Removed: 2868 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2869 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2875 Paa Street
−Removed: Hawaii Properties
−Removed: 2879 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2879 Paa Street
−Removed: Hawaii Properties
−Removed: 2886 Paa Street
−Removed: Hawaii Properties
−Removed: 2889 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2906 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2908 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2915 Kaihikapu Street
−Removed: Hawaii Properties
−Removed: 2927 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2928 Kaihikapu Street - A
−Removed: Hawaii Properties
−Removed: 2928 Kaihikapu Street - B
−Removed: Hawaii Properties
−Removed: 2960 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2965 Mokumoa Street
−Removed: Hawaii Properties
−Removed: 2969 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 2970 Mokumoa Street
−Removed: Hawaii Properties
−Removed: Vineyard Boulevard
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 609 Ahua Street
−Removed: Hawaii Properties
−Removed: 619 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 645 Ahua Street
−Removed: Hawaii Properties
−Removed: 659 Ahua Street
−Removed: Hawaii Properties
−Removed: 659 Puuloa Road
−Removed: Hawaii Properties
−Removed: 660 Ahua Street
−Removed: Hawaii Properties
−Removed: 667 Puuloa Road
−Removed: Hawaii Properties
−Removed: 669 Ahua Street
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 122 2861 Mokumoa Street Honolulu HI Hawaii Properties (A) 3,867 — — 3,867 — 3,867 — 12/5/2003 —
+Added: 123 2864 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,836 — 7 1,836 7 1,843 ( 5 ) 12/5/2003 —
+Added: 124 2864 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,092 — — 2,092 — 2,092 — 12/5/2003 —
+Added: 125 2865 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — 1,934 — 1,934 — 12/5/2003 —
+Added: 126 2868 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 127 2869 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,794 — — 1,794 — 1,794 — 12/5/2003 —
+Added: 128 2875 Paa Street Honolulu HI Hawaii Properties (A) 1,330 — — 1,330 — 1,330 — 12/5/2003 —
+Added: 129 2879 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,789 — — 1,789 — 1,789 — 12/5/2003 —
+Added: 130 2879 Paa Street Honolulu HI Hawaii Properties (A) 1,691 — 44 1,691 44 1,735 ( 13 ) 12/5/2003 —
+Added: 131 2886 Paa Street Honolulu HI Hawaii Properties (A) 2,205 — — 2,205 — 2,205 — 12/5/2003 —
+Added: 132 2889 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,783 5 — 1,783 5 1,788 — 12/5/2003 —
+Added: 133 2906 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,814 2 — 1,814 2 1,816 ( 1 ) 12/5/2003 —
+Added: 134 2908 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,798 23 — 1,798 23 1,821 ( 2 ) 12/5/2003 —
+Added: 135 2915 Kaihikapu Street Honolulu HI Hawaii Properties (A) 2,579 — — 2,579 — 2,579 — 12/5/2003 —
+Added: 136 2927 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,778 — — 1,778 — 1,778 — 12/5/2003 —
+Added: 137 2928 Kaihikapu Street - A Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 138 2928 Kaihikapu Street - B Honolulu HI Hawaii Properties (A) 1,948 — — 1,948 — 1,948 — 12/5/2003 —
+Added: 139 2960 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,977 — — 1,977 — 1,977 — 12/5/2003 —
+Added: 140 2965 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,140 — — 2,140 — 2,140 — 12/5/2003 —
+Added: 141 2969 Mapunapuna Street Honolulu HI Hawaii Properties (A) 4,038 15 — 4,038 15 4,053 ( 9 ) 12/5/2003 —
+Added: 142 2970 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,722 — — 1,722 — 1,722 — 12/5/2003 —
+Added: Vineyard Boulevard Honolulu HI Hawaii Properties (A) 844 — — 844 — 844 — 12/5/2003 —
+Added: King Street Honolulu HI Hawaii Properties (A) 1,342 — — 1,342 — 1,342 — 12/5/2003 —
+Added: 145 609 Ahua Street Honolulu HI Hawaii Properties (A) 616 — — 616 — 616 — 12/5/2003 —
+Added: 146 619 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,401 2 12 1,401 14 1,415 ( 2 ) 12/5/2003 —
+Added: 147 645 Ahua Street Honolulu HI Hawaii Properties (A) 882 — — 882 — 882 — 12/5/2003 —
+Added: 148 659 Ahua Street Honolulu HI Hawaii Properties (A) 860 20 — 860 20 880 ( 18 ) 12/5/2003 —
+Added: 149 659 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 — — 1,807 — 1,807 — 12/5/2003 —
+Added: 150 660 Ahua Street Honolulu HI Hawaii Properties (A) 1,783 4 7 1,783 11 1,794 ( 3 ) 12/5/2003 —
+Added: 151 667 Puuloa Road Honolulu HI Hawaii Properties (A) 860 2 — 860 2 862 ( 2 ) 12/5/2003 —
+Added: 152 669 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 14 62 1,801 76 1,877 ( 26 ) 12/5/2003 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 673 Ahua Street
−Removed: Hawaii Properties
−Removed: 675 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 679 Puuloa Road
−Removed: Hawaii Properties
−Removed: 685 Ahua Street
−Removed: Hawaii Properties
−Removed: 673 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 692 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 697 Ahua Street
−Removed: Hawaii Properties
−Removed: 702 Ahua Street
−Removed: Hawaii Properties
−Removed: 704 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 709 Ahua Street
−Removed: Hawaii Properties
−Removed: 719 Ahua Street
−Removed: Hawaii Properties
−Removed: 729 Ahua Street
−Removed: Hawaii Properties
−Removed: 733 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 739 Ahua Street
−Removed: Hawaii Properties
−Removed: 759 Puuloa Road
−Removed: Hawaii Properties
−Removed: 761 Ahua Street
−Removed: Hawaii Properties
−Removed: 766 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 770 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 789 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 80 Sand Island Access Road
−Removed: Hawaii Properties
−Removed: 803 Ahua Street
−Removed: Hawaii Properties
−Removed: 808 Ahua Street
−Removed: Hawaii Properties
−Removed: 812 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 819 Ahua Street
−Removed: Hawaii Properties
−Removed: 822 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 830 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 841 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 842 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 846 Ala Lilikoi Boulevard B
−Removed: Hawaii Properties
−Removed: 848 Ala Lilikoi Boulevard A
−Removed: Hawaii Properties
−Removed: 850 Ahua Street
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 153 673 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 154 675 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,081 — — 1,081 — 1,081 — 12/5/2003 —
+Added: 155 679 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 3 — 1,807 3 1,810 ( 3 ) 12/5/2003 —
+Added: 156 685 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 157 689 Puuloa Road Honolulu HI Hawaii Properties (A) 1,801 20 — 1,801 20 1,821 ( 18 ) 12/5/2003 —
+Added: 158 692 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,796 2 — 1,796 2 1,798 — 12/5/2003 —
+Added: 159 697 Ahua Street Honolulu HI Hawaii Properties (A) 994 811 — 994 811 1,805 ( 347 ) 12/5/2003 —
+Added: 160 702 Ahua Street Honolulu HI Hawaii Properties (A) 1,784 3 1 1,784 4 1,788 ( 3 ) 12/5/2003 —
+Added: 161 704 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,390 685 — 2,390 685 3,075 ( 292 ) 12/5/2003 —
+Added: 162 709 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 163 719 Ahua Street Honolulu HI Hawaii Properties (A) 1,960 — — 1,960 — 1,960 — 12/5/2003 —
+Added: 164 729 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 165 733 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,403 — — 3,403 — 3,403 — 12/5/2003 —
+Added: 166 739 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 167 759 Puuloa Road Honolulu HI Hawaii Properties (A) 1,766 3 — 1,766 3 1,769 ( 3 ) 12/5/2003 —
+Added: 168 761 Ahua Street Honolulu HI Hawaii Properties (A) 3,757 2 — 3,757 2 3,759 ( 1 ) 12/5/2003 —
+Added: 169 766 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 170 770 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 171 789 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,608 3 — 2,608 3 2,611 ( 3 ) 12/5/2003 —
+Added: 172 80 Sand Island Access Road Honolulu HI Hawaii Properties (A) 7,972 — — 7,972 — 7,972 — 12/5/2003 —
+Added: 173 803 Ahua Street Honolulu HI Hawaii Properties (A) 3,804 — — 3,804 — 3,804 — 12/5/2003 —
+Added: 174 808 Ahua Street Honolulu HI Hawaii Properties (A) 3,279 — — 3,279 — 3,279 — 12/5/2003 —
+Added: 175 812 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,960 25 625 2,610 — 2,610 — 12/5/2003 —
+Added: 176 819 Ahua Street Honolulu HI Hawaii Properties (A) 4,821 583 11 4,821 594 5,415 ( 261 ) 12/5/2003 —
+Added: 177 822 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 15 — 1,795 15 1,810 ( 14 ) 12/5/2003 —
+Added: 178 830 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 25 — 1,801 25 1,826 ( 22 ) 12/5/2003 —
+Added: 179 855 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,265 — — 3,265 — 3,265 — 12/5/2003 —
+Added: 180 842 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 14 — 1,795 14 1,809 ( 12 ) 12/5/2003 —
+Added: 181 846 Ala Lilikoi Boulevard B Honolulu HI Hawaii Properties (A) 234 — — 234 — 234 — 12/5/2003 —
+Added: 182 848 Ala Lilikoi Boulevard A Honolulu HI Hawaii Properties (A) 9,426 — — 9,426 — 9,426 — 12/5/2003 —
+Added: 183 850 Ahua Street Honolulu HI Hawaii Properties (A) 2,682 2 — 2,682 2 2,684 ( 2 ) 12/5/2003 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 852 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 855 Ahua Street
−Removed: Hawaii Properties
−Removed: 865 Ahua Street
−Removed: Hawaii Properties
−Removed: 889 Ahua Street
−Removed: Hawaii Properties
−Removed: 905 Ahua Street
−Removed: Hawaii Properties
−Removed: 918 Ahua Street
−Removed: Hawaii Properties
−Removed: 930 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 944 Ahua Street
−Removed: Hawaii Properties
−Removed: 949 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 950 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 960 Ahua Street
−Removed: Hawaii Properties
−Removed: 960 Mapunapuna Street
−Removed: Hawaii Properties
−Removed: 970 Ahua Street
−Removed: Hawaii Properties
−Removed: 91-027 Kaomi Loop
−Removed: Hawaii Properties
−Removed: 91-064 Kaomi Loop
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-086 Kaomi Loop
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-102 Kaomi Loop
−Removed: Hawaii Properties
−Removed: 91-110 Kaomi Loop
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-141 Kalaeloa
−Removed: Hawaii Properties
−Removed: 91-150 Kaomi Loop
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-185 Kalaeloa
−Removed: Hawaii Properties
−Removed: 91-202 Kalaeloa
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 184 852 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — 1,801 — 1,801 — 12/5/2003 —
+Added: 185 855 Ahua Street Honolulu HI Hawaii Properties (A) 1,834 — — 1,834 — 1,834 — 12/5/2003 —
+Added: 186 865 Ahua Street Honolulu HI Hawaii Properties (A) 1,846 — — 1,846 — 1,846 — 12/5/2003 —
+Added: 187 889 Ahua Street Honolulu HI Hawaii Properties (A) 5,888 315 — 5,888 315 6,203 ( 64 ) 11/21/2012 —
+Added: 188 905 Ahua Street Honolulu HI Hawaii Properties (A) 1,148 — — 1,148 — 1,148 — 12/5/2003 —
+Added: 189 918 Ahua Street Honolulu HI Hawaii Properties (A) 3,820 — — 3,820 — 3,820 — 12/5/2003 —
+Added: 190 930 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,654 — — 3,654 — 3,654 — 12/5/2003 —
+Added: 191 944 Ahua Street Honolulu HI Hawaii Properties (A) 1,219 — — 1,219 — 1,219 — 12/5/2003 —
+Added: 192 949 Mapunapuna Street Honolulu HI Hawaii Properties (A) 11,568 — — 11,568 — 11,568 — 12/5/2003 —
+Added: 193 950 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,724 — — 1,724 — 1,724 — 12/5/2003 —
+Added: 194 960 Ahua Street Honolulu HI Hawaii Properties (A) 614 — — 614 — 614 — 12/5/2003 —
+Added: 195 960 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,933 — — 1,933 — 1,933 — 12/5/2003 —
+Added: 196 970 Ahua Street Honolulu HI Hawaii Properties (A) 817 — — 817 — 817 — 12/5/2003 —
+Added: 197 91-027 Kaomi Loop Kapolei HI Hawaii Properties 2,667 — — 2,667 — 2,667 — 6/15/2005 —
+Added: 198 91-064 Kaomi Loop Kapolei HI Hawaii Properties 1,826 — — 1,826 — 1,826 — 6/15/2005 —
+Added: 199 91-080 Hanua Kapolei HI Hawaii Properties 2,187 — — 2,187 — 2,187 — 6/15/2005 —
+Added: 200 91-083 Hanua Kapolei HI Hawaii Properties 716 — — 716 — 716 — 6/15/2005 —
+Added: 201 91-086 Kaomi Loop Kapolei HI Hawaii Properties 13,884 — — 13,884 — 13,884 — 6/15/2005 —
+Added: 202 91-087 Hanua Kapolei HI Hawaii Properties 381 — — 381 — 381 — 6/15/2005 —
+Added: 203 91-091 Hanua Kapolei HI Hawaii Properties 552 — — 552 — 552 — 6/15/2005 —
+Added: 204 91-102 Kaomi Loop Kapolei HI Hawaii Properties 1,599 — — 1,599 — 1,599 — 6/15/2005 —
+Added: 205 91-110 Kaomi Loop Kapolei HI Hawaii Properties 1,293 — — 1,293 — 1,293 — 6/15/2005 —
+Added: 206 91-119 Olai Kapolei HI Hawaii Properties 1,981 — — 1,981 — 1,981 — 6/15/2005 —
+Added: 207 91-141 Kalaeloa Kapolei HI Hawaii Properties 11,624 — — 11,624 — 11,624 — 6/15/2005 —
+Added: 208 91-150 Kaomi Loop Kapolei HI Hawaii Properties 3,159 — — 3,159 — 3,159 — 6/15/2005 —
+Added: 209 91-171 Olai Kapolei HI Hawaii Properties 218 — 13 218 13 231 ( 3 ) 6/15/2005 —
+Added: 210 91-174 Olai Kapolei HI Hawaii Properties 962 — 47 962 47 1,009 ( 22 ) 6/15/2005 —
+Added: 211 91-175 Olai Kapolei HI Hawaii Properties 1,243 — 43 1,243 43 1,286 ( 23 ) 6/15/2005 —
+Added: 212 91-185 Kalaeloa Kapolei HI Hawaii Properties 1,761 — — 1,761 — 1,761 — 6/15/2005 —
+Added: 213 91-202 Kalaeloa Kapolei HI Hawaii Properties 1,722 — 326 1,722 326 2,048 ( 61 ) 6/15/2005 1964
+Added: 214 91-120 Kauhi Kapolei HI Hawaii Properties 567 — — 567 — 567 — 6/15/2005 —
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-220 Kalaeloa
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-241 Kalaeloa
−Removed: Hawaii Properties
−Removed: 91-250 Komohana
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: Hawaii Properties
−Removed: 91-400 Komohana
−Removed: Hawaii Properties
−Removed: 91-410 Komohana
−Removed: Hawaii Properties
−Removed: 91-416 Komohana
−Removed: Hawaii Properties
−Removed: AES HI Easement
−Removed: Hawaii Properties
−Removed: Other Easements & Lots
−Removed: Hawaii Properties
−Removed: Tesaro 967 Easement
−Removed: Hawaii Properties
−Removed: Texaco Easement
−Removed: Hawaii Properties
−Removed: 94-240 Pupuole Street
−Removed: Hawaii Properties
−Removed: 5500 SE Delaware Avenue
−Removed: Mainland Properties
−Removed: 951 Trails Road
−Removed: Mainland Properties
−Removed: 3425 Maple Drive
−Removed: Mainland Properties
−Removed: 2300 North 33rd Avenue East
−Removed: Mainland Properties
−Removed: 7121 South Fifth Avenue
−Removed: Mainland Properties
−Removed: 1230 West 171st Street
−Removed: Mainland Properties
−Removed: 5156 American Road
−Removed: Mainland Properties
−Removed: 3201 Bearing Drive
−Removed: Mainland Properties
−Removed: 2482 Century Drive
−Removed: Mainland Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period(4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 215 91-210 Olai Kapolei HI Hawaii Properties 706 — — 706 — 706 — 6/15/2005 —
+Added: 216 91-218 Olai Kapolei HI Hawaii Properties 1,622 — 62 1,622 62 1,684 ( 26 ) 6/15/2005 —
+Added: 217 91-220 Kalaeloa Kapolei HI Hawaii Properties 242 1,457 141 242 1,598 1,840 ( 594 ) 6/15/2005 1991
+Added: 218 91-222 Olai Kapolei HI Hawaii Properties 2,035 — — 2,035 — 2,035 — 6/15/2005 —
+Added: 219 91-238 Kauhi Kapolei HI Hawaii Properties 1,390 — 9,331 1,390 9,331 10,721 ( 3,078 ) 6/15/2005 1981
+Added: 220 91-241 Kalaeloa Kapolei HI Hawaii Properties 426 3,983 865 426 4,848 5,274 ( 1,740 ) 6/15/2005 1990
+Added: 221 91-250 Komohana Kapolei HI Hawaii Properties 1,506 — — 1,506 — 1,506 — 6/15/2005 —
+Added: 222 91-252 Kauhi Kapolei HI Hawaii Properties 536 — — 536 — 536 — 6/15/2005 —
+Added: 223 91-255 Hanua Kapolei HI Hawaii Properties 1,230 — 37 1,230 37 1,267 ( 5 ) 6/15/2005 —
+Added: 224 91-259 Olai Kapolei HI Hawaii Properties 2,944 — — 2,944 — 2,944 — 6/15/2005 —
+Added: 225 91-265 Hanua Kapolei HI Hawaii Properties 1,569 — — 1,569 — 1,569 — 6/15/2005 —
+Added: 226 91-300 Hanua Kapolei HI Hawaii Properties 1,381 — 18 1,381 18 1,399 — 6/15/2005 1994
+Added: 227 91-329 Kauhi Kapolei HI Hawaii Properties 294 2,297 2,701 294 4,998 5,292 ( 1,718 ) 6/15/2005 1980
+Added: 228 91-349 Kauhi Kapolei HI Hawaii Properties 649 — — 649 — 649 — 6/15/2005 —
+Added: 229 91-399 Kauhi Kapolei HI Hawaii Properties 27,405 — — 27,405 — 27,405 — 6/15/2005 —
+Added: 230 91-400 Komohana Kapolei HI Hawaii Properties 1,494 — — 1,494 — 1,494 — 6/15/2005 —
+Added: 231 91-410 Komohana Kapolei HI Hawaii Properties 418 — 12 418 12 430 ( 3 ) 6/15/2005 —
+Added: 232 91-416 Komohana Kapolei HI Hawaii Properties 713 — 11 713 11 724 ( 3 ) 6/15/2005 —
+Added: 233 AES HI Easement Kapolei HI Hawaii Properties 1,250 — — 1,250 — 1,250 — 6/15/2005 —
+Added: 234 Other Easements & Lots Kapolei HI Hawaii Properties 358 — 1,395 358 1,395 1,753 ( 518 ) 6/15/2005 —
+Added: 235 Tesaro 967 Easement Kapolei HI Hawaii Properties 6,593 — — 6,593 — 6,593 — 6/15/2005 —
+Added: 236 Texaco Easement Kapolei HI Hawaii Properties 2,657 — — 2,657 — 2,657 — 6/15/2005 —
+Added: 237 94-240 Pupuole Street Waipahu HI Hawaii Properties (A) 717 — — 717 — 717 — 12/5/2003 —
+Added: 238 951 Trails Road Eldridge IA Mainland Properties 470 7,480 1,188 470 8,668 9,138 ( 2,853 ) 4/2/2007 1994
+Added: 239 3425 Maple Drive Fort Dodge IA Mainland Properties 100 2,000 — 100 2,000 2,100 ( 99 ) 4/9/2019 2014
+Added: 240 2300 North 33rd Avenue East Newton IA Mainland Properties 500 13,236 162 500 13,398 13,898 ( 4,119 ) 9/29/2008 2008
+Added: 241 7121 South Fifth Avenue Pocatello ID Mainland Properties 400 4,201 436 400 4,637 5,037 ( 650 ) 1/29/2015 2007
+Added: 242 1230 West 171st Street Harvey IL Mainland Properties 800 1,673 — 800 1,673 2,473 ( 248 ) 1/29/2015 2004
+Added: 243 5156 American Road Rockford IL Mainland Properties 400 1,529 239 400 1,768 2,168 ( 259 ) 1/29/2015 1996
+Added: 244 3201 Bearing Drive Franklin IN Mainland Properties 1,100 15,403 ( 2 ) 1,100 15,401 16,501 ( 888 ) 4/9/2019 1973
+Added: 245 2482 Century Drive Goshen IN Mainland Properties 840 9,061 7 840 9,068 9,908 ( 447 ) 4/9/2019 2005
+Added: 246 6825 West County Road 400 North Greenfield IN Mainland Properties 918 14,300 665 918 14,965 15,883 ( 796 ) 2/14/2019 2008
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 6825 West County Road 400 North
−Removed: Mainland Properties
−Removed: 900 Commerce Parkway West Drive
−Removed: Mainland Properties
−Removed: 9347 E Pendleton Pike
−Removed: Mainland Properties
−Removed: 945 Monument Drive
−Removed: Mainland Properties
−Removed: 2801 Airwest Boulevard
−Removed: Mainland Properties
−Removed: 2150 Stanley Road
−Removed: Mainland Properties
−Removed: 4237-4255 Anson Boulevard
−Removed: Mainland Properties
−Removed: 1985 International Way
−Removed: Mainland Properties
−Removed: 20 Logistics Boulevard
−Removed: Mainland Properties
−Removed: 17200 Manchac Park Lane
−Removed: Mainland Properties
−Removed: 209 South Bud Street
−Removed: Mainland Properties
−Removed: 4000 Principio Parkway
−Removed: Mainland Properties
−Removed: 16101 Queens Court
−Removed: Upper Marlboro
−Removed: Mainland Properties
−Removed: 3800 Midlink Drive
−Removed: Mainland Properties
−Removed: 2401 Cram Avenue SE
−Removed: Mainland Properties
−Removed: 10100 89th Avenue N
−Removed: Mainland Properties
−Removed: 110 Stanbury Industrial Drive
−Removed: Mainland Properties
−Removed: 3502 Enterprise Avenue
−Removed: Mainland Properties
−Removed: 5501 Providence Hill Drive
−Removed: Mainland Properties
−Removed: 5148 North Hanley Road
−Removed: Mainland Properties
−Removed: 628 Patton Avenue
−Removed: Mainland Properties
−Removed: 3900 NE 6th Street
−Removed: Mainland Properties
−Removed: 1415 West Commerce Way
−Removed: Mainland Properties
−Removed: 52 Pettengill Road
−Removed: Mainland Properties
−Removed: 309 Dulty's Lane
−Removed: Mainland Properties
−Removed: 725 Darlington Avenue
−Removed: Mainland Properties
−Removed: 2375 East Newlands Road
−Removed: Mainland Properties
−Removed: 7000 West Post Road
−Removed: Mainland Properties
−Removed: 55 Commerce Avenue
−Removed: Mainland Properties
−Removed: 158 West Yard Road
−Removed: Mainland Properties
−Removed: 32150 Just Imagine Drive
−Removed: Mainland Properties
−Removed: 1415 Industrial Drive
−Removed: Mainland Properties
−Removed: Initial Cost to
−Removed: Gross Amount Carried at
−Removed: Close of Period (4)
−Removed: Buildings and
−Removed: Subsequent to
−Removed: Buildings and
−Removed: Property Type
−Removed: Encumbrances (1)
+Added: Acquired Date
+Added: 247 900 Commerce Parkway West Drive Greenwood IN Mainland Properties 1,483 16,253 — 1,483 16,253 17,736 ( 873 ) 2/14/2019 2007
+Added: 248 9347 E Pendleton Pike Lawrence IN Mainland Properties 3,763 34,877 1 3,763 34,878 38,641 ( 1,874 ) 2/14/2019 2009
+Added: 249 17001 West Mercury Street Gardner KS Mainland Properties 5,740 32,701 — 5,740 32,701 38,441 ( 3 ) 12/30/2020 2018
+Added: 250 1985 International Way Hebron KY Mainland Properties 1,453 8,546 1,275 1,453 9,821 11,274 ( 579 ) 2/14/2019 1997
+Added: 251 17200 Manchac Park Lane Baton Rouge LA Mainland Properties 1,700 8,860 — 1,700 8,860 10,560 ( 1,310 ) 1/29/2015 2014
+Added: 252 209 South Bud Street Lafayette LA Mainland Properties 700 4,549 15 700 4,564 5,264 ( 675 ) 1/29/2015 2010
+Added: 253 4000 Principio Parkway North East MD Mainland Properties 4,200 71,518 803 4,200 72,321 76,521 ( 10,647 ) 1/29/2015 2012
+Added: 254 3800 Midlink Drive Kalamazoo MI Mainland Properties 2,630 40,599 — 2,630 40,599 43,229 ( 6,006 ) 1/29/2015 2014
+Added: 255 2401 Cram Avenue SE Bemidji MN Mainland Properties 100 2,137 — 100 2,137 2,237 ( 316 ) 1/29/2015 2013
+Added: 256 10100 89th Avenue N Maple Grove MN Mainland Properties 3,469 21,284 — 3,469 21,284 24,753 ( 1,306 ) 10/16/2018 2015
+Added: 257 110 Stanbury Industrial Drive Brookfield MO Mainland Properties 200 1,859 — 200 1,859 2,059 ( 275 ) 1/29/2015 2012
+Added: 258 3502 Enterprise Avenue Joplin MO Mainland Properties 1,380 12,121 — 1,380 12,121 13,501 ( 598 ) 4/9/2019 2014
+Added: 259 5501 Providence Hill Drive St.
+Added: Joseph MO Mainland Properties 400 3,500 24 400 3,524 3,924 ( 176 ) 4/9/2019 2014
+Added: 260 628 Patton Avenue Asheville NC Mainland Properties 500 1,514 — 500 1,514 2,014 ( 224 ) 1/29/2015 1987
+Added: 261 3900 NE 6th Street Minot ND Mainland Properties 700 3,223 — 700 3,223 3,923 ( 477 ) 1/29/2015 2013
+Added: 262 1415 West Commerce Way Lincoln NE Mainland Properties 2,200 8,518 388 2,200 8,906 11,106 ( 1,280 ) 1/29/2015 1971
+Added: 263 52 Pettengill Road Londonderry NH Mainland Properties 5,871 43,335 7 5,871 43,342 49,213 ( 2,139 ) 4/9/2019 2015
+Added: 264 309 Dulty's Lane Burlington NJ Mainland Properties 1,600 51,400 — 1,600 51,400 53,000 ( 7,603 ) 1/29/2015 2001
+Added: 265 725 Darlington Avenue Mahwah NJ Mainland Properties 8,492 9,451 1,413 8,492 10,864 19,356 ( 1,806 ) 4/9/2014 1999
+Added: 266 2375 East Newlands Road Fernley NV Mainland Properties 1,100 17,314 286 1,100 17,600 18,700 ( 2,628 ) 1/29/2015 2007
+Added: 267 7000 West Post Road Las Vegas NV Mainland Properties 4,230 13,472 246 4,230 13,718 17,948 ( 790 ) 4/9/2019 2010
+Added: 268 55 Commerce Avenue Albany NY Mainland Properties 1,000 10,105 179 1,000 10,284 11,284 ( 1,535 ) 1/29/2015 2013
+Added: 269 158 West Yard Road Feura Bush NY Mainland Properties 1,870 7,931 — 1,870 7,931 9,801 ( 685 ) 4/9/2019 1989
+Added: 270 32150 Just Imagine Drive Avon OH Mainland Properties 2,200 23,280 — 2,200 23,280 25,480 ( 6,742 ) 5/29/2009 1996
+Added: 271 1415 Industrial Drive Chillicothe OH Mainland Properties 1,200 3,265 — 1,200 3,265 4,465 ( 483 ) 1/29/2015 2012
+Added: 272/273/274 1580, 1590 & 1600 Williams Road Columbus OH Mainland Properties 2,060 29,143 — 2,060 29,143 31,203 ( 1,678 ) 4/9/2019 1992
+Added: 275 5300 Centerpoint Parkway Groveport OH Mainland Properties 2,701 29,863 68 2,701 29,931 32,632 ( 4,419 ) 1/29/2015 2014
+Added: 276 200 Orange Point Drive Lewis Center OH Mainland Properties 1,300 8,613 162 1,300 8,775 10,075 ( 1,312 ) 1/29/2015 2013
+Added: 277/278 2353 & 2373 Global Drive Obetz OH Mainland Properties 2,393 27,363 8 2,393 27,371 29,764 ( 1,061 ) 8/23/2019 2018
+Added: 279 301 Commerce Drive South Point OH Mainland Properties 600 4,530 — 600 4,530 5,130 ( 670 ) 1/29/2015 2013
+Added: 280 2820 State Highway 31 McAlester OK Mainland Properties 581 2,237 4,582 581 6,819 7,400 ( 708 ) 1/29/2015 2012
+Added: 281 1990 Hood Road Greer SC Mainland Properties 400 10,702 — 400 10,702 11,102 ( 528 ) 4/9/2019 2015
+Added: Initial Cost to Costs Gross Amount Carried at
+Added: Company Capitalized Close of Period (4)
+Added: Buildings and Subsequent to Buildings and Accumulated Date Construction
+Added: Property Location State Property Type Encumbrances (1)
+Added: Land Equipment Acquisition Land Equipment Total (2)
Depreciation (3)
−Removed: 1580, 1590 & 1600 Williams Road
−Removed: Mainland Properties
−Removed: 5300 Centerpoint Parkway
−Removed: Mainland Properties
−Removed: 200 Orange Point Drive
−Removed: Mainland Properties
−Removed: 2353 & 2373 Global Drive
−Removed: Mainland Properties
−Removed: 301 Commerce Drive
−Removed: Mainland Properties
−Removed: 1800 Union Airpark Boulevard
−Removed: Mainland Properties
−Removed: 2820 State Highway 31
−Removed: Mainland Properties
−Removed: 5 Logistics Drive
−Removed: Mainland Properties
−Removed: 1990 Hood Road
−Removed: Mainland Properties
−Removed: 996 Paragon Way
−Removed: Mainland Properties
−Removed: 700 Marine Drive
−Removed: Mainland Properties
−Removed: 510 John Dodd Road
−Removed: Mainland Properties
−Removed: 5001 West Delbridge Street
−Removed: Mainland Properties
−Removed: 4836 Hickory Hill Road
−Removed: Mainland Properties
−Removed: Jackson Parkway
−Removed: Mainland Properties
−Removed: 1095 South 4800 West
−Removed: Salt Lake City
−Removed: Mainland Properties
−Removed: 1901 Meadowville Technology Parkway
−Removed: Mainland Properties
−Removed: 5000 Commerce Way
−Removed: Mainland Properties
−Removed: 181 Battaile Drive
−Removed: Mainland Properties
−Removed: Represents mortgage notes and includes the unamortized balance of debt issuance costs, premiums and discounts costs totaling $ 9,122 .
+Added: Acquired Date
+Added: 282 996 Paragon Way Rock Hill SC Mainland Properties 2,600 35,920 3 2,600 35,923 38,523 ( 5,313 ) 1/29/2015 2014
+Added: 283 700 Marine Drive Rock Hill SC Mainland Properties 820 8,381 668 820 9,049 9,869 ( 516 ) 4/9/2019 1986
+Added: 284 510 John Dodd Road Spartanburg SC Mainland Properties 3,300 57,998 347 3,300 58,345 61,645 ( 8,609 ) 1/29/2015 2012
+Added: 285 5001 West Delbridge Street Sioux Falls SD Mainland Properties 2,570 14,832 — 2,570 14,832 17,402 ( 732 ) 4/9/2019 2016
+Added: 286 4836 Hickory Hill Road Memphis TN Mainland Properties 1,402 10,769 1,033 1,402 11,802 13,204 ( 1,772 ) 12/23/2014 1984
+Added: 287 2020 Joe B.
+Added: Jackson Parkway Murfreesboro TN Mainland Properties 7,500 55,259 154 7,500 55,413 62,913 ( 8,174 ) 1/29/2015 2012
+Added: 288 1095 South 4800 West Salt Lake City UT Mainland Properties 1,500 6,913 20 1,500 6,933 8,433 ( 1,025 ) 1/29/2015 2012
+Added: 289 1901 Meadowville Technology Parkway Chester VA Mainland Properties 4,000 67,511 — 4,000 67,511 71,511 ( 9,987 ) 1/29/2015 2012
+Added: $ 708,449 $ 1,052,875 $ 47,746 $ 709,099 $ 1,099,971 $ 1,809,070 $ ( 141,406 )
+Added: (1) Represents mortgage notes and includes the unamortized balance of debt issuance costs totaling $ 4,421 .
Certain of our properties are encumbered as follows:
−Removed: Undepreciated Cost
−Removed: (A) - 1 property encumbered by one mortgage loan
−Removed: (B) - 186 properties encumbered by one mortgage loan
−Removed: (C) - 11 properties encumbered by one mortgage loan
−Removed: (D) - 1 property encumbered by one mortgage loan
+Added: Encumbrance Undepreciated Cost
+Added: (A) - 186 properties encumbered by one mortgage loan
+Added: $ 645,579 $ 505,155
(2) Excludes value of real estate intangibles.
7 unchanged sentences
Analysis of the carrying amount of real estate properties and accumulated depreciation:
+Added: Real Estate Accumulated
+Added: Properties Depreciation
Balance at December 31, 2017 $ 1,343,602 $ ( 74,614 )
+Added: Additions 118,898 ( 18,781 )
+Added: Disposals ( 104 ) 104
Balance at December 31, 2018 1,462,396 ( 93,291 )
+Added: Additions 873,568 ( 38,177 )
Balance at December 31, 2019 2,335,964 ( 131,468 )
+Added: Additions 109,020 ( 43,821 )
+Added: Disposals ( 635,914 ) 33,883
Balance at December 31, 2020 $ 1,809,070 $ ( 141,406 )
4 unchanged sentences
Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
−Removed: Managing Trustee, President and Chief Executive Officer
−Removed: February 24, 2020
+Added: Signature Title Date
+Added: Murray Managing Trustee, President and Chief Executive Officer February 18, 2021
/s/ Richard W.
−Removed: Chief Financial Officer and Treasurer (principal
−Removed: February 24, 2020
+Added: Chief Financial Officer and Treasurer (principal February 18, 2021
financial officer and principal accounting officer)
−Removed: Managing Trustee
−Removed: February 24, 2020
−Removed: Independent Trustee
−Removed: February 24, 2020
−Removed: /s/ Lisa Harris Jones
−Removed: Independent Trustee
−Removed: February 24, 2020
+Added: Portnoy Managing Trustee February 18, 2021
+Added: Independent Trustee February 18, 2021
+Added: /s/ Lisa Harris Jones Independent Trustee February 18, 2021
Lisa Harris Jones
/s/ Joseph L.
−Removed: Independent Trustee
−Removed: February 24, 2020
+Added: Morea Independent Trustee February 18, 2021
+Added: Phelan Independent Trustee February 18, 2021
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.