What changed in this filing

/stocks — the workspaceLOADING

Item 9A. Controls and Procedures

2024-02-20 compared with 2023-02-14 · 853 added, 1019 removed, 790 unchanged (70% of the section changed)

Controls and Procedures

As of the end of the period covered by this Annual Report on Form 10-K, our management carried out an evaluation, under the supervision and with the participation of our Managing Trustees, our President and Chief Operating Officer and our Chief Financial Officer and Treasurer, of the effectiveness of our disclosure controls and procedures pursuant to Rules 13a-15 and

15d-15 under the Exchange Act.

Based upon that evaluation, our Managing Trustees, our President and Chief Operating Officer and our Chief Financial Officer and Treasurer concluded that our disclosure controls and procedures are effective.

There have been no changes in our internal control over financial reporting during the quarter ended December 31, 2023 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

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Management Report on Assessment of Internal Control Over Financial Reporting

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Other Information

During the three months ended December 31, 2023, none of our Trustees and officers adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement”, as each term is defined in Item 408(a) of Regulation S-K.

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Not applicable.

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Directors, Executive Officers and Corporate Governance

We have a Code of Conduct that applies to our officers and Trustees, RMR, senior and executive officers of RMR, members of the board of directors of RMR Inc.

and employees of RMR who provide significant services to us.

We have a Code of Conduct that applies to our officers and Trustees.

Our Code of Conduct is posted on our website, www.ilptreit.com.

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Equity compensation plans not approved by securityholders None.

3,431,885 (1)

(1) Consists of common shares available for issuance pursuant to the terms of the 2018 Plan.

Share awards that are repurchased or forfeited will be added to the common shares available for issuance under the 2018 Plan.

Payments by us to RMR employees are described in Notes 7 and 10 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

Payments by us to RMR employees are described in Notes 7 and 10 to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.

The remainder of the information required by Item 12 is incorporated by reference to our definitive Proxy Statement.

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The information required by Item 14 is incorporated by reference to our definitive Proxy Statement.

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Exhibits and Financial Statement Schedules

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Significant Tenant

Subsidiaries of FedEx were the lessees of 39.7% of our gross real estate assets as of December 31, 2022.

FedEx leased 39.5% of our gross real estate assets as of December 31, 2023.

Financial information about FedEx may be found on SEC’s website by entering its name at http://www.sec.gov/edgar/searchedgar/companysearch.html.

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Except for such financial information contained therein as is required to be included herein under such regulations, FedEx’s public filings and other information located in external websites are not incorporated by reference in these financial statements.

See Note 4 to the Notes to Consolidated Financial Statements included in Part IV, Item 15 of this Annual Report on Form 10-K for further information relating to our leases with FedEx.

See Note 4 to our consolidated financial statements included in this Annual Report on Form 10-K for further information relating to our leases with FedEx.

Number Description

2.1 Agreement and Plan of Merger, dated as of November 5, 2021, by and among the Company, Monmouth Real Estate Investment Corporation and Maple Delaware Merger Sub LLC (now known as Mountain I n dustrial REIT LLC) .

(Incorporated by reference to the Company’s Current Report on Form 8-K filed on November 9, 2021.)

2.2 Amendment No.

1 to Agreement and Plan of Merger, dated as of February 7, 2022, by and among the Company, Monmouth Real Estate Investment Corporation and Maple Delaware Merger Sub LLC (now known as M o untain Industrial REIT LLC) .

(Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 7, 2022.)

3.1 Composite Copy of Amended and Restated Declaration of Trust of the Company, dated as of January 11, 2018, as amended to date.

(Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.)

3.2 Amended and Restated Bylaws of the Company, adopted March 25, 2019.

(Incorporated by reference to the Company’s Current Report on Form 8-K filed on March 26, 2019.)

3.2 Second A mended and Restated Bylaws of the Company, adopted June 1, 2023 .

(Incorporated by reference to the Company’s Current Report on Form 8-K filed on June 2, 2023 .)

4.1 Form of Common Share Certificate.

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(Filed herewith.)

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).

(Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 18, 2018.)

10.1 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 18, 2018.)

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10.3 Second Amendment to Business Management Agreement, effective as of August 1, 2021, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2021.)

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10.4 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 18, 2018.)

10.5 2018 Equity Compensation Plan.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 18, 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.

10.6 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.)

10.7 Form of Share Award Agreement.(+) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 20 23 .)

10.8 Form of Indemnification Agreement.(+) (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended September 30, 202 3 .)

10.10 Summary of Trustee Compensation.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on June 2, 2022.)

10.9 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.

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(Filed herewith.)

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31.4 Rule 13a-14(a) Certification.

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(Furnished herewith.)

97.1 Clawback Policy.

(Filed herewith.)

99.1 Letter Agreement, dated as of January 29, 2019, between the Company and The RMR Group LLC.

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Form 10-K Summary

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Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Industrial Logistics Properties Trust

To the Board of Trustees and Shareholders of Industrial Logistics Properties Trust

Opinion on the Financial Statements

We have audited the accompanying consolidated balance sheets of Industrial Logistics Properties Trust (the “Company”) as of December 31, 2022 and 2021, the related consolidated statements of comprehensive income, shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2022, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the “financial statements”).

We have audited the accompanying consolidated balance sheets of Industrial Logistics Properties Trust (the “Company”) as of December 31, 2023 and 2022, the related consolidated statements of comprehensive income (loss), shareholders’ equity, and cash flows, for each of the three years in the period ended December 31, 2023, and the related notes and the schedule listed in the Index at Item 15(a) (collectively referred to as the “financial statements”).

In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.

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These financial statements are the responsibility of the Company's management.

Our responsibility is to express an opinion on the Company's financial statements based on our audit.

Our responsibility is to express an opinion on the Company's financial statements based on our audits.

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.

We conducted our audit in accordance with the standards of the PCAOB.

We conducted our audits 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.

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.

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.

Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

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.

We believe that our audit provides a reasonable basis for our opinion.

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.

We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matter

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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.

Purchase Price Allocation for the Acquisition of Monmouth Real Estate Investment Corporation – Refer to Note 3

Impairment of Real Estate Properties – Refer to Note 2 to the financial statements

Critical Audit Matter Description

The Company completed the acquisition of Monmouth Real Estate Investment Corporation on February 25, 2022.

The Company concluded that this was an asset acquisition, and as such, the purchase price was allocated to all assets acquired and liabilities assumed based on their relative fair values.

The method for determining the fair value of each asset acquired and liability assumed required management to make significant estimates and assumptions related to future cash flows, capitalization rates, and sales comparables.

Performing audit procedures to evaluate the reasonableness of those significant estimates and assumptions required a high degree of auditor judgment and an increased effort, including the need to involve our fair value specialists, and we therefore identified the allocation of purchase price as a critical audit matter.

The Company’s investments in real estate properties were $4.77 billion, net of accumulated depreciation of $397 million as of December 31, 2023.

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.

Impairment indicators may include declining tenant occupancy, weak or declining profitability from the property, decreasing tenant cash flows or liquidity, the Company’s decision to dispose of an asset before the end of its estimated useful life, and legislative, market or industry changes that could permanently reduce the value of an asset.

If indicators of impairment are identified for any real estate asset, the Company evaluates the recoverability of that real estate asset by comparing undiscounted future cash flows expected to be generated by the real estate asset over the Company’s expected remaining hold period to the respective carrying amount.

The Company’s undiscounted future cash flows analysis requires management to make significant estimates and assumptions related to expected remaining hold periods, market rents, and terminal capitalization rates.

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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.

This required a high degree of auditor judgment and an increased extent of effort when performing audit procedures to evaluate the reasonableness of the significant estimates and assumptions related to expected remaining hold periods, market rents, and terminal capitalization rates within management’s undiscounted future cash flows analysis which are sensitive to future market or industry considerations.

How the Critical Audit Matter Was Addressed in the Audit

Our audit procedures related to the purchase price allocation for the acquisition of Monmouth Real Estate Investment Corporation included the following, among others:

• We tested the effectiveness of controls over management’s evaluation of the purchase price allocation, including the assumptions used to value the acquired assets and liabilities assumed.

• We held discussions with the Company’s management and evaluated Company-prepared analyses to assess the reasonableness of the accounting treatment as an asset acquisition as opposed to a business combination.

• We obtained and evaluated the third-party purchase price allocation report along with relevant supporting documentation, such as the executed purchase and sale agreement, in order to corroborate our understanding of the substance of the acquisition obtained through inquiry with the Company’s management, as well as assess the completeness of the assets acquired and the liabilities assumed as part of the acquisition.

• We performed risk assessment procedures to evaluate the fair value estimates allocated to assets acquired and liabilities assumed to identify outliers for further investigation.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation methodology, costs to replace certain assets, and significant assumptions used in the cash flow models, including testing the mathematical accuracy of the calculation and comparing the key inputs used in the projections to external market sources.

• We tested the reasonableness of management’s capitalization rates by comparing the assumptions used to external market sources.

• We tested, on a sample basis, the reasonableness of management’s projections of property net operating income by comparing the assumptions used in the projections to executed lease agreements and the actual net operating income for the period ended December 31, 2022.

Our audit procedures related to the undiscounted cash flow analysis for each real estate asset or group of assets with impairment indicators included the following among others:

• We tested the effectiveness of controls over management’s evaluation of the recoverability of real estate property assets, including the key assumptions utilized in estimating the undiscounted future cash flows.

• We evaluated the undiscounted cash flow analysis including estimates of expected remaining hold period, market rents, and terminal capitalization rates for each real estate asset or group of assets with impairment indicators by (1) evaluating the source information and assumptions used by management and (2) comparing management’s projections to external market sources and evidence obtained in other areas of our audit.

• We evaluated the reasonableness of management’s undiscounted future cash flows analysis by developing an independent expectation of future undiscounted cash flows based on third party market data and compared that independent estimate to the carrying amount of the real estate asset or group of assets with indicators of impairment.

We compared our analysis of the recoverability of the real estate asset or group of assets to the Company's analysis.

• We made inquiries of management about the current status of potential transactions and about management’s judgments to understand the probability of future events that could affect the expected remaining hold period and other cash flow assumptions for the properties.

/s/ Deloitte & Touche LLP

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We have served as the Company's auditor since 2020.

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Report of Independent Registered Public Accounting Firm

To the Trustees and Shareholders of Industrial Logistics Properties Trust

To the Board of Trustees and the Shareholders of Industrial Logistics Properties Trust

Opinion on Internal Control over Financial Reporting

We have audited the internal control over financial reporting of Industrial Logistic Properties Trust (the “Company”) as of December 31, 2022, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

We have audited the internal control over financial reporting of Industrial Logistics Properties Trust (the “Company”) as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2023, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO.

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February 20, 2024

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INDUSTRIAL LOGISTICS PROPERTIES TRUST

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LIABILITIES AND EQUITY

Revolving credit facility $ — $ 182,000

Mortgages and notes payable, net $ 4,305,941 $ 4,244,501

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Total equity attributable to common shareholders 669,954 790,724

Total equity attributable to noncontrolling interest 540,047 —

Noncontrolling interest 491,825 540,047

Total equity 1,161,779 1,330,771

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The accompanying notes are an integral part of these consolidated financial statements.

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INDUSTRIAL LOGISTICS PROPERTIES TRUST

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( 288,537 ) ( 280,051 ) ( 35,625 )

(Loss) gain on sale of real estate ( 10 ) 12,054 23,996

Gain (loss) on sale of real estate 1,710 ( 10 ) 12,054

Loss on equity securities — ( 5,758 ) —

(Loss) gain on early extinguishment of debt ( 22,198 ) — 120

(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture ( 293,874 ) 79,037 80,953

Loss on early extinguishment of debt ( 359 ) ( 22,198 ) —

(Loss) income before income taxes and equity in earnings of unconsolidated joint venture

( 150,517 ) ( 293,874 ) 79,037

Income tax expense ( 104 ) ( 45 ) ( 273 )

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Other comprehensive income:

Unrealized gain on derivatives 30,194 — —

unrealized gain on derivatives attributable to noncontrolling interest ( 8,291 ) — —

Other comprehensive income attributable to common shareholders 21,903 — —

Unrealized (loss) gain on derivatives ( 17,999 ) 30,194 —

unrealized loss (gain) on derivatives attributable to noncontrolling interest

6,267 ( 8,291 ) —

Other comprehensive (loss) income attributable to common shareholders ( 11,732 ) 21,903 —

Comprehensive (loss) income attributable to common shareholders $ ( 119,721 ) $ ( 204,820 ) $ 119,682

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The accompanying notes are an integral part of these consolidated financial statements.

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INDUSTRIAL LOGISTICS PROPERTIES TRUST

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(dollars in thousands)

Cumulative Total Equity Total Equity

Number of Additional Other Cumulative Attributable to Attributable to

Cumulative Total Equity

Number of Additional Other Cumulative Attributable to

Common Common Paid In Cumulative Comprehensive Common Common Noncontrolling Total

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Balance at December 31, 2020 65,301,088 $ 653 $ 1,010,819 $ 224,226 $ — $ ( 232,508 ) $ 1,003,190 $ — $ 1,003,190

Net income (loss) — — — 82,071 — — 82,071 ( 866 ) 81,205

Net income — — — 119,682 — — 119,682 — 119,682

Share grants 139,800 1 2,331 — — — 2,332 — 2,332

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Distributions to common shareholders — — — — — ( 86,236 ) ( 86,236 ) — ( 86,236 )

Contributions from noncontrolling interest — — 9,567 — — — 9,567 98,375 107,942

Distributions to noncontrolling interest — — — — — — — ( 5,479 ) ( 5,479 )

Sale of interest in joint venture — — — — — — — ( 92,030 ) ( 92,030 )

Balance at December 31, 2021 65,404,592 $ 654 $ 1,012,224 $ 343,908 $ — $ ( 318,744 ) $ 1,038,042 $ — $ 1,038,042

Net income (loss) — — — 119,682 — — 119,682 — 119,682

Net loss — — — ( 226,723 ) — — ( 226,723 ) ( 60,118 ) ( 286,841 )

Share grants 197,800 2 2,228 — — — 2,230 — 2,230

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Distributions to common shareholders — — — — — ( 44,477 ) ( 44,477 ) — ( 44,477 )

Other comprehensive income

— — — — 21,903 — 21,903 8,291 30,194

Contributions from noncontrolling interest — — — — — — — 593,239 593,239

Distributions to noncontrolling interest — — — — — — — ( 1,365 ) ( 1,365 )

Balance at December 31, 2022 65,568,145 $ 656 $ 1,014,201 $ 117,185 $ 21,903 $ ( 363,221 ) $ 790,724 $ 540,047 $ 1,330,771

Net income (loss) — — — ( 226,723 ) — — ( 226,723 ) ( 60,118 ) ( 286,841 )

Net loss — — — ( 107,989 ) — — ( 107,989 ) ( 41,730 ) ( 149,719 )

Share grants 328,350 3 1,747 — — — 1,750 — 1,750

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Distributions to common shareholders — — — — — ( 2,627 ) ( 2,627 ) — ( 2,627 )

Net current period other comprehensive income — — — — 21,903 — 21,903 8,291 30,194

Contributions from noncontrolling interest — — — — — — — 593,239 593,239

Other comprehensive loss

— — — — ( 11,732 ) — ( 11,732 ) ( 6,267 ) ( 17,999 )

Distributions to noncontrolling interest — — — — — — — ( 225 ) ( 225 )

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The accompanying notes are an integral part of these consolidated financial statements.

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INDUSTRIAL LOGISTICS PROPERTIES TRUST

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Straight line rental income ( 13,599 ) ( 11,538 ) ( 7,263 )

Loss (gain) on early extinguishment of debt 22,198 — ( 120 )

Loss (gain) on sale of real estate 10 ( 12,054 ) ( 23,996 )

Loss on early extinguishment of debt 359 22,198 —

(Gain) loss on sale of real estate ( 1,710 ) 10 ( 12,054 )

Proceeds from settlement of derivatives ( 56,915 ) — —

Other non-cash expenses 26,319 3,249 2,328

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Rents receivable 1,440 ( 19,596 ) 54

Deferred leasing costs ( 9,599 ) ( 4,694 ) ( 2,443 )

Due from related persons — 2,665 ( 3,871 )

Other assets ( 9,951 ) 11,931 ( 8,323 )

Accounts payable and other liabilities 1,920 3,034 2,525

Rents collected in advance 7,878 583 279

Security deposits 1,385 ( 3,443 ) 12

Due to related persons 142 2,640 ( 94 )

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Real estate improvements ( 19,415 ) ( 17,732 ) ( 4,911 )

Proceeds from sale of marketable securities 140,792 — —

Proceeds from sale of equity securities

Distributions in excess of earnings from unconsolidated joint venture 5,940 20,460 —

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Proceeds from sale of real estate 24,300 — 1,206

Proceeds from settlement of derivatives 56,915 — —

Proceeds from sale of joint venture — — 804

Distributions in excess of earnings from Affiliates Insurance Company — — 287

Net cash (used in) provided by investing activities ( 3,445,869 ) 22,875 ( 4,522 )

The accompanying notes are an integral part of these consolidated financial statements.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

CONSOLIDATED STATEMENTS OF CASH FLOWS (Continued)

(dollars in thousands)

Year Ended December 31,

2022 2021 2020

Net cash provided by (used in) investing activities 67,740 ( 3,445,869 ) 22,875

CASH FLOWS FROM FINANCING ACTIVITIES:

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Distributions to common shareholders ( 2,627 ) ( 44,477 ) ( 86,236 )

Proceeds from noncontrolling interest, net 589,411 — 107,942

Proceeds from sale of noncontrolling interest, net — 589,411 —

Repurchase of common shares ( 163 ) ( 242 ) ( 922 )

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Net cash provided by (used in) financing activities 31,144 3,474,001 ( 126,962 )

Increase (decrease) in cash, cash equivalents and restricted cash 111,383 6,563 ( 11,716 )

Increase in cash, cash equivalents and restricted cash 104,943 111,383 6,563

Cash, cash equivalents and restricted cash at beginning of period 140,780 29,397 22,834

Cash, cash equivalents and restricted cash at end of period $ 245,723 $ 140,780 $ 29,397

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Year Ended December 31,

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Interest paid

$ 237,585 $ 178,842 $ 33,278

Income taxes paid $ 85 $ 228 $ 485

Interest capitalized $ 180 $ — $ —

NON-CASH INVESTING ACTIVITIES:

Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated:

Real estate, net $ — $ — $ ( 631,879 )

Mortgage notes, net $ — $ — $ 403,160

Real estate acquired by assumption of mortgage notes payable $ — $ 323,432 $ —

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Restricted cash (1)

133,382 92,519 —

Total cash, cash equivalents and restricted cash shown in the statements of cash flows $ 245,723 $ 140,780 $ 29,397

(1) Restricted cash consists of amounts escrowed for capital expenditures at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture in which we own a 61 % equity interest.

(1) Restricted cash consists of amounts escrowed for capital expenditures at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture.

The accompanying notes are an integral part of these consolidated financial statements.

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Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, organized under Maryland law on September 15, 2017.

As of December 31, 2022, our portfolio was comprised of 413 consolidated properties containing approximately 59,983,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties and 187 properties containing approximately 43,254,000 rentable square feet of industrial properties located in 38 other states, or our Mainland Properties, which included 94 properties owned by a consolidated joint venture in which we own a 61 % equity interest.

As of December 31, 2022, we also owned a 22 % equity interest in an unconsolidated joint venture that owns 18 properties located in 12 states in the mainland United States containing approximately 11,726,000 rentable square feet.

As of December 31, 2023, our portfolio was comprised of 411 properties containing approximately 59,951,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 185 properties containing approximately 43,222,000 rentable square feet of industrial and logistics properties located in 38 other states, or our Mainland Properties.

As of December 31, 2023, we also owned a 22 % equity interest in an unconsolidated joint venture, or the unconsolidated joint venture.

Summary of Significant Accounting Policies

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All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.

Consolidation.

We consolidate entities in which we have a controlling financial interest.

In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity.

We are deemed to be the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE.

We generally do not control an entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the entity.

This includes decisions regarding operating and capital budgets and the placement of new or additional financing secured by the assets of the venture, among others.

Use of Estimates.

Preparation of these financial statements in conformity with U.S.

generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes.

On February 25, 2022, we acquired Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger, as further described below.

In connection with the Merger, we entered into a new joint venture arrangement for 95 of the acquired MNR properties, including two then committed, but not yet then completed, property acquisitions, located in the mainland United States, in which we retained a 61 % equity interest.

In connection with the Merger, we entered into a joint venture arrangement, or our consolidated joint venture, for 95 of the acquired MNR properties, including two then committed, but not yet then completed, property acquisitions, located in the mainland United States, in which we retained a 61 % equity interest.

We have a controlling financial interest in our consolidated joint venture and as result, account for it on a consolidated basis.

Real Estate Properties.

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however, we are ultimately responsible for the purchase price allocations and determinations of useful lives.

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.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

We allocate a portion of the purchase price to above market and below market leases based on the present value (using a discount rate which reflects the risks associated with acquired in-place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in-place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases.

The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable.

We allocate a portion of the purchase price to acquire 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.

In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us.

We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease.

However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements.

We allocate a portion of the purchase price to acquired in-place leases and tenant relationships based upon market estimates of the costs to lease up the property.

In determining these allocations, we estimate costs during the expected lease up periods, including carrying costs such as real estate taxes, insurance and other operating income and expenses and costs, and costs including leasing commissions, legal and other related expenses and costs to execute similar leases in current market conditions at the time a property was acquired by us.

We allocate this aggregate value, which we refer to as lease origination value, between acquired in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease.

However, we have not separated the value of tenant relationships from the value of acquired in-place leases because such value and related amortization expense is immaterial to our consolidated financial statements.

If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships.

We amortize lease origination value (included in acquired real estate leases in our consolidated balance sheets) over the terms of the associated leases.

Such amortization, which is included in depreciation and amortization expense, totaled $ 51,065 , $ 53,113 and $ 17,437 during the years ended December 31, 2023, 2022 and 2021, respectively.

We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases.

Such amortization resulted in increases in rental income of $ 1,130 , $ 4,544 and $ 781 during the years ended December 31, 2023, 2022 and 2021, respectively.

We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, or lease origination value, over the terms of

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(dollars in thousands, except per share data)

the associated leases.

Such amortization, which is included in depreciation and amortization expense, totaled $ 53,113 , $ 17,437 and $ 25,364 during the years ended December 31, 2022, 2021 and 2020, respectively.

If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease.

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As of December 31, 2023, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 9.7 years, 7.6 years and 6.7 years, respectively.

Future amortization of net intangible acquired real estate lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2022 are estimated to be $ 52,698 in 2023, $ 43,248 in 2024, $ 34,950 in 2025, $ 28,506 in 2026, $ 25,962 in 2027 and $ 89,558 thereafter.

We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments.

Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property.

We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable.

If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Deferred Leasing Costs.

Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases.

We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases.

Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss).

Deferred leasing costs totaled $ 26,803 and $ 22,371 at December 31, 2023 and 2022, respectively, and accumulated amortization of deferred leasing costs totaled $ 6,156 and $ 4,366 at December 31, 2023 and 2022, respectively.

Deferred leasing costs are included in other assets, net in our consolidated balance sheets.

Debt Issuance Costs.

Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans.

Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.

As of December 31, 2023 and 2022, we had debt issuance costs, net of accumulated amortization, of $ 20,003 and $ 45,862 , respectively, for certain of our mortgage notes payable.

As of December 31, 2021, we had debt issuance costs for our revolving credit facility, which we repaid and terminated in 2022, totaling $ 6,711 and accumulated amortization of debt issuance costs of $ 5,907 .

Debt issuance costs for our revolving credit facility were included in other assets, net in our consolidated balance sheets.

Expected future amortization related to our acquired real estate leases and assumed real estate obligations, deferred leasing costs and debt issuance costs as of December 31, 2023 are shown below:

Acquired Real Estate

Leases and Assumed

Deferred Leasing

Debt Issuance

Real State Obligations

2024 $ 43,158 $ 2,811 $ 12,823

2025 35,521 2,724 1,262

2026 30,272 2,548 1,262

2027 26,104 2,304 1,262

2028 20,194 1,965 1,262

Thereafter 69,738 8,295 2,132

$ 224,987 $ 20,647 $ 20,003

We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets.

Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long-term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property.

If there is an indication that the carrying value of an asset is not recoverable, we estimate the projected undiscounted cash flows to determine if an impairment loss should be recognized.

The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates.

If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value.

The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions.

If the carrying value exceeds the projected undiscounted cash flows, we determine the amount of any impairment loss by comparing the historical carrying value to the estimated fair value.

We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques.

In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets.

If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives.

During the year ended December 31, 2023, we recognized a $ 156 loss on impairment to adjust the carrying value of a property to its estimated fair value.

During the year ended December 31, 2022, we recognized a $ 100,747 loss on impairment for 25 properties we acquired as part of the Merger, to adjust the carrying value of these properties to their estimated fair value.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed;

however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup.

As of both December 31, 2022 and 2021, accrued environmental remediation costs of $ 6,940 were included in accounts payable and other liabilities in our consolidated balance sheets.

As of December 31, 2023 and 2022, accrued environmental remediation costs of $ 6,775 and $ 6,940 , respectively, were included in accounts payable and other liabilities in our consolidated balance sheets.

These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value.

In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us.

Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition.

Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition.

Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income (loss).

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We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence.

We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

We consider a development project as substantially complete and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity.

Cash and Cash Equivalents.

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Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgaged properties and cash held for the operations of our consolidated joint venture in which we own a 61 % equity interest .

Deferred Leasing Costs.

Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases.

Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss).

Deferred leasing costs totaled $ 22,371 and $ 12,918 at December 31, 2022 and 2021, respectively, and accumulated amortization of deferred leasing costs totaled $ 4,366 and $ 4,035 at December 31, 2022 and 2021, respectively.

Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2022, are estimated to be $ 2,199 in 2023, $ 2,156 in 2024, 1,926 in 2025, $ 1,786 in 2026, $ 1,723 in 2027 and $ 8,215 thereafter.

Deferred leasing costs are included in other assets, net in our consolidated balance sheets.

Debt Issuance Costs.

Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans.

As of December 31, 2021, we had debt issuance costs for our revolving credit facility, which we repaid and terminated in February 2022, totaling $ 6,711 and accumulated amortization of debt issuance costs of $ 5,907 .

Debt issuance costs for our revolving credit facility were included in other assets, net in our consolidated balance sheets.

Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets.

As of December 31, 2022 and 2021, we had debt issuance costs, net of accumulated amortization, of $ 45,862 and $ 3,876 , respectively, for certain of our mortgage notes payable.

Future amortization of debt issuance costs to be recognized with respect to our mortgage notes payable as of December 31, 2022 are estimated to be $ 27,233 in 2023, $ 12,245 in 2024, $ 1,122 in 2025, $ 1,122 in 2026, $ 1,122 in 2027 and $ 3,019 thereafter.

Derivative Instruments and Hedging Activities.

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The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations.

Partially Owned Entities.

We consolidate entities in which we have a controlling financial interest.

In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity.

We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE.

We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity.

This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

venture, among others.

We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee.

Equity Method Investments.

We own a 22 % equity interest in an unconsolidated joint venture which owns 18 properties.

The properties owned by the unconsolidated joint venture are encumbered by an aggr egate $ 503,980 o f mo rtgage debts.

We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee.

We own a 22 % equity interest in the unconsolidated joint venture, which owns 18 properties.

We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option.

See Notes 3, 5, 6, 9, 10 and 11 for more information regarding our joint ventures.

Revenue Recognition.

We are a lessor of industrial and logistics properties.

Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases;

therefore, we have determined to evaluate our leases as lease arrangements.

Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases and are generally classified as operating leases.

Our leases provide for base rent payments and may also include variable payments.

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Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments.

We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components.

We apply ASC 842, Leases , to the combined component.

Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).

Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses.

We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components under the Accounting Standards Codification, or ASC, 842, because the lease components are operating leases and the timing and pattern of recognition of the non-lease components are the same as those of the lease components.

Income derived from our leases is recorded in rental income in our consolidated statements of comprehensive income (loss).

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Certain tenants under their leases are required to directly pay their obligations for insurance, real estate taxes and certain other expenses to the vendor and/or the municipality.

These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements.

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Income Taxes.

We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT.

We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT.

We are, however, subject to certain state and local taxes.

Use of Estimates.

Preparation of these financial statements in conformity with U.S.

generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes.

Right of Use Asset and Lease Liability.

In connection with our acquisition of MNR, we assumed the lease for MNR’s former corporate headquarters, which expires on December 31, 2029, or the MNR lease, and three of the properties we acquired as part of the MNR acquisition were subject to ground leases under which we are the lessee.

For leases under which we are the lessee, we are required to record a right of use asset and lease liability for all leases with a term greater than 12 months.

As of December 31, 2022, the values of the right of use asset and related liability representing our future obligations under the lease arrangements under which we are the lessee were $ 5,084 and $ 5,149 , respectively.

The right of use asset and related lease liability are included in other assets , net and accounts payable and other liabilities , respectively, in our consolidated balance sheets.

We have a sublease for a portion of the MNR lease that expires on December 30, 2029.

Rent expense incurred under the MNR lease, net of sublease revenue, was $ 231 for the year ended December 31, 2022.

Rent expense is included in general and administrative expense in our consolidated statements of comprehensive income (loss).

Right of Use Assets and Lease Liabilities.

We are the lessee for three of our properties subject to ground leases and one office lease that we assumed as part of our acquisition of MNR.

For leases with a term greater than 12 months under which we are the lessee, we are required to record a right of use asset and lease liability.

The values of our right of use assets and related lease liabilities were $ 4,646 and $ 4,730 , respectively, as of December 31, 2023, and $ 5,084 and $ 5,149 , respectively, as of December 31, 2022.

Our right of use assets and related lease liabilities are included in other assets, net and accounts payable and other liabilities , respectively, in our consolidated balance sheets.

Generally, payments of ground lease obligations are made by our tenants.

However, if a tenant does not perform obligations under a ground lease or does not renew any ground lease, we may have to perform obligations under, or renew, the ground lease in order to protect our investment in the affected property.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Cumulative Other Comprehensive Income (Loss).

Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our equity method investees.

Net Income (Loss) Per Common Share.

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Noncontrolling interests represent the share of our consolidated joint venture owned by a third party.

We recognize the noncontrolling holder’s share of the estimated fair value of the net assets at the date of formation or acquisition.

Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of our consolidated joint venture.

We allocate net income (loss) to noncontrolling interests based on ownership interest during the period.

The net income (loss) that is not attributable to us is reflected in the line item net loss attributable to noncontrolling interest.

We do not recognize a gain or loss on transactions with the consolidated entity in which we do not own 100% of the equity and recognize the difference between the carrying amount of the noncontrolling interest and the consideration paid or received as additional paid-in-capital.

We allocate net income (loss) to noncontrolling interests based on the respective ownership interest during the period.

Segment Reporting.

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ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands.

Reclassifications.

Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentations.

New Accounting Pronouncements.

In November 2023, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures, which requires public entities, including those with a single reportable segment, to:

(i) provide disclosures of significant segment expenses and other segment items if they are regularly provided to the chief operating decision maker, or the CODM, and included in each reported measure of segment profit or loss;

(ii) provide all annual disclosures about a reportable segment’s profit or loss and assets currently required by ASC 280, Segment Reporting in interim periods;

and (iii) disclose the CODM’s title and position, as well as an explanation of how the CODM uses the reported measures and other disclosures.

ASU 2023-07 does not change how a public entity identifies its operating segments, aggregates those operating segments or applies the quantitative thresholds to determine its reportable segments.

ASU 2023-07 is required to be applied retrospectively and is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted.

We are currently evaluating the impact ASU 2023-07 will have on our consolidated financial statements.

In August 2023, the FASB issued ASU 2023-05, Business Combinations – Joint Venture Formations (Subtopic 805-60) :

Recognition and Initial Measurement.

ASU 2023-05 applies to the formation of a joint venture and requires a joint venture to initially measure all contributions received upon its formation at fair value.

This guidance is effective for all joint ventures with a formation date on or after January 1, 2025, with early adoption permitted.

Joint ventures formed before the effective date have the option to apply it retrospectively, while those formed after the effective date are required to apply it prospectively.

We adopted ASU 2023-05 on October 1, 2023 and will apply the guidance prospectively.

We do not expect the adoption to have an impact on our consolidated financial statements.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Real Estate Investments

As of December 31, 2022, our portfolio was comprised of 413 consolidated properties containing approximately 59,983,000 rentable square feet, including our Hawaii Properties and our Mainland Properties, which included 94 properties owned by a consolidated joint venture in which we own a 61 % equity interest.

As of December 31, 2022, we also owned a 22 % equity interest in an unconsolidated joint venture which owns 18 properties located in 12 states in the mainland United States totaling approximately 11,726,000 rentable square feet that were 100 % leased.

We incurred capital expenditures at certain of our properties of $ 23,263 and $ 30,331 during the years ended December 31, 2023 and 2022, respectively.

During the year ended December 31, 2022, we committed $ 20,334 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 7,580,000 square feet.

Committed, but unspent tenant related obligations based on existing leases as of December 31, 2022, were $ 25,547 , of which $ 9,706 is expected to be spent during the next 12 months.

2022 Acquisitions:

During the year ended December 31, 2023, we committed $ 10,923 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 4,982,000 rentable square feet.

Committed, but unspent, tenant related obligations based on existing leases as of December 31, 2023, were $ 5,947 , all of which is expected to be spent during the next 12 months.

On February 25, 2022, we completed the acquisition of MNR pursuant to the Agreement and Plan of Merger, dated as of November 5, 2021 and as amended on February 7, 2022, or the Merger Agreement, by and among us, Maple Delaware Merger Sub LLC, a Delaware limited liability company and our wholly owned subsidiary, or Merger Sub, and MNR.

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Pursuant to the terms set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $ 0.01 per share, of MNR that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive $ 21.00 per share in cash, or the Common Stock Consideration, and each share of 6.125 % Series C Cumulative Redeemable Preferred Stock, par value $ 0.01 per share, of MNR, that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive an amount in cash equal to $ 25.00 plus accumulated and unpaid dividends.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

At the Effective Time, each MNR stock option and restricted stock award outstanding immediately prior to the Effective Time, whether vested or unvested, became fully vested and converted into the right to receive, in the case of stock options, the difference between the Common Stock Consideration and the exercise price and, in the case of restricted stock awards, the Common Stock Consideration.

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The Floating Rate Loan matures in March 2024, subject to three one year extension options, and requires that interest be paid at an annual rate based on the secured overnight financing rate, or SOFR, plus a premium of 2.77 %.

See Notes 5, 6, 10 and 11 for more information regarding this joint venture and related loans.

In connection with the closing of the Merger, we entered into a $ 1,385,158 interest only bridge loan facility secured by 109 of our properties, or the Bridge Loan.

1 unchanged sentence

The Bridge Loan was scheduled to mature in February 2023 and required that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.92 %.

We repaid the Bridge Loan in full on September 22, 2022.

We repaid the Bridge Loan in full in September 2022.

The Fixed Rate Loan matures in March 2032 and requires that interest be paid at a weighted average annual interest rate of 4.42 %.

The Floating Rate Loan, the Bridge Loan and the Fixed Rate Loan are collectively referred to as the Loans.

See Note 5 for more information regarding the Loans.

The Floating Rate Loan, the Bridge Loan and the Fixed Rate Loan are collectively referred to as the Merger Loans.

We used the proceeds from our sale of the equity interest in our joint venture in which we retained a 61 % equity interest to partially fund our acquisition of MNR.

We funded our equity interest in that joint venture and the balance of the acquisition of MNR with proceeds from the Bridge Loan and the Fixed Rate Loan.

In connection with the Merger and the Loans, we repaid the outstanding principal balance under our $ 750,000 unsecured revolving credit facility and then terminated the agreement governing the facility, which was scheduled to expire in June 2022, in accordance with its terms and without penalty.

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

In connection with the Merger and the Merger Loans, we repaid the outstanding principal balance under our $ 750,000 unsecured revolving credit facility and then terminated the agreement governing the facility, which was scheduled to expire in June 2022, in accordance with its terms and without penalty.

We accounted for the Merger as an acquisition of assets.

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Assumed real estate lease obligations ( 17,829 )

Equity attributable to noncontrolling interest on the joint venture ( 3,827 )

Equity attributable to noncontrolling interest in the joint venture

Net assets acquired 3,559,846

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(2) As part of the Merger, we acquired a portfolio of marketable securities and classified them as available for sale.

During the year ended December 31, 2022, we sold all of these securities with a cost of $ 146,550 for net proceeds of $ 140,792 , resulting in a $ 5,758 realized loss on sale of equity securities for the year ended December 31, 2022.

In July 2022, our consolidated joint venture acquired a property located in Augusta, Georgia containing 226,000 rentable square feet for a purchase price of approximately $ 38,053 , including acquisition related costs of $ 53 .

This property is 100 % leased to a single tenant with a remaining lease term of approximately 14.9 years at the time of acquisition.

We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows:

Purchase Buildings and Acquired Real Estate

Price Land Improvements Leases

$ 38,053 $ 3,818 $ 30,780 $ 3,455

During the year ended December 31, 2022, we sold all of these securities for net proceeds of $ 140,792 , resulting in a $ 5,758 realized loss on sale of equity securities for the year ended December 31, 2022.

In July 2022, our consolidated joint venture acquired a property located in Augusta, GA containing approximately 226,000 rentable square feet for a purchase price of $ 38,053 , including acquisition related costs of $ 53 .

This property was 100 % leased to a single tenant with a remaining lease term of 14.9 years at the time of acquisition.

This property was one of two committed MNR property acquisitions at the time of the Merger and was acquired directly by our consolidated joint venture.

In September 2022, our consolidated joint venture terminated the agreement for the other committed MNR property acquisition.

We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows:

Buildings and Real Estate

Purchase Price Land Improvements Leases

1 225,997 $ 38,053 $ 3,818 $ 30,780 $ 3,455

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NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

2021 Acquisitions:

During the year ended December 31, 2021, we acquired four industrial properties and one parcel of developable land containing 1,644,508 rentable square feet for an aggregate purchase price of $ 134,730 , including acquisition related costs of $ 1,030 .

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:

Number Rentable Buildings Acquired Acquired

of Square Purchase and Real Estate Real Estate

Date Market Area Properties Feet Price Land Improvements Leases Lease Obligations

Number Rentable Buildings Acquired Real Estate

of Square Purchase and Real Estate Lease

Date Market Area

Properties Feet Price Land Improvements Leases Obligations

May 2021 Dallas, TX

1 — $ 2,319 $ 2,319 $ — $ — $ —

June 2021 Columbus, OH 1 357,504 31,762 1,491 27,407 2,864 —

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5 1,644,508 $ 134,730 $ 9,732 $ 115,007 $ 10,056 $ ( 65 )

2020 Acquisitions:

During the year ended December 31, 2020, we acquired two industrial 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:

Number Rentable Buildings Acquired

of Square Purchase and Real Estate

Date Market Area Properties Feet Price Land Improvements Leases

February 2020 Phoenix, AZ 1 820,384 $ 71,628 $ 11,214 $ 54,676 $ 5,738

December 2020 Kansas City, KS 1 645,462 44,185 5,740 32,701 5,744

During the year ended December 31, 2023, we sold two properties and a portion of a land parcel, containing 489,825 square feet for the aggregate sales price of $ 25,460 , excluding closing costs.

Number of Gross Gain (Loss) on Sale of

Location Properties Square Feet Sales Price (1)

March 2023 Everett, WA

246,114 $ 270 $ ( 974 )

2021 Disposition:

As a result of an eminent domain taking in September 2021, we sold a portion of a land parcel located in Rock Hill, South Carolina for $ 1,400 , excluding closing costs, resulting in a net gain on sale of real estate of $ 940 .

2020 Disposition:

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.

The sale of this property, as presented in the table below, did not represent a significant disposition or a strategic shift.

As a result, the results of operations of this property was included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).

Number of Square Gross Gain on Sale of

Date of Sale Properties Location Feet Sale Price (1)

December 2020 1 Winchester, VA 308,217 $ 10,775 $ 581

(1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Joint Venture Activities:

As of December 31, 2022, we had equity investments in our joint ventures that consist of the following:

ILPT Carrying Value

ILPT of Investment Number of Square

Joint Venture Presentation Ownership at December 31, 2022 Properties Location Feet

Mountain Industrial REIT LLC Consolidated 61 % N/A 94 Various 20,980,664

The Industrial Fund REIT LLC Unconsolidated 22 % $ 124,358 18 Various 11,726,137

Consolidated Joint Venture - Mountain Industrial REIT LLC:

As noted above, we entered into a joint venture arrangement immediately following the closing of the Merger and we control this joint venture and therefore account for the properties owned by this joint venture on a consolidated basis in our consolidated financial statements.

We recognized a 39 % noncontrolling interest in our consolidated financial statements for the year ended December 31, 2022.

The portion of this joint venture's net loss not attributable to us, or $ 60,067 , for the year ended December 31, 2022, is reported as noncontrolling interest in our consolidated statements of comprehensive income (loss).

During the year ended December 31, 2022, this joint venture made aggregate cash distributions of $ 1,365 to the other joint venture investor, which is reflected as a decrease in total equity attributable to noncontrolling interest in our consolidated balance sheets.

As of December 31, 2022, this joint venture had total assets of $ 3,100,448 and total liabilities of $ 1,725,397 .

December 2023 Mesquite, TX 1 211,112 20,890 118

December 2023 Asheville, NC 1 32,599 4,300 2,566

2 489,825 $ 25,460 $ 1,710

(1) Gross sale price is the gross contract price, excluding closing costs.

In September 2021, we sold a portion of a land parcel located in Rock Hill, SC for $ 1,400 , excluding closing costs, resulting in a net gain on sale of real estate of $ 940 .

Consolidated Joint Venture

We own a 61 % equity interest in Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture, which owns 94 properties in 27 states totaling approximately 20,981,000 rentable square feet.

We control this consolidated joint venture and therefore account for the properties owned by this joint venture on a consolidated basis in our consolidated financial statements.

We recognized net loss attributable to noncontrolling interest in our consolidated financial statements for the year ended December 31, 2023 and the period from February 25, 2022 (inception of our consolidated joint venture) to December 31, 2022 of $ 41,798 and $ 60,067 , respectively, As of December 31, 2023, our consolidated joint venture had total assets of $ 3,026,194 and total liabilities of $ 1,774,380 .

Consolidated Tenancy in Common

An unrelated third party owns an approximate 33 % tenancy in common interest in one of the properties we acquired as part of the MNR acquisition located in Somerset, New Jersey, and we own the remaining 67 % tenancy in common interest in this property.

The portion of this property’s net loss not attributable to us, or $ 51 , for the year ended December 31, 2022, is reported as noncontrolling interest in our consolidated statements of comprehensive income (loss).

Unconsolidated Joint Venture - The Industrial Fund REIT LLC:

As of December 31, 2022 and 2021, we also owned a 22 % equity interest in an unconsolidated joint venture with 18 properties in 12 states.

We account for the unconsolidated joint venture under the equity method of accounting under the fair value option.

We recorded a change in the fair value of our investment in the unconsolidated joint venture of $ 7,078 and $ 40,918 for the years ended December 31, 2022 and 2021, respectively, as equity in earnings of unconsolidated joint venture in our consolidated statements of comprehensive income (loss).

In addition, the unconsolidated joint venture made aggregate cash distributions to us of $ 25,742 and $ 2,640 during the year ended December 31, 2022 and 2021, respectively.

Until November 2020, we owned a majority equity interest in our current unconsolidated joint venture and we consolidated that joint venture until November 2020, when we sold an additional 39 % equity interest in that joint venture and reduced our equity interest to 22 %.

The portion of that 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 (loss).

During the year ended December 31, 2020, the joint venture made aggregate cash distributions of $ 14,049 , including $ 5,479 to the other joint venture investor, which was reflected as a decrease in total equity attributable to noncontrolling interest and $ 8,570 to us.

We determined that, while we owned a 61 % equity interest in this joint venture, this joint venture was a VIE as defined under the Consolidation Topic of the FASB ASC.

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.

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.

The joint venture investor's interest in this consolidated entity was reflected as noncontrolling interest in our consolidated financial statements.

See Notes 2, 5, 6, 9, 10 and 11 for more information regarding these joint ventures .

An unrelated third party owns an approximate 33 % tenancy in common interest in one property located in Somerset, NJ with approximately 64,000 rentable square feet, and we own the remaining 67 % tenancy in common interest in this property.

The portion of this property’s net income (loss) not attributable to us of $ 68 and ($ 51 ) for the year ended December 31, 2023 and the period from February 25, 2022 (the date of acquisition) to December 31, 2022, respectively, is reported as net loss attributable to noncontrolling interest in our consolidated statements of comprehensive income (loss).

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

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.

We increased rental income by $ 11,538 , $ 7,263 and $ 9,041 to record revenue on a straight line basis during the years ended December 31, 2022, 2021 and 2020, respectively.

Unconsolidated Joint Venture

We own a 22 % equity interest in The Industrial Fund REIT LLC, which owns 18 industrial properties located in 12 states totaling approximately 11,726,000 rentable square feet.

We account for the unconsolidated joint venture under the equity method of accounting under the fair value option.

We recognize changes in the fair value of our investment in the unconsolidated joint venture as equity in earnings of unconsolidated joint venture in our consolidated statements of comprehensive income (loss).

We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred.

Such payments totaled $ 76,572 , $ 63,168 and $ 38,732 for the years ended December 31, 2023, 2022 and 2021, respectively.

The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2022:

The following table summarizes the future contractual lease payments due from our tenants as of December 31, 2023:

2024 $ 344,967

Thereafter 1,555,987

Tenant Concentration

Subsidiaries of FedEx Corporation, or FedEx, accounted for 28.0 % of our rental income as of December 31, 2022.

FedEx accounted for $ 108,704 , $ 10,894 and $ 10,752 of our rental income for the years ended December 31, 2022, 2021 and 2020, respectively.

In addition, subsidiaries of Amazon.com, Inc.

accounted for 7.1 % of our rental income as of December 31, 2022.

Amazon.com, Inc.

accounted for $ 27,382 , $ 21,440 and $ 38,241 of our rental income for the years ended December 31, 2022, 2021 and 2020, respectively.

Geographic Concentration

For the years ended December 31, 2022, 2021 and 2020, approximately 29.7 %, 50.6 % and 42.2 %, respectively, of our rental income was from our Hawaii Properties.

For the years ended December 31, 2023, 2022 and 2021, our Hawaii Properties represented 28.0 %, 29.7 % and 50.6 %, respectively, of our rental income.

Tenant Concentration

We define annualized rental revenues as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization.

Subsidiaries of FedEx Corporation and Amazon.com Services, Inc.

represented 29.7 % and 6.7 % of our annualized rental revenues as of December 31, 2023, respectively, and 29.6 % and 6.7 % as of December 31, 2022, respectively.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

As of December 31, 2022 and 2021, our outstanding indebtedness consisted of the following:

Principal Balance as of of Collateral

December 31, December 31, Interest At December 31,

Entity Type Secured By:

Rate Maturity 2022

ILPT Revolving credit facility (2)

Unsecured $ — $ 182,000 N/A N/A $ —

ILPT Floating Rate - Interest only (3)

104 Properties

1,235,000 — 6.18 % 10/09/24 1,071,815

ILPT Fixed Rate - Interest only 186 Properties

650,000 650,000 4.31 % 02/07/29 490,416

ILPT Fixed Rate - Interest only 17 Properties

700,000 — 4.42 % 03/09/32 518,806

Our outstanding indebtedness as of December 31, 2023 and 2022 is summarized below:

Properties Principal Interest Carrying Value

Entity Secured By Balance Rate (1)

Type Maturity of Collateral

As of December 31,2023

$ 1,235,000 6.18 % Floating 10/09/2024 $ 1,044,028

650,000 4.31 % Fixed 02/07/2029 490,149

700,000 4.42 % Fixed 03/09/2032 505,153

Mountain JV 82

Floating Rate - Interest only (5)

82 Properties

1,400,000 — 6.17 % 03/09/24 1,909,185

1,400,000 6.17 % Floating 03/09/2024 1,857,062

Mountain JV 4

Fixed Rate - Amortizing One Property

13,556 — 3.76 % 10/01/28 63,314

91,000 6.25 % Fixed 06/10/2030 183,264

Mountain JV 1

Fixed Rate - Amortizing One Property

4,865 — 3.77 % 04/01/30 39,724

11,380 3.67 % Fixed 05/01/2031 28,932

Mountain JV 1

Fixed Rate - Amortizing One Property

5,145 — 3.85 % 04/01/30 39,724

12,916 4.14 % Fixed 07/01/2032 43,510

Mountain JV 1

Fixed Rate - Amortizing One Property

14,392 — 3.56 % 09/01/30 50,825

28,622 4.02 % Fixed 10/01/2033 84,793

Mountain JV 1

Fixed Rate - Amortizing One Property

12,691 — 3.67 % 05/01/31 30,800

40,019 4.13 % Fixed 11/01/2033 129,749

Mountain JV 1

Fixed Rate - Amortizing One Property

14,144 — 4.14 % 07/01/32 44,777

24,433 3.10 % Fixed 06/01/2035 46,394

Mountain JV 1

Fixed Rate - Amortizing One Property

30,949 — 4.02 % 10/01/33 87,143

39,411 2.95 % Fixed 01/01/2036 99,108

Mountain JV 1

Fixed Rate - Amortizing One Property

43,219 — 4.13 % 11/01/33 131,539

43,850 4.27 % Fixed 11/01/2037 110,097

Mountain JV 1

Fixed Rate - Amortizing One Property

26,175 — 3.10 % 06/01/35 47,718

49,313 3.25 % Fixed 01/01/2038 113,477

Total/weighted average 4,325,944 5.47 % $ 4,735,716

Unamortized debt issuance costs ( 20,003 )

Total indebtedness, net $ 4,305,941

As of December 31, 2022

$ 1,235,000 6.18 % Floating 10/09/2024 $ 1,071,815

650,000 4.31 % Fixed 02/07/2029 490,416

700,000 4.42 % Fixed 03/09/2032 518,806

Mountain JV 82

Fixed Rate - Amortizing One Property

42,087 — 2.95 % 01/01/36 101,896

1,400,000 6.17 % Floating 03/09/2024 1,909,185

Mountain JV 1

Fixed Rate - Amortizing One Property

46,109 — 4.27 % 11/01/37 113,063

13,556 3.76 % Fixed 10/01/2028 63,314

Mountain JV 1

Fixed Rate - Amortizing One Property

4,865 3.77 % Fixed 04/01/2030 39,724

Mountain JV 1

5,145 3.85 % Fixed 04/01/2030 39,724

Mountain JV 1

14,392 3.56 % Fixed 09/01/2030 50,825

Mountain JV 1

12,691 3.67 % Fixed 05/01/2031 30,800

Mountain JV 1

14,144 4.14 % Fixed 07/01/2032 44,777

Mountain JV 1

30,949 4.02 % Fixed 10/01/2033 87,143

Mountain JV 1

43,219 4.13 % Fixed 11/01/2033 131,539

Mountain JV 1

26,175 3.10 % Fixed 06/01/2035 47,718

Mountain JV 1

42,087 2.95 % Fixed 01/01/2036 101,896

Mountain JV 1

46,109 4.27 % Fixed 11/01/2037 113,063

Mountain JV 1

52,031 3.25 % Fixed 01/01/2038 116,607

Total/weighted average

4,290,363 5.43 % $ 4,857,352

Total indebtedness 4,290,363 832,000 $ 4,857,352

Unamortized debt issuance costs ( 45,862 )

Total indebtedness, net $ 4,244,501

(1) The principal balances are the amounts stated in contracts.

In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts.

(2) In February 2022, we repaid the outstanding principal balance under our $ 750,000 unsecured revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty.

(3) This loan matures in October 2024, subject to three , one year extension options, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93 %.

We also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25 %.

(4) Mountain JV is Mountain Industrial REIT LLC, our consolidated joint venture, in which we own a 61 % equity interest .

For more information regarding this joint venture, see Notes 2, 3, 6, 9, 10 and 11.

(5) This loan matures in March 2024, subject to three , one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77 %.

We also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40 %.

(1) Interest rates reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

The following table provides a summary of the mortgage debts of the unconsolidated joint venture:

Principal Balance

Interest at December 31,

Joint Venture (Unconsolidated) Rate Maturity Date 2022 (1)

Mortgage notes payable (secured by one property in Florida)

3.60 % (2) 10/1/2023 $ 56,980

Mortgage notes payable (secured by 11 other properties in eight states)

3.33 % (2) 11/7/2029 350,000

Mortgage notes payable (secured by 5 properties in four states)

5.30 % 10/1/2027 97,000

Weighted average/total 3.74 % (2) $ 503,980

(1) Amounts are not adjusted for our minority interest;

none of the debt is recourse to us.

(2) Includes the effect of mark to market purchase accounting.

As of December 31, 2021, we had a $ 750,000 unsecured revolving credit facility that was available for our general business purposes, including acquisitions.

The maturity date of this revolving credit facility was June 29, 2022 and we had an option to extend the maturity date for one , six month period, subject to payment of extension fees and satisfaction of other conditions.

As of December 31, 2021, the annual interest rate payable on borrowings under this revolving credit facility was 1.41 %.

The weighted average annual interest rate for borrowings under this revolving credit facility was 1.41 %, for the period from January 1, 2022 to February 25, 2022, and 1.44 % and 2.36 % for the years ended December 31, 2021 and 2020, respectively.

In connection with the closing of the Merger, we entered into the Loans, and repaid the outstanding principal balance under this revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty.

We had a $ 750,000 unsecured revolving credit facility that was available for our general business purposes, including acquisitions.

The weighted average annual interest rate for borrowings under this revolving credit facility was 1.41 %, for the period from January 1, 2022 to February 25, 2022, and 1.44 % for the year ended December 31, 2021.

In connection with the closing of the Merger, we entered into the Merger Loans, and repaid the outstanding principal balance under this revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty.

During the year ended December 31, 2022, we recorded a $ 828 loss on early extinguishment of debt to write off unamortized costs related to this facility.

2 unchanged sentences

The Floating Rate Loan matures in March 2024, subject to three , one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.25 %.

Effective in March 2022, the Floating Rate Lenders exercised their option to increase the premium in connection with the securitization of the Floating Rate Loan, resulting in an increase of 51.5 basis points in the premium.

Effective in March 2022, the Floating Rate Lenders exercised their option to increase the interest rate premium in connection with the securitization of the Floating Rate Loan, resulting in an increase of 51.5 basis points to the premium.

We also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40 %.

The weighted average annual interest rate payable under the Floating Rate Loan was 6.17 % as of both December 31, 2022 and February 9, 2023, and was 6.10 % for the period from February 25, 2022 to December 31, 2022.

The weighted average annual interest rate payable under the Floating Rate Loan was 6.17 % for the year ended December 31, 2023, and was 6.10 % for the period from our joint venture’s formation date, February 25, 2022, to December 31, 2022.

Also on February 25, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the Bridge Lenders, and a mezzanine loan agreement with an institutional lender, or the Bridge Mezz Lender, together pursuant to which we obtained the Bridge Loan.

Also on February 25, 2022, we entered into a guaranty in favor of the Bridge Lenders and the Bridge Mezz Lender, pursuant to which we guaranteed certain limited recourse obligations of its subsidiaries with respect to the Bridge Loan.

The Bridge Loan was scheduled to mature in February 2023 and required that interest only be paid at an annual rate of SOFR plus a premium of 1.75 % under the loan agreement and a premium of 8.0 % under the mezzanine loan agreement.

6 unchanged sentences

The interest only Fixed Rate Loan matures in March 2032 and requires that interest be paid at a weighted average annual fixed rate of 4.42 %.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

We used the aggregate net proceeds from the Loans to partially fund the acquisition of MNR.

We used the aggregate net proceeds from the Merger Loans to partially fund the acquisition of MNR.

Principal payments on the Floating Rate Loan and Fixed Rate Loan are not required prior to the end of their respective initial terms, subject to certain conditions set forth in the applicable loan agreement.

2 unchanged sentences

and (2) to prepay the Fixed Rate Loan in full or part at any time, subject to a premium, and beginning in September 2031, without a premium.

On September 22, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the ILPT Floating Rate Lenders, and a mezzanine loan agreement with a separate group of institutional lenders, or the ILPT Floating Rate Mezz Lenders, pursuant to which we obtained the ILPT Floating Rate Loan, secured by 104 of our properties.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

On September 22, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the ILPT Floating Rate Lenders, and a mezzanine loan agreement with a separate group of institutional lenders, or the ILPT Floating Rate Mezz Lenders, pursuant to which we obtained the $ 1,235,000 loan, or the ILPT Floating Rate Loan, secured by 104 of our properties.

The ILPT Floating Rate Loan is comprised of a $ 1,100,000 mortgage loan and a $ 135,000 mezzanine loan.

Also, on September 22, 2022, we entered into a guaranty in favor of the ILPT Floating Rate Lenders and the ILPT Floating Rate Mezz Lenders, pursuant to which we guaranteed certain limited recourse obligations of our subsidiaries with respect to the ILPT Floating Rate Loan.

The interest only ILPT Floating Rate Loan matures on October 9, 2024, subject to three , one year extension options, and requires that interest be paid at an annual rate of SOFR, which is capped at an annual rate of 2.25 % for the initial term of the ILPT Floating Rate Loan, plus a weighted average premium of 3.93 %.

The ILPT Floating Rate Loan matures on October 9, 2024, subject to three , one year extension options, and requires that interest only payments be made at an annual rate of SOFR, which is capped at an annual rate of 2.25 % for the initial term of the ILPT Floating Rate Loan, plus a weighted average premium of 3.93 %.

Subject to the satisfaction of certain conditions, we have the option:

(1) to prepay up to $ 247,000 of the ILPT Floating Rate Loan at par with no premium;

and (2) to prepay the balance of the ILPT Floating Rate Loan in full or in part at any time, subject to a premium, and beginning in October 2023, without a premium.

The weighted average interest rate payable under the ILPT Floating Rate Loan was 6.18 % as of both December 31, 2022 and February 9, 2023 and for the period from September 22, 2022 to December 31, 2022.

The agreements governing the Floating Rate Loan, Fixed Rate Loan and the ILPT Floating Rate Loan contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default.

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.

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.

and (2) to prepay the balance of the ILPT Floating Rate Loan in full or in part at any time, subject to a premium.

Subject to the satisfaction of certain conditions, we have the option to prepay the ILPT Floating Rate Loan in full or in part at any time at par with no premium.

The weighted average interest rate payable under the ILPT Floating Rate Loan was 6.18 % for the year ended December 31, 2023 and the period from September 22, 2022 to December 31, 2022.

In May 2023, our consolidated joint venture obtained a $ 91,000 fixed rate, interest only mortgage loan secured by four properties owned by our consolidated joint venture.

This mortgage loan matures in June 2030 and requires that interest be paid at an annual rate of 6.25 %.

A portion of the net proceeds from this mortgage loan was used to repay four outstanding mortgage loans of our consolidated joint venture with an aggregate outstanding principal balance of $ 35,910 and a weighted average interest rate of 3.70 %.

We recognized a loss on early extinguishment of debt of $ 359 for the year ended December 31, 2023 in conjunction with the repayment of these mortgage loans.

The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default.

The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2023 are as follows:

2024 $ 2,653,114

2024 2,658,268

Thereafter 1,593,323

$ 4,290,363 (1)

(1) Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs of $ 45,862 , was $ 4,244,501 .

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Fair Value of Assets and Liabilities

Our financial instruments include cash and cash equivalents, restricted cash, rents receivable, the Floating Rate Loan, the ILPT Floating Rate Loan, the Fixed Rate Loan, mortgage notes payable, accounts payable, rents collected in advance, interest rate caps, security deposits and amounts due from or to related persons.

At December 31, 2022 and 2021, the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:

At December 31, 2022

At December 31, 2021

Carrying Estimated Carrying Estimated

Fair Value Value (1)

Fixed rate loan, 3.76 % interest rate, due in 2028

$ 13,556 $ 12,784 $ — $ —

Fixed rate loan, 4.31 % interest rate, due in 2029

646,669 592,295 646,124 709,198

Fixed rate loan, 3.77 % interest rate, due in 2030

4,865 4,553 — —

Fixed rate loan, 3.85 % interest rate, due in 2030

5,145 4,829 — —

Fixed rate loan, 3.56 % interest rate, due in 2030

14,392 13,315 — —

Fixed rate loan, 3.67 % interest rate, due in 2031

12,691 11,713 — —

Fixed rate loan, 4.42 % interest rate, due in 2032

694,704 623,133 — —

Fixed rate loan, 4.14 % interest rate, due in 2032

14,144 13,182 — —

Fixed rate loan, 4.02 % interest rate, due in 2033

30,949 28,195 — —

Fixed rate loan, 4.13 % interest rate, due in 2033

43,219 39,573 — —

Fixed rate loan, 3.10 % interest rate, due in 2035

26,175 22,373 — —

Fixed rate loan, 2.95 % interest rate, due in 2036

42,087 35,444 — —

Fixed rate loan, 4.27 % interest rate, due in 2037

46,109 41,880 — —

Fixed rate loan, 3.25 % interest rate, due in 2038

52,031 43,878 — —

$ 1,646,736 $ 1,487,147 $ 646,124 $ 709,198

(1) Includes unamortized debt issuance costs, premiums and discounts of $ 8,627 and $ 3,876 as of December 31, 2022 and 2021, respectively.

We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs).

As Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Our financial instruments include cash and cash equivalents, restricted cash, mortgages and notes payable, accounts payable and interest rate caps.

At December 31, 2023 and 2022, the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except for our fixed rate mortgage notes payable.

Our fixed rate mortgage notes payable had an aggregate carrying value of $ 1,682,501 and $ 1,646,736 as of December 31, 2023 and 2022, respectively, and a fair value of $ 1,553,863 and $ 1,487,147 as of December 31, 2023 and 2022, respectively.

We estimate the fair value of our fixed rate mortgage notes payable using significant unobservable inputs (Level 3), including discounted cash flow analyses and prevailing market rates as of the measurement date.

The table below presents certain of our assets measured on a recurring and non-recurring basis at fair value at December 31, 2023 and 2022, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:

4 unchanged sentences

At December 31, 2023

Recurring fair value measurements

Investment in unconsolidated joint venture $ 115,360 $ — $ — $ 115,360

$ 124,358 $ — $ — $ 124,358

Interest rate cap derivatives (2)

Interest rate caps (1)

$ 30,576 $ — $ 30,576 $ —

Non-recurring fair value measurements

Non-recurring:

Real estate properties (2)

1 unchanged sentence

At December 31, 2022

Recurring fair value measurements

Investment in unconsolidated joint venture $ 124,358 $ — $ — $ 124,358

Interest rate caps (1)

$ 73,133 $ — $ 73,133 $ —

(1) We own a 22 % equity interest in a joint venture that owns 18 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).

The significant unobservable inputs used in the fair value are discount rates of between 5.25 % and 7.00 %, exit capitalization rates of between 4.75 % and 6.00 %, direct capitalization rates of between 5.25 % and 7.00 %, holding periods of approximately 10 years and market rents.

Our 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.

See Notes 2, 3, 5, 9, 10 and 11 for more information regarding our joint ventures.

(2) Our derivative assets are carried at fair value as required by GAAP.

The estimated fair values of the derivative assets are based on current market prices in secondary markets for similar derivative contracts, (Level 2 inputs).

See Notes 5 and 11 for more information regarding our derivatives and hedging activities.

(3) We recorded a loss on impairment of real estate of $ 100,747 to reduce the carrying value of 25 properties in our consolidated balance sheet to their estimated fair value, based on third party offers (Level 3 inputs as defined in the fair value hierarchy under GAAP), due to a change in plans to sell and the reclassification of those properties from held for sale to held and used.

See Notes 2 and 3 for more information regarding our investing and financing activities, including our acquisition of MNR.

Non-recurring:

Real estate properties (2)

$ 555,123 $ — $ — $ 555,123

(1) The fair values of our interest rate caps are based on market prices in secondary markets for similar derivative contracts.

(2) During the years ended December 31, 2023 and December 31, 2022, we reduced the carrying value of one property and 25 properties, respectively, to their fair values based on third party offers.

See Note 2 for more information.

At December 31, 2023 and 2022, the fair value of our investment in the unconsolidated joint venture was determined by applying our ownership percentage to the net asset value of the entity.

The net asset value of the unconsolidated joint venture is determined by using similar estimation techniques as those used for consolidated real estate properties, including discounting expected future cash flows of the underlying real estate investments based on prevailing market rents over a holding period and including an exit capitalization rate to determine the final year of cash flows.

The discount rates, exit capitalization rates and holding periods used are Level 3 significant unobservable inputs and are shown in the table below:

Capitalization

Valuation Technique Discount Rates Rates Holding Periods

At December 31, 2023

Investment in unconsolidated joint venture Discounted cash flow 5.75 % - 8.00 %

5.25 % - 6.50 %

At December 31, 2022

Investment in unconsolidated joint venture Discounted cash flow 5.25 % - 7.00 %

4.75 % - 6.00 %

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture:

Year Ended December 31,

Beginning balance $ 124,358 $ 143,022

Equity in earnings of unconsolidated joint venture 902 7,078

Distributions from unconsolidated joint venture ( 9,900 ) ( 25,742 )

Ending balance $ 115,360 $ 124,358

Shareholders’ Equity

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During the years ended December 31, 2023, 2022 and 2021, we awarded to our officers and other employees of The RMR Group LLC, or RMR, annual share awards of 188,350 , 173,300 and 118,800 of our common shares, respectively, valued at $ 684 , $ 1,184 and $ 3,086 , in aggregate, respectively.

In accordance with our Trustee compensation arrangements, we awarded each of our then Trustees 3,500 of our common shares with an aggregate value of $ 369 ($ 53 per Trustee), 3,500 of our common shares with an aggregate value of $ 538 ($ 90 per Trustee) and 3,500 of our common shares with an aggregate value of $ 460 ($ 66 per Trustee) during the years ended December 31, 2022, 2021 and 2020, respectively, as part of their annual compensation.

Also in 2020, in connection with the election of two of our then 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.

In accordance with our Trustee compensation arrangements, we awarded each of our then Trustees 20,000 of our common shares with an aggregate value of $ 249 , 3,500 of our common shares with an aggregate value of $ 369 and 3,500 of our common shares with an aggregate value of $ 538 during the years ended December 31, 2023, 2022 and 2021, respectively, as part of their annual compensation.

The values of the share awards were based upon the closing price of our common shares trading on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards.

1 unchanged sentence

The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award.

We recognize share forfeitures as they occur.

We include the value of awarded shares in general and administrative expenses ratably over the vesting period.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period.

A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2023, 2022 and 2021 is as follows:

December 31, 2022 December 31, 2021 December 31, 2020

Year Ended December 31,

2023 2022 2021

Weighted Weighted Weighted

8 unchanged sentences

The 288,310 unvested shares as of December 31, 2023 are scheduled to vest as follows:

93,780 shares in 2023, 75,240 shares in 2024, 57,120 shares in 2025 and 34,660 in 2026.

100,280 shares in 2024, 84,660 shares in 2025, 66,000 shares in 2026 and 37,370 shares in 2027.

As of December 31, 2023, the estimated future compensation expense for the unvested shares was approximately $ 2,111 .

2 unchanged sentences

At December 31, 2023, 3,156,613 common shares remain available for issuance under the 2018 Plan.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Common Share Purchases

During the years ended December 31, 2022, 2021 and 2020, we purchased an aggregate of 32,347 , 35,596 and 18,060 of our common shares, respectively, at weighted average prices of $ 7.50 , $ 25.91 and $ 21.16 per common share, respectively, from certain of our Trustees and certain current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.

During the years ended December 31, 2023, 2022 and 2021, we purchased an aggregate of 49,158 , 32,347 and 35,596 of our common shares, respectively, valued at weighted average prices of $ 3.29 , $ 7.50 and $ 25.91 per common share, respectively, from certain of our Trustees, our officers and certain other current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares.

Distributions

6 unchanged sentences

2021 $ 1.32 $ 86,236 — % 93.2 % 6.8 %

On January 12, 2023, we declared a regular quarterly distribution of $ 0.01 per common share, or approximately $ 656 , to our common shareholders of record on January 23, 2023.

We expect to pay this distribution to our shareholders on or about February 16, 2023.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

On January 11, 2024, we declared a regular quarterly distribution to common shareholders of record on January 22, 2024 of $ 0.01 per common share, or approximately $ 658 .

We expect to pay this distribution to our shareholders on or about February 15, 2024 using cash on hand.

Per Common Share Amounts

We calculate basic earnings per common share by dividing net income (loss) attributable to common shareholders by the weighted average number of our common shares outstanding during the period.

We calculate basic earnings per common share by dividing net (loss) income attributable to common shareholders by the weighted average number of our common shares outstanding during the period.

We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method.

4 unchanged sentences

Net (loss) income attributable to common shareholders $ ( 107,989 ) $ ( 226,723 ) $ 119,682

Loss attributable to unvested participating securities ( 131 ) ( 307 ) ( 154 )

Income attributable to participating unvested share awards

( 10 ) ( 131 ) ( 307 )

Net (loss) income attributable to common shareholders used in calculating earnings per share $ ( 107,999 ) $ ( 226,854 ) $ 119,375

1 unchanged sentence

Weighted average common shares for basic earnings per share 65,430 65,248 65,169

Effect of dilutive securities:

unvested share awards — 42 10

Effect of unvested share awards

Weighted average common shares for diluted earnings per share 65,430 65,248 65,211

6 unchanged sentences

and (2) a property management agreement, which relates to our property level operations.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Management Agreements with RMR.

5 unchanged sentences

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.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

• Incentive Management Fee .

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• An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0 % of the product of:

– if the relevant measurement period ends on or before December 31, 2020, $ 1,560,000 (our unadjusted equity market capitalization as calculated at our initial public offering, or our IPO) or, if the relevant measurement period ends thereafter, our equity market capitalization on the last trading day of the calendar year immediately prior to the relevant measurement period, and

• our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and

• the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period.

2 unchanged sentences

REIT Industrial Index is the benchmark index for periods prior to August 1, 2021.

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.

For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period.

• The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or our common shares are forfeited, during the measurement period.

• No incentive management fee is payable by us unless our total return per share during the measurement period is positive.

◦ The measurement periods are generally three year periods ending with the year for which the incentive management fee is being calculated, with a shorter period 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).

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

• The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated.

• If our total return per share exceeds 12.0 % per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0 % per year, or the adjusted benchmark return per share.

2 unchanged sentences

The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5 % of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

• Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements.

Pursuant to our business management agreement with RMR, we recognized net business management fees of $ 23,701 , $ 10,562 and $ 12,983 for the years ended December 31, 2022, 2021 and 2020.

The net business management fees we recognized for the year ended December 31, 2020 include $ 1,005 of management fees paid to RMR by our joint venture that was a consolidated subsidiary of ours until November 2020.

See Notes 2, 3, 5, 6, 10 and 11 for further information regarding this joint venture.

The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020.

Pursuant to our business management agreement with RMR, we recognized business management fees of $ 23,154 , $ 23,701 and $ 10,562 for the years ended December 31, 2023, 2022 and 2021, respectively.

The business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021.

We did no t incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2023, 2022 and 2021.

2 unchanged sentences

Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $ 13,449 , $ 11,916 and $ 6,606 for the years ended December 31, 2023, 2022 and 2021, respectively.

For the years ended December 31, 2022, 2021 and 2020, $ 11,058 , $ 6,395 and $ 7,267 , respectively, of the total net property management and construction supervision fees were expensed to other operating expenses in our consolidated statements of comprehensive income (loss) and $ 858 , $ 211 and $ 205 , respectively, were capitalized as building improvements in our consolidated balance sheets.

For the years ended December 31, 2023, 2022 and 2021, $ 12,800 , $ 11,058 and $ 6,395 , respectively, of the total property management and construction supervision fees were included in other operating expenses in our consolidated statements of comprehensive income (loss) and $ 649 , $ 858 and $ 211 , respectively, were capitalized as building improvements in our consolidated balance sheets.

The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets.

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.

We reimbursed RMR $ 6,785 , $ 4,786 and $ 4,948 for these expenses and costs for the years ended December 31, 2022, 2021 and 2020, respectively.

We reimbursed RMR amounts totaling $ 8,378 , $ 6,785 and $ 4,786 for these expenses and costs for the years ended December 31, 2023, 2022 and 2021, respectively.

These amounts are included in other operating expenses and general and administrative expenses, as applicable, for these periods.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Our management agreements with RMR have terms that end on December 31, 2043, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension.

1 unchanged sentence

We have the right to terminate one or both of our management agreements with RMR:

(i) at any time on 60 days’ written notice for convenience, (ii) immediately on written notice for cause, as defined therein, (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein, and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein.

(i) at any time on 60 days’ written notice for convenience;

(ii) immediately on written notice for cause, as defined therein;

(iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein;

and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein.

RMR has the right to terminate the management agreements for good reason, as defined therein.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

• Termination Fee .

10 unchanged sentences

We have two separate joint venture arrangements.

As described further in Notes 2, 3, 5, 6, 10 and 11, one of these joint ventures is with two , third party institutional investors.

One of these joint ventures, the unconsolidated joint venture, is with two , third party institutional investors.

This joint venture owns 18 properties, and we own a 22 % equity interest in this joint venture.

We entered into this joint venture in February 2020.

The other joint venture we entered into in connection with the Merger is with one , third party institutional investor.

The other joint venture, our consolidated joint venture, which we entered into in connection with the Merger, is with one , third party institutional investor.

This joint venture owns 94 properties.

We own a 61 % equity interest in this joint venture, and the other joint venture investor acquired a 39 % equity interest in the joint venture from us for $ 589,411 as of the completion of the transaction, in connection with the joint venture’s formation in February 2022.

We own a 61 % equity interest in this joint venture, and the other joint venture investor acquired a 39 % equity interest in the joint venture from us for $ 589,411 , as of the completion of the transaction, in connection with our consolidated joint venture’s formation in February 2022 .

See Note 3 for further information about our joint ventures.

RMR provides management services to both of these joint ventures.

Prior to November 2020, our 18 property joint venture was our consolidated subsidiary and, as such, we were obligated to pay fees under our management agreements with RMR regarding this joint venture;

however, any fees paid by that joint venture were credited against the fees payable by us to RMR.

Starting in November 2020, this joint venture is no longer our consolidated subsidiary and, as a result, we are no longer required to pay management fees to RMR with respect to our 18 property joint venture and fees this joint venture pays to RMR are no longer credited against amounts we owe to RMR.

Our 94 property joint venture is our consolidated subsidiary and, as a result, we are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding that joint venture;

however that joint venture pays management fees directly to RMR, and any such fees paid by that joint venture are credited against the fees payable by us to RMR.

We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to the unconsolidated joint venture.

We are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to our consolidated joint venture;

however, our consolidated joint venture pays management fees directly to RMR, and any such fees paid by our consolidated joint venture are credited against the fees payable by us to RMR.

See Note 3 for further information about our joint ventures.

See Note 10 for further information regarding our relationships, agreements and transactions with RMR.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Related Person Transactions

1 unchanged sentence

RMR is a majority owned subsidiary of RMR Inc.

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., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc.

The Chair of our Board of Trustees and one of our Managing Trustees, Adam D.

Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc.

and an officer and employee of RMR.

Matthew Jordan, our other Managing Trustee, is executive vice president, chief financial officer and treasurer of RMR Inc., an officer and employee of RMR and an officer of ABP Trust.

John Murray, one of our Managing Trustees until June 1, 2022 and our President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our current officers is also an officer and employee of RMR.

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

(dollars in thousands, except per share data)

Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services.

Adam Portnoy serves as chair of the boards and as a managing director or managing trustee of these public companies.

Jordan, our other Managing Trustee, is an executive vice president and the chief financial officer and treasurer of RMR Inc., an officer and employee of RMR and an officer of ABP Trust.

Murray, one of our Managing Trustees until June 1, 2022 and our President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our current officers is also an officer and employee of RMR.

Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services.

Portnoy serves as chair of the boards and as a managing trustee of these public companies.

Other officers of RMR, including Messrs.

Jordan and Murray and certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies.

Jordan and Murray and certain of our officers, serve as managing trustees or officers of certain of these companies.

Our Manager, RMR .

1 unchanged sentence

See Note 9 for further information regarding our management agreements with RMR.

Our Joint Ventures.

Joint Ventures.

We have two separate joint venture arrangements.

See Notes 2, 3, 5, 6, 9 and 11 for further information regarding our joint ventures, including properties we have sold to, and equity interests we have sold in, these joint ventures.

As of December 31, 2022 and December 31, 2021, we owed $ 616 and $ 225 , respectively, to the unconsolidated joint venture for rents that we collected on behalf of that joint venture.

These amounts are presented as due to related persons in our consolidated balance sheet.

We paid the amounts we owed as of December 31, 2022 in January 2023 and the amounts we owed as of December 31, 2021 in January 2022.

As of December 31, 2020, the unconsolidated 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.

That joint venture paid these amounts due to us during the year ended December 31, 2022.

This amount is presented as due from related persons in our consolidated balance sheet.

See Note 3 for further information regarding our joint ventures, including properties we have sold to, and equity interests we have sold in, these joint ventures.

As of December 31, 2023 and 2022, we owed $ 680 and $ 616 , respectively, to the unconsolidated joint venture for rents that we collected on behalf of that joint venture.

These amounts are presented as due to related persons in our consolidated balance sheets.

RMR provides management services to each of our joint ventures.

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These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR.

See Note 7 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards.

Affiliates Insurance Company .

Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR provides management services owned Affiliates Insurance Company, or AIC, in equal amounts.

In connection with AIC’s dissolution, we and each other AIC shareholder received a liquidating distribution of approximately $ 287 in June 2020 and a final liquidating distribution of $ 12 in December 2021.

See Note 7 for information regarding our share awards and activity as well as certain share repurchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards.

TravelCenters of America Inc.

In May 2021, we acquired a property located in the Dallas, Texas market from TravelCenters of America Inc., or TA, for a purchase price of $ 2,319 , including acquisition related costs of $ 119 .

RMR provides management services to TA and Mr.

Portnoy serves as the chair of the board of directors and as a managing director of TA.

See Note 3 for further information regarding this acquisition.

In May 2021, we acquired a property located in the Mesquite, TX market from TravelCenters of America Inc., or TA, for a purchase price of $ 2,319 , including acquisition related costs of $ 119 .

Until TA was acquired in May 2023 by BP Products North America Inc., RMR provided management services to TA and Mr.

Portnoy served as the chair of the board of directors and as a managing director of TA.

See Note 3 for further information regarding our acquisition and disposition of the property in Mesquite, TX.

Derivatives and Hedging Activities

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We are exposed to certain risks relating to our ongoing business operations, including the impact of changes in interest rates.

The only risk currently managed by us using derivative instruments is a part of our interest rate risk.

The only risk currently managed by us using derivative instruments is our interest rate risk.

We have an interest rate cap agreement to manage our interest rate risk exposure on each of the ILPT Floating Rate Loan and the Floating Rate Loan, both with interest payable at a rate equal to SOFR plus a premium.

3 unchanged sentences

INDUSTRIAL LOGISTICS PROPERTIES TRUST

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(dollars in thousands, except per share data)

Cash Flow Hedges of Interest Rate Risk

As required by ASC 815, Derivatives and Hedging , we record all derivatives on the balance sheet at fair value.

The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk as of December 31, 2022:

Interest Rate Derivative Balance Sheet Line Item Underlying Instrument Number of Instruments Strike Rate Notional Amount Fair Value at December 31, 2022

Interest Rate Cap Other assets Floating Rate Loan (1)

We record all derivatives in our consolidated balance sheets at fair value.

The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk at December 31, 2023 and 2022:

Balance Sheet Underlying Strike Notional Fair Value at December 31,

Derivative Line Item Instrument Rate Amount 2023 2022

Interest rate cap

Other assets Floating Rate Loan 3.40 % $ 1,400,000 $ 5,516 $ 23,337

Interest rate cap

Other assets ILPT Floating Rate Loan 2.25 % $ 1,235,000 25,060 49,796

$ 30,576 $ 73,133

Interest Rate Cap Other assets ILPT Floating Rate Loan 2 2.25 % $ 1,235,000 $ 49,796

(1) The Floating Rate Loan was entered into by our consolidated joint venture.

Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in cumulative other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings.

Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election.

The earnings recognition of excluded components is presented in interest expense.

Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt.

Amounts reported in cumulative other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt.

In September 2022, in conjunction with the repayment of the Bridge Loan, we sold two interest rate cap instruments with an aggregate notional amount of $ 1,385,158 , a strike rate equal to 2.70 % and an original expiration date of March 15, 2023 for $ 7,740 .

As the underlying debt instrument that these interest rate caps were intended to hedge was repaid in its entirety and the related interest expense was no longer probable to occur, these interest rate caps were no longer designated as cash flow hedges and the remaining deferred gain was reclassified from cumulative other comprehensive income (loss) as a reduction of loss on early extinguishment of debt.

December 31, 2022

Amount of gain recognized in cumulative other comprehensive income (loss) $ 34,825

Amount reclassified from cumulative other comprehensive income (loss) into interest expense 2,330

Amount reclassified from cumulative other comprehensive income (loss) into loss on early extinguishment of debt ( 6,961 )

Unrealized gain on derivative instrument recognized in cumulative other comprehensive income $ 30,194

We expect to reclassify approximately $ 25,810 from accumulated other comprehensive income to interest expense during the next twelve months, of which $ 6,845 would be attributable to noncontrolling interest.

The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income for the periods shown:

Year Ended December 31,

Amount of gain recognized in cumulative other comprehensive income $ 15,640 $ 34,825

Amount reclassified from cumulative other comprehensive income into interest expense ( 33,639 ) 2,330

Amount reclassified from cumulative other comprehensive income to loss on early extinguishment of debt

Unrealized (loss) gain on derivative instrument recognized in cumulative other comprehensive loss $ ( 17,999 ) $ 30,194

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023

4 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

1 510 Production Avenue Madison AL Mainland Properties (B) $ 1,200 $ 9,967 $ — $ ( 2,118 ) $ 973 $ 8,076 $ 9,049 $ ( 136 ) 2/25/2022 2004

2 6735 Trippel Road Mobile AL Mainland Properties (E) 1,500 44,354 — — 1,500 44,354 45,854 ( 1,077 ) 2/25/2022 2017

3 11224 Will Walker Road Vance AL Mainland Properties (B) 3,901 40,857 550 — 3,901 41,407 45,308 ( 1,800 ) 2/25/2022 2021

4 3200 Rodeo Court Bessemer AL Mainland Properties (C) 3,201 23,462 — — 3,201 23,462 26,663 ( 570 ) 2/25/2022 2021

5 4501 Industrial Drive Fort Smith AR Mainland Properties (B) 900 3,485 — — 901 3,484 4,385 ( 690 ) 1/29/2015 2013

6 9860 West Buckeye Road Tolleson AZ Mainland Properties (B) 4,801 26,716 1 — 4,802 26,716 31,518 ( 1,132 ) 2/25/2022 2002

7 3870 Ronald Reagan Boulevard Johnstown CO Mainland Properties (B) 2,780 9,722 1 — 2,779 9,724 12,503 ( 1,207 ) 4/9/2019 2007

8 125 North Troy Hill Road Colorado Springs CO Mainland Properties (B) 5,402 32,981 — ( 10,790 ) 3,883 23,710 27,593 ( 342 ) 2/25/2022 2016

Easter Avenue Centennial CO Mainland Properties (B) 1,801 10,563 — ( 2,607 ) 1,421 8,336 9,757 ( 169 ) 2/25/2022 2003

10 955 Aeroplaza Drive Colorado Springs CO Mainland Properties (B) 800 7,412 39 — 800 7,451 8,251 ( 1,481 ) 1/29/2015 2012

11/12 13400 East 39th Avenue and 3800 Wheeling Street Denver CO Mainland Properties (B) 3,100 12,955 5 — 3,100 12,960 16,060 ( 2,568 ) 1/29/2015 1973

13 150 Greenhorn Drive Pueblo CO Mainland Properties (B) 200 4,177 — — 200 4,177 4,377 ( 827 ) 1/29/2015 2013

14 2 Tower Drive Wallingford CT Mainland Properties (B) 1,471 2,165 888 — 1,471 3,053 4,524 ( 1,129 ) 10/24/2006 1978

15 50 Hollow Tree Lane Newington CT Mainland Properties (C) 600 4,793 — — 600 4,793 5,393 ( 136 ) 2/25/2022 2000

16 235 Great Pond Road Windsor CT Mainland Properties (B) 2,400 9,469 — — 2,400 9,469 11,869 ( 2,467 ) 7/20/2012 2004

17 2100 NW 82nd Avenue Miami FL Mainland Properties (B) 144 1,297 454 — 144 1,751 1,895 ( 939 ) 3/19/1998 1987

18 10450 Doral Boulevard Doral FL Mainland Properties (B) 15,225 28,102 — — 15,225 28,102 43,327 ( 4,216 ) 6/27/2018 1996

19 13509 Waterworks Street Jacksonville FL Mainland Properties (B) 3,701 37,720 ( 1 ) ( 9,345 ) 2,866 29,209 32,075 ( 421 ) 2/25/2022 2014

20 27200 SW 127th Avenue Homestead FL Mainland Properties (B) 24,808 22,762 — ( 8,376 ) 20,440 18,754 39,194 ( 271 ) 2/25/2022 2017

21 3155 Grissom Parkway Cocoa FL Mainland Properties (B) 3,101 20,542 27 ( 4,620 ) 2,494 16,556 19,050 ( 279 ) 2/25/2022 2006

22 950 Bennett Road Orlando FL Mainland Properties (B) 2,701 12,334 215 ( 737 ) 2,568 11,945 14,513 ( 200 ) 2/25/2022 1997

23 3736 Salisbury Road Jacksonville FL Mainland Properties (B) 1,600 12,071 158 ( 2,998 ) 1,250 9,581 10,831 ( 240 ) 2/25/2022 1998

Clyde Morris Boulevard Daytona Beach FL Mainland Properties (B) 3,001 38,858 486 ( 1,762 ) 2,875 37,708 40,583 ( 537 ) 2/25/2022 2017

25 5000 North Ridge Trail Davenport FL Mainland Properties (C) 4,001 52,290 — — 4,001 52,290 56,291 ( 1,270 ) 2/25/2022 2016

510 Production Avenue Madison AL (A) $ 1,200 $ 9,967 $ — $ ( 2,118 ) $ 973 $ 8,076 $ 9,049 $ ( 409 ) 2/25/2022 2004

6735 Trippel Road Mobile AL (B) 1,500 44,354 — — 1,500 44,354 45,854 ( 2,344 ) 2/25/2022 2017

11224 Will Walker Road Vance AL (A) 3,901 40,857 550 — 3,901 41,407 45,308 ( 3,478 ) 2/25/2022 2021

3200 Rodeo Court Bessemer AL (C) 3,201 23,462 — — 3,201 23,462 26,663 ( 1,241 ) 2/25/2022 2021

4501 Industrial Drive Fort Smith AR (A) 900 3,485 — — 900 3,485 4,385 ( 777 ) 1/29/2015 2013

9860 West Buckeye Road Tolleson AZ (A) 4,801 26,716 1 — 4,802 26,716 31,518 ( 2,468 ) 2/25/2022 2002

3870 Ronald Reagan Boulevard Johnstown CO (A) 2,780 9,722 ( 1 ) — 2,780 9,721 12,501 ( 1,532 ) 4/9/2019 2007

125 North Troy Hill Road Colorado Springs CO (A) 5,402 32,981 10 ( 10,790 ) 3,882 23,721 27,603 ( 1,025 ) 2/25/2022 2016

Easter Avenue Centennial CO (A) 1,801 10,563 12 ( 2,607 ) 1,422 8,347 9,769 ( 507 ) 2/25/2022 2003

955 Aeroplaza Drive Colorado Springs CO (A) 800 7,412 210 — 800 7,622 8,422 ( 1,672 ) 1/29/2015 2012

13400 East 39th Avenue and 3800 Wheeling Street Denver CO (A) 3,100 12,955 16 — 3,100 12,971 16,071 ( 2,892 ) 1/29/2015 1973

150 Greenhorn Drive Pueblo CO (A) 200 4,177 11 — 200 4,188 4,388 ( 931 ) 1/29/2015 2013

2 Tower Drive Wallingford CT (A) 1,471 2,165 889 — 1,472 3,053 4,525 ( 1,269 ) 10/24/2006 1978

50 Hollow Tree Lane Newington CT (C) 600 4,793 56 — 600 4,849 5,449 ( 298 ) 2/25/2022 2000

235 Great Pond Road Windsor CT (A) 2,400 9,469 — — 2,400 9,469 11,869 ( 2,703 ) 7/20/2012 2004

2100 NW 82nd Avenue Miami FL (A) 144 1,297 454 — 144 1,751 1,895 ( 987 ) 3/19/1998 1987

10450 Doral Boulevard Doral FL (A) 15,225 28,102 — — 15,225 28,102 43,327 ( 5,154 ) 6/27/2018 1996

13509 Waterworks Street Jacksonville FL (A) 3,701 37,720 — ( 9,346 ) 2,866 29,209 32,075 ( 1,264 ) 2/25/2022 2014

27200 SW 127th Avenue Homestead FL (A) 24,808 22,762 — ( 8,376 ) 20,440 18,754 39,194 ( 812 ) 2/25/2022 2017

3155 Grissom Parkway Cocoa FL (A) 3,101 20,542 18 ( 4,620 ) 2,495 16,546 19,041 ( 836 ) 2/25/2022 2006

950 Bennett Road Orlando FL (A) 2,701 12,334 213 ( 737 ) 2,566 11,945 14,511 ( 619 ) 2/25/2022 1997

3736 Salisbury Road Jacksonville FL (A) 1,600 12,071 185 ( 2,998 ) 1,252 9,606 10,858 ( 736 ) 2/25/2022 1998

Clyde Morris Boulevard Daytona Beach FL (A) 3,001 38,858 657 ( 1,762 ) 2,875 37,879 40,754 ( 1,614 ) 2/25/2022 2017

5000 North Ridge Trail Davenport FL (C) 4,001 52,290 — — 4,001 52,290 56,291 ( 2,764 ) 2/25/2022 2016

14001 Jetport Loop Ft.

Myers FL Mainland Properties (C) 5,902 25,616 — — 5,902 25,616 31,518 ( 622 ) 2/25/2022 2016

27 8411 Florida Mining Boulevard Tampa FL Mainland Properties (C) 7,602 29,985 19 — 7,602 30,004 37,606 ( 851 ) 2/25/2022 2003

28 5101 West Waters Avenue Tampa FL Mainland Properties (C) 3,101 12,134 157 — 3,101 12,291 15,392 ( 413 ) 2/25/2022 1997

29 3404 Cragmont Drive Tampa FL Mainland Properties (C) 1,600 6,557 160 — 1,600 6,717 8,317 ( 223 ) 2/25/2022 1989

30 7569 Golf Course Boulevard Punta Gorda FL Mainland Properties (C) — 6,042 — — — 6,042 6,042 ( 147 ) 2/25/2022 2007

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Myers FL (C) 5,902 25,616 — — 5,902 25,616 31,518 ( 1,354 ) 2/25/2022 2016

8411 Florida Mining Boulevard Tampa FL (C) 7,602 29,985 19 — 7,602 30,004 37,606 ( 1,852 ) 2/25/2022 2003

5101 West Waters Avenue Tampa FL (C) 3,101 12,134 157 — 3,101 12,291 15,392 ( 914 ) 2/25/2022 1997

3404 Cragmont Drive Tampa FL (C) 1,600 6,557 156 — 1,600 6,713 8,313 ( 485 ) 2/25/2022 1989

7569 Golf Course Boulevard Punta Gorda FL (C) — 6,042 — — — 6,042 6,042 ( 319 ) 2/25/2022 2007

1900 Interstate Boulevard Lakeland FL (C) 500 3,405 — — 500 3,405 3,905 ( 209 ) 2/25/2022 1993

2902 Gun Club Road Augusta GA (A) 1,200 9,861 41 ( 6,995 ) 441 3,666 4,107 ( 157 ) 2/25/2022 2004

1078 Bertram Road Augusta GA (A) 900 1,867 77 ( 1,374 ) 454 1,016 1,470 ( 76 ) 2/25/2022 1993

590 Northport Parkway Savannah GA (C) 16,905 66,945 — — 16,905 66,945 83,850 ( 3,537 ) 2/25/2022 2017

3150 Highway 42 Locust Grove GA (B) 9,803 109,420 40 — 9,805 109,458 119,263 ( 5,785 ) 2/25/2022 2020

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

31 1900 Interstate Boulevard Lakeland FL Mainland Properties (C) 500 3,405 — — 500 3,405 3,905 ( 96 ) 2/25/2022 1993

32 2902 Gun Club Road Augusta GA Mainland Properties (B) 1,200 9,861 — ( 6,995 ) 441 3,625 4,066 ( 53 ) 2/25/2022 2004

33 1078 Bertram Road Augusta GA Mainland Properties (B) 900 1,867 64 ( 1,374 ) 453 1,004 1,457 ( 24 ) 2/25/2022 1993

34 590 Northport Parkway Savannah GA Mainland Properties (C) 16,905 66,945 — — 16,905 66,945 83,850 ( 1,626 ) 2/25/2022 2017

35 3150 Highway 42 Locust Grove GA Mainland Properties (E) 9,803 109,420 41 — 9,803 109,461 119,264 ( 2,657 ) 2/25/2022 2020

36 650 Braselton Parkway Braselton GA Mainland Properties (E) 6,902 82,238 — — 6,902 82,238 89,140 ( 1,997 ) 2/25/2022 2018

37 700 Hudson Road Griffin GA Mainland Properties (C) 900 20,442 45 — 900 20,487 21,387 ( 695 ) 2/25/2022 2002

650 Braselton Parkway Braselton GA (B) 6,902 82,238 — — 6,902 82,238 89,140 ( 4,347 ) 2/25/2022 2018

700 Hudson Road Griffin GA (C) 900 20,442 243 — 900 20,685 21,585 ( 1,525 ) 2/25/2022 2002

505 Morgan Lakes Industrial Blvd.

Savannah GA Mainland Properties (C) 8,203 31,714 — — 8,203 31,714 39,917 ( 770 ) 2/25/2022 2018

39 2002 International Boulevard Augusta GA Mainland Properties 3,818 30,780 2 — 3,819 30,781 34,600 ( 408 ) 7/14/2022 2022

40 2815 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,818 — 6 — 1,818 6 1,824 ( 2 ) 12/5/2003 —

41 609 Ahua Street Honolulu HI Hawaii Properties (A) 616 — — — 616 — 616 — 12/5/2003 —

42 2849 Kaihikapu Street Honolulu HI Hawaii Properties (A) 860 — — — 860 — 860 — 12/5/2003 —

43 709 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

44 2839 Kilihau Street Honolulu HI Hawaii Properties (A) 627 — — — 627 — 627 — 12/5/2003 —

45 2906 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,814 2 — — 1,814 2 1,816 ( 1 ) 12/5/2003 —

46 733 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,403 — — — 3,403 — 3,403 — 12/5/2003 —

47 2864 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,836 — 7 — 1,836 7 1,843 ( 6 ) 12/5/2003 —

48 2850 Awaawaloa Street Honolulu HI Hawaii Properties (A) 287 172 ( 1 ) — 286 172 458 ( 82 ) 12/5/2003 —

49 2806 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

50 2838 Kilihau Street Honolulu HI Hawaii Properties (A) 4,262 — — — 4,262 — 4,262 — 12/5/2003 —

51 852 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

52 812 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,960 25 628 — 2,613 — 2,613 — 12/5/2003 —

53 2969 Mapunapuna Street Honolulu HI Hawaii Properties (A) 4,038 15 — — 4,038 15 4,053 ( 10 ) 12/5/2003 —

54 855 Ahua Street Honolulu HI Hawaii Properties (A) 1,834 — — — 1,834 — 1,834 — 12/5/2003 —

55 2855 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,807 — — — 1,807 — 1,807 — 12/5/2003 —

56 865 Ahua Street Honolulu HI Hawaii Properties (A) 1,846 — — — 1,846 — 1,846 — 12/5/2003 —

57 719 Ahua Street Honolulu HI Hawaii Properties (A) 1,960 — — — 1,960 — 1,960 — 12/5/2003 —

58 759 Puuloa Road Honolulu HI Hawaii Properties (A) 1,766 3 ( 3 ) — 1,766 — 1,766 — 12/5/2003 —

59 770 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Initial Cost to Gross Amount Carried at

Company Costs Close of Period (4)

Buildings Capitalized Buildings Original

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

Land Equipment Total (2)

Depreciation (3)

Acquired Date

60 2915 Kaihikapu Street Honolulu HI Hawaii Properties (A) 2,579 — — — 2,579 — 2,579 — 12/5/2003 —

61 704 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,390 685 — — 2,390 685 3,075 ( 326 ) 12/5/2003 —

62 822 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 15 ( 15 ) — 1,795 — 1,795 — 12/5/2003 —

63 842 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,795 14 ( 14 ) — 1,795 — 1,795 — 12/5/2003 —

64 2839 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,942 — — — 1,942 — 1,942 — 12/5/2003 —

65 2861 Mokumoa Street Honolulu HI Hawaii Properties (A) 3,867 — — — 3,867 — 3,867 — 12/5/2003 —

66 619 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,401 2 12 — 1,401 14 1,415 ( 3 ) 12/5/2003 —

67 2847 Awaawaloa Street Honolulu HI Hawaii Properties (A) 582 303 184 — 582 487 1,069 ( 167 ) 12/5/2003 —

68 2928 Kaihikapu Street - A Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

69 2928 Kaihikapu Street - B Honolulu HI Hawaii Properties (A) 1,948 — — — 1,948 — 1,948 — 12/5/2003 —

70 850 Ahua Street Honolulu HI Hawaii Properties (A) 2,682 2 ( 2 ) — 2,682 — 2,682 — 12/5/2003 —

71 659 Ahua Street Honolulu HI Hawaii Properties (A) 860 20 ( 20 ) — 860 — 860 — 12/5/2003 —

72 2831 Awaawaloa Street Honolulu HI Hawaii Properties (A) 860 — — — 860 — 860 — 12/5/2003 —

73 2760 Kam Highway Honolulu HI Hawaii Properties (A) 703 — 191 — 703 191 894 ( 29 ) 12/5/2003 —

74 2965 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,140 — — — 2,140 — 2,140 — 12/5/2003 —

75 2814 Kilihau Street Honolulu HI Hawaii Properties (A) 1,925 — — — 1,925 — 1,925 — 12/5/2003 —

76 2804 Kilihau Street Honolulu HI Hawaii Properties (A) 1,775 2 — — 1,775 2 1,777 — 12/5/2003 —

77 2833 Kilihau Street Honolulu HI Hawaii Properties (A) 601 — — — 601 — 601 — 12/5/2003 —

78 692 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,796 2 — — 1,796 2 1,798 — 12/5/2003 —

79 669 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 14 62 — 1,801 76 1,877 ( 33 ) 12/5/2003 —

80 761 Ahua Street Honolulu HI Hawaii Properties (A) 3,757 2 339 — 3,757 341 4,098 ( 35 ) 12/5/2003 —

81 702 Ahua Street Honolulu HI Hawaii Properties (A) 1,784 3 ( 4 ) — 1,783 — 1,783 — 12/5/2003 —

82 645 Ahua Street Honolulu HI Hawaii Properties (A) 882 — — — 882 — 882 — 12/5/2003 —

83 675 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,081 — — — 1,081 — 1,081 — 12/5/2003 —

84 2858 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

85 2857 Awaawaloa Street Honolulu HI Hawaii Properties (A) 983 — — — 983 — 983 — 12/5/2003 —

86 2812 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,801 3 ( 2 ) — 1,801 1 1,802 — 12/5/2003 —

87 2809 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,837 — — — 1,837 — 1,837 — 12/5/2003 —

88 803 Ahua Street Honolulu HI Hawaii Properties (A) 3,804 — — — 3,804 — 3,804 — 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Initial Cost to Gross Amount Carried at

Company Costs Close of Period (4)

Buildings Capitalized Buildings Original

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

Land Equipment Total (2)

Depreciation (3)

Acquired Date

89 2889 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,783 5 — — 1,783 5 1,788 — 12/5/2003 —

90 819 Ahua Street Honolulu HI Hawaii Properties (A) 4,821 583 9 — 4,821 592 5,413 ( 287 ) 12/5/2003 —

91 830 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 25 ( 25 ) — 1,801 — 1,801 — 12/5/2003 —

92 2831 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,272 529 55 — 1,272 584 1,856 ( 277 ) 12/5/2003 —

93 2846-A Awaawaloa Street Honolulu HI Hawaii Properties (A) 2,181 954 — — 2,181 954 3,135 ( 454 ) 12/5/2003 —

94 2816 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,009 27 — — 1,009 27 1,036 ( 13 ) 12/5/2003 —

95 673 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

96 697 Ahua Street Honolulu HI Hawaii Properties (A) 994 811 ( 4 ) — 994 807 1,801 ( 384 ) 12/5/2003 —

97 808 Ahua Street Honolulu HI Hawaii Properties (A) 3,279 — ( 1 ) — 3,278 — 3,278 ( 7 ) 12/5/2003 —

98 659 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 — — — 1,807 — 1,807 — 12/5/2003 —

99 666 Mapunapuna Street Honolulu HI Hawaii Properties (A) 860 2 ( 2 ) — 860 — 860 — 12/5/2003 —

100 679 Puuloa Road Honolulu HI Hawaii Properties (A) 1,807 3 ( 3 ) — 1,807 — 1,807 — 12/5/2003 —

101 673 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 20 ( 20 ) — 1,801 — 1,801 — 12/5/2003 —

102 2827 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

103 2826 Kaihikapu Street Honolulu HI Hawaii Properties (A) 3,921 — — — 3,921 — 3,921 — 12/5/2003 —

104 685 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

105 2844 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,960 14 ( 14 ) — 1,960 — 1,960 — 12/5/2003 —

106 789 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,608 3 ( 3 ) — 2,608 — 2,608 — 12/5/2003 —

107 2808 Kam Highway Honolulu HI Hawaii Properties (A) 310 — — — 310 — 310 — 12/5/2003 —

108 2815 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — — 287 — 287 — 12/5/2003 —

109 2821 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — — 287 — 287 — 12/5/2003 —

110 2829 Kilihau Street Honolulu HI Hawaii Properties (A) 287 — — — 287 — 287 — 12/5/2003 —

111 2819 Mokumoa Street - A Honolulu HI Hawaii Properties (A) 1,821 — — — 1,821 — 1,821 — 12/5/2003 —

112 2819 Mokumoa Street - B Honolulu HI Hawaii Properties (A) 1,816 — — — 1,816 — 1,816 — 12/5/2003 —

113 2879 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,789 — — — 1,789 — 1,789 — 12/5/2003 —

114 2927 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,778 — — — 1,778 — 1,778 — 12/5/2003 —

115 2833 Paa Street #2 Honolulu HI Hawaii Properties (A) 1,675 — — — 1,675 — 1,675 — 12/5/2003 —

116 855 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,265 — — — 3,265 — 3,265 — 12/5/2003 —

117 2829 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,720 2 ( 2 ) — 1,720 — 1,720 — 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Initial Cost to Gross Amount Carried at

Company Costs Close of Period (4)

Buildings Capitalized Buildings Original

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

Land Equipment Total (2)

Depreciation (3)

Acquired Date

118 766 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

119 2908 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,798 23 — — 1,798 23 1,821 ( 3 ) 12/5/2003 —

120 729 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

121 739 Ahua Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

122 2868 Kaihikapu Street Honolulu HI Hawaii Properties (A) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

123 660 Ahua Street Honolulu HI Hawaii Properties (A) 1,783 4 ( 4 ) — 1,783 — 1,783 — 12/5/2003 —

124 2869 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,794 — — — 1,794 — 1,794 — 12/5/2003 —

125 2836 Awaawaloa Street Honolulu HI Hawaii Properties (A) 1,353 — — — 1,353 — 1,353 — 12/5/2003 —

126 113 Puuhale Road Honolulu HI Hawaii Properties (A) 3,729 — — — 3,729 — 3,729 — 12/5/2003 —

127 2140 Kaliawa Street Honolulu HI Hawaii Properties (A) 931 — — — 931 — 931 — 12/5/2003 —

128 165 Sand Island Access Road Honolulu HI Hawaii Properties (A) 758 — — — 758 — 758 — 12/5/2003 —

129 2106 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,568 — 228 — 1,568 228 1,796 ( 124 ) 12/5/2003 —

130 140 Puuhale Road Honolulu HI Hawaii Properties (A) 1,100 — 41 — 1,100 41 1,141 ( 9 ) 12/5/2003 —

131 2020 Auiki Street Honolulu HI Hawaii Properties (A) 2,385 — — — 2,385 — 2,385 — 12/5/2003 —

132 2103 Kaliawa Street Honolulu HI Hawaii Properties (A) 3,212 — — — 3,212 — 3,212 — 12/5/2003 —

133 1926 Auiki Street Honolulu HI Hawaii Properties (A) 2,872 — 1,722 — 2,872 1,722 4,594 ( 709 ) 12/5/2003 1959

134 1931 Kahai Street Honolulu HI Hawaii Properties (A) 3,779 — — — 3,779 — 3,779 — 12/5/2003 —

135 215 Puuhale Road Honolulu HI Hawaii Properties (A) 2,117 — — — 2,117 — 2,117 — 12/5/2003 —

136 207 Puuhale Road Honolulu HI Hawaii Properties (A) 2,024 — — — 2,024 — 2,024 — 12/5/2003 —

137 125 Puuhale Road Honolulu HI Hawaii Properties (A) 1,630 — — — 1,630 — 1,630 — 12/5/2003 —

138 125B Puuhale Road Honolulu HI Hawaii Properties (A) 2,815 — — — 2,815 — 2,815 — 12/5/2003 —

139 2001 Kahai Street Honolulu HI Hawaii Properties (A) 1,091 — — — 1,091 — 1,091 — 12/5/2003 —

140 2110 Auiki Street Honolulu HI Hawaii Properties (A) 837 — — — 837 — 837 — 12/5/2003 —

141 142 Mokauea Street Honolulu HI Hawaii Properties (A) 2,182 — 1,576 — 2,182 1,576 3,758 ( 541 ) 12/5/2003 1972

142 2139 Kaliawa Street Honolulu HI Hawaii Properties (A) 885 — — — 885 — 885 — 12/5/2003 —

143 2122 Kaliawa Street Honolulu HI Hawaii Properties (A) 1,365 — — — 1,365 — 1,365 — 12/5/2003 —

144 148 Mokauea Street Honolulu HI Hawaii Properties (A) 3,476 — — — 3,476 — 3,476 — 12/5/2003 —

145 151 Puuhale Road Honolulu HI Hawaii Properties (A) 1,956 — 48 — 1,956 48 2,004 ( 2 ) 12/5/2003 —

146 2127 Auiki Street Honolulu HI Hawaii Properties (A) 2,906 — 67 — 2,906 67 2,973 ( 38 ) 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Savannah GA (C) 8,203 31,714 — — 8,203 31,714 39,917 ( 1,679 ) 2/25/2022 2018

2002 International Boulevard Augusta GA (D) 3,818 30,780 — — 3,818 30,780 34,598 ( 1,287 ) 7/14/2022 2022

2815 Kaihikapu Street Honolulu HI (E) 1,818 — 6 — 1,818 6 1,824 ( 2 ) 12/5/2003 —

609 Ahua Street Honolulu HI (E) 616 — — — 616 — 616 — 12/5/2003 —

2849 Kaihikapu Street Honolulu HI (E) 860 — — — 860 — 860 — 12/5/2003 —

709 Ahua Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2839 Kilihau Street Honolulu HI (E) 627 — — — 627 — 627 — 12/5/2003 —

2906 Kaihikapu Street Honolulu HI (E) 1,814 2 — — 1,814 2 1,816 ( 1 ) 12/5/2003 —

733 Mapunapuna Street Honolulu HI (E) 3,403 — — — 3,403 — 3,403 ( 2 ) 12/5/2003 —

2864 Awaawaloa Street Honolulu HI (E) 1,836 — — — 1,836 — 1,836 — 12/5/2003 —

2850 Awaawaloa Street Honolulu HI (E) 287 172 — — 287 172 459 ( 86 ) 12/5/2003 —

2806 Kaihikapu Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2838 Kilihau Street Honolulu HI (E) 4,262 — — — 4,262 — 4,262 — 12/5/2003 —

852 Mapunapuna Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

812 Mapunapuna Street Honolulu HI (E) 1,960 25 626 — 2,611 — 2,611 — 12/5/2003 —

2969 Mapunapuna Street Honolulu HI (E) 4,038 15 — — 4,038 15 4,053 ( 11 ) 12/5/2003 —

855 Ahua Street Honolulu HI (E) 1,834 — — — 1,834 — 1,834 — 12/5/2003 —

2855 Kaihikapu Street Honolulu HI (E) 1,807 — — — 1,807 — 1,807 — 12/5/2003 —

865 Ahua Street Honolulu HI (E) 1,846 — 153 — 1,846 153 1,999 — 12/5/2003 —

719 Ahua Street Honolulu HI (E) 1,960 — — — 1,960 — 1,960 — 12/5/2003 —

759 Puuloa Road Honolulu HI (E) 1,766 3 ( 3 ) — 1,766 — 1,766 — 12/5/2003 —

770 Mapunapuna Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2915 Kaihikapu Street Honolulu HI (E) 2,579 — — — 2,579 — 2,579 — 12/5/2003 —

704 Mapunapuna Street Honolulu HI (E) 2,390 685 — — 2,390 685 3,075 ( 343 ) 12/5/2003 —

822 Mapunapuna Street Honolulu HI (E) 1,795 15 ( 15 ) — 1,795 — 1,795 — 12/5/2003 —

842 Mapunapuna Street Honolulu HI (E) 1,795 14 ( 14 ) — 1,795 — 1,795 — 12/5/2003 —

2839 Mokumoa Street Honolulu HI (E) 1,942 — — — 1,942 — 1,942 — 12/5/2003 —

2861 Mokumoa Street Honolulu HI (E) 3,867 — — — 3,867 — 3,867 — 12/5/2003 —

619 Mapunapuna Street Honolulu HI (E) 1,401 2 12 — 1,401 14 1,415 ( 4 ) 12/5/2003 —

2847 Awaawaloa Street Honolulu HI (E) 582 303 184 — 582 487 1,069 ( 189 ) 12/5/2003 —

2928 Kaihikapu Street - A Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2928 Kaihikapu Street - B Honolulu HI (E) 1,948 — — — 1,948 — 1,948 — 12/5/2003 —

850 Ahua Street Honolulu HI (E) 2,682 2 ( 2 ) — 2,682 — 2,682 — 12/5/2003 —

659 Ahua Street Honolulu HI (E) 860 20 ( 20 ) — 860 — 860 — 12/5/2003 —

2831 Awaawaloa Street Honolulu HI (E) 860 — — — 860 — 860 — 12/5/2003 —

2760 Kam Highway Honolulu HI (E) 703 — 191 — 703 191 894 ( 48 ) 12/5/2003 —

2965 Mokumoa Street Honolulu HI (E) 2,140 — — — 2,140 — 2,140 — 12/5/2003 —

2814 Kilihau Street Honolulu HI (E) 1,925 — — — 1,925 — 1,925 — 12/5/2003 —

2804 Kilihau Street Honolulu HI (E) 1,775 2 ( 2 ) — 1,775 — 1,775 — 12/5/2003 —

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

147 2144 Auiki Street Honolulu HI Hawaii Properties (A) 2,640 — 7,594 — 2,640 7,594 10,234 ( 2,925 ) 12/5/2003 1953

148 179 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,480 — — — 2,480 — 2,480 — 12/5/2003 —

149 106 Puuhale Road Honolulu HI Hawaii Properties (A) 1,113 — 274 — 1,113 274 1,387 ( 112 ) 12/5/2003 1966

150 120 Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — 1,091 — 1,953 1,091 3,044 ( 228 ) 12/5/2003 1970

151 120B Mokauea Street Honolulu HI Hawaii Properties (A) 1,953 — — — 1,953 — 1,953 — 12/5/2003 1970

152 231 Sand Island Access Road Honolulu HI Hawaii Properties (A) 752 — — — 752 — 752 — 12/5/2003 —

153 231B Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,539 — — — 1,539 — 1,539 — 12/5/2003 —

154 220 Puuhale Road Honolulu HI Hawaii Properties (A) 2,619 — — — 2,619 — 2,619 — 12/5/2003 —

155 150 Puuhale Road Honolulu HI Hawaii Properties (A) 4,887 — — — 4,887 — 4,887 — 12/5/2003 —

156 197 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,238 — — — 1,238 — 1,238 — 12/5/2003 —

157 2019 Kahai Street Honolulu HI Hawaii Properties (A) 1,377 — — — 1,377 — 1,377 — 12/5/2003 —

158 2344 Pahounui Drive Honolulu HI Hawaii Properties (A) 6,709 — — — 6,709 — 6,709 — 12/5/2003 —

159 238 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,273 — — — 2,273 — 2,273 — 12/5/2003 —

160 2308 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,314 — — — 3,314 — 3,314 — 12/5/2003 —

161 2135 Auiki Street Honolulu HI Hawaii Properties (A) 825 — — — 825 — 825 — 12/5/2003 —

162 218 Mohonua Place Honolulu HI Hawaii Properties (A) 1,741 — — — 1,741 — 1,741 — 12/5/2003 —

163 180 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,655 — — — 1,655 — 1,655 — 12/5/2003 —

164 2250 Pahounui Drive Honolulu HI Hawaii Properties (A) 3,862 — — — 3,862 — 3,862 — 12/5/2003 —

165 158 Sand Island Access Road Honolulu HI Hawaii Properties (A) 2,488 — — — 2,488 — 2,488 — 12/5/2003 —

166 2264 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,632 — — — 1,632 — 1,632 — 12/5/2003 —

167 2276 Pahounui Drive Honolulu HI Hawaii Properties (A) 1,619 — — — 1,619 — 1,619 — 12/5/2003 —

168 204 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,689 — — — 1,689 — 1,689 — 12/5/2003 —

169 228 Mohonua Place Honolulu HI Hawaii Properties (A) 1,865 — — — 1,865 — 1,865 — 12/5/2003 —

170 212 Mohonua Place Honolulu HI Hawaii Properties (A) 1,067 — — — 1,067 — 1,067 — 12/5/2003 —

171 214 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,864 — 593 — 1,864 593 2,457 ( 161 ) 12/5/2003 1981

172 2879 Paa Street Honolulu HI Hawaii Properties (A) 1,691 — 44 — 1,691 44 1,735 ( 16 ) 12/5/2003 —

173 2833 Paa Street Honolulu HI Hawaii Properties (A) 1,701 — — — 1,701 — 1,701 — 12/5/2003 —

174 1055 Ahua Street Honolulu HI Hawaii Properties (A) 1,216 — — — 1,216 — 1,216 — 12/5/2003 —

175 2875 Paa Street Honolulu HI Hawaii Properties (A) 1,330 — — — 1,330 — 1,330 — 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

2833 Kilihau Street Honolulu HI (E) 601 — — — 601 — 601 — 12/5/2003 —

692 Mapunapuna Street Honolulu HI (E) 1,796 2 ( 2 ) — 1,796 — 1,796 — 12/5/2003 —

669 Ahua Street Honolulu HI (E) 1,801 14 123 — 1,801 137 1,938 ( 37 ) 12/5/2003 —

761 Ahua Street Honolulu HI (E) 3,757 2 338 — 3,757 340 4,097 ( 71 ) 12/5/2003 —

702 Ahua Street Honolulu HI (E) 1,784 3 ( 3 ) — 1,784 — 1,784 — 12/5/2003 —

645 Ahua Street Honolulu HI (E) 882 — 90 — 882 90 972 — 12/5/2003 —

675 Mapunapuna Street Honolulu HI (E) 1,081 — — — 1,081 — 1,081 — 12/5/2003 —

2858 Kaihikapu Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2857 Awaawaloa Street Honolulu HI (E) 983 — — — 983 — 983 — 12/5/2003 —

2812 Awaawaloa Street Honolulu HI (E) 1,801 3 ( 3 ) — 1,801 — 1,801 — 12/5/2003 —

2809 Kaihikapu Street Honolulu HI (E) 1,837 — — — 1,837 — 1,837 — 12/5/2003 —

803 Ahua Street Honolulu HI (E) 3,804 — — — 3,804 — 3,804 — 12/5/2003 —

2889 Mokumoa Street Honolulu HI (E) 1,783 5 ( 5 ) — 1,783 — 1,783 — 12/5/2003 —

819 Ahua Street Honolulu HI (E) 4,821 583 30 — 4,821 613 5,434 ( 307 ) 12/5/2003 —

830 Mapunapuna Street Honolulu HI (E) 1,801 25 ( 25 ) — 1,801 — 1,801 — 12/5/2003 —

2831 Kaihikapu Street Honolulu HI (E) 1,272 529 55 — 1,272 584 1,856 ( 288 ) 12/5/2003 —

2846-A Awaawaloa Street Honolulu HI (E) 2,181 954 — — 2,181 954 3,135 ( 478 ) 12/5/2003 —

2816 Awaawaloa Street Honolulu HI (E) 1,009 27 — — 1,009 27 1,036 ( 14 ) 12/5/2003 —

673 Ahua Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

697 Ahua Street Honolulu HI (E) 994 811 ( 4 ) — 994 807 1,801 ( 405 ) 12/5/2003 —

808 Ahua Street Honolulu HI (E) 3,279 — — — 3,279 — 3,279 — 12/5/2003 —

659 Puuloa Road Honolulu HI (E) 1,807 — — — 1,807 — 1,807 — 12/5/2003 —

666 Mapunapuna Street Honolulu HI (E) 860 2 ( 2 ) — 860 — 860 — 12/5/2003 —

679 Puuloa Road Honolulu HI (E) 1,807 3 ( 3 ) — 1,807 — 1,807 — 12/5/2003 —

673 Mapunapuna Street Honolulu HI (E) 1,801 20 ( 20 ) — 1,801 — 1,801 — 12/5/2003 —

2827 Kaihikapu Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2826 Kaihikapu Street Honolulu HI (E) 3,921 — — — 3,921 — 3,921 — 12/5/2003 —

685 Ahua Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2844 Kaihikapu Street Honolulu HI (E) 1,960 14 62 — 1,960 76 2,036 — 12/5/2003 —

789 Mapunapuna Street Honolulu HI (E) 2,608 3 ( 3 ) — 2,608 — 2,608 — 12/5/2003 —

2808 Kam Highway Honolulu HI (E) 310 — — — 310 — 310 — 12/5/2003 —

2815 Kilihau Street Honolulu HI (E) 287 — — — 287 — 287 — 12/5/2003 —

2821 Kilihau Street Honolulu HI (E) 287 — — — 287 — 287 — 12/5/2003 —

2829 Kilihau Street Honolulu HI (E) 287 — — — 287 — 287 — 12/5/2003 —

2819 Mokumoa Street - A Honolulu HI (E) 1,821 — — — 1,821 — 1,821 — 12/5/2003 —

2819 Mokumoa Street - B Honolulu HI (E) 1,816 — — — 1,816 — 1,816 — 12/5/2003 —

2879 Mokumoa Street Honolulu HI (E) 1,789 — — — 1,789 — 1,789 — 12/5/2003 —

2927 Mokumoa Street Honolulu HI (E) 1,778 — — — 1,778 — 1,778 — 12/5/2003 —

2833 Paa Street #2 Honolulu HI (E) 1,675 — — — 1,675 — 1,675 — 12/5/2003 —

855 Mapunapuna Street Honolulu HI (E) 3,265 — — — 3,265 — 3,265 — 12/5/2003 —

2829 Awaawaloa Street Honolulu HI (E) 1,720 2 82 — 1,720 84 1,804 — 12/5/2003 —

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

176 1000 Mapunapuna Street Honolulu HI Hawaii Properties (A) 2,252 — — — 2,252 — 2,252 — 12/5/2003 —

177 2850 Paa Street Honolulu HI Hawaii Properties (A) 22,827 — — — 22,827 — 22,827 — 12/5/2003 —

178 2828 Paa Street Honolulu HI Hawaii Properties (A) 12,448 — — — 12,448 — 12,448 — 12/5/2003 —

179 1045 Mapunapuna Street Honolulu HI Hawaii Properties (A) 819 — — — 819 — 819 — 12/5/2003 —

180 1122 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,781 — — — 5,781 — 5,781 — 12/5/2003 —

181 2810 Paa Street Honolulu HI Hawaii Properties (A) 3,340 — — — 3,340 — 3,340 — 12/5/2003 —

182 2886 Paa Street Honolulu HI Hawaii Properties (A) 2,205 — — — 2,205 — 2,205 — 12/5/2003 —

183 2810 Pukoloa Street Honolulu HI Hawaii Properties (A) 27,699 — — — 27,699 — 27,699 — 12/5/2003 —

184 1052 Ahua Street Honolulu HI Hawaii Properties (A) 1,703 — 240 — 1,703 240 1,943 ( 104 ) 12/5/2003 —

185 1024 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,385 — — — 1,385 — 1,385 — 12/5/2003 —

186 1030 Mapunapuna Street Honolulu HI Hawaii Properties (A) 5,655 — — — 5,655 — 5,655 — 12/5/2003 —

187 1001 Ahua Street Honolulu HI Hawaii Properties (A) 15,155 3,312 92 — 15,155 3,404 18,559 ( 1,609 ) 12/5/2003 —

188 944 Ahua Street Honolulu HI Hawaii Properties (A) 1,219 — — — 1,219 — 1,219 — 12/5/2003 —

189 918 Ahua Street Honolulu HI Hawaii Properties (A) 3,820 — — — 3,820 — 3,820 — 12/5/2003 —

190 2864 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,092 — — — 2,092 — 2,092 — 12/5/2003 —

191 1050 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,404 873 — — 1,404 873 2,277 ( 416 ) 12/5/2003 —

192 949 Mapunapuna Street Honolulu HI Hawaii Properties (A) 11,568 — — — 11,568 — 11,568 — 12/5/2003 —

193 2855 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — — 1,934 — 1,934 — 12/5/2003 —

194 2865 Pukoloa Street Honolulu HI Hawaii Properties (A) 1,934 — — — 1,934 — 1,934 — 12/5/2003 —

195 2850 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,143 — — — 2,143 — 2,143 — 12/5/2003 —

196 905 Ahua Street Honolulu HI Hawaii Properties (A) 1,148 — — — 1,148 — 1,148 — 12/5/2003 —

197 1150 Kikowaena Street Honolulu HI Hawaii Properties (A) 2,445 — — — 2,445 — 2,445 — 12/5/2003 —

198 960 Ahua Street Honolulu HI Hawaii Properties (A) 614 — — — 614 — 614 — 12/5/2003 —

199 1062 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,049 598 125 — 1,049 723 1,772 ( 294 ) 12/5/2003 —

200 2829 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — — 2,088 — 2,088 — 12/5/2003 —

201 2841 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,088 — — — 2,088 — 2,088 — 12/5/2003 —

202 2819 Pukoloa Street Honolulu HI Hawaii Properties (A) 2,090 — 34 — 2,090 34 2,124 ( 12 ) 12/5/2003 —

203 950 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,724 — — — 1,724 — 1,724 — 12/5/2003 —

204 960 Mapunapuna Street Honolulu HI Hawaii Properties (A) 1,933 — — — 1,933 — 1,933 — 12/5/2003 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

766 Mapunapuna Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

2908 Kaihikapu Street Honolulu HI (E) 1,798 23 ( 11 ) — 1,798 12 1,810 ( 4 ) 12/5/2003 —

729 Ahua Street Honolulu HI (E) 1,801 — 18 — 1,801 18 1,819 — 12/5/2003 —

739 Ahua Street Honolulu HI (E) 1,801 — 18 — 1,801 18 1,819 — 12/5/2003 —

2868 Kaihikapu Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 —

660 Ahua Street Honolulu HI (E) 1,783 4 45 — 1,783 49 1,832 — 12/5/2003 —

2869 Mokumoa Street Honolulu HI (E) 1,794 — — — 1,794 — 1,794 — 12/5/2003 —

2836 Awaawaloa Street Honolulu HI (E) 1,353 — — — 1,353 — 1,353 — 12/5/2003 —

113 Puuhale Road Honolulu HI (E) 3,729 — — — 3,729 — 3,729 — 12/5/2003 —

2140 Kaliawa Street Honolulu HI (E) 931 — — — 931 — 931 — 12/5/2003 —

165 Sand Island Access Road Honolulu HI (E) 758 — — — 758 — 758 — 12/5/2003 —

2106 Kaliawa Street Honolulu HI (E) 1,568 — 228 — 1,568 228 1,796 ( 144 ) 12/5/2003 —

140 Puuhale Road Honolulu HI (E) 1,100 — 41 — 1,100 41 1,141 ( 15 ) 12/5/2003 —

2020 Auiki Street Honolulu HI (E) 2,385 — — — 2,385 — 2,385 — 12/5/2003 —

2103 Kaliawa Street Honolulu HI (E) 3,212 — — — 3,212 — 3,212 — 12/5/2003 —

1926 Auiki Street Honolulu HI (E) 2,872 — 1,722 — 2,872 1,722 4,594 ( 772 ) 12/5/2003 1959

1931 Kahai Street Honolulu HI (E) 3,779 — — — 3,779 — 3,779 — 12/5/2003 —

215 Puuhale Road Honolulu HI (E) 2,117 — — — 2,117 — 2,117 — 12/5/2003 —

207 Puuhale Road Honolulu HI (E) 2,024 — — — 2,024 — 2,024 — 12/5/2003 —

125 Puuhale Road Honolulu HI (E) 1,630 — — — 1,630 — 1,630 — 12/5/2003 —

125B Puuhale Road Honolulu HI (E) 2,815 — — — 2,815 — 2,815 — 12/5/2003 —

2001 Kahai Street Honolulu HI (E) 1,091 — — — 1,091 — 1,091 — 12/5/2003 —

2110 Auiki Street Honolulu HI (E) 837 — — — 837 — 837 — 12/5/2003 —

142 Mokauea Street Honolulu HI (E) 2,182 — 1,576 — 2,182 1,576 3,758 ( 593 ) 12/5/2003 1972

2139 Kaliawa Street Honolulu HI (E) 885 — — — 885 — 885 — 12/5/2003 —

2122 Kaliawa Street Honolulu HI (E) 1,365 — — — 1,365 — 1,365 — 12/5/2003 —

148 Mokauea Street Honolulu HI (E) 3,476 — — — 3,476 — 3,476 — 12/5/2003 —

151 Puuhale Road Honolulu HI (E) 1,956 — 48 — 1,956 48 2,004 ( 4 ) 12/5/2003 —

2127 Auiki Street Honolulu HI (E) 2,906 — 67 — 2,906 67 2,973 ( 42 ) 12/5/2003 —

2144 Auiki Street Honolulu HI (E) 2,640 — 7,594 — 2,640 7,594 10,234 ( 3,197 ) 12/5/2003 1953

179 Sand Island Access Road Honolulu HI (E) 2,480 — — — 2,480 — 2,480 — 12/5/2003 —

106 Puuhale Road Honolulu HI (E) 1,113 — 302 — 1,113 302 1,415 ( 128 ) 12/5/2003 1966

120 Mokauea Street Honolulu HI (E) 1,953 — 1,106 — 1,953 1,106 3,059 ( 273 ) 12/5/2003 1970

120B Mokauea Street Honolulu HI (E) 1,953 — 16 — 1,953 16 1,969 ( 1 ) 12/5/2003 1970

231 Sand Island Access Road Honolulu HI (E) 752 — — — 752 — 752 — 12/5/2003 —

231B Sand Island Access Road Honolulu HI (E) 1,539 — — — 1,539 — 1,539 — 12/5/2003 —

220 Puuhale Road Honolulu HI (E) 2,619 — — — 2,619 — 2,619 — 12/5/2003 —

150 Puuhale Road Honolulu HI (E) 4,887 — — — 4,887 — 4,887 — 12/5/2003 —

197 Sand Island Access Road Honolulu HI (E) 1,238 — — — 1,238 — 1,238 — 12/5/2003 —

2019 Kahai Street Honolulu HI (E) 1,377 — — — 1,377 — 1,377 — 12/5/2003 —

2344 Pahounui Drive Honolulu HI (E) 6,709 — — — 6,709 — 6,709 — 12/5/2003 —

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

205 930 Mapunapuna Street Honolulu HI Hawaii Properties (A) 3,654 — — — 3,654 — 3,654 — 12/5/2003 —

206 1038 Kikowaena Place Honolulu HI Hawaii Properties (A) 2,576 — — — 2,576 — 2,576 — 12/5/2003 —

207 1024 Kikowaena Place Honolulu HI Hawaii Properties (A) 1,818 — — — 1,818 — 1,818 — 12/5/2003 —

208 2970 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,722 — — — 1,722 — 1,722 — 12/5/2003 —

209 970 Ahua Street Honolulu HI Hawaii Properties (A) 817 — — — 817 — 817 — 12/5/2003 —

210 2840 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,149 — — — 2,149 — 2,149 — 12/5/2003 —

211 2830 Mokumoa Street Honolulu HI Hawaii Properties (A) 2,146 — — — 2,146 — 2,146 — 12/5/2003 —

212 1027 Kikowaena Place Honolulu HI Hawaii Properties (A) 5,444 — — — 5,444 — 5,444 — 12/5/2003 —

213 2960 Mokumoa Street Honolulu HI Hawaii Properties (A) 1,977 — — — 1,977 — 1,977 — 12/5/2003 —

214 80 Sand Island Access Road Honolulu HI Hawaii Properties (A) 7,972 — — — 7,972 — 7,972 — 12/5/2003 —

215 94-240 Pupuole Street Waipahu HI Hawaii Properties (A) 717 — — — 717 — 717 — 12/5/2003 —

King Street Honolulu HI Hawaii Properties (A) 1,342 — — — 1,342 — 1,342 — 12/5/2003 —

217 1360 Pali Highway Honolulu HI Hawaii Properties (A) 9,170 — 161 — 9,170 161 9,331 ( 146 ) 12/5/2003 —

218 1330 Pali Highway Honolulu HI Hawaii Properties (A) 1,423 — — — 1,423 — 1,423 — 12/5/2003 —

Vineyard Boulevard Honolulu HI Hawaii Properties (A) 844 — — — 844 — 844 — 12/5/2003 —

220 848 Ala Lilikoi Street Honolulu HI Hawaii Properties (A) 9,426 — — — 9,426 — 9,426 — 12/5/2003 —

221 846 Ala Lilikoi Street Honolulu HI Hawaii Properties (A) 234 — — — 234 — 234 — 12/5/2003 —

222 2635 Waiwai Loop A Honolulu HI Hawaii Properties (A) 934 350 683 — 934 1,033 1,967 ( 355 ) 12/5/2003 —

223 2635 Waiwai Loop B Honolulu HI Hawaii Properties (A) 1,177 105 682 — 1,177 787 1,964 ( 238 ) 12/5/2003 —

224 120 Sand Island Access Road Honolulu HI Hawaii Properties (A) 1,132 11,307 1,452 — 1,132 12,759 13,891 ( 5,624 ) 11/23/2004 2004

225 91-222 Olai Kapolei HI Hawaii Properties (B) 2,035 — 77 — 2,035 77 2,112 ( 3 ) 6/15/2005 —

226 91-265 Hanua Kapolei HI Hawaii Properties (B) 1,569 — — — 1,569 — 1,569 — 6/15/2005 —

227 91-255 Hanua Kapolei HI Hawaii Properties (B) 1,230 — 35 — 1,230 35 1,265 ( 8 ) 6/15/2005 —

228 91-241 Kalaeloa Kapolei HI Hawaii Properties (B) 426 3,983 883 — 426 4,866 5,292 ( 2,002 ) 6/15/2005 1990

229 91-141 Kalaeloa Kapolei HI Hawaii Properties (B) 11,624 — — — 11,624 — 11,624 — 6/15/2005 —

230 91-250 Komohana Kapolei HI Hawaii Properties (B) 1,506 — — — 1,506 — 1,506 — 6/15/2005 —

231 91-202 Kalaeloa Kapolei HI Hawaii Properties (B) 1,722 — 326 — 1,722 326 2,048 ( 77 ) 6/15/2005 1964

232 91-080 Hanua Kapolei HI Hawaii Properties (B) 2,187 — — — 2,187 — 2,187 — 6/15/2005 —

233 91-027 Kaomi Loop Kapolei HI Hawaii Properties (B) 2,667 — — — 2,667 — 2,667 — 6/15/2005 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

238 Sand Island Access Road Honolulu HI (E) 2,273 — — — 2,273 — 2,273 — 12/5/2003 —

2308 Pahounui Drive Honolulu HI (E) 3,314 — — — 3,314 — 3,314 — 12/5/2003 —

2135 Auiki Street Honolulu HI (E) 825 — — — 825 — 825 — 12/5/2003 —

218 Mohonua Place Honolulu HI (E) 1,741 — — — 1,741 — 1,741 — 12/5/2003 —

180 Sand Island Access Road Honolulu HI (E) 1,655 — — — 1,655 — 1,655 — 12/5/2003 —

2250 Pahounui Drive Honolulu HI (E) 3,862 — — — 3,862 — 3,862 — 12/5/2003 —

158 Sand Island Access Road Honolulu HI (E) 2,488 — — — 2,488 — 2,488 — 12/5/2003 —

2264 Pahounui Drive Honolulu HI (E) 1,632 — — — 1,632 — 1,632 — 12/5/2003 —

2276 Pahounui Drive Honolulu HI (E) 1,619 — — — 1,619 — 1,619 — 12/5/2003 —

204 Sand Island Access Road Honolulu HI (E) 1,689 — — — 1,689 — 1,689 — 12/5/2003 —

228 Mohonua Place Honolulu HI (E) 1,865 — — — 1,865 — 1,865 — 12/5/2003 —

212 Mohonua Place Honolulu HI (E) 1,067 — — — 1,067 — 1,067 — 12/5/2003 —

214 Sand Island Access Road Honolulu HI (E) 1,864 — 593 — 1,864 593 2,457 ( 194 ) 12/5/2003 1981

2879 Paa Street Honolulu HI (E) 1,691 — 45 — 1,691 45 1,736 ( 17 ) 12/5/2003 —

2833 Paa Street Honolulu HI (E) 1,701 — — — 1,701 — 1,701 — 12/5/2003 —

1055 Ahua Street Honolulu HI (E) 1,216 — — — 1,216 — 1,216 — 12/5/2003 —

2875 Paa Street Honolulu HI (E) 1,330 — — — 1,330 — 1,330 — 12/5/2003 —

1000 Mapunapuna Street Honolulu HI (E) 2,252 — — — 2,252 — 2,252 — 12/5/2003 —

2850 Paa Street Honolulu HI (E) 22,827 — — — 22,827 — 22,827 — 12/5/2003 —

2828 Paa Street Honolulu HI (E) 12,448 — — — 12,448 — 12,448 — 12/5/2003 —

1045 Mapunapuna Street Honolulu HI (E) 819 — — — 819 — 819 — 12/5/2003 —

1122 Mapunapuna Street Honolulu HI (E) 5,781 — — — 5,781 — 5,781 — 12/5/2003 —

2810 Paa Street Honolulu HI (E) 3,340 — — — 3,340 — 3,340 — 12/5/2003 —

2886 Paa Street Honolulu HI (E) 2,205 — — — 2,205 — 2,205 — 12/5/2003 —

2810 Pukoloa Street Honolulu HI (E) 27,699 — — — 27,699 — 27,699 — 12/5/2003 —

1052 Ahua Street Honolulu HI (E) 1,703 — 240 — 1,703 240 1,943 ( 110 ) 12/5/2003 —

1024 Mapunapuna Street Honolulu HI (E) 1,385 — — — 1,385 — 1,385 — 12/5/2003 —

1030 Mapunapuna Street Honolulu HI (E) 5,655 — — — 5,655 — 5,655 — 12/5/2003 —

1001 Ahua Street Honolulu HI (E) 15,155 3,312 91 — 15,155 3,403 18,558 ( 1,694 ) 12/5/2003 —

944 Ahua Street Honolulu HI (E) 1,219 — — — 1,219 — 1,219 — 12/5/2003 —

918 Ahua Street Honolulu HI (E) 3,820 — — — 3,820 — 3,820 — 12/5/2003 —

2864 Mokumoa Street Honolulu HI (E) 2,092 — — — 2,092 — 2,092 — 12/5/2003 —

1050 Kikowaena Place Honolulu HI (E) 1,404 873 — — 1,404 873 2,277 ( 438 ) 12/5/2003 —

949 Mapunapuna Street Honolulu HI (E) 11,568 — — — 11,568 — 11,568 — 12/5/2003 —

2855 Pukoloa Street Honolulu HI (E) 1,934 — — — 1,934 — 1,934 — 12/5/2003 —

2865 Pukoloa Street Honolulu HI (E) 1,934 — — — 1,934 — 1,934 — 12/5/2003 —

2850 Mokumoa Street Honolulu HI (E) 2,143 — — — 2,143 — 2,143 — 12/5/2003 —

905 Ahua Street Honolulu HI (E) 1,148 — — — 1,148 — 1,148 — 12/5/2003 —

1150 Kikowaena Street Honolulu HI (E) 2,445 — — — 2,445 — 2,445 — 12/5/2003 —

960 Ahua Street Honolulu HI (E) 614 — — — 614 — 614 — 12/5/2003 —

1062 Kikowaena Place Honolulu HI (E) 1,049 598 183 — 1,049 781 1,830 ( 310 ) 12/5/2003 —

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

234 91-185 Kalaeloa Kapolei HI Hawaii Properties (B) 1,761 — 81 — 1,761 81 1,842 ( 2 ) 6/15/2005 —

235 91-329 Kauhi Kapolei HI Hawaii Properties (B) 294 2,297 2,783 — 294 5,080 5,374 ( 2,165 ) 6/15/2005 1980

236 91-399 Kauhi Kapolei HI Hawaii Properties (B) 27,405 — — — 27,405 — 27,405 — 6/15/2005 —

237 91-086 Kaomi Loop Kapolei HI Hawaii Properties 13,884 — — — 13,884 — 13,884 — 6/15/2005 —

238 91-349 Kauhi Kapolei HI Hawaii Properties (B) 649 — — — 649 — 649 — 6/15/2005 —

239 91-400 Komohana Kapolei HI Hawaii Properties (B) 1,494 — — — 1,494 — 1,494 — 6/15/2005 —

240 91-174 Olai Kapolei HI Hawaii Properties (B) 962 — 47 — 962 47 1,009 ( 28 ) 6/15/2005 —

241 91-218 Olai Kapolei HI Hawaii Properties (B) 1,622 — 62 — 1,622 62 1,684 ( 34 ) 6/15/2005 —

242 91-175 Olai Kapolei HI Hawaii Properties (B) 1,243 — 87 — 1,243 87 1,330 ( 32 ) 6/15/2005 —

243 91-210 Olai Kapolei HI Hawaii Properties (B) 706 — — — 706 — 706 — 6/15/2005 —

244 91-087 Hanua Kapolei HI Hawaii Properties (B) 381 — — — 381 — 381 — 6/15/2005 —

245 91-083 Hanua Kapolei HI Hawaii Properties (B) 716 — — — 716 — 716 — 6/15/2005 —

246 91-091 Hanua Kapolei HI Hawaii Properties (B) 552 — — — 552 — 552 — 6/15/2005 —

247 91-220 Kalaeloa Kapolei HI Hawaii Properties (B) 242 1,457 155 — 242 1,612 1,854 ( 677 ) 6/15/2005 1991

248 91-252 Kauhi Kapolei HI Hawaii Properties (B) 536 — — — 536 — 536 — 6/15/2005 —

249 91-259 Olai Kapolei HI Hawaii Properties (B) 2,944 — — — 2,944 — 2,944 — 6/15/2005 —

250 91-238 Kauhi Kapolei HI Hawaii Properties (B) 1,390 — 9,495 — 1,390 9,495 10,885 ( 3,594 ) 6/15/2005 1981

251 91-416 Komohana Kapolei HI Hawaii Properties (B) 713 — 11 — 713 11 724 ( 5 ) 6/15/2005 —

252 91-410 Komohana Kapolei HI Hawaii Properties (B) 418 — 12 — 418 12 430 ( 6 ) 6/15/2005 —

253 91-300 Hanua Kapolei HI Hawaii Properties (B) 1,381 — 18 — 1,381 18 1,399 ( 2 ) 6/15/2005 1994

254 91-171 Olai Kapolei HI Hawaii Properties (B) 218 — 13 — 218 13 231 ( 7 ) 6/15/2005 —

255 91-210 Kauhi Kapolei HI Hawaii Properties (B) 567 — 663 — 567 663 1,230 ( 43 ) 6/15/2005 1990

256 91-110 Kaomi Loop Kapolei HI Hawaii Properties (B) 1,293 — — — 1,293 — 1,293 — 6/15/2005 —

257 91-102 Kaomi Loop Kapolei HI Hawaii Properties (B) 1,599 — — — 1,599 — 1,599 — 6/15/2005 —

258 91-064 Kaomi Loop Kapolei HI Hawaii Properties (B) 1,826 — — — 1,826 — 1,826 — 6/15/2005 —

259 91-119 Olai Kapolei HI Hawaii Properties (B) 1,981 — — — 1,981 — 1,981 — 6/15/2005 —

260 91-150 Kaomi Loop Kapolei HI Hawaii Properties (B) 3,159 — — — 3,159 — 3,159 — 6/15/2005 —

261 Texaco Easement Kapolei HI Hawaii Properties 2,657 — — — 2,657 — 2,657 — 6/15/2005 —

262 Tesaro 967 Easement Kapolei HI Hawaii Properties 6,593 — — — 6,593 — 6,593 — 6/15/2005 —

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

2829 Pukoloa Street Honolulu HI (E) 2,088 — — — 2,088 — 2,088 — 12/5/2003 —

2841 Pukoloa Street Honolulu HI (E) 2,088 — — — 2,088 — 2,088 — 12/5/2003 —

2819 Pukoloa Street Honolulu HI (E) 2,090 — 34 — 2,090 34 2,124 ( 13 ) 12/5/2003 —

950 Mapunapuna Street Honolulu HI (E) 1,724 — — — 1,724 — 1,724 — 12/5/2003 —

960 Mapunapuna Street Honolulu HI (E) 1,933 — — — 1,933 — 1,933 — 12/5/2003 —

930 Mapunapuna Street Honolulu HI (E) 3,654 — — — 3,654 — 3,654 — 12/5/2003 —

1038 Kikowaena Place Honolulu HI (E) 2,576 — — — 2,576 — 2,576 — 12/5/2003 —

1024 Kikowaena Place Honolulu HI (E) 1,818 — — — 1,818 — 1,818 — 12/5/2003 —

2970 Mokumoa Street Honolulu HI (E) 1,722 — — — 1,722 — 1,722 — 12/5/2003 —

970 Ahua Street Honolulu HI (E) 817 — — — 817 — 817 — 12/5/2003 —

2840 Mokumoa Street Honolulu HI (E) 2,149 — — — 2,149 — 2,149 — 12/5/2003 —

2830 Mokumoa Street Honolulu HI (E) 2,146 — — — 2,146 — 2,146 — 12/5/2003 —

1027 Kikowaena Place Honolulu HI (E) 5,444 — — — 5,444 — 5,444 — 12/5/2003 —

2960 Mokumoa Street Honolulu HI (E) 1,977 — — — 1,977 — 1,977 — 12/5/2003 —

80 Sand Island Access Road Honolulu HI (E) 7,972 — — — 7,972 — 7,972 — 12/5/2003 —

94-240 Pupuole Street Waipahu HI (E) 717 — — — 717 — 717 — 12/5/2003 —

King Street Honolulu HI (E) 1,342 — — — 1,342 — 1,342 — 12/5/2003 —

1360 Pali Highway Honolulu HI (E) 9,170 — 59 — 9,170 59 9,229 ( 51 ) 12/5/2003 —

1330 Pali Highway Honolulu HI (E) 1,423 — — — 1,423 — 1,423 — 12/5/2003 —

Vineyard Boulevard Honolulu HI (E) 844 — — — 844 — 844 — 12/5/2003 —

848 Ala Lilikoi Street Honolulu HI (E) 9,426 — — — 9,426 — 9,426 — 12/5/2003 —

846 Ala Lilikoi Street Honolulu HI (E) 234 — — — 234 — 234 — 12/5/2003 —

2635 Waiwai Loop A Honolulu HI (E) 934 350 683 — 934 1,033 1,967 ( 411 ) 12/5/2003 —

2635 Waiwai Loop B Honolulu HI (E) 1,177 105 682 — 1,177 787 1,964 ( 288 ) 12/5/2003 —

120 Sand Island Access Road Honolulu HI (E) 1,132 11,307 1,798 — 1,132 13,105 14,237 ( 5,957 ) 11/23/2004 2004

91-222 Olai Kapolei HI (A) 2,035 — 77 — 2,035 77 2,112 ( 7 ) 6/15/2005 —

91-265 Hanua Kapolei HI (A) 1,569 — — — 1,569 — 1,569 — 6/15/2005 —

91-255 Hanua Kapolei HI (A) 1,230 — 35 — 1,230 35 1,265 ( 11 ) 6/15/2005 —

91-241 Kalaeloa Kapolei HI (A) 426 3,983 883 — 426 4,866 5,292 ( 2,135 ) 6/15/2005 1990

91-141 Kalaeloa Kapolei HI (A) 11,624 — — — 11,624 — 11,624 — 6/15/2005 —

91-250 Komohana Kapolei HI (A) 1,506 — — — 1,506 — 1,506 — 6/15/2005 —

91-202 Kalaeloa Kapolei HI (A) 1,722 — 326 — 1,722 326 2,048 ( 86 ) 6/15/2005 1964

91-080 Hanua Kapolei HI (A) 2,187 — — — 2,187 — 2,187 — 6/15/2005 —

91-027 Kaomi Loop Kapolei HI (A) 2,667 — — — 2,667 — 2,667 — 6/15/2005 —

91-185 Kalaeloa Kapolei HI (A) 1,761 — 81 — 1,761 81 1,842 ( 6 ) 6/15/2005 —

91-329 Kauhi Kapolei HI (A) 294 2,297 2,825 — 294 5,122 5,416 ( 2,376 ) 6/15/2005 1980

91-399 Kauhi Kapolei HI (A) 27,405 — — — 27,405 — 27,405 — 6/15/2005 —

91-086 Kaomi Loop Kapolei HI N/A 13,884 — — — 13,884 — 13,884 — 6/15/2005 —

91-349 Kauhi Kapolei HI (A) 649 — — — 649 — 649 — 6/15/2005 —

91-400 Komohana Kapolei HI (A) 1,494 — — — 1,494 — 1,494 — 6/15/2005 —

91-174 Olai Kapolei HI (A) 962 — 47 — 962 47 1,009 ( 31 ) 6/15/2005 —

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

263 AES HI Easement Kapolei HI Hawaii Properties 1,250 — — — 1,250 — 1,250 — 6/15/2005 —

264 Other Easements & Lots Kapolei HI Hawaii Properties 358 — 1,437 — 358 1,437 1,795 ( 682 ) 6/15/2005 —

265 889 Ahua Street Honolulu HI Hawaii Properties (A) 5,888 315 — — 5,888 315 6,203 ( 80 ) 11/21/2012 —

266 951 Trails Road Eldridge IA Mainland Properties (D) 470 7,480 2,278 — 470 9,758 10,228 ( 3,450 ) 4/2/2007 1994

267 2300 North 33rd Avenue East Newton IA Mainland Properties (B) 500 13,236 117 — 500 13,353 13,853 ( 4,802 ) 9/29/2008 2008

268 3425 Maple Drive Fort Dodge IA Mainland Properties (B) 100 2,000 — — 100 2,000 2,100 ( 213 ) 4/9/2019 2014

269 4401 112th Street Urbandale IA Mainland Properties (C) 800 3,117 — — 800 3,117 3,917 ( 132 ) 2/25/2022 1985

270 7121 South Fifth Avenue Pocatello ID Mainland Properties (B) 400 4,201 581 — 400 4,782 5,182 ( 896 ) 1/29/2015 2007

271 2580 Technology Drive Elgin IL Mainland Properties (B) 1,500 9,068 16 ( 3,053 ) 1,067 6,464 7,531 ( 164 ) 2/25/2022 2001

272 5795 Logistics Parkway Rockford IL Mainland Properties (B) 400 3,368 — ( 688 ) 327 2,753 3,080 ( 46 ) 2/25/2022 1998

273 1602 Vincent Drive Sauget IL Mainland Properties (C) 1,400 27,028 444 — 1,400 27,472 28,872 ( 676 ) 2/25/2022 2014

274 6 Konzen Court Granite City IL Mainland Properties (C) 900 20,268 15 — 900 20,283 21,183 ( 861 ) 2/25/2022 2001

275 1000 Knell Road Montgomery IL Mainland Properties (C) 2,101 19,258 — — 2,101 19,258 21,359 ( 655 ) 2/25/2022 2000

276 1430 South Wolf Road Wheeling IL Mainland Properties (C) 4,702 19,641 ( 1 ) — 4,701 19,641 24,342 ( 477 ) 2/25/2022 2003

277 1270 North Wilkening Schaumburg IL Mainland Properties (C) 2,801 7,733 23 — 2,801 7,756 10,557 ( 329 ) 2/25/2022 1996

278 4472 Technology Drive Rockford IL Mainland Properties (C) 400 5,912 — — 400 5,912 6,312 ( 168 ) 2/25/2022 2011

279 7019 High Grove Boulevard Burr Ridge IL Mainland Properties (C) 800 1,090 — — 800 1,090 1,890 ( 31 ) 2/25/2022 1997

280 1230 West 171st Street Harvey IL Mainland Properties (B) 800 1,673 — — 800 1,673 2,473 ( 332 ) 1/29/2015 2004

281 5156 American Road Rockford IL Mainland Properties (B) 400 1,529 348 — 400 1,877 2,277 ( 396 ) 1/29/2015 1996

282 9215-9347 E Pendleton Pike Lawrence IN Mainland Properties (B) 3,763 34,877 1 — 3,763 34,878 38,641 ( 3,867 ) 2/14/2019 2009

283 6825 West County Road 400 North Greenfield IN Mainland Properties (D) 918 14,300 924 — 918 15,224 16,142 ( 1,747 ) 2/14/2019 2008

284 900 Commerce Parkway West Drive Greenwood IN Mainland Properties (D) 1,483 16,253 9 — 1,483 16,262 17,745 ( 1,802 ) 2/14/2019 2007

285 2482 Century Drive Goshen IN Mainland Properties (B) 840 9,061 — — 840 9,061 9,901 ( 965 ) 4/9/2019 2005

286 3201 Bearing Drive Franklin IN Mainland Properties (D) 1,100 15,403 ( 2 ) — 1,100 15,401 16,501 ( 1,914 ) 4/9/2019 1973

287 482 Chaney Avenue Greenwood IN Mainland Properties (C) 2,401 55,810 — — 2,401 55,810 58,211 ( 1,581 ) 2/25/2022 2014

288 1151 South Graham Road Greenwood IN Mainland Properties (E) 7,002 108,700 — — 7,002 108,700 115,702 ( 2,640 ) 2/25/2022 2019

289 5440 Haggerty Lane Lafayette IN Mainland Properties (C) 3,601 31,058 22 — 3,601 31,080 34,681 ( 754 ) 2/25/2022 2019

290 8951 Mirabel Road Indianapolis IN Mainland Properties (C) 3,001 36,978 — — 3,001 36,978 39,979 ( 898 ) 2/25/2022 2014

291 17001 West Mercury Street Gardner KS Mainland Properties (D) 5,741 32,701 401 — 5,741 33,102 38,843 ( 1,648 ) 12/30/2020 2018

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

91-218 Olai Kapolei HI (A) 1,622 — 62 — 1,622 62 1,684 ( 38 ) 6/15/2005 —

91-175 Olai Kapolei HI (A) 1,243 — 87 — 1,243 87 1,330 ( 41 ) 6/15/2005 —

91-210 Olai Kapolei HI (A) 706 — — — 706 — 706 — 6/15/2005 —

91-087 Hanua Kapolei HI (A) 381 — — — 381 — 381 — 6/15/2005 —

91-083 Hanua Kapolei HI (A) 716 — — — 716 — 716 — 6/15/2005 —

91-091 Hanua Kapolei HI (A) 552 — — — 552 — 552 — 6/15/2005 —

91-220 Kalaeloa Kapolei HI (A) 242 1,457 292 — 242 1,749 1,991 ( 730 ) 6/15/2005 1991

91-252 Kauhi Kapolei HI (A) 536 — — — 536 — 536 — 6/15/2005 —

91-259 Olai Kapolei HI (A) 2,944 — — — 2,944 — 2,944 — 6/15/2005 —

91-238 Kauhi Kapolei HI (A) 1,390 — 9,495 — 1,390 9,495 10,885 ( 3,855 ) 6/15/2005 1981

91-416 Komohana Kapolei HI (A) 713 — 11 — 713 11 724 ( 7 ) 6/15/2005 —

91-410 Komohana Kapolei HI (A) 418 — 12 — 418 12 430 ( 7 ) 6/15/2005 —

91-300 Hanua Kapolei HI (A) 1,381 — 18 — 1,381 18 1,399 ( 3 ) 6/15/2005 1994

91-171 Olai Kapolei HI (A) 218 — 13 — 218 13 231 ( 10 ) 6/15/2005 —

91-210 Kauhi Kapolei HI (A) 567 — 679 — 567 679 1,246 ( 104 ) 6/15/2005 1990

91-110 Kaomi Loop Kapolei HI (A) 1,293 — — — 1,293 — 1,293 — 6/15/2005 —

91-102 Kaomi Loop Kapolei HI (A) 1,599 — — — 1,599 — 1,599 — 6/15/2005 —

91-064 Kaomi Loop Kapolei HI (A) 1,826 — — — 1,826 — 1,826 — 6/15/2005 —

91-119 Olai Kapolei HI (A) 1,981 — — — 1,981 — 1,981 — 6/15/2005 —

91-150 Kaomi Loop Kapolei HI (A) 3,159 — — — 3,159 — 3,159 — 6/15/2005 —

Texaco Easement Kapolei HI N/A 2,657 — — — 2,657 — 2,657 — 6/15/2005 —

Tesaro 967 Easement Kapolei HI N/A 6,593 — — — 6,593 — 6,593 — 6/15/2005 —

AES HI Easement Kapolei HI N/A 1,250 — — — 1,250 — 1,250 — 6/15/2005 —

Other Easements & Lots Kapolei HI N/A 358 — 1,437 — 358 1,437 1,795 ( 765 ) 6/15/2005 —

889 Ahua Street Honolulu HI (E) 5,888 315 — — 5,888 315 6,203 ( 87 ) 11/21/2012 —

951 Trails Road Eldridge IA (F) 470 7,480 2,301 — 471 9,780 10,251 ( 3,682 ) 4/2/2007 1994

2300 North 33rd Avenue East Newton IA (A) 500 13,236 58 — 500 13,294 13,794 ( 5,078 ) 9/29/2008 2008

3425 Maple Drive Fort Dodge IA (A) 100 2,000 — — 100 2,000 2,100 ( 270 ) 4/9/2019 2014

4401 112th Street Urbandale IA (C) 800 3,117 — — 800 3,117 3,917 ( 288 ) 2/25/2022 1985

7121 South Fifth Avenue Pocatello ID (A) 400 4,201 615 — 400 4,816 5,216 ( 1,035 ) 1/29/2015 2007

2580 Technology Drive Elgin IL (A) 1,500 9,068 16 ( 3,053 ) 1,067 6,464 7,531 ( 496 ) 2/25/2022 2001

5795 Logistics Parkway Rockford IL (A) 400 3,368 — ( 688 ) 327 2,753 3,080 ( 139 ) 2/25/2022 1998

1602 Vincent Drive Sauget IL (C) 1,400 27,028 444 — 1,400 27,472 28,872 ( 1,482 ) 2/25/2022 2014

6 Konzen Court Granite City IL (C) 900 20,268 375 — 900 20,643 21,543 ( 1,891 ) 2/25/2022 2001

1000 Knell Road Montgomery IL (C) 2,101 19,258 34 — 2,101 19,292 21,393 ( 1,426 ) 2/25/2022 2000

1430 South Wolf Road Wheeling IL (C) 4,702 19,641 — — 4,702 19,641 24,343 ( 1,038 ) 2/25/2022 2003

1270 North Wilkening Schaumburg IL (C) 2,801 7,733 23 — 2,801 7,756 10,557 ( 715 ) 2/25/2022 1996

4472 Technology Drive Rockford IL (C) 400 5,912 — — 400 5,912 6,312 ( 365 ) 2/25/2022 2011

7019 High Grove Boulevard Burr Ridge IL (C) 800 1,090 — — 800 1,090 1,890 ( 67 ) 2/25/2022 1997

1230 West 171st Street Harvey IL (A) 800 1,673 266 — 800 1,939 2,739 ( 378 ) 1/29/2015 2004

5156 American Road Rockford IL (A) 400 1,529 348 — 400 1,877 2,277 ( 469 ) 1/29/2015 1996

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

292 435 SE 70th Steet Topeka KS Mainland Properties (B) — 3,563 120 ( 594 ) — 3,089 3,089 ( 53 ) 2/25/2022 2006

293 22525 West 167th Street Olathe KS Mainland Properties (C) 4,301 52,183 ( 1 ) — 4,301 52,182 56,483 ( 1,267 ) 2/25/2022 2016

294 2552 South 98th Street Edwardsville KS Mainland Properties (C) 3,601 20,988 — — 3,601 20,988 24,589 ( 595 ) 2/25/2022 2013

295 2701 South 98th Street Edwardsville KS Mainland Properties (C) 2,701 10,998 — — 2,701 10,998 13,699 ( 374 ) 2/25/2022 2001

296 1985 International Way Hebron KY Mainland Properties (B) 1,453 8,546 1,625 — 1,454 10,170 11,624 ( 1,314 ) 2/14/2019 1997

297 2311 South Park Road Louisville KY Mainland Properties (B) 1,600 13,119 — — 1,600 13,119 14,719 ( 316 ) 2/25/2022 2016

298 1509 Leestown Road Frankfort KY Mainland Properties (C) 4,801 38,708 — — 4,801 38,708 43,509 ( 1,097 ) 2/25/2022 2014

299 4555 West Highway 146 Buckner KY Mainland Properties (C) 3,201 39,977 — — 3,201 39,977 43,178 ( 1,133 ) 2/25/2022 2013

300 450 Northpointe Court Covington LA Mainland Properties (C) 1,300 26,883 — — 1,300 26,883 28,183 ( 653 ) 2/25/2022 2015

301 209 South Bud Street Lafayette LA Mainland Properties (B) 700 4,549 41 — 700 4,590 5,290 ( 908 ) 1/29/2015 2010

302 17200 Manchac Park Lane Baton Rouge LA Mainland Properties (B) 1,700 8,860 — — 1,700 8,860 10,560 ( 1,754 ) 1/29/2015 2014

303 11900 Trolley Lane Beltsville MD Mainland Properties (B) 8,203 23,095 — ( 1,243 ) 7,877 22,178 30,055 ( 374 ) 2/25/2022 2000

304 4000 Principio Parkway North East MD Mainland Properties (D) 4,200 71,518 803 — 4,200 72,321 76,521 ( 14,290 ) 1/29/2015 2012

305 3466 Shippers Drive Walker MI Mainland Properties (C) 4,902 29,780 13 — 4,902 29,793 34,695 ( 723 ) 2/25/2022 2016

306 1601 Brown Road Orion MI Mainland Properties (C) 4,700 57,812 721 — 4,700 58,533 63,233 ( 1,447 ) 2/25/2022 2006

307 38401 Amrhein Road Livonia MI Mainland Properties (C) 1,400 14,778 — — 1,400 14,778 16,178 ( 419 ) 2/25/2022 1999

308 28000 Five M Center Drive Romulus MI Mainland Properties (C) 300 8,530 ( 5 ) — 300 8,525 8,825 ( 242 ) 2/25/2022 1997

309 3800 Midlink Drive Kalamazoo MI Mainland Properties (B) 2,630 40,599 — — 2,630 40,599 43,229 ( 8,036 ) 1/29/2015 2014

310 10100 89th Avenue N Maple Grove MN Mainland Properties (D) 3,469 21,284 725 — 3,469 22,009 25,478 ( 2,581 ) 10/16/2018 2015

311 2427 Henry Road NW Stewartville MN Mainland Properties (C) 1,300 3,145 — — 1,300 3,145 4,445 ( 89 ) 2/25/2022 2013

312 2401 Cram Avenue SE Bemidji MN Mainland Properties (B) 100 2,137 — — 100 2,137 2,237 ( 423 ) 1/29/2015 2013

9215-9347 E Pendleton Pike Lawrence IN (A) 3,763 34,877 — — 3,763 34,877 38,640 ( 4,864 ) 2/14/2019 2009

6825 West County Road 400 North Greenfield IN (F) 918 14,300 1,009 — 918 15,309 16,227 ( 2,234 ) 2/14/2019 2008

900 Commerce Parkway West Drive Greenwood IN (F) 1,483 16,253 701 — 1,483 16,954 18,437 ( 2,278 ) 2/14/2019 2007

2482 Century Drive Goshen IN (A) 840 9,061 — — 840 9,061 9,901 ( 1,224 ) 4/9/2019 2005

3201 Bearing Drive Franklin IN (F) 1,100 15,403 ( 1 ) — 1,100 15,402 16,502 ( 2,427 ) 4/9/2019 1973

482 Chaney Avenue Greenwood IN (C) 2,401 55,810 — — 2,401 55,810 58,211 ( 3,441 ) 2/25/2022 2014

1151 South Graham Road Greenwood IN (B) 7,002 108,700 145 — 7,002 108,845 115,847 ( 5,750 ) 2/25/2022 2019

5440 Haggerty Lane Lafayette IN (C) 3,601 31,058 18 — 3,601 31,076 34,677 ( 1,644 ) 2/25/2022 2019

8951 Mirabel Road Indianapolis IN (C) 3,001 36,978 — — 3,001 36,978 39,979 ( 1,955 ) 2/25/2022 2014

17001 West Mercury Street Gardner KS (F) 5,741 32,701 400 — 5,740 33,102 38,842 ( 2,505 ) 12/30/2020 2018

435 SE 70th Street Topeka KS (A) — 3,563 120 ( 594 ) — 3,089 3,089 ( 169 ) 2/25/2022 2006

22525 West 167th Street Olathe KS (C) 4,301 52,183 ( 1 ) — 4,301 52,182 56,483 ( 2,758 ) 2/25/2022 2016

2552 South 98th Street Edwardsville KS (C) 3,601 20,988 — — 3,601 20,988 24,589 ( 1,294 ) 2/25/2022 2013

2701 South 98th Street Edwardsville KS (C) 2,701 10,998 400 — 2,701 11,398 14,099 ( 824 ) 2/25/2022 2001

1985 International Way Hebron KY (A) 1,453 8,546 1,621 — 1,453 10,167 11,620 ( 1,725 ) 2/14/2019 1997

2311 South Park Road Louisville KY (A) 1,600 13,119 — — 1,600 13,119 14,719 ( 692 ) 2/25/2022 2016

1509 Leestown Road Frankfort KY (C) 4,801 38,708 — — 4,801 38,708 43,509 ( 2,388 ) 2/25/2022 2014

4555 West Highway 146 Buckner KY (C) 3,201 39,977 — — 3,201 39,977 43,178 ( 2,465 ) 2/25/2022 2013

450 Northpointe Court Covington LA (C) 1,300 26,883 — — 1,300 26,883 28,183 ( 1,421 ) 2/25/2022 2015

209 South Bud Street Lafayette LA (A) 700 4,549 42 — 701 4,590 5,291 ( 1,026 ) 1/29/2015 2010

17200 Manchac Park Lane Baton Rouge LA (A) 1,700 8,860 151 — 1,700 9,011 10,711 ( 1,975 ) 1/29/2015 2014

11900 Trolley Lane Beltsville MD (A) 8,203 23,095 179 ( 1,243 ) 7,877 22,357 30,234 ( 1,124 ) 2/25/2022 2000

4000 Principio Parkway North East MD (F) 4,200 71,518 847 — 4,200 72,365 76,565 ( 16,113 ) 1/29/2015 2012

3466 Shippers Drive Walker MI (C) 4,902 29,780 144 — 4,902 29,924 34,826 ( 1,580 ) 2/25/2022 2016

1601 Brown Road Orion MI (C) 4,701 57,812 721 — 4,701 58,533 63,234 ( 3,178 ) 2/25/2022 2006

38401 Amrhein Road Livonia MI (C) 1,400 14,778 — — 1,400 14,778 16,178 ( 911 ) 2/25/2022 1999

28000 Five M Center Drive Romulus MI (C) 300 8,530 182 — 300 8,712 9,012 ( 553 ) 2/25/2022 1997

3800 Midlink Drive Kalamazoo MI (A) 2,630 40,599 — — 2,630 40,599 43,229 ( 9,051 ) 1/29/2015 2014

10100 89th Avenue N Maple Grove MN (F) 3,469 21,284 868 — 3,469 22,152 25,621 ( 3,271 ) 10/16/2018 2015

2427 Henry Road NW Stewartville MN (C) 1,300 3,145 13 — 1,300 3,158 4,458 ( 195 ) 2/25/2022 2013

2401 Cram Avenue SE Bemidji MN (A) 100 2,137 — — 100 2,137 2,237 ( 476 ) 1/29/2015 2013

5501 Providence Hill Drive St.

Joseph MO Mainland Properties (B) 400 3,500 26 — 402 3,524 3,926 ( 383 ) 4/9/2019 2014

314 3502 Enterprise Avenue Joplin MO Mainland Properties (B) 1,380 12,121 34 — 1,380 12,155 13,535 ( 1,292 ) 4/9/2019 2014

Joseph MO (A) 400 3,500 24 — 400 3,524 3,924 ( 487 ) 4/9/2019 2014

3502 Enterprise Avenue Joplin MO (A) 1,380 12,121 34 — 1,380 12,155 13,535 ( 1,636 ) 4/9/2019 2014

5703 Mitchell Avenue St.

Joseph MO Mainland Properties (C) 1,600 19,085 65 — 1,600 19,150 20,750 ( 812 ) 2/25/2022 2000

316 10551 N Congress Avenue Kansas City MO Mainland Properties (C) 600 13,538 — — 600 13,538 14,138 ( 329 ) 2/25/2022 2014

317 831 Lone Star Drive O'Fallon MO Mainland Properties (C) 1,200 7,304 — — 1,200 7,304 8,504 ( 248 ) 2/25/2022 1989

318 2901 E Heartland Drive Liberty MO Mainland Properties (C) 1,100 6,886 — — 1,100 6,886 7,986 ( 234 ) 2/25/2022 1997

319 110 Stanbury Industrial Drive Brookfield MO Mainland Properties (B) 200 1,859 — — 200 1,859 2,059 ( 368 ) 1/29/2015 2012

320 12385 Crossroad Drive Olive Branch MS Mainland Properties (E) 3,301 61,763 — — 3,301 61,763 65,064 ( 1,750 ) 2/25/2022 2012

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Initial Cost to Gross Amount Carried at

Company Costs Close of Period (4)

Buildings Capitalized Buildings Original

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

Land Equipment Total (2)

Depreciation (3)

Acquired Date

321 8644 Polk Lane Olive Branch MS Mainland Properties (C) 900 20,171 — — 900 20,171 21,071 ( 490 ) 2/25/2022 2011

322 440 US Highway 49 South Richland MS Mainland Properties (C) 200 2,329 — — 200 2,329 2,529 ( 99 ) 2/25/2022 1986

323 105 Business Park Drive Ridgeland MS Mainland Properties (C) 500 1,949 8 — 500 1,957 2,457 ( 83 ) 2/25/2022 1988

324 590 Assembly Court Fayetteville NC Mainland Properties (B) 700 9,410 1 ( 2,328 ) 540 7,243 7,783 ( 147 ) 2/25/2022 1996

325 4350 Fortune Ave NW Concord NC Mainland Properties (C) 4,401 53,085 — — 4,401 53,085 57,486 ( 1,290 ) 2/25/2022 2017

326 4690 Global Avenue NW Concord NC Mainland Properties (C) 4,601 45,793 — — 4,601 45,793 50,394 ( 1,112 ) 2/25/2022 2015

327 6538 & 6526 Judge Adams Road Whitsett NC Mainland Properties (E) 2,501 46,343 — — 2,501 46,343 48,844 ( 1,125 ) 2/25/2022 2019

328 4040 Business Park Court Winston Salem NC Mainland Properties (C) 800 8,411 — — 800 8,411 9,211 ( 238 ) 2/25/2022 2001

329 628 Patton Avenue Asheville NC Mainland Properties 500 1,514 — — 500 1,514 2,014 ( 300 ) 1/29/2015 1987

330 3900 NE 6th Street Minot ND Mainland Properties (B) 700 3,223 — — 700 3,223 3,923 ( 638 ) 1/29/2015 2013

331 7130 Q Street Omaha NE Mainland Properties (B) 1,600 7,390 1 ( 2,138 ) 1,220 5,633 6,853 ( 114 ) 2/25/2022 1997

332 1415 West Commerce Way Lincoln NE Mainland Properties (B) 2,200 8,518 388 — 2,200 8,906 11,106 ( 1,784 ) 1/29/2015 1971

333 52 Pettengill Road Londonderry NH Mainland Properties (D) 5,871 43,335 7 — 5,871 43,342 49,213 ( 4,618 ) 4/9/2019 2015

334 1135 Easton Avenue Franklin Township NJ Mainland Properties 3,601 5,564 5 — 3,601 5,569 9,170 ( 236 ) 2/25/2022 1969

335 584 US Highway 130 Trenton NJ Mainland Properties (E) 70,422 62,639 — — 70,422 62,639 133,061 ( 1,521 ) 2/25/2022 2017

336 725 Darlington Avenue Mahwah NJ Mainland Properties (D) 8,492 9,451 1,796 — 8,492 11,247 19,739 ( 2,515 ) 4/9/2014 1999

337 309 Dulty's Lane Burlington NJ Mainland Properties (D) 1,600 51,400 ( 1 ) — 1,600 51,399 52,999 ( 10,174 ) 1/29/2015 2001

338 7000 West Post Road Las Vegas NV Mainland Properties (D) 4,230 13,472 246 — 4,230 13,718 17,948 ( 1,738 ) 4/9/2019 2010

339 2375 East Newlands Road Fernley NV Mainland Properties (B) 1,100 17,314 286 — 1,100 17,600 18,700 ( 3,523 ) 1/29/2015 2007

340 158 West Yard Road Feura Bush NY Mainland Properties (B) 1,870 7,931 73 — 1,870 8,004 9,874 ( 1,482 ) 4/9/2019 1989

341 3779 Lake Shore Road Hamburg NY Mainland Properties (C) 2,701 38,186 18 — 2,701 38,204 40,905 ( 927 ) 2/25/2022 2016

342 1289 Walden Avenue Cheektowaga NY Mainland Properties (C) 600 6,314 — — 600 6,314 6,914 ( 268 ) 2/25/2022 2001

343 4 Liebich Lane Halfmoon NY Mainland Properties (C) 400 8,521 — — 400 8,521 8,921 ( 207 ) 2/25/2022 2011

344 55 Commerce Avenue Albany NY Mainland Properties (B) 1,000 10,105 180 — 1,000 10,285 11,285 ( 2,059 ) 1/29/2015 2013

345 32150 Just Imagine Drive Avon OH Mainland Properties (B) 2,200 23,280 — — 2,200 23,280 25,480 ( 7,906 ) 5/29/2009 1996

346/347/348 1580, 1590 & 1600 Williams Road Columbus OH Mainland Properties (B) 2,060 29,143 — — 2,060 29,143 31,203 ( 3,621 ) 4/9/2019 1992

349 7303 Rickenbacker Parkway West Columbus OH Mainland Properties (D) 1,491 27,407 — — 1,491 27,407 28,898 ( 1,196 ) 6/21/2021 2020

350 3245 Henry Road and 3185 Columbia Road Richfield OH Mainland Properties (B) 2,499 21,640 19 — 2,501 21,657 24,158 ( 611 ) 2/25/2022 2005

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Joseph MO (C) 1,600 19,085 438 — 1,600 19,523 21,123 ( 1,823 ) 2/25/2022 2000

10551 N Congress Avenue Kansas City MO (C) 600 13,538 — — 600 13,538 14,138 ( 716 ) 2/25/2022 2014

831 Lone Star Drive O'Fallon MO (C) 1,200 7,304 — — 1,200 7,304 8,504 ( 541 ) 2/25/2022 1989

2901 E Heartland Drive Liberty MO (C) 1,100 6,886 — — 1,100 6,886 7,986 ( 511 ) 2/25/2022 1997

110 Stanbury Industrial Drive Brookfield MO (A) 200 1,859 — ( 546 ) 183 1,330 1,513 3 1/29/2015 2012

12385 Crossroad Drive Olive Branch MS (D) 3,301 61,763 — — 3,301 61,763 65,064 ( 3,810 ) 2/25/2022 2012

8644 Polk Lane Olive Branch MS (C) 900 20,171 318 — 901 20,488 21,389 ( 1,115 ) 2/25/2022 2011

440 US Highway 49 South Richland MS (C) 200 2,329 3 — 200 2,332 2,532 ( 216 ) 2/25/2022 1986

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

351 8341 Industrial Parkway Plain City OH Mainland Properties (E) 6,702 97,563 — — 6,702 97,563 104,265 ( 2,369 ) 2/25/2022 2020

352 201 Exploration Drive Monroe OH Mainland Properties (E) 1,801 38,868 — — 1,801 38,868 40,669 ( 944 ) 2/25/2022 2014

353 9780 Mopar Drive Streetsboro OH Mainland Properties (C) 2,701 26,021 — — 2,701 26,021 28,722 ( 737 ) 2/25/2022 2011

354 2465 Fontaine Street Kenton OH Mainland Properties (C) 1,000 19,323 — — 1,000 19,323 20,323 ( 469 ) 2/25/2022 2017

355 4651 Prosper Drive Stow OH Mainland Properties (C) 1,400 30,772 — — 1,400 30,772 32,172 ( 747 ) 2/25/2022 2017

356 747 Mill Park Drive Lancaster OH Mainland Properties (C) 1,400 17,609 — — 1,400 17,609 19,009 ( 428 ) 2/25/2022 2019

105 Business Park Drive Ridgeland MS (C) 500 1,949 8 — 500 1,957 2,457 ( 179 ) 2/25/2022 1988

590 Assembly Court Fayetteville NC (A) 700 9,410 1 ( 2,328 ) 540 7,243 7,783 ( 441 ) 2/25/2022 1996

4350 Fortune Ave NW Concord NC (C) 4,401 53,085 — — 4,401 53,085 57,486 ( 2,806 ) 2/25/2022 2017

4690 Global Avenue NW Concord NC (C) 4,601 45,793 — — 4,601 45,793 50,394 ( 2,420 ) 2/25/2022 2015

6538 & 6526 Judge Adams Road Whitsett NC (B) 2,501 46,343 — — 2,501 46,343 48,844 ( 2,450 ) 2/25/2022 2019

4040 Business Park Court Winston Salem NC (C) 800 8,411 260 — 800 8,671 9,471 ( 530 ) 2/25/2022 2001

3900 NE 6th Street Minot ND (A) 700 3,223 — — 700 3,223 3,923 ( 719 ) 1/29/2015 2013

7130 Q Street Omaha NE (A) 1,600 7,390 1 ( 2,138 ) 1,220 5,633 6,853 ( 343 ) 2/25/2022 1997

1415 West Commerce Way Lincoln NE (A) 2,200 8,518 388 — 2,200 8,906 11,106 ( 2,035 ) 1/29/2015 1971

52 Pettengill Road Londonderry NH (F) 5,871 43,335 7 — 5,871 43,342 49,213 ( 5,857 ) 4/9/2019 2015

1135 Easton Avenue Franklin Township NJ N/A 3,601 5,564 — — 3,601 5,564 9,165 ( 515 ) 2/25/2022 1969

584 US Highway 130 Trenton NJ (B) 70,422 62,639 — — 70,422 62,639 133,061 ( 3,311 ) 2/25/2022 2017

725 Darlington Avenue Mahwah NJ (F) 8,492 9,451 1,877 — 8,492 11,328 19,820 ( 2,903 ) 4/9/2014 1999

309 Dulty's Lane Burlington NJ (F) 1,600 51,400 — — 1,600 51,400 53,000 ( 11,458 ) 1/29/2015 2001

7000 West Post Road Las Vegas NV (F) 4,230 13,472 246 — 4,230 13,718 17,948 ( 2,212 ) 4/9/2019 2010

2375 East Newlands Road Fernley NV (A) 1,100 17,314 286 — 1,100 17,600 18,700 ( 3,970 ) 1/29/2015 2007

158 West Yard Road Feura Bush NY (A) 1,870 7,931 477 — 1,869 8,409 10,278 ( 1,882 ) 4/9/2019 1989

3779 Lake Shore Road Hamburg NY (C) 2,701 38,186 30 — 2,701 38,216 40,917 ( 2,021 ) 2/25/2022 2016

1289 Walden Avenue Cheektowaga NY (C) 600 6,314 390 — 600 6,704 7,304 ( 618 ) 2/25/2022 2001

4 Liebich Lane Halfmoon NY (C) 400 8,521 13 — 400 8,534 8,934 ( 450 ) 2/25/2022 2011

55 Commerce Avenue Albany NY (A) 1,000 10,105 492 — 1,000 10,597 11,597 ( 2,321 ) 1/29/2015 2013

32150 Just Imagine Drive Avon OH (A) 2,200 23,280 — — 2,200 23,280 25,480 ( 8,488 ) 5/29/2009 1996

1580, 1590 & 1600 Williams Road Columbus OH (A) 2,060 29,143 361 — 2,060 29,504 31,564 ( 4,593 ) 4/9/2019 1992

7303 Rickenbacker Parkway West Columbus OH (F) 1,491 27,407 3 — 1,494 27,407 28,901 ( 1,979 ) 6/21/2021 2020

3245 Henry Road and 3185 Columbia Road Richfield OH (A) 2,499 21,640 — — 2,499 21,640 24,139 ( 1,333 ) 2/25/2022 2005

8341 Industrial Parkway Plain City OH (B) 6,702 97,563 — — 6,702 97,563 104,265 ( 5,157 ) 2/25/2022 2020

201 Exploration Drive Monroe OH (D) 1,801 38,868 — — 1,801 38,868 40,669 ( 2,054 ) 2/25/2022 2014

9780 Mopar Drive Streetsboro OH (C) 2,701 26,021 736 — 2,701 26,757 29,458 ( 1,702 ) 2/25/2022 2011

2465 Fontaine Street Kenton OH (C) 1,000 19,323 — — 1,000 19,323 20,323 ( 1,021 ) 2/25/2022 2017

4651 Prosper Drive Stow OH (C) 1,400 30,772 — — 1,400 30,772 32,172 ( 1,627 ) 2/25/2022 2017

747 Mill Park Drive Lancaster OH (C) 1,400 17,609 — — 1,400 17,609 19,009 ( 931 ) 2/25/2022 2019

9667 Inter-Ocean Drive West Chester Twp.

OH Mainland Properties (C) 1,300 10,880 — — 1,300 10,880 12,180 ( 370 ) 2/25/2022 1999

358 5313 Majestic Parkway Bedford Heights OH Mainland Properties (C) 1,100 8,107 15 — 1,100 8,122 9,222 ( 345 ) 2/25/2022 1998

359 1115 Regina Graeter Way Cincinnati OH Mainland Properties (C) 700 7,908 — — 700 7,908 8,608 ( 192 ) 2/25/2022 2015

360 4170 Columbia Road Lebanon OH Mainland Properties (C) 400 9,841 3 — 403 9,841 10,244 ( 239 ) 2/25/2022 2011

361 1415 Industrial Drive Chillicothe OH Mainland Properties (B) 1,200 3,265 — — 1,200 3,265 4,465 ( 646 ) 1/29/2015 2012

362 200 Orange Point Drive Lewis Center OH Mainland Properties (B) 1,300 8,613 162 — 1,301 8,774 10,075 ( 1,776 ) 1/29/2015 2013

363 301 Commerce Drive South Point OH Mainland Properties (B) 600 4,530 ( 1 ) — 601 4,528 5,129 ( 898 ) 1/29/2015 2013

364 5300 Centerpoint Parkway Groveport OH Mainland Properties (D) 2,700 29,863 68 — 2,700 29,931 32,631 ( 5,926 ) 1/29/2015 2014

365 2701 S.W.

18TH Street Oklahoma City OK Mainland Properties (B) 2,401 18,865 ( 1 ) ( 5,675 ) 1,760 13,830 15,590 ( 200 ) 2/25/2022 2011

366 8000 Mid America Blvd.

Oklahoma City OK Mainland Properties (B) 900 12,813 — ( 1,814 ) 781 11,118 11,899 ( 187 ) 2/25/2022 2017

367 1414 South Council Road Oklahoma City OK Mainland Properties (C) 5,002 39,952 — — 5,002 39,952 44,954 ( 970 ) 2/25/2022 2017

368 6101 SW 44th Street Oklahoma City OK Mainland Properties (C) 2,401 13,868 — — 2,401 13,868 16,269 ( 337 ) 2/25/2022 2020

369 2759 North Garnett Road Tulsa OK Mainland Properties (C) 800 4,879 — — 800 4,879 5,679 ( 118 ) 2/25/2022 2008

370 2820 State Highway 31 McAlester OK Mainland Properties (B) 581 2,237 4,582 — 581 6,819 7,400 ( 1,050 ) 1/29/2015 2012

371 1729 Pennsylvania Avenue Monaca PA Mainland Properties (B) 1,200 13,257 — ( 2,173 ) 1,020 11,264 12,284 ( 384 ) 2/25/2022 1977

372 101 North Campus Drive Imperial PA Mainland Properties (C) 3,801 26,700 — — 3,801 26,700 30,501 ( 649 ) 2/25/2022 2015

373 231 Theater Drive Altoona PA Mainland Properties (C) 1,400 9,864 — — 1,400 9,864 11,264 ( 279 ) 2/25/2022 2013

374 700 Marine Drive Rock Hill SC Mainland Properties (B) 820 8,381 798 — 820 9,179 9,999 ( 1,144 ) 4/9/2019 1986

375 1990 Hood Road Greer SC Mainland Properties (B) 400 10,702 ( 1 ) — 400 10,701 11,101 ( 1,140 ) 4/9/2019 2015

376 7410 Magi Drive Hanahan SC Mainland Properties (B) 2,401 31,029 — — 2,401 31,029 33,430 ( 1,052 ) 2/25/2022 2001

377 6850 Weber Boulevard Charleston SC Mainland Properties (B) 11,604 44,602 — ( 12,228 ) 9,079 34,899 43,978 ( 503 ) 2/25/2022 2018

378 1892 Anfield Road North Charleston SC Mainland Properties (B) 4,001 21,179 1 ( 3,822 ) 3,394 17,965 21,359 ( 259 ) 2/25/2022 2017

379 7409 Magi Drive Hanahan SC Mainland Properties (B) 1,801 13,651 — ( 1,389 ) 1,639 12,424 14,063 ( 209 ) 2/25/2022 2004

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

OH (C) 1,300 10,880 — — 1,300 10,880 12,180 ( 805 ) 2/25/2022 1999

5313 Majestic Parkway Bedford Heights OH (C) 1,100 8,107 138 — 1,100 8,245 9,345 ( 755 ) 2/25/2022 1998

1115 Regina Graeter Way Cincinnati OH (C) 700 7,908 — — 700 7,908 8,608 ( 418 ) 2/25/2022 2015

4170 Columbia Road Lebanon OH (C) 400 9,841 — — 400 9,841 10,241 ( 520 ) 2/25/2022 2011

1415 Industrial Drive Chillicothe OH (A) 1,200 3,265 — — 1,200 3,265 4,465 ( 728 ) 1/29/2015 2012

200 Orange Point Drive Lewis Center OH (A) 1,300 8,613 162 — 1,300 8,775 10,075 ( 2,007 ) 1/29/2015 2013

301 Commerce Drive South Point OH (A) 600 4,530 — — 600 4,530 5,130 ( 1,010 ) 1/29/2015 2013

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

380 1103 Powderhouse Road SE Aiken SC Mainland Properties (C) 1,200 36,140 — — 1,200 36,140 37,340 ( 878 ) 2/25/2022 2017

5300 Centerpoint Parkway Groveport OH (F) 2,700 29,863 344 — 2,700 30,207 32,907 ( 6,691 ) 1/29/2015 2014

18TH Street Oklahoma City OK (A) 2,401 18,865 — ( 5,675 ) 1,761 13,830 15,591 ( 599 ) 2/25/2022 2011

8000 Mid America Blvd.

Oklahoma City OK (A) 900 12,813 — ( 1,814 ) 781 11,118 11,899 ( 562 ) 2/25/2022 2017

1414 South Council Road Oklahoma City OK (C) 5,002 39,952 12 — 5,002 39,964 44,966 ( 2,112 ) 2/25/2022 2017

6101 SW 44th Street Oklahoma City OK (C) 2,401 13,868 — — 2,401 13,868 16,269 ( 733 ) 2/25/2022 2020

2759 North Garnett Road Tulsa OK (C) 800 4,879 — — 800 4,879 5,679 ( 258 ) 2/25/2022 2008

2820 State Highway 31 McAlester OK (A) 581 2,237 4,582 — 581 6,819 7,400 ( 1,220 ) 1/29/2015 2012

1729 Pennsylvania Avenue Monaca PA (A) 1,200 13,257 — ( 2,173 ) 1,020 11,264 12,284 ( 1,153 ) 2/25/2022 1977

101 North Campus Drive Imperial PA (C) 3,801 26,700 — — 3,801 26,700 30,501 ( 1,411 ) 2/25/2022 2015

231 Theater Drive Altoona PA (C) 1,400 9,864 — — 1,400 9,864 11,264 ( 608 ) 2/25/2022 2013

700 Marine Drive Rock Hill SC (A) 820 8,381 798 — 820 9,179 9,999 ( 1,468 ) 4/9/2019 1986

1990 Hood Road Greer SC (A) 400 10,702 ( 1 ) — 400 10,701 11,101 ( 1,446 ) 4/9/2019 2015

7410 Magi Drive Hanahan SC (A) 2,401 31,029 197 — 2,401 31,226 33,627 ( 2,295 ) 2/25/2022 2001

6850 Weber Boulevard Charleston SC (A) 11,604 44,602 ( 2 ) ( 12,228 ) 9,077 34,899 43,976 ( 1,510 ) 2/25/2022 2018

1892 Anfield Road North Charleston SC (A) 4,001 21,179 1 ( 3,822 ) 3,394 17,965 21,359 ( 778 ) 2/25/2022 2017

7409 Magi Drive Hanahan SC (A) 1,801 13,651 12 ( 1,389 ) 1,640 12,435 14,075 ( 628 ) 2/25/2022 2004

1103 Powderhouse Road SE Aiken SC (C) 1,200 36,140 — — 1,200 36,140 37,340 ( 1,910 ) 2/25/2022 2017

3058 Lakemont Blvd Ft.

Mill SC Mainland Properties (C) 2,901 33,304 20 — 2,901 33,324 36,225 ( 809 ) 2/25/2022 2008

382 510 John Dodd Road Spartanburg SC Mainland Properties (D) 3,300 57,998 419 — 3,301 58,416 61,717 ( 11,548 ) 1/29/2015 2012

383 996 Paragon Way Rock Hill SC Mainland Properties (B) 2,334 35,920 ( 2 ) — 2,334 35,918 38,252 ( 7,109 ) 1/29/2015 2014

384 5001 West Del(B) Street Sioux Falls SD Mainland Properties (B) 2,570 14,832 — — 2,570 14,832 17,402 ( 1,580 ) 4/9/2019 2016

385 5025 Tuggle Road Memphis TN Mainland Properties (C) 1,400 31,520 — — 1,400 31,520 32,920 ( 893 ) 2/25/2022 1994

386 900 Hutchinson Place Lebanon TN Mainland Properties (C) 2,601 31,582 — — 2,601 31,582 34,183 ( 1,342 ) 2/25/2022 1993

387 6023 Century Oaks Drive Chattanooga TN Mainland Properties (C) 500 5,759 15 — 500 5,774 6,274 ( 245 ) 2/25/2022 2002

388 3774 Snyder Road Kodak TN Mainland Properties (C) 3,201 30,564 — — 3,201 30,564 33,765 ( 742 ) 2/25/2022 2021

389 4836 Hickory Hill Road Memphis TN Mainland Properties (D) 1,402 10,769 1,625 — 1,403 12,393 13,796 ( 2,494 ) 12/23/2014 1984

390 2020 Joe B.

Jackson Parkway Murfreesboro TN Mainland Properties (D) 7,500 55,259 299 — 7,500 55,558 63,058 ( 10,987 ) 1/29/2015 2012

391 2500, 2526 and 2614 Big Town Boulevard Mesquite TX Mainland Properties 2,319 — 10,015 — 2,319 10,015 12,334 — 5/7/2021 —

392 11501 Wilkinson Drive El Paso TX Mainland Properties (B) 2,401 19,665 ( 1 ) ( 2,259 ) 2,155 17,651 19,806 ( 358 ) 2/25/2022 2005

Mill SC (C) 2,901 33,304 20 — 2,901 33,324 36,225 ( 1,763 ) 2/25/2022 2008

510 John Dodd Road Spartanburg SC (F) 3,300 57,998 418 — 3,300 58,416 61,716 ( 13,022 ) 1/29/2015 2012

996 Paragon Way Rock Hill SC (A) 2,334 35,920 — — 2,334 35,920 38,254 ( 8,008 ) 1/29/2015 2014

5001 West Delbridge Street Sioux Falls SD (A) 2,570 14,832 — — 2,570 14,832 17,402 ( 2,003 ) 4/9/2019 2016

5025 Tuggle Road Memphis TN (C) 1,400 31,520 56 — 1,400 31,576 32,976 ( 1,947 ) 2/25/2022 1994

900 Hutchinson Place Lebanon TN (C) 2,601 31,582 — — 2,601 31,582 34,183 ( 2,921 ) 2/25/2022 1993

6023 Century Oaks Drive Chattanooga TN (C) 500 5,759 214 — 500 5,973 6,473 ( 561 ) 2/25/2022 2002

3774 Snyder Road Kodak TN (C) 3,201 30,564 — — 3,201 30,564 33,765 ( 1,616 ) 2/25/2022 2021

4836 Hickory Hill Road Memphis TN (F) 1,402 10,769 1,632 — 1,402 12,401 13,803 ( 2,895 ) 12/23/2014 1984

Jackson Parkway Murfreesboro TN (F) 7,500 55,259 300 — 7,500 55,559 63,059 ( 12,398 ) 1/29/2015 2012

11501 Wilkinson Drive El Paso TX (A) 2,401 19,665 ( 1 ) ( 2,259 ) 2,155 17,651 19,806 ( 1,074 ) 2/25/2022 2005

5005 Samuell Blvd.

Mesquite TX Mainland Properties (C) 6,366 62,879 2,458 — 6,366 65,337 71,703 ( 1,672 ) 2/25/2022 2017

Mesquite TX (C) 6,366 62,879 2,291 — 6,366 65,170 71,536 ( 3,468 ) 2/25/2022 2017

2701 Texas Longhorn Way Ft.

Worth TX Mainland Properties (E) 9,303 42,504 78 — 9,303 42,582 51,885 ( 1,032 ) 2/25/2022 2015

395 2000 Luna Road Carrollton TX Mainland Properties (C) 1,801 25,816 31 — 1,801 25,847 27,648 ( 732 ) 2/25/2022 2008

396 21200 Spring Plaza Drive Spring TX Mainland Properties (C) 2,701 29,832 — — 2,701 29,832 32,533 ( 845 ) 2/25/2022 2013

397 502 West Independence Drive Edinburg TX Mainland Properties (C) 800 19,673 — — 800 19,673 20,473 ( 478 ) 2/25/2022 2011

398 800 Lindale Industrial Parkway Lindale TX Mainland Properties (C) 800 18,947 692 — 800 19,639 20,439 ( 509 ) 2/25/2022 2014

399 685 Alliance Parkway Hewitt TX Mainland Properties (C) 800 23,207 — — 800 23,207 24,007 ( 658 ) 2/25/2022 2012

400 16211 Air Center Boulevard Houston TX Mainland Properties (C) 1,600 13,529 — — 1,600 13,529 15,129 ( 329 ) 2/25/2022 2005

401 246 Glasson Drive Corpus Christi TX Mainland Properties (C) — 9,596 — — — 9,596 9,596 ( 233 ) 2/25/2022 2011

402 985 Kershaw Street Ogden UT Mainland Properties (B) 2,301 13,994 — ( 1,903 ) 2,032 12,360 14,392 ( 178 ) 2/25/2022 2019

403 1095 South 4800 West Salt Lake City UT Mainland Properties (B) 1,500 6,913 20 — 1,500 6,933 8,433 ( 1,376 ) 1/29/2015 2012

404 8800 Studley Road Mechanicsville VA Mainland Properties (C) 1,100 10,813 16 — 1,100 10,829 11,929 ( 460 ) 2/25/2022 1988

405 1935 Blue Hills Drive Roanoke VA Mainland Properties (C) 1,300 13,908 — — 1,300 13,908 15,208 ( 394 ) 2/25/2022 2013

406 3736 Tom Andrews Road Roanoke VA Mainland Properties (C) 600 9,273 — — 600 9,273 9,873 ( 263 ) 2/25/2022 1996

407 2300 Westmoreland Street Richmond VA Mainland Properties (C) 600 6,109 — — 600 6,109 6,709 ( 208 ) 2/25/2022 2004

408 1122 Stony Ridge Road Charlottesville VA Mainland Properties (C) 2,101 6,051 — — 2,101 6,051 8,152 ( 147 ) 2/25/2022 1998

INDUSTRIAL LOGISTICS PROPERTIES TRUST

REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued)

December 31, 2022

(dollars in thousands)

Worth TX (D) 9,303 42,504 524 — 9,303 43,028 52,331 ( 2,247 ) 2/25/2022 2015

2000 Luna Road Carrollton TX (C) 1,801 25,816 31 — 1,801 25,847 27,648 ( 1,595 ) 2/25/2022 2008

21200 Spring Plaza Drive Spring TX (C) 2,701 29,832 — — 2,701 29,832 32,533 ( 1,840 ) 2/25/2022 2013

502 West Independence Drive Edinburg TX (C) 800 19,673 — — 800 19,673 20,473 ( 1,040 ) 2/25/2022 2011

800 Lindale Industrial Parkway Lindale TX (C) 800 18,947 692 — 800 19,639 20,439 ( 1,123 ) 2/25/2022 2014

685 Alliance Parkway Hewitt TX (C) 800 23,207 — — 800 23,207 24,007 ( 1,431 ) 2/25/2022 2012

16211 Air Center Boulevard Houston TX (C) 1,600 13,529 121 — 1,600 13,650 15,250 ( 721 ) 2/25/2022 2005

246 Glasson Drive Corpus Christi TX (C) — 9,596 — — — 9,596 9,596 ( 507 ) 2/25/2022 2011

985 Kershaw Street Ogden UT (A) 2,301 13,994 — ( 1,903 ) 2,032 12,360 14,392 ( 535 ) 2/25/2022 2019

Initial Cost to Gross Amount Carried at

2 unchanged sentences

and Subsequent to Impairment/ and Accumulated Date Construction

Property Location State Property Type Encumbrances (1)

Property Location State Encumbrances (1)

Land Equipment Acquisition Writedowns (2)

2 unchanged sentences

Acquired Date

409 1901 Meadowville Technology Parkway Chester VA Mainland Properties (D) 4,000 67,511 170 — 4,000 67,681 71,681 ( 13,383 ) 1/29/2015 2012

410 635 Community Drive South Burlington VT Mainland Properties (C) 10,003 38,560 — — 10,003 38,560 48,563 ( 936 ) 2/25/2022 2021

411 2000 South Walnut Street Burlington WA Mainland Properties (E) 8,603 22,749 — — 8,602 22,750 31,352 ( 552 ) 2/25/2022 2015

412 5300 International Drive Cudahy WI Mainland Properties (C) 1,801 17,367 38 — 1,801 17,405 19,206 ( 422 ) 2/25/2022 2001

413 3383 Spirit Way Green Bay WI Mainland Properties (C) 601 9,346 — — 601 9,346 9,947 ( 227 ) 2/25/2022 2013

1095 South 4800 West Salt Lake City UT (A) 1,500 6,913 20 — 1,500 6,933 8,433 ( 1,550 ) 1/29/2015 2012

8800 Studley Road Mechanicsville VA (C) 1,100 10,813 58 — 1,100 10,871 11,971 ( 1,005 ) 2/25/2022 1988

1935 Blue Hills Drive Roanoke VA (C) 1,300 13,908 39 — 1,300 13,947 15,247 ( 859 ) 2/25/2022 2013

3736 Tom Andrews Road Roanoke VA (C) 600 9,273 46 — 600 9,319 9,919 ( 573 ) 2/25/2022 1996

2300 Westmoreland Street Richmond VA (C) 600 6,109 51 — 600 6,160 6,760 ( 455 ) 2/25/2022 2004

1122 Stony Ridge Road Charlottesville VA (C) 2,101 6,051 233 — 2,101 6,284 8,385 ( 321 ) 2/25/2022 1998

1901 Meadowville Technology Parkway Chester VA (F) 4,000 67,511 171 — 4,001 67,681 71,682 ( 15,088 ) 1/29/2015 2012

635 Community Drive South Burlington VT (C) 10,003 38,560 — — 10,003 38,560 48,563 ( 2,038 ) 2/25/2022 2021

2000 South Walnut Street Burlington WA (B) 8,603 22,749 — ( 1,218 ) 7,384 22,750 30,134 ( 1,202 ) 2/25/2022 2015

5300 International Drive Cudahy WI (C) 1,801 17,367 37 — 1,801 17,404 19,205 ( 922 ) 2/25/2022 2001

3383 Spirit Way Green Bay WI (C) 600 9,345 — — 600 9,345 9,945 ( 494 ) 2/25/2022 2013

$ 1,130,169 $ 4,063,151 $ 71,026 $ ( 94,794 ) $ 1,113,723 $ 4,055,829 $ 5,169,552 $ ( 397,454 )

(1) Represents mortgage notes and includes the unamortized balance of debt issuance costs totaling $ 45,862 .

(1) Represents mortgage notes.

Certain of our properties are encumbered as follows:

Encumbrance Undepreciated Cost

(A) - 186 properties encumbered by one mortgage loan

(A) 104 properties encumbered by the ILPT Floating Rate Loan

$ 1,227,024 $ 1,172,409

(B) - 104 properties encumbered by the ILPT Floating Rate Loan

(B) 8 properties encumbered by mortgage loans

249,944 686,408

1 unchanged sentence

1,396,416 1,961,063

(D) - 17 properties encumbered by the Fixed Rate Loan

(D) 4 properties encumbered by one mortgage loan

90,066 192,662

(E) - 11 properties encumbered by mortgages

(E) 186 properties encumbered by one mortgage loan

647,214 507,172

(F) 17 properties encumbered by the Fixed Rate Loan

695,277 614,494

(2) Excludes value of real estate intangibles.

(3) Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to seven years .

$ 4,305,941 $ 5,134,208

(2) Excludes value of real estate intangibles and includes partial dispositions.

(3) Depreciation on buildings and improvements is provided for periods ranging up to 40 years.

(4) The total aggregate cost for U.S.

federal income tax purposes is approximately $ 5,720,412 .

federal income tax purposes is $ 5,724,491 .

INDUSTRIAL LOGISTICS PROPERTIES TRUST

SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION

December 31, 2023

(dollars in thousands)

Analysis of the carrying amount of real estate properties and accumulated depreciation:

7 unchanged sentences

Disposals ( 259 ) 259

Impairments ( 93,029 ) —

Balance at December 31, 2022 5,176,108 ( 273,467 )

11 unchanged sentences

/s/ Yael Duffy President and Chief Operating Officer February 20, 2024

Donley Chief Financial Officer and Treasurer (principal financial February 14, 2023

Donley officer and principal accounting officer)

/s/ Tiffany R.

Sy Chief Financial Officer and Treasurer (principal financial February 20, 2024

Sy officer and principal accounting officer)

Portnoy Managing Trustee February 20, 2024

9 unchanged sentences

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.

What changed 10-K

Item 9A. Controls and Procedures