Industrial Logistics Properties Trust 10-K

Item 9A. 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, 2024 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. 61 Table of Contents Management Report on Assessment of Internal Control Over Financial Reporting We are responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control system is designed to provide reasonable assurance to our management and Board of Trustees regarding the preparation and fair presentation of published financial statements. All internal control systems, no matter how well designed, have inherent limitations. Therefore, even those systems determined to be effective can provide only reasonable assurance with respect to financial statement preparation and presentation. Our management assessed the effectiveness of our internal control over financial reporting as of December 31, 2024. In making this assessment, it used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission in Internal Control - Integrated Framework (2013 Framework). Based on this assessment, we believe that, as of December 31, 2024, our internal control over financial reporting was effective. Deloitte & Touche LLP, the independent registered public accounting firm that audited our 2024 consolidated financial statements included in this Annual Report on Form 10-K, has issued an attestation report on our internal control over financial reporting. The report appears elsewhere herein. Item 9B. Other Information During the three months ended December 31, 2024, 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. Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections Not applicable. 62 Table of Contents PART III Item 10. Directors, Executive Officers and Corporate Governance 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. A printed copy of our Code of Conduct is also available free of charge to any person who requests a copy by writing to Investor Relations, Industrial Logistics Properties Trust, Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634. We intend to satisfy the requirements under Item 5.05 of Form 8-K regarding disclosure of amendments to, or waivers from, provisions of our Code of Conduct that apply to our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, on our website. We have adopted comprehensive insider trading policies and procedures that apply to trustees, directors, officers and employees, as applicable, of us and RMR. These policies are designed to prevent trading on the basis of material nonpublic information and to ensure compliance with applicable securities laws. The policies include provisions for pre-clearance of trades, blackout periods and the establishment of Rule 10b5-1 trading plans. A copy of our insider trading policy is filed as an exhibit to this Annual Report on Form 10-K. The remainder of the information required by Item 10 is incorporated by reference to our definitive Proxy Statement. Item 11. Executive Compensation The information required by Item 11 is incorporated by reference to our definitive Proxy Statement. Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters Equity Compensation Plan Information. We may grant common shares to our officers and other employees of RMR under our 2018 Equity Compensation Plan, or the 2018 Plan. In addition, each of our Trustees receives common shares as part of his or her annual compensation for serving as a Trustee and such shares are awarded under the 2018 Plan. The terms of awards made under the 2018 Plan are determined by the Compensation Committee of our Board of Trustees at the time of the awards. The following table is as of December 31, 2024: Number of securities Number of securities remaining available for future to be issued upon Weighted average issuance under equity exercise of exercise price of compensation plan (excluding outstanding options, outstanding options, securities reflected in warrants and rights warrants and rights column (a)) Plan category (a) (b) (c) Equity compensation plans approved by securityholders - 2018 Plan None. None. 2,855,692 (1) Equity compensation plans not approved by securityholders None. None. None. Total None. None. 2,855,692 (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 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. Item 13. Certain Relationships and Related Transactions, and Director Independence The information required by Item 13 is incorporated by reference to our definitive Proxy Statement. Item 14. Principal Accountant Fees and Services The information required by Item 14 is incorporated by reference to our definitive Proxy Statement. 63 Table of Contents PART IV Item 15. Exhibits and Financial Statement Schedules (a) Index to Financial Statements and Financial Statement Schedules The following consolidated financial statements and financial statement schedules of Industrial Logistics Properties Trust are included on the pages indicated: Reports of Independent Registered Public Accounting Firm (PCAOB ID No. 34 ) F-1 Consolidated Balance Sheets as of December 31, 202 4 and 20 23 F- 4 Consolidated Statements of Comprehensive Income (Loss) for each of the three years in the period ended December 31, 2024 F- 5 Consolidated Statements of Shareholders’ Equity for each of the three years in the period ended December 31, 202 4 F- 6 Consolidated Statements of Cash Flows for each of the three years in the period ended December 31, 202 4 F- 7 Notes to Consolidated Financial Statements F- 9 Schedule III—Real Estate and Accumulated Depreciation S-1 All other schedules for which provision is made in the applicable accounting regulations of the SEC are not required under the related instructions, or are inapplicable, and therefore have been omitted. Significant Tenant FedEx leased 39.4% of our gross real estate assets as of December 31, 2024. Financial information about FedEx may be found on SEC’s website by entering its name at http://www.sec.gov/edgar/searchedgar/companysearch.html. Reference to FedEx’s financial information on this external website is presented to comply with applicable accounting regulations of the SEC. 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 our consolidated financial statements included in this Annual Report on Form 10-K for further information relating to our leases with FedEx. (b) Exhibits Exhibit Number Description 3.1 Composite Copy of Amended and Restated Declaration of Trust of the Company, dated as of January 11, 2018, as amended to date. (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2020.) 3.2 Third Amended and Restated Bylaws of the Company, adopted May 30, 2024. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on June 3, 2024.) 4.1 Form of Common Share Certificate. (Incorporated by reference to Amendment No. 2 to the Company’s Registration Statement on Form S-11, File No. 333-221708.) 4.2 Description of Securities. (Filed here with . ) 8.1 Opinion of Sullivan & Worcester LLP as to certain tax matters. (Filed herewith.) 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.) 10.2 Amendment to Business Management Agreement, dated as of December 31, 2018, between the Company and The RMR Group LLC.(+) (Incorporated by reference to the Company’s Current Report on Form 8-K filed on January 4, 2019.) 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.) 64 Table of Contents 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.) 10.6 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, 2023.) 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, 2023.) 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. (Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.) 10.10 Loan Agreement, dated as of February 25, 2022, among certain subsidiaries of Mountain Industrial REIT LLC and Citi Real Estate Funding Inc., UBS AG, Bank of America, N.A., Bank of Montreal and Morgan Stanley Bank, N.A. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 28, 2022.) 10.11 First Amendment to Loan Agreement and Other Loan Documents, dated as of March 8, 2022, among certain subsidiaries of Mountain Industrial REIT LLC and Citi Real Estate Funding Inc., UBS AG, Bank of America, N.A., Bank of Montreal and Morgan Stanley Bank, N.A. (Incorporated by reference to the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022.) 10.12 Loan Agreement, dated as of February 25, 2022, among certain subsidiaries of the Company and Citi Real Estate Funding Inc., UBS AG, Bank of America, N.A., Bank of Montreal and Morgan Stanley Bank, N.A. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 28, 2022.) 10.13 Mezzanine A Loan Agreement, dated as of February 25, 2022, among ILPT Mezz Fixed Borrower 2 LLC, Citigroup Global Markets Realty Corp., UBS AG, Bank of America, N.A., Bank of Montreal and Morgan Stanley Mortgage Capital Holdings LLC. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 28, 2022.) 10.14 Mezzanine B Loan Agreement, dated as of February 25, 2022, among ILPT Mezz Fixed Borrower LLC, Citigroup Global Markets Realty Corp., UBS AG, Bank of America, N.A., Bank of Montreal and Morgan Stanley Mortgage Capital Holdings LLC. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on February 28, 2022.) 10.15 Loan Agreement, dated as of September 22, 2022, among certain subsidiaries of the Company, Citi Real Estate Funding Inc., UBS AG New York (1285 Avenue of the Americas) Branch, Bank of America, N.A., Bank of Montreal and Morgan Stanley Mortgage Capital Holdings LLC. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on September 26, 2022.) 10.16 Mezzanine Loan Agreement, dated as of September 22, 2022, among certain subsidiaries of the Company, Citigroup Global Markets Realty Corp., UBS AG New York (1285 Avenue of the Americas) Branch, Bank of America, N.A., Bank of Montreal, and Morgan Stanley Mortgage Capital Holdings LLC. (Incorporated by reference to the Company’s Current Report on Form 8-K filed on September 26, 2022.) 19.1 Insider Trading Policies and Procedures. (Filed herewith.) 21.1 Subsidiaries of the Company. (Filed herewith.) 23.1 Consent of Deloitte & Touche LLP. (Filed herewith.) 23.2 Consent of Sullivan & Worcester LLP. (Contained in Exhibit 8.1.) 31.1 Rule 13a-14(a) Certification. (Filed herewith.) 31.2 Rule 13a-14(a) Certification. (Filed herewith.) 31.3 Rule 13a-14(a) Certification. (Filed herewith.) 65 Table of Contents 31.4 Rule 13a-14(a) Certification. (Filed herewith.) 32.1 Section 1350 Certification. (Furnished herewith.) 97.1 Clawback Policy. ( Incorporated by reference to the C ompan y ’ s Annual Report on Form 10-K for the year e nded December 31, 2023) 99.1 Letter Agreement, dated as of January 29, 2019, between the Company and The RMR Group LLC. (Incorporated by reference to the Company’s Annual Report on Form 10-K for the year ended December 31, 2018.) 99.2 Letter Agreement, dated as of February 25, 2022, 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 March 31, 2022.) 101.INS XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH XBRL Taxonomy Extension Schema Document. (Filed herewith.) 101.CAL XBRL Taxonomy Extension Calculation Linkbase Document. (Filed herewith.) 101.DEF XBRL Taxonomy Extension Definition Linkbase Document. (Filed herewith.) 101.LAB XBRL Taxonomy Extension Label Linkbase Document. (Filed herewith.) 101.PRE XBRL Taxonomy Extension Presentation Linkbase Document. (Filed herewith.) 104 Cover Page Interactive Data File (Formatted as Inline XBRL and contained in Exhibit 101.) (+) Management contract or compensatory plan or arrangement. Item 16. Form 10-K Summary None. 66 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Trustees 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, 2024 and 2023, 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, 2024, 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, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 18, 2025, expressed an unqualified opinion on the Company's internal control over financial reporting. Basis for Opinion These financial statements are the responsibility of the Company's management. 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 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 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 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 The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. 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. Impairment of Real Estate Properties – Refer to Note 2 to the financial statements Critical Audit Matter Description The Company’s investments in real estate properties were $4.7 billion, net of accumulated depreciation of $523.9 million as of December 31, 2024. 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. F-1 Table of Contents 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 undiscounted cash flows 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 Boston, Massachusetts February 18, 2025 We have served as the Company's auditor since 2020. F-2 Table of Contents Report of Independent Registered Public Accounting Firm To the Shareholders and Board of Trustees of Industrial Logistics Properties Trust Opinion on Internal Control over Financial Reporting We have audited the internal control over financial reporting of Industrial Logistics Properties Trust (the “Company”) as of December 31, 2024, 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, 2024, based on criteria established in Internal Control — Integrated Framework (2013) issued by COSO. We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2024, of the Company and our report dated February 18, 2025, expressed an unqualified opinion on those financial statements. Basis for Opinion The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Assessment of Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion. Definition and Limitations of Internal Control over Financial Reporting A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate. /s/ Deloitte & Touche LLP Boston, Massachusetts February 18, 2025 F-3 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) December 31, 2024 2023 ASSETS Real estate properties: Land $ 1,113,711 $ 1,113,723 Buildings and improvements 4,066,674 4,055,829 Total real estate properties, gross 5,180,385 5,169,552 Accumulated depreciation ( 523,886 ) ( 397,454 ) Total real estate properties, net 4,656,499 4,772,098 Investment in unconsolidated joint venture 116,732 115,360 Acquired real estate leases, net 199,193 243,521 Cash and cash equivalents 131,706 112,341 Restricted cash and cash equivalents 110,774 133,382 Rents receivable, including straight line rents of $ 104,730 and $ 94,309 , respectively 129,162 119,170 Other assets, net 62,265 67,803 Total assets $ 5,406,331 $ 5,563,675 LIABILITIES AND EQUITY Mortgages and notes payable, net $ 4,300,537 $ 4,305,941 Accounts payable and other liabilities 76,753 72,455 Assumed real estate lease obligations, net 14,937 18,534 Due to related persons 4,774 4,966 Total liabilities 4,397,001 4,401,896 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $ .01 par value: 100,000,000 shares authorized; 66,144,308 and 65,843,387 shares issued and outstanding, respectively 661 658 Additional paid in capital 1,017,382 1,015,777 Cumulative net (deficit) income ( 86,473 ) 9,196 Cumulative other comprehensive (loss) income ( 1,065 ) 10,171 Cumulative common distributions ( 368,486 ) ( 365,848 ) Total equity attributable to common shareholders 562,019 669,954 Noncontrolling interest 447,311 491,825 Total equity 1,009,330 1,161,779 Total liabilities and equity $ 5,406,331 $ 5,563,675 The accompanying notes are an integral part of these consolidated financial statements. F-4 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (amounts in thousands, except per share data) Year Ended December 31, 2024 2023 2022 Rental income $ 442,322 $ 437,338 $ 388,151 Expenses: Real estate taxes 62,563 60,053 50,624 Other operating expenses 38,547 38,192 30,855 Depreciation and amortization 171,987 178,728 160,982 General and administrative 30,454 31,164 32,877 Acquisition and other transaction related costs — 287 586 Loss on impairment of real estate — 156 100,747 Total expenses 303,551 308,580 376,671 Interest and other income 11,427 7,911 2,663 Interest expense ( 292,536 ) ( 288,537 ) ( 280,051 ) Gain (loss) on sale of real estate — 1,710 ( 10 ) Loss on equity securities — — ( 5,758 ) Loss on early extinguishment of debt — ( 359 ) ( 22,198 ) Loss before income taxes and equity in earnings of unconsolidated joint venture ( 142,338 ) ( 150,517 ) ( 293,874 ) Income tax expense ( 162 ) ( 104 ) ( 45 ) Equity in earnings of unconsolidated joint venture 5,332 902 7,078 Net loss ( 137,168 ) ( 149,719 ) ( 286,841 ) Net loss attributable to noncontrolling interest 41,499 41,730 60,118 Net loss attributable to common shareholders ( 95,669 ) ( 107,989 ) ( 226,723 ) Other comprehensive income (loss): Unrealized (loss) gain on derivatives ( 13,925 ) ( 17,999 ) 30,194 Less: unrealized loss (gain) on derivatives attributable to noncontrolling interest 2,689 6,267 ( 8,291 ) Other comprehensive (loss) income attributable to common shareholders ( 11,236 ) ( 11,732 ) 21,903 Comprehensive loss attributable to common shareholders $ ( 106,905 ) $ ( 119,721 ) $ ( 204,820 ) Weighted average common shares outstanding (basic and diluted) 65,697 65,430 65,248 Net loss per share attributable to common shareholders (basic and diluted) $ ( 1.46 ) $ ( 1.65 ) $ ( 3.47 ) The accompanying notes are an integral part of these consolidated financial statements. F-5 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (dollars in thousands) Cumulative Total Equity Number of Additional Cumulative Other Cumulative Attributable to Common Common Paid In Net Income Comprehensive Common Common Noncontrolling Total Shares Shares Capital (Deficit) Income (Loss) Distributions Shareholders Interest Equity Balance at December 31, 2021 65,404,592 $ 654 $ 1,012,224 $ 343,908 $ — $ ( 318,744 ) $ 1,038,042 $ — $ 1,038,042 Net loss — — — ( 226,723 ) — — ( 226,723 ) ( 60,118 ) ( 286,841 ) Share grants, repurchases and forfeitures 163,553 2 1,977 — — — 1,979 — 1,979 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 loss — — — ( 107,989 ) — — ( 107,989 ) ( 41,730 ) ( 149,719 ) Share grants, repurchases and forfeitures 275,242 2 1,576 — — — 1,578 — 1,578 Distributions to common shareholders — — — — — ( 2,627 ) ( 2,627 ) — ( 2,627 ) Other comprehensive loss — — — — ( 11,732 ) — ( 11,732 ) ( 6,267 ) ( 17,999 ) Distributions to noncontrolling interest — — — — — — — ( 225 ) ( 225 ) Balance at December 31, 2023 65,843,387 $ 658 $ 1,015,777 $ 9,196 $ 10,171 $ ( 365,848 ) $ 669,954 $ 491,825 $ 1,161,779 Net loss — — — ( 95,669 ) — — ( 95,669 ) ( 41,499 ) ( 137,168 ) Share grants, repurchases and forfeitures 300,921 3 1,605 — — — 1,608 — 1,608 Distributions to common shareholders — — — — — ( 2,638 ) ( 2,638 ) — ( 2,638 ) Other comprehensive loss — — — — ( 11,236 ) — ( 11,236 ) ( 2,689 ) ( 13,925 ) Distributions to noncontrolling interest — — — — — — — ( 326 ) ( 326 ) Balance at December 31, 2024 66,144,308 $ 661 $ 1,017,382 $ ( 86,473 ) $ ( 1,065 ) $ ( 368,486 ) $ 562,019 $ 447,311 $ 1,009,330 The accompanying notes are an integral part of these consolidated financial statements. F-6 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) Year Ended December 31, 2024 2023 2022 CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ ( 137,168 ) $ ( 149,719 ) $ ( 286,841 ) Adjustments to reconcile net loss to net cash provided by operating activities: Depreciation 126,525 125,262 106,236 Amortization of interest rate caps 42,883 24,578 1,028 Net amortization of debt issuance costs, premiums and discounts 12,946 26,922 96,974 Amortization of acquired real estate leases and assumed real estate lease obligations 40,731 49,935 48,570 Amortization of deferred leasing costs 3,184 2,440 1,675 Straight line rental income ( 10,421 ) ( 13,599 ) ( 11,538 ) (Gain) loss on sale of real estate — ( 1,710 ) 10 Loss on impairment of real estate — 156 100,747 Loss on early extinguishment of debt — 359 22,198 Loss on equity securities — — 5,758 Proceeds from settlement of derivatives ( 65,268 ) ( 56,915 ) — General and administrative expenses paid in common shares 1,920 1,741 2,221 Distributions of earnings from unconsolidated joint venture 3,960 3,960 5,282 Equity in earnings of unconsolidated joint venture ( 5,332 ) ( 902 ) ( 7,078 ) Change in assets and liabilities: Rents receivable 429 1,440 ( 19,596 ) Other assets ( 11,302 ) ( 9,951 ) 11,931 Accounts payable and other liabilities ( 932 ) 1,920 3,034 Due to related persons ( 192 ) 142 2,640 Net cash provided by operating activities 1,963 6,059 83,251 CASH FLOWS FROM INVESTING ACTIVITIES: Real estate acquisitions — — ( 3,589,389 ) Real estate improvements ( 5,698 ) ( 19,415 ) ( 17,732 ) Purchase of interest rate caps ( 43,150 ) — — Proceeds from sale of equity securities — — 140,792 Distributions in excess of earnings from unconsolidated joint venture — 5,940 20,460 Proceeds from sale of real estate — 24,300 — Proceeds from settlement of derivatives 65,268 56,915 — Net cash provided by (used in) investing activities 16,420 67,740 ( 3,445,869 ) CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of mortgage notes payable — 91,000 3,335,000 Repayment of mortgage notes payable ( 18,116 ) ( 55,418 ) ( 18,070 ) Proceeds from secured bridge loan facility — — 1,385,158 Repayment of secured bridge loan facility — — ( 1,385,158 ) Borrowings under revolving credit facility — — 3,000 Repayments of revolving credit facility — — ( 185,000 ) Payment of debt issuance costs ( 234 ) ( 1,423 ) ( 211,996 ) Proceeds from sale of interest rate cap — — 7,740 Distributions to common shareholders ( 2,638 ) ( 2,627 ) ( 44,477 ) Proceeds from sale of noncontrolling interest, net — — 589,411 Repurchase of common shares ( 312 ) ( 163 ) ( 242 ) Distributions to noncontrolling interest ( 326 ) ( 225 ) ( 1,365 ) Net cash (used in) provided by financing activities ( 21,626 ) 31,144 3,474,001 (Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents ( 3,243 ) 104,943 111,383 Cash and cash equivalents and restricted cash and cash equivalents at beginning of period 245,723 140,780 29,397 Cash and cash equivalents and restricted cash and cash equivalents at end of period $ 242,480 $ 245,723 $ 140,780 F-7 Table of Contents Year Ended December 31, 2024 2023 2022 SUPPLEMENTAL DISCLOSURES: Interest paid $ 237,120 $ 237,585 $ 178,842 Income taxes (received) paid $ ( 80 ) $ 85 $ 228 NON-CASH INVESTING ACTIVITIES: Real estate improvements accrued not paid $ 6,465 $ 1,235 $ 2,507 NON-CASH FINANCING ACTIVITIES: Assumption of mortgage notes payable $ — $ — $ ( 323,432 ) SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS: The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows: As of December 31, 2024 2023 2022 Cash and cash equivalents $ 131,706 $ 112,341 $ 48,261 Restricted cash and cash equivalents 110,774 133,382 92,519 Total cash and cash equivalents and restricted cash $ 242,480 $ 245,723 $ 140,780 The accompanying notes are an integral part of these consolidated financial statements. F-8 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 1. Organization Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, organized under Maryland law on September 15, 2017. As of December 31, 2024, our portfolio was comprised of 411 properties containing approximately 59,890,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 185 properties containing approximately 43,161,000 rentable square feet that were industrial and logistics properties located in 38 other states, or our Mainland Properties, which included 94 properties in 27 states totaling approximately 20,978,000 rentable square feet, owned by Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture, in which we own a 61 % equity interest. As of December 31, 2024, we also owned a 22 % equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture. Note 2. Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Consolidation. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control an entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the entity. This includes decisions regarding operating and capital budgets and the placement of new or additional financing secured by the assets of the venture, among others. 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 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. Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. Real Estate Properties. We record properties at cost. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives of up to 40 years. We allocate the purchase prices of our properties to land, building and improvements based on determinations of the fair values of these assets assuming the properties are vacant. We determine the fair value of each property using methods similar to those used by independent appraisers, which may involve estimated cash flows that are based on a number of factors, including capitalization rates and discount rates, among others. In some circumstances, we engage independent real estate appraisal firms to provide market information and evaluations which are relevant to our purchase price allocations and determinations of depreciable useful lives; however, we are ultimately responsible for the purchase price allocations and determinations of useful lives. F-9 Table of Contents 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 acquired in-place leases and tenant relationships based upon market estimates of the costs to lease up the property. In determining these allocations, we estimate costs during the expected lease up periods, including carrying costs such as real estate taxes, insurance and other operating income and expenses and costs, and costs including leasing commissions, legal and other related expenses and costs to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value, which we refer to as lease origination value, between acquired in-place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in-place leases because such value and related amortization expense is immaterial to our consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We allocate a portion of the purchase price to above market and below market leases based on the present value (using a discount rate which reflects the risks associated with acquired in-place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in-place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable. We amortize lease origination value (included in acquired real estate leases, net in our consolidated balance sheets) over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $ 42,278 , $ 51,065 and $ 53,113 during the years ended December 31, 2024, 2023 and 2022, respectively. We amortize capitalized above market lease values (included in acquired real estate leases, net in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations, net in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in increases in rental income of $ 1,547 , $ 1,130 and $ 4,544 during the years ended December 31, 2024, 2023 and 2022, respectively. If a lease is terminated prior to its stated expiration, we fully amortize the unamortized amounts relating to that lease at that time. As of December 31, 2024 and 2023, our acquired real estate leases, net and assumed real estate lease obligations, net were as follows: As of December 31, 2024 2023 Acquired real estate leases: Capitalized above market lease values $ 25,553 $ 27,484 Less: accumulated amortization ( 14,746 ) ( 14,628 ) Capitalized above market lease values, net 10,807 12,856 Lease origination value 314,671 355,718 Less: accumulated amortization ( 126,285 ) ( 125,053 ) Lease origination value, net 188,386 230,665 Acquired real estate leases, net $ 199,193 $ 243,521 Assumed real estate lease obligations: Capitalized below market lease values $ 34,670 $ 37,580 Less: accumulated amortization ( 19,733 ) ( 19,046 ) Assumed real estate lease obligations, net $ 14,937 $ 18,534 As of December 31, 2024, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 9.4 years, 7.3 years and 6.1 years, respectively. F-10 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Expected future amortization related to our acquired real estate leases, net and assumed real estate obligations, net, deferred leasing costs, net and debt issuance costs, net as of December 31, 2024 are shown below: Acquired Real Estate Deferred Debt Leases and Assumed Leasing Issuance Obligations Costs Costs 2025 $ 32,996 $ 3,617 $ 1,375 2026 30,479 3,436 1,262 2027 27,150 3,243 1,262 2028 21,455 2,828 1,262 2029 18,089 2,357 779 Thereafter 54,087 8,210 1,352 $ 184,256 $ 23,691 $ 7,292 Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). As of December 31, 2024 and 2023, we had deferred leasing costs, net of accumulated amortization of $ 23,691 and $ 20,647 , respectively. Deferred leasing costs, net are included in other assets, net in our consolidated balance sheets. Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2024 and 2023, we had debt issuance costs, net of accumulated amortization, of $ 7,292 and $ 20,003 , respectively, for certain of our mortgage notes payable. Impairments. We regularly evaluate whether events or changes in circumstances have occurred that could indicate an impairment in the value of long lived assets. Impairment indicators may include declining tenant occupancy, lack of progress leasing vacant space, tenant bankruptcies, low long-term prospects for improvement in property performance, cash flow or liquidity, 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 carrying value exceeds the projected undiscounted cash flows, we determine the amount of any impairment loss by comparing the historical carrying value to the estimated fair value. We estimate fair value through an evaluation of recent financial performance and projected discounted cash flows using standard industry valuation techniques. In addition to consideration of impairment upon the events or changes in circumstances described above, we regularly evaluate the remaining useful lives of our long lived assets. If we change our estimate of the remaining useful lives, we allocate the carrying value of the affected assets over their revised remaining useful lives. Fair Value of Financial Instruments. We determine the estimated fair value of financial assets and liabilities using the three-tier fair value hierarchy established by GAAP, which prioritizes observable inputs in active markets when measuring fair value. The three levels of inputs that may be used to measure fair value in order of priority are as follows: Level 1 - Inputs include quoted prices in active markets for identical assets or liabilities that we have the ability to access. Level 2 - Inputs include quoted prices in markets that are less active or inactive or for which all significant inputs are observable, either directly or indirectly. Level 3 - Inputs include unobservable prices and are supported by little or no market activity and are significant to the overall fair value measurement. F-11 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Environmental Obligations. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. At each of December 31, 2024 and 2023, accrued environmental remediation costs of $ 6,775 were included in accounts payable and other liabilities in our consolidated balance sheets. These accrued environmental remediation costs relate to maintenance of our properties for current uses, and, because of the indeterminable timing of the remediation, these amounts have not been discounted to present value. In general, we do not have any insurance designated to limit any losses that we may incur as a result of known or unknown environmental conditions which are not caused by an insured event, such as, for example, fire or flood, although some of our tenants may maintain such insurance that may benefit us. Although we do not believe that there are environmental conditions at any of our properties that will have a material adverse effect on us, we cannot be sure that such conditions are not present at our properties or that costs we incur to remediate contamination will not have a material adverse effect on our business or financial condition. Charges for environmental remediation costs, if any, are included in other operating expenses in our consolidated statements of comprehensive income (loss). Cash and Cash Equivalents. We consider highly liquid investments with original maturities of three months or less at the date of purchase to be cash equivalents. Restricted Cash and Cash Equivalents. Restricted cash and cash equivalents consist of amounts escrowed as required by the agreements governing certain of our mortgage debt and cash held for the operations of our consolidated joint venture. Derivative Instruments and Hedging Activities. We account for our derivative instruments at fair value. Accounting for changes in the fair value of a derivative instrument depends on the intended use of the derivative instrument and the designation of the derivative instrument. The change in fair value of the effective portion of the derivative instrument that is not designated as a hedge or that does not meet the hedge accounting criteria is recorded as a gain or loss to operations. Equity Method Investments. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. We own a 22 % equity interest in the unconsolidated joint venture, which owns 18 properties. We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases and are generally classified as operating leases. Our leases provide for base rent payments and may also include variable payments. Rental income from operating leases, including any payments derived by index or market based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all the lease payments is probable. Some of our leases have options to extend or terminate the lease exercisable at the option of our tenants, which are considered when determining the lease term. Certain of our leases contain non-lease components, such as property level operating expenses and capital expenditures reimbursed by our tenants as well as other required lease payments. We have determined that all our leases qualify for the practical expedient to not separate the lease and non-lease components under the Accounting Standards Codification, or ASC, 842, because the lease components are operating leases and the timing and pattern of recognition of the non-lease components are the same as those of the lease components. Income derived from our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants under their leases are required to directly pay their obligations for insurance, real estate taxes and certain other expenses to the vendor and/or the municipality. These obligations, which have been assumed by the tenants under the terms of their respective leases, are not reflected in our consolidated financial statements. To the extent any tenant responsible for any such obligations under the applicable lease defaults on such lease or if it is deemed probable that the tenant will fail to pay for such obligations, we would record a liability for such obligations. Income Taxes. We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. F-12 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) 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 the Merger. 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 $ 4,193 and $ 4,288 , respectively, as of December 31, 2024, and $ 4,646 and $ 4,730 , respectively, as of December 31, 2023. Our right of use assets and related lease liabilities are included in other assets, net and accounts payable and other liabilities , respectively, in our consolidated balance sheets. Generally, payments of ground lease obligations are made by our tenants. However, if a tenant does not perform obligations under a ground lease or does not renew any ground lease, we may have to perform obligations under, or renew, the ground lease in order to protect our investment in the affected property. Net Loss Per Share Attributable to Common Shareholders. We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate diluted net income (loss) per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share. Noncontrolling Interest. Noncontrolling interest represents the share of our consolidated joint venture owned by a third party. We allocate net income (loss) to noncontrolling interests based on the respective ownership interest during the period. New Accounting Pronouncements. In November 2024, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statements Expenses , which requires public entities to disclose specific expense categories such as employee compensation, depreciation and intangible asset amortization. These details must be presented in a tabular format in the notes to financial statements for both interim and annual reporting periods. ASU 2024-03 is required to be applied prospectively but can be applied retrospectively, and is effective for the first annual reporting periods beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact that ASU 2024-03 will have on our consolidated financial statements. In November 2023, the FASB issued 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. We adopted ASU 2023-07 effective December 31, 2024, and, as a result, we have included additional information related to the required disclosures in Note 12. F-13 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 3. Real Estate Investments During the years ended December 31, 2024 and 2023, amounts capitalized at certain of our properties for tenant improvements, leasing costs, building improvements and development, redevelopment and other activities were as follows: Year Ended December 31, 2024 2023 Tenant improvements (1) $ 1,935 $ 3,316 Leasing costs (1) 6,271 5,082 Building improvements (2) 8,993 6,779 Development, redevelopment and other activities (3) — 8,086 $ 17,199 $ 23,263 (1) Includes capital expenditures used to improve tenants’ space or amounts paid directly to tenants to improve their space and leasing related costs, such as brokerage commissions and tenant inducements. (2) Includes expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. (3) Includes capital expenditure projects that reposition a property or result in new sources of revenues. Dispositions During the year ended December 31, 2023, we sold two properties and a portion of a land parcel, containing 489,825 rentable square feet for the aggregate sales price of $ 25,460 , excluding closing costs. Gain (Loss) on Number of Rentable Gross Sale of Date Location Properties Square Feet Sales Price (1) Real Estate March 2023 Everett, WA N/A 246,114 $ 270 $ ( 974 ) 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 sales price is the gross contract price, excluding closing costs. During the years ended December 31, 2024 and 2023, recognized net income (loss) attributable to noncontrolling interest in our consolidated financial statements was as follows: Year Ended December 31, 2024 2023 Consolidated joint venture $ ( 41,558 ) $ ( 41,798 ) Tenancy in common 59 68 $ ( 41,499 ) $ ( 41,730 ) Consolidated Joint Venture We own a 61 % equity interest in our consolidated joint venture. We control this consolidated joint venture and therefore account for the properties owned by this joint venture on a consolidated basis in our consolidated financial statements. As of December 31, 2024, our consolidated joint venture had total assets of $ 2,896,160 and total liabilities of $ 1,757,801 . F-14 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Consolidated Tenancy in Common An unrelated third party owns an approximate 33 % tenancy in common interest in one property located in Somerset, New Jersey with approximately 64,000 rentable square feet, and we own the remaining approximate 67 % tenancy in common interest in this property. The tenancy in common made cash distributions to the unrelated third party investor of $ 326 and $ 225 for the years ended December 31, 2024 and 2023, respectively. As of December 31, 2024, the tenancy in common had total assets of $ 10,427 and total liabilities of $ 217 . Unconsolidated Joint Venture We own a 22 % equity interest in the unconsolidated joint venture, which owns 18 industrial properties located in 12 states totaling approximately 11,726,000 rentable square feet. We account for the unconsolidated joint venture using the equity method of accounting under the fair value option. We recognize changes in the fair value of our investment in the unconsolidated joint venture as equity in earnings of unconsolidated joint venture in our consolidated statements of comprehensive income (loss). Note 4. Leases We do not include in our measurement of our lease receivables certain variable payments, including payments determined by changes in the index or market-based indices after the inception of the lease, certain tenant reimbursements and other income until the specific events that trigger the variable payments have occurred. Such payments totaled $ 80,720 , $ 76,572 and $ 63,168 for the years ended December 31, 2024, 2023 and 2022, respectively. The following table summarizes the future contractual lease payments due from our tenants as of December 31, 2024: Contractual Lease Payments 2025 $ 353,755 2026 344,621 2027 324,469 2028 282,298 2029 245,506 Thereafter 1,463,926 $ 3,014,575 Geographic Concentration For the years ended December 31, 2024, 2023 and 2022, our Hawaii Properties represented 27.2 %, 28.0 % and 29.7 %, respectively, of our rental income. Tenant Concentration We define annualized rental revenues as the annualized contractual base rents from our tenants pursuant to our lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding amortization of deferred leasing costs. Subsidiaries of FedEx Corporation, or FedEx, and subsidiaries of Amazon.com Services, Inc., or Amazon, represented 29.1 % and 6.8 % of our annualized rental revenues as of December 31, 2024, respectively, and 29.7 % and 6.7 % as of December 31, 2023, respectively. F-15 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 5. Indebtedness Our outstanding indebtedness as of December 31, 2024 and December 31, 2023 is summarized below: Number of Properties Principal Interest Carrying Value Entity Secured By Balance Rate (1) Type Maturity of Collateral As of December 31, 2024 ILPT 104 $ 1,235,000 6.71 % Floating 10/09/2025 $ 1,017,228 ILPT 186 650,000 4.31 % Fixed 02/07/2029 490,454 ILPT 17 700,000 4.42 % Fixed 03/09/2032 491,143 Mountain JV 82 1,400,000 5.81 % Floating 03/09/2025 1,802,396 Mountain JV 4 91,000 6.25 % Fixed 06/10/2030 178,465 Mountain JV 1 10,020 3.67 % Fixed 05/01/2031 28,363 Mountain JV 1 11,636 4.14 % Fixed 07/01/2032 42,242 Mountain JV 1 26,200 4.02 % Fixed 10/01/2033 82,443 Mountain JV 1 36,684 4.13 % Fixed 11/01/2033 127,960 Mountain JV 1 22,637 3.10 % Fixed 06/01/2035 45,070 Mountain JV 1 36,655 2.95 % Fixed 01/01/2036 96,321 Mountain JV 1 41,491 4.27 % Fixed 11/01/2037 107,606 Mountain JV 1 46,506 3.25 % Fixed 01/01/2038 110,346 Total / weighted average 4,307,829 5.51 % $ 4,620,037 Unamortized debt issuance costs ( 7,292 ) Total indebtedness, net $ 4,300,537 As of December 31, 2023 ILPT 104 $ 1,235,000 6.18 % Floating 10/09/2024 $ 1,044,028 ILPT 186 650,000 4.31 % Fixed 02/07/2029 490,149 ILPT 17 700,000 4.42 % Fixed 03/09/2032 505,153 Mountain JV 82 1,400,000 6.17 % Floating 03/09/2024 1,857,062 Mountain JV 4 91,000 6.25 % Fixed 06/10/2030 183,264 Mountain JV 1 11,380 3.67 % Fixed 05/01/2031 28,932 Mountain JV 1 12,916 4.14 % Fixed 07/01/2032 43,510 Mountain JV 1 28,622 4.02 % Fixed 10/01/2033 84,793 Mountain JV 1 40,019 4.13 % Fixed 11/01/2033 129,749 Mountain JV 1 24,433 3.10 % Fixed 06/01/2035 46,394 Mountain JV 1 39,411 2.95 % Fixed 01/01/2036 99,108 Mountain JV 1 43,850 4.27 % Fixed 11/01/2037 110,097 Mountain JV 1 49,313 3.25 % Fixed 01/01/2038 113,477 Total / weighted average 4,325,944 5.47 % $ 4,735,716 Unamortized debt issuance costs ( 20,003 ) Total indebtedness, net $ 4,305,941 (1) Interest rates reflect the impact of interest rate caps, if any, and exclude the impact of the amortization of debt issuance costs, premiums and discounts. F-16 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Our $ 1,235,000 loan, or the ILPT Floating Rate Loan, which is secured by 104 of our properties, matures in October 2025, subject to two remaining one year extension options, and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93 %. In October 2024, we exercised the first of our three , one year extension options for the maturity date of this loan. In connection with the exercise of the extension, we purchased a one year interest rate cap for $ 16,975 with a SOFR strike rate equal to 2.78 %, which replaced the previous interest rate cap with a SOFR strike rate equal to 2.25 %. Subject to the satisfaction of certain conditions, we have the option to prepay the ILPT Floating Rate Loan in full or in part at any time at par with no premium. Our consolidated joint venture’s $ 1,400,000 loan, or the Mountain Floating Rate Loan, which is secured by 82 properties, matures in March 2025, subject to two remaining one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77 %. In March 2024, our consolidated joint venture exercised the first of its three , one year extension options for the maturity date of this loan. In connection with the exercise of the extension, our consolidated joint venture purchased a one year interest rate cap for $ 26,175 with a SOFR strike rate equal to 3.04 %, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.40 %. Subject to the satisfaction of certain conditions, we have the option to prepay the Mountain Floating Rate Loan in full or in part at any time at par with no premium. In February 2025, our consolidated joint venture provided notice to exercise the second extension option for the maturity of the Mountain Floating Rate Loan and in connection therewith purchased a one year interest rate cap for $ 15,010 with a SOFR strike rate equal to 3.10 %. The weighted average interest rates under our floating rate loans for the year ended December 31, 2024 and 2023 were as follows: Year Ended December 31, 2024 2023 ILPT Floating Rate Loan (1) 6.26 % 6.18 % Mountain Floating Rale Loan (2) 5.88 % 6.17 % (1) Reflects the impact of interest rate caps with a current SOFR strike rate equal to 2.78 %, which replaced the previous strike rate equal to 2.25 % in October 2024. (2) Reflects the impact of interest rate caps with a current SOFR strike rate equal to 3.04 %, which replaced the previous strike rate equal to 3.40 % in March 2024. In May 2023, our consolidated joint venture obtained a $ 91,000 fixed rate, interest only mortgage loan secured by four properties owned by our consolidated joint venture. This mortgage loan matures in June 2030 and requires that interest be paid at an annual rate of 6.25 %. A portion of the net proceeds from this mortgage loan was used to repay four then outstanding mortgage loans of our consolidated joint venture with an aggregate outstanding principal balance of $ 35,910 and a weighted average interest rate of 3.70 %. We recognized a loss on early extinguishment of debt of $ 359 in conjunction with the repayment of these mortgage loans. The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. See Note 11 for further information regarding our interest rate caps. The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of December 31, 2024 are as follows: Principal Payment 2025 $ 2,653,793 2026 19,499 2027 20,224 2028 20,989 2029 671,778 Thereafter 921,546 $ 4,307,829 F-17 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 6. Fair Value of Assets and Liabilities Our financial instruments include cash and cash equivalents, restricted cash and cash equivalents, mortgages and notes payable, accounts payable and interest rate caps. As of December 31, 2024 and 2023, 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 $ 1,665,649 and $ 1,682,501 as of December 31, 2024 and 2023, respectively, and a fair value of $ 1,535,640 and $ 1,553,863 as of December 31, 2024 and 2023, respectively. We estimate the fair value of our fixed rate mortgage notes payable using significant unobservable inputs (Level 3), including discounted cash flow analyses and prevailing market interest rates. The table below presents certain of our assets measured on a recurring and nonrecurring basis at fair value as of December 31, 2024 and 2023, categorized by the level of inputs as defined in the fair value hierarchy under ASC 820, Fair Value Measurement , used in the valuation of each asset: Quoted Prices in Significant Other Significant Active Markets for Observable Unobservable Identical Assets Inputs Inputs Total (Level 1) (Level 2) (Level 3) As of December 31, 2024 Recurring: Investment in unconsolidated joint venture $ 116,732 $ — $ — $ 116,732 Interest rate caps $ 16,916 $ — $ 16,916 $ — As of December 31, 2023 Recurring: Investment in unconsolidated joint venture $ 115,360 $ — $ — $ 115,360 Interest rate caps $ 30,576 $ — $ 30,576 $ — Nonrecurring: Real estate properties (1) $ 1,414 $ — $ — $ 1,414 (1) During the year ended December 31, 2023, we reduced the carrying value of one property to its fair value based on a third party offer. The fair value of our investment in the unconsolidated joint venture is determined by applying our ownership percentage to the net asset value of the entity. The net asset value of the unconsolidated joint venture is determined by using similar estimation techniques as those used for consolidated real estate properties, including discounting expected future cash flows of the underlying real estate investments based on prevailing market rents over a holding period and including an exit capitalization rate to determine the final year of cash flows. The fair values of our interest rate cap derivatives are based on prevailing market prices in secondary markets for similar derivative contracts as of the measurement date. F-18 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) The discount rates, exit capitalization rates and holding periods used to determine the fair value of our investment in the unconsolidated joint venture are Level 3 significant unobservable inputs and are shown in the table below: Exit Valuation Discount Capitalization Holding Technique Rates Rates Periods As of December 31, 2024 Investment in unconsolidated joint venture Discounted cash flow 6.25 % - 8.25 % 5.25 % - 6.50 % 10 - 12 years As of December 31, 2023 Investment in unconsolidated joint venture Discounted cash flow 5.75 % - 8.00 % 5.25 % - 6.50 % 9 - 12 years The table below presents a summary of the changes in fair value for our investment in the unconsolidated joint venture: Year Ended December 31, 2024 2023 Beginning balance $ 115,360 $ 124,358 Equity in earnings of unconsolidated joint venture 5,332 902 Distributions from unconsolidated joint venture ( 3,960 ) ( 9,900 ) Ending balance $ 116,732 $ 115,360 Note 7. Shareholders’ Equity Common Share Awards We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the years ended December 31, 2024, 2023 and 2022, we awarded to our officers and certain other employees of The RMR Group LLC, or RMR, annual share awards of 204,915 , 188,350 and 173,300 of our common shares, respectively, valued at $ 992 , $ 684 and $ 1,184 , in aggregate, respectively. During the years ended December 31, 2024, 2023 and 2022, we awarded each of our seven Trustees 23,316 , 20,000 and 3,500 of our common shares with an aggregate value of $ 630 , $ 249 and $ 369 , respectively, as part of their annual compensation in accordance with our trustee compensation arrangements. The values or numbers, as applicable, of the share awards were based upon the closing price of our common shares on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. The common shares awarded to our Trustees vested immediately. The common shares awarded to our officers and certain other employees of RMR vest in five equal annual installments beginning on the date of award. We recognize share forfeitures as they occur and include the value of awarded shares in general and administrative expenses ratably over the vesting period. A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2024, 2023 and 2022 is as follows: Year Ended December 31, 2024 2023 2022 Weighted Weighted Weighted Average Average Average Number Grant Date Number Grant Date Number Grant Date of Shares Fair Value of Shares Fair Value of Shares Fair Value Unvested at beginning of year 288,310 $ 8.50 260,800 $ 15.07 192,380 $ 24.15 Granted 368,127 4.40 328,350 2.84 197,800 7.85 Vested ( 346,260 ) 6.61 ( 296,890 ) 8.02 ( 127,480 ) 17.44 Forfeited — — ( 3,950 ) 11.40 ( 1,900 ) 24.55 Unvested at end of year 310,177 $ 5.74 288,310 $ 8.50 260,800 $ 15.07 F-19 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) As of December 31, 2024, the estimated future compensation expense for the unvested shares was approximately $ 1,539 . The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2024, 2023 and 2022, we recorded $ 1,920 , $ 1,741 and $ 2,221 , respectively, of compensation expense related to the 2018 Plan. As of December 31, 2024, 2,855,692 common shares remain available for issuance under the 2018 Plan. Common Share Purchases During the years ended December 31, 2024, 2023 and 2022, we purchased an aggregate of 67,206 , 49,158 and 32,347 , respectively, of our common shares valued at weighted average prices of $ 4.65 , $ 3.29 and $ 7.50 per common share, respectively, from certain of our Trustees, our officers and certain other current and former officers and employees of RMR, in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. We withheld and purchased these common shares at their fair market values based upon the closing prices of our common shares on Nasdaq on the applicable purchase dates. Distributions During the years ended December 31, 2024, 2023 and 2022, we paid distributions on our common shares as follows: Annual Per Characterization of Distribution Share Total Return of Ordinary Capital Year Distribution Distribution Capital Income Gain 2024 $ 0.04 $ 2,638 100.0 % — % — % 2023 $ 0.04 $ 2,627 100.0 % — % — % 2022 $ 0.68 $ 44,477 89.7 % 9.6 % 0.7 % On January 16, 2025, we declared a regular quarterly distribution to common shareholders of record on January 27, 2025 of $ 0.01 per share, or approximately $ 661 . We expect to pay this distribution to our shareholders on or about February 20, 2025 using cash on hand. F-20 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 8. Per Common Share Amounts We calculate basic earnings per common share by dividing net loss attributable to common shareholders by the weighted average number of our common shares outstanding during the period. We calculate diluted earnings per share using the more dilutive of the two class method or the treasury stock method. Unvested common share awards, and the related impact on earnings, are considered when calculating diluted earnings per share. The calculation of basic and diluted earnings per share is as follows: Year Ended December 31, 2024 2023 2022 Numerators: Net loss attributable to common shareholders $ ( 95,669 ) $ ( 107,989 ) $ ( 226,723 ) Income attributable to participating unvested share awards ( 11 ) ( 10 ) ( 131 ) Net loss attributable to common shareholders used in calculating earnings per share $ ( 95,680 ) $ ( 107,999 ) $ ( 226,854 ) Denominators: Weighted average common shares for basic earnings per share 65,697 65,430 65,248 Weighted average common shares for diluted earnings per share 65,697 65,430 65,248 Net loss attributable to common shareholders per common share (basic and diluted) $ ( 1.46 ) $ ( 1.65 ) $ ( 3.47 ) Note 9. Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: • Base Management Fee . The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: • the sum of (i) 0.5 % of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, plus (ii) 0.7 % of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $ 250,000 , plus (iii) 0.5 % of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $ 250,000 ; and • the sum of (i) 0.7 % of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $ 250,000 , plus (ii) 0.5 % of our Average Market Capitalization exceeding $ 250,000 . The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. F-21 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) • Incentive Management Fee . The incentive management fee which may be earned by RMR for an annual period is calculated as follows: • An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0 % of the product of: • our equity market capitalization on the last trading day of the year immediately prior to the relevant three year measurement period, and • the amount (expressed as a percentage) by which the total return per share, as defined in the business management agreement and further described below, of our common shareholders (i.e., share price appreciation plus dividends) exceeds the total shareholder return of the applicable market index, or the benchmark return per share, for the relevant measurement period. The MSCI U.S. REIT/Industrial REIT Index is the applicable benchmark index. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period, or the initial share price, from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. • The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or our common shares are forfeited, during the measurement period. • No incentive management fee is payable by us unless our total return per share during the measurement period is positive. • The measurement periods are three year periods ending with the year for which the incentive management fee is being calculated. • If our total return per share exceeds 12.0 % per year in any measurement period, the benchmark return per share is adjusted to be the lesser of the total shareholder return of the applicable market index for such measurement period and 12.0 % per year, or the adjusted benchmark return per share. In instances where the adjusted benchmark return per share applies, the incentive management fee will be reduced if our total return per share is between 200 basis points and 500 basis points below the applicable market index in any year, by a low return factor, as defined in the business management agreement, and there will be no incentive management fee paid if, in these instances, our total return per share is more than 500 basis points below the applicable market index in any year, determined on a cumulative basis (i.e., between 200 basis points and 500 basis points per year multiplied by the number of years in the measurement period and below the applicable market index). • The incentive management fee is subject to a cap. The cap is equal to the value of the number of our common shares which would, after issuance, represent 1.5 % of the number of our common shares then outstanding multiplied by the average closing price of our common shares during the 10 consecutive trading days having the highest average closing prices during the final 30 trading days of the relevant measurement period. • Incentive management fees we paid to RMR for any period may be subject to “clawback” if our financial statements for that period are restated due to material non-compliance with any financial reporting requirements under the securities laws as a result of the bad faith, fraud, willful misconduct or gross negligence of RMR and the amount of the incentive management fee we paid was greater than the amount we would have paid based on the restated financial statements. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2024, 2023 and 2022. F-22 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) • Property Management and Construction Supervision Fees . The property management fees payable to RMR by us for each applicable period are equal to 3.0 % of gross collected rents and the construction supervision fees payable to RMR by us for each applicable period are equal to 5.0 % of construction costs. • Expense Reimbursement . We are generally responsible for all of our operating expenses, including certain expenses incurred or arranged by RMR on our behalf. We are generally not responsible for payment of RMR’s employment, office or administrative expenses incurred to provide management services to us, except for the employment and related expenses of RMR’s employees assigned to work exclusively or partly at our properties, our share of the wages, benefits and other related costs of RMR’s centralized accounting personnel, our share of RMR’s costs for providing our internal audit function and as otherwise agreed. Our property level operating expenses are generally incorporated into rents charged to our tenants, including certain payroll and related costs incurred by RMR which are included in other operating expenses and general and administrative expenses, as applicable, in our consolidated statements of comprehensive income (loss). • Term . Our management agreements with RMR have terms that end on December 31, 2044, and automatically extend on December 31st of each year for an additional year, so that the terms of our management agreements thereafter end on the 20th anniversary of the date of the extension. • Termination Rights . We have the right to terminate one or both of our management agreements with RMR: (i) at any time on 60 days’ written notice for convenience; (ii) immediately on written notice for cause, as defined therein; (iii) on written notice given within 60 days after the end of an applicable calendar year for a performance reason, as defined therein; and (iv) by written notice during the 12 months following a change of control of RMR, as defined therein. RMR has the right to terminate the management agreements for good reason, as defined therein. • Termination Fee . If we terminate one or both of our management agreements with RMR for convenience, or if RMR terminates one or both of our management agreements for good reason, we have agreed to pay RMR a termination fee in an amount equal to the sum of the present values of the monthly future fees, as defined therein, for the terminated management agreement(s) for the term that was remaining prior to such termination, which, depending on the time of termination would be between 19 and 20 years. If we terminate one or both of our management agreements with RMR for a performance reason, we have agreed to pay RMR the termination fee calculated as described above, but assuming a 10 year term was remaining prior to the termination. We are not required to pay any termination fee if we terminate our management agreements with RMR for cause or as a result of a change of control of RMR. • Transition Services . RMR has agreed to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR, including cooperating with us and using commercially reasonable efforts to facilitate the orderly transfer of the management and real estate investment services provided under our business management agreement and to facilitate the orderly transfer of the management of the managed properties under our property management agreement, as applicable. • Vendors . Pursuant to our management agreements with RMR, RMR may from time to time negotiate on our behalf with certain third party vendors and suppliers for the procurement of goods and services to us. As part of this arrangement, we may enter agreements with RMR and other companies to which RMR or its subsidiaries provide management services for the purpose of obtaining more favorable terms from such vendors and suppliers. • Investment Opportunities . Under our business management agreement with RMR, we acknowledge that RMR may engage in other activities or businesses and act as the manager to any other person or entity (including other REITs) even though such person or entity has investment policies and objectives similar to ours and we are not entitled to preferential treatment in receiving information, recommendations and other services from RMR. F-23 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) For the years ended December 31, 2024, 2023 and 2022, the business management fees, property management fees, construction supervision fees and expense reimbursements recognized in our consolidated financial statements were as follows: Financial Statement Year Ended December 31, Line Item 2024 2023 2022 Pursuant to business management agreement: Business management fees General and administrative expenses $ 23,439 $ 23,154 $ 23,701 Pursuant to property management agreement: Property management fees Other operating expenses $ 12,885 $ 12,800 $ 11,058 Construction supervision fees Building and improvements (1) 459 649 858 $ 13,344 $ 13,449 $ 11,916 Expense reimbursement: Property level expenses General and administrative expenses $ 304 $ 288 $ 243 Property level expenses Other operating expenses 6,450 8,090 6,542 $ 6,754 $ 8,378 $ 6,785 (1) Amounts capitalized as building improvements are depreciated over the estimated useful lives of the related assets. In January 2025, in connection with a $ 100,000 credit agreement and related security agreement entered into by RMR and certain of its subsidiaries with Citibank, N.A., or Citibank, and the other lenders party thereto, we consented to the pledge and assignment of RMR’s interest in our management agreements under the security agreement. Pursuant to the consent, we agreed, among other things, that upon notice that an event of default under the RMR credit agreement has occurred and is continuing, we will continue to make all payments under our management agreements in accordance with the instructions of Citibank, and that if there is an event of default by RMR under our management agreements that would allow us to terminate or suspend our obligations, we will not terminate or suspend without notice to Citibank and provide Citibank 30 days to cure the default on RMR’s behalf. The consent was approved by our Independent Trustees. Management Agreements Between Our Joint Ventures and RMR. We have two separate joint venture arrangements. One of these joint ventures, our consolidated joint venture, which we entered into in connection with the Merger, is with one , third party institutional investor . The other joint venture, the unconsolidated joint venture, is with two , third party institutional investors. See Note 3 for further information about our joint ventures. RMR provides management services to both of these joint ventures. We are not obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to the unconsolidated joint venture. We are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides to our consolidated joint venture; however, our consolidated joint venture pays management fees directly to RMR, and any such fees paid by our consolidated joint venture are credited against the fees payable by us to RMR. See Note 3 for further information about our joint ventures. See Note 10 for further information regarding our relationships, agreements and transactions with RMR. F-24 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 10. Related Person Transactions We have relationships and historical and continuing transactions with RMR, The RMR Group Inc., or RMR Inc., and others related to them, including other companies to which RMR or its subsidiaries provide management services and some of which have trustees, directors or officers who are also our Trustees or officers. RMR is a majority owned subsidiary of RMR Inc. The Chair of our Board of Trustees and one of our Managing Trustees, Adam D. Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Matthew P. Jordan, our other Managing Trustee, is an executive vice president and the chief financial officer and treasurer of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. Each of our officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees of other public companies to which RMR or its subsidiaries provide management services. Mr. Portnoy serves as chair of the boards and as a managing trustee of these public companies. Yael Duffy, our President and Chief Operating Officer, is also the president and chief operating officer of Office Properties Income Trust, one of the other public companies managed by RMR. Other officers of RMR, including Mr. Jordan, serve as managing trustees or officers of certain of these public companies. Our Manager, RMR . We have two agreements with RMR to provide management services to us. See Note 9 for further information regarding our management agreements with RMR. Joint Ventures. We have two separate joint venture arrangements. RMR provides management services to each of these joint ventures. See Note 3 for further information regarding our joint ventures. As of December 31, 2024 and 2023, we owed $ 0 and $ 680 , respectively, to the unconsolidated joint venture for rents that we collected on behalf of that joint venture. These amounts are presented as due to related persons in our consolidated balance sheets. RMR provides management services to each of our joint ventures. See Note 9 for further information regarding RMR’s management agreements with our joint ventures. Share Awards to RMR Employees . As described in Note 7, we award shares to our officers and other employees of RMR annually. Generally, one fifth of these awards vest on the award date and one fifth vests on each of the next four anniversaries of the award dates. In certain instances, we may accelerate the vesting of an award, such as in connection with the award holder’s retirement as an officer of us or an officer or employee of RMR. These awards to RMR employees are in addition to the share awards to our Managing Trustees, as Trustee compensation, and the fees we paid to RMR. See Note 7 for information regarding our share awards and activity as well as certain share purchases we made in connection with share award recipients satisfying tax withholding obligations on the vesting of share awards. F-25 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 11. Derivatives and Hedging Activities We are exposed to certain risks relating to our ongoing business operations, including the impact of changes in interest rates. The only risk currently managed by us using derivative instruments is our interest rate risk. As required under the applicable loan agreements, we have interest rate cap agreements to manage our interest rate risk exposure on each of the ILPT Floating Rate Loan and the Mountain Floating Rate Loan, both with interest payable at a rate equal to SOFR plus a premium. The use of derivative financial instruments carries certain risks, including the risk that the counterparties to these contractual arrangements are not able to perform under the agreements. To mitigate this risk, we only enter into derivative financial instruments with counterparties with high credit ratings and with major financial institutions with which we or our related parties may also have other financial relationships. We do not anticipate that any of the counterparties will fail to meet their obligations. Our interest rate cap agreements are designated as cash flow hedges of interest rate risk and are measured on a recurring basis at fair value. See Notes 5 and 6 for further information regarding the debt our interest rate caps are related to and the fair value of our interest rate caps. The following table summarizes the terms of our outstanding interest rate cap agreements as of December 31, 2024 and 2023: Balance Sheet Underlying Maturity Strike Notional Fair Value at Line Item Instrument Date Rate Amount December 31, 2024 December 31, 2023 Other assets, net ILPT Floating Rate Loan 10/15/2024 2.25 % $ 1,235,000 $ — $ 25,060 Other assets, net ILPT Floating Rate Loan 10/15/2025 2.78 % $ 1,235,000 13,302 — Other assets, net Mountain Floating Rate Loan 03/15/2024 3.40 % $ 1,400,000 — 5,516 Other assets, net Mountain Floating Rate Loan 03/15/2025 3.04 % $ 1,400,000 3,614 — $ 16,916 $ 30,576 Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in cumulative other comprehensive income and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in cumulative other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt. In February 2025, our consolidated joint venture provided notice to exercise the second extension option for the maturity of the Mountain Floating Rate Loan and in connection therewith purchased a one year interest rate cap for $ 15,010 with a SOFR strike rate equal to 3.10 %. The following table summarizes the activity related to our cash flow hedges within cumulative other comprehensive income (loss) for the periods shown: Year Ended December 31, 2024 2023 Amount of gain recognized on derivative in other comprehensive income (loss) $ 7,623 $ 15,640 Amount of gain reclassified from cumulative other comprehensive income (loss) into interest expense $ 21,548 $ 33,639 Total amount of interest expense presented in the consolidated statements of comprehensive income (loss) $ ( 292,536 ) $ ( 288,537 ) F-26 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (dollars in thousands, except per share data) Note 12. Segment Reporting We manage our business on a consolidated basis and therefore have one reportable segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. The chief operating decision maker, or CODM, is our President and Chief Operating Officer. The CODM assesses performance, allocates resources and makes strategic decisions based on net income (loss) as shown in our consolidated statements of comprehensive income (loss). The CODM is also regularly provided with information on expenses related to our management agreements with RMR, which are detailed in Note 9. The accounting policies of our reportable segment are the same as those described in Note 2.The measure of segment assets is reported as total assets in our consolidated balance sheets. F-27 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 (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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 510 Production Avenue Madison AL (A) $ 1,200 $ 9,967 $ — $ ( 2,118 ) $ 973 $ 8,076 $ 9,049 $ ( 681 ) 2/25/2022 2004 6735 Trippel Road Mobile AL (B) 1,500 44,354 — — 1,500 44,354 45,854 ( 3,612 ) 2/25/2022 2017 11224 Will Walker Road Vance AL (A) 3,901 40,857 550 — 3,901 41,407 45,308 ( 5,156 ) 2/25/2022 2021 3200 Rodeo Court Bessemer AL (C) 3,201 23,462 — — 3,201 23,462 26,663 ( 1,910 ) 2/25/2022 2021 4501 Industrial Drive Fort Smith AR (A) 900 3,485 — — 900 3,485 4,385 ( 864 ) 1/29/2015 2013 9860 West Buckeye Road Tolleson AZ (A) 4,801 26,716 1 — 4,801 26,717 31,518 ( 3,804 ) 2/25/2022 2002 3870 Ronald Reagan Boulevard Johnstown CO (A) 2,780 9,722 ( 1 ) — 2,780 9,721 12,501 ( 1,856 ) 4/9/2019 2007 125 North Troy Hill Road Colorado Springs CO (A) 5,402 32,981 ( 1 ) ( 10,790 ) 3,882 23,710 27,592 ( 1,710 ) 2/25/2022 2016 14257 E. Easter Avenue Centennial CO (A) 1,801 10,563 — ( 2,607 ) 1,421 8,336 9,757 ( 845 ) 2/25/2022 2003 955 Aeroplaza Drive Colorado Springs CO (A) 800 7,412 391 — 800 7,803 8,603 ( 1,889 ) 1/29/2015 2012 13400 East 39th Avenue and 3800 Wheeling Street Denver CO (A) 3,100 12,955 5 — 3,100 12,960 16,060 ( 3,217 ) 1/29/2015 1973 150 Greenhorn Drive Pueblo CO (A) 200 4,177 — — 200 4,177 4,377 ( 1,036 ) 1/29/2015 2013 2 Tower Drive Wallingford CT (A) 1,471 2,165 1,178 — 1,471 3,343 4,814 ( 1,415 ) 10/24/2006 1978 50 Hollow Tree Lane Newington CT (C) 600 4,793 56 — 600 4,849 5,449 ( 463 ) 2/25/2022 2000 235 Great Pond Road Windsor CT (A) 2,400 9,469 542 — 2,400 10,011 12,411 ( 2,957 ) 7/20/2012 2004 2100 NW 82nd Avenue Miami FL (A) 144 1,297 453 — 144 1,750 1,894 ( 1,033 ) 3/19/1998 1987 10450 Doral Boulevard Doral FL (A) 15,225 28,102 — — 15,225 28,102 43,327 ( 6,091 ) 6/27/2018 1996 13509 Waterworks Street Jacksonville FL (A) 3,701 37,720 — ( 9,346 ) 2,877 29,198 32,075 ( 2,105 ) 2/25/2022 2014 27200 SW 127th Avenue Homestead FL (A) 24,808 22,762 132 ( 8,376 ) 20,440 18,886 39,326 ( 1,359 ) 2/25/2022 2017 3155 Grissom Parkway Cocoa FL (A) 3,101 20,542 18 ( 4,620 ) 2,495 16,546 19,041 ( 1,395 ) 2/25/2022 2006 950 Bennett Road Orlando FL (A) 2,701 12,334 215 ( 737 ) 2,568 11,945 14,513 ( 1,036 ) 2/25/2022 1997 3736 Salisbury Road Jacksonville FL (A) 1,600 12,071 183 ( 2,998 ) 1,250 9,606 10,856 ( 1,234 ) 2/25/2022 1998 1341 N. Clyde Morris Boulevard Daytona Beach FL (A) 3,001 38,858 776 ( 1,762 ) 2,875 37,998 40,873 ( 2,741 ) 2/25/2022 2017 5000 North Ridge Trail Davenport FL (C) 4,001 52,290 — — 4,001 52,290 56,291 ( 4,258 ) 2/25/2022 2016 14001 Jetport Loop Fort Myers FL (C) 5,902 25,616 — — 5,902 25,616 31,518 ( 2,086 ) 2/25/2022 2016 8411 Florida Mining Boulevard Tampa FL (C) 7,602 29,985 19 — 7,602 30,004 37,606 ( 2,853 ) 2/25/2022 2003 5101 West Waters Avenue Tampa FL (C) 3,101 12,134 157 — 3,101 12,291 15,392 ( 1,415 ) 2/25/2022 1997 3404 Cragmont Drive Tampa FL (C) 1,600 6,557 158 — 1,600 6,715 8,315 ( 763 ) 2/25/2022 1989 7569 Golf Course Boulevard Punta Gorda FL (C) — 6,042 — — — 6,042 6,042 ( 492 ) 2/25/2022 2007 1900 Interstate Boulevard Lakeland FL (C) 500 3,405 — — 500 3,405 3,905 ( 324 ) 2/25/2022 1993 2902 Gun Club Road Augusta GA (A) 1,200 9,861 41 ( 6,995 ) 441 3,666 4,107 ( 266 ) 2/25/2022 2004 1078 Bertram Road Augusta GA (A) 900 1,867 77 ( 1,374 ) 454 1,016 1,470 ( 132 ) 2/25/2022 1993 590 Northport Parkway Savannah GA (C) 16,905 66,945 244 — 16,905 67,189 84,094 ( 5,455 ) 2/25/2022 2017 3150 Highway 42 Locust Grove GA (B) 9,803 109,420 41 — 9,803 109,461 119,264 ( 8,918 ) 2/25/2022 2020 650 Braselton Parkway Braselton GA (B) 6,902 82,238 — — 6,902 82,238 89,140 ( 6,696 ) 2/25/2022 2018 S-1 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 700 Hudson Road Griffin GA (C) 900 20,442 339 — 900 20,781 21,681 ( 2,374 ) 2/25/2022 2002 505 Morgan Lakes Industrial Blvd. Savannah GA (C) 8,203 31,714 — — 8,203 31,714 39,917 ( 2,582 ) 2/25/2022 2018 2002 International Boulevard Augusta GA (D) 3,818 30,780 — — 3,818 30,780 34,598 ( 2,167 ) 7/14/2022 2022 2815 Kaihikapu Street Honolulu HI (E) 1,818 — 6 — 1,818 6 1,824 — 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 — 12/5/2003 — 733 Mapunapuna Street Honolulu HI (E) 3,403 — — — 3,403 — 3,403 — 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 ( 91 ) 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 25 628 — 2,613 — 2,613 — 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 — 210 — 1,846 210 2,056 — 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 ( 361 ) 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 ( 5 ) 12/5/2003 — 2847 Awaawaloa Street Honolulu HI (E) 582 303 184 — 582 487 1,069 ( 212 ) 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 ( 67 ) 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 — 2833 Kilihau Street Honolulu HI (E) 601 — — — 601 — 601 — 12/5/2003 — S-2 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 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 14 211 — 1,801 225 2,026 ( 41 ) 12/5/2003 — 761 Ahua Street Honolulu HI (E) 3,757 2 338 — 3,757 340 4,097 ( 105 ) 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 — 263 — 882 263 1,145 ( 11 ) 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 ( 322 ) 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 ( 306 ) 12/5/2003 — 2846-A Awaawaloa Street Honolulu HI (E) 2,181 954 — — 2,181 954 3,135 ( 502 ) 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 ( 425 ) 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 14 196 — 1,960 210 2,170 ( 11 ) 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 — 158 — 1,821 158 1,979 ( 1 ) 12/5/2003 — 2819 Mokumoa Street - B Honolulu HI (E) 1,816 — 158 — 1,816 158 1,974 ( 1 ) 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 2 138 — 1,720 140 1,860 — 12/5/2003 — 766 Mapunapuna Street Honolulu HI (E) 1,801 — — — 1,801 — 1,801 — 12/5/2003 — S-3 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 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 — 63 — 1,801 63 1,864 ( 2 ) 12/5/2003 — 739 Ahua Street Honolulu HI (E) 1,801 — 63 — 1,801 63 1,864 ( 2 ) 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 ( 164 ) 12/5/2003 — 140 Puuhale Road Honolulu HI (E) 1,100 — 41 — 1,100 41 1,141 ( 21 ) 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 ( 836 ) 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 ( 646 ) 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 ( 7 ) 12/5/2003 — 2127 Auiki Street Honolulu HI (E) 2,906 — 67 — 2,906 67 2,973 ( 47 ) 12/5/2003 — 2144 Auiki Street Honolulu HI (E) 2,640 — 7,610 — 2,640 7,610 10,250 ( 3,377 ) 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 ( 151 ) 12/5/2003 1966 120 Mokauea Street Honolulu HI (E) 1,953 — 1,248 — 1,953 1,248 3,201 ( 319 ) 12/5/2003 1970 120B Mokauea Street Honolulu HI (E) 1,953 — 16 — 1,953 16 1,969 ( 3 ) 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 — 238 Sand Island Access Road Honolulu HI (E) 2,273 — — — 2,273 — 2,273 — 12/5/2003 — S-4 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 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 ( 227 ) 12/5/2003 1981 2879 Paa Street Honolulu HI (E) 1,691 — 45 — 1,691 45 1,736 ( 18 ) 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 ( 116 ) 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 ( 1,780 ) 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 ( 460 ) 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) 1,049 598 217 — 1,049 815 1,864 ( 334 ) 12/5/2003 — 2829 Pukoloa Street Honolulu HI (E) 2,088 — — — 2,088 — 2,088 — 12/5/2003 — S-5 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 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 ( 14 ) 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 — 525 N. King Street Honolulu HI (E) 1,342 — — — 1,342 — 1,342 — 12/5/2003 — 1360 Pali Highway Honolulu HI (E) 9,170 — 50 — 9,170 50 9,220 ( 47 ) 12/5/2003 — 1330 Pali Highway Honolulu HI (E) 1,423 — — — 1,423 — 1,423 — 12/5/2003 — 33 S. 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 ( 467 ) 12/5/2003 — 2635 Waiwai Loop B Honolulu HI (E) 1,177 105 669 — 1,165 786 1,951 ( 338 ) 12/5/2003 — 120 Sand Island Access Road Honolulu HI (E) 1,132 11,307 2,243 — 1,132 13,550 14,682 ( 6,294 ) 11/23/2004 2004 91-222 Olai Kapolei HI (A) 2,035 — 76 — 2,035 75 2,111 ( 11 ) 6/15/2005 — 91-265 Hanua Kapolei HI (A) 1,569 — ( 1 ) — 1,569 — 1,568 — 6/15/2005 — 91-255 Hanua Kapolei HI (A) 1,230 — 34 — 1,230 34 1,264 ( 13 ) 6/15/2005 — 91-241 Kalaeloa Kapolei HI (A) 426 3,983 906 — 426 4,889 5,315 ( 2,267 ) 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 — 35 — 1,506 35 1,541 — 6/15/2005 — 91-202 Kalaeloa Kapolei HI (A) 1,722 — 326 — 1,722 326 2,048 ( 94 ) 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 ( 10 ) 6/15/2005 — 91-329 Kauhi Kapolei HI (A) 294 2,297 2,855 — 294 5,152 5,446 ( 2,601 ) 6/15/2005 1980 91-399 Kauhi Kapolei HI (A) 27,405 — 128 — 27,405 128 27,533 — 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 ( 34 ) 6/15/2005 — 91-218 Olai Kapolei HI (A) 1,622 — 62 — 1,622 62 1,684 ( 42 ) 6/15/2005 — S-6 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 91-175 Olai Kapolei HI (A) 1,243 — 87 — 1,243 87 1,330 ( 50 ) 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 1,457 458 — 242 1,915 2,157 ( 786 ) 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 — 9,512 — 1,390 9,512 10,902 ( 4,117 ) 6/15/2005 1981 91-416 Komohana Kapolei HI (A) 713 — 11 — 713 11 724 ( 8 ) 6/15/2005 — 91-410 Komohana Kapolei HI (A) 418 — 12 — 418 12 430 ( 8 ) 6/15/2005 — 91-300 Hanua Kapolei HI (A) 1,381 — 18 — 1,381 18 1,399 ( 4 ) 6/15/2005 1994 91-171 Olai Kapolei HI (A) 218 — 13 — 218 13 231 ( 12 ) 6/15/2005 — 91-210 Kauhi Kapolei HI (A) 567 — 1,014 — 567 1,014 1,581 ( 165 ) 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 ( 847 ) 6/15/2005 — 889 Ahua Street Honolulu HI (E) 5,888 315 — — 5,888 315 6,203 ( 95 ) 11/21/2012 — 951 Trails Road Eldridge IA (F) 470 7,480 2,339 — 470 9,819 10,289 ( 4,061 ) 4/2/2007 1994 2300 North 33rd Avenue East Newton IA (A) 500 13,236 58 — 500 13,294 13,794 ( 5,410 ) 9/29/2008 2008 3425 Maple Drive Fort Dodge IA (A) 100 2,000 — — 100 2,000 2,100 ( 327 ) 4/9/2019 2014 4401 112th Street Urbandale IA (C) 800 3,117 — — 800 3,117 3,917 ( 444 ) 2/25/2022 1985 7121 South Fifth Avenue Pocatello ID (A) 400 4,201 615 — 400 4,816 5,216 ( 1,176 ) 1/29/2015 2007 2580 Technology Drive Elgin IL (A) 1,500 9,068 16 ( 3,053 ) 1,067 6,464 7,531 ( 821 ) 2/25/2022 2001 5795 Logistics Parkway Rockford IL (A) 400 3,368 — ( 688 ) 327 2,753 3,080 ( 232 ) 2/25/2022 1998 1602 Vincent Drive Sauget IL (C) 1,400 27,028 444 — 1,400 27,472 28,872 ( 2,288 ) 2/25/2022 2014 6 Konzen Court Granite City IL (C) 900 20,268 741 — 900 21,009 21,909 ( 2,962 ) 2/25/2022 2001 1000 Knell Road Montgomery IL (C) 2,101 19,258 149 — 2,101 19,407 21,508 ( 2,204 ) 2/25/2022 2000 1430 South Wolf Road Wheeling IL (C) 4,702 19,641 ( 1 ) — 4,701 19,641 24,342 ( 1,599 ) 2/25/2022 2003 1270 North Wilkening Schaumburg IL (C) 2,801 7,733 23 — 2,801 7,756 10,557 ( 1,105 ) 2/25/2022 1996 4472 Technology Drive Rockford IL (C) 400 5,912 — — 400 5,912 6,312 ( 562 ) 2/25/2022 2011 7019 High Grove Boulevard Burr Ridge IL (C) 800 1,090 — — 800 1,090 1,890 ( 104 ) 2/25/2022 1997 1230 West 171st Street Harvey IL (A) 800 1,673 266 — 800 1,939 2,739 ( 448 ) 1/29/2015 2004 5156 American Road Rockford IL (A) 400 1,529 390 — 400 1,919 2,319 ( 546 ) 1/29/2015 1996 9215-9347 E Pendleton Pike Lawrence IN (A) 3,763 34,877 ( 1 ) — 3,763 34,876 38,639 ( 5,859 ) 2/14/2019 2009 S-7 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 6825 West County Road 400 North Greenfield IN (F) 918 14,300 1,009 — 918 15,309 16,227 ( 2,727 ) 2/14/2019 2008 900 Commerce Parkway West Drive Greenwood IN (F) 1,483 16,253 1,005 — 1,483 17,258 18,741 ( 2,828 ) 2/14/2019 2007 2482 Century Drive Goshen IN (A) 840 9,061 — — 840 9,061 9,901 ( 1,483 ) 4/9/2019 2005 3201 Bearing Drive Franklin IN (F) 1,100 15,403 ( 1 ) — 1,100 15,402 16,502 ( 2,941 ) 4/9/2019 1973 482 Chaney Avenue Greenwood IN (C) 2,401 55,810 51 — 2,401 55,861 58,262 ( 5,305 ) 2/25/2022 2014 1151 South Graham Road Greenwood IN (B) 7,002 108,700 823 — 7,002 109,523 116,525 ( 8,919 ) 2/25/2022 2019 5440 Haggerty Lane Lafayette IN (C) 3,601 31,058 18 — 3,601 31,076 34,677 ( 2,533 ) 2/25/2022 2019 8951 Mirabel Road Indianapolis IN (C) 3,001 36,978 — — 3,001 36,978 39,979 ( 3,011 ) 2/25/2022 2014 17001 West Mercury Street Gardner KS (F) 5,741 32,701 401 — 5,741 33,102 38,843 ( 3,362 ) 12/30/2020 2018 435 SE 70th Street Topeka KS (A) — 3,563 119 ( 594 ) — 3,088 3,088 ( 283 ) 2/25/2022 2006 22525 West 167th Street Olathe KS (C) 4,301 52,183 83 — 4,301 52,266 56,567 ( 4,253 ) 2/25/2022 2016 2552 South 98th Street Edwardsville KS (C) 3,601 20,988 — — 3,601 20,988 24,589 ( 1,994 ) 2/25/2022 2013 2701 South 98th Street Edwardsville KS (C) 2,701 10,998 400 — 2,701 11,398 14,099 ( 1,321 ) 2/25/2022 2001 1985 International Way Hebron KY (A) 1,453 8,546 1,633 — 1,453 10,179 11,632 ( 2,136 ) 2/14/2019 1997 2311 South Park Road Louisville KY (A) 1,600 13,119 — — 1,600 13,119 14,719 ( 1,067 ) 2/25/2022 2016 1509 Leestown Road Frankfort KY (C) 4,801 38,708 — — 4,801 38,708 43,509 ( 3,677 ) 2/25/2022 2014 4555 West Highway 146 Buckner KY (C) 3,201 39,977 — — 3,201 39,977 43,178 ( 3,798 ) 2/25/2022 2013 450 Northpointe Court Covington LA (C) 1,300 26,883 — — 1,300 26,883 28,183 ( 2,190 ) 2/25/2022 2015 209 South Bud Street Lafayette LA (A) 700 4,549 41 — 700 4,590 5,290 ( 1,143 ) 1/29/2015 2010 17200 Manchac Park Lane Baton Rouge LA (A) 1,700 8,860 397 — 1,700 9,257 10,957 ( 2,218 ) 1/29/2015 2014 11900 Trolley Lane Beltsville MD (A) 8,203 23,095 179 ( 1,243 ) 7,877 22,357 30,234 ( 1,890 ) 2/25/2022 2000 4000 Principio Parkway North East MD (F) 4,200 71,518 1,259 — 4,200 72,777 76,977 ( 17,939 ) 1/29/2015 2012 3466 Shippers Drive Walker MI (C) 4,902 29,780 144 — 4,902 29,924 34,826 ( 2,445 ) 2/25/2022 2016 1601 Brown Road Orion MI (C) 4,701 57,812 721 — 4,701 58,533 63,234 ( 4,906 ) 2/25/2022 2006 38401 Amrhein Road Livonia MI (C) 1,400 14,778 — — 1,400 14,778 16,178 ( 1,404 ) 2/25/2022 1999 28000 Five M Center Drive Romulus MI (C) 300 8,530 182 — 300 8,712 9,012 ( 904 ) 2/25/2022 1997 3800 Midlink Drive Kalamazoo MI (A) 2,630 40,599 — — 2,630 40,599 43,229 ( 10,066 ) 1/29/2015 2014 10100 89th Avenue N Maple Grove MN (F) 3,469 21,284 1,032 — 3,469 22,316 25,785 ( 3,981 ) 10/16/2018 2015 2427 Henry Road NW Stewartville MN (C) 1,300 3,145 — — 1,300 3,145 4,445 ( 299 ) 2/25/2022 2013 2401 Cram Avenue SE Bemidji MN (A) 100 2,137 — — 100 2,137 2,237 ( 530 ) 1/29/2015 2013 5501 Providence Hill Drive St. Joseph MO (A) 400 3,500 25 — 400 3,525 3,925 ( 590 ) 4/9/2019 2014 3502 Enterprise Avenue Joplin MO (A) 1,380 12,121 34 — 1,380 12,155 13,535 ( 1,988 ) 4/9/2019 2014 5703 Mitchell Avenue St. Joseph MO (C) 1,600 19,085 692 — 1,600 19,777 21,377 ( 2,859 ) 2/25/2022 2000 10551 N Congress Avenue Kansas City MO (C) 600 13,538 — — 600 13,538 14,138 ( 1,102 ) 2/25/2022 2014 831 Lone Star Drive O'Fallon MO (C) 1,200 7,304 — — 1,200 7,304 8,504 ( 833 ) 2/25/2022 1989 2901 E Heartland Drive Liberty MO (C) 1,100 6,886 204 — 1,100 7,090 8,190 ( 790 ) 2/25/2022 1997 110 Stanbury Industrial Drive Brookfield MO (A) 200 1,859 ( 2 ) ( 546 ) 181 1,330 1,511 ( 36 ) 1/29/2015 2012 12385 Crossroad Drive Olive Branch MS (D) 3,301 61,763 337 — 3,301 62,100 65,401 ( 5,886 ) 2/25/2022 2012 8644 Polk Lane Olive Branch MS (C) 900 20,171 317 — 900 20,488 21,388 ( 1,762 ) 2/25/2022 2011 440 US Highway 49 South Richland MS (C) 200 2,329 3 — 200 2,332 2,532 ( 333 ) 2/25/2022 1986 S-8 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 105 Business Park Drive Ridgeland MS (C) 500 1,949 9 — 500 1,958 2,458 ( 280 ) 2/25/2022 1988 590 Assembly Court Fayetteville NC (A) 700 9,410 109 ( 2,328 ) 539 7,352 7,891 ( 738 ) 2/25/2022 1996 4350 Fortune Ave NW Concord NC (C) 4,401 53,085 — — 4,401 53,085 57,486 ( 4,323 ) 2/25/2022 2017 4690 Global Avenue NW Concord NC (C) 4,601 45,793 — — 4,601 45,793 50,394 ( 3,729 ) 2/25/2022 2015 6538 & 6526 Judge Adams Road Whitsett NC (B) 2,501 46,343 — — 2,501 46,343 48,844 ( 3,774 ) 2/25/2022 2019 4040 Business Park Court Winston Salem NC (C) 800 8,411 260 — 800 8,671 9,471 ( 861 ) 2/25/2022 2001 3900 NE 6th Street Minot ND (A) 700 3,223 — — 700 3,223 3,923 ( 799 ) 1/29/2015 2013 7130 Q Street Omaha NE (A) 1,600 7,390 1 ( 2,138 ) 1,220 5,633 6,853 ( 571 ) 2/25/2022 1997 1415 West Commerce Way Lincoln NE (A) 2,200 8,518 388 — 2,200 8,906 11,106 ( 2,287 ) 1/29/2015 1971 52 Pettengill Road Londonderry NH (F) 5,871 43,335 48 — 5,871 43,383 49,254 ( 7,099 ) 4/9/2019 2015 1135 Easton Avenue Franklin Township NJ N/A 3,601 5,564 443 — 3,601 6,007 9,608 ( 796 ) 2/25/2022 1969 584 US Highway 130 Trenton NJ (B) 70,422 62,639 — — 70,422 62,639 133,061 ( 5,101 ) 2/25/2022 2017 725 Darlington Avenue Mahwah NJ (F) 8,492 9,451 2,074 — 8,492 11,525 20,017 ( 3,300 ) 4/9/2014 1999 309 Dulty's Lane Burlington NJ (F) 1,600 51,400 ( 1 ) — 1,600 51,399 52,999 ( 12,743 ) 1/29/2015 2001 7000 West Post Road Las Vegas NV (F) 4,230 13,472 246 — 4,230 13,718 17,948 ( 2,686 ) 4/9/2019 2010 2375 East Newlands Road Fernley NV (A) 1,100 17,314 286 — 1,100 17,600 18,700 ( 4,417 ) 1/29/2015 2007 158 West Yard Road Feura Bush NY (A) 1,870 7,931 818 — 1,870 8,749 10,619 ( 2,330 ) 4/9/2019 1989 3779 Lake Shore Road Hamburg NY (C) 2,701 38,186 17 — 2,701 38,203 40,904 ( 3,115 ) 2/25/2022 2016 1289 Walden Avenue Cheektowaga NY (C) 600 6,314 409 — 600 6,723 7,323 ( 1,002 ) 2/25/2022 2001 4 Liebich Lane Halfmoon NY (C) 400 8,521 112 — 400 8,633 9,033 ( 697 ) 2/25/2022 2011 55 Commerce Avenue Albany NY (A) 1,000 10,105 480 — 1,000 10,585 11,585 ( 2,618 ) 1/29/2015 2013 32150 Just Imagine Drive Avon OH (A) 2,200 23,280 — — 2,200 23,280 25,480 ( 9,070 ) 5/29/2009 1996 1580, 1590 & 1600 Williams Road Columbus OH (A) 2,060 29,143 363 — 2,060 29,506 31,566 ( 5,715 ) 4/9/2019 1992 7303 Rickenbacker Parkway West Columbus OH (F) 1,491 27,407 — — 1,491 27,407 28,898 ( 2,762 ) 6/21/2021 2020 3245 Henry Road and 3185 Columbia Road Richfield OH (A) 2,499 21,640 — — 2,499 21,640 24,139 ( 2,054 ) 2/25/2022 2005 8341 Industrial Parkway Plain City OH (B) 6,702 97,563 — — 6,702 97,563 104,265 ( 7,944 ) 2/25/2022 2020 201 Exploration Drive Monroe OH (D) 1,801 38,868 — — 1,801 38,868 40,669 ( 3,165 ) 2/25/2022 2014 9780 Mopar Drive Streetsboro OH (C) 2,701 26,021 738 — 2,701 26,759 29,460 ( 2,737 ) 2/25/2022 2011 2465 Fontaine Street Kenton OH (C) 1,000 19,323 — — 1,000 19,323 20,323 ( 1,573 ) 2/25/2022 2017 4651 Prosper Drive Stow OH (C) 1,400 30,772 — — 1,400 30,772 32,172 ( 2,506 ) 2/25/2022 2017 747 Mill Park Drive Lancaster OH (C) 1,400 17,609 — — 1,400 17,609 19,009 ( 1,434 ) 2/25/2022 2019 9667 Inter-Ocean Drive West Chester Twp. OH (C) 1,300 10,880 — — 1,300 10,880 12,180 ( 1,240 ) 2/25/2022 1999 5313 Majestic Parkway Bedford Heights OH (C) 1,100 8,107 225 — 1,100 8,332 9,432 ( 1,189 ) 2/25/2022 1998 1115 Regina Graeter Way Cincinnati OH (C) 700 7,908 — — 700 7,908 8,608 ( 644 ) 2/25/2022 2015 4170 Columbia Road Lebanon OH (C) 400 9,841 146 — 400 9,987 10,387 ( 825 ) 2/25/2022 2011 1415 Industrial Drive Chillicothe OH (A) 1,200 3,265 — — 1,200 3,265 4,465 ( 810 ) 1/29/2015 2012 200 Orange Point Drive Lewis Center OH (A) 1,300 8,613 319 — 1,300 8,932 10,232 ( 2,238 ) 1/29/2015 2013 S-9 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 301 Commerce Drive South Point OH (A) 600 4,530 22 — 600 4,552 5,152 ( 1,124 ) 1/29/2015 2013 5300 Centerpoint Parkway Groveport OH (F) 2,700 29,863 344 — 2,700 30,207 32,907 ( 7,472 ) 1/29/2015 2014 2701 S.W. 18TH Street Oklahoma City OK (A) 2,401 18,865 ( 1 ) ( 5,675 ) 1,760 13,830 15,590 ( 999 ) 2/25/2022 2011 8000 Mid America Blvd. Oklahoma City OK (A) 900 12,813 — ( 1,814 ) 781 11,118 11,899 ( 937 ) 2/25/2022 2017 1414 South Council Road Oklahoma City OK (C) 5,002 39,952 — — 5,002 39,952 44,954 ( 3,253 ) 2/25/2022 2017 6101 SW 44th Street Oklahoma City OK (C) 2,401 13,868 — — 2,401 13,868 16,269 ( 1,129 ) 2/25/2022 2020 2759 North Garnett Road Tulsa OK (C) 800 4,879 — — 800 4,879 5,679 ( 397 ) 2/25/2022 2008 2820 State Highway 31 McAlester OK (A) 581 2,237 4,582 — 581 6,819 7,400 ( 1,391 ) 1/29/2015 2012 1729 Pennsylvania Avenue Monaca PA (A) 1,200 13,257 47 ( 2,173 ) 1,020 11,311 12,331 ( 1,924 ) 2/25/2022 1977 101 North Campus Drive Imperial PA (C) 3,801 26,700 106 — 3,801 26,806 30,607 ( 2,177 ) 2/25/2022 2015 231 Theater Drive Altoona PA (C) 1,400 9,864 — — 1,400 9,864 11,264 ( 937 ) 2/25/2022 2013 700 Marine Drive Rock Hill SC (A) 820 8,381 797 — 820 9,178 9,998 ( 1,796 ) 4/9/2019 1986 1990 Hood Road Greer SC (A) 400 10,702 ( 1 ) — 400 10,701 11,101 ( 1,751 ) 4/9/2019 2015 7410 Magi Drive Hanahan SC (A) 2,401 31,029 355 — 2,401 31,384 33,785 ( 3,564 ) 2/25/2022 2001 6850 Weber Boulevard Charleston SC (A) 11,604 44,602 — ( 12,228 ) 9,079 34,899 43,978 ( 2,517 ) 2/25/2022 2018 1892 Anfield Road North Charleston SC (A) 4,001 21,179 1 ( 3,822 ) 3,394 17,965 21,359 ( 1,296 ) 2/25/2022 2017 7409 Magi Drive Hanahan SC (A) 1,801 13,651 — ( 1,389 ) 1,639 12,424 14,063 ( 1,047 ) 2/25/2022 2004 1103 Powderhouse Road SE Aiken SC (C) 1,200 36,140 — — 1,200 36,140 37,340 ( 2,943 ) 2/25/2022 2017 3058 Lakemont Blvd Ft. Mill SC (C) 2,901 33,304 20 — 2,901 33,324 36,225 ( 2,716 ) 2/25/2022 2008 510 John Dodd Road Spartanburg SC (F) 3,300 57,998 418 — 3,300 58,416 61,716 ( 14,496 ) 1/29/2015 2012 996 Paragon Way Rock Hill SC (A) 2,334 35,920 695 — 2,334 36,615 38,949 ( 8,917 ) 1/29/2015 2014 5001 West Delbridge Street Sioux Falls SD (A) 2,570 14,832 — — 2,570 14,832 17,402 ( 2,427 ) 4/9/2019 2016 5025 Tuggle Road Memphis TN (C) 1,400 31,520 56 — 1,400 31,576 32,976 ( 3,003 ) 2/25/2022 1994 900 Hutchinson Place Lebanon TN (C) 2,601 31,582 — — 2,601 31,582 34,183 ( 4,500 ) 2/25/2022 1993 6023 Century Oaks Drive Chattanooga TN (C) 500 5,759 214 — 500 5,973 6,473 ( 896 ) 2/25/2022 2002 3774 Snyder Road Kodak TN (C) 3,201 30,564 — — 3,201 30,564 33,765 ( 2,489 ) 2/25/2022 2021 4836 Hickory Hill Road Memphis TN (F) 1,402 10,769 1,774 — 1,402 12,543 13,945 ( 3,321 ) 12/23/2014 1984 2020 Joe B. Jackson Parkway Murfreesboro TN (F) 7,500 55,259 300 — 7,500 55,559 63,059 ( 13,810 ) 1/29/2015 2012 11501 Wilkinson Drive El Paso TX (A) 2,401 19,665 116 ( 2,259 ) 2,155 17,768 19,923 ( 1,793 ) 2/25/2022 2005 5005 Samuell Blvd. Mesquite TX (C) 6,366 62,879 2,291 — 6,366 65,170 71,536 ( 5,429 ) 2/25/2022 2017 2701 Texas Longhorn Way Ft. Worth TX (D) 9,303 42,504 731 — 9,303 43,235 52,538 ( 3,521 ) 2/25/2022 2015 2000 Luna Road Carrollton TX (C) 1,801 25,816 132 — 1,801 25,948 27,749 ( 2,460 ) 2/25/2022 2008 21200 Spring Plaza Drive Spring TX (C) 2,701 29,832 — — 2,701 29,832 32,533 ( 2,834 ) 2/25/2022 2013 502 West Independence Drive Edinburg TX (C) 800 19,673 — — 800 19,673 20,473 ( 1,602 ) 2/25/2022 2011 800 Lindale Industrial Parkway Lindale TX (C) 800 18,947 692 — 800 19,639 20,439 ( 1,738 ) 2/25/2022 2014 685 Alliance Parkway Hewitt TX (C) 800 23,207 — — 800 23,207 24,007 ( 2,205 ) 2/25/2022 2012 16211 Air Center Boulevard Houston TX (C) 1,600 13,529 226 — 1,600 13,755 15,355 ( 1,123 ) 2/25/2022 2005 246 Glasson Drive Corpus Christi TX (C) — 9,596 — — — 9,596 9,596 ( 781 ) 2/25/2022 2011 S-10 Table of Contents 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 Encumbrances (1) Land Equipment Acquisition Writedowns (2) Land Equipment Total (2) Depreciation (3) Acquired Date (5) 985 Kershaw Street Ogden UT (A) 2,301 13,994 — ( 1,903 ) 2,032 12,360 14,392 ( 892 ) 2/25/2022 2019 1095 South 4800 West Salt Lake City UT (A) 1,500 6,913 20 — 1,500 6,933 8,433 ( 1,725 ) 1/29/2015 2012 8800 Studley Road Mechanicsville VA (C) 1,100 10,813 382 — 1,100 11,195 12,295 ( 1,561 ) 2/25/2022 1988 1935 Blue Hills Drive Roanoke VA (C) 1,300 13,908 39 — 1,300 13,947 15,247 ( 1,326 ) 2/25/2022 2013 3736 Tom Andrews Road Roanoke VA (C) 600 9,273 46 — 600 9,319 9,919 ( 886 ) 2/25/2022 1996 2300 Westmoreland Street Richmond VA (C) 600 6,109 77 — 600 6,186 6,786 ( 707 ) 2/25/2022 2004 1122 Stony Ridge Road Charlottesville VA (C) 2,101 6,051 233 — 2,101 6,284 8,385 ( 537 ) 2/25/2022 1998 1901 Meadowville Technology Parkway Chester VA (F) 4,000 67,511 171 — 4,000 67,682 71,682 ( 16,795 ) 1/29/2015 2012 635 Community Drive South Burlington VT (C) 10,003 38,560 — — 10,003 38,560 48,563 ( 3,140 ) 2/25/2022 2021 2000 South Walnut Street Burlington WA (B) 8,603 22,749 82 ( 1,218 ) 7,385 22,831 30,216 ( 1,853 ) 2/25/2022 2015 5300 International Drive Cudahy WI (C) 1,801 17,367 37 — 1,801 17,404 19,205 ( 1,422 ) 2/25/2022 2001 3383 Spirit Way Green Bay WI (C) 600 9,345 — — 600 9,345 9,945 ( 761 ) 2/25/2022 2013 $ 1,130,169 $ 4,063,151 $ 81,859 $ ( 94,794 ) $ 1,113,711 $ 4,066,674 $ 5,180,385 $ ( 523,886 ) (1) Represents mortgages and notes payable, net. Certain of our properties are encumbered as follows: Encumbrance Undepreciated Cost (A) 104 properties encumbered by the ILPT Floating Rate Loan $ 1,234,911 $ 1,176,276 (B) 8 properties encumbered by mortgage loans 231,831 687,169 (C) 82 properties encumbered by the Mountain Floating Rate Loan 1,399,975 1,963,455 (D) 4 properties encumbered by one mortgage loan 90,210 193,206 (E) 186 properties encumbered by one mortgage loan 647,759 508,703 (F) 17 properties encumbered by one mortgage loan 695,851 615,789 $ 4,300,537 $ 5,144,598 (2) Excludes value of real estate intangibles and includes partial dispositions. (3) We depreciate buildings and improvements over periods ranging up to 40 years. (4) The total aggregate cost for U.S. federal income tax purposes is $ 5,732,975 . (5) Properties without an original construction date are land parcels only. S-11 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2024 (dollars in thousands) Analysis of the carrying amount of real estate properties and accumulated depreciation: Real Estate Accumulated Properties Depreciation Balance at December 31, 2021 $ 1,748,833 $ ( 167,490 ) Additions 3,520,563 ( 106,236 ) Disposals ( 259 ) 259 Impairments ( 93,029 ) — Balance at December 31, 2022 $ 5,176,108 $ ( 273,467 ) Additions 18,181 ( 125,262 ) Disposals ( 24,190 ) 884 Impairments ( 547 ) 391 Balance at December 31, 2023 $ 5,169,552 $ ( 397,454 ) Additions 10,833 ( 126,432 ) Balance at December 31, 2024 $ 5,180,385 $ ( 523,886 ) S-12 Table of Contents SIGNATURES Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. INDUSTRIAL LOGISTICS PROPERTIES TRUST By: /s/ Yael Duffy Yael Duffy President and Chief Operating Officer Dated: February 18, 2025 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Signature Title Date /s/ Yael Duffy President and Chief Operating Officer February 18, 2025 Yael Duffy /s/ Tiffany R. Sy Chief Financial Officer and Treasurer (principal financial February 18, 2025 Tiffany R. Sy officer and principal accounting officer) /s/ Adam D. Portnoy Managing Trustee February 18, 2025 Adam D. Portnoy /s/ Matthew P. Jordan Managing Trustee February 18, 2025 Matthew P. Jordan /s/ Bruce M. Gans, M.D. Independent Trustee February 18, 2025 Bruce M. Gans, M.D. /s/ Lisa Harris Jones Independent Trustee February 18, 2025 Lisa Harris Jones /s/ Joseph L. Morea Independent Trustee February 18, 2025 Joseph L. Morea /s/ Kevin C. Phelan Independent Trustee February 18, 2025 Kevin C. Phelan /s/ June S. Youngs Independent Trustee February 18, 2025 June S. Youngs