ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | ||||||||
For the fiscal year ended | ||||||||
or | ||||||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State of Organization) | (I.R.S. Employer Identification No.) |
(Address of Principal Executive Offices) | (Zip Code) |
Title Of Each Class | Trading Symbol | Name of Each Exchange On Which Registered | ||||||||||||
☒ | Accelerated filer | ☐ | |||||||||||||||
Non-accelerated filer | ☐ | Smaller reporting company | |||||||||||||||
Emerging growth company |
Page | ||||||||
% of Total | ||||||||||||||||||||||||||||||||
% of Total | Annualized | |||||||||||||||||||||||||||||||
No. of | Leased | Leased | Rental | |||||||||||||||||||||||||||||
Tenant | States | Properties | Sq. Ft. (1) | Sq. Ft. (1) | Revenues | |||||||||||||||||||||||||||
FedEx Corporation/ FedEx Ground Package System, Inc. | Various (34 States) | 84 | 13,108,882 | 22.1 | % | 29.6 | % | |||||||||||||||||||||||||
Amazon.com Services, Inc./ Amazon.com Services LLC | AL, IN, OK, SC, TN, VA | 8 | 4,539,084 | 7.6 | % | 6.7 | % | |||||||||||||||||||||||||
Home Depot U.S.A., Inc. (2) | GA, HI, IL | 4 | 3,364,679 | 5.7 | % | 4.4 | % | |||||||||||||||||||||||||
UPS Supply Chain Solutions, Inc. | NH, NY | 3 | 794,313 | 1.3 | % | 1.6 | % | |||||||||||||||||||||||||
Restoration Hardware, Inc. | MD | 1 | 1,194,744 | 2.0 | % | 1.5 | % | |||||||||||||||||||||||||
Servco Pacific, Inc. | HI | 7 | 629,152 | 1.1 | % | 1.4 | % | |||||||||||||||||||||||||
American Tire Distributors, Inc. | CO, LA, NE, NY, OH | 5 | 722,267 | 1.2 | % | 1.3 | % | |||||||||||||||||||||||||
TD SYNNEX Corporation | OH | 2 | 938,846 | 1.6 | % | 1.1 | % | |||||||||||||||||||||||||
114 | 25,292,000 | 42.6 | % | 47.6 | % | |||||||||||||||||||||||||||
Undepreciated | Depreciated | |||||||||||||||||||||||||
Number of | Carrying | Carrying | ||||||||||||||||||||||||
State | Properties | Value (1) | Value (1) | Encumbrances (2) | ||||||||||||||||||||||
Alabama | 4 | $ | 126,874 | $ | 123,291 | $ | 94,236 | |||||||||||||||||||
Arizona | 1 | 31,518 | 30,386 | 4,240 | ||||||||||||||||||||||
Arkansas | 1 | 4,385 | 3,695 | 23,500 | ||||||||||||||||||||||
Colorado | 7 | 78,541 | 71,947 | 88,170 | ||||||||||||||||||||||
Connecticut | 3 | 21,786 | 18,054 | 19,533 | ||||||||||||||||||||||
Florida | 15 | 360,539 | 349,814 | 296,191 | ||||||||||||||||||||||
Georgia | 8 | 393,679 | 385,449 | 188,604 | ||||||||||||||||||||||
Hawaii | 226 | 635,949 | 610,720 | 862,930 | ||||||||||||||||||||||
Idaho | 1 | 5,182 | 4,287 | 31,269 | ||||||||||||||||||||||
Illinois | 11 | 129,877 | 125,742 | 5,480 | ||||||||||||||||||||||
Indiana | 9 | 347,503 | 331,335 | 92,705 | ||||||||||||||||||||||
Iowa | 4 | 30,098 | 21,501 | 239,156 | ||||||||||||||||||||||
Kansas | 5 | 136,703 | 132,766 | 97,695 | ||||||||||||||||||||||
Kentucky | 4 | 113,030 | 109,170 | 89,435 | ||||||||||||||||||||||
Louisiana | 3 | 44,033 | 40,718 | 31,096 | ||||||||||||||||||||||
Maryland | 2 | 106,576 | 91,912 | 108,690 | ||||||||||||||||||||||
Michigan | 5 | 166,160 | 155,294 | 98,240 | ||||||||||||||||||||||
Minnesota | 3 | 32,160 | 29,067 | 33,296 | ||||||||||||||||||||||
Mississippi | 4 | 91,121 | 88,699 | 53,421 | ||||||||||||||||||||||
Missouri | 7 | 70,898 | 67,232 | 30,138 | ||||||||||||||||||||||
Nebraska | 2 | 17,959 | 16,061 | 111,507 | ||||||||||||||||||||||
Nevada | 2 | 36,648 | 31,387 | 3,180 | ||||||||||||||||||||||
New Hampshire | 1 | 49,213 | 44,595 | 19,130 | ||||||||||||||||||||||
New Jersey | 4 | 214,969 | 200,523 | 72,550 | ||||||||||||||||||||||
New York | 5 | 77,899 | 72,956 | 137,799 | ||||||||||||||||||||||
North Carolina | 6 | 175,732 | 171,520 | 43,330 | ||||||||||||||||||||||
North Dakota | 1 | 3,923 | 3,285 | 70,203 | ||||||||||||||||||||||
Ohio | 20 | 447,453 | 418,033 | 328,108 | ||||||||||||||||||||||
Oklahoma | 6 | 101,791 | 98,929 | 81,451 | ||||||||||||||||||||||
Pennsylvania | 3 | 54,049 | 52,737 | 33,985 | ||||||||||||||||||||||
South Carolina | 10 | 307,464 | 282,813 | 297,620 | ||||||||||||||||||||||
South Dakota | 1 | 17,402 | 15,822 | 18,750 | ||||||||||||||||||||||
Tennessee | 6 | 183,996 | 167,293 | 181,218 | ||||||||||||||||||||||
Texas | 11 | 305,556 | 298,710 | 204,088 | ||||||||||||||||||||||
Utah | 2 | 22,825 | 21,271 | 24,490 | ||||||||||||||||||||||
Vermont | 1 | 48,563 | 47,627 | 104,689 | ||||||||||||||||||||||
Virginia | 6 | 123,552 | 108,697 | 40,965 | ||||||||||||||||||||||
Washington | 1 | 31,352 | 30,800 | 12,691 | ||||||||||||||||||||||
Wisconsin | 2 | 29,150 | 28,503 | 16,581 | ||||||||||||||||||||||
Total | 413 | $ | 5,176,108 | $ | 4,902,641 | $ | 4,290,363 |
Maximum | ||||||||||||||||||||||||||
Total Number of | Approximate Dollar | |||||||||||||||||||||||||
Shares Purchased | Value of Shares that | |||||||||||||||||||||||||
Number of | Average | as Part of Publicly | May Yet Be Purchased | |||||||||||||||||||||||
Shares | Price Paid | Announced Plans | Under the Plans or | |||||||||||||||||||||||
Calendar Month | Purchased (1) | per Share | of Programs | Programs | ||||||||||||||||||||||
October 2022 | 144 | $ | 5.60 | — | $ | — | ||||||||||||||||||||
December 2022 | 415 | 3.27 | — | $ | — | |||||||||||||||||||||
Total | 559 | $ | 3.87 | — | $ | — | ||||||||||||||||||||
All Properties | Comparable Properties (1) | |||||||||||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||
Total properties | 413 | 288 | 286 | 286 | ||||||||||||||||||||||
Total rentable square feet (in thousands) (2) | 59,983 | 33,991 | 33,655 | 33,634 | ||||||||||||||||||||||
Percent leased (3) | 99.1 | % | 99.2 | % | 99.1 | % | 99.2 | % |
Year Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Average effective rental rates per square foot leased: (1) | ||||||||||||||
All properties | $ | 7.01 | $ | 6.58 | ||||||||||
Comparable properties (2) | $ | 6.47 | $ | 6.32 |
Year Ended December 31, 2022 | |||||||||||||||||
New Leases | Renewals | Totals | |||||||||||||||
Square feet leased during the period (in thousands) | 3,664 | 3,917 | 7,581 | ||||||||||||||
Weighted average rental rate change (by rentable square feet) | 109.3 | % | 22.4 | % | 64.4 | % | |||||||||||
Weighted average lease term by square feet (years) | 22.9 | 6.9 | 14.6 | ||||||||||||||
Total leasing costs and concession commitments (1) | $ | 9,732 | $ | 10,602 | $ | 20,334 | |||||||||||
Total leasing costs and concession commitments per square foot (1) | $ | 2.66 | $ | 2.71 | $ | 2.68 | |||||||||||
Total leasing costs and concession commitments per square foot per year (1) | $ | 0.12 | $ | 0.39 | $ | 0.18 |
% of Total | Cumulative | |||||||||||||||||||||||||||||||||||||||||||
% of Total | Cumulative % | Annualized | % of Total | |||||||||||||||||||||||||||||||||||||||||
Leased | Leased | of Total | Annualized | Rental | Annualized | |||||||||||||||||||||||||||||||||||||||
Number of | Square Feet | Square Feet | Square Feet | Rental Revenues | Revenues | Rental Revenues | ||||||||||||||||||||||||||||||||||||||
Period / Year | Tenants | Expiring (1) | Expiring (1) | Expiring (1) | Expiring | Expiring | Expiring | |||||||||||||||||||||||||||||||||||||
2023 | 38 | 2,507 | 4.2 | % | 4.2 | % | $ | 17,879 | 4.2 | % | 4.2 | % | ||||||||||||||||||||||||||||||||
2024 | 48 | 4,710 | 7.9 | % | 12.1 | % | 32,183 | 7.6 | % | 11.8 | % | |||||||||||||||||||||||||||||||||
2025 | 34 | 4,800 | 8.1 | % | 20.2 | % | 27,784 | 6.6 | % | 18.4 | % | |||||||||||||||||||||||||||||||||
2026 | 24 | 3,549 | 6.0 | % | 26.2 | % | 23,225 | 5.5 | % | 23.9 | % | |||||||||||||||||||||||||||||||||
2027 | 39 | 8,924 | 15.0 | % | 41.2 | % | 53,099 | 12.5 | % | 36.4 | % | |||||||||||||||||||||||||||||||||
2028 | 29 | 5,143 | 8.7 | % | 49.9 | % | 36,157 | 8.5 | % | 44.9 | % | |||||||||||||||||||||||||||||||||
2029 | 17 | 3,428 | 5.8 | % | 55.7 | % | 16,814 | 4.0 | % | 48.9 | % | |||||||||||||||||||||||||||||||||
2030 | 15 | 2,334 | 3.9 | % | 59.6 | % | 19,397 | 4.6 | % | 53.5 | % | |||||||||||||||||||||||||||||||||
2031 | 16 | 3,265 | 5.5 | % | 65.1 | % | 25,653 | 6.1 | % | 59.6 | % | |||||||||||||||||||||||||||||||||
2032 | 39 | 4,112 | 6.9 | % | 72.0 | % | 40,310 | 9.5 | % | 69.1 | % | |||||||||||||||||||||||||||||||||
Thereafter | 100 | 16,648 | 28.0 | % | 100.0 | % | 131,267 | 30.9 | % | 100.0 | % | |||||||||||||||||||||||||||||||||
Total | 399 | 59,420 | 100 | % | $ | 423,768 | 100 | % | ||||||||||||||||||||||||||||||||||||
Weighted average remaining lease term (in years) | 8.6 | 9.0 |
Annualized | ||||||||
Rental Revenues | ||||||||
as of December 31, 2022 | ||||||||
Scheduled to Reset | ||||||||
2023 | $ | 1,824 | ||||||
2024 | 1,273 | |||||||
2025 | 831 | |||||||
2026 | 1,307 | |||||||
2027 | 781 | |||||||
2028 and thereafter | 17,105 | |||||||
Total | $ | 23,121 |
Comparable Properties Results (1) | Non-Comparable Properties Results (2) | Consolidated Results | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | Year Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ | % | $ | $ | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | Change | Change | 2022 | 2021 | Change | 2022 | 2021 | Change | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Rental income | 216,014 | 210,113 | $ | 5,901 | 2.8 | % | $ | 172,137 | $ | 9,761 | $ | 162,376 | $ | 388,151 | $ | 219,874 | $ | 168,277 | 76.5 | % | ||||||||||||||||||||||||||||||||||||||||||||||||
Operating expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real estate taxes | 29,913 | 28,961 | 952 | 3.3 | % | 20,711 | 1,173 | 19,538 | 50,624 | 30,134 | 20,490 | 68.0 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other operating expenses | 18,273 | 17,610 | 663 | 3.8 | % | 12,582 | 1,068 | 11,514 | 30,855 | 18,678 | 12,177 | 65.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating expenses | 48,186 | 46,571 | 1,615 | 3.5 | % | 33,293 | 2,241 | 31,052 | 81,479 | 48,812 | 32,667 | 66.9 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net operating income (3) | $ | 167,828 | $ | 163,542 | $ | 4,286 | 2.6 | % | $ | 138,844 | $ | 7,520 | $ | 131,324 | 306,672 | 171,062 | 135,610 | 79.3 | % | |||||||||||||||||||||||||||||||||||||||||||||||||
Other expenses: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 160,982 | 50,598 | 110,384 | 218.2 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 32,877 | 16,724 | 16,153 | 96.6 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other transaction related costs | 586 | 1,132 | (546) | (48.2) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of real estate | 100,747 | — | 100,747 | — | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total other expenses | 295,192 | 68,454 | 226,738 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | 2,663 | — | 2,663 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | (280,051) | (35,625) | (244,426) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) gain on sale of real estate | (10) | 12,054 | (12,064) | (100.1) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on equity securities | (5,758) | — | (5,758) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | (22,198) | — | (22,198) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | (293,874) | 79,037 | (372,911) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | (45) | (273) | 228 | (83.5) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint venture | 7,078 | 40,918 | (33,840) | (82.7) | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | (286,841) | 119,682 | (406,523) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss attributable to noncontrolling interest | 60,118 | — | 60,118 | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (226,723) | $ | 119,682 | $(346,405) | N/M | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 65,248 | 65,169 | 79 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 65,248 | 65,211 | 37 | 0.1 | % | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per common share data (basic and diluted): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | — | $ | — | (5.30) | N/M | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net (Loss) Income to NOI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income | $ | (286,841) | $ | 119,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint venture | (7,078) | (40,918) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax expense | 45 | 273 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | (293,874) | 79,037 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 22,198 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on equity securities | 5,758 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss (gain) on sale of real estate | 10 | (12,054) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | 280,051 | 35,625 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest and other income | (2,663) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of real estate | 100,747 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition and other transaction related costs | 586 | 1,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
General and administrative | 32,877 | 16,724 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 160,982 | 50,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 306,672 | $ | 171,062 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hawaii Properties | $ | 85,145 | $ | 82,436 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Mainland Properties | 221,527 | 88,626 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
NOI | $ | 306,672 | $ | 171,062 |
Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of Net (Loss) Income Attributable to Common Shareholders to FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | (226,723) | $ | 119,682 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 160,982 | 50,598 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity in earnings of unconsolidated joint venture | (7,078) | (40,918) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on equity securities | 5,758 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share of FFO from unconsolidated joint venture | 6,406 | 4,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on impairment of real estate | 100,747 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
(Gain) loss on sale of real estate | 10 | (12,054) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO adjustments attributable to noncontrolling interest | (38,695) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO attributable to common shareholders | 1,407 | 122,131 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Loss on early extinguishment of debt | 22,198 | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisition, transaction related and certain other financing costs (1) | 80,992 | 1,132 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Normalized FFO adjustments attributable to noncontrolling interest | (28,379) | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Normalized FFO attributable to common shareholders | $ | 76,218 | $ | 123,263 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - basic | 65,248 | 65,169 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Weighted average common shares outstanding - diluted | 65,248 | 65,211 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per common share data (basic and diluted): | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FFO attributable to common shareholders | $ | 0.02 | $ | 1.87 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Normalized FFO attributable to common shareholders | $ | 1.17 | $ | 1.89 |
Year Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Cash and cash equivalents and restricted cash at beginning of period | $ | 29,397 | $ | 22,834 | ||||||||||
Net cash provided by (used in): | ||||||||||||||
Operating activities | 83,251 | 110,650 | ||||||||||||
Investing activities | (3,445,869) | 22,875 | ||||||||||||
Financing activities | 3,474,001 | (126,962) | ||||||||||||
Cash and cash equivalents and restricted cash at end of period | $ | 140,780 | $ | 29,397 |
Year Ended December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Tenant improvements and leasing costs (1) | $ | 12,659 | $ | 5,819 | ||||||||||
Building improvements (2) | 3,999 | 3,732 | ||||||||||||
Development, redevelopment and other activities (3) | 13,673 | 660 | ||||||||||||
$ | 30,331 | $ | 10,211 |
Annual | Annual | Interest | ||||||||||||||||||||||||||||||
Principal | Interest | Interest | Payments | |||||||||||||||||||||||||||||
Debt | Balance (1) | Rate (1) | Expense (1) | Maturity | Due | |||||||||||||||||||||||||||
ILPT Floating Rate Loan | $ | 1,235,000 | 6.18 | % | $ | 77,383 | 2024 | Monthly | ||||||||||||||||||||||||
Floating Rate Loan | $ | 1,400,000 | 6.17 | % | $ | 87,580 | 2024 | Monthly | ||||||||||||||||||||||||
$ | 2,635,000 | $ | 164,963 |
Impact of an Increase in Interest Rates | ||||||||||||||||||||||||||
Total Interest | Annual | |||||||||||||||||||||||||
Interest Rate | Outstanding | Expense | Earnings Per | |||||||||||||||||||||||
Per Year | Debt | Per Year | Share Impact (1) | |||||||||||||||||||||||
At December 31, 2022 | 6.17 | % | $ | 2,635,000 | $ | 164,838 | $ | 2.53 | ||||||||||||||||||
One percentage point increase | 7.17 | % | $ | 2,635,000 | $ | 191,554 | $ | 2.94 |
Annual | Annual | Interest | ||||||||||||||||||||||||||||||
Principal | Interest | Interest | Payments | |||||||||||||||||||||||||||||
Debt | Balance (1) | Rate (1) | Expense (1) | Maturity | Due | |||||||||||||||||||||||||||
Mortgage notes (186 Hawaii Properties) | $ | 650,000 | 4.31 | % | $ | 28,015 | 2029 | Monthly | ||||||||||||||||||||||||
Mortgage notes (17 Mainland Properties) | 700,000 | 4.42 | % | 30,940 | 2032 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 13,556 | 3.76 | % | 510 | 2028 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 4,865 | 3.77 | % | 183 | 2030 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 5,145 | 3.85 | % | 198 | 2030 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 14,392 | 3.56 | % | 512 | 2030 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 12,691 | 3.67 | % | 466 | 2031 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 14,144 | 4.14 | % | 586 | 2032 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 30,949 | 4.02 | % | 1,244 | 2033 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 43,219 | 4.13 | % | 1,785 | 2033 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 26,175 | 3.10 | % | 811 | 2035 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 42,087 | 2.95 | % | 1,242 | 2036 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 46,109 | 4.27 | % | 1,969 | 2037 | Monthly | ||||||||||||||||||||||||||
Mortgage note (2) | 52,031 | 3.25 | % | 1,691 | 2038 | Monthly | ||||||||||||||||||||||||||
$ | 1,655,363 | $ | 70,152 |
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. | 3,431,885 (1) | |||||||||||||||||
Equity compensation plans not approved by securityholders | None. | None. | None | |||||||||||||||||
Total | None. | None. | 3,431,885 (1) |
Reports of Independent Registered Public Accounting Firm (PCAOB ID No. | |||||
10.1 | ||||||||
10.2 | ||||||||
10.3 | ||||||||
10.4 | ||||||||
10.5 | ||||||||
10.6 | ||||||||
10.7 | ||||||||
10.8 | ||||||||
10.9 | ||||||||
10.10 | ||||||||
10.11 | ||||||||
10.12 | 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.) | |||||||
10.13 | ||||||||
10.14 | ||||||||
10.15 | ||||||||
10.16 | ||||||||
10.17 | ||||||||
10.18 | ||||||||
21.1 | ||||||||
23.1 | ||||||||
23.2 | ||||||||
31.1 | ||||||||
31.2 | ||||||||
31.3 | ||||||||
31.4 | ||||||||
32.1 | ||||||||
99.1 | ||||||||
99.2 | ||||||||
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.) |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
ASSETS | ||||||||||||||
Real estate properties: | ||||||||||||||
Land | $ | $ | ||||||||||||
Buildings and improvements | ||||||||||||||
Total real estate properties, gross | ||||||||||||||
Accumulated depreciation | ( | ( | ||||||||||||
Total real estate properties, net | ||||||||||||||
Investment in unconsolidated joint venture | ||||||||||||||
Acquired real estate leases, net | ||||||||||||||
Cash and cash equivalents | ||||||||||||||
Restricted cash | ||||||||||||||
Rents receivable, including straight line rents of $ | ||||||||||||||
Other assets, net | ||||||||||||||
Total assets | $ | $ | ||||||||||||
LIABILITIES AND EQUITY | ||||||||||||||
Revolving credit facility | $ | $ | ||||||||||||
Mortgages and notes payable, net | ||||||||||||||
Accounts payable and other liabilities | ||||||||||||||
Assumed real estate lease obligations, net | ||||||||||||||
Due to related persons | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Equity: | ||||||||||||||
Equity attributable to common shareholders: | ||||||||||||||
Common shares of beneficial interest, $ | ||||||||||||||
Additional paid in capital | ||||||||||||||
Cumulative net income | ||||||||||||||
Cumulative other comprehensive income | ||||||||||||||
Cumulative common distributions | ( | ( | ||||||||||||
Total equity attributable to common shareholders | ||||||||||||||
Total equity attributable to noncontrolling interest | ||||||||||||||
Total equity | ||||||||||||||
Total liabilities and equity | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Rental income | $ | $ | $ | |||||||||||||||||
Expenses: | ||||||||||||||||||||
Real estate taxes | ||||||||||||||||||||
Other operating expenses | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
General and administrative | ||||||||||||||||||||
Acquisition and other transaction related costs | ||||||||||||||||||||
Loss on impairment of real estate | ||||||||||||||||||||
Total expenses | ||||||||||||||||||||
Interest and other income | ||||||||||||||||||||
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $ | ( | ( | ( | |||||||||||||||||
(Loss) gain on sale of real estate | ( | |||||||||||||||||||
Loss on equity securities | ( | |||||||||||||||||||
(Loss) gain on early extinguishment of debt | ( | |||||||||||||||||||
(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | ( | |||||||||||||||||||
Income tax expense | ( | ( | ( | |||||||||||||||||
Equity in earnings of unconsolidated joint venture | ||||||||||||||||||||
Net (loss) income | ( | |||||||||||||||||||
Net loss attributable to noncontrolling interest | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | ( | |||||||||||||||||||
Other comprehensive income: | ||||||||||||||||||||
Unrealized gain on derivatives | ||||||||||||||||||||
Less: unrealized gain on derivatives attributable to noncontrolling interest | ( | |||||||||||||||||||
Other comprehensive income attributable to common shareholders | ||||||||||||||||||||
Comprehensive (loss) income attributable to common shareholders | $ | ( | $ | $ | ||||||||||||||||
Weighted average common shares outstanding - basic | ||||||||||||||||||||
Weighted average common shares outstanding - diluted | ||||||||||||||||||||
Per common share data (basic and diluted): | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | ( | $ | $ |
Cumulative | Total Equity | Total Equity | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Additional | Other | Cumulative | Attributable to | Attributable to | |||||||||||||||||||||||||||||||||||||||||||||||||||
Common | Common | Paid In | Cumulative | Comprehensive | Common | Common | Noncontrolling | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Shares | Shares | Capital | Net Income | Income | Distributions | Shareholders | Interest | Equity | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | ( | ||||||||||||||||||||||||||||||||||||||||||||||||||
Share grants | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Share forfeitures | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Sale of interest in joint venture | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Share grants | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Share forfeitures | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | $ | $ | $ | $ | $ | ( | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | — | — | — | ( | — | — | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Share grants | — | — | — | — | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Share repurchases | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Share forfeitures | ( | — | ( | — | — | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Distributions to common shareholders | — | — | — | — | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Net current period other comprehensive income | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||
Contributions from noncontrolling interest | — | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||
Distributions to noncontrolling interest | — | — | — | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | $ | ( | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||||||||||||||
Net (loss) income | $ | ( | $ | $ | ||||||||||||||||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | ||||||||||||||||||||
Depreciation | ||||||||||||||||||||
Loss on impairment of real estate | ||||||||||||||||||||
Net amortization of debt issuance costs, premiums and discounts | ||||||||||||||||||||
Amortization of acquired real estate leases and assumed real estate lease obligations | ||||||||||||||||||||
Amortization of deferred leasing costs | ||||||||||||||||||||
Loss on equity securities | ||||||||||||||||||||
Straight line rental income | ( | ( | ( | |||||||||||||||||
Loss (gain) on early extinguishment of debt | ( | |||||||||||||||||||
Loss (gain) on sale of real estate | ( | ( | ||||||||||||||||||
Other non-cash expenses | ||||||||||||||||||||
Distributions of earnings from unconsolidated joint venture | ||||||||||||||||||||
Equity in earnings of unconsolidated joint venture | ( | ( | ( | |||||||||||||||||
Change in assets and liabilities: | ||||||||||||||||||||
Rents receivable | ( | ( | ||||||||||||||||||
Deferred leasing costs | ( | ( | ( | |||||||||||||||||
Due from related persons | ( | |||||||||||||||||||
Other assets | ( | ( | ||||||||||||||||||
Accounts payable and other liabilities | ||||||||||||||||||||
Rents collected in advance | ||||||||||||||||||||
Security deposits | ( | |||||||||||||||||||
Due to related persons | ( | ( | ||||||||||||||||||
Net cash provided by operating activities | ||||||||||||||||||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||||||||||||||
Real estate acquisitions | ( | ( | ( | |||||||||||||||||
Real estate improvements | ( | ( | ( | |||||||||||||||||
Proceeds from sale of marketable securities | ||||||||||||||||||||
Distributions in excess of earnings from unconsolidated joint venture | ||||||||||||||||||||
Proceeds from sale of properties to joint venture, net | ||||||||||||||||||||
Proceeds from sale of real estate | ||||||||||||||||||||
Proceeds from sale of joint venture | ||||||||||||||||||||
Distributions in excess of earnings from Affiliates Insurance Company | ||||||||||||||||||||
Net cash (used in) provided by investing activities | ( | ( |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||||||||||||||
Proceeds from issuance of mortgage notes payable | ||||||||||||||||||||
Repayment of mortgage notes payable | ( | ( | ||||||||||||||||||
Proceeds from secured bridge loan facility | ||||||||||||||||||||
Repayment of secured bridge loan facility | ( | |||||||||||||||||||
Borrowings under revolving credit facility | ||||||||||||||||||||
Repayments of revolving credit facility | ( | ( | ( | |||||||||||||||||
Payment of debt issuance costs | ( | ( | ||||||||||||||||||
Proceeds from sale of interest rate cap | ||||||||||||||||||||
Distributions to common shareholders | ( | ( | ( | |||||||||||||||||
Proceeds from noncontrolling interest, net | ||||||||||||||||||||
Repurchase of common shares | ( | ( | ( | |||||||||||||||||
Distributions to noncontrolling interest | ( | ( | ||||||||||||||||||
Net cash provided by (used in) financing activities | ( | ( | ||||||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | |||||||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | ||||||||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | $ | $ |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
SUPPLEMENTAL DISCLOSURES: | ||||||||||||||||||||
Interest paid | $ | $ | $ | |||||||||||||||||
Income taxes paid | $ | $ | $ | |||||||||||||||||
Interest capitalized | $ | $ | $ | |||||||||||||||||
NON-CASH INVESTING ACTIVITIES: | ||||||||||||||||||||
Decrease in assets and liabilities resulting from the deconsolidation of investments that were previously consolidated: | ||||||||||||||||||||
Real estate, net | $ | $ | $ | ( | ||||||||||||||||
Mortgage notes, net | $ | $ | $ | |||||||||||||||||
Real estate acquired by assumption of mortgage notes payable | $ | $ | $ | |||||||||||||||||
Real estate improvements accrued not paid | $ | $ | $ | |||||||||||||||||
NON-CASH FINANCING ACTIVITIES: | ||||||||||||||||||||
Assumption of mortgage notes payable | $ | ( | $ | $ |
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | ||||||||||||||||||||
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the consolidated balance sheets to the amounts shown in the consolidated statements of cash flows: | ||||||||||||||||||||
As of December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Cash and cash equivalents | $ | $ | $ | |||||||||||||||||
Restricted cash (1) | ||||||||||||||||||||
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ | $ | $ |
December 31, | ||||||||||||||
2022 | 2021 | |||||||||||||
Acquired real estate leases: | ||||||||||||||
Capitalized above market lease values | $ | $ | ||||||||||||
Less: accumulated amortization | ( | ( | ||||||||||||
Capitalized above market lease values, net | ||||||||||||||
Lease origination value | ||||||||||||||
Less: accumulated amortization | ( | ( | ||||||||||||
Lease origination value, net | ||||||||||||||
Acquired real estate leases, net | $ | $ | ||||||||||||
Assumed real estate lease obligations: | ||||||||||||||
Capitalized below market lease values | $ | $ | ||||||||||||
Less: accumulated amortization | ( | ( | ||||||||||||
Assumed real estate lease obligations, net | $ | $ |
Land | $ | |||||||
Buildings | ||||||||
Acquired real estate leases (1) | ||||||||
Cash | ||||||||
Other assets, net | ||||||||
Securities available for sale (2) | ||||||||
Total assets | ||||||||
Mortgage notes payable, at fair value | ( | |||||||
Accounts payable and other liabilities | ( | |||||||
Assumed real estate lease obligations | ( | |||||||
Equity attributable to noncontrolling interest on the joint venture | ( | |||||||
Net assets acquired | ||||||||
Assumed working capital | ( | |||||||
Assumed mortgage notes payable, principal | ||||||||
Purchase price | $ |
Purchase | Buildings and | Acquired Real Estate | ||||||||||||||||||
Price | Land | Improvements | Leases | |||||||||||||||||
$ | $ | $ | $ |
Number | Rentable | Buildings | Acquired | Acquired | ||||||||||||||||||||||||||||||||||||||||||||||
of | Square | Purchase | and | Real Estate | Real Estate | |||||||||||||||||||||||||||||||||||||||||||||
Date | Market Area | Properties | Feet | Price | Land | Improvements | Leases | Lease Obligations | ||||||||||||||||||||||||||||||||||||||||||
May 2021 | Dallas, TX | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||||||||||
June 2021 | Columbus, OH | |||||||||||||||||||||||||||||||||||||||||||||||||
August 2021 | Memphis, TN | ( | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ | $ | ( |
Number | Rentable | Buildings | Acquired | |||||||||||||||||||||||||||||||||||||||||
of | Square | Purchase | and | Real Estate | ||||||||||||||||||||||||||||||||||||||||
Date | Market Area | Properties | Feet | Price | Land | Improvements | Leases | |||||||||||||||||||||||||||||||||||||
February 2020 | Phoenix, AZ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
December 2020 | Kansas City, KS | |||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | $ |
Number of | Square | Gross | Gain on Sale of | |||||||||||||||||||||||||||||
Date of Sale | Properties | Location | Feet | Sale Price (1) | Real Estate | |||||||||||||||||||||||||||
December 2020 | Winchester, VA | $ | $ | |||||||||||||||||||||||||||||
ILPT Carrying Value | ||||||||||||||||||||||||||||||||||||||
ILPT | of Investment | Number of | Square | |||||||||||||||||||||||||||||||||||
Joint Venture | Presentation | Ownership | at December 31, 2022 | Properties | Location | Feet | ||||||||||||||||||||||||||||||||
Mountain Industrial REIT LLC | Consolidated | N/A | Various | |||||||||||||||||||||||||||||||||||
The Industrial Fund REIT LLC | Unconsolidated | $ | Various |
Year | Amount | |||||||
2023 | $ | |||||||
2024 | ||||||||
2025 | ||||||||
2026 | ||||||||
2027 | ||||||||
Thereafter | ||||||||
$ |
Net Book | ||||||||||||||||||||||||||||||||||||||||||||
Value | ||||||||||||||||||||||||||||||||||||||||||||
Principal Balance as of | of Collateral | |||||||||||||||||||||||||||||||||||||||||||
December 31, | December 31, | Interest | At December 31, | |||||||||||||||||||||||||||||||||||||||||
Entity | Type | Secured By: | 2022 (1) | 2021 (1) | Rate | Maturity | 2022 | |||||||||||||||||||||||||||||||||||||
ILPT | Revolving credit facility (2) | Unsecured | $ | $ | N/A | N/A | $ | |||||||||||||||||||||||||||||||||||||
ILPT | Floating Rate - Interest only (3) | 10/09/24 | ||||||||||||||||||||||||||||||||||||||||||
ILPT | Fixed Rate - Interest only | 02/07/29 | ||||||||||||||||||||||||||||||||||||||||||
ILPT | Fixed Rate - Interest only | 03/09/32 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Floating Rate - Interest only (5) | 03/09/24 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 10/01/28 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 04/01/30 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 04/01/30 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 09/01/30 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 05/01/31 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 07/01/32 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 10/01/33 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 11/01/33 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 06/01/35 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 01/01/36 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 11/01/37 | ||||||||||||||||||||||||||||||||||||||||||
Mountain JV (4) | Fixed Rate - Amortizing | 01/01/38 | ||||||||||||||||||||||||||||||||||||||||||
Total indebtedness | $ | |||||||||||||||||||||||||||||||||||||||||||
Unamortized debt issuance costs | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total indebtedness, net | $ | $ |
Principal Balance | ||||||||||||||||||||
Interest | at December 31, | |||||||||||||||||||
Joint Venture (Unconsolidated) | Rate | Maturity Date | 2022 (1) | |||||||||||||||||
Mortgage notes payable (secured by | (2) | 10/1/2023 | $ | |||||||||||||||||
Mortgage notes payable (secured by | (2) | 11/7/2029 | ||||||||||||||||||
Mortgage notes payable (secured by | 10/1/2027 | |||||||||||||||||||
Weighted average/total | (2) | $ |
Principal | |||||||||||
Year | Payment | ||||||||||
2023 | $ | ||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 | |||||||||||
2027 | |||||||||||
Thereafter | |||||||||||
$ | (1) |
At December 31, 2022 | At December 31, 2021 | |||||||||||||||||||||||||
Carrying | Estimated | Carrying | Estimated | |||||||||||||||||||||||
Value (1) | Fair Value | Value (1) | Fair Value | |||||||||||||||||||||||
Fixed rate loan, | $ | $ | $ | $ | ||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
Fixed rate loan, | ||||||||||||||||||||||||||
$ | $ | $ | $ |
Quoted Prices in | Significant Other | Significant | ||||||||||||||||||||||||
Active Markets for | Observable | Unobservable | ||||||||||||||||||||||||
Identical Assets | Inputs | Inputs | ||||||||||||||||||||||||
Total | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||
At December 31, 2022 | ||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||
Investment in unconsolidated joint venture (1) | $ | $ | $ | $ | ||||||||||||||||||||||
Interest rate cap derivatives (2) | $ | $ | $ | $ | ||||||||||||||||||||||
Non-recurring fair value measurements | ||||||||||||||||||||||||||
Real estate properties (3) | $ | $ | $ | $ | ||||||||||||||||||||||
At December 31, 2021 | ||||||||||||||||||||||||||
Recurring fair value measurements | ||||||||||||||||||||||||||
Investment in unconsolidated joint venture (1) | $ | $ | $ | $ |
Year Ended | |||||||||||||||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2020 | |||||||||||||||||||||||||||||||||
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 | $ | $ | $ | ||||||||||||||||||||||||||||||||
Granted | |||||||||||||||||||||||||||||||||||
Vested | ( | ( | ( | ||||||||||||||||||||||||||||||||
Forfeited | ( | ( | ( | ||||||||||||||||||||||||||||||||
Unvested at end of year | $ | $ | $ |
Annual Per | Characterization of Distribution | |||||||||||||||||||||||||||||||
Share | Total | Return of | Ordinary | Capital | ||||||||||||||||||||||||||||
Year | Distribution | Distribution | Capital | Income | Gain | |||||||||||||||||||||||||||
2022 | $ | $ | % | % | % | |||||||||||||||||||||||||||
2021 | $ | $ | % | % | % | |||||||||||||||||||||||||||
2020 | $ | $ | % | % | % |
Year Ended December 31, | ||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||
Numerators: | ||||||||||||||||||||
Net (loss) income attributable to common shareholders | $ | ( | $ | $ | ||||||||||||||||
Loss attributable to unvested participating securities | ( | ( | ( | |||||||||||||||||
Net (loss) income attributable to common shareholders used in calculating earnings per share | $ | ( | $ | $ | ||||||||||||||||
Denominators: | ||||||||||||||||||||
Weighted average common shares for basic earnings per share | ||||||||||||||||||||
Effect of dilutive securities: unvested share awards | ||||||||||||||||||||
Weighted average common shares for diluted earnings per share | ||||||||||||||||||||
Net (loss) income attributable to common shareholders per common share - basic and diluted | $ | ( | $ | $ |
Interest Rate Derivative | Balance Sheet Line Item | Underlying Instrument | Number of Instruments | Strike Rate | Notional Amount | Fair Value at December 31, 2022 | ||||||||||||||||||||||||||||||||
Interest Rate Cap | Other assets | Floating Rate Loan (1) | $ | $ | ||||||||||||||||||||||||||||||||||
Interest Rate Cap | Other assets | ILPT Floating Rate Loan | $ | $ | ||||||||||||||||||||||||||||||||||
Year Ended | ||||||||
December 31, 2022 | ||||||||
Amount of gain recognized in cumulative other comprehensive income (loss) | $ | |||||||
Amount reclassified from cumulative other comprehensive income (loss) into interest expense | ||||||||
Amount reclassified from cumulative other comprehensive income (loss) into loss on early extinguishment of debt | ( | |||||||
Unrealized gain on derivative instrument recognized in cumulative other comprehensive income | $ |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
1 | 510 Production Avenue | Madison | AL | Mainland Properties | (B) | $ | $ | $ | $ | ( | $ | $ | $ | $ | ( | 2/25/2022 | 2004 | |||||||||||||||||||||||||||||||||
2 | 6735 Trippel Road | Mobile | AL | Mainland Properties | (E) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
3 | 11224 Will Walker Road | Vance | AL | Mainland Properties | (B) | ( | 2/25/2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
4 | 3200 Rodeo Court | Bessemer | AL | Mainland Properties | (C) | ( | 2/25/2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
5 | 4501 Industrial Drive | Fort Smith | AR | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
6 | 9860 West Buckeye Road | Tolleson | AZ | Mainland Properties | (B) | ( | 2/25/2022 | 2002 | ||||||||||||||||||||||||||||||||||||||||||
7 | 3870 Ronald Reagan Boulevard | Johnstown | CO | Mainland Properties | (B) | ( | 4/9/2019 | 2007 | ||||||||||||||||||||||||||||||||||||||||||
8 | 125 North Troy Hill Road | Colorado Springs | CO | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2016 | |||||||||||||||||||||||||||||||||||||||||
9 | 14257 E. Easter Avenue | Centennial | CO | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2003 | |||||||||||||||||||||||||||||||||||||||||
10 | 955 Aeroplaza Drive | Colorado Springs | CO | Mainland Properties | (B) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
11/12 | 13400 East 39th Avenue and 3800 Wheeling Street | Denver | CO | Mainland Properties | (B) | ( | 1/29/2015 | 1973 | ||||||||||||||||||||||||||||||||||||||||||
13 | 150 Greenhorn Drive | Pueblo | CO | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
14 | 2 Tower Drive | Wallingford | CT | Mainland Properties | (B) | ( | 10/24/2006 | 1978 | ||||||||||||||||||||||||||||||||||||||||||
15 | 50 Hollow Tree Lane | Newington | CT | Mainland Properties | (C) | ( | 2/25/2022 | 2000 | ||||||||||||||||||||||||||||||||||||||||||
16 | 235 Great Pond Road | Windsor | CT | Mainland Properties | (B) | ( | 7/20/2012 | 2004 | ||||||||||||||||||||||||||||||||||||||||||
17 | 2100 NW 82nd Avenue | Miami | FL | Mainland Properties | (B) | ( | 3/19/1998 | 1987 | ||||||||||||||||||||||||||||||||||||||||||
18 | 10450 Doral Boulevard | Doral | FL | Mainland Properties | (B) | ( | 6/27/2018 | 1996 | ||||||||||||||||||||||||||||||||||||||||||
19 | 13509 Waterworks Street | Jacksonville | FL | Mainland Properties | (B) | ( | ( | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||
20 | 27200 SW 127th Avenue | Homestead | FL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2017 | |||||||||||||||||||||||||||||||||||||||||
21 | 3155 Grissom Parkway | Cocoa | FL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2006 | |||||||||||||||||||||||||||||||||||||||||
22 | 950 Bennett Road | Orlando | FL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1997 | |||||||||||||||||||||||||||||||||||||||||
23 | 3736 Salisbury Road | Jacksonville | FL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1998 | |||||||||||||||||||||||||||||||||||||||||
24 | 1341 N. Clyde Morris Boulevard | Daytona Beach | FL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2017 | |||||||||||||||||||||||||||||||||||||||||
25 | 5000 North Ridge Trail | Davenport | FL | Mainland Properties | (C) | ( | 2/25/2022 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
26 | 14001 Jetport Loop | Ft. Myers | FL | Mainland Properties | (C) | ( | 2/25/2022 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
27 | 8411 Florida Mining Boulevard | Tampa | FL | Mainland Properties | (C) | ( | 2/25/2022 | 2003 | ||||||||||||||||||||||||||||||||||||||||||
28 | 5101 West Waters Avenue | Tampa | FL | Mainland Properties | (C) | ( | 2/25/2022 | 1997 | ||||||||||||||||||||||||||||||||||||||||||
29 | 3404 Cragmont Drive | Tampa | FL | Mainland Properties | (C) | ( | 2/25/2022 | 1989 | ||||||||||||||||||||||||||||||||||||||||||
30 | 7569 Golf Course Boulevard | Punta Gorda | FL | Mainland Properties | (C) | ( | 2/25/2022 | 2007 | ||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
31 | 1900 Interstate Boulevard | Lakeland | FL | Mainland Properties | (C) | ( | 2/25/2022 | 1993 | ||||||||||||||||||||||||||||||||||||||||||
32 | 2902 Gun Club Road | Augusta | GA | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2004 | |||||||||||||||||||||||||||||||||||||||||
33 | 1078 Bertram Road | Augusta | GA | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1993 | |||||||||||||||||||||||||||||||||||||||||
34 | 590 Northport Parkway | Savannah | GA | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
35 | 3150 Highway 42 | Locust Grove | GA | Mainland Properties | (E) | ( | 2/25/2022 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
36 | 650 Braselton Parkway | Braselton | GA | Mainland Properties | (E) | ( | 2/25/2022 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
37 | 700 Hudson Road | Griffin | GA | Mainland Properties | (C) | ( | 2/25/2022 | 2002 | ||||||||||||||||||||||||||||||||||||||||||
38 | 505 Morgan Lakes Industrial Blvd. | Savannah | GA | Mainland Properties | (C) | ( | 2/25/2022 | 2018 | ||||||||||||||||||||||||||||||||||||||||||
39 | 2002 International Boulevard | Augusta | GA | Mainland Properties | ( | 7/14/2022 | 2022 | |||||||||||||||||||||||||||||||||||||||||||
40 | 2815 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
41 | 609 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
42 | 2849 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
43 | 709 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
44 | 2839 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
45 | 2906 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
46 | 733 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
47 | 2864 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
48 | 2850 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | ( | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||
49 | 2806 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
50 | 2838 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
51 | 852 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
52 | 812 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
53 | 2969 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
54 | 855 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
55 | 2855 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
56 | 865 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
57 | 719 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
58 | 759 Puuloa Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
59 | 770 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
60 | 2915 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
61 | 704 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
62 | 822 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
63 | 842 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
64 | 2839 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
65 | 2861 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
66 | 619 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
67 | 2847 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
68 | 2928 Kaihikapu Street - A | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
69 | 2928 Kaihikapu Street - B | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
70 | 850 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
71 | 659 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
72 | 2831 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
73 | 2760 Kam Highway | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
74 | 2965 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
75 | 2814 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
76 | 2804 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
77 | 2833 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
78 | 692 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
79 | 669 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
80 | 761 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
81 | 702 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
82 | 645 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
83 | 675 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
84 | 2858 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
85 | 2857 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
86 | 2812 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
87 | 2809 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
88 | 803 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
89 | 2889 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
90 | 819 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
91 | 830 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
92 | 2831 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
93 | 2846-A Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
94 | 2816 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
95 | 673 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
96 | 697 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | ( | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||
97 | 808 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | ( | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||
98 | 659 Puuloa Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
99 | 666 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
100 | 679 Puuloa Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
101 | 673 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
102 | 2827 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
103 | 2826 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
104 | 685 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
105 | 2844 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
106 | 789 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
107 | 2808 Kam Highway | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
108 | 2815 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
109 | 2821 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
110 | 2829 Kilihau Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
111 | 2819 Mokumoa Street - A | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
112 | 2819 Mokumoa Street - B | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
113 | 2879 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
114 | 2927 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
115 | 2833 Paa Street #2 | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
116 | 855 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
117 | 2829 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
118 | 766 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
119 | 2908 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
120 | 729 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
121 | 739 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
122 | 2868 Kaihikapu Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
123 | 660 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
124 | 2869 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
125 | 2836 Awaawaloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
126 | 113 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
127 | 2140 Kaliawa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
128 | 165 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
129 | 2106 Kaliawa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
130 | 140 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
131 | 2020 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
132 | 2103 Kaliawa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
133 | 1926 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1959 | ||||||||||||||||||||||||||||||||||||||||||
134 | 1931 Kahai Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
135 | 215 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
136 | 207 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
137 | 125 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
138 | 125B Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
139 | 2001 Kahai Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
140 | 2110 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
141 | 142 Mokauea Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1972 | ||||||||||||||||||||||||||||||||||||||||||
142 | 2139 Kaliawa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
143 | 2122 Kaliawa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
144 | 148 Mokauea Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
145 | 151 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
146 | 2127 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
147 | 2144 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1953 | ||||||||||||||||||||||||||||||||||||||||||
148 | 179 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
149 | 106 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1966 | ||||||||||||||||||||||||||||||||||||||||||
150 | 120 Mokauea Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1970 | ||||||||||||||||||||||||||||||||||||||||||
151 | 120B Mokauea Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | 1970 | |||||||||||||||||||||||||||||||||||||||||||
152 | 231 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
153 | 231B Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
154 | 220 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
155 | 150 Puuhale Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
156 | 197 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
157 | 2019 Kahai Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
158 | 2344 Pahounui Drive | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
159 | 238 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
160 | 2308 Pahounui Drive | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
161 | 2135 Auiki Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
162 | 218 Mohonua Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
163 | 180 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
164 | 2250 Pahounui Drive | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
165 | 158 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
166 | 2264 Pahounui Drive | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
167 | 2276 Pahounui Drive | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
168 | 204 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
169 | 228 Mohonua Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
170 | 212 Mohonua Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
171 | 214 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | 1981 | ||||||||||||||||||||||||||||||||||||||||||
172 | 2879 Paa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
173 | 2833 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
174 | 1055 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
175 | 2875 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
176 | 1000 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
177 | 2850 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
178 | 2828 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
179 | 1045 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
180 | 1122 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
181 | 2810 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
182 | 2886 Paa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
183 | 2810 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
184 | 1052 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
185 | 1024 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
186 | 1030 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
187 | 1001 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
188 | 944 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
189 | 918 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
190 | 2864 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
191 | 1050 Kikowaena Place | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
192 | 949 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
193 | 2855 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
194 | 2865 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
195 | 2850 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
196 | 905 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
197 | 1150 Kikowaena Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
198 | 960 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
199 | 1062 Kikowaena Place | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
200 | 2829 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
201 | 2841 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
202 | 2819 Pukoloa Street | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
203 | 950 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
204 | 960 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
205 | 930 Mapunapuna Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
206 | 1038 Kikowaena Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
207 | 1024 Kikowaena Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
208 | 2970 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
209 | 970 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
210 | 2840 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
211 | 2830 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
212 | 1027 Kikowaena Place | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
213 | 2960 Mokumoa Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
214 | 80 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
215 | 94-240 Pupuole Street | Waipahu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
216 | 525 N. King Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
217 | 1360 Pali Highway | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
218 | 1330 Pali Highway | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
219 | 33 S. Vineyard Boulevard | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
220 | 848 Ala Lilikoi Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
221 | 846 Ala Lilikoi Street | Honolulu | HI | Hawaii Properties | (A) | 12/5/2003 | — | |||||||||||||||||||||||||||||||||||||||||||
222 | 2635 Waiwai Loop A | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
223 | 2635 Waiwai Loop B | Honolulu | HI | Hawaii Properties | (A) | ( | 12/5/2003 | — | ||||||||||||||||||||||||||||||||||||||||||
224 | 120 Sand Island Access Road | Honolulu | HI | Hawaii Properties | (A) | ( | 11/23/2004 | 2004 | ||||||||||||||||||||||||||||||||||||||||||
225 | 91-222 Olai | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
226 | 91-265 Hanua | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
227 | 91-255 Hanua | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
228 | 91-241 Kalaeloa | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1990 | ||||||||||||||||||||||||||||||||||||||||||
229 | 91-141 Kalaeloa | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
230 | 91-250 Komohana | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
231 | 91-202 Kalaeloa | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1964 | ||||||||||||||||||||||||||||||||||||||||||
232 | 91-080 Hanua | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
233 | 91-027 Kaomi Loop | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
234 | 91-185 Kalaeloa | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
235 | 91-329 Kauhi | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1980 | ||||||||||||||||||||||||||||||||||||||||||
236 | 91-399 Kauhi | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
237 | 91-086 Kaomi Loop | Kapolei | HI | Hawaii Properties | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||||
238 | 91-349 Kauhi | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
239 | 91-400 Komohana | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
240 | 91-174 Olai | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
241 | 91-218 Olai | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
242 | 91-175 Olai | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
243 | 91-210 Olai | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
244 | 91-087 Hanua | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
245 | 91-083 Hanua | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
246 | 91-091 Hanua | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
247 | 91-220 Kalaeloa | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1991 | ||||||||||||||||||||||||||||||||||||||||||
248 | 91-252 Kauhi | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
249 | 91-259 Olai | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
250 | 91-238 Kauhi | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1981 | ||||||||||||||||||||||||||||||||||||||||||
251 | 91-416 Komohana | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
252 | 91-410 Komohana | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
253 | 91-300 Hanua | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1994 | ||||||||||||||||||||||||||||||||||||||||||
254 | 91-171 Olai | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||
255 | 91-210 Kauhi | Kapolei | HI | Hawaii Properties | (B) | ( | 6/15/2005 | 1990 | ||||||||||||||||||||||||||||||||||||||||||
256 | 91-110 Kaomi Loop | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
257 | 91-102 Kaomi Loop | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
258 | 91-064 Kaomi Loop | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
259 | 91-119 Olai | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
260 | 91-150 Kaomi Loop | Kapolei | HI | Hawaii Properties | (B) | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
261 | Texaco Easement | Kapolei | HI | Hawaii Properties | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||||
262 | Tesaro 967 Easement | Kapolei | HI | Hawaii Properties | 6/15/2005 | — |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
263 | AES HI Easement | Kapolei | HI | Hawaii Properties | 6/15/2005 | — | ||||||||||||||||||||||||||||||||||||||||||||
264 | Other Easements & Lots | Kapolei | HI | Hawaii Properties | ( | 6/15/2005 | — | |||||||||||||||||||||||||||||||||||||||||||
265 | 889 Ahua Street | Honolulu | HI | Hawaii Properties | (A) | ( | 11/21/2012 | — | ||||||||||||||||||||||||||||||||||||||||||
266 | 951 Trails Road | Eldridge | IA | Mainland Properties | (D) | ( | 4/2/2007 | 1994 | ||||||||||||||||||||||||||||||||||||||||||
267 | 2300 North 33rd Avenue East | Newton | IA | Mainland Properties | (B) | ( | 9/29/2008 | 2008 | ||||||||||||||||||||||||||||||||||||||||||
268 | 3425 Maple Drive | Fort Dodge | IA | Mainland Properties | (B) | ( | 4/9/2019 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
269 | 4401 112th Street | Urbandale | IA | Mainland Properties | (C) | ( | 2/25/2022 | 1985 | ||||||||||||||||||||||||||||||||||||||||||
270 | 7121 South Fifth Avenue | Pocatello | ID | Mainland Properties | (B) | ( | 1/29/2015 | 2007 | ||||||||||||||||||||||||||||||||||||||||||
271 | 2580 Technology Drive | Elgin | IL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2001 | |||||||||||||||||||||||||||||||||||||||||
272 | 5795 Logistics Parkway | Rockford | IL | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1998 | |||||||||||||||||||||||||||||||||||||||||
273 | 1602 Vincent Drive | Sauget | IL | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
274 | 6 Konzen Court | Granite City | IL | Mainland Properties | (C) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
275 | 1000 Knell Road | Montgomery | IL | Mainland Properties | (C) | ( | 2/25/2022 | 2000 | ||||||||||||||||||||||||||||||||||||||||||
276 | 1430 South Wolf Road | Wheeling | IL | Mainland Properties | (C) | ( | ( | 2/25/2022 | 2003 | |||||||||||||||||||||||||||||||||||||||||
277 | 1270 North Wilkening | Schaumburg | IL | Mainland Properties | (C) | ( | 2/25/2022 | 1996 | ||||||||||||||||||||||||||||||||||||||||||
278 | 4472 Technology Drive | Rockford | IL | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
279 | 7019 High Grove Boulevard | Burr Ridge | IL | Mainland Properties | (C) | ( | 2/25/2022 | 1997 | ||||||||||||||||||||||||||||||||||||||||||
280 | 1230 West 171st Street | Harvey | IL | Mainland Properties | (B) | ( | 1/29/2015 | 2004 | ||||||||||||||||||||||||||||||||||||||||||
281 | 5156 American Road | Rockford | IL | Mainland Properties | (B) | ( | 1/29/2015 | 1996 | ||||||||||||||||||||||||||||||||||||||||||
282 | 9215-9347 E Pendleton Pike | Lawrence | IN | Mainland Properties | (B) | ( | 2/14/2019 | 2009 | ||||||||||||||||||||||||||||||||||||||||||
283 | 6825 West County Road 400 North | Greenfield | IN | Mainland Properties | (D) | ( | 2/14/2019 | 2008 | ||||||||||||||||||||||||||||||||||||||||||
284 | 900 Commerce Parkway West Drive | Greenwood | IN | Mainland Properties | (D) | ( | 2/14/2019 | 2007 | ||||||||||||||||||||||||||||||||||||||||||
285 | 2482 Century Drive | Goshen | IN | Mainland Properties | (B) | ( | 4/9/2019 | 2005 | ||||||||||||||||||||||||||||||||||||||||||
286 | 3201 Bearing Drive | Franklin | IN | Mainland Properties | (D) | ( | ( | 4/9/2019 | 1973 | |||||||||||||||||||||||||||||||||||||||||
287 | 482 Chaney Avenue | Greenwood | IN | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
288 | 1151 South Graham Road | Greenwood | IN | Mainland Properties | (E) | ( | 2/25/2022 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
289 | 5440 Haggerty Lane | Lafayette | IN | Mainland Properties | (C) | ( | 2/25/2022 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
290 | 8951 Mirabel Road | Indianapolis | IN | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
291 | 17001 West Mercury Street | Gardner | KS | Mainland Properties | (D) | ( | 12/30/2020 | 2018 |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
292 | 435 SE 70th Steet | Topeka | KS | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2006 | |||||||||||||||||||||||||||||||||||||||||
293 | 22525 West 167th Street | Olathe | KS | Mainland Properties | (C) | ( | ( | 2/25/2022 | 2016 | |||||||||||||||||||||||||||||||||||||||||
294 | 2552 South 98th Street | Edwardsville | KS | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
295 | 2701 South 98th Street | Edwardsville | KS | Mainland Properties | (C) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
296 | 1985 International Way | Hebron | KY | Mainland Properties | (B) | ( | 2/14/2019 | 1997 | ||||||||||||||||||||||||||||||||||||||||||
297 | 2311 South Park Road | Louisville | KY | Mainland Properties | (B) | ( | 2/25/2022 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
298 | 1509 Leestown Road | Frankfort | KY | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
299 | 4555 West Highway 146 | Buckner | KY | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
300 | 450 Northpointe Court | Covington | LA | Mainland Properties | (C) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
301 | 209 South Bud Street | Lafayette | LA | Mainland Properties | (B) | ( | 1/29/2015 | 2010 | ||||||||||||||||||||||||||||||||||||||||||
302 | 17200 Manchac Park Lane | Baton Rouge | LA | Mainland Properties | (B) | ( | 1/29/2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
303 | 11900 Trolley Lane | Beltsville | MD | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2000 | |||||||||||||||||||||||||||||||||||||||||
304 | 4000 Principio Parkway | North East | MD | Mainland Properties | (D) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
305 | 3466 Shippers Drive | Walker | MI | Mainland Properties | (C) | ( | 2/25/2022 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
306 | 1601 Brown Road | Orion | MI | Mainland Properties | (C) | ( | 2/25/2022 | 2006 | ||||||||||||||||||||||||||||||||||||||||||
307 | 38401 Amrhein Road | Livonia | MI | Mainland Properties | (C) | ( | 2/25/2022 | 1999 | ||||||||||||||||||||||||||||||||||||||||||
308 | 28000 Five M Center Drive | Romulus | MI | Mainland Properties | (C) | ( | ( | 2/25/2022 | 1997 | |||||||||||||||||||||||||||||||||||||||||
309 | 3800 Midlink Drive | Kalamazoo | MI | Mainland Properties | (B) | ( | 1/29/2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
310 | 10100 89th Avenue N | Maple Grove | MN | Mainland Properties | (D) | ( | 10/16/2018 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
311 | 2427 Henry Road NW | Stewartville | MN | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
312 | 2401 Cram Avenue SE | Bemidji | MN | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
313 | 5501 Providence Hill Drive | St. Joseph | MO | Mainland Properties | (B) | ( | 4/9/2019 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
314 | 3502 Enterprise Avenue | Joplin | MO | Mainland Properties | (B) | ( | 4/9/2019 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
315 | 5703 Mitchell Avenue | St. Joseph | MO | Mainland Properties | (C) | ( | 2/25/2022 | 2000 | ||||||||||||||||||||||||||||||||||||||||||
316 | 10551 N Congress Avenue | Kansas City | MO | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
317 | 831 Lone Star Drive | O'Fallon | MO | Mainland Properties | (C) | ( | 2/25/2022 | 1989 | ||||||||||||||||||||||||||||||||||||||||||
318 | 2901 E Heartland Drive | Liberty | MO | Mainland Properties | (C) | ( | 2/25/2022 | 1997 | ||||||||||||||||||||||||||||||||||||||||||
319 | 110 Stanbury Industrial Drive | Brookfield | MO | Mainland Properties | (B) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
320 | 12385 Crossroad Drive | Olive Branch | MS | Mainland Properties | (E) | ( | 2/25/2022 | 2012 |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
321 | 8644 Polk Lane | Olive Branch | MS | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
322 | 440 US Highway 49 South | Richland | MS | Mainland Properties | (C) | ( | 2/25/2022 | 1986 | ||||||||||||||||||||||||||||||||||||||||||
323 | 105 Business Park Drive | Ridgeland | MS | Mainland Properties | (C) | ( | 2/25/2022 | 1988 | ||||||||||||||||||||||||||||||||||||||||||
324 | 590 Assembly Court | Fayetteville | NC | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1996 | |||||||||||||||||||||||||||||||||||||||||
325 | 4350 Fortune Ave NW | Concord | NC | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
326 | 4690 Global Avenue NW | Concord | NC | Mainland Properties | (C) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
327 | 6538 & 6526 Judge Adams Road | Whitsett | NC | Mainland Properties | (E) | ( | 2/25/2022 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
328 | 4040 Business Park Court | Winston Salem | NC | Mainland Properties | (C) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
329 | 628 Patton Avenue | Asheville | NC | Mainland Properties | ( | 1/29/2015 | 1987 | |||||||||||||||||||||||||||||||||||||||||||
330 | 3900 NE 6th Street | Minot | ND | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
331 | 7130 Q Street | Omaha | NE | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1997 | |||||||||||||||||||||||||||||||||||||||||
332 | 1415 West Commerce Way | Lincoln | NE | Mainland Properties | (B) | ( | 1/29/2015 | 1971 | ||||||||||||||||||||||||||||||||||||||||||
333 | 52 Pettengill Road | Londonderry | NH | Mainland Properties | (D) | ( | 4/9/2019 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
334 | 1135 Easton Avenue | Franklin Township | NJ | Mainland Properties | ( | 2/25/2022 | 1969 | |||||||||||||||||||||||||||||||||||||||||||
335 | 584 US Highway 130 | Trenton | NJ | Mainland Properties | (E) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
336 | 725 Darlington Avenue | Mahwah | NJ | Mainland Properties | (D) | ( | 4/9/2014 | 1999 | ||||||||||||||||||||||||||||||||||||||||||
337 | 309 Dulty's Lane | Burlington | NJ | Mainland Properties | (D) | ( | ( | 1/29/2015 | 2001 | |||||||||||||||||||||||||||||||||||||||||
338 | 7000 West Post Road | Las Vegas | NV | Mainland Properties | (D) | ( | 4/9/2019 | 2010 | ||||||||||||||||||||||||||||||||||||||||||
339 | 2375 East Newlands Road | Fernley | NV | Mainland Properties | (B) | ( | 1/29/2015 | 2007 | ||||||||||||||||||||||||||||||||||||||||||
340 | 158 West Yard Road | Feura Bush | NY | Mainland Properties | (B) | ( | 4/9/2019 | 1989 | ||||||||||||||||||||||||||||||||||||||||||
341 | 3779 Lake Shore Road | Hamburg | NY | Mainland Properties | (C) | ( | 2/25/2022 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
342 | 1289 Walden Avenue | Cheektowaga | NY | Mainland Properties | (C) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
343 | 4 Liebich Lane | Halfmoon | NY | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
344 | 55 Commerce Avenue | Albany | NY | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
345 | 32150 Just Imagine Drive | Avon | OH | Mainland Properties | (B) | ( | 5/29/2009 | 1996 | ||||||||||||||||||||||||||||||||||||||||||
346/347/348 | 1580, 1590 & 1600 Williams Road | Columbus | OH | Mainland Properties | (B) | ( | 4/9/2019 | 1992 | ||||||||||||||||||||||||||||||||||||||||||
349 | 7303 Rickenbacker Parkway West | Columbus | OH | Mainland Properties | (D) | ( | 6/21/2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
350 | 3245 Henry Road and 3185 Columbia Road | Richfield | OH | Mainland Properties | (B) | ( | 2/25/2022 | 2005 |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
351 | 8341 Industrial Parkway | Plain City | OH | Mainland Properties | (E) | ( | 2/25/2022 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
352 | 201 Exploration Drive | Monroe | OH | Mainland Properties | (E) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
353 | 9780 Mopar Drive | Streetsboro | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
354 | 2465 Fontaine Street | Kenton | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
355 | 4651 Prosper Drive | Stow | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
356 | 747 Mill Park Drive | Lancaster | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2019 | ||||||||||||||||||||||||||||||||||||||||||
357 | 9667 Inter-Ocean Drive | West Chester Twp. | OH | Mainland Properties | (C) | ( | 2/25/2022 | 1999 | ||||||||||||||||||||||||||||||||||||||||||
358 | 5313 Majestic Parkway | Bedford Heights | OH | Mainland Properties | (C) | ( | 2/25/2022 | 1998 | ||||||||||||||||||||||||||||||||||||||||||
359 | 1115 Regina Graeter Way | Cincinnati | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
360 | 4170 Columbia Road | Lebanon | OH | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
361 | 1415 Industrial Drive | Chillicothe | OH | Mainland Properties | (B) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
362 | 200 Orange Point Drive | Lewis Center | OH | Mainland Properties | (B) | ( | 1/29/2015 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
363 | 301 Commerce Drive | South Point | OH | Mainland Properties | (B) | ( | ( | 1/29/2015 | 2013 | |||||||||||||||||||||||||||||||||||||||||
364 | 5300 Centerpoint Parkway | Groveport | OH | Mainland Properties | (D) | ( | 1/29/2015 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
365 | 2701 S.W. 18TH Street | Oklahoma City | OK | Mainland Properties | (B) | ( | ( | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||
366 | 8000 Mid America Blvd. | Oklahoma City | OK | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2017 | |||||||||||||||||||||||||||||||||||||||||
367 | 1414 South Council Road | Oklahoma City | OK | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
368 | 6101 SW 44th Street | Oklahoma City | OK | Mainland Properties | (C) | ( | 2/25/2022 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
369 | 2759 North Garnett Road | Tulsa | OK | Mainland Properties | (C) | ( | 2/25/2022 | 2008 | ||||||||||||||||||||||||||||||||||||||||||
370 | 2820 State Highway 31 | McAlester | OK | Mainland Properties | (B) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
371 | 1729 Pennsylvania Avenue | Monaca | PA | Mainland Properties | (B) | ( | ( | 2/25/2022 | 1977 | |||||||||||||||||||||||||||||||||||||||||
372 | 101 North Campus Drive | Imperial | PA | Mainland Properties | (C) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
373 | 231 Theater Drive | Altoona | PA | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
374 | 700 Marine Drive | Rock Hill | SC | Mainland Properties | (B) | ( | 4/9/2019 | 1986 | ||||||||||||||||||||||||||||||||||||||||||
375 | 1990 Hood Road | Greer | SC | Mainland Properties | (B) | ( | ( | 4/9/2019 | 2015 | |||||||||||||||||||||||||||||||||||||||||
376 | 7410 Magi Drive | Hanahan | SC | Mainland Properties | (B) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||
377 | 6850 Weber Boulevard | Charleston | SC | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2018 | |||||||||||||||||||||||||||||||||||||||||
378 | 1892 Anfield Road | North Charleston | SC | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2017 | |||||||||||||||||||||||||||||||||||||||||
379 | 7409 Magi Drive | Hanahan | SC | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2004 |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||
380 | 1103 Powderhouse Road SE | Aiken | SC | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
381 | 3058 Lakemont Blvd | Ft. Mill | SC | Mainland Properties | (C) | ( | 2/25/2022 | 2008 | ||||||||||||||||||||||||||||||||||||||||||
382 | 510 John Dodd Road | Spartanburg | SC | Mainland Properties | (D) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
383 | 996 Paragon Way | Rock Hill | SC | Mainland Properties | (B) | ( | ( | 1/29/2015 | 2014 | |||||||||||||||||||||||||||||||||||||||||
384 | 5001 West Del(B) Street | Sioux Falls | SD | Mainland Properties | (B) | ( | 4/9/2019 | 2016 | ||||||||||||||||||||||||||||||||||||||||||
385 | 5025 Tuggle Road | Memphis | TN | Mainland Properties | (C) | ( | 2/25/2022 | 1994 | ||||||||||||||||||||||||||||||||||||||||||
386 | 900 Hutchinson Place | Lebanon | TN | Mainland Properties | (C) | ( | 2/25/2022 | 1993 | ||||||||||||||||||||||||||||||||||||||||||
387 | 6023 Century Oaks Drive | Chattanooga | TN | Mainland Properties | (C) | ( | 2/25/2022 | 2002 | ||||||||||||||||||||||||||||||||||||||||||
388 | 3774 Snyder Road | Kodak | TN | Mainland Properties | (C) | ( | 2/25/2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||
389 | 4836 Hickory Hill Road | Memphis | TN | Mainland Properties | (D) | ( | 12/23/2014 | 1984 | ||||||||||||||||||||||||||||||||||||||||||
390 | 2020 Joe B. Jackson Parkway | Murfreesboro | TN | Mainland Properties | (D) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
391 | 2500, 2526 and 2614 Big Town Boulevard | Mesquite | TX | Mainland Properties | 5/7/2021 | — | ||||||||||||||||||||||||||||||||||||||||||||
392 | 11501 Wilkinson Drive | El Paso | TX | Mainland Properties | (B) | ( | ( | ( | 2/25/2022 | 2005 | ||||||||||||||||||||||||||||||||||||||||
393 | 5005 Samuell Blvd. | Mesquite | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2017 | ||||||||||||||||||||||||||||||||||||||||||
394 | 2701 Texas Longhorn Way | Ft. Worth | TX | Mainland Properties | (E) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||
395 | 2000 Luna Road | Carrollton | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2008 | ||||||||||||||||||||||||||||||||||||||||||
396 | 21200 Spring Plaza Drive | Spring | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
397 | 502 West Independence Drive | Edinburg | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
398 | 800 Lindale Industrial Parkway | Lindale | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2014 | ||||||||||||||||||||||||||||||||||||||||||
399 | 685 Alliance Parkway | Hewitt | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
400 | 16211 Air Center Boulevard | Houston | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2005 | ||||||||||||||||||||||||||||||||||||||||||
401 | 246 Glasson Drive | Corpus Christi | TX | Mainland Properties | (C) | ( | 2/25/2022 | 2011 | ||||||||||||||||||||||||||||||||||||||||||
402 | 985 Kershaw Street | Ogden | UT | Mainland Properties | (B) | ( | ( | 2/25/2022 | 2019 | |||||||||||||||||||||||||||||||||||||||||
403 | 1095 South 4800 West | Salt Lake City | UT | Mainland Properties | (B) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||
404 | 8800 Studley Road | Mechanicsville | VA | Mainland Properties | (C) | ( | 2/25/2022 | 1988 | ||||||||||||||||||||||||||||||||||||||||||
405 | 1935 Blue Hills Drive | Roanoke | VA | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||
406 | 3736 Tom Andrews Road | Roanoke | VA | Mainland Properties | (C) | ( | 2/25/2022 | 1996 | ||||||||||||||||||||||||||||||||||||||||||
407 | 2300 Westmoreland Street | Richmond | VA | Mainland Properties | (C) | ( | 2/25/2022 | 2004 | ||||||||||||||||||||||||||||||||||||||||||
408 | 1122 Stony Ridge Road | Charlottesville | VA | Mainland Properties | (C) | ( | 2/25/2022 | 1998 |
Initial Cost to | Gross Amount Carried at | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company | Costs | Close of Period(4) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Buildings | Capitalized | Buildings | Original | |||||||||||||||||||||||||||||||||||||||||||||||||||||
and | Subsequent to | Impairment/ | and | Accumulated | Date | Construction | ||||||||||||||||||||||||||||||||||||||||||||||||||
Property | Location | State | Property Type | Encumbrances(1) | Land | Equipment | Acquisition | Writedowns(2) | Land | Equipment | Total(2) | Depreciation(3) | Acquired | Date | ||||||||||||||||||||||||||||||||||||||||||
409 | 1901 Meadowville Technology Parkway | Chester | VA | Mainland Properties | (D) | ( | 1/29/2015 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||||
410 | 635 Community Drive | South Burlington | VT | Mainland Properties | (C) | ( | 2/25/2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||
411 | 2000 South Walnut Street | Burlington | WA | Mainland Properties | (E) | ( | 2/25/2022 | 2015 | ||||||||||||||||||||||||||||||||||||||||||||||||
412 | 5300 International Drive | Cudahy | WI | Mainland Properties | (C) | ( | 2/25/2022 | 2001 | ||||||||||||||||||||||||||||||||||||||||||||||||
413 | 3383 Spirit Way | Green Bay | WI | Mainland Properties | (C) | ( | 2/25/2022 | 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | ( |
Encumbrance | Undepreciated Cost | ||||||||||
(A) - | $ | $ | |||||||||
(B) - | |||||||||||
(C) - | |||||||||||
(D) - | |||||||||||
(E) - | |||||||||||
$ | $ |
Real Estate | Accumulated | |||||||||||||
Properties | Depreciation | |||||||||||||
Balance at December 31, 2019 | $ | $ | ( | |||||||||||
Additions | ( | |||||||||||||
Disposals | ( | |||||||||||||
Balance at December 31, 2020 | ( | |||||||||||||
Additions | ( | |||||||||||||
Disposals | ( | |||||||||||||
Balance at December 31, 2021 | ( | |||||||||||||
Additions | ( | |||||||||||||
Disposals | ( | |||||||||||||
Impairments | ( | |||||||||||||
Balance at December 31, 2022 | $ | $ | ( |
INDUSTRIAL LOGISTICS PROPERTIES TRUST | ||||||||
By: | /s/ Yael Duffy | |||||||
Yael Duffy President and Chief Operating Officer | ||||||||
Dated: February 14, 2023 |
Signature | Title | Date | ||||||||||||||||||||||||||||||
/s/ Yael Duffy | President and Chief Operating Officer | February 14, 2023 | ||||||||||||||||||||||||||||||
Yael Duffy | ||||||||||||||||||||||||||||||||
/s/ Brian E. Donley | Chief Financial Officer and Treasurer (principal financial | February 14, 2023 | ||||||||||||||||||||||||||||||
Brian E. Donley | officer and principal accounting officer) | |||||||||||||||||||||||||||||||
/s/ Adam D. Portnoy | Managing Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Adam D. Portnoy | ||||||||||||||||||||||||||||||||
/s/ Matthew P. Jordan | Managing Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Matthew P. Jordan | ||||||||||||||||||||||||||||||||
/s/ Bruce M. Gans, M.D. | Independent Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Bruce M. Gans, M.D. | ||||||||||||||||||||||||||||||||
/s/ Lisa Harris Jones | Independent Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Lisa Harris Jones | ||||||||||||||||||||||||||||||||
/s/ Joseph L. Morea | Independent Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Joseph L. Morea | ||||||||||||||||||||||||||||||||
/s/ Kevin C. Phelan | Independent Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
Kevin C. Phelan | ||||||||||||||||||||||||||||||||
/s/ June S. Youngs | Independent Trustee | February 14, 2023 | ||||||||||||||||||||||||||||||
June S. Youngs |
Name | State of Formation, Organization or Incorporation | ||||||||||
ILPT CMBS Mezz 1 LLC | Delaware | ||||||||||
ILPT Mezz Fixed Borrower LLC | Delaware | ||||||||||
Mountain Industrial LO LLC | Delaware | ||||||||||
Mountain Industrial Member Trust | Maryland | ||||||||||
Mountain Industrial Mezz Borrower LLC | Delaware | ||||||||||
Mountain Industrial REIT LLC | Delaware |
5 | ||||||||||||||
Date: February 14, 2023 | /s/ Adam D. Portnoy | |||||||||||||
Adam D. Portnoy | ||||||||||||||
Managing Trustee |
5 | ||||||||||||||
Date: February 14, 2023 | /s/ Matthew P. Jordan | |||||||||||||
Matthew P. Jordan | ||||||||||||||
Managing Trustee |
5 | ||||||||||||||
Date: February 14, 2023 | /s/ Yael Duffy | |||||||||||||
Yael Duffy | ||||||||||||||
President and Chief Operating Officer |
5 | ||||||||||||||
Date: February 14, 2023 | /s/ Brian E. Donley | |||||||||||||
Brian E. Donley | ||||||||||||||
Chief Financial Officer and Treasurer |
9 | ||||||||
/s/ Yael Duffy | /s/ Brian E. Donley | |||||||
Yael Duffy | Brian E. Donley | |||||||
President and Chief Operating Officer | Chief Financial Officer and Treasurer | |||||||
Date: February 14, 2023 |
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Audit Information |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2020 |
|
Auditor [Abstract] | ||
Auditor Name | Deloitte & Touche LLP | |
Auditor Firm ID | 34 | |
Auditor Location | Boston, Massachusetts | Boston, Massachusetts |
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Straight line rents | $ 80,710 | $ 69,172 |
Common stock, par value per share (in usd per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 100,000,000 | 100,000,000 |
Common shares, shares issued (in shares) | 65,568,145 | 65,404,592 |
Common shares, shares outstanding (in shares) | 65,568,145 | 65,404,592 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Revenues [Abstract] | |||
Rental income | $ 388,151 | $ 219,874 | $ 254,575 |
Expenses: | |||
Real estate taxes | 50,624 | 30,134 | 35,185 |
Other operating expenses | 30,855 | 18,678 | 20,749 |
Depreciation and amortization | 160,982 | 50,598 | 70,518 |
General and administrative | 32,877 | 16,724 | 200 |
Acquisition and other transaction related costs | 586 | 1,132 | 19,580 |
Loss on impairment of real estate | 100,747 | 0 | 0 |
Total expenses | 376,671 | 117,266 | 146,232 |
Interest and other income | 2,663 | 0 | 113 |
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $96,974, $2,022, and $2,481, respectively) | (280,051) | (35,625) | (51,619) |
(Loss) gain on sale of real estate | (10) | 12,054 | 23,996 |
Loss on equity securities | (5,758) | 0 | 0 |
(Loss) gain on early extinguishment of debt | (22,198) | 0 | 120 |
(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | (293,874) | 79,037 | 80,953 |
Income tax expense | (45) | (273) | (277) |
Equity in earnings of unconsolidated joint venture | 7,078 | 40,918 | 529 |
Net (loss) income | (286,841) | 119,682 | 81,205 |
Net loss attributable to noncontrolling interest | 60,118 | 0 | 866 |
Net (loss) income attributable to common shareholders | (226,723) | 119,682 | 82,071 |
Other comprehensive income: | |||
Unrealized gain on derivatives | 30,194 | 0 | 0 |
Less: unrealized gain on derivatives attributable to noncontrolling interest | (8,291) | 0 | 0 |
Other comprehensive income attributable to common shareholders | 21,903 | 0 | 0 |
Comprehensive (loss) income attributable to common shareholders | $ (204,820) | $ 119,682 | $ 82,071 |
Weighted average common shares outstanding - basic (in shares) | 65,248 | 65,169 | 65,104 |
Weighted average common shares outstanding - diluted (in shares) | 65,248 | 65,211 | 65,114 |
Per common share data (basic and diluted): | |||
Net (loss) income attributable to common shareholders, basic (in usd per share) | $ (3.47) | $ 1.83 | $ 1.26 |
Net (loss) income attributable to common shareholders, diluted (in usd per share) | $ (3.47) | $ 1.83 | $ 1.26 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Income Statement [Abstract] | |||
Amortization of debt issuance costs, premiums and discounts | $ 96,974 | $ 2,022 | $ 2,481 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Total Equity Attributable to Common Shareholders |
Common shares |
Additional Paid In Capital |
Cumulative Net Income |
Cumulative Other Comprehensive Income |
Cumulative Common Distributions |
Total Equity Attributable to Noncontrolling nterest |
---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2019 | 65,180,628 | |||||||
Beginning balance at Dec. 31, 2019 | $ 995,690 | $ 995,690 | $ 652 | $ 999,302 | $ 142,155 | $ 0 | $ (146,419) | $ 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | 81,205 | 82,071 | 82,071 | (866) | ||||
Share grants (in shares) | 139,100 | |||||||
Share grants | 2,336 | 2,336 | $ 1 | 2,335 | ||||
Share repurchases (in shares) | (18,060) | |||||||
Share repurchases | (382) | (382) | (382) | |||||
Share forfeitures (in shares) | (580) | |||||||
Share forfeitures | (3) | (3) | (3) | |||||
Distributions to common shareholders | (86,089) | (86,089) | (86,089) | |||||
Contributions from noncontrolling interest | 107,942 | 9,567 | 9,567 | 98,375 | ||||
Distributions to noncontrolling interest | (5,479) | (5,479) | ||||||
Sale of interest in joint venture | (92,030) | (92,030) | ||||||
Ending balance (in shares) at Dec. 31, 2020 | 65,301,088 | |||||||
Ending balance at Dec. 31, 2020 | 1,003,190 | 1,003,190 | $ 653 | 1,010,819 | 224,226 | 0 | (232,508) | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | 119,682 | 119,682 | 119,682 | 0 | ||||
Share grants (in shares) | 139,800 | |||||||
Share grants | 2,332 | 2,332 | $ 1 | 2,331 | ||||
Share repurchases (in shares) | (35,596) | |||||||
Share repurchases | (922) | (922) | (922) | |||||
Share forfeitures (in shares) | (700) | |||||||
Share forfeitures | (4) | (4) | (4) | |||||
Distributions to common shareholders | (86,236) | (86,236) | (86,236) | |||||
Ending balance (in shares) at Dec. 31, 2021 | 65,404,592 | |||||||
Ending balance at Dec. 31, 2021 | 1,038,042 | 1,038,042 | $ 654 | 1,012,224 | 343,908 | 0 | (318,744) | 0 |
Increase (Decrease) in Stockholders' Equity | ||||||||
Net income (loss) | (286,841) | (226,723) | (226,723) | (60,118) | ||||
Share grants (in shares) | 197,800 | |||||||
Share grants | 2,230 | 2,230 | $ 2 | 2,228 | ||||
Share repurchases (in shares) | (32,347) | |||||||
Share repurchases | (242) | (242) | (242) | |||||
Share forfeitures (in shares) | (1,900) | |||||||
Share forfeitures | (9) | (9) | (9) | |||||
Distributions to common shareholders | (44,477) | (44,477) | (44,477) | |||||
Contributions from noncontrolling interest | 593,239 | 593,239 | ||||||
Distributions to noncontrolling interest | (1,365) | (1,365) | ||||||
Net current period other comprehensive income | 30,194 | 21,903 | 21,903 | 8,291 | ||||
Ending balance (in shares) at Dec. 31, 2022 | 65,568,145 | |||||||
Ending balance at Dec. 31, 2022 | $ 1,330,771 | $ 790,724 | $ 656 | $ 1,014,201 | $ 117,185 | $ 21,903 | $ (363,221) | $ 540,047 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||||
---|---|---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|||
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Net (loss) income | $ (286,841) | $ 119,682 | $ 81,205 | ||
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||
Depreciation | 106,236 | 32,457 | 43,821 | ||
Loss on impairment of real estate | 100,747 | 0 | 0 | ||
Net amortization of debt issuance costs, premiums and discounts | 96,974 | 2,022 | 2,481 | ||
Amortization of acquired real estate leases and assumed real estate lease obligations | 48,570 | 16,656 | 24,573 | ||
Amortization of deferred leasing costs | 1,675 | 938 | 1,357 | ||
Loss on equity securities | 5,758 | 0 | 0 | ||
Straight line rental income | (11,538) | (7,263) | (9,041) | ||
Loss (gain) on early extinguishment of debt | 22,198 | 0 | (120) | ||
Loss (gain) on sale of real estate | 10 | (12,054) | (23,996) | ||
Other non-cash expenses | 3,249 | 2,328 | 2,331 | ||
Distributions of earnings from unconsolidated joint venture | 5,282 | 2,640 | 0 | ||
Equity in earnings of unconsolidated joint venture | (7,078) | (40,918) | (529) | ||
Change in assets and liabilities: | |||||
Rents receivable | (19,596) | 54 | (2,907) | ||
Deferred leasing costs | (9,599) | (4,694) | (2,443) | ||
Due from related persons | 0 | 2,665 | (3,871) | ||
Other assets | 12,267 | (3,434) | (1,068) | ||
Accounts payable and other liabilities | 3,034 | 2,525 | 2,613 | ||
Rents collected in advance | 7,878 | 583 | 279 | ||
Security deposits | 1,385 | (3,443) | 12 | ||
Due to related persons | 2,640 | (94) | (133) | ||
Net cash provided by operating activities | 83,251 | 110,650 | 114,564 | ||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Real estate acquisitions | (3,589,389) | (134,730) | (115,813) | ||
Real estate improvements | (17,732) | (4,911) | (5,857) | ||
Proceeds from sale of marketable securities | 140,792 | 0 | 0 | ||
Distributions in excess of earnings from unconsolidated joint venture | 20,460 | 0 | 0 | ||
Proceeds from sale of properties to joint venture, net | 0 | 160,506 | 0 | ||
Proceeds from sale of real estate | 0 | 1,206 | 10,578 | ||
Proceeds from sale of joint venture | 0 | 804 | 106,283 | ||
Distributions in excess of earnings from Affiliates Insurance Company | 0 | 0 | 287 | ||
Net cash (used in) provided by investing activities | (3,445,869) | 22,875 | (4,522) | ||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from issuance of mortgage notes payable | 3,335,000 | 0 | 0 | ||
Repayment of mortgage notes payable | (18,070) | 0 | (48,750) | ||
Proceeds from secured bridge loan facility | 1,385,158 | 0 | 0 | ||
Repayment of secured bridge loan facility | (1,385,158) | 0 | 0 | ||
Borrowings under revolving credit facility | 3,000 | 301,000 | 234,000 | ||
Repayments of revolving credit facility | (185,000) | (340,000) | (323,000) | ||
Payment of debt issuance costs | (211,996) | (804) | 0 | ||
Proceeds from sale of interest rate cap | 7,740 | 0 | 0 | ||
Distributions to common shareholders | (44,477) | (86,236) | (86,089) | ||
Proceeds from noncontrolling interest, net | 589,411 | 0 | 107,942 | ||
Repurchase of common shares | (242) | (922) | (382) | ||
Distributions to noncontrolling interest | (1,365) | 0 | (5,479) | ||
Net cash provided by (used in) financing activities | 3,474,001 | (126,962) | (121,758) | ||
Increase (decrease) in cash, cash equivalents and restricted cash | 111,383 | 6,563 | (11,716) | ||
Cash, cash equivalents and restricted cash at beginning of period | 29,397 | 22,834 | 34,550 | ||
Cash, cash equivalents and restricted cash at end of period | 140,780 | 29,397 | 22,834 | ||
SUPPLEMENTAL DISCLOSURES: | |||||
Interest paid | 178,842 | 33,278 | 50,433 | ||
Income taxes paid | 228 | 485 | 209 | ||
Interest capitalized | 180 | 0 | 0 | ||
NON-CASH INVESTING ACTIVITIES: | |||||
Real estate, net | 0 | 0 | (631,879) | ||
Mortgage notes, net | 0 | 0 | 403,160 | ||
Real estate acquired by assumption of mortgage notes payable | 323,432 | 0 | 0 | ||
Real estate improvements accrued not paid | 2,507 | 705 | 629 | ||
NON-CASH FINANCING ACTIVITIES: | |||||
Assumption of mortgage notes payable | (323,432) | 0 | 0 | ||
SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH: | |||||
Cash and cash equivalents | 48,261 | 29,397 | 22,834 | ||
Restricted cash | [1] | 92,519 | 0 | 0 | |
Total cash, cash equivalents and restricted cash shown in the statements of cash flows | $ 140,780 | $ 29,397 | $ 22,834 | ||
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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) |
Dec. 31, 2022 |
Feb. 25, 2022 |
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Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE | ||
Ownership interest | 61.00% | 61.00% |
Organization |
12 Months Ended |
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Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization Industrial Logistics Properties Trust, or, collectively with its consolidated subsidiaries, we, us or our, is a real estate investment trust, or REIT, organized under Maryland law on September 15, 2017. As of December 31, 2022, our portfolio was comprised of 413 consolidated properties containing approximately 59,983,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties and 187 properties containing approximately 43,254,000 rentable square feet of industrial properties located in 38 other states, or our Mainland Properties, which included 94 properties owned by a consolidated joint venture in which we own a 61% equity interest. As of December 31, 2022, we also owned a 22% equity interest in an unconsolidated joint venture that owns 18 properties located in 12 states in the mainland United States containing approximately 11,726,000 rentable square feet.
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Summary of Significant Accounting Policies |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. On February 25, 2022, we acquired Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger, as further described below. In connection with the Merger, we entered into a new joint venture arrangement for 95 of the acquired MNR properties, including two then committed, but not yet then completed, property acquisitions, located in the mainland United States, in which we retained a 61% equity interest. 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 generally ranging from 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. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable. We allocate a portion of the purchase price to acquire in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. If the value of tenant relationships becomes material in the future, we may separately allocate those amounts and amortize the allocated amount over the estimated life of the relationships. We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. Such amortization resulted in increases in rental income of $4,544, $781 and $791 during the years ended December 31, 2022, 2021 and 2020, respectively. We amortize the value of acquired in place leases (included in acquired real estate leases in our consolidated balance sheets), exclusive of the value of above market and below market acquired in place leases, or lease origination value, over the terms of the associated leases. Such amortization, which is included in depreciation and amortization expense, totaled $53,113, $17,437 and $25,364 during the years ended December 31, 2022, 2021 and 2020, respectively. If a lease is terminated prior to its stated expiration, we write off the unamortized amounts relating to that lease. As of December 31, 2022 and 2021, our acquired real estate leases and assumed real estate lease obligations were as follows:
As of December 31, 2022, the weighted average amortization periods for capitalized above market lease values, lease origination value and capitalized below market lease values were 9.4 years, 7.8 years, and 7.2 years, respectively. Future amortization of net intangible acquired real estate lease assets and liabilities to be recognized over the current terms of the associated leases as of December 31, 2022 are estimated to be $52,698 in 2023, $43,248 in 2024, $34,950 in 2025, $28,506 in 2026, $25,962 in 2027 and $89,558 thereafter. We recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of both December 31, 2022 and 2021, accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our consolidated balance sheets. 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). Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. 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. Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgaged properties and cash held for the operations of our consolidated joint venture in which we own a 61% equity interest. Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). Deferred leasing costs totaled $22,371 and $12,918 at December 31, 2022 and 2021, respectively, and accumulated amortization of deferred leasing costs totaled $4,366 and $4,035 at December 31, 2022 and 2021, respectively. Future amortization of deferred leasing costs to be recognized during the current terms of our existing leases as of December 31, 2022, are estimated to be $2,199 in 2023, $2,156 in 2024, 1,926 in 2025, $1,786 in 2026, $1,723 in 2027 and $8,215 thereafter. Deferred leasing costs are included in other assets, net in our consolidated balance sheets. Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. As of December 31, 2021, we had debt issuance costs for our revolving credit facility, which we repaid and terminated in February 2022, totaling $6,711 and accumulated amortization of debt issuance costs of $5,907. Debt issuance costs for our revolving credit facility were included in other assets, net in our consolidated balance sheets. Debt issuance costs, net of accumulated amortization, for our mortgage notes payable are presented as a direct deduction from the associated debt liability in our consolidated balance sheets. As of December 31, 2022 and 2021, we had debt issuance costs, net of accumulated amortization, of $45,862 and $3,876, respectively, for certain of our mortgage notes payable. Future amortization of debt issuance costs to be recognized with respect to our mortgage notes payable as of December 31, 2022 are estimated to be $27,233 in 2023, $12,245 in 2024, $1,122 in 2025, $1,122 in 2026, $1,122 in 2027 and $3,019 thereafter. Derivative Instruments and Hedging Activities. 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. Partially Owned Entities. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee. Equity Method Investments. We own a 22% equity interest in an unconsolidated joint venture which owns 18 properties. The properties owned by the unconsolidated joint venture are encumbered by an aggregate $503,980 of mortgage debts. We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option. See Notes 3, 5, 6, 9, 10 and 11 for more information regarding our joint ventures. Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide 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 because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. 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 United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. Right of Use Asset and Lease Liability. In connection with our acquisition of MNR, we assumed the lease for MNR’s former corporate headquarters, which expires on December 31, 2029, or the MNR lease, and three of the properties we acquired as part of the MNR acquisition were subject to ground leases under which we are the lessee. For leases under which we are the lessee, we are required to record a right of use asset and lease liability for all leases with a term greater than 12 months. As of December 31, 2022, the values of the right of use asset and related liability representing our future obligations under the lease arrangements under which we are the lessee were $5,084 and $5,149, respectively. The right of use asset and related lease liability are included in , net and accounts payable and , respectively, in our consolidated balance sheets. We have a sublease for a portion of the MNR lease that expires on December 30, 2029. Rent expense incurred under the MNR lease, net of sublease revenue, was $231 for the year ended December 31, 2022. Rent expense is included in general and administrative expense in our consolidated statements of comprehensive income (loss). 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. Cumulative Other Comprehensive Income (Loss). Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our equity method investees. Net Income (Loss) Per Common Share. We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate diluted net income (loss) per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share. Noncontrolling Interests. Noncontrolling interests represent the share of our consolidated joint venture owned by a third party. We recognize the noncontrolling holder’s share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of our consolidated joint venture. We allocate net income (loss) to noncontrolling interests based on ownership interest during the period. The net income (loss) that is not attributable to us is reflected in the line item net loss attributable to noncontrolling interest. We do not recognize a gain or loss on transactions with the consolidated entity in which we do not own 100% of the equity and recognize the difference between the carrying amount of the noncontrolling interest and the consideration paid or received as additional paid-in-capital. Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentations.
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Real Estate Investments |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Real Estate Investments | Real Estate Investments As of December 31, 2022, our portfolio was comprised of 413 consolidated properties containing approximately 59,983,000 rentable square feet, including our Hawaii Properties and our Mainland Properties, which included 94 properties owned by a consolidated joint venture in which we own a 61% equity interest. As of December 31, 2022, we also owned a 22% equity interest in an unconsolidated joint venture which owns 18 properties located in 12 states in the mainland United States totaling approximately 11,726,000 rentable square feet that were 100% leased. We incurred capital expenditures at certain of our properties of $30,331 and $10,211 during the years ended December 31, 2022 and 2021, respectively. During the year ended December 31, 2022, we committed $20,334 for expenditures related to tenant improvements and leasing costs for leases executed during the period for approximately 7,580,000 square feet. Committed, but unspent tenant related obligations based on existing leases as of December 31, 2022, were $25,547, of which $9,706 is expected to be spent during the next 12 months. 2022 Acquisitions: On February 25, 2022, we completed the acquisition of MNR pursuant to the Agreement and Plan of Merger, dated as of November 5, 2021 and as amended on February 7, 2022, or the Merger Agreement, by and among us, Maple Delaware Merger Sub LLC, a Delaware limited liability company and our wholly owned subsidiary, or Merger Sub, and MNR. At the effective time on February 25, 2022, or the Effective Time, MNR merged with and into Merger Sub, with Merger Sub continuing as the surviving entity, and the separate existence of MNR ceased. MNR’s portfolio included 124 Class A, single tenant, net leased, e-commerce focused industrial properties containing approximately 25,745,000 rentable square feet and two then committed, but not yet then completed, property acquisitions. The aggregate value of the consideration paid in the Merger was $3,739,048, including the assumption of $323,432 aggregate principal amount of former MNR mortgage debt, the repayment of $885,269 of MNR debt and the payment of certain transaction fees and expenses, net of MNR’s cash on hand, and excluding two then pending property acquisitions for an aggregate purchase price of $78,843, excluding acquisition related costs. Pursuant to the terms set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $0.01 per share, of MNR that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive $21.00 per share in cash, or the Common Stock Consideration, and each share of 6.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share, of MNR, that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive an amount in cash equal to $25.00 plus accumulated and unpaid dividends. At the Effective Time, each MNR stock option and restricted stock award outstanding immediately prior to the Effective Time, whether vested or unvested, became fully vested and converted into the right to receive, in the case of stock options, the difference between the Common Stock Consideration and the exercise price and, in the case of restricted stock awards, the Common Stock Consideration. Any out-of-money stock options were canceled for no consideration. Immediately following the closing of the Merger, we entered into a joint venture arrangement with an institutional investor for 95 MNR properties in 27 states, including two then committed, but not yet then completed, property acquisitions. The investor acquired a 39% equity interest in the joint venture from us for $589,411, as of the completion of this transaction, and we retained the remaining 61% equity interest in the joint venture. In connection with the transaction, the joint venture assumed $323,432 aggregate principal amount of former MNR mortgage debt secured by 11 properties and entered into a $1,400,000 interest only floating rate CMBS loan secured by 82 properties, or the Floating Rate Loan. The Floating Rate Loan matures in March 2024, subject to three one year extension options, and requires that interest be paid at an annual rate based on the secured overnight financing rate, or SOFR, plus a premium of 2.77%. See Notes 5, 6, 10 and 11 for more information regarding this joint venture and related loans. In connection with the closing of the Merger, we entered into a $1,385,158 interest only bridge loan facility secured by 109 of our properties, or the Bridge Loan. We also entered into a $700,000 interest only fixed rate CMBS loan secured by 17 of our properties, or the Fixed Rate Loan. The Bridge Loan was scheduled to mature in February 2023 and required that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.92%. We repaid the Bridge Loan in full on September 22, 2022. The Fixed Rate Loan matures in March 2032 and requires that interest be paid at a weighted average annual interest rate of 4.42%. The Floating Rate Loan, the Bridge Loan and the Fixed Rate Loan are collectively referred to as the Loans. See Note 5 for more information regarding the Loans. We used the proceeds from our sale of the equity interest in our joint venture in which we retained a 61% equity interest to partially fund our acquisition of MNR. We funded our equity interest in that joint venture and the balance of the acquisition of MNR with proceeds from the Bridge Loan and the Fixed Rate Loan. In connection with the Merger and the Loans, we repaid the outstanding principal balance under our $750,000 unsecured revolving credit facility and then terminated the agreement governing the facility, which was scheduled to expire in June 2022, in accordance with its terms and without penalty. We accounted for the Merger as an acquisition of assets. The following table summarizes the purchase price allocation for the Merger:
(1)As of the date of acquisition, the weighted average amortization periods for the above market lease values, lease origination value and capitalized below market lease values were 11.1 years, 8.5 years and 7.8 years, respectively. (2)As part of the Merger, we acquired a portfolio of marketable securities and classified them as available for sale. During the year ended December 31, 2022, we sold all of these securities with a cost of $146,550 for net proceeds of $140,792, resulting in a $5,758 realized loss on sale of equity securities for the year ended December 31, 2022. In July 2022, our consolidated joint venture acquired a property located in Augusta, Georgia containing 226,000 rentable square feet for a purchase price of approximately $38,053, including acquisition related costs of $53. This property is 100% leased to a single tenant with a remaining lease term of approximately 14.9 years at the time of acquisition. We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows:
This property was one of two committed MNR property acquisitions at the time of the Merger and was acquired directly by our consolidated joint venture. In September 2022, our consolidated joint venture terminated the agreement for the other committed MNR property acquisition. 2021 Acquisitions: During the year ended December 31, 2021, we acquired four industrial properties and one parcel of developable land containing 1,644,508 rentable square feet for an aggregate purchase price of $134,730, including acquisition related costs of $1,030. These acquisitions were accounted for as acquisitions of assets. We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows:
2020 Acquisitions: During the year ended December 31, 2020, we acquired two industrial properties containing a combined 1,465,846 rentable square feet for an aggregate purchase price of $115,813, including acquisition related costs of $332. These acquisitions were accounted for as acquisitions of assets. We allocated the purchase prices for these acquisitions based on the estimated fair value of the acquired assets and assumed liabilities as follows:
2021 Disposition: As a result of an eminent domain taking in September 2021, we sold a portion of a land parcel located in Rock Hill, South Carolina for $1,400, excluding closing costs, resulting in a net gain on sale of real estate of $940. 2020 Disposition: During the year ended December 31, 2020, we sold one property located in Virginia containing approximately 308,000 rentable square feet for a sales price of $10,775, excluding closing costs. The sale of this property, as presented in the table below, did not represent a significant disposition or a strategic shift. As a result, the results of operations of this property was included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).
(1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs. Joint Venture Activities: As of December 31, 2022, we had equity investments in our joint ventures that consist of the following:
Consolidated Joint Venture - Mountain Industrial REIT LLC: As noted above, we entered into a joint venture arrangement immediately following the closing of the Merger and we control this joint venture and therefore account for the properties owned by this joint venture on a consolidated basis in our consolidated financial statements. We recognized a 39% noncontrolling interest in our consolidated financial statements for the year ended December 31, 2022. The portion of this joint venture's net loss not attributable to us, or $60,067, for the year ended December 31, 2022, is reported as noncontrolling interest in our consolidated statements of comprehensive income (loss). During the year ended December 31, 2022, this joint venture made aggregate cash distributions of $1,365 to the other joint venture investor, which is reflected as a decrease in total equity attributable to noncontrolling interest in our consolidated balance sheets. As of December 31, 2022, this joint venture had total assets of $3,100,448 and total liabilities of $1,725,397. Consolidated Tenancy in Common: An unrelated third party owns an approximate 33% tenancy in common interest in one of the properties we acquired as part of the MNR acquisition located in Somerset, New Jersey, and we own the remaining 67% tenancy in common interest in this property. The portion of this property’s net loss not attributable to us, or $51, for the year ended December 31, 2022, is reported as noncontrolling interest in our consolidated statements of comprehensive income (loss). Unconsolidated Joint Venture - The Industrial Fund REIT LLC: As of December 31, 2022 and 2021, we also owned a 22% equity interest in an unconsolidated joint venture with 18 properties in 12 states. We account for the unconsolidated joint venture under the equity method of accounting under the fair value option. We recorded a change in the fair value of our investment in the unconsolidated joint venture of $7,078 and $40,918 for the years ended December 31, 2022 and 2021, respectively, as equity in earnings of unconsolidated joint venture in our consolidated statements of comprehensive income (loss). In addition, the unconsolidated joint venture made aggregate cash distributions to us of $25,742 and $2,640 during the year ended December 31, 2022 and 2021, respectively. Until November 2020, we owned a majority equity interest in our current unconsolidated joint venture and we consolidated that joint venture until November 2020, when we sold an additional 39% equity interest in that joint venture and reduced our equity interest to 22%. The portion of that joint venture's net loss not attributable to us, or $866 for the year ended December 31, 2020, is reported as noncontrolling interest in our consolidated statements of comprehensive income (loss). During the year ended December 31, 2020, the joint venture made aggregate cash distributions of $14,049, including $5,479 to the other joint venture investor, which was reflected as a decrease in total equity attributable to noncontrolling interest and $8,570 to us. We determined that, while we owned a 61% equity interest in this joint venture, this joint venture was a VIE as defined under the Consolidation Topic of the FASB ASC. We concluded that we must consolidate this VIE, and we did so, until we sold an additional 39% equity interest in the joint venture in November 2020. We reached this determination because we were the entity with the power to direct the activities that most significantly impacted the VIE's economic performance and we had the obligation to absorb losses of, and the right to receive benefits from, the VIE that could be significant to the VIE, and therefore were the primary beneficiary of the VIE. The joint venture investor's interest in this consolidated entity was reflected as noncontrolling interest in our consolidated financial statements. See Notes 2, 5, 6, 9, 10 and 11 for more information regarding these joint ventures
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Leases | Leases Rental income from operating leases, including payments derived by index or market-based indices, is recognized on a straight line basis over the lease term when we have determined that the collectability of substantially all of the lease payments is probable. We increased rental income by $11,538, $7,263 and $9,041 to record revenue on a straight line basis during the years ended December 31, 2022, 2021 and 2020, respectively. 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 $63,168, $38,732 and $45,858 for the years ended December 31, 2022, 2021 and 2020, respectively. The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2022:
Tenant Concentration Subsidiaries of FedEx Corporation, or FedEx, accounted for 28.0% of our rental income as of December 31, 2022. FedEx accounted for $108,704, $10,894 and $10,752 of our rental income for the years ended December 31, 2022, 2021 and 2020, respectively. In addition, subsidiaries of Amazon.com, Inc. accounted for 7.1% of our rental income as of December 31, 2022. Amazon.com, Inc. accounted for $27,382, $21,440 and $38,241 of our rental income for the years ended December 31, 2022, 2021 and 2020, respectively. Geographic Concentration For the years ended December 31, 2022, 2021 and 2020, approximately 29.7%, 50.6% and 42.2%, respectively, of our rental income was from our Hawaii Properties.
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Indebtedness | Indebtedness As of December 31, 2022 and 2021, our outstanding indebtedness consisted of the following:
(1)The principal balances are the amounts stated in contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (2)In February 2022, we repaid the outstanding principal balance under our $750,000 unsecured revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty. (3)This loan matures in October 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93%. We also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25%. (4)Mountain JV is Mountain Industrial REIT LLC, our consolidated joint venture, in which we own a 61% equity interest. For more information regarding this joint venture, see Notes 2, 3, 6, 9, 10 and 11. (5)This loan matures in March 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. We also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The following table provides a summary of the mortgage debts of the unconsolidated joint venture:
(1)Amounts are not adjusted for our minority interest; none of the debt is recourse to us. (2)Includes the effect of mark to market purchase accounting. As of December 31, 2021, we had a $750,000 unsecured revolving credit facility that was available for our general business purposes, including acquisitions. The maturity date of this revolving credit facility was June 29, 2022 and we had an option to extend the maturity date for one, six month period, subject to payment of extension fees and satisfaction of other conditions. As of December 31, 2021, the annual interest rate payable on borrowings under this revolving credit facility was 1.41%. The weighted average annual interest rate for borrowings under this revolving credit facility was 1.41%, for the period from January 1, 2022 to February 25, 2022, and 1.44% and 2.36% for the years ended December 31, 2021 and 2020, respectively. In connection with the closing of the Merger, we entered into the Loans, and repaid the outstanding principal balance under this revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty. During the year ended December 31, 2022, we recorded a $828 loss on early extinguishment of debt to write off unamortized costs related to this facility. On February 25, 2022, subsidiaries of our consolidated joint venture entered into a loan agreement with a group of institutional lenders, or the Floating Rate Lenders, pursuant to which this joint venture obtained the Floating Rate Loan. Also on February 25, 2022, our consolidated joint venture entered into a guaranty in favor of the Floating Rate Lenders, pursuant to which this joint venture guaranteed certain limited recourse obligations of its subsidiaries with respect to the Floating Rate Loan. The Floating Rate Loan matures in March 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.25%. Effective in March 2022, the Floating Rate Lenders exercised their option to increase the premium in connection with the securitization of the Floating Rate Loan, resulting in an increase of 51.5 basis points in the premium. We also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The weighted average annual interest rate payable under the Floating Rate Loan was 6.17% as of both December 31, 2022 and February 9, 2023, and was 6.10% for the period from February 25, 2022 to December 31, 2022. Also on February 25, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the Bridge Lenders, and a mezzanine loan agreement with an institutional lender, or the Bridge Mezz Lender, together pursuant to which we obtained the Bridge Loan. Also on February 25, 2022, we entered into a guaranty in favor of the Bridge Lenders and the Bridge Mezz Lender, pursuant to which we guaranteed certain limited recourse obligations of its subsidiaries with respect to the Bridge Loan. The Bridge Loan was scheduled to mature in February 2023 and required that interest only be paid at an annual rate of SOFR plus a premium of 1.75% under the loan agreement and a premium of 8.0% under the mezzanine loan agreement. We also purchased an interest rate cap with a SOFR strike rate equal to 2.70%. We repaid the Bridge Loan in full on September 22, 2022 with cash on hand and proceeds from our $1,235,000 floating rate loan, which is further described below. During the year ended December 31, 2022, we recorded a $21,370 loss on early extinguishment of debt to write off unamortized costs related to the Bridge Loan and related interest rate cap. The weighted average annual interest rate payable under the Bridge Loan was 4.24% for the period from February 25, 2022 to September 22, 2022. Also on February 25, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the Fixed Rate Lenders, and mezzanine loan agreements with a separate group of institutional lenders, or the Fixed Mezz Lenders, pursuant to which we obtained the Fixed Rate Loan. Also on February 25, 2022, we entered into a guaranty in favor of the Fixed Rate Lenders and the Fixed Mezz Lenders, pursuant to which we guaranteed certain limited recourse obligations of our subsidiaries with respect to the Fixed Rate Loan. The interest only Fixed Rate Loan matures in March 2032 and requires that interest be paid at a weighted average annual fixed rate of 4.42%. We used the aggregate net proceeds from the Loans to partially fund the acquisition of MNR. Principal payments on the Floating Rate Loan and Fixed Rate Loan are not required prior to the end of their respective initial terms, subject to certain conditions set forth in the applicable loan agreement. Subject to the satisfaction of certain conditions, we have the option under the applicable loan agreement: (1) to prepay up to $280,000 of the Floating Rate Loan after March 2023, at par with no premium, and to prepay the balance of the Floating Rate Loan at any time, subject to a premium; and (2) to prepay the Fixed Rate Loan in full or part at any time, subject to a premium, and beginning in September 2031, without a premium. On September 22, 2022, certain of our subsidiaries entered into a loan agreement with a group of institutional lenders, or the ILPT Floating Rate Lenders, and a mezzanine loan agreement with a separate group of institutional lenders, or the ILPT Floating Rate Mezz Lenders, pursuant to which we obtained the ILPT Floating Rate Loan, secured by 104 of our properties. The ILPT Floating Rate Loan is comprised of a $1,100,000 mortgage loan and a $135,000 mezzanine loan. Also, on September 22, 2022, we entered into a guaranty in favor of the ILPT Floating Rate Lenders and the ILPT Floating Rate Mezz Lenders, pursuant to which we guaranteed certain limited recourse obligations of our subsidiaries with respect to the ILPT Floating Rate Loan. The interest only ILPT Floating Rate Loan matures on October 9, 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR, which is capped at an annual rate of 2.25% for the initial term of the ILPT Floating Rate Loan, plus a weighted average premium of 3.93%. Subject to the satisfaction of certain conditions, we have the option: (1) to prepay up to $247,000 of the ILPT Floating Rate Loan at par with no premium; and (2) to prepay the balance of the ILPT Floating Rate Loan in full or in part at any time, subject to a premium, and beginning in October 2023, without a premium. The weighted average interest rate payable under the ILPT Floating Rate Loan was 6.18% as of both December 31, 2022 and February 9, 2023 and for the period from September 22, 2022 to December 31, 2022. The agreements governing the Floating Rate Loan, Fixed Rate Loan and the ILPT Floating Rate Loan contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. In May 2020, we prepaid, at par plus accrued interest, a mortgage note secured by one of our properties with an outstanding principal balance of approximately $48,750, an annual interest rate of 3.48% and a maturity date in November 2020. As a result of the prepayment of this mortgage note, we recorded a gain on early extinguishment of debt of $120 for the year ended December 31, 2020 to write off unamortized premiums. The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2022 are as follows:
(1)Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs of $45,862, was $4,244,501.
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Fair Value of Assets and Liabilities |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities Our financial instruments include cash and cash equivalents, restricted cash, rents receivable, the Floating Rate Loan, the ILPT Floating Rate Loan, the Fixed Rate Loan, mortgage notes payable, accounts payable, rents collected in advance, interest rate caps, security deposits and amounts due from or to related persons. At December 31, 2022 and 2021, the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
(1)Includes unamortized debt issuance costs, premiums and discounts of $8,627 and $3,876 as of December 31, 2022 and 2021, respectively. We estimate the fair value of our mortgage notes payable using discounted cash flow analyses and current prevailing market rates as of the measurement date (Level 3 inputs). As Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value. The table below presents certain of our assets measured on a recurring and non-recurring basis at fair value at December 31, 2022 and 2021, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
(1)We own a 22% equity interest in a joint venture that owns 18 properties and is included in investment in unconsolidated joint venture in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value are discount rates of between 5.25% and 7.00%, exit capitalization rates of between 4.75% and 6.00%, direct capitalization rates of between 5.25% and 7.00%, holding periods of approximately 10 years and market rents. Our assumptions are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Notes 2, 3, 5, 9, 10 and 11 for more information regarding our joint ventures. (2)Our derivative assets are carried at fair value as required by GAAP. The estimated fair values of the derivative assets are based on current market prices in secondary markets for similar derivative contracts, (Level 2 inputs). See Notes 5 and 11 for more information regarding our derivatives and hedging activities. (3)We recorded a loss on impairment of real estate of $100,747 to reduce the carrying value of 25 properties in our consolidated balance sheet to their estimated fair value, based on third party offers (Level 3 inputs as defined in the fair value hierarchy under GAAP), due to a change in plans to sell and the reclassification of those properties from held for sale to held and used. See Notes 2 and 3 for more information regarding our investing and financing activities, including our acquisition of MNR.
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Shareholders' Equity |
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Share-Based Payment Arrangement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shareholders' Equity | Shareholders’ Equity Common Share Awards: We have common shares available for issuance under the terms of our 2018 Equity Compensation Plan, or the 2018 Plan. During the years ended December 31, 2022, 2021 and 2020, we awarded to our officers and other employees of The RMR Group LLC, or RMR, annual share awards of 173,300, 118,800 and 108,600 of our common shares, respectively, valued at $1,184, $3,086 and $2,460, in aggregate, respectively. In accordance with our Trustee compensation arrangements, we awarded each of our then Trustees 3,500 of our common shares with an aggregate value of $369 ($53 per Trustee), 3,500 of our common shares with an aggregate value of $538 ($90 per Trustee) and 3,500 of our common shares with an aggregate value of $460 ($66 per Trustee) during the years ended December 31, 2022, 2021 and 2020, respectively, as part of their annual compensation. Also in 2020, in connection with the election of two of our then Trustees, we awarded 3,000 of our common shares to each such Trustee with an aggregate value of $141 ($71 per Trustee) as part of their annual compensation. The values of the share awards were based upon the closing price of our common shares trading on The Nasdaq Stock Market LLC, or Nasdaq, on the dates of awards. 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. We 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, 2022, 2021 and 2020 is as follows:
The 260,800 unvested shares as of December 31, 2022 are scheduled to vest as follows: 93,780 shares in 2023, 75,240 shares in 2024, 57,120 shares in 2025 and 34,660 in 2026. As of December 31, 2022, the estimated future compensation expense for the unvested shares was approximately $3,400. The weighted average period over which the compensation expense will be recorded is approximately 23 months. During the years ended December 31, 2022, 2021 and 2020, we recorded $2,221, $2,329 and $2,331 respectively, of compensation expense related to the 2018 Plan. At December 31, 2022, 3,431,855 common shares remain available for issuance under the 2018 Plan. Common Share Purchases: During the years ended December 31, 2022, 2021 and 2020, we purchased an aggregate of 32,347, 35,596 and 18,060 of our common shares, respectively, at weighted average prices of $7.50, $25.91 and $21.16 per common share, respectively, from certain of our Trustees and certain current and former officers and employees of RMR in satisfaction of tax withholding and payment obligations in connection with the vesting of awards of our common shares. Distributions: During the years ended December 31, 2022, 2021 and 2020, we paid distributions on our common shares as follows:
On January 12, 2023, we declared a regular quarterly distribution of $0.01 per common share, or approximately $656, to our common shareholders of record on January 23, 2023. We expect to pay this distribution to our shareholders on or about February 16, 2023.
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Per Common Shares Amounts |
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Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Per Common Shares Amounts | Per Common Share Amounts We calculate basic earnings per common share by dividing net income (loss) attributable to common shareholders by the weighted average number of our common shares outstanding during the period. We calculate 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:
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Business and Property Management Agreements with RMR |
12 Months Ended |
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Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Business and Property Management Agreements with RMR | Business and Property Management Agreements with RMR We have no employees. The personnel and various services we require to operate our business are provided to us by RMR. We have two agreements with RMR to provide management services to us: (1) a business management agreement, which relates to our business generally; and (2) a property management agreement, which relates to our property level operations. Management Agreements with RMR. Our management agreements with RMR provide for an annual base management fee, an annual incentive management fee and property management and construction supervision fees, payable in cash, among other terms: •Base Management Fee. The annual base management fee payable to RMR by us for each applicable period is equal to the lesser of: ◦the sum of (i) 0.5% of the average aggregate historical cost of the real estate assets acquired from a REIT to which RMR provided business management or property management services, or the Transferred Assets, plus (ii) 0.7% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets up to $250,000, plus (iii) 0.5% of the average aggregate historical cost of our real estate investments excluding the Transferred Assets exceeding $250,000; and ◦the sum of (i) 0.7% of the average closing price per share of our common shares on the stock exchange on which such shares are principally traded during such period, multiplied by the average number of our common shares outstanding during such period, plus the daily weighted average of the aggregate liquidation preference of each class of our preferred shares outstanding during such period, plus the daily weighted average of the aggregate principal amount of our consolidated indebtedness during such period, or, together, our Average Market Capitalization, up to $250,000, plus (ii) 0.5% of our Average Market Capitalization exceeding $250,000. The average aggregate historical cost of our real estate investments includes our consolidated assets invested, directly or indirectly, in equity interests in or loans secured by real estate and personal property owned in connection with such real estate (including acquisition related costs and costs which may be allocated to intangibles or are unallocated), all before reserves for depreciation, amortization, impairment charges or bad debts or other similar non-cash reserves. •Incentive Management Fee. The incentive management fee which may be earned by RMR for an annual period is calculated as follows: ◦An amount, subject to a cap, based on the value of our common shares outstanding, equal to 12.0% of the product of: –if the relevant measurement period ends on or before December 31, 2020, $1,560,000 (our unadjusted equity market capitalization as calculated at our initial public offering, or our IPO) or, if the relevant measurement period ends thereafter, our equity market capitalization on the last trading day of the calendar year immediately prior to the relevant measurement period, and –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 benchmark index for periods on and after August 1, 2021, and the SNL U.S. REIT Industrial Index is the benchmark index for periods prior to August 1, 2021. For purposes of the total return per share of our common shareholders, share price appreciation for a measurement period is determined by subtracting (i) if the measurement period ends on or before December 31, 2020, $24.00 per common share (our unadjusted initial share price, as defined under the business management agreement, based on our IPO price of our common shares) or, if the measurement period ends after December 31, 2020, the closing price of our common shares on Nasdaq on the last trading day of the year immediately before the first year of the applicable measurement period from (ii) the average closing price of our common shares on the 10 consecutive trading days having the highest average closing prices during the final 30 trading days in the last year of the measurement period. ◦The calculation of the incentive management fee (including the determinations of our equity market capitalization, initial share price and the total return per share of our common shareholders) is subject to adjustments if we issue or repurchase our common shares, or our common shares are forfeited, during the measurement period. ◦No incentive management fee is payable by us unless our total return per share during the measurement period is positive. ◦The measurement periods are generally year periods ending with the year for which the incentive management fee is being calculated, with a shorter period applicable in the case of the calculation of the incentive fee for 2020 (the period beginning on January 12, 2018, the first day our common shares began trading, and ending on December 31, 2020). ◦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. Pursuant to our business management agreement with RMR, we recognized net business management fees of $23,701, $10,562 and $12,983 for the years ended December 31, 2022, 2021 and 2020. The net business management fees we recognized for the year ended December 31, 2020 include $1,005 of management fees paid to RMR by our joint venture that was a consolidated subsidiary of ours until November 2020. See Notes 2, 3, 5, 6, 10 and 11 for further information regarding this joint venture. The net business management fees we recognized are included in general and administrative expenses in our consolidated statements of comprehensive income (loss) for the years ended December 31, 2022, 2021 and 2020. We did not incur any incentive management fee pursuant to our business management agreement for the years ended December 31, 2022, 2021 and 2020. •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. Pursuant to our property management agreement with RMR, we recognized aggregate property management and construction supervision fees of $11,916, $6,606 and $7,472 for the years ended December 31, 2022, 2021 and 2020, respectively. For the years ended December 31, 2022, 2021 and 2020, $11,058, $6,395 and $7,267, respectively, of the total net property management and construction supervision fees were expensed to other operating expenses in our consolidated statements of comprehensive income (loss) and $858, $211 and $205, respectively, were capitalized as building improvements in our consolidated balance sheets. The amounts capitalized are being depreciated over the estimated useful lives of the related capital assets. •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. We reimbursed RMR $6,785, $4,786 and $4,948 for these expenses and costs for the years ended December 31, 2022, 2021 and 2020, respectively. These amounts are included in other operating expenses and general and administrative expenses, as applicable, for these periods. •Term. Our management agreements with RMR have terms that end on December 31, 2042, 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. Management Agreements Between Our Joint Ventures and RMR. We have two separate joint venture arrangements. As described further in Notes 2, 3, 5, 6, 10 and 11, one of these joint ventures is with two, third party institutional investors. This joint venture owns 18 properties, and we own a 22% equity interest in this joint venture. We entered into this joint venture in February 2020. The other joint venture we entered into in connection with the Merger is with one, third party institutional investor. This joint venture owns 94 properties. We own a 61% equity interest in this joint venture, and the other joint venture investor acquired a 39% equity interest in the joint venture from us for $589,411 as of the completion of the transaction, in connection with the joint venture’s formation in February 2022. RMR provides management services to both of these joint ventures. Prior to November 2020, our 18 property joint venture was our consolidated subsidiary and, as such, we were obligated to pay fees under our management agreements with RMR regarding this joint venture; however, any fees paid by that joint venture were credited against the fees payable by us to RMR. Starting in November 2020, this joint venture is no longer our consolidated subsidiary and, as a result, we are no longer required to pay management fees to RMR with respect to our 18 property joint venture and fees this joint venture pays to RMR are no longer credited against amounts we owe to RMR. Our 94 property joint venture is our consolidated subsidiary and, as a result, we are obligated to pay management fees to RMR under our management agreements with RMR for the services it provides regarding that joint venture; however that joint venture pays management fees directly to RMR, and any such fees paid by that joint venture are credited against the fees payable by us to RMR.
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Related Person Transactions |
12 Months Ended |
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Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Person Transactions | Related Person TransactionsWe 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 Portnoy, is the sole trustee, an officer and the controlling shareholder of ABP Trust, which is the controlling shareholder of RMR Inc., the chair of the board of directors, a managing director and the president and chief executive officer of RMR Inc. and an officer and employee of RMR. Matthew Jordan, our other Managing Trustee, is executive vice president, chief financial officer and treasurer of RMR Inc., an officer and employee of RMR and an officer of ABP Trust. John Murray, one of our Managing Trustees until June 1, 2022 and our President and Chief Executive Officer until March 31, 2022, also serves as an officer and employee of RMR, and each of our current officers is also an officer and employee of RMR. Some of our Independent Trustees also serve as independent trustees or independent directors of other public companies to which RMR or its subsidiaries provide management services. Adam Portnoy serves as chair of the boards and as a managing director or managing trustee of these public companies. Other officers of RMR, including Messrs. Jordan and Murray and certain of our officers, serve as managing trustees, managing directors or officers of certain of these companies. 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. Our Joint Ventures. We have two separate joint venture arrangements. See Notes 2, 3, 5, 6, 9 and 11 for further information regarding our joint ventures, including properties we have sold to, and equity interests we have sold in, these joint ventures. As of December 31, 2022 and December 31, 2021, we owed $616 and $225, respectively, to the unconsolidated joint venture for rents that we collected on behalf of that joint venture. These amounts are presented as due to related persons in our consolidated balance sheet. We paid the amounts we owed as of December 31, 2022 in January 2023 and the amounts we owed as of December 31, 2021 in January 2022. As of December 31, 2020, the unconsolidated joint venture owed to us $2,665 for post-closing adjustments relating to our sale of some of our equity interests to a second third party institutional investor in November 2020. That joint venture paid these amounts due to us during the year ended December 31, 2022. This amount is presented as due from related persons in our consolidated balance sheet. 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 grant date and one fifth vests on each of the next four anniversaries of the grant 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. Affiliates Insurance Company. Until its dissolution on February 13, 2020, we, ABP Trust and five other companies to which RMR provides management services owned Affiliates Insurance Company, or AIC, in equal amounts. In connection with AIC’s dissolution, we and each other AIC shareholder received a liquidating distribution of approximately $287 in June 2020 and a final liquidating distribution of $12 in December 2021. TravelCenters of America Inc. In May 2021, we acquired a property located in the Dallas, Texas market from TravelCenters of America Inc., or TA, for a purchase price of $2,319, including acquisition related costs of $119. RMR provides management services to TA and Mr. Portnoy serves as the chair of the board of directors and as a managing director of TA. See Note 3 for further information regarding this acquisition.
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Derivatives and Hedging Activities |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives and Hedging Activities | Derivatives and Hedging Activities Risk Management Objective of Using Derivatives We are exposed to certain risks relating to our ongoing business operations, including the impact of changes in interest rates. The only risk currently managed by us using derivative instruments is a part of our interest rate risk. We have an interest rate cap agreement to manage our interest rate risk exposure on each of the ILPT Floating Rate Loan and the Floating Rate Loan, both with interest payable at a rate equal to SOFR plus a premium. 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. Cash Flow Hedges of Interest Rate Risk As required by ASC 815, Derivatives and Hedging, we record all derivatives on the balance sheet at fair value. The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk as of December 31, 2022:
(1)The Floating Rate Loan was entered into by our consolidated joint venture. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium. For derivatives designated and qualifying as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in accumulated other comprehensive income (loss) and subsequently reclassified into interest expense in the same period during which the hedged transaction affects earnings. Gains and losses on the derivative representing hedge components excluded from the assessment of effectiveness are recognized over the life of the hedge on a systematic and rational basis, as documented at hedge inception in accordance with our accounting policy election. The earnings recognition of excluded components is presented in interest expense. Amounts reported in accumulated other comprehensive income (loss) related to derivatives will be reclassified to interest expense as interest payments are made on our applicable debt. In September 2022, in conjunction with the repayment of the Bridge Loan, we sold two interest rate cap instruments with an aggregate notional amount of $1,385,158, a strike rate equal to 2.70% and an original expiration date of March 15, 2023 for $7,740. As the underlying debt instrument that these interest rate caps were intended to hedge was repaid in its entirety and the related interest expense was no longer probable to occur, these interest rate caps were no longer designated as cash flow hedges and the remaining deferred gain was reclassified from cumulative other comprehensive income (loss) as a reduction of loss on early extinguishment of debt.
We expect to reclassify approximately $25,810 from accumulated other comprehensive income to interest expense during the next twelve months, of which $6,845 would be attributable to noncontrolling interest.
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SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION |
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SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
INDUSTRIAL LOGISTICS PROPERTIES TRUST SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) December 31, 2022 (dollars in thousands)
(1) Represents mortgage notes and includes the unamortized balance of debt issuance costs totaling $45,862. Certain of our properties are encumbered as follows:
(2) Excludes value of real estate intangibles. (3) Depreciation on buildings and improvements is provided for periods ranging up to 40 years and on equipment up to seven years. (4) The total aggregate cost for U.S. federal income tax purposes is approximately $5,720,412. Analysis of the carrying amount of real estate properties and accumulated depreciation:
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Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
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Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. These consolidated financial statements include the accounts of us and our subsidiaries. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. On February 25, 2022, we acquired Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger, as further described below. In connection with the Merger, we entered into a new joint venture arrangement for 95 of the acquired MNR properties, including two then committed, but not yet then completed, property acquisitions, located in the mainland United States, in which we retained a 61% equity interest. |
Real Estate Properties | Real Estate Properties. We record properties at cost. Our real estate investments in lands are not depreciated. We calculate depreciation on other real estate investments on a straight line basis over estimated useful lives generally ranging from We amortize capitalized above market lease values (included in acquired real estate leases in our consolidated balance sheets) and below market lease values (presented as assumed real estate lease obligations in our consolidated balance sheets) as a reduction or increase, respectively, to rental income over the terms of the associated leases. 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. We allocate a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time each property was acquired by us) of the difference, if any, between (i) the contractual amounts to be paid pursuant to the acquired in place leases and (ii) our estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases. The terms of below market leases that include bargain renewal options, if any, are further adjusted if we determine renewal to be probable. We allocate a portion of the purchase price to acquire in place leases and tenant relationships based upon market estimates to lease up the property based on the leases in place at the time of purchase. In making these allocations, we consider factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time a property was acquired by us. We allocate this aggregate value between acquired in place lease values and tenant relationships based on our evaluation of the specific characteristics of each tenant’s lease. However, we have not separated the value of tenant relationships from the value of acquired in place leases because such value and related amortization expense is immaterial to the accompanying consolidated financial statements. 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 recognize impairment losses on real estate investments when indicators of impairment are present and the estimated undiscounted cash flow from our real estate investments is less than the carrying amount of such real estate investments. Impairment indicators may include declining tenant occupancy, lack of progress releasing vacant space, tenant bankruptcies, low long term prospects for improvement in property performance, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life and legislative, market or industry changes that could permanently reduce the value of a property. We review our properties for impairment quarterly, or whenever events or changes in circumstances indicate that carrying amounts may not be recoverable. If indicators of impairment are present, we evaluate the carrying value of the related property by comparing it to the expected future undiscounted cash flows expected to be generated from that property. The future net undiscounted cash flows are subjective and are based in part on assumptions regarding hold periods, market rents and terminal capitalization rates. If the sum of these expected future undiscounted cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value. The determination of undiscounted cash flow includes consideration of many factors including income to be earned from the investment, holding costs (exclusive of interest), estimated selling prices, and prevailing economic and market conditions. Certain of our industrial lands in Hawaii may require environmental remediation, especially if the use of those lands is changed; however, we do not have any present plans to change the use of those lands or to undertake this environmental cleanup. As of both December 31, 2022 and 2021, accrued environmental remediation costs of $6,940 were included in accounts payable and other liabilities in our consolidated balance sheets. 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).
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Capitalization Policy | Capitalization Policy. Costs directly related to the development of properties are capitalized. We capitalize development costs, including interest, real estate taxes, insurance, and other project costs, incurred during the period of development. Determinations of when a development project commences and capitalization begins, and when a development project is substantially complete and held available for occupancy and capitalization must cease, involve judgments. We begin the capitalization of costs during the pre-construction period, which we consider to begin when activities that are necessary to the development of the property commence. We consider a development project as substantially completed and held available for occupancy upon the completion of tenant improvements, but no later than one year from cessation of major construction activity. |
Cash and Cash Equivalents and Restricted Cash | 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. Restricted cash consists of amounts escrowed for future capital expenditures as required by certain of our mortgaged properties and cash held for the operations of our consolidated joint venture in which we own a 61% equity interest.
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Deferred Leasing Costs | Deferred Leasing Costs. Deferred leasing costs include capitalized brokerage costs and inducements associated with our entering leases. We amortize deferred leasing costs, which are included in depreciation and amortization expense, and inducements, which are included as a reduction to rental income, each on a straight line basis over the terms of the respective leases. Legal costs associated with the execution of our leases are expensed as incurred and included in general and administrative expenses in our consolidated statements of comprehensive income (loss). |
Debt Issuance Costs | Debt Issuance Costs. Debt issuance costs include capitalized issuance costs related to borrowings, which are amortized to interest expense over the terms of the respective loans. |
Derivative Instruments and Hedging Activities | 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. Partially Owned Entities. We consolidate entities in which we have a controlling financial interest. In determining whether we have a controlling financial interest in a partially owned entity and the requirement to consolidate the accounts of that entity, we consider (i) whether the entity is a variable interest entity, or VIE, in which we are the primary beneficiary or (ii) whether the entity is a voting interest entity in which we have a majority of the voting interests of the entity. We are deemed to be the primary beneficiary of a VIE when we have (i) the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance and (ii) the obligation to absorb losses or receive benefits that could potentially be significant to the VIE. We generally do not control a partially owned entity if the approval of all of the partners/members is contractually required with respect to decisions that most significantly impact the performance of the partially owned entity. This includes decisions regarding operating/capital budgets, and the placement of new or additional financing secured by the assets of the venture, among others. We account for investments under the equity method when the requirements for consolidation are not met, and we have significant influence over the operations of the investee.
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Equity Method Investments | Equity Method Investments. We own a 22% equity interest in an unconsolidated joint venture which owns 18 properties. The properties owned by the unconsolidated joint venture are encumbered by an aggregate $503,980 of mortgage debts. We do not control the activities that are most significant to this joint venture and, as a result, we account for our investment in this joint venture under the equity method of accounting under the fair value option. See Notes 3, 5, 6, 9, 10 and 11 for more information regarding our joint ventures. |
Revenue Recognition | Revenue Recognition. We are a lessor of industrial and logistics properties. Our leases provide our tenants with the contractual right to use and economically benefit from all the physical space specified in their respective leases; therefore, we have determined to evaluate our leases as lease arrangements. Our leases provide 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 because (i) the lease components are operating leases and (ii) the timing and pattern of recognition of the non-lease components are the same as those of the lease components. We apply ASC 842, Leases, to the combined component. Income derived by our leases is recorded in rental income in our consolidated statements of comprehensive income (loss). Certain tenants are obligated to pay directly their obligations under their leases for insurance, real estate taxes and certain other expenses. 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.
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Income Taxes | Income Taxes. We have elected to be taxed as a REIT under the United States Internal Revenue Code of 1986, as amended, and, accordingly, we generally are not, and will not be, subject to federal income taxes provided we distribute our taxable income and meet certain organization and operating requirements to qualify for taxation as a REIT. We are, however, subject to certain state and local taxes. |
Use of Estimates | Use of Estimates. Preparation of these financial statements in conformity with U.S. generally accepted accounting principles, or GAAP, requires us to make estimates and assumptions that may affect the amounts reported in these consolidated financial statements and related notes. |
Right of Use Asset and Lease Liability | Right of Use Asset and Lease Liability. In connection with our acquisition of MNR, we assumed the lease for MNR’s former corporate headquarters, which expires on December 31, 2029, or the MNR lease, and three of the properties we acquired as part of the MNR acquisition were subject to ground leases under which we are the lessee. For leases under which we are the lessee, we are required to record a right of use asset and lease liability for all leases with a term greater than 12 months. As of December 31, 2022, the values of the right of use asset and related liability representing our future obligations under the lease arrangements under which we are the lessee were $5,084 and $5,149, respectively. The right of use asset and related lease liability are included in , net and accounts payable and , respectively, in our consolidated balance sheets. We have a sublease for a portion of the MNR lease that expires on December 30, 2029. Rent expense incurred under the MNR lease, net of sublease revenue, was $231 for the year ended December 31, 2022. Rent expense is included in general and administrative expense in our consolidated statements of comprehensive income (loss). Generally, payments of ground lease obligations are made by our tenants. However, if a tenant does not perform obligations under a ground lease or does not renew any ground lease, we may have to perform obligations under, or renew, the ground lease in order to protect our investment in the affected property.
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Cumulative Other Comprehensive Income (Loss) | Cumulative Other Comprehensive Income (Loss). Cumulative other comprehensive income (loss) represents our share of the cumulative comprehensive income and losses of our equity method investees. |
Net Income (Loss) Per Common Share | Net Income (Loss) Per Common Share. We calculate basic earnings per common share by dividing net income (loss) by the weighted average number of common shares outstanding during the period. We calculate diluted net income (loss) per share using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares and the related impact on earnings are considered when calculating diluted earnings per share. |
Noncontrolling Interests | Noncontrolling Interests. Noncontrolling interests represent the share of our consolidated joint venture owned by a third party. We recognize the noncontrolling holder’s share of the estimated fair value of the net assets at the date of formation or acquisition. Noncontrolling interests are subsequently adjusted for the noncontrolling holder’s share of additional contributions, distributions and their share of the net earnings or losses of our consolidated joint venture. We allocate net income (loss) to noncontrolling interests based on ownership interest during the period. The net income (loss) that is not attributable to us is reflected in the line item net loss attributable to noncontrolling interest. We do not recognize a gain or loss on transactions with the consolidated entity in which we do not own 100% of the equity and recognize the difference between the carrying amount of the noncontrolling interest and the consideration paid or received as additional paid-in-capital. |
Segment Reporting | Segment Reporting. We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. |
Reclassifications | Reclassifications. Reclassifications have been made to the prior years’ consolidated financial statements to conform to the current year’s presentations. |
Summary of Significant Accounting Policies (Tables) |
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Accounting Policies [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of acquired real estate leases and assumed real estate lease obligations | As of December 31, 2022 and 2021, our acquired real estate leases and assumed real estate lease obligations were as follows:
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Real Estate Investments (Tables) |
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Real Estate [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Purchase Price Allocation | The following table summarizes the purchase price allocation for the Merger:
(1)As of the date of acquisition, the weighted average amortization periods for the above market lease values, lease origination value and capitalized below market lease values were 11.1 years, 8.5 years and 7.8 years, respectively. (2)As part of the Merger, we acquired a portfolio of marketable securities and classified them as available for sale. During the year ended December 31, 2022, we sold all of these securities with a cost of $146,550 for net proceeds of $140,792, resulting in a $5,758 realized loss on sale of equity securities for the year ended December 31, 2022.We allocated the purchase price for this acquisition based on the estimated fair value of the acquired assets as follows:
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Schedule of Property Dispositions | As a result, the results of operations of this property was included in continuing operations through the date of sale in our consolidated statements of comprehensive income (loss).
(1) Gross sale price is the gross contract price, adjusted for purchase price adjustments, if any, and excluding closing costs.
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Schedule of Joint Venture Activities | As of December 31, 2022, we had equity investments in our joint ventures that consist of the following:
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Leases (Tables) |
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Dec. 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Operating Lease Maturities | The following operating lease maturity analysis presents the future contractual lease payments to be received by us through 2064 as of December 31, 2022:
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Indebtedness (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of outstanding indebtedness | As of December 31, 2022 and 2021, our outstanding indebtedness consisted of the following:
(1)The principal balances are the amounts stated in contracts. In accordance with GAAP, our carrying values and recorded interest expense may be different because of market conditions at the time we assumed certain of these debts. (2)In February 2022, we repaid the outstanding principal balance under our $750,000 unsecured revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty. (3)This loan matures in October 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93%. We also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25%. (4)Mountain JV is Mountain Industrial REIT LLC, our consolidated joint venture, in which we own a 61% equity interest. For more information regarding this joint venture, see Notes 2, 3, 6, 9, 10 and 11. (5)This loan matures in March 2024, subject to three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. We also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The following table provides a summary of the mortgage debts of the unconsolidated joint venture:
(1)Amounts are not adjusted for our minority interest; none of the debt is recourse to us. (2)Includes the effect of mark to market purchase accounting.
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Schedule of the principal payments due under the outstanding debt | The required principal payments due during the next five years and thereafter under all our outstanding debt as of December 31, 2022 are as follows:
(1)Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs of $45,862, was $4,244,501.
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Fair Value of Assets and Liabilities (Tables) |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of carrying value and the estimated fair market value of mortgage notes payable | At December 31, 2022 and 2021, the fair value of our financial instruments approximated their carrying values in our consolidated financial statements, due to their short term nature or floating interest rates, except as follows:
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Fair value measurements on a nonrecurring basis | The table below presents certain of our assets measured on a recurring and non-recurring basis at fair value at December 31, 2022 and 2021, categorized by the level of inputs as defined in the fair value hierarchy under GAAP, used in the valuation of each asset:
(1)We own a 22% equity interest in a joint venture that owns 18 properties and is included in investment in unconsolidated joint venture in our consolidated balance sheet, and is reported at fair value, which is based on significant unobservable inputs (Level 3 inputs). The significant unobservable inputs used in the fair value are discount rates of between 5.25% and 7.00%, exit capitalization rates of between 4.75% and 6.00%, direct capitalization rates of between 5.25% and 7.00%, holding periods of approximately 10 years and market rents. Our assumptions are based on the location, type and nature of each property, and current and anticipated market conditions, which are derived from appraisers, industry publications and our experience. See Notes 2, 3, 5, 9, 10 and 11 for more information regarding our joint ventures. (2)Our derivative assets are carried at fair value as required by GAAP. The estimated fair values of the derivative assets are based on current market prices in secondary markets for similar derivative contracts, (Level 2 inputs). See Notes 5 and 11 for more information regarding our derivatives and hedging activities. (3)We recorded a loss on impairment of real estate of $100,747 to reduce the carrying value of 25 properties in our consolidated balance sheet to their estimated fair value, based on third party offers (Level 3 inputs as defined in the fair value hierarchy under GAAP), due to a change in plans to sell and the reclassification of those properties from held for sale to held and used. See Notes 2 and 3 for more information regarding our investing and financing activities, including our acquisition of MNR.
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Shareholders' Equity (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of shares granted and vested | A summary of shares awarded, vested and forfeited under the terms of the 2018 Plan for the years ended December 31, 2022, 2021 and 2020 is as follows:
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Summary of distributions paid on common shares | During the years ended December 31, 2022, 2021 and 2020, we paid distributions on our common shares as follows:
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Per Common Shares Amounts (Tables) |
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Weighted Average Number of Shares Outstanding Reconciliation [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of weighted average common shares, basic and diluted | The calculation of basic and diluted earnings per share is as follows:
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Derivatives and Hedging Activities (Tables) |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of interest rate swap derivatives | The following table summarizes the terms of our outstanding interest rate cap agreements designated as cash flow hedges of interest rate risk as of December 31, 2022:
(1)The Floating Rate Loan was entered into by our consolidated joint venture.
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Schedule of effects on consolidated statements of income and comprehensive income |
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Organization (Details) |
Dec. 31, 2022
ft²
property
state
building
|
Feb. 25, 2022 |
---|---|---|
Subsidiary, Sale of Stock [Line Items] | ||
Number of properties owned | property | 413 | |
Rentable square feet (in sqft) | 59,983,000 | |
12 Mainland Properties | ||
Subsidiary, Sale of Stock [Line Items] | ||
Rentable square feet (in sqft) | 11,726,000 | |
Number of states where real estate is located | state | 12 | |
Ownership interest | 22.00% | |
Number of properties contributed | property | 18 | |
Consolidated Entity, Excluding Consolidated VIE | Mountain Industrial REIT LLC | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of properties owned | property | 94 | |
Rentable square feet (in sqft) | 20,980,664 | |
Ownership interest | 61.00% | 61.00% |
Hawaii | ||
Subsidiary, Sale of Stock [Line Items] | ||
Rentable square feet (in sqft) | 16,729,000 | |
Number of buildings, leasable lands and easements owned | building | 226 | |
Mainland Properties | ||
Subsidiary, Sale of Stock [Line Items] | ||
Number of properties owned | property | 187 | |
Rentable square feet (in sqft) | 43,254,000 | |
Number of states where real estate is located | state | 38 |
Summary of Significant Accounting Policies - Basis of Presentation (Details) - property |
1 Months Ended | 12 Months Ended | |
---|---|---|---|
Feb. 25, 2022 |
Jul. 31, 2022 |
Dec. 31, 2022 |
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Consolidated Entity, Excluding Consolidated VIE | Mountain Industrial REIT LLC | |||
Variable Interest Entity [Line Items] | |||
Ownership interest | 61.00% | 61.00% | |
Monmouth Real Estate Investment Corporation | |||
Variable Interest Entity [Line Items] | |||
Number of properties | 95 | 1 | 94 |
Number of properties acquired but aren't yet completed | 2 | 2 |
Summary of Significant Accounting Policies - Real Estate Properties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
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Property, Plant and Equipment [Line Items] | |||
2023 | $ 52,698 | ||
2024 | 43,248 | ||
2025 | 34,950 | ||
2026 | 28,506 | ||
2027 | 25,962 | ||
Thereafter | 89,558 | ||
Accrued environmental remediation cost | $ 6,940 | $ 6,940 | |
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (in years) | 7 years | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives (in years) | 40 years | ||
Increases in rental income | $ 4,544 | 781 | $ 791 |
Amortization of the value of acquired in place leases | $ 53,113 | $ 17,437 | $ 25,364 |
Weighted Average | |||
Property, Plant and Equipment [Line Items] | |||
Amortization period of capitalized below market lease values (in years) | 7 years 2 months 12 days | ||
Above market lease | Weighted Average | |||
Property, Plant and Equipment [Line Items] | |||
Amortization periods for capitalized above market lease and lease origination values (in years) | 9 years 4 months 24 days | ||
Acquired Real Estate Leases | Weighted Average | |||
Property, Plant and Equipment [Line Items] | |||
Amortization periods for capitalized above market lease and lease origination values (in years) | 7 years 9 months 18 days |
Summary of Significant Accounting Policies - Summary of Acquired Real Estate Leases and Assumed Real Estate Lease Obligations (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Acquired real estate leases: | ||
Acquired real estate leases, net | $ 297,445 | $ 63,441 |
Assumed real estate lease obligations: | ||
Capitalized below market lease values | 42,600 | 33,674 |
Less: accumulated amortization | (20,077) | (21,239) |
Assumed real estate lease obligations, net | 22,523 | 12,435 |
Above market lease | ||
Acquired real estate leases: | ||
Acquired real estate leases, gross | 31,313 | 20,725 |
Less: accumulated amortization | (15,598) | (13,225) |
Acquired real estate leases, net | 15,715 | 7,500 |
Acquired Real Estate Leases | ||
Acquired real estate leases: | ||
Acquired real estate leases, gross | 384,496 | 122,945 |
Less: accumulated amortization | (102,766) | (67,004) |
Acquired real estate leases, net | $ 281,730 | $ 55,941 |
Summary of Significant Accounting Policies - Deferred Leasing Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
|
Accounting Policies [Abstract] | ||
Deferred leasing costs | $ 22,371 | $ 12,918 |
Accumulated amortization of deferred leasing costs | 4,366 | $ 4,035 |
Future amortization of deferred leasing costs to be recognized during the current terms of the existing leases | ||
2023 | 2,199 | |
2024 | 2,156 | |
2025 | 1,926 | |
2026 | 1,786 | |
2027 | 1,723 | |
Thereafter | $ 8,215 |
Summary of Significant Accounting Policies - Debt Issuance Costs and Other Narrative Items (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
property
segment
|
Feb. 25, 2022
property
|
Dec. 31, 2021
USD ($)
|
|
Debt Instrument [Line Items] | |||
Debt issuance costs, line of credit | $ 6,711 | ||
Debt issuance costs, accumulated amortization | 5,907 | ||
Future amortization expense of debt issuance costs, 2023 | $ 27,233 | ||
Future amortization expense of debt issuance costs, 2024 | 12,245 | ||
Future amortization expense of debt issuance costs, 2025 | 1,122 | ||
Future amortization expense of debt issuance costs, 2026 | 1,122 | ||
Future amortization expense of debt issuance costs, 2027 | 1,122 | ||
Future amortization expense of debt issuance costs, Thereafter | 3,019 | ||
Mortgage indebtedness | 503,980 | ||
Right of use asset | 5,084 | ||
Lease liability | $ 5,149 | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other assets, net | ||
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Accounts Payable and Accrued Liabilities | ||
Number of business segments | segment | 1 | ||
Monmouth Real Estate Investment Corporation | |||
Debt Instrument [Line Items] | |||
Rent expense, net of sublease revenue | $ 231 | ||
Monmouth Real Estate Investment Corporation | |||
Debt Instrument [Line Items] | |||
Properties subject to ground leases | property | 3 | ||
12 Mainland Properties | |||
Debt Instrument [Line Items] | |||
Ownership interest | 22.00% | ||
Number of properties contributed | property | 18 | ||
Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE | |||
Debt Instrument [Line Items] | |||
Ownership interest | 61.00% | 61.00% | |
Loans Payable | Mortgage Loan 2019 | |||
Debt Instrument [Line Items] | |||
Debt issuance cost, mortgage loan | $ 45,862 | $ 3,876 |
Real Estate Investments - Narrative (Details) |
1 Months Ended | 2 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Feb. 25, 2022
USD ($)
ft²
state
property
option
$ / shares
|
Jul. 31, 2022
USD ($)
ft²
property
|
Mar. 31, 2022 |
Sep. 30, 2021
USD ($)
|
Feb. 25, 2022
USD ($)
ft²
property
$ / shares
|
Nov. 30, 2020 |
Dec. 31, 2022
USD ($)
ft²
property
state
$ / shares
|
Dec. 31, 2021
USD ($)
ft²
property
option
state
$ / shares
|
Dec. 31, 2020
USD ($)
ft²
property
|
Sep. 22, 2022
USD ($)
|
Oct. 31, 2020
property
|
|
Real Estate Properties | |||||||||||
Number of properties owned | property | 413 | ||||||||||
Rentable square feet (in sqft) | ft² | 59,983,000 | ||||||||||
Capital expenditures incurred | $ 30,331,000 | $ 10,211,000 | |||||||||
Commitments related to tenant improvements and leasing costs | $ 20,334,000 | ||||||||||
Tenant improvements (in sqft) | ft² | 7,580,000 | ||||||||||
Committed but unspent tenant related obligations | $ 25,547,000 | ||||||||||
Committed but unspent tenant related obligations expected to be spent in the next 12 months | $ 9,706,000 | ||||||||||
Common stock, par value per share (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||
Number of states where acquired properties are located | state | 27 | ||||||||||
Debt outstanding | $ 4,244,501,000 | $ 828,124,000 | |||||||||
Acquisition and other transaction related costs | 586,000 | 1,132,000 | $ 19,580,000 | ||||||||
Net loss attributable to noncontrolling interest | 60,118,000 | 0 | 866,000 | ||||||||
Equity in earnings of unconsolidated joint venture | 7,078,000 | 40,918,000 | 529,000 | ||||||||
Proceeds from noncontrolling interest, net | $ 589,411,000 | $ 0 | $ 107,942,000 | ||||||||
Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 39.00% | ||||||||||
Monmouth Real Estate Investment Corporation | Other Joint Venture Investor | |||||||||||
Real Estate Properties | |||||||||||
Cash distributions | $ 1,365,000 | ||||||||||
Joint venture, total assets | 3,100,448,000 | ||||||||||
Joint venture, liabilities | $ 1,725,397,000 | ||||||||||
Mountain Industrial REIT LLC | |||||||||||
Real Estate Properties | |||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 39.00% | 39.00% | |||||||||
Mountain Industrial REIT LLC | Co-venturer | |||||||||||
Real Estate Properties | |||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 39.00% | 39.00% | |||||||||
Noncontrolling interest in joint ventures | $ 589,411,000 | $ 589,411,000 | |||||||||
Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Assumed mortgage notes payable, principal | 323,432,000 | ||||||||||
Repayments of debt | $ 885,269,000 | ||||||||||
Number of properties acquired but aren't yet completed | property | 2 | 2 | 2 | ||||||||
Purchase price of properties acquired but not yet completed | $ 78,843,000 | ||||||||||
Number of properties | property | 95 | 1 | 94 | ||||||||
Purchase price | $ 3,739,048,000 | ||||||||||
Net loss attributable to noncontrolling interest | $ 60,067,000 | ||||||||||
Monmouth Real Estate Investment Corporation | Common shares | |||||||||||
Real Estate Properties | |||||||||||
Right to receive cash (in dollars per share) | $ / shares | $ 21.00 | $ 21.00 | |||||||||
Monmouth Real Estate Investment Corporation | Series C Cumulative Redeemable Preferred Stock, 6.125% | |||||||||||
Real Estate Properties | |||||||||||
Preferred stock dividend rate | 6.125% | ||||||||||
Preferred stock par value per share (in dollars per share) | $ / shares | $ 0.01 | 0.01 | |||||||||
Right to receive cash plus accumulated and unpaid dividends (in dollars per share) | $ / shares | $ 25.00 | $ 25.00 | |||||||||
Monmouth Real Estate Investment Corporation | Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 25,745,000,000 | 25,745,000,000 | |||||||||
Number of real estate properties | property | 124 | 124 | |||||||||
Monmouth Real Estate Investment Corporation | Monmouth Real Estate Investment Corporation | Common shares | |||||||||||
Real Estate Properties | |||||||||||
Common stock, par value per share (in usd per share) | $ / shares | $ 0.01 | $ 0.01 | |||||||||
Revolving Credit Facility | |||||||||||
Real Estate Properties | |||||||||||
Number of options to extend maturity date | option | 1 | ||||||||||
Extension period | 6 months | ||||||||||
Interest rate during period (as a percent) | 1.41% | 1.44% | 2.36% | ||||||||
Maximum borrowing capacity of revolving credit facility | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | ||||||||
Floating Rate Loan | |||||||||||
Real Estate Properties | |||||||||||
Number of properties used as collateral | property | 82 | ||||||||||
Debt outstanding | $ 14,000 | 14,000 | |||||||||
Number of options to extend maturity date | option | 3 | ||||||||||
Extension period | 1 year | ||||||||||
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Real Estate Properties | |||||||||||
Basis spread on variable rate (as a percent) | 2.25% | 3.40% | |||||||||
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | Fixed Rate Loan, 5.62 % Due 2024 | |||||||||||
Real Estate Properties | |||||||||||
Basis spread on variable rate (as a percent) | 2.77% | ||||||||||
Bridge Loan Facility | |||||||||||
Real Estate Properties | |||||||||||
Number of properties used as collateral | property | 109 | ||||||||||
Debt outstanding | $ 1,385,158,000 | 1,385,158,000 | $ 1,235,000,000 | ||||||||
Interest rate during period (as a percent) | 2.92% | ||||||||||
Bridge Loan Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | |||||||||||
Real Estate Properties | |||||||||||
Basis spread on variable rate (as a percent) | 1.75% | ||||||||||
Fixed Rate Loan | |||||||||||
Real Estate Properties | |||||||||||
Number of properties used as collateral | property | 17 | ||||||||||
Debt outstanding | $ 700,000,000 | $ 700,000,000 | |||||||||
Interest rate during period (as a percent) | 4.42% | ||||||||||
2021 Acquisitions | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 1,644,508 | ||||||||||
Number of properties | property | 5 | ||||||||||
Purchase price | $ 134,730,000 | ||||||||||
Real estate, acquisition costs | $ 1,030,000 | ||||||||||
2021 Acquisitions | Land | |||||||||||
Real Estate Properties | |||||||||||
Number of properties | property | 1 | ||||||||||
2021 Acquisitions | Office and Industrial Properties | |||||||||||
Real Estate Properties | |||||||||||
Number of properties | property | 4 | ||||||||||
2020 Acquisitions | |||||||||||
Real Estate Properties | |||||||||||
Number of properties | property | 2 | ||||||||||
2020 Acquisitions | Office and Industrial Properties | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 1,465,846 | ||||||||||
Number of properties | property | 2 | ||||||||||
Purchase price | $ 115,813,000 | ||||||||||
Real estate, acquisition costs | $ 332,000 | ||||||||||
Affiliated Entity | |||||||||||
Real Estate Properties | |||||||||||
Assumed mortgage notes payable, principal | 3,739,048,000 | ||||||||||
Affiliated Entity | Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Assumed mortgage notes payable, principal | $ 323,432,000 | ||||||||||
Number of properties used as collateral | property | 11 | ||||||||||
Rock Hill, SC | Land | Disposal Group, Disposed of by Sale, Not Discontinued Operations | |||||||||||
Real Estate Properties | |||||||||||
Gross sales price | $ 1,400,000 | ||||||||||
Gain on sale of real estate | $ 940,000 | ||||||||||
Augusta, Georgia | Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Purchase price | $ 38,053,000 | ||||||||||
Augusta, Georgia | Consolidated Entity, Excluding Consolidated VIE | Monmouth Real Estate Investment Corporation | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 226,000,000 | ||||||||||
Purchase price | $ 38,053,000 | ||||||||||
Acquisition and other transaction related costs | $ 53,000 | ||||||||||
Percent of property leased | 100.00% | ||||||||||
Remaining lease contractual term | 14 years 10 months 24 days | ||||||||||
Winchester, VA | Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 308,217 | ||||||||||
Gross sales price | $ 10,775,000 | ||||||||||
Gain on sale of real estate | $ 581,000 | ||||||||||
Number of properties | property | 1 | ||||||||||
Somerset, New Jersey | Mountain Industrial REIT LLC | |||||||||||
Real Estate Properties | |||||||||||
Number of properties | property | 1 | ||||||||||
Net loss attributable to noncontrolling interest | $ 51,000 | ||||||||||
Somerset, New Jersey | Mountain Industrial REIT LLC | Unrelated Third Party | |||||||||||
Real Estate Properties | |||||||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 33.00% | 33.00% | |||||||||
12 Mainland Properties | |||||||||||
Real Estate Properties | |||||||||||
Rentable square feet (in sqft) | ft² | 11,726,000 | ||||||||||
Ownership interest | 22.00% | ||||||||||
Number of properties contributed | property | 18 | ||||||||||
Number of states where real estate is located | state | 12 | ||||||||||
Percentage leased | 100.00% | ||||||||||
Cash distributions | $ 14,049,000 | ||||||||||
Number of properties contributed | property | 18 | 18 | |||||||||
Ownership percentage sold | 39.00% | ||||||||||
Ownership interest | 22.00% | 61.00% | |||||||||
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary | |||||||||||
Real Estate Properties | |||||||||||
Net loss attributable to noncontrolling interest | $ 866,000 | ||||||||||
Proceeds from noncontrolling interest, net | 8,570,000 | ||||||||||
12 Mainland Properties | Variable Interest Entity, Primary Beneficiary | First Joint Investor | |||||||||||
Real Estate Properties | |||||||||||
Proceeds from noncontrolling interest, net | $ 5,479,000 | ||||||||||
Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE | |||||||||||
Real Estate Properties | |||||||||||
Number of properties owned | property | 94 | ||||||||||
Rentable square feet (in sqft) | ft² | 20,980,664 | ||||||||||
Ownership interest | 61.00% | 61.00% | 61.00% | ||||||||
Number of properties contributed | property | 94 | ||||||||||
Mountain Industrial REIT LLC | Somerset, New Jersey | |||||||||||
Real Estate Properties | |||||||||||
Ownership interest | 67.00% | 67.00% | |||||||||
The Industrial Fund REIT LLC | |||||||||||
Real Estate Properties | |||||||||||
Ownership interest | 22.00% | 22.00% | |||||||||
Number of states where real estate is located | state | 12 | 12 | |||||||||
Cash distributions | $ 25,742,000 | $ 2,640,000 | |||||||||
Number of properties contributed | property | 18 | 18 |
Real Estate Investments - Purchase Price Allocation (Details) - USD ($) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Feb. 25, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Asset Acquisition [Line Items] | ||||
Proceeds from sale of marketable securities | $ 140,792 | $ 0 | $ 0 | |
Loss on equity securities | 5,758 | $ 0 | $ 0 | |
Monmouth Real Estate Investment Corporation | ||||
Asset Acquisition [Line Items] | ||||
Land | $ 430,818 | |||
Buildings | 3,035,309 | |||
Acquired real estate leases | 294,576 | |||
Cash | 8,814 | |||
Other assets, net | 14,194 | |||
Securities available for sale | 146,550 | |||
Total assets | 3,930,261 | |||
Mortgage notes payable, at fair value | (323,432) | |||
Accounts payable and other liabilities | (25,327) | |||
Assumed real estate lease obligations | (17,829) | |||
Equity attributable to noncontrolling interest on the joint venture | (3,827) | |||
Net assets acquired | 3,559,846 | |||
Assumed working capital | (144,230) | |||
Assumed mortgage notes payable, principal | 323,432 | |||
Purchase price | $ 3,739,048 | |||
Cost of marketable securities sold | 146,550 | |||
Proceeds from sale of marketable securities | $ 140,792 | |||
Above market lease | Monmouth Real Estate Investment Corporation | ||||
Asset Acquisition [Line Items] | ||||
Weighted average useful life | 11 years 1 month 6 days | |||
Acquired Real Estate Leases | Monmouth Real Estate Investment Corporation | ||||
Asset Acquisition [Line Items] | ||||
Weighted average useful life | 8 years 6 months | |||
Capitalized Below Market Lease | Monmouth Real Estate Investment Corporation | ||||
Asset Acquisition [Line Items] | ||||
Weighted average useful life | 7 years 9 months 18 days |
Real Estate Investments - Property Acquisitions (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | |||
---|---|---|---|---|---|
Feb. 25, 2022
property
|
Jul. 31, 2022
USD ($)
property
|
Dec. 31, 2022
USD ($)
ft²
property
|
Dec. 31, 2021
USD ($)
ft²
property
|
Dec. 31, 2020
USD ($)
ft²
property
|
|
Real Estate [Line Items] | |||||
Land | $ 1,117,779 | $ 699,037 | |||
Buildings and Improvements | 4,058,329 | 1,049,796 | |||
Acquired Real Estate Leases | 297,445 | 63,441 | |||
Acquired Real Estate Lease Obligations | $ (22,523) | (12,435) | |||
Rentable square feet (in sqft) | ft² | 59,983,000 | ||||
Monmouth Real Estate Investment Corporation | |||||
Real Estate [Line Items] | |||||
Number of Properties | property | 95 | 1 | 94 | ||
2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | 134,730 | ||||
Land | 9,732 | ||||
Buildings and Improvements | 115,007 | ||||
Acquired Real Estate Leases | 10,056 | ||||
Acquired Real Estate Lease Obligations | $ (65) | ||||
Number of Properties | property | 5 | ||||
Rentable square feet (in sqft) | ft² | 1,644,508 | ||||
2020 Acquisitions | |||||
Real Estate [Line Items] | |||||
Number of Properties | property | 2 | ||||
Office and Industrial Properties | 2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Number of Properties | property | 4 | ||||
Office and Industrial Properties | 2020 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 115,813 | ||||
Land | 16,954 | ||||
Buildings and Improvements | 87,377 | ||||
Acquired Real Estate Leases | $ 11,482 | ||||
Number of Properties | property | 2 | ||||
Rentable square feet (in sqft) | ft² | 1,465,846 | ||||
Land | 2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Number of Properties | property | 1 | ||||
Augusta, Georgia | Monmouth Real Estate Investment Corporation | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 38,053 | ||||
Land | 3,818 | ||||
Buildings and Improvements | 30,780 | ||||
Acquired Real Estate Leases | $ 3,455 | ||||
Dallas, Texas | 2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 2,319 | ||||
Land | 2,319 | ||||
Buildings and Improvements | 0 | ||||
Acquired Real Estate Leases | 0 | ||||
Acquired Real Estate Lease Obligations | $ 0 | ||||
Number of Properties | property | 1 | ||||
Rentable square feet (in sqft) | ft² | 0 | ||||
Columbus, Ohio | Office and Industrial Properties | 2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 31,762 | ||||
Land | 1,491 | ||||
Buildings and Improvements | 27,407 | ||||
Acquired Real Estate Leases | 2,864 | ||||
Acquired Real Estate Lease Obligations | $ 0 | ||||
Number of Properties | property | 1 | ||||
Rentable square feet (in sqft) | ft² | 357,504 | ||||
Memphis, Tennessee | Office and Industrial Properties | 2021 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 100,649 | ||||
Land | 5,922 | ||||
Buildings and Improvements | 87,600 | ||||
Acquired Real Estate Leases | 7,192 | ||||
Acquired Real Estate Lease Obligations | $ (65) | ||||
Number of Properties | property | 3 | ||||
Rentable square feet (in sqft) | ft² | 1,287,004 | ||||
Phoenix, AZ | Office and Industrial Properties | 2020 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 71,628 | ||||
Land | 11,214 | ||||
Buildings and Improvements | 54,676 | ||||
Acquired Real Estate Leases | $ 5,738 | ||||
Number of Properties | property | 1 | ||||
Rentable square feet (in sqft) | ft² | 820,384 | ||||
Kansas City, KS | Office and Industrial Properties | 2020 Acquisitions | |||||
Real Estate [Line Items] | |||||
Purchase Price | $ 44,185 | ||||
Land | 5,740 | ||||
Buildings and Improvements | 32,701 | ||||
Acquired Real Estate Leases | $ 5,744 | ||||
Number of Properties | property | 1 | ||||
Rentable square feet (in sqft) | ft² | 645,462 |
Real Estate Investments - Property Dispositions (Details) $ in Thousands |
12 Months Ended | |
---|---|---|
Dec. 31, 2020
USD ($)
ft²
property
|
Dec. 31, 2022
ft²
|
|
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Square feet (in sqft) | ft² | 59,983,000 | |
Disposal Group, Disposed of by Sale, Not Discontinued Operations | 2020 Dispositions | Winchester, VA | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Number of properties | property | 1 | |
Square feet (in sqft) | ft² | 308,217 | |
Gross sales price | $ | $ 10,775 | |
Gain on sale of real estate | $ | $ 581 |
Real Estate Investments - Joint Venture Activities (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
ft²
property
|
Feb. 25, 2022 |
Dec. 31, 2021
USD ($)
property
|
Oct. 31, 2020
property
|
---|---|---|---|---|
Schedule of Equity Method Investments [Line Items] | ||||
Investment in unconsolidated joint venture | $ | $ 124,358 | $ 143,021 | ||
Square feet (in sqft) | ft² | 59,983,000 | |||
12 Mainland Properties | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 22.00% | |||
Number of properties contributed | property | 18 | 18 | ||
Square feet (in sqft) | ft² | 11,726,000 | |||
Mountain Industrial REIT LLC | Consolidated Entity, Excluding Consolidated VIE | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 61.00% | 61.00% | ||
Number of properties contributed | property | 94 | |||
Square feet (in sqft) | ft² | 20,980,664 | |||
The Industrial Fund REIT LLC | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 22.00% | 22.00% | ||
Number of properties contributed | property | 18 | 18 | ||
The Industrial Fund REIT LLC | Partnership Interest | ||||
Schedule of Equity Method Investments [Line Items] | ||||
Ownership interest | 22.00% | |||
Investment in unconsolidated joint venture | $ | $ 124,358 | |||
Number of properties contributed | property | 18 | |||
Square feet (in sqft) | ft² | 11,726,137 |
Leases - Narrative (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Lessor, Lease, Description [Line Items] | |||
Straight line rental income | $ 11,538 | $ 7,263 | $ 9,041 |
Variable lease income | 63,168 | 38,732 | 45,858 |
Rental income | 388,151 | 219,874 | 254,575 |
Subsidiaries Of FedEx Corp | |||
Lessor, Lease, Description [Line Items] | |||
Rental income | 108,704 | 10,894 | 10,752 |
Two Subsidiaries Of Amazon, Inc. | |||
Lessor, Lease, Description [Line Items] | |||
Rental income | $ 27,382 | $ 21,440 | $ 38,241 |
Sales Revenue, Net | Customer Concentration Risk | Subsidiaries Of FedEx Corp | |||
Lessor, Lease, Description [Line Items] | |||
Percentage of revenues | 28.00% | ||
Sales Revenue, Net | Customer Concentration Risk | Two Subsidiaries Of Amazon, Inc. | |||
Lessor, Lease, Description [Line Items] | |||
Percentage of revenues | 7.10% | ||
Sales Revenue, Net | Geographic Concentration Risk | Hawaii | |||
Lessor, Lease, Description [Line Items] | |||
Percentage of revenues | 29.70% | 50.60% | 42.20% |
Leases - Schedule of Operating Lease Maturities (Details) $ in Thousands |
Dec. 31, 2022
USD ($)
|
---|---|
Leases [Abstract] | |
2023 | $ 342,082 |
2024 | 329,996 |
2025 | 307,225 |
2026 | 287,847 |
2027 | 266,822 |
Thereafter | 1,833,081 |
Total | $ 3,367,053 |
Indebtedness - Schedule of Outstanding Indebtedness (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Sep. 22, 2022
USD ($)
property
option
|
Feb. 25, 2022
USD ($)
property
option
|
Mar. 31, 2022 |
Feb. 28, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
property
|
Dec. 31, 2021
USD ($)
option
|
|
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 4,290,363 | $ 832,000 | ||||
Unamortized debt issuance costs | (45,862) | (3,876) | ||||
Total indebtedness, net | 4,244,501 | 828,124 | ||||
Net book value of collateral | $ 4,857,352 | |||||
Mountain Industrial REIT LLC | ||||||
Debt Instrument [Line Items] | ||||||
Percentage of interest in subsidiaries | 61.00% | |||||
Fixed rate loan, 3.76% interest rate, due in 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.76% | |||||
Fixed rate loan, 3.77% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.77% | |||||
Fixed rate loan, 3.85% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.85% | |||||
Fixed rate loan, 3.56% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.56% | |||||
Fixed rate loan, 3.67% interest rate, due in 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.67% | |||||
Fixed rate loan, 4.02% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.02% | |||||
Fixed rate loan, 4.13% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.13% | |||||
Fixed rate loan, 3.10% interest rate, due in 2035 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.10% | |||||
Fixed rate loan, 2.95% interest rate, due in 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 2.95% | |||||
Fixed rate loan, 4.27% interest rate, due in 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 4.27% | |||||
Fixed rate loan, 3.25% interest rate, due in 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Interest rate (as a percent) | 3.25% | |||||
Mortgage Note Payable | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 503,980 | |||||
Total indebtedness, net | $ 1,100,000 | |||||
Weighted average interest rate (as a percent) | 3.74% | |||||
Mortgage Note Payable | Floating Rate Loan, 6.18%, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 104 | |||||
Mortgage Note Payable | Fixed Rate Loan, 4.31%, due in 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 186 | |||||
Mortgage Note Payable | Fixed Rate Loan, 4.42%, due in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 17 | |||||
Mortgage Note Payable | Floating Rate Loan, 6.17%, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 82 | |||||
Mortgage Note Payable | Fixed rate loan, 3.76% interest rate, due in 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.77% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.85% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.56% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.67% interest rate, due in 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 4.14% interest rate, due in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 4.02% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 4.13% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.10% interest rate, due in 2035 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 2.95% interest rate, due in 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 4.27% interest rate, due in 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Fixed rate loan, 3.25% interest rate, due in 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Mortgage Note Payable | Mortgage notes payable, 3.60% interest rate, due in 2023 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 1 | |||||
Total indebtedness | $ 56,980 | |||||
Interest rate (as a percent) | 360.00% | |||||
Mortgage Note Payable | Mortgage notes payable, 3.33% interest rate, due in 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 11 | |||||
Total indebtedness | $ 350,000 | |||||
Interest rate (as a percent) | 333.00% | |||||
Mortgage Note Payable | Mortgage notes payable, 5.30% interest rate, due in 2027 | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 5 | |||||
Total indebtedness | $ 97,000 | |||||
Interest rate (as a percent) | 5.30% | |||||
Revolving Credit Facility | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 0 | $ 182,000 | ||||
Net book value of collateral | 0 | |||||
Repayments of lines of credit | $ 750,000 | |||||
Number of options to extend maturity date | option | 1 | |||||
Extension period | 6 months | |||||
Floating Rate Loan | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 82 | |||||
Total indebtedness, net | $ 14 | |||||
Number of options to extend maturity date | option | 3 | |||||
Extension period | 1 year | |||||
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.25% | 3.40% | ||||
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 1,235,000 | $ 0 | ||||
Weighted average interest rate (as a percent) | 6.18% | |||||
Net book value of collateral | $ 1,071,815 | |||||
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 1,400,000 | 0 | ||||
Interest rate (as a percent) | 6.17% | |||||
Net book value of collateral | $ 1,909,185 | |||||
Number of options to extend maturity date | option | 3 | |||||
Extension period | 1 year | |||||
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.77% | |||||
Fixed Rate Loan | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 17 | |||||
Total indebtedness, net | $ 700,000 | |||||
Interest rate (as a percent) | 4.42% | |||||
Fixed Rate Loan | Fixed Rate Loan, 4.31%, due in 2029 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 650,000 | 650,000 | ||||
Interest rate (as a percent) | 4.31% | |||||
Net book value of collateral | $ 490,416 | |||||
Fixed Rate Loan | Fixed Rate Loan, 4.42%, due in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 700,000 | 0 | ||||
Interest rate (as a percent) | 4.42% | |||||
Net book value of collateral | $ 518,806 | |||||
Fixed Rate Loan | Fixed rate loan, 3.76% interest rate, due in 2028 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 13,556 | 0 | ||||
Interest rate (as a percent) | 3.76% | |||||
Net book value of collateral | $ 63,314 | |||||
Fixed Rate Loan | Fixed rate loan, 3.77% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 4,865 | 0 | ||||
Interest rate (as a percent) | 3.77% | |||||
Net book value of collateral | $ 39,724 | |||||
Fixed Rate Loan | Fixed rate loan, 3.85% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 5,145 | 0 | ||||
Interest rate (as a percent) | 3.85% | |||||
Net book value of collateral | $ 39,724 | |||||
Fixed Rate Loan | Fixed rate loan, 3.56% interest rate, due in 2030 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 14,392 | 0 | ||||
Interest rate (as a percent) | 3.56% | |||||
Net book value of collateral | $ 50,825 | |||||
Fixed Rate Loan | Fixed rate loan, 3.67% interest rate, due in 2031 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 12,691 | 0 | ||||
Interest rate (as a percent) | 3.67% | |||||
Net book value of collateral | $ 30,800 | |||||
Fixed Rate Loan | Fixed rate loan, 4.14% interest rate, due in 2032 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 14,144 | 0 | ||||
Interest rate (as a percent) | 4.14% | |||||
Net book value of collateral | $ 44,777 | |||||
Fixed Rate Loan | Fixed rate loan, 4.02% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 30,949 | 0 | ||||
Interest rate (as a percent) | 4.02% | |||||
Net book value of collateral | $ 87,143 | |||||
Fixed Rate Loan | Fixed rate loan, 4.13% interest rate, due in 2033 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 43,219 | 0 | ||||
Interest rate (as a percent) | 4.13% | |||||
Net book value of collateral | $ 131,539 | |||||
Fixed Rate Loan | Fixed rate loan, 3.10% interest rate, due in 2035 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 26,175 | 0 | ||||
Interest rate (as a percent) | 3.10% | |||||
Net book value of collateral | $ 47,718 | |||||
Fixed Rate Loan | Fixed rate loan, 2.95% interest rate, due in 2036 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 42,087 | 0 | ||||
Interest rate (as a percent) | 2.95% | |||||
Net book value of collateral | $ 101,896 | |||||
Fixed Rate Loan | Fixed rate loan, 4.27% interest rate, due in 2037 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 46,109 | 0 | ||||
Interest rate (as a percent) | 4.27% | |||||
Net book value of collateral | $ 113,063 | |||||
Fixed Rate Loan | Fixed rate loan, 3.25% interest rate, due in 2038 | ||||||
Debt Instrument [Line Items] | ||||||
Total indebtedness | $ 52,031 | $ 0 | ||||
Interest rate (as a percent) | 3.25% | |||||
Net book value of collateral | $ 116,607 | |||||
ILPT Floating Rate Loan | ||||||
Debt Instrument [Line Items] | ||||||
Number of properties used as collateral | property | 104 | |||||
Weighted average interest rate (as a percent) | 6.18% | |||||
Number of options to extend maturity date | option | 3 | |||||
Extension period | 1 year | |||||
ILPT Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 2.25% | 2.25% | ||||
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | ||||||
Debt Instrument [Line Items] | ||||||
Number of options to extend maturity date | option | 3 | |||||
Extension period | 1 year | |||||
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||
Debt Instrument [Line Items] | ||||||
Basis spread on variable rate (as a percent) | 3.93% |
Indebtedness - Narrative (Details) |
1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 22, 2022
USD ($)
property
option
|
Feb. 25, 2022
USD ($)
property
option
|
Mar. 31, 2022 |
May 31, 2020
USD ($)
property
|
Feb. 25, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
property
|
Dec. 31, 2021
USD ($)
option
|
Dec. 31, 2020
USD ($)
|
Feb. 09, 2023 |
Sep. 30, 2022 |
|
Debt Instrument [Line Items] | ||||||||||
Gain (loss) on early extinguishment of debt | $ (22,198,000) | $ 0 | $ 120,000 | |||||||
Long-term debt | 4,244,501,000 | 828,124,000 | ||||||||
Principal balance | 4,290,363,000 | 832,000,000 | ||||||||
Bridge Loan Facility | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Strike rate (as a percent) | 2.70% | 3.40% | 2.70% | 2.70% | ||||||
Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Maximum borrowing capacity of revolving credit facility | $ 750,000,000 | $ 750,000,000 | $ 750,000,000 | |||||||
Number of options to extend maturity date | option | 1 | |||||||||
Extension period | 6 months | |||||||||
Interest rate at period end (as a percent) | 1.41% | |||||||||
Interest rate during period (as a percent) | 1.41% | 1.44% | 2.36% | |||||||
Gain (loss) on early extinguishment of debt | (828,000) | |||||||||
Principal balance | $ 0 | $ 182,000,000 | ||||||||
Floating Rate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of options to extend maturity date | option | 3 | |||||||||
Extension period | 1 year | |||||||||
Long-term debt | $ 14,000 | $ 14,000 | ||||||||
Prepayment terms without premium amount | $ 280,000,000 | 280,000,000 | ||||||||
Number of properties used as collateral | property | 82 | |||||||||
Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 2.25% | 3.40% | ||||||||
Option to increase in premium (in basis points) | 0.515% | |||||||||
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of options to extend maturity date | option | 3 | |||||||||
Extension period | 1 year | |||||||||
Interest rate (as a percent) | 6.17% | |||||||||
Principal balance | $ 1,400,000,000 | 0 | ||||||||
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | February 25, 2022 - December 31, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during period (as a percent) | 6.10% | |||||||||
Floating Rate Loan | Floating Rate Loan, 6.17%, due in 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 2.77% | |||||||||
Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate (as a percent) | 6.18% | |||||||||
Principal balance | $ 1,235,000,000 | $ 0 | ||||||||
Bridge Loan Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during period (as a percent) | 2.92% | |||||||||
Gain (loss) on early extinguishment of debt | $ (21,370,000) | |||||||||
Long-term debt | $ 1,235,000,000 | $ 1,385,158,000 | $ 1,385,158,000 | |||||||
Number of properties used as collateral | property | 109 | |||||||||
Bridge Loan Facility | February 25, 2022 - December 31, 2022 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during period (as a percent) | 4.24% | |||||||||
Bridge Loan Facility | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 1.75% | |||||||||
Mezzanine agreement premium (as a percent) | 8.00% | 8.00% | ||||||||
Fixed Rate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate during period (as a percent) | 4.42% | |||||||||
Interest rate (as a percent) | 4.42% | 4.42% | ||||||||
Long-term debt | $ 700,000,000 | $ 700,000,000 | ||||||||
Number of properties used as collateral | property | 17 | |||||||||
ILPT Floating Rate Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of options to extend maturity date | option | 3 | |||||||||
Extension period | 1 year | |||||||||
Interest rate during period (as a percent) | 3.93% | |||||||||
Prepayment terms without premium amount | $ 247,000,000 | $ 247,000,000 | ||||||||
Number of properties used as collateral | property | 104 | |||||||||
Weighted average interest rate (as a percent) | 6.18% | |||||||||
ILPT Floating Rate Loan | Subsequent Event | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Weighted average interest rate (as a percent) | 6.18% | |||||||||
ILPT Floating Rate Loan | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 2.25% | 2.25% | ||||||||
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of options to extend maturity date | option | 3 | |||||||||
Extension period | 1 year | |||||||||
ILPT Floating Rate Loan | Floating Rate Loan, 6.18%, due in 2024 | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate (as a percent) | 3.93% | |||||||||
Mortgages | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 1,100,000,000 | |||||||||
Weighted average interest rate (as a percent) | 3.74% | |||||||||
Principal balance | $ 503,980,000 | |||||||||
Mortgages | Floating Rate Loan, 6.17%, due in 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of properties used as collateral | property | 82 | |||||||||
Mortgages | Floating Rate Loan, 6.18%, due in 2024 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Number of properties used as collateral | property | 104 | |||||||||
Mortgages | Mortgage note payable (secured by one property in Virginia) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest rate (as a percent) | 3.48% | |||||||||
Number of properties used as collateral | property | 1 | |||||||||
Principal balance | $ 48,750,000 | |||||||||
Mezzanine Loan | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt | $ 135,000,000 |
Indebtedness - Summary of Future Indebtedness Maturity (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Debt Disclosure [Abstract] | ||
2023 | $ 22,428 | |
2024 | 2,658,268 | |
2025 | 24,141 | |
2026 | 25,047 | |
2027 | 25,988 | |
Thereafter | 1,534,491 | |
Total principal balance | 4,290,363 | $ 832,000 |
Unamortized debt issuance costs | 45,862 | |
Long-term debt | $ 4,244,501 | $ 828,124 |
Fair Value of Assets and Liabilities - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
---|---|---|
Fair Value of Financial Instruments | ||
Fixed rate loan | $ 4,244,501 | $ 646,124 |
Fixed rate loan, 3.76% interest rate, due in 2028 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.76% | |
Fixed rate loan, 4.31% interest rate, due in 2029 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.31% | |
Fixed rate loan, 3.77% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.77% | |
Fixed rate loan, 3.85% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.85% | |
Fixed rate loan, 3.56% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.56% | |
Fixed rate loan, 3.67% interest rate, due in 2031 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.67% | |
Fixed rate loan, 4.42% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.42% | |
Fixed rate loan, 4.14% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.14% | |
Fixed rate loan, 4.02% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.02% | |
Fixed rate loan, 4.13% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.13% | |
Fixed rate loan, 3.10% interest rate, due in 2035 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.10% | |
Fixed rate loan, 2.95% interest rate, due in 2036 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 2.95% | |
Fixed rate loan, 4.27% interest rate, due in 2037 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 4.27% | |
Fixed rate loan, 3.25% interest rate, due in 2038 | ||
Fair Value of Financial Instruments | ||
Interest rate (as a percent) | 3.25% | |
Carrying Amount | ||
Fair Value of Financial Instruments | ||
Long-term debt | $ 1,646,736 | 646,124 |
Unamortized premiums | 8,627 | 3,876 |
Carrying Amount | Fixed rate loan, 3.76% interest rate, due in 2028 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 13,556 | 0 |
Carrying Amount | Fixed rate loan, 4.31% interest rate, due in 2029 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 646,669 | 646,124 |
Carrying Amount | Fixed rate loan, 3.77% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 4,865 | 0 |
Carrying Amount | Fixed rate loan, 3.85% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 5,145 | 0 |
Carrying Amount | Fixed rate loan, 3.56% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 14,392 | 0 |
Carrying Amount | Fixed rate loan, 3.67% interest rate, due in 2031 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 12,691 | 0 |
Carrying Amount | Fixed rate loan, 4.42% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 694,704 | 0 |
Carrying Amount | Fixed rate loan, 4.14% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 14,144 | 0 |
Carrying Amount | Fixed rate loan, 4.02% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 30,949 | 0 |
Carrying Amount | Fixed rate loan, 4.13% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 43,219 | 0 |
Carrying Amount | Fixed rate loan, 3.10% interest rate, due in 2035 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 26,175 | 0 |
Carrying Amount | Fixed rate loan, 2.95% interest rate, due in 2036 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 42,087 | 0 |
Carrying Amount | Fixed rate loan, 4.27% interest rate, due in 2037 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 46,109 | 0 |
Carrying Amount | Fixed rate loan, 3.25% interest rate, due in 2038 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 52,031 | 0 |
Estimated Fair Value | ||
Fair Value of Financial Instruments | ||
Long-term debt | 1,487,147 | 709,198 |
Estimated Fair Value | Fixed rate loan, 3.76% interest rate, due in 2028 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 12,784 | 0 |
Estimated Fair Value | Fixed rate loan, 4.31% interest rate, due in 2029 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 592,295 | 709,198 |
Estimated Fair Value | Fixed rate loan, 3.77% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 4,553 | 0 |
Estimated Fair Value | Fixed rate loan, 3.85% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 4,829 | 0 |
Estimated Fair Value | Fixed rate loan, 3.56% interest rate, due in 2030 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 13,315 | 0 |
Estimated Fair Value | Fixed rate loan, 3.67% interest rate, due in 2031 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 11,713 | 0 |
Estimated Fair Value | Fixed rate loan, 4.42% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 623,133 | 0 |
Estimated Fair Value | Fixed rate loan, 4.14% interest rate, due in 2032 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 13,182 | 0 |
Estimated Fair Value | Fixed rate loan, 4.02% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 28,195 | 0 |
Estimated Fair Value | Fixed rate loan, 4.13% interest rate, due in 2033 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 39,573 | 0 |
Estimated Fair Value | Fixed rate loan, 3.10% interest rate, due in 2035 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 22,373 | 0 |
Estimated Fair Value | Fixed rate loan, 2.95% interest rate, due in 2036 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 35,444 | 0 |
Estimated Fair Value | Fixed rate loan, 4.27% interest rate, due in 2037 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | 41,880 | 0 |
Estimated Fair Value | Fixed rate loan, 3.25% interest rate, due in 2038 | ||
Fair Value of Financial Instruments | ||
Fixed rate loan | $ 43,878 | $ 0 |
Fair Value of Assets and Liabilities - Assets Measured on Recurring Basis (Details) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022
USD ($)
property
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Fair Value of Financial Instruments | |||
Real estate properties | $ 4,902,641 | $ 1,581,343 | |
Loss on impairment of real estate | $ 100,747 | 0 | $ 0 |
12 Mainland Properties | |||
Fair Value of Financial Instruments | |||
Ownership interest | 22.00% | ||
Number of properties contributed | property | 18 | ||
Fair Value, Inputs, Level 3 | |||
Fair Value of Financial Instruments | |||
Holding period | 10 years | ||
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Discount Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0525 | ||
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Exit Capitalization Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0475 | ||
Fair Value, Inputs, Level 3 | Minimum | Measurement Input, Direct Capitalization Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0525 | ||
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Discount Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0700 | ||
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Exit Capitalization Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0600 | ||
Fair Value, Inputs, Level 3 | Maximum | Measurement Input, Direct Capitalization Rate | |||
Fair Value of Financial Instruments | |||
Unconsolidated joint venture measurement input | 0.0700 | ||
Fair Value, Recurring | |||
Fair Value of Financial Instruments | |||
Investments in unconsolidated joint venture | $ 124,358 | 143,021 | |
Interest rate cap derivatives | 73,133 | ||
Fair Value, Recurring | Fair Value, Inputs, Level 1 | |||
Fair Value of Financial Instruments | |||
Investments in unconsolidated joint venture | 0 | 0 | |
Interest rate cap derivatives | 0 | ||
Fair Value, Recurring | Fair Value, Inputs, Level 2 | |||
Fair Value of Financial Instruments | |||
Investments in unconsolidated joint venture | 0 | 0 | |
Interest rate cap derivatives | 73,133 | ||
Fair Value, Recurring | Fair Value, Inputs, Level 3 | |||
Fair Value of Financial Instruments | |||
Investments in unconsolidated joint venture | 124,358 | $ 143,021 | |
Interest rate cap derivatives | 0 | ||
Fair Value, Nonrecurring | |||
Fair Value of Financial Instruments | |||
Real estate properties | 555,123 | ||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 1 | |||
Fair Value of Financial Instruments | |||
Real estate properties | 0 | ||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 2 | |||
Fair Value of Financial Instruments | |||
Real estate properties | 0 | ||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3 | |||
Fair Value of Financial Instruments | |||
Real estate properties | 555,123 | ||
Fair Value, Nonrecurring | Fair Value, Inputs, Level 3 | Monmouth Real Estate Investment Corporation | |||
Fair Value of Financial Instruments | |||
Loss on impairment of real estate | $ 100,747 | ||
Number of properties impaired | property | 25 |
Shareholders' Equity - Share Awards (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
shares
|
Dec. 31, 2021
USD ($)
shares
|
Dec. 31, 2020
USD ($)
installment
property
shares
|
Dec. 31, 2019
shares
|
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unvested shares (in shares) | 260,800 | 192,380 | 162,200 | 108,200 |
2023 (in shares) | 93,780 | |||
2024 (in shares) | 75,240 | |||
2025 (in shares) | 57,120 | |||
2026 (in shares) | 34,660 | |||
Estimated future compensation expense for the unvested shares | $ | $ 3,400 | |||
Weighted average period of which compensation expense will be recognized | 23 months | |||
Compensation expense | $ | $ 2,221 | $ 2,329 | $ 2,331 | |
Shares available for issuance under the award plan | 3,431,855,000 | |||
Trustees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of officers elected | property | 2 | |||
Trustees | Common shares | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares granted (in shares) | 3,500,000 | 3,500,000 | 3,500,000 | |
Common shares granted | $ | $ 369 | $ 538 | $ 460 | |
Common shares granted per Trustee | $ | $ 53 | $ 90 | $ 66 | |
Trustees | Common shares | Common Stock As Part of Annual Compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares granted (in shares) | 3,000,000 | |||
Common shares granted | $ | $ 141 | |||
Common shares granted per Trustee | $ | $ 71 | |||
RMR LLC | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common shares granted (in shares) | 173,300,000 | 118,800,000 | 108,600,000 | |
Common shares granted | $ | $ 1,184 | $ 3,086 | $ 2,460 | |
RMR LLC | Officers And Employees | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of equal annual installments | installment | 5 |
Shareholders' Equity - Summary of Unvested Shares Activity (Details) - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |||
Unvested shares at the beginning of the period (in shares) | 192,380 | 162,200 | 108,200 |
Granted (in shares) | 197,800 | 139,800 | 139,100 |
Vested (in shares) | (127,480) | (108,920) | (84,520) |
Forfeited (in shares) | (1,900) | (700) | (580) |
Unvested shares at the end of the period (in shares) | 260,800 | 192,380 | 162,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | |||
Unvested shares at the beginning of the period (in dollars per share) | $ 24.15 | $ 22.37 | $ 22.08 |
Granted (in dollars per share) | 7.85 | 25.93 | 22.01 |
Vested (in dollars per share) | 17.44 | 23.78 | 21.41 |
Forfeited (in dollars per share) | 24.55 | 22.24 | 22.20 |
Unvested shares at the end of the period (in dollars per share) | $ 15.07 | $ 24.15 | $ 22.37 |
Shareholders' Equity - Common Share Purchases (Details) - Common shares - $ / shares |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Share repurchases to pay for tax withholding (in shares) | 32,347 | 35,596 | 18,060 |
Share price (in dollars per share) | $ 7.50 | $ 25.91 | $ 21.16 |
Shareholders' Equity - Distributions (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Jan. 12, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Dividends Payable [Line Items] | ||||
Distribution per share (in dollars per share) | $ 0.68 | $ 1.32 | $ 1.32 | |
Total Distributions | $ 44,477 | $ 86,236 | $ 86,089 | |
Distributions per share paid (in dollars per share) | 89.70% | 0.00% | 0.00% | |
Distribution characterization percentage, ordinary income | 9.60% | 93.20% | 71.00% | |
Distribution characterization percentage, capital gain | 0.70% | 6.80% | 29.00% | |
Subsequent Event | ||||
Dividends Payable [Line Items] | ||||
Common distributions declared (in dollars per share) | $ 0.01 | |||
Dividends payable | $ 656 |
Per Common Shares Amounts (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Numerators: | |||
Net (loss) income attributable to common shareholders | $ (226,723) | $ 119,682 | $ 82,071 |
Loss attributable to unvested participating securities | (131) | (307) | (154) |
Net (loss) income attributable to common shareholders used in calculating earnings per share | $ (226,854) | $ 119,375 | $ 81,917 |
Denominators: | |||
Weighted average common shares for basic earnings per share (in shares) | 65,248 | 65,169 | 65,104 |
Effect of dilutive securities: unvested share awards (in shares) | 0 | 42 | 10 |
Weighted average common shares for diluted earnings per share (in shares) | 65,248 | 65,211 | 65,114 |
Net (loss) income attributable to common shareholders, basic (in usd per share) | $ (3.47) | $ 1.83 | $ 1.26 |
Net (loss) income attributable to common shareholders, diluted (in usd per share) | $ (3.47) | $ 1.83 | $ 1.26 |
Business and Property Management Agreements with RMR (Details) |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Feb. 25, 2022
USD ($)
investor
property
|
Jul. 31, 2022
property
|
Dec. 31, 2022
USD ($)
employee
agreement
property
investor
$ / shares
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Oct. 31, 2020
property
|
|
Related Party Transaction [Line Items] | ||||||
Number of employees | employee | 0 | |||||
Equity market capitalization | $ 1,560,000,000 | |||||
Unadjusted initial share price (usd per share) | $ / shares | $ 24.00 | |||||
Business management fees | $ 23,701,000 | $ 10,562,000 | $ 12,983,000 | |||
Incentive management fee | 0 | 0 | 0 | |||
Due to related persons | $ 4,824,000 | 2,185,000 | ||||
Term remaining prior to termination used in calculation of termination fee | 10 years | |||||
Number of joint venture agreements | agreement | 2 | |||||
Monmouth Real Estate Investment Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Number of Investors | investor | 1 | |||||
Number of properties | property | 95 | 1 | 94 | |||
12 Mainland Properties | ||||||
Related Party Transaction [Line Items] | ||||||
Number of Investors | investor | 2 | |||||
Number of properties contributed | property | 18 | 18 | ||||
Ownership interest | 22.00% | |||||
Monmouth Real Estate Investment Corporation | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership interest | 61.00% | |||||
Mountain Industrial REIT LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 39.00% | |||||
Reit Management And Research L L C | ||||||
Related Party Transaction [Line Items] | ||||||
Number of management service agreements | agreement | 2 | |||||
Percentage applied on average historical cost of real estate investment properties acquired to calculate base management fee | 0.50% | |||||
Base management fee payable as percentage of average historical cost of real estate investments excluding transferred assets for investments up to specified amount | 0.70% | |||||
Base management fee payable threshold amount of other real estate investments | $ 250,000,000 | |||||
Annual business management fee as percentage of aggregate cost of properties acquired in excess of specified amount | 0.50% | |||||
Base management fee payable as percentage of average closing stock price on stock exchange | 0.70% | |||||
Base management fee payable as percentage of average market capitalization exceeding specified amount | 0.50% | |||||
Percentage for limitation and adjustments of incentive management fee payable | 12.00% | |||||
Period of consecutive trading days | 10 days | |||||
Period of trading days of measurement period used in calculation | 30 days | |||||
Incentive management fee payable | $ 0 | |||||
Incentive management fee measurement period | 3 years | |||||
Required return per share to adjust the return per share benchmark | 12.00% | |||||
Adjusted benchmark return qualification for management fee reduction minimum | 2.00% | |||||
Adjusted benchmark return qualification for management fee reduction maximum | 5.00% | |||||
Incentive management fee, percentage of common shares outstanding used in calculation | 1.50% | |||||
Property management fees as percentage of gross collected rents | 3.00% | |||||
Construction supervision fees as percentage of construction costs | 5.00% | |||||
Construction supervision fees | $ 11,916,000 | 6,606,000 | 7,472,000 | |||
Number of business days prior written notice for termination of property management agreement | 60 days | |||||
Window following a change of control | 12 months | |||||
Period of transition services after termination agreement | 120 days | |||||
Amended and Restated Asset Management Agreement | The Industrial Fund REIT Inc. | 12 Mainland Properties | ||||||
Related Party Transaction [Line Items] | ||||||
Ownership interest | 22.00% | |||||
Minimum | Reit Management And Research L L C | ||||||
Related Party Transaction [Line Items] | ||||||
Termination fee term | 19 years | |||||
Maximum | Reit Management And Research L L C | ||||||
Related Party Transaction [Line Items] | ||||||
Termination fee term | 20 years | |||||
Reit Management And Research L L C | ||||||
Related Party Transaction [Line Items] | ||||||
Number of management service agreements | agreement | 2 | |||||
Business management fees | 1,005,000 | |||||
Reimbursement expense | $ 6,785,000 | 4,786,000 | 4,948,000 | |||
Reit Management And Research L L C | Property Management and Construction Supervision Fees | Other Operating Expenses | ||||||
Related Party Transaction [Line Items] | ||||||
Expenses from transactions | 11,058,000 | 6,395,000 | 7,267,000 | |||
Reit Management And Research L L C | Capitalized Costs | Investment Building and Building Improvements | ||||||
Related Party Transaction [Line Items] | ||||||
Due to related persons | $ 858,000 | $ 211,000 | $ 205,000 | |||
Co-venturer | Mountain Industrial REIT LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Noncontrolling interest, ownership percentage by noncontrolling owners | 39.00% | |||||
Noncontrolling interest in joint ventures | $ 589,411,000 |
Related Person Transactions (Details) $ in Thousands |
1 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
Dec. 31, 2021
USD ($)
|
May 31, 2021
USD ($)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2022
USD ($)
agreement
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
|
Related Party Transaction [Line Items] | ||||||
Number of joint venture agreements | agreement | 2 | |||||
Distributions in excess of earnings from Affiliates Insurance Company | $ 0 | $ 0 | $ 287 | |||
Dallas, TX | ||||||
Related Party Transaction [Line Items] | ||||||
Payments to acquire real estate | $ 2,319 | |||||
Acquisition related cost | $ 119 | |||||
RMR LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Number of management service agreements | agreement | 2 | |||||
RMR LLC | Vesting on Grant Date | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting rights | 20.00% | |||||
RMR LLC | Vesting on each of the next four anniversaries | ||||||
Related Party Transaction [Line Items] | ||||||
Award vesting rights | 20.00% | |||||
AIC | ||||||
Related Party Transaction [Line Items] | ||||||
Distributions in excess of earnings from Affiliates Insurance Company | $ 12 | $ 287 | ||||
Rents Collected For Joint Venture | Industrial Fund | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 225 | $ 616 | $ 225 | |||
Post-Closing Adjustment | Industrial Fund | ||||||
Related Party Transaction [Line Items] | ||||||
Due from related parties | $ 2,665 |
Derivatives and Hedging Activities - Schedule of Interest Rate Cap Agreements (Details) - Interest Rate Swap - Cash Flow Hedging - Designated as Hedging Instrument $ in Thousands |
Dec. 31, 2022
USD ($)
derivative_instrument
|
---|---|
Floating Rate Loan | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Number of Instruments | derivative_instrument | 1 |
Strike Rate | 3.40% |
Notional Amount | $ 1,400,000 |
Fair Value at December 31, 2022 | $ 23,337 |
ILPT floating rate loan, 6.18% weighted average interest rate, due in 2024 | |
Derivative Instruments, Gain (Loss) [Line Items] | |
Number of Instruments | derivative_instrument | 2 |
Strike Rate | 2.25% |
Notional Amount | $ 1,235,000 |
Fair Value at December 31, 2022 | $ 49,796 |
Derivatives and Hedging Activities - Narrative (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
|
Sep. 30, 2022
USD ($)
derivative_instrument
|
Mar. 31, 2022 |
Feb. 25, 2022 |
|
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Accumulated other comprehensive income to interest expense | $ 25,810 | |||
Attributable to noncontrolling interest | $ 6,845 | |||
Bridge Loan Facility | Interest Rate Swap | Cash Flow Hedging | Designated as Hedging Instrument | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Number of Instruments | derivative_instrument | 2 | |||
Notional Amount | $ 1,385,158 | |||
Strike Rate | 2.70% | 3.40% | 2.70% | |
Derivative instruments in hedges, at fair value, net | $ 7,740 |
Derivatives and Hedging Activities - Schedule of Activity (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount of gain recognized in cumulative other comprehensive income (loss) | $ 34,825 | ||
Unrealized gain on derivative instrument recognized in cumulative other comprehensive income | 30,194 | $ 0 | $ 0 |
Interest Expense | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from cumulative other comprehensive income (loss) into interest expense | 2,330 | ||
Loss On Early Extinguishment Of Debt | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Amount reclassified from cumulative other comprehensive income (loss) into loss on early extinguishment of debt | $ (6,961) |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Real Estate Properties (Details) $ in Thousands |
12 Months Ended | |||
---|---|---|---|---|
Dec. 31, 2022
USD ($)
property
mortgage
|
Dec. 31, 2021
USD ($)
|
Dec. 31, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
|
Initial Cost to Company | ||||
Land | $ 1,132,989 | |||
Buildings and Equipment | 4,064,666 | |||
Costs Capitalized Subsequent to Acquisition | 71,482 | |||
Impairment/ Writedowns | (93,029) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,117,779 | |||
Buildings and Equipment | 4,058,329 | |||
Total | 5,176,108 | $ 1,748,833 | $ 1,809,070 | $ 2,335,964 |
Accumulated Depreciation | (273,467) | $ (167,490) | $ (141,406) | $ (131,468) |
Unamortized debt issuance costs | 45,862 | |||
U.S. federal income tax basis | $ 5,720,412 | |||
Building and Building Improvements | ||||
Gross Amount Carried at Close of Period | ||||
Life used for depreciation | 40 years | |||
Equipment | ||||
Gross Amount Carried at Close of Period | ||||
Life used for depreciation | 7 years | |||
Mortgages | ||||
Gross Amount Carried at Close of Period | ||||
Encumbrances | $ 4,244,501 | |||
Undepreciated cost | $ 5,091,811 | |||
Mortgages | 186 properties encumbered by one mortgage loan | ||||
Gross Amount Carried at Close of Period | ||||
Number of properties used as collateral | property | 186 | |||
Number of debt instruments | mortgage | 1 | |||
Encumbrances | $ 646,669 | |||
Undepreciated cost | $ 506,264 | |||
Mortgages | 104 properties encumbered by one mortgage loan | ||||
Gross Amount Carried at Close of Period | ||||
Number of properties used as collateral | property | 104 | |||
Encumbrances | $ 1,216,078 | |||
Undepreciated cost | $ 1,170,474 | |||
Mortgages | 82 properties encumbered by one mortgage loan | ||||
Gross Amount Carried at Close of Period | ||||
Number of properties used as collateral | property | 82 | |||
Encumbrances | $ 1,381,687 | |||
Undepreciated cost | $ 1,956,835 | |||
Mortgages | 17 properties encumbered by one mortgage loan | ||||
Gross Amount Carried at Close of Period | ||||
Number of properties used as collateral | property | 17 | |||
Encumbrances | $ 694,704 | |||
Undepreciated cost | $ 613,138 | |||
Mortgages | 11 properties encumbered by one mortgage loan | ||||
Gross Amount Carried at Close of Period | ||||
Number of properties used as collateral | property | 11 | |||
Encumbrances | $ 305,363 | |||
Undepreciated cost | 845,100 | |||
510 Production Avenue | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 9,967 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (2,118) | |||
Gross Amount Carried at Close of Period | ||||
Land | 973 | |||
Buildings and Equipment | 8,076 | |||
Total | 9,049 | |||
Accumulated Depreciation | (136) | |||
6735 Trippel Road | ||||
Initial Cost to Company | ||||
Land | 1,500 | |||
Buildings and Equipment | 44,354 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,500 | |||
Buildings and Equipment | 44,354 | |||
Total | 45,854 | |||
Accumulated Depreciation | (1,077) | |||
11224 Will Walker Road | ||||
Initial Cost to Company | ||||
Land | 3,901 | |||
Buildings and Equipment | 40,857 | |||
Costs Capitalized Subsequent to Acquisition | 550 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,901 | |||
Buildings and Equipment | 41,407 | |||
Total | 45,308 | |||
Accumulated Depreciation | (1,800) | |||
3200 Rodeo Court | ||||
Initial Cost to Company | ||||
Land | 3,201 | |||
Buildings and Equipment | 23,462 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,201 | |||
Buildings and Equipment | 23,462 | |||
Total | 26,663 | |||
Accumulated Depreciation | (570) | |||
4501 Industrial Drive | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 3,485 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 901 | |||
Buildings and Equipment | 3,484 | |||
Total | 4,385 | |||
Accumulated Depreciation | (690) | |||
9860 West Buckeye Road | ||||
Initial Cost to Company | ||||
Land | 4,801 | |||
Buildings and Equipment | 26,716 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,802 | |||
Buildings and Equipment | 26,716 | |||
Total | 31,518 | |||
Accumulated Depreciation | (1,132) | |||
3870 Ronald Reagan Boulevard | ||||
Initial Cost to Company | ||||
Land | 2,780 | |||
Buildings and Equipment | 9,722 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,779 | |||
Buildings and Equipment | 9,724 | |||
Total | 12,503 | |||
Accumulated Depreciation | (1,207) | |||
125 North Troy Hill Road | ||||
Initial Cost to Company | ||||
Land | 5,402 | |||
Buildings and Equipment | 32,981 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (10,790) | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,883 | |||
Buildings and Equipment | 23,710 | |||
Total | 27,593 | |||
Accumulated Depreciation | (342) | |||
14257 E. Easter Avenue | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 10,563 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (2,607) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,421 | |||
Buildings and Equipment | 8,336 | |||
Total | 9,757 | |||
Accumulated Depreciation | (169) | |||
955 Aeroplaza Drive | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 7,412 | |||
Costs Capitalized Subsequent to Acquisition | 39 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 7,451 | |||
Total | 8,251 | |||
Accumulated Depreciation | (1,481) | |||
13400 East 39th Avenue and 3800 Wheeling Street | ||||
Initial Cost to Company | ||||
Land | 3,100 | |||
Buildings and Equipment | 12,955 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,100 | |||
Buildings and Equipment | 12,960 | |||
Total | 16,060 | |||
Accumulated Depreciation | (2,568) | |||
150 Greenhorn Drive | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Equipment | 4,177 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 200 | |||
Buildings and Equipment | 4,177 | |||
Total | 4,377 | |||
Accumulated Depreciation | (827) | |||
2 Tower Drive | ||||
Initial Cost to Company | ||||
Land | 1,471 | |||
Buildings and Equipment | 2,165 | |||
Costs Capitalized Subsequent to Acquisition | 888 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,471 | |||
Buildings and Equipment | 3,053 | |||
Total | 4,524 | |||
Accumulated Depreciation | (1,129) | |||
50 Hollow Tree Lane | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 4,793 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 600 | |||
Buildings and Equipment | 4,793 | |||
Total | 5,393 | |||
Accumulated Depreciation | (136) | |||
235 Great Pond Road | ||||
Initial Cost to Company | ||||
Land | 2,400 | |||
Buildings and Equipment | 9,469 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,400 | |||
Buildings and Equipment | 9,469 | |||
Total | 11,869 | |||
Accumulated Depreciation | (2,467) | |||
2100 NW 82nd Avenue | ||||
Initial Cost to Company | ||||
Land | 144 | |||
Buildings and Equipment | 1,297 | |||
Costs Capitalized Subsequent to Acquisition | 454 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 144 | |||
Buildings and Equipment | 1,751 | |||
Total | 1,895 | |||
Accumulated Depreciation | (939) | |||
10450 Doral Boulevard | ||||
Initial Cost to Company | ||||
Land | 15,225 | |||
Buildings and Equipment | 28,102 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 15,225 | |||
Buildings and Equipment | 28,102 | |||
Total | 43,327 | |||
Accumulated Depreciation | (4,216) | |||
13509 Waterworks Street | ||||
Initial Cost to Company | ||||
Land | 3,701 | |||
Buildings and Equipment | 37,720 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | (9,345) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,866 | |||
Buildings and Equipment | 29,209 | |||
Total | 32,075 | |||
Accumulated Depreciation | (421) | |||
27200 SW 127th Avenue | ||||
Initial Cost to Company | ||||
Land | 24,808 | |||
Buildings and Equipment | 22,762 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (8,376) | |||
Gross Amount Carried at Close of Period | ||||
Land | 20,440 | |||
Buildings and Equipment | 18,754 | |||
Total | 39,194 | |||
Accumulated Depreciation | (271) | |||
3155 Grissom Parkway | ||||
Initial Cost to Company | ||||
Land | 3,101 | |||
Buildings and Equipment | 20,542 | |||
Costs Capitalized Subsequent to Acquisition | 27 | |||
Impairment/ Writedowns | (4,620) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,494 | |||
Buildings and Equipment | 16,556 | |||
Total | 19,050 | |||
Accumulated Depreciation | (279) | |||
950 Bennett Road | ||||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Equipment | 12,334 | |||
Costs Capitalized Subsequent to Acquisition | 215 | |||
Impairment/ Writedowns | (737) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,568 | |||
Buildings and Equipment | 11,945 | |||
Total | 14,513 | |||
Accumulated Depreciation | (200) | |||
3736 Salisbury Road | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 12,071 | |||
Costs Capitalized Subsequent to Acquisition | 158 | |||
Impairment/ Writedowns | (2,998) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,250 | |||
Buildings and Equipment | 9,581 | |||
Total | 10,831 | |||
Accumulated Depreciation | (240) | |||
1341 N. Clyde Morris Boulevard | ||||
Initial Cost to Company | ||||
Land | 3,001 | |||
Buildings and Equipment | 38,858 | |||
Costs Capitalized Subsequent to Acquisition | 486 | |||
Impairment/ Writedowns | (1,762) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,875 | |||
Buildings and Equipment | 37,708 | |||
Total | 40,583 | |||
Accumulated Depreciation | (537) | |||
5000 North Ridge Trail | ||||
Initial Cost to Company | ||||
Land | 4,001 | |||
Buildings and Equipment | 52,290 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,001 | |||
Buildings and Equipment | 52,290 | |||
Total | 56,291 | |||
Accumulated Depreciation | (1,270) | |||
14001 Jetport Loop | ||||
Initial Cost to Company | ||||
Land | 5,902 | |||
Buildings and Equipment | 25,616 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,902 | |||
Buildings and Equipment | 25,616 | |||
Total | 31,518 | |||
Accumulated Depreciation | (622) | |||
8411 Florida Mining Boulevard | ||||
Initial Cost to Company | ||||
Land | 7,602 | |||
Buildings and Equipment | 29,985 | |||
Costs Capitalized Subsequent to Acquisition | 19 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 7,602 | |||
Buildings and Equipment | 30,004 | |||
Total | 37,606 | |||
Accumulated Depreciation | (851) | |||
5101 West Waters Avenue | ||||
Initial Cost to Company | ||||
Land | 3,101 | |||
Buildings and Equipment | 12,134 | |||
Costs Capitalized Subsequent to Acquisition | 157 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,101 | |||
Buildings and Equipment | 12,291 | |||
Total | 15,392 | |||
Accumulated Depreciation | (413) | |||
3404 Cragmont Drive | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 6,557 | |||
Costs Capitalized Subsequent to Acquisition | 160 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,600 | |||
Buildings and Equipment | 6,717 | |||
Total | 8,317 | |||
Accumulated Depreciation | (223) | |||
7569 Golf Course Boulevard | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Equipment | 6,042 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Equipment | 6,042 | |||
Total | 6,042 | |||
Accumulated Depreciation | (147) | |||
1900 Interstate Boulevard | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Equipment | 3,405 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 500 | |||
Buildings and Equipment | 3,405 | |||
Total | 3,905 | |||
Accumulated Depreciation | (96) | |||
2902 Gun Club Road | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 9,861 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (6,995) | |||
Gross Amount Carried at Close of Period | ||||
Land | 441 | |||
Buildings and Equipment | 3,625 | |||
Total | 4,066 | |||
Accumulated Depreciation | (53) | |||
1078 Bertram Road | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 1,867 | |||
Costs Capitalized Subsequent to Acquisition | 64 | |||
Impairment/ Writedowns | (1,374) | |||
Gross Amount Carried at Close of Period | ||||
Land | 453 | |||
Buildings and Equipment | 1,004 | |||
Total | 1,457 | |||
Accumulated Depreciation | (24) | |||
590 Northport Parkway | ||||
Initial Cost to Company | ||||
Land | 16,905 | |||
Buildings and Equipment | 66,945 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 16,905 | |||
Buildings and Equipment | 66,945 | |||
Total | 83,850 | |||
Accumulated Depreciation | (1,626) | |||
3150 Highway 42 | ||||
Initial Cost to Company | ||||
Land | 9,803 | |||
Buildings and Equipment | 109,420 | |||
Costs Capitalized Subsequent to Acquisition | 41 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 9,803 | |||
Buildings and Equipment | 109,461 | |||
Total | 119,264 | |||
Accumulated Depreciation | (2,657) | |||
650 Braselton Parkway | ||||
Initial Cost to Company | ||||
Land | 6,902 | |||
Buildings and Equipment | 82,238 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 6,902 | |||
Buildings and Equipment | 82,238 | |||
Total | 89,140 | |||
Accumulated Depreciation | (1,997) | |||
700 Hudson Road | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 20,442 | |||
Costs Capitalized Subsequent to Acquisition | 45 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 900 | |||
Buildings and Equipment | 20,487 | |||
Total | 21,387 | |||
Accumulated Depreciation | (695) | |||
505 Morgan Lakes Industrial Blvd. | ||||
Initial Cost to Company | ||||
Land | 8,203 | |||
Buildings and Equipment | 31,714 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 8,203 | |||
Buildings and Equipment | 31,714 | |||
Total | 39,917 | |||
Accumulated Depreciation | (770) | |||
2002 International Boulevard | ||||
Initial Cost to Company | ||||
Land | 3,818 | |||
Buildings and Equipment | 30,780 | |||
Costs Capitalized Subsequent to Acquisition | 2 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,819 | |||
Buildings and Equipment | 30,781 | |||
Total | 34,600 | |||
Accumulated Depreciation | (408) | |||
2815 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,818 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 6 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,818 | |||
Buildings and Equipment | 6 | |||
Total | 1,824 | |||
Accumulated Depreciation | (2) | |||
609 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 616 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 616 | |||
Buildings and Equipment | 0 | |||
Total | 616 | |||
Accumulated Depreciation | 0 | |||
2849 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Total | 860 | |||
Accumulated Depreciation | 0 | |||
709 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2839 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 627 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 627 | |||
Buildings and Equipment | 0 | |||
Total | 627 | |||
Accumulated Depreciation | 0 | |||
2906 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,814 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,814 | |||
Buildings and Equipment | 2 | |||
Total | 1,816 | |||
Accumulated Depreciation | (1) | |||
733 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 3,403 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,403 | |||
Buildings and Equipment | 0 | |||
Total | 3,403 | |||
Accumulated Depreciation | 0 | |||
2864 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 1,836 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 7 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,836 | |||
Buildings and Equipment | 7 | |||
Total | 1,843 | |||
Accumulated Depreciation | (6) | |||
2850 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 287 | |||
Buildings and Equipment | 172 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 286 | |||
Buildings and Equipment | 172 | |||
Total | 458 | |||
Accumulated Depreciation | (82) | |||
2806 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2838 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 4,262 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,262 | |||
Buildings and Equipment | 0 | |||
Total | 4,262 | |||
Accumulated Depreciation | 0 | |||
852 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
812 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,960 | |||
Buildings and Equipment | 25 | |||
Costs Capitalized Subsequent to Acquisition | 628 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,613 | |||
Buildings and Equipment | 0 | |||
Total | 2,613 | |||
Accumulated Depreciation | 0 | |||
2969 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 4,038 | |||
Buildings and Equipment | 15 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,038 | |||
Buildings and Equipment | 15 | |||
Total | 4,053 | |||
Accumulated Depreciation | (10) | |||
855 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,834 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,834 | |||
Buildings and Equipment | 0 | |||
Total | 1,834 | |||
Accumulated Depreciation | 0 | |||
2855 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,807 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,807 | |||
Buildings and Equipment | 0 | |||
Total | 1,807 | |||
Accumulated Depreciation | 0 | |||
865 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,846 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,846 | |||
Buildings and Equipment | 0 | |||
Total | 1,846 | |||
Accumulated Depreciation | 0 | |||
719 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,960 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,960 | |||
Buildings and Equipment | 0 | |||
Total | 1,960 | |||
Accumulated Depreciation | 0 | |||
759 Puuloa Road | ||||
Initial Cost to Company | ||||
Land | 1,766 | |||
Buildings and Equipment | 3 | |||
Costs Capitalized Subsequent to Acquisition | (3) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,766 | |||
Buildings and Equipment | 0 | |||
Total | 1,766 | |||
Accumulated Depreciation | 0 | |||
770 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2915 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 2,579 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,579 | |||
Buildings and Equipment | 0 | |||
Total | 2,579 | |||
Accumulated Depreciation | 0 | |||
704 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 2,390 | |||
Buildings and Equipment | 685 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,390 | |||
Buildings and Equipment | 685 | |||
Total | 3,075 | |||
Accumulated Depreciation | (326) | |||
822 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,795 | |||
Buildings and Equipment | 15 | |||
Costs Capitalized Subsequent to Acquisition | (15) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,795 | |||
Buildings and Equipment | 0 | |||
Total | 1,795 | |||
Accumulated Depreciation | 0 | |||
842 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,795 | |||
Buildings and Equipment | 14 | |||
Costs Capitalized Subsequent to Acquisition | (14) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,795 | |||
Buildings and Equipment | 0 | |||
Total | 1,795 | |||
Accumulated Depreciation | 0 | |||
2839 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,942 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,942 | |||
Buildings and Equipment | 0 | |||
Total | 1,942 | |||
Accumulated Depreciation | 0 | |||
2861 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 3,867 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,867 | |||
Buildings and Equipment | 0 | |||
Total | 3,867 | |||
Accumulated Depreciation | 0 | |||
619 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,401 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | 12 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,401 | |||
Buildings and Equipment | 14 | |||
Total | 1,415 | |||
Accumulated Depreciation | (3) | |||
2847 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 582 | |||
Buildings and Equipment | 303 | |||
Costs Capitalized Subsequent to Acquisition | 184 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 582 | |||
Buildings and Equipment | 487 | |||
Total | 1,069 | |||
Accumulated Depreciation | (167) | |||
2928 Kaihikapu Street - A | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2928 Kaihikapu Street - B | ||||
Initial Cost to Company | ||||
Land | 1,948 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,948 | |||
Buildings and Equipment | 0 | |||
Total | 1,948 | |||
Accumulated Depreciation | 0 | |||
850 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 2,682 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,682 | |||
Buildings and Equipment | 0 | |||
Total | 2,682 | |||
Accumulated Depreciation | 0 | |||
659 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 860 | |||
Buildings and Equipment | 20 | |||
Costs Capitalized Subsequent to Acquisition | (20) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Total | 860 | |||
Accumulated Depreciation | 0 | |||
2831 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Total | 860 | |||
Accumulated Depreciation | 0 | |||
2760 Kam Highway | ||||
Initial Cost to Company | ||||
Land | 703 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 191 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 703 | |||
Buildings and Equipment | 191 | |||
Total | 894 | |||
Accumulated Depreciation | (29) | |||
2965 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 2,140 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,140 | |||
Buildings and Equipment | 0 | |||
Total | 2,140 | |||
Accumulated Depreciation | 0 | |||
2814 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 1,925 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,925 | |||
Buildings and Equipment | 0 | |||
Total | 1,925 | |||
Accumulated Depreciation | 0 | |||
2804 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 1,775 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,775 | |||
Buildings and Equipment | 2 | |||
Total | 1,777 | |||
Accumulated Depreciation | 0 | |||
2833 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 601 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 601 | |||
Buildings and Equipment | 0 | |||
Total | 601 | |||
Accumulated Depreciation | 0 | |||
692 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,796 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,796 | |||
Buildings and Equipment | 2 | |||
Total | 1,798 | |||
Accumulated Depreciation | 0 | |||
669 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 14 | |||
Costs Capitalized Subsequent to Acquisition | 62 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 76 | |||
Total | 1,877 | |||
Accumulated Depreciation | (33) | |||
761 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 3,757 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | 339 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,757 | |||
Buildings and Equipment | 341 | |||
Total | 4,098 | |||
Accumulated Depreciation | (35) | |||
702 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,784 | |||
Buildings and Equipment | 3 | |||
Costs Capitalized Subsequent to Acquisition | (4) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,783 | |||
Buildings and Equipment | 0 | |||
Total | 1,783 | |||
Accumulated Depreciation | 0 | |||
645 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 882 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 882 | |||
Buildings and Equipment | 0 | |||
Total | 882 | |||
Accumulated Depreciation | 0 | |||
675 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,081 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,081 | |||
Buildings and Equipment | 0 | |||
Total | 1,081 | |||
Accumulated Depreciation | 0 | |||
2858 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2857 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 983 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 983 | |||
Buildings and Equipment | 0 | |||
Total | 983 | |||
Accumulated Depreciation | 0 | |||
2812 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 3 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 1 | |||
Total | 1,802 | |||
Accumulated Depreciation | 0 | |||
2809 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,837 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,837 | |||
Buildings and Equipment | 0 | |||
Total | 1,837 | |||
Accumulated Depreciation | 0 | |||
803 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 3,804 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,804 | |||
Buildings and Equipment | 0 | |||
Total | 3,804 | |||
Accumulated Depreciation | 0 | |||
2889 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,783 | |||
Buildings and Equipment | 5 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,783 | |||
Buildings and Equipment | 5 | |||
Total | 1,788 | |||
Accumulated Depreciation | 0 | |||
819 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 4,821 | |||
Buildings and Equipment | 583 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,821 | |||
Buildings and Equipment | 592 | |||
Total | 5,413 | |||
Accumulated Depreciation | (287) | |||
830 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 25 | |||
Costs Capitalized Subsequent to Acquisition | (25) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2831 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,272 | |||
Buildings and Equipment | 529 | |||
Costs Capitalized Subsequent to Acquisition | 55 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,272 | |||
Buildings and Equipment | 584 | |||
Total | 1,856 | |||
Accumulated Depreciation | (277) | |||
2846-A Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 2,181 | |||
Buildings and Equipment | 954 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,181 | |||
Buildings and Equipment | 954 | |||
Total | 3,135 | |||
Accumulated Depreciation | (454) | |||
2816 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 1,009 | |||
Buildings and Equipment | 27 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,009 | |||
Buildings and Equipment | 27 | |||
Total | 1,036 | |||
Accumulated Depreciation | (13) | |||
673 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
697 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 994 | |||
Buildings and Equipment | 811 | |||
Costs Capitalized Subsequent to Acquisition | (4) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 994 | |||
Buildings and Equipment | 807 | |||
Total | 1,801 | |||
Accumulated Depreciation | (384) | |||
808 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 3,279 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,278 | |||
Buildings and Equipment | 0 | |||
Total | 3,278 | |||
Accumulated Depreciation | (7) | |||
659 Puuloa Road | ||||
Initial Cost to Company | ||||
Land | 1,807 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,807 | |||
Buildings and Equipment | 0 | |||
Total | 1,807 | |||
Accumulated Depreciation | 0 | |||
666 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 860 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 860 | |||
Buildings and Equipment | 0 | |||
Total | 860 | |||
Accumulated Depreciation | 0 | |||
679 Puuloa Road | ||||
Initial Cost to Company | ||||
Land | 1,807 | |||
Buildings and Equipment | 3 | |||
Costs Capitalized Subsequent to Acquisition | (3) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,807 | |||
Buildings and Equipment | 0 | |||
Total | 1,807 | |||
Accumulated Depreciation | 0 | |||
673 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 20 | |||
Costs Capitalized Subsequent to Acquisition | (20) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2827 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2826 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 3,921 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,921 | |||
Buildings and Equipment | 0 | |||
Total | 3,921 | |||
Accumulated Depreciation | 0 | |||
685 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2844 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,960 | |||
Buildings and Equipment | 14 | |||
Costs Capitalized Subsequent to Acquisition | (14) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,960 | |||
Buildings and Equipment | 0 | |||
Total | 1,960 | |||
Accumulated Depreciation | 0 | |||
789 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 2,608 | |||
Buildings and Equipment | 3 | |||
Costs Capitalized Subsequent to Acquisition | (3) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,608 | |||
Buildings and Equipment | 0 | |||
Total | 2,608 | |||
Accumulated Depreciation | 0 | |||
2808 Kam Highway | ||||
Initial Cost to Company | ||||
Land | 310 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 310 | |||
Buildings and Equipment | 0 | |||
Total | 310 | |||
Accumulated Depreciation | 0 | |||
2815 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Total | 287 | |||
Accumulated Depreciation | 0 | |||
2821 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Total | 287 | |||
Accumulated Depreciation | 0 | |||
2829 Kilihau Street | ||||
Initial Cost to Company | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 287 | |||
Buildings and Equipment | 0 | |||
Total | 287 | |||
Accumulated Depreciation | 0 | |||
2819 Mokumoa Street - A | ||||
Initial Cost to Company | ||||
Land | 1,821 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,821 | |||
Buildings and Equipment | 0 | |||
Total | 1,821 | |||
Accumulated Depreciation | 0 | |||
2819 Mokumoa Street - B | ||||
Initial Cost to Company | ||||
Land | 1,816 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,816 | |||
Buildings and Equipment | 0 | |||
Total | 1,816 | |||
Accumulated Depreciation | 0 | |||
2879 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,789 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,789 | |||
Buildings and Equipment | 0 | |||
Total | 1,789 | |||
Accumulated Depreciation | 0 | |||
2927 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,778 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,778 | |||
Buildings and Equipment | 0 | |||
Total | 1,778 | |||
Accumulated Depreciation | 0 | |||
2833 Paa Street #2 | ||||
Initial Cost to Company | ||||
Land | 1,675 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,675 | |||
Buildings and Equipment | 0 | |||
Total | 1,675 | |||
Accumulated Depreciation | 0 | |||
855 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 3,265 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,265 | |||
Buildings and Equipment | 0 | |||
Total | 3,265 | |||
Accumulated Depreciation | 0 | |||
2829 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 1,720 | |||
Buildings and Equipment | 2 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,720 | |||
Buildings and Equipment | 0 | |||
Total | 1,720 | |||
Accumulated Depreciation | 0 | |||
766 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2908 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,798 | |||
Buildings and Equipment | 23 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,798 | |||
Buildings and Equipment | 23 | |||
Total | 1,821 | |||
Accumulated Depreciation | (3) | |||
729 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
739 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
2868 Kaihikapu Street | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 0 | |||
Total | 1,801 | |||
Accumulated Depreciation | 0 | |||
660 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,783 | |||
Buildings and Equipment | 4 | |||
Costs Capitalized Subsequent to Acquisition | (4) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,783 | |||
Buildings and Equipment | 0 | |||
Total | 1,783 | |||
Accumulated Depreciation | 0 | |||
2869 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,794 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,794 | |||
Buildings and Equipment | 0 | |||
Total | 1,794 | |||
Accumulated Depreciation | 0 | |||
2836 Awaawaloa Street | ||||
Initial Cost to Company | ||||
Land | 1,353 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,353 | |||
Buildings and Equipment | 0 | |||
Total | 1,353 | |||
Accumulated Depreciation | 0 | |||
113 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 3,729 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,729 | |||
Buildings and Equipment | 0 | |||
Total | 3,729 | |||
Accumulated Depreciation | 0 | |||
2140 Kaliawa Street | ||||
Initial Cost to Company | ||||
Land | 931 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 931 | |||
Buildings and Equipment | 0 | |||
Total | 931 | |||
Accumulated Depreciation | 0 | |||
165 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 758 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 758 | |||
Buildings and Equipment | 0 | |||
Total | 758 | |||
Accumulated Depreciation | 0 | |||
2106 Kaliawa Street | ||||
Initial Cost to Company | ||||
Land | 1,568 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 228 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,568 | |||
Buildings and Equipment | 228 | |||
Total | 1,796 | |||
Accumulated Depreciation | (124) | |||
140 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 41 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 41 | |||
Total | 1,141 | |||
Accumulated Depreciation | (9) | |||
2020 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 2,385 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,385 | |||
Buildings and Equipment | 0 | |||
Total | 2,385 | |||
Accumulated Depreciation | 0 | |||
2103 Kaliawa Street | ||||
Initial Cost to Company | ||||
Land | 3,212 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,212 | |||
Buildings and Equipment | 0 | |||
Total | 3,212 | |||
Accumulated Depreciation | 0 | |||
1926 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 2,872 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,722 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,872 | |||
Buildings and Equipment | 1,722 | |||
Total | 4,594 | |||
Accumulated Depreciation | (709) | |||
1931 Kahai Street | ||||
Initial Cost to Company | ||||
Land | 3,779 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,779 | |||
Buildings and Equipment | 0 | |||
Total | 3,779 | |||
Accumulated Depreciation | 0 | |||
215 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 2,117 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,117 | |||
Buildings and Equipment | 0 | |||
Total | 2,117 | |||
Accumulated Depreciation | 0 | |||
207 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 2,024 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,024 | |||
Buildings and Equipment | 0 | |||
Total | 2,024 | |||
Accumulated Depreciation | 0 | |||
125 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 1,630 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,630 | |||
Buildings and Equipment | 0 | |||
Total | 1,630 | |||
Accumulated Depreciation | 0 | |||
125B Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 2,815 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,815 | |||
Buildings and Equipment | 0 | |||
Total | 2,815 | |||
Accumulated Depreciation | 0 | |||
2001 Kahai Street | ||||
Initial Cost to Company | ||||
Land | 1,091 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,091 | |||
Buildings and Equipment | 0 | |||
Total | 1,091 | |||
Accumulated Depreciation | 0 | |||
2110 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 837 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 837 | |||
Buildings and Equipment | 0 | |||
Total | 837 | |||
Accumulated Depreciation | 0 | |||
142 Mokauea Street | ||||
Initial Cost to Company | ||||
Land | 2,182 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,576 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,182 | |||
Buildings and Equipment | 1,576 | |||
Total | 3,758 | |||
Accumulated Depreciation | (541) | |||
2139 Kaliawa Street | ||||
Initial Cost to Company | ||||
Land | 885 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 885 | |||
Buildings and Equipment | 0 | |||
Total | 885 | |||
Accumulated Depreciation | 0 | |||
2122 Kaliawa Street | ||||
Initial Cost to Company | ||||
Land | 1,365 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,365 | |||
Buildings and Equipment | 0 | |||
Total | 1,365 | |||
Accumulated Depreciation | 0 | |||
148 Mokauea Street | ||||
Initial Cost to Company | ||||
Land | 3,476 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,476 | |||
Buildings and Equipment | 0 | |||
Total | 3,476 | |||
Accumulated Depreciation | 0 | |||
151 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 1,956 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 48 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,956 | |||
Buildings and Equipment | 48 | |||
Total | 2,004 | |||
Accumulated Depreciation | (2) | |||
2127 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 2,906 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 67 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,906 | |||
Buildings and Equipment | 67 | |||
Total | 2,973 | |||
Accumulated Depreciation | (38) | |||
2144 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 2,640 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 7,594 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,640 | |||
Buildings and Equipment | 7,594 | |||
Total | 10,234 | |||
Accumulated Depreciation | (2,925) | |||
179 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 2,480 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,480 | |||
Buildings and Equipment | 0 | |||
Total | 2,480 | |||
Accumulated Depreciation | 0 | |||
106 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 1,113 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 274 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,113 | |||
Buildings and Equipment | 274 | |||
Total | 1,387 | |||
Accumulated Depreciation | (112) | |||
120 Mokauea Street | ||||
Initial Cost to Company | ||||
Land | 1,953 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,091 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,953 | |||
Buildings and Equipment | 1,091 | |||
Total | 3,044 | |||
Accumulated Depreciation | (228) | |||
120B Mokauea Street | ||||
Initial Cost to Company | ||||
Land | 1,953 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,953 | |||
Buildings and Equipment | 0 | |||
Total | 1,953 | |||
Accumulated Depreciation | 0 | |||
231 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 752 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 752 | |||
Buildings and Equipment | 0 | |||
Total | 752 | |||
Accumulated Depreciation | 0 | |||
231B Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,539 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,539 | |||
Buildings and Equipment | 0 | |||
Total | 1,539 | |||
Accumulated Depreciation | 0 | |||
220 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 2,619 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,619 | |||
Buildings and Equipment | 0 | |||
Total | 2,619 | |||
Accumulated Depreciation | 0 | |||
150 Puuhale Road | ||||
Initial Cost to Company | ||||
Land | 4,887 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,887 | |||
Buildings and Equipment | 0 | |||
Total | 4,887 | |||
Accumulated Depreciation | 0 | |||
197 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,238 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,238 | |||
Buildings and Equipment | 0 | |||
Total | 1,238 | |||
Accumulated Depreciation | 0 | |||
2019 Kahai Street | ||||
Initial Cost to Company | ||||
Land | 1,377 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,377 | |||
Buildings and Equipment | 0 | |||
Total | 1,377 | |||
Accumulated Depreciation | 0 | |||
2344 Pahounui Drive | ||||
Initial Cost to Company | ||||
Land | 6,709 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 6,709 | |||
Buildings and Equipment | 0 | |||
Total | 6,709 | |||
Accumulated Depreciation | 0 | |||
238 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 2,273 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,273 | |||
Buildings and Equipment | 0 | |||
Total | 2,273 | |||
Accumulated Depreciation | 0 | |||
2308 Pahounui Drive | ||||
Initial Cost to Company | ||||
Land | 3,314 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,314 | |||
Buildings and Equipment | 0 | |||
Total | 3,314 | |||
Accumulated Depreciation | 0 | |||
2135 Auiki Street | ||||
Initial Cost to Company | ||||
Land | 825 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 825 | |||
Buildings and Equipment | 0 | |||
Total | 825 | |||
Accumulated Depreciation | 0 | |||
218 Mohonua Place | ||||
Initial Cost to Company | ||||
Land | 1,741 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,741 | |||
Buildings and Equipment | 0 | |||
Total | 1,741 | |||
Accumulated Depreciation | 0 | |||
180 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,655 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,655 | |||
Buildings and Equipment | 0 | |||
Total | 1,655 | |||
Accumulated Depreciation | 0 | |||
2250 Pahounui Drive | ||||
Initial Cost to Company | ||||
Land | 3,862 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,862 | |||
Buildings and Equipment | 0 | |||
Total | 3,862 | |||
Accumulated Depreciation | 0 | |||
158 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 2,488 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,488 | |||
Buildings and Equipment | 0 | |||
Total | 2,488 | |||
Accumulated Depreciation | 0 | |||
2264 Pahounui Drive | ||||
Initial Cost to Company | ||||
Land | 1,632 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,632 | |||
Buildings and Equipment | 0 | |||
Total | 1,632 | |||
Accumulated Depreciation | 0 | |||
2276 Pahounui Drive | ||||
Initial Cost to Company | ||||
Land | 1,619 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,619 | |||
Buildings and Equipment | 0 | |||
Total | 1,619 | |||
Accumulated Depreciation | 0 | |||
204 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,689 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,689 | |||
Buildings and Equipment | 0 | |||
Total | 1,689 | |||
Accumulated Depreciation | 0 | |||
228 Mohonua Place | ||||
Initial Cost to Company | ||||
Land | 1,865 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,865 | |||
Buildings and Equipment | 0 | |||
Total | 1,865 | |||
Accumulated Depreciation | 0 | |||
212 Mohonua Place | ||||
Initial Cost to Company | ||||
Land | 1,067 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,067 | |||
Buildings and Equipment | 0 | |||
Total | 1,067 | |||
Accumulated Depreciation | 0 | |||
214 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,864 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 593 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,864 | |||
Buildings and Equipment | 593 | |||
Total | 2,457 | |||
Accumulated Depreciation | (161) | |||
2879 Paa Street | ||||
Initial Cost to Company | ||||
Land | 1,691 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 44 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,691 | |||
Buildings and Equipment | 44 | |||
Total | 1,735 | |||
Accumulated Depreciation | (16) | |||
2833 Paa Street | ||||
Initial Cost to Company | ||||
Land | 1,701 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,701 | |||
Buildings and Equipment | 0 | |||
Total | 1,701 | |||
Accumulated Depreciation | 0 | |||
1055 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,216 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,216 | |||
Buildings and Equipment | 0 | |||
Total | 1,216 | |||
Accumulated Depreciation | 0 | |||
2875 Paa Street | ||||
Initial Cost to Company | ||||
Land | 1,330 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,330 | |||
Buildings and Equipment | 0 | |||
Total | 1,330 | |||
Accumulated Depreciation | 0 | |||
1000 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 2,252 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,252 | |||
Buildings and Equipment | 0 | |||
Total | 2,252 | |||
Accumulated Depreciation | 0 | |||
2850 Paa Street | ||||
Initial Cost to Company | ||||
Land | 22,827 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 22,827 | |||
Buildings and Equipment | 0 | |||
Total | 22,827 | |||
Accumulated Depreciation | 0 | |||
2828 Paa Street | ||||
Initial Cost to Company | ||||
Land | 12,448 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 12,448 | |||
Buildings and Equipment | 0 | |||
Total | 12,448 | |||
Accumulated Depreciation | 0 | |||
1045 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 819 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 819 | |||
Buildings and Equipment | 0 | |||
Total | 819 | |||
Accumulated Depreciation | 0 | |||
1122 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 5,781 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,781 | |||
Buildings and Equipment | 0 | |||
Total | 5,781 | |||
Accumulated Depreciation | 0 | |||
2810 Paa Street | ||||
Initial Cost to Company | ||||
Land | 3,340 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,340 | |||
Buildings and Equipment | 0 | |||
Total | 3,340 | |||
Accumulated Depreciation | 0 | |||
2886 Paa Street | ||||
Initial Cost to Company | ||||
Land | 2,205 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,205 | |||
Buildings and Equipment | 0 | |||
Total | 2,205 | |||
Accumulated Depreciation | 0 | |||
2810 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 27,699 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 27,699 | |||
Buildings and Equipment | 0 | |||
Total | 27,699 | |||
Accumulated Depreciation | 0 | |||
1052 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,703 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 240 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,703 | |||
Buildings and Equipment | 240 | |||
Total | 1,943 | |||
Accumulated Depreciation | (104) | |||
1024 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,385 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,385 | |||
Buildings and Equipment | 0 | |||
Total | 1,385 | |||
Accumulated Depreciation | 0 | |||
1030 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 5,655 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,655 | |||
Buildings and Equipment | 0 | |||
Total | 5,655 | |||
Accumulated Depreciation | 0 | |||
1001 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 15,155 | |||
Buildings and Equipment | 3,312 | |||
Costs Capitalized Subsequent to Acquisition | 92 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 15,155 | |||
Buildings and Equipment | 3,404 | |||
Total | 18,559 | |||
Accumulated Depreciation | (1,609) | |||
944 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,219 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,219 | |||
Buildings and Equipment | 0 | |||
Total | 1,219 | |||
Accumulated Depreciation | 0 | |||
918 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 3,820 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,820 | |||
Buildings and Equipment | 0 | |||
Total | 3,820 | |||
Accumulated Depreciation | 0 | |||
2864 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 2,092 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,092 | |||
Buildings and Equipment | 0 | |||
Total | 2,092 | |||
Accumulated Depreciation | 0 | |||
1050 Kikowaena Place | ||||
Initial Cost to Company | ||||
Land | 1,404 | |||
Buildings and Equipment | 873 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,404 | |||
Buildings and Equipment | 873 | |||
Total | 2,277 | |||
Accumulated Depreciation | (416) | |||
949 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 11,568 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 11,568 | |||
Buildings and Equipment | 0 | |||
Total | 11,568 | |||
Accumulated Depreciation | 0 | |||
2855 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 1,934 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,934 | |||
Buildings and Equipment | 0 | |||
Total | 1,934 | |||
Accumulated Depreciation | 0 | |||
2865 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 1,934 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,934 | |||
Buildings and Equipment | 0 | |||
Total | 1,934 | |||
Accumulated Depreciation | 0 | |||
2850 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 2,143 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,143 | |||
Buildings and Equipment | 0 | |||
Total | 2,143 | |||
Accumulated Depreciation | 0 | |||
905 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 1,148 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,148 | |||
Buildings and Equipment | 0 | |||
Total | 1,148 | |||
Accumulated Depreciation | 0 | |||
1150 Kikowaena Street | ||||
Initial Cost to Company | ||||
Land | 2,445 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,445 | |||
Buildings and Equipment | 0 | |||
Total | 2,445 | |||
Accumulated Depreciation | 0 | |||
960 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 614 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 614 | |||
Buildings and Equipment | 0 | |||
Total | 614 | |||
Accumulated Depreciation | 0 | |||
1062 Kikowaena Place | ||||
Initial Cost to Company | ||||
Land | 1,049 | |||
Buildings and Equipment | 598 | |||
Costs Capitalized Subsequent to Acquisition | 125 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,049 | |||
Buildings and Equipment | 723 | |||
Total | 1,772 | |||
Accumulated Depreciation | (294) | |||
2829 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 2,088 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,088 | |||
Buildings and Equipment | 0 | |||
Total | 2,088 | |||
Accumulated Depreciation | 0 | |||
2841 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 2,088 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,088 | |||
Buildings and Equipment | 0 | |||
Total | 2,088 | |||
Accumulated Depreciation | 0 | |||
2819 Pukoloa Street | ||||
Initial Cost to Company | ||||
Land | 2,090 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,090 | |||
Buildings and Equipment | 34 | |||
Total | 2,124 | |||
Accumulated Depreciation | (12) | |||
950 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,724 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,724 | |||
Buildings and Equipment | 0 | |||
Total | 1,724 | |||
Accumulated Depreciation | 0 | |||
960 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 1,933 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,933 | |||
Buildings and Equipment | 0 | |||
Total | 1,933 | |||
Accumulated Depreciation | 0 | |||
930 Mapunapuna Street | ||||
Initial Cost to Company | ||||
Land | 3,654 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,654 | |||
Buildings and Equipment | 0 | |||
Total | 3,654 | |||
Accumulated Depreciation | 0 | |||
1038 Kikowaena Place | ||||
Initial Cost to Company | ||||
Land | 2,576 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,576 | |||
Buildings and Equipment | 0 | |||
Total | 2,576 | |||
Accumulated Depreciation | 0 | |||
1024 Kikowaena Place | ||||
Initial Cost to Company | ||||
Land | 1,818 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,818 | |||
Buildings and Equipment | 0 | |||
Total | 1,818 | |||
Accumulated Depreciation | 0 | |||
2970 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,722 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,722 | |||
Buildings and Equipment | 0 | |||
Total | 1,722 | |||
Accumulated Depreciation | 0 | |||
970 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 817 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 817 | |||
Buildings and Equipment | 0 | |||
Total | 817 | |||
Accumulated Depreciation | 0 | |||
2840 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 2,149 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,149 | |||
Buildings and Equipment | 0 | |||
Total | 2,149 | |||
Accumulated Depreciation | 0 | |||
2830 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 2,146 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,146 | |||
Buildings and Equipment | 0 | |||
Total | 2,146 | |||
Accumulated Depreciation | 0 | |||
1027 Kikowaena Place | ||||
Initial Cost to Company | ||||
Land | 5,444 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,444 | |||
Buildings and Equipment | 0 | |||
Total | 5,444 | |||
Accumulated Depreciation | 0 | |||
2960 Mokumoa Street | ||||
Initial Cost to Company | ||||
Land | 1,977 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,977 | |||
Buildings and Equipment | 0 | |||
Total | 1,977 | |||
Accumulated Depreciation | 0 | |||
80 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 7,972 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 7,972 | |||
Buildings and Equipment | 0 | |||
Total | 7,972 | |||
Accumulated Depreciation | 0 | |||
94-240 Pupuole Street | ||||
Initial Cost to Company | ||||
Land | 717 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 717 | |||
Buildings and Equipment | 0 | |||
Total | 717 | |||
Accumulated Depreciation | 0 | |||
525 N. King Street | ||||
Initial Cost to Company | ||||
Land | 1,342 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,342 | |||
Buildings and Equipment | 0 | |||
Total | 1,342 | |||
Accumulated Depreciation | 0 | |||
1360 Pali Highway | ||||
Initial Cost to Company | ||||
Land | 9,170 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 161 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 9,170 | |||
Buildings and Equipment | 161 | |||
Total | 9,331 | |||
Accumulated Depreciation | (146) | |||
1330 Pali Highway | ||||
Initial Cost to Company | ||||
Land | 1,423 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,423 | |||
Buildings and Equipment | 0 | |||
Total | 1,423 | |||
Accumulated Depreciation | 0 | |||
33 S. Vineyard Boulevard | ||||
Initial Cost to Company | ||||
Land | 844 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 844 | |||
Buildings and Equipment | 0 | |||
Total | 844 | |||
Accumulated Depreciation | 0 | |||
848 Ala Lilikoi Street | ||||
Initial Cost to Company | ||||
Land | 9,426 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 9,426 | |||
Buildings and Equipment | 0 | |||
Total | 9,426 | |||
Accumulated Depreciation | 0 | |||
846 Ala Lilikoi Street | ||||
Initial Cost to Company | ||||
Land | 234 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 234 | |||
Buildings and Equipment | 0 | |||
Total | 234 | |||
Accumulated Depreciation | 0 | |||
2635 Waiwai Loop A | ||||
Initial Cost to Company | ||||
Land | 934 | |||
Buildings and Equipment | 350 | |||
Costs Capitalized Subsequent to Acquisition | 683 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 934 | |||
Buildings and Equipment | 1,033 | |||
Total | 1,967 | |||
Accumulated Depreciation | (355) | |||
2635 Waiwai Loop B | ||||
Initial Cost to Company | ||||
Land | 1,177 | |||
Buildings and Equipment | 105 | |||
Costs Capitalized Subsequent to Acquisition | 682 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,177 | |||
Buildings and Equipment | 787 | |||
Total | 1,964 | |||
Accumulated Depreciation | (238) | |||
120 Sand Island Access Road | ||||
Initial Cost to Company | ||||
Land | 1,132 | |||
Buildings and Equipment | 11,307 | |||
Costs Capitalized Subsequent to Acquisition | 1,452 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,132 | |||
Buildings and Equipment | 12,759 | |||
Total | 13,891 | |||
Accumulated Depreciation | (5,624) | |||
91-222 Olai | ||||
Initial Cost to Company | ||||
Land | 2,035 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 77 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,035 | |||
Buildings and Equipment | 77 | |||
Total | 2,112 | |||
Accumulated Depreciation | (3) | |||
91-265 Hanua | ||||
Initial Cost to Company | ||||
Land | 1,569 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,569 | |||
Buildings and Equipment | 0 | |||
Total | 1,569 | |||
Accumulated Depreciation | 0 | |||
91-255 Hanua | ||||
Initial Cost to Company | ||||
Land | 1,230 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 35 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,230 | |||
Buildings and Equipment | 35 | |||
Total | 1,265 | |||
Accumulated Depreciation | (8) | |||
91-241 Kalaeloa | ||||
Initial Cost to Company | ||||
Land | 426 | |||
Buildings and Equipment | 3,983 | |||
Costs Capitalized Subsequent to Acquisition | 883 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 426 | |||
Buildings and Equipment | 4,866 | |||
Total | 5,292 | |||
Accumulated Depreciation | (2,002) | |||
91-141 Kalaeloa | ||||
Initial Cost to Company | ||||
Land | 11,624 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 11,624 | |||
Buildings and Equipment | 0 | |||
Total | 11,624 | |||
Accumulated Depreciation | 0 | |||
91-250 Komohana | ||||
Initial Cost to Company | ||||
Land | 1,506 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,506 | |||
Buildings and Equipment | 0 | |||
Total | 1,506 | |||
Accumulated Depreciation | 0 | |||
91-202 Kalaeloa | ||||
Initial Cost to Company | ||||
Land | 1,722 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 326 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,722 | |||
Buildings and Equipment | 326 | |||
Total | 2,048 | |||
Accumulated Depreciation | (77) | |||
91-080 Hanua | ||||
Initial Cost to Company | ||||
Land | 2,187 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,187 | |||
Buildings and Equipment | 0 | |||
Total | 2,187 | |||
Accumulated Depreciation | 0 | |||
91-027 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 2,667 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,667 | |||
Buildings and Equipment | 0 | |||
Total | 2,667 | |||
Accumulated Depreciation | 0 | |||
91-185 Kalaeloa | ||||
Initial Cost to Company | ||||
Land | 1,761 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 81 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,761 | |||
Buildings and Equipment | 81 | |||
Total | 1,842 | |||
Accumulated Depreciation | (2) | |||
91-329 Kauhi | ||||
Initial Cost to Company | ||||
Land | 294 | |||
Buildings and Equipment | 2,297 | |||
Costs Capitalized Subsequent to Acquisition | 2,783 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 294 | |||
Buildings and Equipment | 5,080 | |||
Total | 5,374 | |||
Accumulated Depreciation | (2,165) | |||
91-399 Kauhi | ||||
Initial Cost to Company | ||||
Land | 27,405 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 27,405 | |||
Buildings and Equipment | 0 | |||
Total | 27,405 | |||
Accumulated Depreciation | 0 | |||
91-086 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 13,884 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 13,884 | |||
Buildings and Equipment | 0 | |||
Total | 13,884 | |||
Accumulated Depreciation | 0 | |||
91-349 Kauhi | ||||
Initial Cost to Company | ||||
Land | 649 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 649 | |||
Buildings and Equipment | 0 | |||
Total | 649 | |||
Accumulated Depreciation | 0 | |||
91-400 Komohana | ||||
Initial Cost to Company | ||||
Land | 1,494 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,494 | |||
Buildings and Equipment | 0 | |||
Total | 1,494 | |||
Accumulated Depreciation | 0 | |||
91-174 Olai | ||||
Initial Cost to Company | ||||
Land | 962 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 47 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 962 | |||
Buildings and Equipment | 47 | |||
Total | 1,009 | |||
Accumulated Depreciation | (28) | |||
91-218 Olai | ||||
Initial Cost to Company | ||||
Land | 1,622 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 62 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,622 | |||
Buildings and Equipment | 62 | |||
Total | 1,684 | |||
Accumulated Depreciation | (34) | |||
91-175 Olai | ||||
Initial Cost to Company | ||||
Land | 1,243 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 87 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,243 | |||
Buildings and Equipment | 87 | |||
Total | 1,330 | |||
Accumulated Depreciation | (32) | |||
91-210 Olai | ||||
Initial Cost to Company | ||||
Land | 706 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 706 | |||
Buildings and Equipment | 0 | |||
Total | 706 | |||
Accumulated Depreciation | 0 | |||
91-087 Hanua | ||||
Initial Cost to Company | ||||
Land | 381 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 381 | |||
Buildings and Equipment | 0 | |||
Total | 381 | |||
Accumulated Depreciation | 0 | |||
91-083 Hanua | ||||
Initial Cost to Company | ||||
Land | 716 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 716 | |||
Buildings and Equipment | 0 | |||
Total | 716 | |||
Accumulated Depreciation | 0 | |||
91-091 Hanua | ||||
Initial Cost to Company | ||||
Land | 552 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 552 | |||
Buildings and Equipment | 0 | |||
Total | 552 | |||
Accumulated Depreciation | 0 | |||
91-220 Kalaeloa | ||||
Initial Cost to Company | ||||
Land | 242 | |||
Buildings and Equipment | 1,457 | |||
Costs Capitalized Subsequent to Acquisition | 155 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 242 | |||
Buildings and Equipment | 1,612 | |||
Total | 1,854 | |||
Accumulated Depreciation | (677) | |||
91-252 Kauhi | ||||
Initial Cost to Company | ||||
Land | 536 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 536 | |||
Buildings and Equipment | 0 | |||
Total | 536 | |||
Accumulated Depreciation | 0 | |||
91-259 Olai | ||||
Initial Cost to Company | ||||
Land | 2,944 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,944 | |||
Buildings and Equipment | 0 | |||
Total | 2,944 | |||
Accumulated Depreciation | 0 | |||
91-238 Kauhi | ||||
Initial Cost to Company | ||||
Land | 1,390 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 9,495 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,390 | |||
Buildings and Equipment | 9,495 | |||
Total | 10,885 | |||
Accumulated Depreciation | (3,594) | |||
91-416 Komohana | ||||
Initial Cost to Company | ||||
Land | 713 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 11 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 713 | |||
Buildings and Equipment | 11 | |||
Total | 724 | |||
Accumulated Depreciation | (5) | |||
91-410 Komohana | ||||
Initial Cost to Company | ||||
Land | 418 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 12 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 418 | |||
Buildings and Equipment | 12 | |||
Total | 430 | |||
Accumulated Depreciation | (6) | |||
91-300 Hanua | ||||
Initial Cost to Company | ||||
Land | 1,381 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,381 | |||
Buildings and Equipment | 18 | |||
Total | 1,399 | |||
Accumulated Depreciation | (2) | |||
91-171 Olai | ||||
Initial Cost to Company | ||||
Land | 218 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 218 | |||
Buildings and Equipment | 13 | |||
Total | 231 | |||
Accumulated Depreciation | (7) | |||
91-210 Kauhi | ||||
Initial Cost to Company | ||||
Land | 567 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 663 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 567 | |||
Buildings and Equipment | 663 | |||
Total | 1,230 | |||
Accumulated Depreciation | (43) | |||
91-110 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 1,293 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,293 | |||
Buildings and Equipment | 0 | |||
Total | 1,293 | |||
Accumulated Depreciation | 0 | |||
91-102 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 1,599 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,599 | |||
Buildings and Equipment | 0 | |||
Total | 1,599 | |||
Accumulated Depreciation | 0 | |||
91-064 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 1,826 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,826 | |||
Buildings and Equipment | 0 | |||
Total | 1,826 | |||
Accumulated Depreciation | 0 | |||
91-119 Olai | ||||
Initial Cost to Company | ||||
Land | 1,981 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,981 | |||
Buildings and Equipment | 0 | |||
Total | 1,981 | |||
Accumulated Depreciation | 0 | |||
91-150 Kaomi Loop | ||||
Initial Cost to Company | ||||
Land | 3,159 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,159 | |||
Buildings and Equipment | 0 | |||
Total | 3,159 | |||
Accumulated Depreciation | 0 | |||
Texaco Easement | ||||
Initial Cost to Company | ||||
Land | 2,657 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,657 | |||
Buildings and Equipment | 0 | |||
Total | 2,657 | |||
Accumulated Depreciation | 0 | |||
Tesaro 967 Easement | ||||
Initial Cost to Company | ||||
Land | 6,593 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 6,593 | |||
Buildings and Equipment | 0 | |||
Total | 6,593 | |||
Accumulated Depreciation | 0 | |||
AES HI Easement | ||||
Initial Cost to Company | ||||
Land | 1,250 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,250 | |||
Buildings and Equipment | 0 | |||
Total | 1,250 | |||
Accumulated Depreciation | 0 | |||
Other Easements & Lots | ||||
Initial Cost to Company | ||||
Land | 358 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,437 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 358 | |||
Buildings and Equipment | 1,437 | |||
Total | 1,795 | |||
Accumulated Depreciation | (682) | |||
889 Ahua Street | ||||
Initial Cost to Company | ||||
Land | 5,888 | |||
Buildings and Equipment | 315 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,888 | |||
Buildings and Equipment | 315 | |||
Total | 6,203 | |||
Accumulated Depreciation | (80) | |||
951 Trails Road | ||||
Initial Cost to Company | ||||
Land | 470 | |||
Buildings and Equipment | 7,480 | |||
Costs Capitalized Subsequent to Acquisition | 2,278 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 470 | |||
Buildings and Equipment | 9,758 | |||
Total | 10,228 | |||
Accumulated Depreciation | (3,450) | |||
2300 North 33rd Avenue East | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Equipment | 13,236 | |||
Costs Capitalized Subsequent to Acquisition | 117 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 500 | |||
Buildings and Equipment | 13,353 | |||
Total | 13,853 | |||
Accumulated Depreciation | (4,802) | |||
3425 Maple Drive | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Equipment | 2,000 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 100 | |||
Buildings and Equipment | 2,000 | |||
Total | 2,100 | |||
Accumulated Depreciation | (213) | |||
4401 112th Street | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 3,117 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 3,117 | |||
Total | 3,917 | |||
Accumulated Depreciation | (132) | |||
7121 South Fifth Avenue | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 4,201 | |||
Costs Capitalized Subsequent to Acquisition | 581 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 400 | |||
Buildings and Equipment | 4,782 | |||
Total | 5,182 | |||
Accumulated Depreciation | (896) | |||
2580 Technology Drive | ||||
Initial Cost to Company | ||||
Land | 1,500 | |||
Buildings and Equipment | 9,068 | |||
Costs Capitalized Subsequent to Acquisition | 16 | |||
Impairment/ Writedowns | (3,053) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,067 | |||
Buildings and Equipment | 6,464 | |||
Total | 7,531 | |||
Accumulated Depreciation | (164) | |||
5795 Logistics Parkway | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 3,368 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (688) | |||
Gross Amount Carried at Close of Period | ||||
Land | 327 | |||
Buildings and Equipment | 2,753 | |||
Total | 3,080 | |||
Accumulated Depreciation | (46) | |||
1602 Vincent Drive | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 27,028 | |||
Costs Capitalized Subsequent to Acquisition | 444 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 27,472 | |||
Total | 28,872 | |||
Accumulated Depreciation | (676) | |||
6 Konzen Court | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 20,268 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 900 | |||
Buildings and Equipment | 20,283 | |||
Total | 21,183 | |||
Accumulated Depreciation | (861) | |||
1000 Knell Road | ||||
Initial Cost to Company | ||||
Land | 2,101 | |||
Buildings and Equipment | 19,258 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,101 | |||
Buildings and Equipment | 19,258 | |||
Total | 21,359 | |||
Accumulated Depreciation | (655) | |||
1430 South Wolf Road | ||||
Initial Cost to Company | ||||
Land | 4,702 | |||
Buildings and Equipment | 19,641 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,701 | |||
Buildings and Equipment | 19,641 | |||
Total | 24,342 | |||
Accumulated Depreciation | (477) | |||
1270 North Wilkening | ||||
Initial Cost to Company | ||||
Land | 2,801 | |||
Buildings and Equipment | 7,733 | |||
Costs Capitalized Subsequent to Acquisition | 23 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,801 | |||
Buildings and Equipment | 7,756 | |||
Total | 10,557 | |||
Accumulated Depreciation | (329) | |||
4472 Technology Drive | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 5,912 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 400 | |||
Buildings and Equipment | 5,912 | |||
Total | 6,312 | |||
Accumulated Depreciation | (168) | |||
7019 High Grove Boulevard | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 1,090 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 1,090 | |||
Total | 1,890 | |||
Accumulated Depreciation | (31) | |||
1230 West 171st Street | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 1,673 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 1,673 | |||
Total | 2,473 | |||
Accumulated Depreciation | (332) | |||
5156 American Road | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 1,529 | |||
Costs Capitalized Subsequent to Acquisition | 348 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 400 | |||
Buildings and Equipment | 1,877 | |||
Total | 2,277 | |||
Accumulated Depreciation | (396) | |||
9215-9347 E Pendleton Pike | ||||
Initial Cost to Company | ||||
Land | 3,763 | |||
Buildings and Equipment | 34,877 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,763 | |||
Buildings and Equipment | 34,878 | |||
Total | 38,641 | |||
Accumulated Depreciation | (3,867) | |||
6825 West County Road 400 North | ||||
Initial Cost to Company | ||||
Land | 918 | |||
Buildings and Equipment | 14,300 | |||
Costs Capitalized Subsequent to Acquisition | 924 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 918 | |||
Buildings and Equipment | 15,224 | |||
Total | 16,142 | |||
Accumulated Depreciation | (1,747) | |||
900 Commerce Parkway West Drive | ||||
Initial Cost to Company | ||||
Land | 1,483 | |||
Buildings and Equipment | 16,253 | |||
Costs Capitalized Subsequent to Acquisition | 9 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,483 | |||
Buildings and Equipment | 16,262 | |||
Total | 17,745 | |||
Accumulated Depreciation | (1,802) | |||
2482 Century Drive | ||||
Initial Cost to Company | ||||
Land | 840 | |||
Buildings and Equipment | 9,061 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 840 | |||
Buildings and Equipment | 9,061 | |||
Total | 9,901 | |||
Accumulated Depreciation | (965) | |||
3201 Bearing Drive | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 15,403 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 15,401 | |||
Total | 16,501 | |||
Accumulated Depreciation | (1,914) | |||
482 Chaney Avenue | ||||
Initial Cost to Company | ||||
Land | 2,401 | |||
Buildings and Equipment | 55,810 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,401 | |||
Buildings and Equipment | 55,810 | |||
Total | 58,211 | |||
Accumulated Depreciation | (1,581) | |||
1151 South Graham Road | ||||
Initial Cost to Company | ||||
Land | 7,002 | |||
Buildings and Equipment | 108,700 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 7,002 | |||
Buildings and Equipment | 108,700 | |||
Total | 115,702 | |||
Accumulated Depreciation | (2,640) | |||
5440 Haggerty Lane | ||||
Initial Cost to Company | ||||
Land | 3,601 | |||
Buildings and Equipment | 31,058 | |||
Costs Capitalized Subsequent to Acquisition | 22 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,601 | |||
Buildings and Equipment | 31,080 | |||
Total | 34,681 | |||
Accumulated Depreciation | (754) | |||
8951 Mirabel Road | ||||
Initial Cost to Company | ||||
Land | 3,001 | |||
Buildings and Equipment | 36,978 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,001 | |||
Buildings and Equipment | 36,978 | |||
Total | 39,979 | |||
Accumulated Depreciation | (898) | |||
17001 West Mercury Street | ||||
Initial Cost to Company | ||||
Land | 5,741 | |||
Buildings and Equipment | 32,701 | |||
Costs Capitalized Subsequent to Acquisition | 401 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,741 | |||
Buildings and Equipment | 33,102 | |||
Total | 38,843 | |||
Accumulated Depreciation | (1,648) | |||
435 SE 70th Steet | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Equipment | 3,563 | |||
Costs Capitalized Subsequent to Acquisition | 120 | |||
Impairment/ Writedowns | (594) | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Equipment | 3,089 | |||
Total | 3,089 | |||
Accumulated Depreciation | (53) | |||
22525 West 167th Street | ||||
Initial Cost to Company | ||||
Land | 4,301 | |||
Buildings and Equipment | 52,183 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,301 | |||
Buildings and Equipment | 52,182 | |||
Total | 56,483 | |||
Accumulated Depreciation | (1,267) | |||
2552 South 98th Street | ||||
Initial Cost to Company | ||||
Land | 3,601 | |||
Buildings and Equipment | 20,988 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,601 | |||
Buildings and Equipment | 20,988 | |||
Total | 24,589 | |||
Accumulated Depreciation | (595) | |||
2701 South 98th Street | ||||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Equipment | 10,998 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,701 | |||
Buildings and Equipment | 10,998 | |||
Total | 13,699 | |||
Accumulated Depreciation | (374) | |||
1985 International Way | ||||
Initial Cost to Company | ||||
Land | 1,453 | |||
Buildings and Equipment | 8,546 | |||
Costs Capitalized Subsequent to Acquisition | 1,625 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,454 | |||
Buildings and Equipment | 10,170 | |||
Total | 11,624 | |||
Accumulated Depreciation | (1,314) | |||
2311 South Park Road | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 13,119 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,600 | |||
Buildings and Equipment | 13,119 | |||
Total | 14,719 | |||
Accumulated Depreciation | (316) | |||
1509 Leestown Road | ||||
Initial Cost to Company | ||||
Land | 4,801 | |||
Buildings and Equipment | 38,708 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,801 | |||
Buildings and Equipment | 38,708 | |||
Total | 43,509 | |||
Accumulated Depreciation | (1,097) | |||
4555 West Highway 146 | ||||
Initial Cost to Company | ||||
Land | 3,201 | |||
Buildings and Equipment | 39,977 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,201 | |||
Buildings and Equipment | 39,977 | |||
Total | 43,178 | |||
Accumulated Depreciation | (1,133) | |||
450 Northpointe Court | ||||
Initial Cost to Company | ||||
Land | 1,300 | |||
Buildings and Equipment | 26,883 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,300 | |||
Buildings and Equipment | 26,883 | |||
Total | 28,183 | |||
Accumulated Depreciation | (653) | |||
209 South Bud Street | ||||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Equipment | 4,549 | |||
Costs Capitalized Subsequent to Acquisition | 41 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 700 | |||
Buildings and Equipment | 4,590 | |||
Total | 5,290 | |||
Accumulated Depreciation | (908) | |||
17200 Manchac Park Lane | ||||
Initial Cost to Company | ||||
Land | 1,700 | |||
Buildings and Equipment | 8,860 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,700 | |||
Buildings and Equipment | 8,860 | |||
Total | 10,560 | |||
Accumulated Depreciation | (1,754) | |||
11900 Trolley Lane | ||||
Initial Cost to Company | ||||
Land | 8,203 | |||
Buildings and Equipment | 23,095 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (1,243) | |||
Gross Amount Carried at Close of Period | ||||
Land | 7,877 | |||
Buildings and Equipment | 22,178 | |||
Total | 30,055 | |||
Accumulated Depreciation | (374) | |||
4000 Principio Parkway | ||||
Initial Cost to Company | ||||
Land | 4,200 | |||
Buildings and Equipment | 71,518 | |||
Costs Capitalized Subsequent to Acquisition | 803 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,200 | |||
Buildings and Equipment | 72,321 | |||
Total | 76,521 | |||
Accumulated Depreciation | (14,290) | |||
3466 Shippers Drive | ||||
Initial Cost to Company | ||||
Land | 4,902 | |||
Buildings and Equipment | 29,780 | |||
Costs Capitalized Subsequent to Acquisition | 13 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,902 | |||
Buildings and Equipment | 29,793 | |||
Total | 34,695 | |||
Accumulated Depreciation | (723) | |||
1601 Brown Road | ||||
Initial Cost to Company | ||||
Land | 4,700 | |||
Buildings and Equipment | 57,812 | |||
Costs Capitalized Subsequent to Acquisition | 721 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,700 | |||
Buildings and Equipment | 58,533 | |||
Total | 63,233 | |||
Accumulated Depreciation | (1,447) | |||
38401 Amrhein Road | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 14,778 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 14,778 | |||
Total | 16,178 | |||
Accumulated Depreciation | (419) | |||
28000 Five M Center Drive | ||||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Equipment | 8,530 | |||
Costs Capitalized Subsequent to Acquisition | (5) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 300 | |||
Buildings and Equipment | 8,525 | |||
Total | 8,825 | |||
Accumulated Depreciation | (242) | |||
3800 Midlink Drive | ||||
Initial Cost to Company | ||||
Land | 2,630 | |||
Buildings and Equipment | 40,599 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,630 | |||
Buildings and Equipment | 40,599 | |||
Total | 43,229 | |||
Accumulated Depreciation | (8,036) | |||
10100 89th Avenue N | ||||
Initial Cost to Company | ||||
Land | 3,469 | |||
Buildings and Equipment | 21,284 | |||
Costs Capitalized Subsequent to Acquisition | 725 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,469 | |||
Buildings and Equipment | 22,009 | |||
Total | 25,478 | |||
Accumulated Depreciation | (2,581) | |||
2427 Henry Road NW | ||||
Initial Cost to Company | ||||
Land | 1,300 | |||
Buildings and Equipment | 3,145 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,300 | |||
Buildings and Equipment | 3,145 | |||
Total | 4,445 | |||
Accumulated Depreciation | (89) | |||
2401 Cram Avenue SE | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Equipment | 2,137 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 100 | |||
Buildings and Equipment | 2,137 | |||
Total | 2,237 | |||
Accumulated Depreciation | (423) | |||
5501 Providence Hill Drive | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 3,500 | |||
Costs Capitalized Subsequent to Acquisition | 26 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 402 | |||
Buildings and Equipment | 3,524 | |||
Total | 3,926 | |||
Accumulated Depreciation | (383) | |||
3502 Enterprise Avenue | ||||
Initial Cost to Company | ||||
Land | 1,380 | |||
Buildings and Equipment | 12,121 | |||
Costs Capitalized Subsequent to Acquisition | 34 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,380 | |||
Buildings and Equipment | 12,155 | |||
Total | 13,535 | |||
Accumulated Depreciation | (1,292) | |||
5703 Mitchell Avenue | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 19,085 | |||
Costs Capitalized Subsequent to Acquisition | 65 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,600 | |||
Buildings and Equipment | 19,150 | |||
Total | 20,750 | |||
Accumulated Depreciation | (812) | |||
10551 N Congress Avenue | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 13,538 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 600 | |||
Buildings and Equipment | 13,538 | |||
Total | 14,138 | |||
Accumulated Depreciation | (329) | |||
831 Lone Star Drive | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 7,304 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,200 | |||
Buildings and Equipment | 7,304 | |||
Total | 8,504 | |||
Accumulated Depreciation | (248) | |||
2901 E Heartland Drive | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 6,886 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 6,886 | |||
Total | 7,986 | |||
Accumulated Depreciation | (234) | |||
110 Stanbury Industrial Drive | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Equipment | 1,859 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 200 | |||
Buildings and Equipment | 1,859 | |||
Total | 2,059 | |||
Accumulated Depreciation | (368) | |||
12385 Crossroad Drive | ||||
Initial Cost to Company | ||||
Land | 3,301 | |||
Buildings and Equipment | 61,763 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,301 | |||
Buildings and Equipment | 61,763 | |||
Total | 65,064 | |||
Accumulated Depreciation | (1,750) | |||
8644 Polk Lane | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 20,171 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 900 | |||
Buildings and Equipment | 20,171 | |||
Total | 21,071 | |||
Accumulated Depreciation | (490) | |||
440 US Highway 49 South | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Equipment | 2,329 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 200 | |||
Buildings and Equipment | 2,329 | |||
Total | 2,529 | |||
Accumulated Depreciation | (99) | |||
105 Business Park Drive | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Equipment | 1,949 | |||
Costs Capitalized Subsequent to Acquisition | 8 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 500 | |||
Buildings and Equipment | 1,957 | |||
Total | 2,457 | |||
Accumulated Depreciation | (83) | |||
590 Assembly Court | ||||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Equipment | 9,410 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | (2,328) | |||
Gross Amount Carried at Close of Period | ||||
Land | 540 | |||
Buildings and Equipment | 7,243 | |||
Total | 7,783 | |||
Accumulated Depreciation | (147) | |||
4350 Fortune Ave NW | ||||
Initial Cost to Company | ||||
Land | 4,401 | |||
Buildings and Equipment | 53,085 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,401 | |||
Buildings and Equipment | 53,085 | |||
Total | 57,486 | |||
Accumulated Depreciation | (1,290) | |||
4690 Global Avenue NW | ||||
Initial Cost to Company | ||||
Land | 4,601 | |||
Buildings and Equipment | 45,793 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,601 | |||
Buildings and Equipment | 45,793 | |||
Total | 50,394 | |||
Accumulated Depreciation | (1,112) | |||
6538 & 6526 Judge Adams Road | ||||
Initial Cost to Company | ||||
Land | 2,501 | |||
Buildings and Equipment | 46,343 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,501 | |||
Buildings and Equipment | 46,343 | |||
Total | 48,844 | |||
Accumulated Depreciation | (1,125) | |||
4040 Business Park Court | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 8,411 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 8,411 | |||
Total | 9,211 | |||
Accumulated Depreciation | (238) | |||
628 Patton Avenue | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Equipment | 1,514 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 500 | |||
Buildings and Equipment | 1,514 | |||
Total | 2,014 | |||
Accumulated Depreciation | (300) | |||
3900 NE 6th Street | ||||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Equipment | 3,223 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 700 | |||
Buildings and Equipment | 3,223 | |||
Total | 3,923 | |||
Accumulated Depreciation | (638) | |||
7130 Q Street | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 7,390 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | (2,138) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,220 | |||
Buildings and Equipment | 5,633 | |||
Total | 6,853 | |||
Accumulated Depreciation | (114) | |||
1415 West Commerce Way | ||||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Equipment | 8,518 | |||
Costs Capitalized Subsequent to Acquisition | 388 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,200 | |||
Buildings and Equipment | 8,906 | |||
Total | 11,106 | |||
Accumulated Depreciation | (1,784) | |||
52 Pettengill Road | ||||
Initial Cost to Company | ||||
Land | 5,871 | |||
Buildings and Equipment | 43,335 | |||
Costs Capitalized Subsequent to Acquisition | 7 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,871 | |||
Buildings and Equipment | 43,342 | |||
Total | 49,213 | |||
Accumulated Depreciation | (4,618) | |||
1135 Easton Avenue | ||||
Initial Cost to Company | ||||
Land | 3,601 | |||
Buildings and Equipment | 5,564 | |||
Costs Capitalized Subsequent to Acquisition | 5 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,601 | |||
Buildings and Equipment | 5,569 | |||
Total | 9,170 | |||
Accumulated Depreciation | (236) | |||
584 US Highway 130 | ||||
Initial Cost to Company | ||||
Land | 70,422 | |||
Buildings and Equipment | 62,639 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 70,422 | |||
Buildings and Equipment | 62,639 | |||
Total | 133,061 | |||
Accumulated Depreciation | (1,521) | |||
725 Darlington Avenue | ||||
Initial Cost to Company | ||||
Land | 8,492 | |||
Buildings and Equipment | 9,451 | |||
Costs Capitalized Subsequent to Acquisition | 1,796 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 8,492 | |||
Buildings and Equipment | 11,247 | |||
Total | 19,739 | |||
Accumulated Depreciation | (2,515) | |||
309 Dulty's Lane | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 51,400 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,600 | |||
Buildings and Equipment | 51,399 | |||
Total | 52,999 | |||
Accumulated Depreciation | (10,174) | |||
7000 West Post Road | ||||
Initial Cost to Company | ||||
Land | 4,230 | |||
Buildings and Equipment | 13,472 | |||
Costs Capitalized Subsequent to Acquisition | 246 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,230 | |||
Buildings and Equipment | 13,718 | |||
Total | 17,948 | |||
Accumulated Depreciation | (1,738) | |||
2375 East Newlands Road | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 17,314 | |||
Costs Capitalized Subsequent to Acquisition | 286 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 17,600 | |||
Total | 18,700 | |||
Accumulated Depreciation | (3,523) | |||
158 West Yard Road | ||||
Initial Cost to Company | ||||
Land | 1,870 | |||
Buildings and Equipment | 7,931 | |||
Costs Capitalized Subsequent to Acquisition | 73 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,870 | |||
Buildings and Equipment | 8,004 | |||
Total | 9,874 | |||
Accumulated Depreciation | (1,482) | |||
3779 Lake Shore Road | ||||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Equipment | 38,186 | |||
Costs Capitalized Subsequent to Acquisition | 18 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,701 | |||
Buildings and Equipment | 38,204 | |||
Total | 40,905 | |||
Accumulated Depreciation | (927) | |||
1289 Walden Avenue | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 6,314 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 600 | |||
Buildings and Equipment | 6,314 | |||
Total | 6,914 | |||
Accumulated Depreciation | (268) | |||
4 Liebich Lane | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 8,521 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 400 | |||
Buildings and Equipment | 8,521 | |||
Total | 8,921 | |||
Accumulated Depreciation | (207) | |||
55 Commerce Avenue | ||||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Equipment | 10,105 | |||
Costs Capitalized Subsequent to Acquisition | 180 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,000 | |||
Buildings and Equipment | 10,285 | |||
Total | 11,285 | |||
Accumulated Depreciation | (2,059) | |||
32150 Just Imagine Drive | ||||
Initial Cost to Company | ||||
Land | 2,200 | |||
Buildings and Equipment | 23,280 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,200 | |||
Buildings and Equipment | 23,280 | |||
Total | 25,480 | |||
Accumulated Depreciation | (7,906) | |||
1580, 1590 & 1600 Williams Road | ||||
Initial Cost to Company | ||||
Land | 2,060 | |||
Buildings and Equipment | 29,143 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,060 | |||
Buildings and Equipment | 29,143 | |||
Total | 31,203 | |||
Accumulated Depreciation | (3,621) | |||
7303 Rickenbacker Parkway West | ||||
Initial Cost to Company | ||||
Land | 1,491 | |||
Buildings and Equipment | 27,407 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,491 | |||
Buildings and Equipment | 27,407 | |||
Total | 28,898 | |||
Accumulated Depreciation | (1,196) | |||
3245 Henry Road and 3185 Columbia Road | ||||
Initial Cost to Company | ||||
Land | 2,499 | |||
Buildings and Equipment | 21,640 | |||
Costs Capitalized Subsequent to Acquisition | 19 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,501 | |||
Buildings and Equipment | 21,657 | |||
Total | 24,158 | |||
Accumulated Depreciation | (611) | |||
8341 Industrial Parkway | ||||
Initial Cost to Company | ||||
Land | 6,702 | |||
Buildings and Equipment | 97,563 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 6,702 | |||
Buildings and Equipment | 97,563 | |||
Total | 104,265 | |||
Accumulated Depreciation | (2,369) | |||
201 Exploration Drive | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 38,868 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 38,868 | |||
Total | 40,669 | |||
Accumulated Depreciation | (944) | |||
9780 Mopar Drive | ||||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Equipment | 26,021 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,701 | |||
Buildings and Equipment | 26,021 | |||
Total | 28,722 | |||
Accumulated Depreciation | (737) | |||
2465 Fontaine Street | ||||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Equipment | 19,323 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,000 | |||
Buildings and Equipment | 19,323 | |||
Total | 20,323 | |||
Accumulated Depreciation | (469) | |||
4651 Prosper Drive | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 30,772 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 30,772 | |||
Total | 32,172 | |||
Accumulated Depreciation | (747) | |||
747 Mill Park Drive | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 17,609 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 17,609 | |||
Total | 19,009 | |||
Accumulated Depreciation | (428) | |||
9667 Inter-Ocean Drive | ||||
Initial Cost to Company | ||||
Land | 1,300 | |||
Buildings and Equipment | 10,880 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,300 | |||
Buildings and Equipment | 10,880 | |||
Total | 12,180 | |||
Accumulated Depreciation | (370) | |||
5313 Majestic Parkway | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 8,107 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 8,122 | |||
Total | 9,222 | |||
Accumulated Depreciation | (345) | |||
1115 Regina Graeter Way | ||||
Initial Cost to Company | ||||
Land | 700 | |||
Buildings and Equipment | 7,908 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 700 | |||
Buildings and Equipment | 7,908 | |||
Total | 8,608 | |||
Accumulated Depreciation | (192) | |||
4170 Columbia Road | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 9,841 | |||
Costs Capitalized Subsequent to Acquisition | 3 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 403 | |||
Buildings and Equipment | 9,841 | |||
Total | 10,244 | |||
Accumulated Depreciation | (239) | |||
1415 Industrial Drive | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 3,265 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,200 | |||
Buildings and Equipment | 3,265 | |||
Total | 4,465 | |||
Accumulated Depreciation | (646) | |||
200 Orange Point Drive | ||||
Initial Cost to Company | ||||
Land | 1,300 | |||
Buildings and Equipment | 8,613 | |||
Costs Capitalized Subsequent to Acquisition | 162 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,301 | |||
Buildings and Equipment | 8,774 | |||
Total | 10,075 | |||
Accumulated Depreciation | (1,776) | |||
301 Commerce Drive | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 4,530 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 601 | |||
Buildings and Equipment | 4,528 | |||
Total | 5,129 | |||
Accumulated Depreciation | (898) | |||
5300 Centerpoint Parkway | ||||
Initial Cost to Company | ||||
Land | 2,700 | |||
Buildings and Equipment | 29,863 | |||
Costs Capitalized Subsequent to Acquisition | 68 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,700 | |||
Buildings and Equipment | 29,931 | |||
Total | 32,631 | |||
Accumulated Depreciation | (5,926) | |||
2701 S.W. 18TH Street | ||||
Initial Cost to Company | ||||
Land | 2,401 | |||
Buildings and Equipment | 18,865 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | (5,675) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,760 | |||
Buildings and Equipment | 13,830 | |||
Total | 15,590 | |||
Accumulated Depreciation | (200) | |||
8000 Mid America Blvd. | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Equipment | 12,813 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (1,814) | |||
Gross Amount Carried at Close of Period | ||||
Land | 781 | |||
Buildings and Equipment | 11,118 | |||
Total | 11,899 | |||
Accumulated Depreciation | (187) | |||
1414 South Council Road | ||||
Initial Cost to Company | ||||
Land | 5,002 | |||
Buildings and Equipment | 39,952 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,002 | |||
Buildings and Equipment | 39,952 | |||
Total | 44,954 | |||
Accumulated Depreciation | (970) | |||
6101 SW 44th Street | ||||
Initial Cost to Company | ||||
Land | 2,401 | |||
Buildings and Equipment | 13,868 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,401 | |||
Buildings and Equipment | 13,868 | |||
Total | 16,269 | |||
Accumulated Depreciation | (337) | |||
2759 North Garnett Road | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 4,879 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 4,879 | |||
Total | 5,679 | |||
Accumulated Depreciation | (118) | |||
2820 State Highway 31 | ||||
Initial Cost to Company | ||||
Land | 581 | |||
Buildings and Equipment | 2,237 | |||
Costs Capitalized Subsequent to Acquisition | 4,582 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 581 | |||
Buildings and Equipment | 6,819 | |||
Total | 7,400 | |||
Accumulated Depreciation | (1,050) | |||
1729 Pennsylvania Avenue | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 13,257 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (2,173) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,020 | |||
Buildings and Equipment | 11,264 | |||
Total | 12,284 | |||
Accumulated Depreciation | (384) | |||
101 North Campus Drive | ||||
Initial Cost to Company | ||||
Land | 3,801 | |||
Buildings and Equipment | 26,700 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,801 | |||
Buildings and Equipment | 26,700 | |||
Total | 30,501 | |||
Accumulated Depreciation | (649) | |||
231 Theater Drive | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 9,864 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 9,864 | |||
Total | 11,264 | |||
Accumulated Depreciation | (279) | |||
700 Marine Drive | ||||
Initial Cost to Company | ||||
Land | 820 | |||
Buildings and Equipment | 8,381 | |||
Costs Capitalized Subsequent to Acquisition | 798 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 820 | |||
Buildings and Equipment | 9,179 | |||
Total | 9,999 | |||
Accumulated Depreciation | (1,144) | |||
1990 Hood Road | ||||
Initial Cost to Company | ||||
Land | 400 | |||
Buildings and Equipment | 10,702 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 400 | |||
Buildings and Equipment | 10,701 | |||
Total | 11,101 | |||
Accumulated Depreciation | (1,140) | |||
7410 Magi Drive | ||||
Initial Cost to Company | ||||
Land | 2,401 | |||
Buildings and Equipment | 31,029 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,401 | |||
Buildings and Equipment | 31,029 | |||
Total | 33,430 | |||
Accumulated Depreciation | (1,052) | |||
6850 Weber Boulevard | ||||
Initial Cost to Company | ||||
Land | 11,604 | |||
Buildings and Equipment | 44,602 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (12,228) | |||
Gross Amount Carried at Close of Period | ||||
Land | 9,079 | |||
Buildings and Equipment | 34,899 | |||
Total | 43,978 | |||
Accumulated Depreciation | (503) | |||
1892 Anfield Road | ||||
Initial Cost to Company | ||||
Land | 4,001 | |||
Buildings and Equipment | 21,179 | |||
Costs Capitalized Subsequent to Acquisition | 1 | |||
Impairment/ Writedowns | (3,822) | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,394 | |||
Buildings and Equipment | 17,965 | |||
Total | 21,359 | |||
Accumulated Depreciation | (259) | |||
7409 Magi Drive | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 13,651 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (1,389) | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,639 | |||
Buildings and Equipment | 12,424 | |||
Total | 14,063 | |||
Accumulated Depreciation | (209) | |||
1103 Powderhouse Road SE | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Equipment | 36,140 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,200 | |||
Buildings and Equipment | 36,140 | |||
Total | 37,340 | |||
Accumulated Depreciation | (878) | |||
3058 Lakemont Blvd | ||||
Initial Cost to Company | ||||
Land | 2,901 | |||
Buildings and Equipment | 33,304 | |||
Costs Capitalized Subsequent to Acquisition | 20 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,901 | |||
Buildings and Equipment | 33,324 | |||
Total | 36,225 | |||
Accumulated Depreciation | (809) | |||
510 John Dodd Road | ||||
Initial Cost to Company | ||||
Land | 3,300 | |||
Buildings and Equipment | 57,998 | |||
Costs Capitalized Subsequent to Acquisition | 419 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,301 | |||
Buildings and Equipment | 58,416 | |||
Total | 61,717 | |||
Accumulated Depreciation | (11,548) | |||
996 Paragon Way | ||||
Initial Cost to Company | ||||
Land | 2,334 | |||
Buildings and Equipment | 35,920 | |||
Costs Capitalized Subsequent to Acquisition | (2) | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,334 | |||
Buildings and Equipment | 35,918 | |||
Total | 38,252 | |||
Accumulated Depreciation | (7,109) | |||
5001 West Del(B) Street | ||||
Initial Cost to Company | ||||
Land | 2,570 | |||
Buildings and Equipment | 14,832 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,570 | |||
Buildings and Equipment | 14,832 | |||
Total | 17,402 | |||
Accumulated Depreciation | (1,580) | |||
5025 Tuggle Road | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Equipment | 31,520 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,400 | |||
Buildings and Equipment | 31,520 | |||
Total | 32,920 | |||
Accumulated Depreciation | (893) | |||
900 Hutchinson Place | ||||
Initial Cost to Company | ||||
Land | 2,601 | |||
Buildings and Equipment | 31,582 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,601 | |||
Buildings and Equipment | 31,582 | |||
Total | 34,183 | |||
Accumulated Depreciation | (1,342) | |||
6023 Century Oaks Drive | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Equipment | 5,759 | |||
Costs Capitalized Subsequent to Acquisition | 15 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 500 | |||
Buildings and Equipment | 5,774 | |||
Total | 6,274 | |||
Accumulated Depreciation | (245) | |||
3774 Snyder Road | ||||
Initial Cost to Company | ||||
Land | 3,201 | |||
Buildings and Equipment | 30,564 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,201 | |||
Buildings and Equipment | 30,564 | |||
Total | 33,765 | |||
Accumulated Depreciation | (742) | |||
4836 Hickory Hill Road | ||||
Initial Cost to Company | ||||
Land | 1,402 | |||
Buildings and Equipment | 10,769 | |||
Costs Capitalized Subsequent to Acquisition | 1,625 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,403 | |||
Buildings and Equipment | 12,393 | |||
Total | 13,796 | |||
Accumulated Depreciation | (2,494) | |||
2020 Joe B. Jackson Parkway | ||||
Initial Cost to Company | ||||
Land | 7,500 | |||
Buildings and Equipment | 55,259 | |||
Costs Capitalized Subsequent to Acquisition | 299 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 7,500 | |||
Buildings and Equipment | 55,558 | |||
Total | 63,058 | |||
Accumulated Depreciation | (10,987) | |||
2500, 2526 and 2614 Big Town Boulevard | ||||
Initial Cost to Company | ||||
Land | 2,319 | |||
Buildings and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 10,015 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,319 | |||
Buildings and Equipment | 10,015 | |||
Total | 12,334 | |||
Accumulated Depreciation | 0 | |||
11501 Wilkinson Drive | ||||
Initial Cost to Company | ||||
Land | 2,401 | |||
Buildings and Equipment | 19,665 | |||
Costs Capitalized Subsequent to Acquisition | (1) | |||
Impairment/ Writedowns | (2,259) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,155 | |||
Buildings and Equipment | 17,651 | |||
Total | 19,806 | |||
Accumulated Depreciation | (358) | |||
5005 Samuell Blvd. | ||||
Initial Cost to Company | ||||
Land | 6,366 | |||
Buildings and Equipment | 62,879 | |||
Costs Capitalized Subsequent to Acquisition | 2,458 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 6,366 | |||
Buildings and Equipment | 65,337 | |||
Total | 71,703 | |||
Accumulated Depreciation | (1,672) | |||
2701 Texas Longhorn Way | ||||
Initial Cost to Company | ||||
Land | 9,303 | |||
Buildings and Equipment | 42,504 | |||
Costs Capitalized Subsequent to Acquisition | 78 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 9,303 | |||
Buildings and Equipment | 42,582 | |||
Total | 51,885 | |||
Accumulated Depreciation | (1,032) | |||
2000 Luna Road | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 25,816 | |||
Costs Capitalized Subsequent to Acquisition | 31 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 25,847 | |||
Total | 27,648 | |||
Accumulated Depreciation | (732) | |||
21200 Spring Plaza Drive | ||||
Initial Cost to Company | ||||
Land | 2,701 | |||
Buildings and Equipment | 29,832 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,701 | |||
Buildings and Equipment | 29,832 | |||
Total | 32,533 | |||
Accumulated Depreciation | (845) | |||
502 West Independence Drive | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 19,673 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 19,673 | |||
Total | 20,473 | |||
Accumulated Depreciation | (478) | |||
800 Lindale Industrial Parkway | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 18,947 | |||
Costs Capitalized Subsequent to Acquisition | 692 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 19,639 | |||
Total | 20,439 | |||
Accumulated Depreciation | (509) | |||
685 Alliance Parkway | ||||
Initial Cost to Company | ||||
Land | 800 | |||
Buildings and Equipment | 23,207 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 800 | |||
Buildings and Equipment | 23,207 | |||
Total | 24,007 | |||
Accumulated Depreciation | (658) | |||
16211 Air Center Boulevard | ||||
Initial Cost to Company | ||||
Land | 1,600 | |||
Buildings and Equipment | 13,529 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,600 | |||
Buildings and Equipment | 13,529 | |||
Total | 15,129 | |||
Accumulated Depreciation | (329) | |||
246 Glasson Drive | ||||
Initial Cost to Company | ||||
Land | 0 | |||
Buildings and Equipment | 9,596 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Equipment | 9,596 | |||
Total | 9,596 | |||
Accumulated Depreciation | (233) | |||
985 Kershaw Street | ||||
Initial Cost to Company | ||||
Land | 2,301 | |||
Buildings and Equipment | 13,994 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | (1,903) | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,032 | |||
Buildings and Equipment | 12,360 | |||
Total | 14,392 | |||
Accumulated Depreciation | (178) | |||
1095 South 4800 West | ||||
Initial Cost to Company | ||||
Land | 1,500 | |||
Buildings and Equipment | 6,913 | |||
Costs Capitalized Subsequent to Acquisition | 20 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,500 | |||
Buildings and Equipment | 6,933 | |||
Total | 8,433 | |||
Accumulated Depreciation | (1,376) | |||
8800 Studley Road | ||||
Initial Cost to Company | ||||
Land | 1,100 | |||
Buildings and Equipment | 10,813 | |||
Costs Capitalized Subsequent to Acquisition | 16 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Equipment | 10,829 | |||
Total | 11,929 | |||
Accumulated Depreciation | (460) | |||
1935 Blue Hills Drive | ||||
Initial Cost to Company | ||||
Land | 1,300 | |||
Buildings and Equipment | 13,908 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,300 | |||
Buildings and Equipment | 13,908 | |||
Total | 15,208 | |||
Accumulated Depreciation | (394) | |||
3736 Tom Andrews Road | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 9,273 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 600 | |||
Buildings and Equipment | 9,273 | |||
Total | 9,873 | |||
Accumulated Depreciation | (263) | |||
2300 Westmoreland Street | ||||
Initial Cost to Company | ||||
Land | 600 | |||
Buildings and Equipment | 6,109 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 600 | |||
Buildings and Equipment | 6,109 | |||
Total | 6,709 | |||
Accumulated Depreciation | (208) | |||
1122 Stony Ridge Road | ||||
Initial Cost to Company | ||||
Land | 2,101 | |||
Buildings and Equipment | 6,051 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,101 | |||
Buildings and Equipment | 6,051 | |||
Total | 8,152 | |||
Accumulated Depreciation | (147) | |||
1901 Meadowville Technology Parkway | ||||
Initial Cost to Company | ||||
Land | 4,000 | |||
Buildings and Equipment | 67,511 | |||
Costs Capitalized Subsequent to Acquisition | 170 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 4,000 | |||
Buildings and Equipment | 67,681 | |||
Total | 71,681 | |||
Accumulated Depreciation | (13,383) | |||
635 Community Drive | ||||
Initial Cost to Company | ||||
Land | 10,003 | |||
Buildings and Equipment | 38,560 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 10,003 | |||
Buildings and Equipment | 38,560 | |||
Total | 48,563 | |||
Accumulated Depreciation | (936) | |||
2000 South Walnut Street | ||||
Initial Cost to Company | ||||
Land | 8,603 | |||
Buildings and Equipment | 22,749 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 8,602 | |||
Buildings and Equipment | 22,750 | |||
Total | 31,352 | |||
Accumulated Depreciation | (552) | |||
5300 International Drive | ||||
Initial Cost to Company | ||||
Land | 1,801 | |||
Buildings and Equipment | 17,367 | |||
Costs Capitalized Subsequent to Acquisition | 38 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,801 | |||
Buildings and Equipment | 17,405 | |||
Total | 19,206 | |||
Accumulated Depreciation | (422) | |||
3383 Spirit Way | ||||
Initial Cost to Company | ||||
Land | 601 | |||
Buildings and Equipment | 9,346 | |||
Costs Capitalized Subsequent to Acquisition | 0 | |||
Impairment/ Writedowns | 0 | |||
Gross Amount Carried at Close of Period | ||||
Land | 601 | |||
Buildings and Equipment | 9,346 | |||
Total | 9,947 | |||
Accumulated Depreciation | $ (227) |
SCHEDULE III - REAL ESTATE AND ACCUMULATED DEPRECIATION - Analysis of Carrying Amount And Accumulated Depreciation (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2020 |
|
Real Estate Properties | |||
Balance at the beginning of the period | $ 1,748,833 | $ 1,809,070 | $ 2,335,964 |
Additions | 3,520,563 | 129,724 | 109,020 |
Disposals | (259) | (189,961) | (635,914) |
Impairments | (93,029) | ||
Balance at the end of the period | 5,176,108 | 1,748,833 | 1,809,070 |
Accumulated Depreciation | |||
Balance at the beginning of the period | (167,490) | (141,406) | (131,468) |
Additions | (106,236) | (32,389) | (43,821) |
Disposals | 259 | 6,305 | 33,883 |
Impairments | 0 | ||
Balance at the end of the period | $ (273,467) | $ (167,490) | $ (141,406) |
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