ilpt-20220215
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
 
Date of Report (Date of earliest event reported): February 15, 2022
 
INDUSTRIAL LOGISTICS PROPERTIES TRUST
(Exact Name of Registrant as Specified in Its Charter)
 
Maryland
(State or Other Jurisdiction of Incorporation)
 
001-38342 82-2809631
(Commission File Number) (IRS Employer Identification No.)
Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634
(Address of Principal Executive Offices) (Zip Code)
617-219-1460
(Registrant’s Telephone Number, Including Area Code)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐                      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐                      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐                      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name Of Each Exchange On Which Registered
Common Shares of Beneficial InterestILPTThe Nasdaq Stock Market LLC

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
    
    Emerging growth company ☐
    
    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02.  Results of Operations and Financial Condition.
 
On February 15, 2022, Industrial Logistics Properties Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and year ended December 31, 2021, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 2021. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.
 
Item 9.01.  Financial Statements and Exhibits.
 
(d)          Exhibits
 
99.1        Press Release dated February 15, 2022
99.2        Fourth Quarter 2021 Supplemental Operating and Financial Data
104         Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)
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SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 INDUSTRIAL LOGISTICS PROPERTIES TRUST
   
   
 By:/s/ Richard W. Siedel, Jr.
 Name:Richard W. Siedel, Jr.
 Title:Chief Financial Officer and Treasurer
 
 
Dated:  February 15, 2022
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Exhibit 99.1

ilptlettereheada08.jpg

FOR IMMEDIATE RELEASE


Industrial Logistics Properties Trust Announces Fourth Quarter 2021 Results
Fourth Quarter Net Income Attributable to Common Shareholders of $0.97 Per Share
Fourth Quarter Normalized FFO Attributable to Common Shareholders of $0.49 Per Share
Fourth Quarter Same Property Cash Basis NOI Increased by 4.5% Compared to the Same Period Last Year
Entered into a Definitive Agreement to Acquire Monmouth Real Estate Investment Corporation (NYSE: MNR)
Newton, MA (February 15, 2022): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter ended December 31, 2021.

John Murray, President and Chief Executive Officer of ILPT, made the following statement:

“ILPT finished 2021 with strong leasing momentum, solid financial growth and the announcement of a high quality, strategic acquisition. We entered new and renewal leases and completed rent resets for approximately 1.6 million square feet at weighted average rental rates that were over 15% higher than prior rental rates for the same space with portfolio occupancy reaching 99.2% at year end. We achieved per share Normalized FFO growth of 6.5% and same property cash basis NOI growth accelerated to 4.5% during the fourth quarter. We have a solid balance sheet, strengthened by the sale of six recently acquired properties to our joint venture, at a gain of $11.1 million.

In 2022, ILPT is poised for significant growth from our planned acquisition of Monmouth Real Estate Investment Corporation, which we expect to close in the first quarter. We believe this accretive acquisition creates a stronger ILPT with enhanced scale, additional high quality e-commerce focused mainland properties, and increased geographic and tenant diversity.”

Quarterly Results:

•Net income attributable to common shareholders of $63.2 million, or $0.97 per diluted share.
•Normalized funds from operations, or Normalized FFO, attributable to common shareholders of $31.7 million, or $0.49 per diluted share.

Financial
Three Months Ended
(dollars in thousands, except per share data)
December 31, 2021
December 31, 2020Change
Net income attributable to common shareholders per share$0.97$0.6256.5%
Normalized FFO attributable to common shareholders per share$0.49$0.466.5%
Net operating income (NOI)$43,771$46,659(6.2)%
Same property cash basis NOI$38,756$37,0924.5%




A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.



Reconciliations of net income attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended December 31, 2021 and 2020 appear later in this press release. Reconciliations of net income determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and calculation of same property Cash Basis NOI for the quarters ended December 31, 2021 and 2020, also appear later in this press release.

Three Months Ended
Leasing Activity
December 31, 2021
Leasing activity for new and renewal leases and rent resets (square feet)1,564,000
Weighted average lease term for new and renewal leases (by square feet)
10.2 years
Weighted average rental rate change versus prior rental rate for same space (by square feet)15.1%
Commitments for leasing capital and concessions for new and renewal leases (per square foot per year)$0.28

As of
Occupancy
December 31, 2021
September 30, 2021
December 31, 2020
Occupancy
99.2%99.0%98.4%
Same property occupancy
99.2%98.9%98.4%

Acquisition and Financing Activities:

•As previously announced, in November 2021, ILPT entered into an agreement and plan of merger to acquire all of the outstanding shares of Monmouth Real Estate Investment Corporation (NYSE: MNR), or Monmouth, for $21.00 per Monmouth share in cash, in a transaction valued at approximately $4.0 billion, including the assumption of existing Monmouth mortgage debt, as well as transaction costs, or the Monmouth Transaction. The Monmouth Transaction will add 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet with a weighted average remaining lease term of approximately eight years to ILPT’s portfolio. ILPT intends to finance the Monmouth Transaction by entering into a joint venture with one or more institutional investors for equity investments, and with proceeds from new mortgage debt and the assumption of existing Monmouth mortgage debt. Depending on the ultimate amount of the joint venture equity investments, ILPT may also use proceeds from the sale of some of Monmouth’s properties to finance the Monmouth Transaction. In addition, in connection with the financing of the Monmouth Transaction, ILPT has obtained commitments from lenders to make a bridge loan of up to $4.0 billion available to it. The Monmouth Transaction is subject to the satisfaction of conditions, including the receipt of requisite approval by Monmouth’s stockholders, and is expected to close in the first quarter of 2022.
•As previously announced, in December 2021, ILPT sold six recently acquired properties to its existing joint venture for an aggregate sales price of approximately $205.8 million. ILPT received proceeds from the investors, who own an aggregate of 78% equity interest in the joint venture, for an aggregate amount of $160.5 million and recognized a net gain on sale of $11.1 million. The sale resulted in an increase in ILPT’s investment in the joint venture, in which it owns a 22% equity interest, of $45.3 million. ILPT used the proceeds from this transaction to reduce amounts outstanding under its $750.0 million unsecured revolving credit facility.
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Liquidity:

•As of December 31, 2021, ILPT had approximately $29.4 million of cash and cash equivalents, and $568.0 million available to borrow under its revolving credit facility.

Conference Call:

On Wednesday, February 16, 2022 at 10:00 a.m. Eastern Time, John Murray, Chief Executive Officer, Richard Siedel, Chief Financial Officer, and Yael Duffy, Chief Operating Officer, will host a conference call to discuss ILPT’s fourth quarter 2021 financial results.

The conference call telephone number is (877) 418-4826. Participants calling from outside the United States and Canada should dial (412) 902-6758. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Wednesday, February 23, 2022. To access the replay, dial (412) 317-0088. The replay pass code is 9127484.

A live audio webcast of the conference call will also be available in a listen-only mode on ILPT’s website, at www.ilptreit.com. Participants wanting to access the webcast should visit ILPT’s website about five minutes before the call. The archived webcast will be available for replay on ILPT’s website following the call for about one week. The transcription, recording and retransmission in any way of ILPT’s fourth quarter conference call are strictly prohibited without the prior written consent of ILPT.

Supplemental Data:

A copy of ILPT’s Fourth Quarter 2021 Supplemental Operating and Financial Data is available for download at ILPT’s website, which is located at www.ilptreit.com. ILPT’s website is not incorporated as part of this press release.

Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of December 31, 2021, ILPT’s portfolio consisted of 288 properties containing 34 million rentable square feet in 31 states. More than 70% of ILPT’s annual rental revenues are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with more than $33 billion in assets under management as of December 31, 2021 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.

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Non-GAAP Financial Measures:

ILPT presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, NOI and Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income or net income attributable to common shareholders as indicators of ILPT’s operating performance or as measures of ILPT’s liquidity. These measures should be considered in conjunction with net income and net income attributable to common shareholders as presented in ILPT’s consolidated statements of income. ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income and net income attributable to common shareholders. ILPT believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of ILPT’s operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of ILPT’s properties.

Please see the pages attached hereto for a more detailed statement of ILPT’s operating results and financial condition and for an explanation of ILPT’s calculation of NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, FFO attributable to common shareholders and Normalized FFO attributable to common shareholders and a reconciliation of those amounts to amounts determined in accordance with GAAP.
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Industrial Logistics Properties Trust
 
Consolidated Statements of Income
 
(amounts in thousands, except per share data)
 
(unaudited)

Three Months Ended December 31, Year Ended December 31,
  2021 20202021 2020
Rental income$56,496  $60,081 $219,874 $254,575 
Expenses:
 Real estate taxes 7,781 8,406 30,134 35,185 
 Other operating expenses 4,944 5,016 18,678 20,749 
 Depreciation and amortization 13,396 15,215 50,598 70,518 
 Acquisition and certain other transaction related costs486 22 1,132 200 
 General and administrative4,006 4,723 16,724 19,580 
  Total expenses 30,613 33,382 117,266 146,232 
  
Gain on sale of real estate11,114 23,996 12,054 23,996 
Interest income— — — 113 
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $506, $588, $2,022 and $2,481, respectively)
(9,157)(11,009)(35,625)(51,619)
Gain on early extinguishment of debt— — — 120 
Income before income tax expense and equity in earnings of investees27,840 39,686 79,037 80,953 
Income tax expense(96)(75)(273)(277)
Equity in earnings of investees35,463 529 40,918 529 
Net income 63,207 40,140 119,682 81,205 
Net loss attributable to noncontrolling interest— 175 — 866 
Net income attributable to common shareholders$63,207 $40,315 $119,682 $82,071 
 
Weighted average common shares outstanding - basic65,212 65,139 65,169 65,104 
Weighted average common shares outstanding - diluted65,231 65,152 65,211 65,114 
 
Per common share data (basic and diluted):
Net income attributable to common shareholders $0.97 $0.62 $1.83 $1.26 


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Industrial Logistics Properties Trust
 
Funds from Operations Attributable to Common Shareholders and Normalized Funds from Operations Attributable to Common Shareholders (1)
 
(amounts in thousands, except per share data)

(unaudited)

Three Months Ended December 31, Year Ended December 31,
2021202020212020
Net income attributable to common shareholders$63,207 $40,315 $119,682 $82,071 
Depreciation and amortization13,396 15,215 50,598 70,518 
Equity in earnings of unconsolidated joint venture(35,463)(529)(40,918)(529)
Share of FFO from unconsolidated joint venture1,202 556 4,823 556 
Gain on sale of real estate(11,114)(23,996)(12,054)(23,996)
FFO adjustments attributable to noncontrolling interest— (1,384)— (7,656)
FFO attributable to common shareholders31,228 30,177 122,131 120,964 
Acquisition and certain other transaction related costs486 22 1,132 200 
Gain on early extinguishment of debt— — — (120)
Normalized FFO attributable to common shareholders$31,714 $30,199 $123,263 $121,044 
Weighted average common shares outstanding - basic65,212 65,139 65,169 65,104 
Weighted average common shares outstanding - diluted65,231 65,152 65,211 65,114 
Per common share data (basic and diluted):
FFO attributable to common shareholders $0.48 $0.46 $1.87 $1.86 
Normalized FFO attributable to common shareholders$0.49 $0.46 $1.89 $1.86 
Distributions declared$0.33 $0.33 $1.32 $1.32 

(1)      ILPT calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown above. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and equity in earnings of an unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties and its proportionate share of FFO of unconsolidated joint venture properties and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to ILPT. In calculating Normalized FFO attributable to common shareholders, ILPT adjusts for the items shown above including similar adjustments for ILPT’s unconsolidated joint venture, if any. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by ILPT’s Board of Trustees when determining the amount of distributions to ILPT’s shareholders. Other factors include, but are not limited to, requirements to maintain ILPT’s qualification for taxation as a REIT, limitations in the agreements governing ILPT’s debt, the availability to ILPT of debt and equity capital, ILPT’s distribution rate as a percentage of the trading price of its common shares, or dividend yield, and ILPT’s dividend yield compared to the dividend yields of other industrial REITs, ILPT’s expectation of its future capital requirements and operating performance and ILPT’s expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than ILPT does.

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Industrial Logistics Properties Trust
 
Calculation and Reconciliation of Property Net Operating Income and Cash Basis Net Operating Income (1)
 
(dollars in thousands)
 
(unaudited)

Three Months Ended December 31, Year Ended December 31,
2021 20202021 2020
Calculation of NOI and Cash Basis NOI:
Rental income$56,496  $60,081 $219,874 $254,575 
Real estate taxes(7,781)(8,406)(30,134)(35,185)
Other operating expenses(4,944)(5,016)(18,678)(20,749)
NOI43,771 46,659 171,062 198,641 
Non-cash straight line rent adjustments included in rental income
(1,590)(2,858)(7,263)(9,041)
Lease value amortization included in rental income(256)(185)(781)(791)
Lease termination fees included in rental income— — (512)— 
Cash Basis NOI$41,925 $43,616 $162,506 $188,809 
Reconciliation of Net Income to NOI and Cash Basis NOI:
Net income$63,207 $40,140 $119,682 $81,205 
Equity in earnings of investees(35,463)(529)(40,918)(529)
Income tax expense96 75 273 277 
Income before income tax expense and equity in earnings of investees27,840 39,686 79,037 80,953 
Gain on early extinguishment of debt— — — (120)
Interest expense9,157 11,009 35,625 51,619 
Gain on sale of real estate(11,114)(23,996)(12,054)(23,996)
Interest income— — — (113)
General and administrative 4,006 4,723 16,724 19,580 
Acquisition and certain other transaction related costs486 22 1,132 200 
Depreciation and amortization13,396 15,215 50,598 70,518 
NOI43,771 46,659 171,062 198,641 
Non-cash straight line rent adjustments included in rental income
(1,590)(2,858)(7,263)(9,041)
Lease value amortization included in rental income(256)(185)(781)(791)
Lease termination fees included in rental income— — (512)— 
Cash Basis NOI$41,925 $43,616 $162,506 $188,809 


(1)    The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to ILPT’s property level results of operations. ILPT calculates NOI and Cash Basis NOI as shown above. ILPT defines NOI as income from its rental of real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that ILPT records as depreciation and amortization expense. ILPT defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. ILPT uses NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than ILPT does.


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Industrial Logistics Properties Trust
 
Reconciliation of Net Operating Income to Same Property Net Operating Income and Calculation of Same
Property Cash Basis Net Operating Income (1)
 
(dollars in thousands)
 
(unaudited)
 
Three Months Ended December 31, Year Ended December 31,
2021 20202021 2020
Reconciliation of NOI to Same Property NOI (2)(3):
Rental income$56,496 $60,081 $219,874 $254,575 
Real estate taxes(7,781)(8,406)(30,134)(35,185)
Other operating expenses(4,944)(5,016)(18,678)(20,749)
NOI43,771 46,659 171,062 198,641 
Less:
NOI of properties not included in same property results(3,273)(6,771)(10,458)(41,504)
Same Property NOI$40,498 $39,888 $160,604 $157,137 
Calculation of Same Property Cash Basis NOI (2)(3):
Same Property NOI$40,498 $39,888 $160,604 $157,137 
Less:
Non-cash straight line rent adjustments included in rental income
(1,491)(2,627)(6,846)(6,705)
Lease value amortization included in rental income(251)(169)(773)(682)
Lease termination fees included in rental income — — (512)— 
Same Property Cash Basis NOI$38,756 $37,092 $152,473 $149,750 

(1)See footnote (1) on page 6 of this press release for the definitions of NOI and Cash Basis NOI and page 4 for a description of why ILPT believes they are appropriate supplemental measures and a description of how ILPT uses these measures.
 
(2)For the three months ended December 31, 2021 and 2020, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2021 and that it owned continuously since October 1, 2020 and exclude 18 properties owned by an unconsolidated joint venture in which ILPT owns a 22% interest.

(3)    For the year ended December 31, 2021 and 2020, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2021 and that it owned continuously since January 1, 2020 and exclude 18 properties owned by an unconsolidated joint venture in which ILPT owns a 22% interest.
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Industrial Logistics Properties Trust
 
Consolidated Balance Sheets
 
(dollars in thousands, except per share data)
 
(unaudited)
December 31, December 31,
 20212020
ASSETS  
Real estate properties:  
Land $699,037 $709,099 
Buildings and improvements 1,049,796 1,099,971 
Total real estate properties, gross1,748,833 1,809,070 
Accumulated depreciation (167,490)(141,406)
Total real estate properties, net1,581,343 1,667,664 
Investment in unconsolidated joint venture143,021 60,590 
Acquired real estate leases, net 63,441 83,644 
Cash and cash equivalents29,397 22,834 
Rents receivable, including straight line rents of $69,173 and $62,753, respectively75,877 69,511 
Deferred leasing costs, net 8,883 4,595 
Debt issuance costs, net804 1,477 
Due from related persons— 2,665 
Other assets, net5,792 2,765 
Total assets $1,908,558 $1,915,745 
LIABILITIES AND SHAREHOLDERS' EQUITY  
Revolving credit facility$182,000 $221,000 
Mortgage notes payable, net646,124 645,579 
Assumed real estate lease obligations, net 12,435 14,630 
Accounts payable and other liabilities16,281 14,716 
Rents collected in advance8,394 7,811 
Security deposits3,097 6,540 
Due to related persons2,185 2,279 
Total liabilities870,516 912,555 
Commitments and contingencies
Shareholders' Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,404,592 and 65,301,088 shares issued and outstanding, respectively
654 653 
Additional paid in capital 1,012,224 1,010,819 
Cumulative net income343,908 224,226 
Cumulative common distributions(318,744)(232,508)
Total shareholders' equity1,038,042 1,003,190 
Total liabilities and shareholders' equity $1,908,558 $1,915,745 

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Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever ILPT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, ILPT is making forward-looking statements. These forward-looking statements are based upon ILPT’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ILPT’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond ILPT’s control. For example:
•Mr. Murray states that ILPT finished 2021 with strong leasing momentum and solid financial growth and he references growth in Normalized FFO and same property cash basis NOI. These statements may imply that ILPT will achieve similar or better results in the future. However, ILPT’s business is subject to various risks, and leasing activity and occupancy depend on various factors, including the timing of lease expirations, leasing demand at ILPT’s properties, ILPT’s ability to successfully compete for tenants and other economic and market conditions. As a result, ILPT may not achieve similar or expected results in the future,
•Mr. Murray states that in 2022, ILPT is poised for significant growth from its planned acquisition of Monmouth, which ILPT expects to close in the first quarter of 2022, and that ILPT believes that this accretive acquisition creates a stronger ILPT with enhanced scale, additional high quality e-commerce focused mainland properties, and increased geographic and tenant diversity. The Monmouth Transaction is subject to the satisfaction of conditions, including the receipt of requisite approval by Monmouth’s stockholders. ILPT cannot be sure that these conditions will be satisfied. Accordingly, the Monmouth Transaction may not close when expected or at all, or the terms of the Monmouth Transaction may change. Even if the Monmouth Transaction closes, it may not be accretive for many reasons, including, but not limited to, ILPT’s ability to finance the Monmouth Transaction or to sell its or Monmouth’s properties on attractive terms, the performance of ILPT’s or Monmouth’s portfolio and the impact of asset sales,
•This press release states that ILPT intends to finance the Monmouth Transaction by entering into a joint venture with one or more institutional investors for equity investments, and with proceeds from new mortgage debt and the assumption of existing Monmouth mortgage debt, and that ILPT has obtained commitments from lenders to make a bridge loan available to it. However, ILPT may not be able to enter into such joint venture or obtain such equity investments on favorable terms, and ILPT may not be able to find alternative financing in the expected amount and/or on as favorable terms, if at all. In addition, there are conditions to the funding of the bridge loan facility that may not be satisfied. In the event any of these funds are not available or are available in less than the full amount anticipated, or if ILPT is unable to repay the amounts outstanding under the bridge loan facility prior to its expiration, ILPT will be required to seek alternative financing, and ILPT’s available cash flow to fund working capital, capital expenditures, acquisitions and other business activities may be reduced. In such event, the alternative financing may be more expensive and the expected benefits of the Monmouth Transaction could be reduced or eliminated, and
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•This press release states that ILPT may use proceeds from the sale of some of Monmouth properties to finance the Monmouth Transaction. ILPT may not succeed in selling properties it may identify for sale in connection with the long term financing of the Monmouth Transaction and any proceeds ILPT may receive from any such sales ILPT does complete may be less than expected, and ILPT may incur losses with respect to any such sales.
The information contained in ILPT’s filings with the SEC, including under “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies important factors that could cause ILPT’s actual results to differ materially from those stated in or implied by ILPT’s forward-looking statements. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
 Contact:
 Kevin Barry, Director, Investor Relations
 (617) 658-0776
(END)
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1 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. FOURTH QUARTER 2021 Exhibit 99.2 309 Dultys Lane Burlington, NJ 633,836 Square Feet

 
2Supplemental Q4 2021 CORPORATE INFORMATION Company Profile ..................................................................................................................................................................................................................... 3 Investor Information ............................................................................................................................................................................................................... 4 Equity Research Coverage .................................................................................................................................................................................................... 5 FINANCIALS Key Financial Data .................................................................................................................................................................................................................. 6 Consolidated Balance Sheets .............................................................................................................................................................................................. 7 Consolidated Statements of Income .................................................................................................................................................................................. 8 Debt Summary and Maturity Schedule .............................................................................................................................................................................. 9 Leverage Ratios and Coverage Ratios ................................................................................................................................................................................ 10 Capital Expenditures Summary ........................................................................................................................................................................................... 11 Property Acquisitions and Dispositions Since 1/1/21 ..................................................................................................................................................... 12 Investment in Unconsolidated Joint Venture .................................................................................................................................................................... 13 Calculation and Reconciliation of NOI and Cash Basis NOI ........................................................................................................................................... 14 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI ......................................................................... 15 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre ........................................................................................................................................... 16 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders ............................ 17 PORTFOLIO INFORMATION Portfolio Summary by Property Type .................................................................................................................................................................................. 18 Same Property Results of Operations by Property Type ................................................................................................................................................ 19-20 Occupancy and Leasing Summary ...................................................................................................................................................................................... 21 Occupancy and Leasing Analysis by Property Type ........................................................................................................................................................ 22 Tenant Credit Characteristics ............................................................................................................................................................................................... 23 Tenants Representing 1% or More of Total Annualized Rental Revenues .................................................................................................................. 24 Five Year Lease Expiration and Reset Schedule by Property Type ............................................................................................................................... 25 Portfolio Lease Expiration Schedule ................................................................................................................................................................................... 26 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS ................................................................................................................................................. 27-28 WARNING CONCERNING FORWARD-LOOKING STATEMENTS ..................................................................................................................................................... 29 Table of Contents Please refer to the Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document.

 
3Supplemental Q4 2021 Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 219-1460 Stock Exchange Listing: Nasdaq Trading Symbol: Common Shares: ILPT The Company: Industrial Logistics Properties Trust, or ILPT, we, our or us, is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. As of December 31, 2021, our portfolio was comprised of 288 wholly owned properties containing approximately 34.0 million rentable square feet located in 31 states, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, HI, and 62 properties containing approximately 17.3 million rentable square feet located in 30 other states. As of December 31, 2021, we also owned a 22% equity interest in an unconsolidated joint venture, which owns 18 properties located in 12 states containing approximately 11.7 million rentable square feet. ILPT is included in 138 market indices and comprises more than 1% of the following indices as of December 31, 2021: Invesco S&P SmallCap Low Volatility ETF INAV Index (XSLVIV), Solactive Global SuperDividend REIT Index (SRET), Solactive Global SuperDividend REIT (Net) Index (SRETN), Invesco KBW Premium Yield Equity REIT ETF INAV Index (KBWYIV), Invesco S&P SmallCap Financials ETF INAV Index (PSCFIV), Hoya Capital High Dividend Yield Index (GTR) (RIET), and the Invesco S&P SmallCap 600 Equal Weight ETF INAV Index (EWSCIV). Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of December 31, 2021, RMR had $33 billion of real estate assets under management and the combined RMR managed companies had approximately $12 billion of annual revenues, nearly 2,100 properties and approximately 37,000 employees. We believe that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at a lower cost than we would have to pay for similar quality services if we were self managed. Key Data (as of and for the three months ended December 31, 2021): (dollars and sq. ft. in 000s) Total properties 288 Total sq. ft. 33,991 Percent leased 99.2% Q4 2021 Rental income $ 56,496 Q4 2021 Net income attributable to common shareholders $ 63,207 Q4 2021 Normalized FFO attributable to common shareholders $ 31,714 Company Profile RETURN TO TABLE OF CONTENTS

 
4Supplemental Q4 2021 Investor Information Board of Trustees Bruce M. Gans Lisa Harris Jones Joseph L. Morea Lead Independent Trustee Independent Trustee Independent Trustee John G. Murray Kevin C. Phelan Adam D. Portnoy Managing Trustee Independent Trustee Chair of the Board & Managing Trustee Executive Officers John G. Murray Richard W. Siedel, Jr. Yael Duffy President and Chief Executive Officer Chief Financial Officer and Treasurer Chief Operating Officer and Vice President Contact Information Investor Relations Inquiries Industrial Logistics Properties Trust Financial, investor and media inquiries should be directed to Two Newton Place Kevin Barry, Director, Investor Relations, 255 Washington Street, Suite 300 at (617) 658-0776 or [email protected]. Newton, MA 02458-1634 (t) (617) 219-1460 (email) [email protected] (website) www.ilptreit.com RETURN TO TABLE OF CONTENTS 17001 West Mercury Street Gardner, KS 645,462 Square Feet

 
5Supplemental Q4 2021 ILPT is followed by the analysts listed here. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. Equity Research Coverage B. Riley Securities, Inc. BTIG Bryan Maher Thomas Catherwood [email protected] [email protected] (646) 885-5423 (212) 738-6140 Berenberg Capital Markets JMP Securities Connor Siversky Aaron Hecht [email protected] [email protected] (646) 949-9037 (415) 835-3963 BofA Securities RBC Capital Markets James Feldman Michael Carroll [email protected] [email protected] (646) 855-5808 (440) 715-2649 RETURN TO TABLE OF CONTENTS 235 Great Pond Road Windsor, CT 171,072 Square Feet

 
6Supplemental Q4 2021 (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Selected Balance Sheet Data: Total gross assets $ 2,076,048 $ 2,212,938 $ 2,091,331 $ 2,058,022 $ 2,057,151 Total assets $ 1,908,558 $ 2,048,095 $ 1,934,687 $ 1,909,019 $ 1,915,745 Total liabilities $ 870,516 $ 1,052,066 $ 935,611 $ 907,803 $ 912,555 Total equity $ 1,038,042 $ 996,029 $ 999,076 $ 1,001,216 $ 1,003,190 Selected Income Statement Data: Rental income $ 56,496 $ 54,981 $ 54,180 $ 54,217 $ 60,081 Net income $ 63,207 $ 18,307 $ 18,831 $ 19,337 $ 40,140 Net income attributable to common shareholders $ 63,207 $ 18,307 $ 18,831 $ 19,337 $ 40,315 NOI $ 43,771 $ 42,947 $ 42,350 $ 41,994 $ 46,659 Adjusted EBITDAre $ 42,162 $ 41,154 $ 40,862 $ 40,502 $ 43,554 FFO attributable to common shareholders $ 31,228 $ 30,278 $ 29,955 $ 30,670 $ 30,177 Normalized FFO attributable to common shareholders $ 31,714 $ 30,278 $ 30,601 $ 30,670 $ 30,199 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.97 $ 0.28 $ 0.29 $ 0.30 $ 0.62 FFO attributable to common shareholders $ 0.48 $ 0.46 $ 0.46 $ 0.47 $ 0.46 Normalized FFO attributable to common shareholders $ 0.49 $ 0.46 $ 0.47 $ 0.47 $ 0.46 Dividends: Annualized dividends paid per share $ 1.32 $ 1.32 $ 1.32 $ 1.32 $ 1.32 Annualized dividend yield (at end of period) 5.3% 5.2% 5.0% 5.7% 5.7% Normalized FFO attributable to common shareholders payout ratio 67.3% 71.7% 70.2% 70.2% 71.7% Key Financial Data RETURN TO TABLE OF CONTENTS 158 West Yard Road Feura Bush, NY 354,000 Square Feet

 
7Supplemental Q4 2021 Consolidated Balance Sheets December 31, December 31, 2021 2020 ASSETS Real estate properties: Land $ 699,037 $ 709,099 Buildings and improvements 1,049,796 1,099,971 Total real estate properties, gross 1,748,833 1,809,070 Accumulated depreciation (167,490) (141,406) Total real estate properties, net 1,581,343 1,667,664 Investment in unconsolidated joint venture 143,021 60,590 Acquired real estate leases, net 63,441 83,644 Cash and cash equivalents 29,397 22,834 Rents receivable, including straight line rents of $69,173 and $62,753, respectively 75,877 69,511 Deferred leasing costs, net 8,883 4,595 Debt issuance costs, net 804 1,477 Due from related persons — 2,665 Other assets, net 5,792 2,765 Total assets $ 1,908,558 $ 1,915,745 LIABILITIES AND SHAREHOLDERS' EQUITY Revolving credit facility $ 182,000 $ 221,000 Mortgage notes payable, net 646,124 645,579 Assumed real estate lease obligations, net 12,435 14,630 Accounts payable and other liabilities 16,281 14,716 Rents collected in advance 8,394 7,811 Security deposits 3,097 6,540 Due to related persons 2,185 2,279 Total liabilities 870,516 912,555 Commitments and contingencies Shareholders' Equity: Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,404,592 and 65,301,088 shares issued and outstanding, respectively 654 653 Additional paid in capital 1,012,224 1,010,819 Cumulative net income 343,908 224,226 Cumulative common distributions (318,744) (232,508) Total shareholders' equity 1,038,042 1,003,190 Total liabilities and shareholders' equity $ 1,908,558 $ 1,915,745 (dollars in thousands, except per share data) 6825 West County Road 400 North Greenfield, IN 245,041 Square Feet

 
8Supplemental Q4 2021 Consolidated Statements of Income Three Months Ended December 31, Year Ended December 31, 2021 2020     2021     2020 Rental income $ 56,496 $ 60,081 $ 219,874 $ 254,575 Expenses: Real estate taxes 7,781 8,406 30,134 35,185 Other operating expenses 4,944 5,016 18,678 20,749 Depreciation and amortization 13,396 15,215 50,598 70,518 Acquisition and certain other transaction related costs 486 22 1,132 200 General and administrative 4,006 4,723 16,724 19,580 Total expenses 30,613 33,382 117,266 146,232 Gain on sale of real estate 11,114 23,996 12,054 23,996 Interest income — — — 113 Interest expense (including net amortization of debt issuance costs, premiums and discounts of $506, $588, $2,022 and $2,481, respectively) (9,157) (11,009) (35,625) (51,619) Gain on early extinguishment of debt — — — 120 Income before income tax expense and equity in earnings of investees 27,840 39,686 79,037 80,953 Income tax expense (96) (75) (273) (277) Equity in earnings of investees 35,463 529 40,918 529 Net income 63,207 40,140 119,682 81,205 Net loss attributable to noncontrolling interest — 175 — 866 Net income attributable to common shareholders $ 63,207 $ 40,315 $ 119,682 $ 82,071 Weighted average common shares outstanding - basic 65,212 65,139 65,169 65,104 Weighted average common shares outstanding - diluted 65,231 65,152 65,211 65,114 Per common share data (basic and diluted): Net income attributable to common shareholders $ 0.97 $ 0.62 $ 1.83 $ 1.26 Additional Data: General and administrative expenses / total assets (at end of period) 0.2% 0.2% 0.9% 1.0% Non-cash straight line rent adjustments included in rental income $ 1,590 $ 2,858 $ 7,263 $ 9,041 Lease value amortization included in rental income $ 256 $ 185 $ 781 $ 791 Lease termination fees included in rental income $ — $ — $ 512 $ — (amounts in thousands, except percentage data and per share data) RETURN TO TABLE OF CONTENTS 900 Commerce Parkway West Drive Greenwood, IN 294,388 Square Feet

 
9Supplemental Q4 2021 (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December 31, 2021, including unamortized debt issuance costs totaling $3,876, was $828,124. (2) We have a revolving credit facility which has a maturity date of June 29, 2022. In November 2021, we exercised our option to extend the maturity date of our revolving credit facility by six months to June 29, 2022. Subject to the payment of an extension fee and meeting other conditions, we have an option to extend the maturity date of this revolving credit facility for one, six month period. Our revolving credit facility requires interest to be paid at a rate of LIBOR plus a premium and imposes a commitment fee. The interest rate premium is subject to adjustment based on changes to our leverage ratio. The commitment fee is based on the unused portion of our revolving credit facility and was 25 basis points per annum as of December 31, 2021. Principal balance represents the amount outstanding under our revolving credit facility at December 31, 2021. Interest rate is as of December 31, 2021 and excludes the commitment fee. The maximum borrowing availability under our revolving credit facility may be increased up to $1,500,000 in certain circumstances. Interest Principal Maturity Due at Years to Rate Balance (1) Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 revolving credit facility (2) 1.410% $ 182,000 6/29/2022 $ 182,000 0.5 Secured Fixed Rate Debt: 186 properties in Hawaii 4.310% 650,000 2/7/2029 650,000 7.1 Total / weighted average debt 3.676% $ 832,000 $ 832,000 5.7 Debt Summary and Maturity Schedule RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2021 (2)

 
10Supplemental Q4 2021 As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Leverage Ratios: Net debt / total gross assets 38.7% 43.4% 41.3% 40.9% 41.2% Net debt / gross book value of real estate assets 42.3% 45.7% 43.2% 42.8% 43.2% Net debt / total market capitalization 32.5% 36.0% 33.2% 35.4% 35.5% Secured debt / total assets 34.1% 31.7% 33.6% 34.0% 33.9% Variable rate debt / net debt 22.7% 36.9% 28.3% 25.8% 26.1% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 4.8x 5.8x 5.3x 5.2x 4.9x Adjusted EBITDAre / interest expense 4.6x 4.5x 4.7x 4.6x 4.0x Leverage Ratios and Coverage Ratios RETURN TO TABLE OF CONTENTS 55 Commerce Avenue Albany, NY 125,000 Square Feet

 
11Supplemental Q4 2021 (dollars in thousands) For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Tenant improvements and leasing costs $ 2,736 $ 1,819 $ 441 $ 823 $ 2,001 Building improvements 1,315 1,625 560 232 1,163 Recurring capital expenditures 4,051 3,444 1,001 1,055 3,164 Development, redevelopment and other activities 556 — 104 — 15 Total capital expenditures $ 4,607 $ 3,444 $ 1,105 $ 1,055 $ 3,179 Capital Expenditures Summary RETURN TO TABLE OF CONTENTS 52 Pettengill Road Londonderry, NH 614,240 Square Feet

 
12Supplemental Q4 2021 Property Acquisitions and Dispositions Since 1/1/2021 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Weighted Average Percent Purchase Remaining Leased Date Market Purchase Price / Cap Lease Term at Acquired Area Sq. Ft. Price Sq. Ft. Rate in Years Acquisition Major Tenants May 2021 Dallas, TX N/A $ 2,200 $ N/A N/A N/A N/A N/A - Developable Land June 2021 Columbus, OH 358 31,500 88 4.6% 7.0 100% Synnex Corporation August 2021 Memphis, TN 1,287 100,000 78 4.7% 3.6 100% StyleCraft, Flextronics Total / Weighted Average 1,645 $ 133,700 $ 81 4.6% 4.4 100% RETURN TO TABLE OF CONTENTS (1) In December 2021, we sold six properties to our existing joint venture. Dispositions: 5300 Centerpoint Parkway Groveport, OH 581,342 Square Feet Date Market Number of Gross Sold Area Properties Sq. Ft. Sales Price December 2021 (1) Goodyear, AZ, Columbus, OH, Memphis, TN 6 2,499 $ 205,789 6 2,499 $ 205,789

 
13Supplemental Q4 2021 Investment in Unconsolidated Joint Venture (dollars and sq. ft. in thousands) Investment in Unconsolidated Joint Venture: ILPT Weighted Average ILPT Carrying Value at Number of Number of Square Occupancy at Lease Term at Joint Venture Ownership December 31, 2021 Properties States Feet December 31, 2021 December 31, 2021 (1) The Industrial Fund REIT LLC 22% $ 143,021 18 12 11,726 100% 6.6 (1) Lease term is weighted based on annualized rental income. Annualized rental income is calculated using the annualized contractual base rents from the joint venture's tenants pursuant to the lease agreements as of December 31, 2021, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to the joint venture by their tenants, and excluding lease value amortization. (2) The mortgage loans require interest-only payments until the respective maturity dates. (3) Includes the interest rate stated in, or determined pursuant to, the contract terms. (4) Reflects the entire balance of the debt secured by the respective properties. (5) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the joint venture as of December 31, 2021; none of the debt is recourse to us. Unconsolidated Debt: Coupon Interest Maturity Principal Balance ILPT ILPT Share of Principal Balance (5) Secured Debt(2) Rate (3) Date at December 31, 2021 (4) Ownership at December 31, 2021 1 Property 3.600% 10/1/2023 $ 56,980 22% $ 12,536 11 Properties 3.330% 11/7/2029 350,000 22% 77,000 Total / Weighted Average 3.368% $ 406,980 $ 89,536 Number of Leases Expiring 2 4 3 2 4 2 1 1 1 1 1 1 % of Total Annualized Rental Revenues Expiring 1.1% 6.0% 10.4% 9.4% 19.6% 8.4% 2.4% 14.3% 14.5% 3.0% 4.6% 6.3% Unconsolidated Joint Venture Lease Expiration Schedule As of December 31, 2021 RETURN TO TABLE OF CONTENTS

 
14Supplemental Q4 2021 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Calculation of NOI and Cash Basis NOI: Rental income $ 56,496 $ 54,981 $ 54,180 $ 54,217 $ 60,081 $ 219,874 $ 254,575 Real estate taxes (7,781) (7,617) (7,489) (7,247) (8,406) (30,134) (35,185) Other operating expenses (4,944) (4,417) (4,341) (4,976) (5,016) (18,678) (20,749) NOI 43,771 42,947 42,350 41,994 46,659 171,062 198,641 Non-cash straight line rent adjustments included in rental income (1,590) (1,678) (1,951) (2,044) (2,858) (7,263) (9,041) Lease value amortization included in rental income (256) (174) (171) (180) (185) (781) (791) Lease termination fees included in rental income — — (5) (507) — (512) — Cash Basis NOI $ 41,925 $ 41,095 $ 40,223 $ 39,263 $ 43,616 $ 162,506 $ 188,809 Reconciliation of Net Income to NOI and Cash Basis NOI: Net income $ 63,207 $ 18,307 $ 18,831 $ 19,337 $ 40,140 $ 119,682 $ 81,205 Equity in earnings of investees (35,463) (998) (1,876) (2,581) (529) (40,918) (529) Income tax expense 96 72 42 63 75 273 277 Income before income tax expense and equity in earnings of investees 27,840 17,381 16,997 16,819 39,686 79,037 80,953 Gain on early extinguishment of debt — — — — — — (120) Interest expense 9,157 9,084 8,643 8,741 11,009 35,625 51,619 Interest income — — — — — — (113) Gain on sale of real estate (11,114) (940) — — (23,996) (12,054) (23,996) General and administrative 4,006 4,728 4,234 3,756 4,723 16,724 19,580 Acquisition and certain other transaction related costs 486 — 646 — 22 1,132 200 Depreciation and amortization 13,396 12,694 11,830 12,678 15,215 50,598 70,518 NOI 43,771 42,947 42,350 41,994 46,659 171,062 198,641 Non-cash straight line rent adjustments included in rental income (1,590) (1,678) (1,951) (2,044) (2,858) (7,263) (9,041) Lease value amortization included in rental income (256) (174) (171) (180) (185) (781) (791) Lease termination fees included in rental income — — (5) (507) — (512) — Cash Basis NOI $ 41,925 $ 41,095 $ 40,223 $ 39,263 $ 43,616 $ 162,506 $ 188,809 RETURN TO TABLE OF CONTENTS 2833 Paa Street Honolulu, HI 30,000 Square Feet

 
15Supplemental Q4 2021 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Reconciliation of NOI to Same Property NOI : Rental income $ 56,496 $ 60,081 $ 219,874 $ 254,575 Real estate taxes (7,781) (8,406) (30,134) (35,185) Other operating expenses (4,944) (5,016) (18,678) (20,749) NOI 43,771 46,659 171,062 198,641 Less: NOI of properties not included in same property results (3,273) (6,771) (10,458) (41,504) Same Property NOI $ 40,498 $ 39,888 $ 160,604 $ 157,137 Calculation of Same Property Cash Basis NOI : Same Property NOI $ 40,498 $ 39,888 $ 160,604 $ 157,137 Less: Non-cash straight line rent adjustments included in rental income (1,491) (2,627) (6,846) (6,705) Lease value amortization included in rental income (251) (169) (773) (682) Lease termination fees included in rental income — — (512) — Same Property Cash Basis NOI $ 38,756 $ 37,092 $ 152,473 $ 149,750 RETURN TO TABLE OF CONTENTS 2020 Joe B. Jackson Parkway Murfreesboro, TN 1,016,281 Square Feet

 
16Supplemental Q4 2021 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Net income $ 63,207 $ 18,307 $ 18,831 $ 19,337 $ 40,140 $ 119,682 $ 81,205 Plus: interest expense 9,157 9,084 8,643 8,741 11,009 35,625 51,619 Plus: income tax expense 96 72 42 63 75 273 277 Plus: depreciation and amortization 13,396 12,694 11,830 12,678 15,215 50,598 70,518 EBITDA 85,856 40,157 39,346 40,819 66,439 206,178 203,619 Gain on sale of real estate (11,114) (940) — — (23,996) (12,054) (23,996) Equity in earnings of unconsolidated joint venture (35,463) (998) (1,876) (2,581) (529) (40,918) (529) Share of EBITDAre from unconsolidated joint venture 2,000 2,022 1,966 2,025 939 8,013 939 EBITDAre 41,279 40,241 39,436 40,263 42,853 161,219 180,033 Plus: acquisition and certain other transaction related costs 486 — 646 — 22 1,132 200 Plus: general and administrative expense paid in common shares (1) 397 913 780 239 679 2,329 2,331 Less: gain on early extinguishment of debt — — — — — — (120) Adjusted EBITDAre $ 42,162 $ 41,154 $ 40,862 $ 40,502 $ 43,554 $ 164,680 $ 182,444 (1) Amounts represent equity based compensation to our trustees, our officers and certain other employees of RMR. RETURN TO TABLE OF CONTENTS 1360 Pali Highway Honolulu, HI 126,773 Square Feet

 
17Supplemental Q4 2021 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders (dollars and shares in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 12/31/2021 12/31/2020 Net income attributable to common shareholders $ 63,207 $ 18,307 $ 18,831 $ 19,337 $ 40,315 $ 119,682 $ 82,071 Depreciation and amortization 13,396 12,694 11,830 12,678 15,215 50,598 70,518 Equity in earnings of unconsolidated joint venture (35,463) (998) (1,876) (2,581) (529) (40,918) (529) Share of FFO from unconsolidated joint venture 1,202 1,215 1,170 1,236 556 4,823 556 Gain on sale of real estate (11,114) (940) — — (23,996) (12,054) (23,996) FFO adjustments attributable to noncontrolling interest — — — — (1,384) — (7,656) FFO attributable to common shareholders 31,228 30,278 29,955 30,670 30,177 122,131 120,964 Acquisition and certain other transaction related costs 486 — 646 — 22 1,132 200 Gain on early extinguishment of debt — — — — — — (120) Normalized FFO attributable to common shareholders $ 31,714 $ 30,278 $ 30,601 $ 30,670 $ 30,199 $ 123,263 $ 121,044 Weighted average common shares outstanding - basic 65,212 65,178 65,146 65,139 65,139 65,169 65,104 Weighted average common shares outstanding - diluted 65,231 65,230 65,207 65,177 65,152 65,211 65,114 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.97 $ 0.28 $ 0.29 $ 0.30 $ 0.62 $ 1.83 $ 1.26 FFO attributable to common shareholders $ 0.48 $ 0.46 $ 0.46 $ 0.47 $ 0.46 $ 1.87 $ 1.86 Normalized FFO attributable to common shareholders $ 0.49 $ 0.46 $ 0.47 $ 0.47 $ 0.46 $ 1.89 $ 1.86 RETURN TO TABLE OF CONTENTS 7303 Rickenbacker Parkway W Columbus, OH 357,504 Square Feet

 
18Supplemental Q4 2021 Portfolio Summary By Property Type (dollars and sq. ft. in thousands) (1) Includes buildings, leasable land parcels and easements which are primarily industrial lands located in Hawaii. As of and For the Three Months Ended December 31, 2021 Mainland Hawaii Key Statistics Properties Properties (1) Total Properties 62 226 288 Percent of total 21.5% 78.5% 100.0% Total square feet 17,262 16,729 33,991 Percent of total 50.8% 49.2% 100.0% Leased square feet 17,262 16,451 33,713 Percent leased 100.0% 98.3% 99.2% Rental income $ 28,070 $ 28,426 $ 56,496 Percent of total 49.7% 50.3% 100.0% NOI $ 22,647 $ 21,124 $ 43,771 Percent of total 51.7% 48.3% 100.0% Cash Basis NOI $ 22,108 $ 19,817 $ 41,925 Percent of total 52.7% 47.3% 100.0% RETURN TO TABLE OF CONTENTS 32150 Just Imagine Drive Avon, OH 644,850 Square Feet

 
19Supplemental Q4 2021 (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2021 12/31/2020 12/31/2021 12/31/2020 Properties: Mainland Properties 59 59 59 59 Hawaii Properties 226 226 226 226 Total 285 285 285 285 Square Feet (1): Mainland Properties 16,259 16,256 16,259 16,256 Hawaii Properties 16,729 16,756 16,729 16,756 Total 32,988 33,012 32,988 33,012 Percent Leased (2): Mainland Properties 100.0% 99.6% 100.0% 99.6% Hawaii Properties 98.3% 97.2% 98.3% 97.2% Total 99.2% 98.4% 99.2% 98.4% Rental income: Mainland Properties $ 23,850 $ 23,619 $ 95,571 $ 93,657 Hawaii Properties 28,425 27,657 111,231 107,394 Total $ 52,275 $ 51,276 $ 206,802 $ 201,051 (1) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (2) Includes (i) space being fitted out for occupancy pursuant to existing leases, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. RETURN TO TABLE OF CONTENTS Same Property Results of Operations By Property Type 1985 International Way Hebron, KY 189,400 Square Feet

 
20Supplemental Q4 2021 As of and For the Three Months Ended As of and For the Year Ended 12/31/2021 12/31/2020 12/31/2021 12/31/2020 NOI: Mainland Properties $ 19,376 $ 19,433 $ 78,169 $ 78,108 Hawaii Properties 21,122 20,455 82,435 79,029 Total $ 40,498 $ 39,888 $ 160,604 $ 157,137 Cash Basis NOI: Mainland Properties $ 18,942 $ 19,078 $ 76,410 $ 76,625 Hawaii Properties 19,814 18,014 76,063 73,125 Total $ 38,756 $ 37,092 $ 152,473 $ 149,750 NOI % Change: Mainland Properties (0.3) % 0.1 % Hawaii Properties 3.3 % 4.3 % Total 1.5 % 2.2 % Cash Basis NOI % Change: Mainland Properties (0.7) % (0.3) % Hawaii Properties 10.0 % 4.0 % Total 4.5 % 1.8 % Same Property Results of Operations by Property Type (Cont.) (dollars in thousands) RETURN TO TABLE OF CONTENTS 3800 Midlink Drive Kalamazoo, MI 158,497 Square Feet

 
21Supplemental Q4 2021 (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 12/31/2021 9/30/2021 6/30/2021 3/31/2021 12/31/2020 Properties 288 294 291 289 289 Total sq. ft. (3) 33,991 36,488 35,201 34,870 34,870 Square feet leased 33,713 36,120 34,833 34,366 34,338 Percentage leased 99.2% 99.0% 99.0% 98.6% 98.5% Leasing Activity (Sq. Ft.): New leases 152 17 114 273 105 Renewals 1,076 754 371 347 148 Rent resets 336 47 79 — — Total 1,564 818 564 620 253 % Change in GAAP Rent: New leases 22.4% 24.2% 12.3% 11.7% 2.1% Renewals 6.3% 19.3% 14.7% 18.5% 20.2% Rent resets 32.1% 34.5% 37.4% —% —% Weighted average (by square feet) 15.1% 20.5% 17.9% 16.0% 14.1% Leasing Costs and Concession Commitments (4): New leases $ 1,039 $ 21 $ 691 $ 1,964 $ 261 Renewals 2,431 2,505 600 1,292 231 Total $ 3,470 $ 2,526 $ 1,291 $ 3,256 $ 492 Leasing Costs and Concession Commitments per Sq. Ft. (5): New leases $ 6.84 $ 1.20 $ 6.06 $ 7.20 $ 2.49 Renewals $ 2.26 $ 3.33 $ 1.62 $ 3.72 $ 1.57 Total $ 2.83 $ 3.28 $ 2.66 $ 5.25 $ 1.95 Weighted Average Lease Term by Sq. Ft. (Years): New leases 15.3 8.3 11.8 8.5 6.5 Renewals 9.5 8.2 6.3 14.2 17.6 Total 10.2 8.2 7.6 11.7 13.0 Leasing Costs and Concession Commitments per Sq. Ft. per Year (4) (5): New leases $ 0.45 $ 0.15 $ 0.51 $ 0.85 $ 0.38 Renewals $ 0.24 $ 0.41 $ 0.26 $ 0.26 $ 0.09 Total $ 0.28 $ 0.40 $ 0.35 $ 0.45 $ 0.15 (1) This leasing summary is based on leases entered into during the periods indicated. (2) Excludes 18 properties owned by an unconsolidated joint venture in which we own a 22% equity interest. See page 13 for additional information regarding this joint venture. (3) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (4) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (5) Amounts are per square foot per year for the weighted average lease term by leased square feet. Occupancy and Leasing Summary (1) (2) RETURN TO TABLE OF CONTENTS

 
22Supplemental Q4 2021 Occupancy and Leasing Analysis by Property Type (sq. ft. in thousands) Sq. Ft. Leased New and As of 9/30/2021 Expired Renewal Contribution to As of 12/31/2021 Property Type 9/30/2021 % Leased (2) Leases Leases Joint Venture 12/31/2021 % Leased Mainland Properties 19,759 100.0% (926) 928 (2,499) 17,262 100.0% Hawaii Properties 16,361 97.8% (210) 300 — 16,451 98.3% Total 36,120 99.0% (1,136) 1,228 (2,499) 33,713 99.2% (1) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (2) Excludes effects of space remeasurements during the period, if any. Percent leased includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. RETURN TO TABLE OF CONTENTS Total Sq. Ft. (1) Sq. Ft. Leases Executed During As of the Three Months Ended 12/31/2021 Property Type 12/31/2021 New Renewals Total Mainland Properties 17,262 3 925 928 Hawaii Properties 16,729 149 151 300 Total 33,991 152 1,076 1,228 Sand Island Industrial Land, Honolulu, HI 48 Buildings and Leaseable Land Parcels Approximate Square Feet: 2,448,000

 
23Supplemental Q4 2021 As of December 31, 2021 Mainland Properties % of Annualized Rental Revenues Investment grade rated: 30.1% Subsidiaries of investment grade rated parent entities: 19.9% Other unrated or non-investment grade: 50.0% Investment grade rated: 21.1% Subsidiaries of investment grade rated parent entities: 11.2%Other leased Hawaii lands: 39.6% Other unrated or non-investment grade: 28.1% Consolidated Properties % of Annualized Rental Revenues % of Annualized Rental Revenues Mainland Tenant Credit Characteristics Properties Consolidated Investment grade rated 30.1% 21.1% Subsidiaries of investment grade rated parent entities 19.9% 11.2% Other leased Hawaii lands —% 39.6% Subtotal investment grade rated, subsidiaries of investment grade rated parent entities and other leased Hawaii lands 50.0% 71.9% Other unrated or non-investment grade 50.0% 28.1% 100.0% 100.0% Tenant Credit Characteristics RETURN TO TABLE OF CONTENTS 1230 West 171st Street Harvey, IL 40,410 Square Feet

 
24Supplemental Q4 2021 % of Total No. of Leased % of Total Annualized Rental Tenant States Properties Sq. Ft. Leased Sq. Ft. Revenues 1 Amazon.com Services, Inc./ Amazon.com Services LLC SC, TN, VA 3 3,048 9.0% 7.7% 2 Federal Express Corporation/ FedEx Ground Package System, Inc. AR, CO, HI, IA, ID, IL, MN, MO, NC, ND, NV, OH, OK, UT 17 952 2.8% 4.8% 3 Restoration Hardware, Inc. MD 1 1,195 3.5% 3.0% 4 American Tire Distributors, Inc. CO, LA, NE, NY, OH 5 722 2.1% 2.6% 5 Servco Pacific, Inc. HI 6 590 1.8% 2.5% 6 Par Hawaii Refining, LLC HI 3 3,148 9.3% 2.4% 7 UPS Supply Chain Solutions, Inc. NH 1 614 1.8% 2.3% 8 EF Transit, Inc. IN 1 535 1.6% 1.9% 9 BJ's Wholesale Club, Inc. NJ 1 634 1.9% 1.7% 10 Coca-Cola Bottling of Hawaii, LLC HI 4 351 1.0% 1.6% 11 Safeway Inc. HI 2 146 0.4% 1.6% 12 ELC Distribution Center LLC KS 1 645 1.9% 1.6% 13 Manheim Remarketing, Inc. KS 1 338 1.0% 1.5% 14 Exel Inc. SC 1 945 2.8% 1.4% 15 Avnet, Inc. OH 1 581 1.7% 1.4% 16 Shurtape Technologies, LLC OH 1 645 1.9% 1.4% 17 Warehouse Rentals Inc. HI 5 278 0.8% 1.3% 18 YNAP Corporation NJ 1 167 0.5% 1.2% 19 ODW Logistics, Inc. OH 3 760 2.3% 1.1% 20 Refresco Beverages US Inc. MO, SC 2 421 1.2% 1.1% 21 Honolulu Warehouse Co., Ltd. HI 1 298 0.9% 1.1% 22 Hellmann Worldwide Logistics, Inc. FL 1 240 0.7% 1.1% 23 General Mills Operations, LLC MI 1 158 0.5% 1.0% 24 AES Hawaii, LLC HI 2 1,242 3.7% 1.0% 65 18,653 55.1% 48.3% Tenants Representing 1% or More of Total Annualized Rental Revenues RETURN TO TABLE OF CONTENTS As of December 31, 2021 (sq. ft. in thousands) 996 Paragon Way Rock Hill, SC 945,023 Square Feet

 
25Supplemental Q4 2021 2027 and Total 2022 2023 2024 2025 2026 Thereafter Mainland Properties Expirations: Total sq. ft. 17,262 Leased sq. ft. 17,262 166 2,024 2,948 1,527 674 9,923 Percent 1.0% 11.7% 17.1% 8.8% 3.9% 57.5% Annualized rental revenues $ 99,019 $ 1,287 $ 12,939 $ 17,904 $ 7,861 $ 3,713 $ 55,315 Percent 1.3% 13.1% 18.1% 7.9% 3.7% 55.9% Hawaii Properties Expirations: Total sq. ft. 16,729 Leased sq. ft. 16,451 1,519 353 2,827 206 397 11,149 Percent 9.2% 2.1% 17.2% 1.3% 2.4% 67.8% Annualized rental revenues $ 111,213 $ 10,869 $ 2,653 $ 7,168 $ 1,300 $ 3,976 $ 85,247 Percent 9.8% 2.4% 6.4% 1.2% 3.6% 76.6% Total Expirations: Total sq. ft. 33,991 Leased sq. ft. 33,713 1,685 2,377 5,775 1,733 1,071 21,072 Percent 5.0% 7.1% 17.1% 5.1% 3.2% 62.5% Annualized rental revenues $ 210,232 $ 12,156 $ 15,592 $ 25,072 $ 9,161 $ 7,689 $ 140,562 Percent 5.8% 7.4% 11.9% 4.4% 3.7% 66.8% Next Scheduled Rent Resets at Hawaii Properties: Reset sq. ft. 4,170 194 370 192 454 154 2,806 Percent (1) 1.2% 2.2% 1.2% 2.8% 0.9% 17.1% Annualized rental revenues $ 26,424 $ 1,575 $ 2,085 $ 1,266 $ 3,103 $ 1,296 $ 17,099 Percent (1) 1.4% 1.9% 1.1% 2.8% 1.2% 15.4% (1) Percent based on Hawaii Properties leased square feet and Hawaii Properties annualized rental revenues for Hawaii Properties. Five Year Lease Expiration and Reset Schedule by Property Type RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of December 31, 2021 4000 Principio Parkway North East, MD 1,194,744 Square Feet

 
26Supplemental Q4 2021 Cumulative % of Total Cumulative % % of Total % of Total Leased Leased of Total Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring Expiring Expiring Expiring Expiring Expiring 2022 46 1,685 5.0% 5.0% $ 12,156 5.8% 5.8% 2023 30 2,377 7.1% 12.1% 15,592 7.4% 13.2% 2024 37 5,775 17.1% 29.2% 25,072 11.9% 25.1% 2025 15 1,733 5.1% 34.3% 9,161 4.4% 29.5% 2026 9 1,071 3.2% 37.5% 7,689 3.7% 33.2% 2027 15 4,730 14.0% 51.5% 26,033 12.4% 45.6% 2028 21 2,817 8.4% 59.9% 19,737 9.4% 55.0% 2029 9 1,853 5.5% 65.4% 6,657 3.2% 58.2% 2030 9 1,232 3.7% 69.1% 9,519 4.5% 62.7% 2031 9 1,424 4.2% 73.3% 8,401 4.0% 66.7% Thereafter 92 9,016 26.7% 100.0% 70,215 33.3% 100.0% Total 292 33,713 100.0% $ 210,232 100.0% Weighted average remaining lease term (in years) 8.2 9.4 Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of December 31, 2021 10100 89th Avenue N Maple Grove, MN 319,062 Square Feet

 
27Supplemental Q4 2021 FFO and Normalized FFO Attributable to Common Shareholders: We calculate funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 17. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and equity in earnings of an unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties and its proportionate share of FFO of unconsolidated joint venture properties and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO attributable to common shareholders, we adjust for the items shown on page 17 including similar adjustments for our unconsolidated joint venture, if any. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our distribution rate as a percentage of the trading price of our common shares, or dividend yield, and our dividend yield compared to the dividend yields of other industrial REITs, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than we do. Non-GAAP Financial Measures: We present certain “non-GAAP financial measures” within the meaning of the applicable SEC rules, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, EBITDA, EBITDAre, Adjusted EBITDAre, NOI and Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income or net income attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income and net income attributable to common shareholders as presented in our consolidated statements of income. We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income and net income attributable to common shareholders. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI and Cash Basis NOI: The calculations of net operating income, or NOI, and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to our property level results of operations. We calculate NOI and Cash Basis NOI as shown on pages 14 and 15. We define NOI as income from our rental of real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization expense. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. We use NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than we do. Non-GAAP Financial Measures and Certain Definitions EBITDA, EBITDAre and Adjusted EBITDAre: We calculate earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 16. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including our proportionate share of EBITDAre from unconsolidated joint venture properties, and excluding gains and losses on the sale of real estate, equity in earnings of an unconsolidated joint venture, loss on impairment of real estate assets, if any, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 16. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. RETURN TO TABLE OF CONTENTS

 
28Supplemental Q4 2021 Non-GAAP Financial Measures and Certain Definitions (Cont.) Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of our common shares at the end of the relevant period. Annualized rental revenues - Annualized rental revenues is the annualized contractual rents, as of December 31, 2021, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. Building improvements - Building improvements generally include (i) expenditures to replace obsolete building components and (ii) expenditures that extend the useful life of existing assets. Cap rate - Cap rate represents the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on existing leases at the acquisition date, less estimated annual property operating expenses as of the date of the acquisition, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including the principal amount of assumed debt, if any, and excluding acquisition related costs. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditures projects that (i) reposition a property or (ii) result in new sources of revenue. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost, plus certain acquisition related costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. Leased square feet - Leased square feet is pursuant to existing leases as of December 31, 2021, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied, or is being offered for sublease by tenants, if any. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Net debt - Net debt is total debt less cash. Percent change in GAAP rent - Percent change in GAAP rent is the percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. References in this report to "same space" represent same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). Purchase price - Purchase price represents the gross purchase price, including assumed debt, if any, and excludes acquisition related costs and purchase price allocations. Same property - For the three months ended December 31, 2021 and 2020, same property NOI and Cash Basis NOI are based on properties that we owned as of December 31, 2021 and that we owned continuously since October 1, 2020, excluding 18 properties owned by an unconsolidated joint venture in which we own a 22% equity interest. For the year ended December 31, 2021 and 2020, same property NOI and Cash Basis NOI based on properties that we owned as of December 31, 2021 and that we owned continuously since January 1, 2020, excluding 18 properties owned by an unconsolidated joint venture in which we own a 22% equity interest. Tenant improvements - Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total market capitalization - Total market capitalization is total debt plus the market value of our common shares at the end of the applicable period. Weighted average remaining lease term - Weighted average remaining lease term is the average remaining lease term in years weighted based on rental revenue. RETURN TO TABLE OF CONTENTS

 
29Supplemental Q4 2021 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS