So we'd be focused on the Mainland. 1 Year Total Return: 8.33%.

Our leasing team, has begun discussions with the tenant and we expect to have further clarity in the coming months.The industrial market continues to display strong fundamentals nationally as industrial sector jobs maintain their steady upward trend in industrials zone land continues to increase in value.

You'll see us transacting, if we transact on other acquisitions in the near-term, they would be in high-fives, low-sixes, if we can identify properties that are high-quality that are available at that price level.The next question comes from Michael Carroll of RBC Capital Markets. We are pleased with the upgrade in tenant credit and our ability to release the property with no downtime.Turning to the slight decrease in same-store occupancy.

And I think we might have an opportunity to show just how opportunistic our recent acquisitions were, if we were to take a handful or select number of those properties and demonstrate that we got a good deal on them.The next question comes from Alexander Pernokas of Bank of America Merrill Lynch. There is limited amount of industrial land in Hawaii. Please go ahead.Thank you and good morning, everyone. I mean, are you happy just letting it trend a little bit lower by retaining cash flow or do you want to do something bigger, such as a joint venture with some of your Mainland assets to accelerate that reduction?Well, I think we're willing to allow leverage to drift down organically. Again, property is more expensive in some of those coastal markets. So I think when I say the next few years, that's kind of the horizon and that would take us down to mid six times without doing anything else in the portfolio. Please go ahead.Hi, again. So the ability to raise the dividend if we wanted to do so, is there.

During the second quarter, leasing activity was focused within our Hawaii portfolio.

At this time, we will pause momentarily to assemble our roster.

In addition, we will be discussing non-GAAP numbers during this call, including normalized funds from operations or normalized FFO and cash-based net operating income or cash-basis MOI. On the Mainland market vacancy rates remain near historical lows of 5%, while Hawaii is even stronger, with a vacancy rate of just 2%.Specifically in Hawaii, with high construction costs and the scarcity of developable land, we expect demand for our products to remain high.I'll now turn the call over to Rick to provide details on this quarter's financial results.Thanks Yael. Overview. Industrial Logistics Properties Trust (Nasdaq: ILPT) is a REIT that owns and leases industrial and logistics properties throughout the United States, including long term ground leases of industrial land on the island of Oahu, Hawaii.

The price to earnings ratio is calculated by taking the latest closing price and dividing it by the most recent earnings per share (EPS) number. It was less than a year old at that point and just determined that we were able to get better pricing using other sources of capital.I think -- longer term I think we'd like to eventually get an investment grade credit rating like some of the other RMR REITs because it allows you to access the very deep capital market and to do so pretty quickly. Operator, we are now ready to take questions.We will now begin the question-and-answer session. I think if we're organically lowering leverage and the share price is in the vicinity of where it is today, it's more likely that the dividend rate would remain flat. Well, when we're looking for reasonably new high-quality properties that are well-located, and so from a cap rate basis, it's as you know, it's very competitive, we've seen some large portfolio transactions announced in the last -- during the last quarter that have been in cap rates, I think 4% to 5% range, I don't expect to see ILPT purchasing properties at that price point. See you at the top!

As Rick said, we do have a small amount of capacity, if the right transaction came along and wasn't -- was bite size, we might take advantage of the opportunity. To view available positions at The RMR Group, please refer to The RMR Group … But I don't think there's anything particularly interesting changing with the resets that we're currently working on.This concludes our question-and-answer session.

As of June 30, 2020, we owned 301 properties with approximately 43.8 million rentable square feet located in 31 states, including 226 buildings, leasable land parcels and easements with approximately 16.8 million … So a lot of the recent acquisitions have been in Indiana, Ohio markets like that, more in the central part of the United States, but still top 25 markets predominantly.And the next question is a follow up from Mitch Germain of JMP Securities. Our share price suggests that we are not getting credit for the high and well-covered yield and the Board questioned whether bringing yield higher will draw more investors to the stock or scoop them.

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We try to target properties that are new. People making news in the REIT and publicly traded real estate industry.

ft. ILPT 2 THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION … And now I will turn the call over to John.Thank you, Olivia. And it makes it a lot easier to say you have no financing contingencies when you're making offers for properties.But I think we have a pretty good reputation for being able to raise capital. So I think the expectation should be that the vast majority of our growth going forward will be on the Mainland and not in Hawaii. And then, just lastly on the dividend, I know if you can provide us some insights on what the Board is thinking, I mean, is it fair to assume that the dividend is going to stay at this current level if the stock price stays in the low $20 range? In Hawaii, one lease for approximately 1.2 million square feet, for $1.9 million of annualized rent is scheduled to reset in 2019.