Industrial Logistics Properties Trust

Industrial Logistics Properties Trust (NASDAQ: ILPT) is a real estate investment trust that owns and leases industrial and logistics properties throughout the United States. The company's website is www.ilptreit.com.

As of December 31, 2025, ILPT's portfolio comprises 409 properties containing approximately 59.6 million rentable square feet located across 39 states. The portfolio achieves 94.5% occupancy and generates annualized rental revenues distributed across mainland and Hawaii properties. Mainland properties represent 72.2% of annualized rental revenues across 38 contiguous states, while Hawaii properties, primarily on the island of Oahu, represent 27.8% of revenues. The company also owns a 61% equity interest in Mountain Industrial REIT LLC, a consolidated joint venture, and a 22% equity interest in The Industrial Fund REIT LLC, an unconsolidated joint venture.

ILPT's business model centers on long-term property ownership with a focus on increasing rents and cash flows from existing properties. The company's internal growth strategy emphasizes rent resets, lease extensions, and new leasing activity, particularly at Hawaii properties where periodic fair market value rent resets have historically generated significant increases. Mainland properties typically feature fixed annual rents with tenants responsible for operating expenses including real estate taxes, insurance, utilities, and repairs.

The company's largest tenant is FedEx Corporation, representing 27.9% of total annualized rental revenues across 78 properties in 33 states. Other significant tenants include Amazon.com Services, Home Depot, Restoration Hardware, and UPS Supply Chain Solutions. The top ten tenants collectively account for 47% of annualized rental revenues.

ILPT is managed by The RMR Group LLC, which provides day-to-day operations, investment origination, and administrative services. The company has no employees; all services are provided by RMR and its managing trustees. ILPT qualifies for taxation as a real estate investment trust under the Internal Revenue Code and generally distributes at least 90% of REIT taxable income to shareholders annually.