ILPT is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
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Here are 1-2 brief analogies for Industrial Logistics Properties Trust (ILPT):
- It's like the **landlord for the e-commerce world**, owning and leasing massive warehouses and distribution centers used by companies like Amazon and FedEx.
- Think of it as the **real estate infrastructure provider for major supply chains**, similar to how companies like Walmart or UPS rely on extensive physical facilities.
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- Industrial and Logistics Property Leasing: ILPT's primary service is providing leasable space in its portfolio of industrial and logistics properties, such as warehouses and distribution centers, to various businesses for their operational needs.
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Industrial Logistics Properties Trust (ILPT) is a Real Estate Investment Trust (REIT) that owns and leases industrial and logistics properties. Therefore, the company sells primarily to other companies (tenants).
Based on their 2023 Annual Report (10-K filing), ILPT's major customers (top ten tenants by annualized rental revenue as of December 31, 2023) are:
- Amazon.com, Inc. (NASDAQ: AMZN)
- Iron Mountain Incorporated (NYSE: IRM)
- FedEx Corporation (NYSE: FDX)
- The Home Depot, Inc. (NYSE: HD)
- Nestlé USA, Inc. (a subsidiary of Nestlé S.A., SIX: NESN)
- XPO, Inc. (NYSE: XPO)
- General Mills, Inc. (NYSE: GIS)
- The TJX Companies, Inc. (NYSE: TJX)
- Coca-Cola Beverages Florida, LLC (private)
- The Sherwin-Williams Company (NYSE: SHW)
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Yael Duffy President and Chief Executive Officer
Ms. Duffy has been President of Industrial Logistics Properties Trust (ILPT) since 2022 and its Chief Operating Officer since 2020. As of November 2025, she is also listed as President & CEO of ILPT. She serves as an Executive Vice President of The RMR Group (RMR) and is a member of the RMR Management Committee, directing asset management for office, industrial, and retail properties managed by RMR. Additionally, Ms. Duffy has been President and Chief Operating Officer of Office Properties Income Trust (OPI) since 2024. Prior to her current roles, she joined RMR in 2006, where she worked as an Accounting Manager and an Area Director in the Northeast region. She previously worked at Spaulding & Slye.
Tiffany Sy Chief Financial Officer and Treasurer
Ms. Sy has served as Chief Financial Officer and Treasurer of Industrial Logistics Properties Trust (ILPT) since October 1, 2023. She is also a Vice President of The RMR Group (RMR). Before joining RMR in 2020, Ms. Sy held various accounting leadership positions at AlerisLife Inc. (formerly Five Star Senior Living Inc.) and Bank Rhode Island. Her background includes 15 years in public accounting, with over 10 years in the audit practice of Ernst & Young LLP. Ms. Sy is a certified public accountant. She previously served as Chief Financial Officer and Treasurer of both Seven Hills Realty Trust and Tremont Realty Capital, companies also associated with RMR.
Adam D. Portnoy Chair of the Board
Mr. Portnoy has been a Managing Trustee of Industrial Logistics Properties Trust (ILPT) since 2017 and has served as Chair of the Board since 2019. He is also the President and Chief Executive Officer of The RMR Group (RMR) and chairs the RMR Management Committee. Mr. Portnoy holds leadership positions as Chair of the Boards for several other RMR client companies, including Service Properties Trust (SVC), Diversified Healthcare Trust (DHC), Office Properties Income Trust (OPI), Seven Hills Realty Trust (SEVN), AlerisLife Inc., Sonesta International Hotels Corporation, and Tremont Realty Capital. Before joining RMR in 2003, Mr. Portnoy worked in the finance industry and public sector, including roles as a banker at Donaldson, Lufkin & Jenrette and ABN AMRO, and in private equity at the International Finance Corporation (part of The World Bank Group) and DLJ Merchant Banking Partners. He also served as Chief Executive Officer of a telecommunications company.
Marc Krohn Vice President
Marc Krohn is listed as a Vice President of Industrial Logistics Properties Trust.
Jennifer B. Clark Secretary
Jennifer B. Clark serves as the Secretary for Industrial Logistics Properties Trust.
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The key risks to Industrial Logistics Properties Trust (ILPT) are primarily centered around its significant debt burden, general economic uncertainties affecting industrial real estate demand, and specific concentrations in its portfolio.
- High Debt Load and Interest Rate Risk: ILPT faces substantial risk due to its elevated leverage and considerable debt. This high debt load leads to increased interest burdens, posing refinancing risks and potentially limiting the company's operational flexibility. The expiration of interest rate caps, as noted in previous reports, could expose a significant portion of its debt to higher interest rates, impacting profitability and cash flow. The company's financial health has been described as "under scrutiny" with a high debt-to-equity ratio and an Altman Z-Score indicating potential financial distress.
- General Economic Uncertainty and Demand for Industrial Real Estate: A broader economic downturn or recession in the U.S. could negatively affect the demand for industrial real estate, impacting ILPT's occupancy rates and rental income. There is also an observed trend of tenants opting for less warehouse space post-pandemic, which could particularly affect REITs with larger properties.
- Geographic and Tenant Concentration Risks: A notable portion of ILPT's portfolio is concentrated in Hawaii, exposing the company to specific risks such as natural disasters, climate change impacts, and challenges in lease renewals and maintaining occupancy rates within that region. Additionally, the concentration of properties leased to major single tenants, such as FedEx and Amazon, increases the company's exposure to tenant default risks.
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Industrial Logistics Properties Trust (ILPT) is a real estate investment trust (REIT) that owns and leases industrial and logistics properties across the United States. Their main product is the leasing of high-quality distribution and logistics properties.
The addressable market for ILPT's services can be understood in terms of both the global and U.S. industrial and logistics real estate markets.
**Global Market:**
The global industrial real estate market was valued at $265.85 billion in 2024 and is projected to grow to $279.43 billion in 2025, with a compound annual growth rate (CAGR) of 5.1%. It is expected to reach $342.39 billion by 2029 with a CAGR of 5.2%. Another estimate for the global logistics real estate market valued it at $325 billion in 2023, with a projection to reach $540 billion by 2032 at a CAGR of 6.2%. The total area under industrial real estate globally exceeded 16 billion square feet in 2024.
**U.S. Market:**
In the United States, industrial and logistics real estate demand remains strong. U.S. industrial net absorption, which is the change in occupied space, reached 45.1 million square feet in the third quarter of 2025. Total leasing activity in the U.S. industrial market is expected to stabilize at just over 800 million square feet in 2025. The broader U.S. commercial real estate market, which includes industrial properties, was valued at $718.2 billion in 2024 and is anticipated to reach $991.7 billion by 2033, demonstrating a CAGR of 3.35% from 2025 to 2033.
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Industrial Logistics Properties Trust (ILPT) is anticipated to experience future revenue growth over the next 2-3 years, driven by several key factors:
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Rental Rate Increases on New and Renewed Leases: ILPT has consistently demonstrated the ability to secure significantly higher rental rates upon the renewal of existing leases and the execution of new leases. For instance, in Q3 2025, the company completed leasing activity with weighted average rental rates that were 22% higher than prior rates for the same space. Similarly, Q2 2025 saw weighted average rental rates 21.1% higher than previous rates. This trend of "rent roll-ups" is expected to continue contributing to revenue growth as leases expire and are renegotiated at current market rates.
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High Occupancy Rates and Strong Tenant Retention: The company's portfolio maintains strong consolidated occupancy, reported at 94.1% in Q3 2025, outperforming the U.S. industrial average. This high occupancy, combined with a strong tenant retention rate (86% in Q2 2025), ensures a stable and predictable revenue stream and allows ILPT to capture market rent growth during lease renewals.
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Leasing of Vacant Space and Development Pipeline: ILPT has a substantial leasing pipeline, exceeding 8 million square feet, with a majority relating to renewal discussions for leases expiring in 2026 and 2027. The company anticipates a near-term conversion of approximately 75% of this pipeline, which is in advanced stages. This conversion, alongside continued interest for vacancies, including those in Hawaii and Indiana, is expected to result in positive net absorption of up to 3 million square feet, thereby increasing occupied space and rental income.
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Strong Demand for Modern Logistics Facilities, particularly in Hawaii: A significant portion of ILPT's portfolio and annualized rental revenues are derived from its properties in Hawaii. The demand for modern logistics facilities in Hawaii is a key driver for future growth, supported by the strategic location and limited lease expiries in this region.
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Share Repurchases
- Industrial Logistics Properties Trust (ILPT) repurchased $2.17 thousand in shares during the quarter ended March 31, 2025.
- For the full year 2024, ILPT's share repurchases totaled approximately $312.04 thousand.
- In 2023, share repurchases amounted to approximately $158.04 thousand.
Share Issuance
- The number of common shares outstanding for ILPT as of October 24, 2025, was 66,659,235.
- As of February 15, 2024, the number of common shares outstanding was 65,842,339.
- As of February 9, 2023, the number of common shares outstanding was 65,566,363.
Inbound Investments
- In February 2022, an institutional investor contributed approximately $587 million for a 39% non-controlling equity interest in a new joint venture formed simultaneously with ILPT's acquisition of Monmouth Real Estate Investment Corporation (MNR).
Outbound Investments
- In December 2021, ILPT agreed to sell six industrial properties to an existing joint venture for an aggregate price of approximately $206 million, resulting in net proceeds of about $190 million after debt financing.
- As of October 28, 2025, ILPT had agreements or letters of intent to sell three properties for an aggregate sales price of $51.65 million.
- Approximately $50 million of these expected proceeds are from an owner/user buyer at a cap rate under 6%.
Capital Expenditures
- As of September 30, 2025, committed, but unspent, tenant-related capital expenditures based on existing leases were $4.988 million, all of which are expected to be spent within the next 12 months.
- As of September 30, 2024, committed, but unspent, tenant-related capital expenditures were $6.382 million, with $6.042 million expected to be spent in the next 12 months.
- Recurring capital expenditures were $3.373 million in 2023, $5.025 million in 2022, and $3.961 million in 2021. These expenditures generally focus on tenant improvements and leasing costs, building improvements, and development/redevelopment activities.
