ILPT on Nasdaq
Industrial Logistics Properties Trust
In its 2026 annual report the company says: “We are a REIT organized under Maryland law in 2017. We own and lease industrial and logistics properties throughout the United States.”5 It is headquartered in Newton, United States.2 Its shares trade on Nasdaq under the symbol ILPT.2
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Last updated Oct 21, 2026.
Overview
- TickerILPT on Nasdaq2
- IndustryReal Estate Investment Trusts2
- HeadquartersNewton, United States2
- Incorporated inMD3
- Business addressTwo Newton Place, 255 Washington Street, Suite 300, Newton, Ma 024583
- Filer categoryAccelerated filer3
- Legal formVoluntary Association and Business Trusts2
- Kind of organizationAssociation2
- LEI5493004XH9PJW009HR472
- StatusActive2
- LEI statusLapsed (not renewed)2
- Registered addressC/O CORPORATION SERVICE COMPANY, 02109 Boston, United States2
- Registered withCorporations Division (Secretary of the Commonwealth's Office), 0013068142
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We are a REIT organized under Maryland law in 2017. We own and lease industrial and logistics properties throughout the United States.5 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.10
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Rental income | $448.8M | $442.3M | $437.3M |
| Real estate taxes | $61.7M | $62.6M | $60.1M |
| Other operating expenses | $37.1M | $38.5M | $38.2M |
| Depreciation and amortization | $165.2M | $172.0M | $178.7M |
| General and administrative | $37.0M | $30.5M | $31.2M |
| Acquisition and other transaction related costs | $0 | $0 | $287.0K |
| Loss on impairment of real estate | $6.1M | $0 | $156.0K |
| Total expenses | $307.0M | $303.6M | $308.6M |
| Interest and other income | $6.7M | $11.4M | $7.9M |
| Interest expense | -$264.6M | -$292.5M | -$288.5M |
| (Loss) gain on sale of real estate | -$1.4M | $0 | $1.7M |
| Loss on extinguishment of debt | -$5.1M | $0 | -$359.0K |
| Loss before income taxes and equity in earnings of unconsolidated joint venture | -$122.4M | -$142.3M | -$150.5M |
| Income tax expense | -$104.0K | -$162.0K | -$104.0K |
| Equity in earnings of unconsolidated joint venture | $20.0M | $5.3M | $902.0K |
| Net loss | -$102.6M | -$137.2M | -$149.7M |
| Net loss attributable to noncontrolling interests | $36.4M | $41.5M | $41.7M |
| Net loss attributable to common shareholders | -$66.2M | -$95.7M | -$108.0M |
| Unrealized gain (loss) on derivatives | $360.0K | -$13.9M | -$18.0M |
| Less: unrealized (gain) loss on derivatives attributable to noncontrolling interests | -$131.0K | $2.7M | $6.3M |
| Other comprehensive gain (loss) attributable to common shareholders | $229.0K | -$11.2M | -$11.7M |
| Comprehensive loss attributable to common shareholders | -$66.0M | -$106.9M | -$119.7M |
| Weighted average common shares outstanding (basic) (in shares) | 66.0M shares | 65.7M shares | 65.4M shares |
| Weighted average common shares outstanding - diluted (in shares) | 66.0M shares | 65.7M shares | 65.4M shares |
| Net loss per share attributable to common shareholders, basic (in dollars per share) | -$1.00 | -$1.46 | -$1.65 |
| Net loss per share attributable to common shareholders, diluted (in dollars per share) | -$1.00 | -$1.46 | -$1.65 |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.10
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $1.1B | $1.1B | ||
| Buildings and improvements | $4.1B | $4.1B | ||
| Total real estate properties, gross | $5.2B | $5.2B | ||
| Accumulated depreciation | -$648.3M | -$523.9M | ||
| Total real estate properties, net | $4.5B | $4.7B | ||
| Investment in unconsolidated joint venture | $132.8M | $116.7M | ||
| Acquired real estate leases, net | $164.2M | $199.2M | ||
| Cash and cash equivalents | $94.8M | $131.7M | $112.3M | |
| Restricted cash and cash equivalents | $88.2M | $110.8M | $133.4M | |
| Rents receivable, including straight line rents of $114,199 and $104,730, respectively | $136.7M | $129.2M | ||
| Other assets, net | $41.7M | $62.3M | ||
| Total assets | $5.2B | $5.4B | ||
| Mortgage notes payable, net | $4.2B | $4.3B | ||
| Assumed real estate lease obligations, net | $11.7M | $14.9M | ||
| Total liabilities | $4.3B | $4.4B | ||
| Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,653,129 and 66,144,308 shares issued and outstanding, respectively | $667.0K | $661.0K | ||
| Additional paid in capital | $1.0B | $1.0B | ||
| Cumulative net deficit | -$152.7M | -$86.5M | ||
| Cumulative other comprehensive loss | -$836.0K | -$1.1M | ||
| Cumulative common distributions | -$376.5M | -$368.5M | ||
| Total equity attributable to common shareholders | $489.7M | $562.0M | ||
| Noncontrolling interests | $411.0M | $447.3M | ||
| Total equity | $900.7M | $1.0B | $1.2B | $1.3B |
| Total liabilities and equity | $5.2B | $5.4B | ||
| Straight line rents | $114.2M | $104.7M | ||
| Common stock, par value per share (in usd per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common shares, shares issued (in shares) | 66.7M shares | 66.1M shares | ||
| Common shares, shares outstanding (in shares) | 66.7M shares | 66.1M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Land | $1.1B | $1.1B | ||
| Buildings and improvements | $4.1B | $4.1B | ||
| Total real estate properties, gross | $5.2B | $5.2B | ||
| Accumulated depreciation | -$648.3M | -$523.9M | ||
| Total real estate properties, net | $4.5B | $4.7B | ||
| Investment in unconsolidated joint venture | $132.8M | $116.7M | ||
| Acquired real estate leases, net | $164.2M | $199.2M | ||
| Cash and cash equivalents | $94.8M | $131.7M | $112.3M | |
| Restricted cash and cash equivalents | $88.2M | $110.8M | $133.4M | |
| Rents receivable, including straight line rents of $114,199 and $104,730, respectively | $136.7M | $129.2M | ||
| Other assets, net | $41.7M | $62.3M | ||
| Total assets | $5.2B | $5.4B | ||
| Mortgage notes payable, net | $4.2B | $4.3B | ||
| Assumed real estate lease obligations, net | $11.7M | $14.9M | ||
| Total liabilities | $4.3B | $4.4B | ||
| Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,653,129 and 66,144,308 shares issued and outstanding, respectively | $667.0K | $661.0K | ||
| Additional paid in capital | $1.0B | $1.0B | ||
| Cumulative net deficit | -$152.7M | -$86.5M | ||
| Cumulative other comprehensive loss | -$836.0K | -$1.1M | ||
| Cumulative common distributions | -$376.5M | -$368.5M | ||
| Total equity attributable to common shareholders | $489.7M | $562.0M | ||
| Noncontrolling interests | $411.0M | $447.3M | ||
| Total equity | $900.7M | $1.0B | $1.2B | $1.3B |
| Total liabilities and equity | $5.2B | $5.4B | ||
| Straight line rents | $114.2M | $104.7M | ||
| Common stock, par value per share (in usd per share) | $0.01 | $0.01 | ||
| Common stock, shares authorized (in shares) | 100.0M shares | 100.0M shares | ||
| Common shares, shares issued (in shares) | 66.7M shares | 66.1M shares | ||
| Common shares, shares outstanding (in shares) | 66.7M shares | 66.1M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.10
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net loss | -$102.6M | -$137.2M | -$149.7M |
| Depreciation | $127.6M | $126.5M | $125.3M |
| Amortization of interest rate caps | $30.7M | $42.9M | $24.6M |
| Net amortization of debt issuance costs, premiums and discounts | $3.2M | $12.9M | $26.9M |
| Amortization of acquired real estate leases and assumed real estate lease obligations | $31.7M | $40.7M | $49.9M |
| Amortization of deferred leasing costs | $4.1M | $3.2M | $2.4M |
| Straight line rental income | -$9.5M | -$10.4M | -$13.6M |
| Loss (gain) on sale of real estate | $1.4M | $0 | -$1.7M |
| Loss on impairment of real estate | $6.1M | $0 | $156.0K |
| Loss on extinguishment of debt | $5.1M | $0 | $359.0K |
| Proceeds from settlement of interest rate caps | -$33.9M | -$65.3M | -$56.9M |
| General and administrative expenses paid in common shares | $2.1M | $1.9M | $1.7M |
| Distributions of earnings from unconsolidated joint venture | $4.0M | $4.0M | $4.0M |
| Equity in earnings of unconsolidated joint venture | -$20.0M | -$5.3M | -$902.0K |
| Rents receivable | $2.0M | $429.0K | $1.4M |
| Other assets | $1.2M | -$11.3M | -$10.0M |
| Accounts payable and other liabilities | $2.5M | -$932.0K | $1.9M |
| Due to related persons | $5.0M | -$192.0K | $142.0K |
| Net cash provided by operating activities | $60.7M | $2.0M | $6.1M |
| Real estate improvements | -$18.6M | -$5.7M | -$19.4M |
| Purchase of interest rate caps | -$15.0M | -$43.1M | $0 |
| Distributions in excess of earnings from unconsolidated joint venture | $0 | $0 | $5.9M |
| Proceeds from sale of real estate, net | $3.7M | $0 | $24.3M |
| Proceeds from settlement of interest rate caps | $33.9M | $65.3M | $56.9M |
| Net cash provided by investing activities | $4.0M | $16.4M | $67.7M |
| Proceeds from issuance of mortgage notes payable | $1.2B | $0 | $91.0M |
| Repayment of ILPT Floating Rate Loan and related costs | -$1.2B | $0 | $0 |
| Repayment of mortgage notes payable | -$18.8M | -$18.1M | -$55.4M |
| Payment of debt issuance costs | -$16.7M | -$234.0K | -$1.4M |
| Distributions to common shareholders | -$8.0M | -$2.6M | -$2.6M |
| Repurchase of common shares | -$451.0K | -$312.0K | -$163.0K |
| Distributions to noncontrolling interests | -$60.0K | -$326.0K | -$225.0K |
| Net cash (used in) provided by financing activities | -$124.1M | -$21.6M | $31.1M |
| (Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents | -$59.4M | -$3.2M | $104.9M |
| Interest paid | $235.1M | $237.1M | $237.6M |
| Income taxes (received) paid | $0 | -$80.0K | $85.0K |
| Real estate improvements accrued not paid | $1.7M | $6.5M | $1.2M |
No quarter-by-quarter statement was filed.
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Corporate structure
Industrial Logistics Properties Trust sits at the top of its group. 8 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of Industrial Logistics Properties Trust
- Zhengxu He Filed SCHEDULE 13G/A on Industrial Logistics Properties Trust, latest Dec 8, 2025 (2 filings since Feb 19, 2025)
- BlackRock Filed SCHEDULE 13G/A on Industrial Logistics Properties Trust, latest Jul 17, 2025 (9 filings since Jan 26, 2022)
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on Industrial Logistics Properties Trust, latest Jan 31, 2025 (7 filings since Feb 10, 2022)
- Flat Footed LLC Filed SC 13G/A on Industrial Logistics Properties Trust, latest Feb 14, 2024 (2 filings since Feb 14, 2023)
- State Street Corporation Filed SC 13G/A on Industrial Logistics Properties Trust, latest Jan 23, 2024 (3 filings since Feb 11, 2022)
- Stone House Capital Management, LLC Filed SC 13D/A on Industrial Logistics Properties Trust, latest Sep 15, 2023 (2 filings since Aug 31, 2023)
- MCB LP Acquisitions LLC Filed SC 13G on Industrial Logistics Properties Trust, latest Jun 29, 2023
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/ Filed SC 13G/A on Industrial Logistics Properties Trust, latest Feb 2, 2022
- Industrial Logistics Properties Trust Newton, Massachusetts, United States
- ILPT CMBS Mezz 1 LLC Subsidiary · Delaware, United States
- ILPT Mezz Fixed Borrower 2 LLC Subsidiary · Delaware, United States
- ILPT Mezz Fixed Borrower LLC Subsidiary · Delaware, United States
- Mountain Industrial LO LLC Subsidiary · Delaware, United States
- Mountain Industrial Member Trust Subsidiary · Maryland, United States
- Mountain Industrial Mezz Borrower LLC Subsidiary · Delaware, United States
- Mountain Industrial REIT LLC Subsidiary · Delaware, United States
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What Industrial Logistics Properties Trust reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Land | $1.1B10 Dec 31, 2025 | $1.1B10 Dec 31, 2024 | −0.1% |
| Operating-lease assets (leased space) | $3.7M10 Dec 31, 2025 | $4.2M10 Dec 31, 2024 | −11.1% |
Real estate and locations
| Item | Latest | A year before | Change |
|---|---|---|---|
| Real estate investments, net | $4.5B10 Dec 31, 2025 | $4.7B10 Dec 31, 2024 | −2.7% |
| Real estate investments, at cost | $5.2B10 Dec 31, 2025 | $5.2B10 Dec 31, 2024 | 0% |
| Real estate accumulated depreciation | $648.3M10 Dec 31, 2025 | $523.9M10 Dec 31, 2024 | +23.8% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $94.8M10 Dec 31, 2025 | $131.7M10 Dec 31, 2024 | −28.0% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Finite-lived intangibles, net | $164.2M10 Dec 31, 2025 | $199.2M10 Dec 31, 2024 | −17.6% |
Properties, in its own words
As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet that were primarily industrial lands located on the island of Oahu, Hawaii and 183 properties containing approximately 42,875,000 rentable square feet that were industrial and logistics properties located in 38 other states in the mainland United States, which included 94 properties in 27 states totaling approximately 20,978,000 rentable square feet, owned by Mountain JV in which we own a 61% equity interest.
The following table provides certain information about our properties as of December 31, 2025 (dollars in thousands):
The rest of Item 2
Undepreciated · Depreciated
Number of · Carrying · Carrying
State · Properties · Value (1) · Value (1) · Encumbrances (2)
Alabama · 4 · 126,874 · 111,628 · 80,199
Arizona · 1 · 31,518 · 26,378 · 23,910
Arkansas · 1 · 4,385 · 3,434 · 5,470
Colorado · 7 · 79,168 · 66,620 · 91,970
Connecticut · 3 · 22,744 · 17,309 · 14,223
Florida · 15 · 361,947 · 323,444 · 287,681
Georgia · 7 · 392,927 · 354,297 · 183,898
Hawaii · 226 · 640,665 · 609,105 · 857,114
Idaho · 1 · 5,216 · 3,899 · 4,830
Illinois · 11 · 132,655 · 115,266 · 88,465
Indiana · 9 · 352,332 · 306,824 · 215,023
Iowa · 4 · 30,100 · 18,934 · 33,039
Kansas · 5 · 137,186 · 122,304 · 97,225
Kentucky · 4 · 112,980 · 99,004 · 84,015
Louisiana · 3 · 44,430 · 37,724 · 31,101
Maryland · 2 · 107,548 · 85,086 · 104,370
Michigan · 5 · 166,791 · 142,603 · 101,990
Minnesota · 3 · 32,541 · 26,846 · 32,836
Mississippi · 4 · 92,844 · 81,739 · 51,164
Missouri · 7 · 71,332 · 60,606 · 53,861
Nebraska · 2 · 17,959 · 14,620 · 17,850
Nevada · 2 · 36,718 · 28,697 · 49,230
New Hampshire · 1 · 49,409 · 41,055 · 72,550
New Jersey · 4 · 216,047 · 190,305 · 127,789
New York · 5 · 80,200 · 67,923 · 75,148
North Carolina · 5 · 174,212 · 156,002 · 102,946
North Dakota · 1 · 3,923 · 3,043 · 3,225
Ohio · 20 · 449,857 · 382,605 · 318,675
Oklahoma · 6 · 101,871 · 91,140 · 76,722
Pennsylvania · 2 · 41,871 · 37,655 · 26,335
South Carolina · 10 · 309,238 · 259,841 · 297,180
South Dakota · 1 · 17,402 · 14,551 · 16,350
Tennessee · 6 · 184,557 · 150,829 · 181,218
Texas · 10 · 294,244 · 262,277 · 214,048
Utah · 2 · 22,825 · 19,677 · 21,540
Vermont · 1 · 48,563 · 44,321 · 40,965
Virginia · 6 · 124,727 · 99,365 · 104,689
Washington · 1 · 31,004 · 28,492 · 8,609
Wisconsin · 2 · 29,149 · 26,201 · 16,583
Total · 409 · 5,179,959 · 4,531,649 · 4,214,036
(1)Excludes the value of real estate related intangibles.
(2)Certain of our properties are encumbered by mortgage debts. For purposes of this table, the total principal balance of a mortgage debt that is secured by certain of our properties is allocated among such properties based on each property’s balance as stated in the applicable loan agreements.
For further information regarding our joint ventures and our mortgages, see Notes 3 and 5 to our consolidated financial statements included in Part IV, Item 15 of this Annual Report on Form 10-K.
Item 2 of the 10-K filed Feb 18, 2026.5
Leadership
Who has led Industrial Logistics Properties Trust, and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
Chief operating officer
- Chief executive officerYael Duffy Mar 19, 2026 to now14
- Chief executive officerJohn C. Popeo May 23, 2018 to Sep 26, 201815
- PresidentYael Duffy Sep 16, 2022 to now16
- PresidentJohn C. Popeo Jan 11, 2018 to Sep 26, 201817
- Chief financial officerTiffany R. Sy Oct 2, 2023 to now18
- Chief financial officerBrian E. Donley Oct 3, 2022 to Sep 20, 202319
- Chief financial officerRichard W. Siedel Jr. Jan 11, 2018 to Sep 21, 202220
- Chief operating officerYael Duffy Sep 21, 2020 to now21
- Chief operating officerJohn C. Popeo Jan 11, 2018 to Mar 28, 201817
Board members and other officers (13)
- Vice PresidentYael Duffy Mar 12, 2020 to Mar 12, 202022
- Board memberYael Duffy Mar 19, 2026 to now14
- Board memberElena Poptodorova Jun 10, 2026 to now23
- Board memberJune S. Youngs Apr 1, 2022 to now24
- Board memberMatthew P. Jordan Jun 2, 2022 to now25
- Board memberKevin C. Phelan Feb 24, 2020 to now26
- Board memberLaura A. Wilkin Feb 24, 2020 to Jun 1, 202027
- Board memberAdam Portnoy Jan 11, 2018 to now28
- Board memberBarry M. Portnoy Jan 11, 2018 to Jan 11, 201829
- Board memberBruce M. Gans Jan 11, 2018 to now30
- Board memberJoseph Morea Jan 11, 2018 to now31
- Board memberLisa Harris Jones Jan 11, 2018 to now32
- Board memberJohn C. Popeo Mar 28, 2018 to Sep 26, 201833
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- ILPT CMBS Mezz 1 LLC Delaware4
- ILPT Mezz Fixed Borrower 2 LLC Delaware4
- ILPT Mezz Fixed Borrower LLC Delaware4
- Mountain Industrial LO LLC Delaware4
- Mountain Industrial Member Trust Maryland4
- Mountain Industrial Mezz Borrower LLC Delaware4
- Mountain Industrial REIT LLC Delaware4
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Sep 21, 20268-K Executive or director change34
- Jul 29, 20268-K Results of operations35
- Jun 10, 20268-K Executive or director change; Shareholder vote36
- Jun 1, 20268-K Regulation FD disclosure37
- May 8, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation38
- Apr 29, 20268-K Results of operations39
- Mar 19, 2026New chief executive Yael Duffy becomes CEO14
- Feb 18, 20268-K Results of operations40
- Jan 14, 20268-K Results of operations41
- Dec 9, 20258-K Executive or director change42
- Oct 28, 20258-K Results of operations43
- Sep 3, 20258-K Regulation FD disclosure44
- Jul 29, 20258-K Results of operations45
- May 23, 2018New chief executive John C. Popeo becomes CEO15
- Jan 8, 2018Founded Industrial Logistics Properties Trust is founded2
Calendar
Coming up
- Oct 28, 2026 · After the closeReports results for the quarter ending Sep/2026 A year earlier it reported $0.26 a share, on Oct 28, 2025.46
When it reported results
- Jul 29, 2026Reported quarterly or annual results35
- Apr 29, 2026Reported quarterly or annual results39
- Feb 18, 2026Reported quarterly or annual results40
- Jan 14, 2026Reported quarterly or annual results41
- Oct 28, 2025Reported quarterly or annual results43
- Jul 29, 2025Reported quarterly or annual results45
- Apr 29, 2025Reported quarterly or annual results47
- Feb 18, 2025Reported quarterly or annual results48
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
213 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 88 insider forms, 27 large holders, 28 other. The latest 20:
- Oct 1, 20263 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 21, 20268-K EDGAR
- Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Sep 14, 20264 OWNERSHIP DOCUMENT EDGAR
- Jul 29, 202610-Q EDGAR
- Jul 29, 20268-K EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20264 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20263 OWNERSHIP DOCUMENT EDGAR
- Jun 10, 20268-K EDGAR
- Jun 1, 20268-K EDGAR
The 213 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
13 open-market trades by officers, directors and large owners since October 2021: 10 buys and 3 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| May 22, 2026 | PHELAN KEVIN CDirector | Buy | 2,000 | $8.87 | $17.7K | Form 4 |
| Jul 31, 2025 | PHELAN KEVIN CDirector | Buy | 5,000 | $5.43 | $27.1K | Form 4 |
| May 30, 2025 | Morea JosephDirector | Buy | 20,000 | $3.31 | $66.2K | Form 4 |
| Aug 2, 2024 | PHELAN KEVIN CDirector | Buy | 2,000 | $4.75 | $9.5K | Form 4 |
| Aug 9, 2023 | PHELAN KEVIN CDirector | Buy | 5,000 | $3.80 | $19.0K | Form 4 |
| Jul 27, 2023 | Morea JosephDirector | Buy | 20,000 | $3.68 | $73.6K | Form 4 |
| Jul 27, 2023 | JONES LISA HARRISDirector | Buy | 50,000 | $3.77 | $188.5K | Form 4 |
| May 4, 2023 | JONES LISA HARRISDirector | Sale | 19,659 | $2.00 | $39.3K | Form 4 |
| May 3, 2023 | Morea JosephDirector | Sale | 17,500 | $2.07 | $36.2K | Form 4 |
| Apr 27, 2023 | Donley Brian E.CFO and Treasurer | Buy | 5,000 | $2.00 | $10.0K | Form 4 |
| Nov 18, 2022 | PHELAN KEVIN CDirector | Buy | 3,000 | $3.41 | $10.2K | Form 4 |
| Feb 18, 2022 | PHELAN KEVIN CDirector | Buy | 500 | $22.30 | $11.2K | Form 4 |
| Feb 14, 2022 | PHELAN KEVIN CDirector | Sale | 500 | $21.99 | $11.0K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Zhengxu HeSCHEDULE 13G/A, 2 filings Feb 19, 2025 to Dec 8, 202549
- BlackRockSCHEDULE 13G/A, 9 filings Jan 26, 2022 to Jul 17, 202550
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Jan 31, 202551
- Flat Footed LLCSC 13G/A, 2 filings Feb 14, 2023 to Feb 14, 202452
- State Street CorporationSC 13G/A, 3 filings Feb 11, 2022 to Jan 23, 202453
- Stone House Capital Management, LLCSC 13D/A, 2 filings Aug 31, 2023 to Sep 15, 202354
- MCB LP Acquisitions LLCSC 13G, 1 filing Jun 29, 202355
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/SC 13G/A, 1 filing Feb 2, 202256
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Yael DuffyPresident and Chief Executive Officer | $150.0K | $153.3K57 | |
| 2025 | Tiffany R. SyChief Financial Officer and Treasurer | $80.0K | $81.5K57 | |
| 2024 | Yael DuffyPresident and Chief Executive Officer | $60.0K | $60.8K57 | |
| 2024 | Tiffany R. SyChief Financial Officer and Treasurer | $50.0K | $50.1K57 | |
| 2023 | Yael DuffyPresident and Chief Executive Officer | $54.5K | $55.0K57 | |
| 2023 | Tiffany R. SyChief Financial Officer and Treasurer | $5.4K | $5.5K57 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 5,769,793 | $51.2M | 0.0% | +301,016 |
| Vanguard Portfolio Management LLC | 2,914,117 | $25.8M | 0.0% | +2,594,536 |
| Vanguard Capital Management LLC | 2,763,332 | $24.5M | 0.0% | +207,572 |
| Nantahala Capital Management, LLC | 2,222,306 | $19.7M | 0.6% | +543,333 |
| CastleKnight Management LP | 1,654,198 | $14.7M | 0.5% | −234,001 |
| Geode Capital Management, LLC | 1,648,123 | $14.6M | 0.0% | +249,895 |
| State Street Corp | 1,243,921 | $11.0M | 0.0% | +83,583 |
| D. E. Shaw & Co., Inc. | 1,218,269 | $10.8M | 0.0% | −158,765 |
| UMB Bank, n.a. | 1,153,563 | $10.2M | 0.1% | −126,587 |
| Two Sigma Investments, LP | 895,018 | $7.9M | 0.0% | +277,349 |
| Morgan Stanley | 600,622 | $5.3M | 0.0% | +194,053 |
| LPL Financial LLC | 594,902 | $5.3M | 0.0% | +22,557 |
| Charles Schwab Investment Management Inc | 582,376 | $5.2M | 0.0% | +107,775 |
| Renaissance Technologies LLC | 582,330 | $5.2M | 0.0% | +123,341 |
| Arrowstreet Capital, Limited Partnership | 545,167 | $4.8M | 0.0% | +326,269 |
| Northern Trust Corp | 544,790 | $4.8M | 0.0% | +95,409 |
| Dimensional Fund Advisors LP | 540,676 | $4.8M | 0.0% | −178,240 |
| Vanguard Fiduciary Trust Co | 392,607 | $3.5M | 0.0% | −811 |
| Flat Footed LLC | 371,191 | $3.3M | 0.6% | −1,063,896 |
| Algert Global LLC | 369,947 | $3.3M | 0.0% | +130,897 |
| Russell Investments Group, Ltd. | 357,641 | $3.2M | 0.0% | +47,383 |
| Goldman Sachs Group Inc | 352,332 | $3.1M | 0.0% | −55,295 |
| UBS Group AG | 313,700 | $2.8M | 0.0% | +91,222 |
| Federated Hermes, Inc. | 288,657 | $2.6M | 0.0% | New |
| Invesco Ltd. | 283,059 | $2.5M | 0.0% | −28,121 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How Industrial Logistics Properties Trust is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARIndustrial Logistics Properties Trust1
- CIK0001717307
- Employer ID (EIN)82-28096315
- Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company5
- Incorporated inMaryland5
- Fiscal year endsDecember 311
- Industry code (SIC)6798 Real Estate Investment Trusts1
- SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
- Business addressTwo Newton Place, 255 Washington Street, Suite 300, Newton, MA 024581
- Phone617-796-83031
- Shares outstanding66,745,881 as of Jul 27, 202612
- Public float$294.5M as of Jun 30, 20255
- AuditorDeloitte & Touche LLP, Boston, Massachusetts PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
- On EDGAR sinceSep 25, 20171
- Filings362 in all: 4 (134), 8-K (78), 10-Q (26), SC 13G/A (22), 3 (18), DEFA14A (10), SC 13G (10), 10-K (9)1
All 34 form types
DEF 14A (8), CORRESP (5), UPLOAD (5), ARS (4), S-11/A (4), EFFECT (3), SCHEDULE 13G/A (3), 144 (2), DRSLTR (2), PRE 14A (2), S-3ASR (2), 424B4 (1), 8-A12B (1), 8-K/A (1), CERT (1), CT ORDER (1), DRS (1), DRS/A (1), POS AM (1), POSASR (1), S-11 (1), S-3 (1), S-8 (1), SC 13D (1), SC 13D/A (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Feb 18, 2026
Quarterly report (10-Q) Jul 29, 2026
Proxy statement (DEF 14A) Mar 18, 2026
Latest 8-K (8-K) Sep 21, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common Shares of Beneficial Interest | ILPT | The Nasdaq Stock Market LLC |
From the cover page of the 10-K filed Feb 18, 2026 (Section 12(b) of the Exchange Act).5
Risk factors and legal proceedings
The risks Industrial Logistics Properties Trust names in Item 1A of its 10-K filed Feb 18, 2026: 45 risks under these headings, as written.5
- Risks Related to Our Business
- We have a substantial amount of debt and are subject to risks related to our debt, including our ability to refinance maturing debt and the cost of any such refinanced debt.
- We may fail to comply with the terms of our debt agreements, which could adversely affect our business and prohibit us from paying distributions to our shareholders.
- Secured debt exposes us to the possibility of foreclosure, which could result in the loss of our investment in certain of our subsidiaries or in a property or group of properties or other assets that secure that debt.
- Our business depends upon our tenants satisfying their lease obligations, which depends, to a large degree, on our tenants’ abilities to successfully operate their businesses.
- We may be unable to lease our properties when our leases expire.
- We may experience declining rents or incur significant costs to renew our leases with current tenants, lease our properties to new tenants or when our rents reset at our properties in Hawaii.
- We face significant competition.
- Unfavorable market and industry conditions have had and may continue to have a material adverse effect on our results of operations, financial condition and ability to pay distributions to our shareholders.
- The majority of our properties are industrial and logistics properties leased to single tenants and we have concentrations of properties leased to certain companies, which may subject us to greater risks of loss than if our properties had more industry sector and tenant diversity.
- REIT distribution requirements and limitations on our ability to access capital at reasonable costs or at all may adversely impact our ability to carry out our growth strategies.
- We face challenges from uncertainties regarding interest rates, and high interest rates have significantly increased our interest expense and may otherwise materially and negatively affect us.
The other 34 risks
- Failure to hedge effectively against interest rate changes may adversely affect our results of operations.
- We may not succeed in selling properties or other assets we may identify for sale and any proceeds we may receive from sales we do complete may be less than expected, and we may incur losses with respect to any such sales.
- Our existing and any future joint ventures may limit our flexibility with jointly owned investments and we may not realize the benefits we expect from these arrangements.
- We may be unable to grow our business by acquiring additional properties, and we might encounter unanticipated difficulties and expenditures relating to our acquired properties.
- We are exposed to risks associated with property development, redevelopment and repositioning that could adversely affect us, including our financial condition and results of operations.
- A significant number of our properties are located on the island of Oahu, Hawaii, and we are exposed to risks as a result of this geographic concentration.
- Ownership of real estate is subject to environmental risks and liabilities.
- We are subject to risks from adverse weather, natural disasters and adverse impacts from global climate change, and we incur significant costs and invest significant amounts with respect to these matters.
- Insurance may not adequately cover our losses, and insurance costs may increase.
- Changes in global supply chain conditions and emerging technologies may result in reduced demand for industrial and logistics properties.
- Changes in U.S. and foreign government administrative policies, including the imposition of or increases in tariffs and changes to existing trade agreements, as well as a prolonged U.S. government shutdown, could negatively affect macroeconomic conditions and our and our tenants’ businesses, results of operations, prospects or financial condition.
- Our quarterly cash distribution rate on our common shares may be reduced or eliminated and the form of payment could change.
- RMR relies on information technology and systems in providing services to us, and any material failure, inadequacy, interruption or security breach of that technology or those systems could materially harm us.
- RMR incorporates artificial intelligence into some of its business workflows and processes, and challenges with properly managing its use could result in reputational harm, competitive harm, legal liability and increased regulatory costs and could adversely affect our results of operations.
- Sustainability initiatives, requirements and market expectations may impose additional costs and expose us to new risks.
- Risks Related to Our Relationships with RMR
- We are dependent upon RMR to manage our business and implement our growth strategy.
- RMR has broad discretion in operating our day to day business.
- Our management structure and agreements and relationships with RMR and RMR’s and its controlling shareholder’s relationships with others may create conflicts of interest, or the perception of such conflicts, and may restrict our investment activities.
- Our management agreements with RMR were not negotiated on an arm’s length basis and their fee and expense structure may not create proper incentives for RMR, which may increase the risk of an investment in our common shares.
- The termination of our management agreements with RMR may require us to pay a substantial termination fee, including in the case of a termination for unsatisfactory performance, which may limit our ability to end our relationship with RMR.
- Our management arrangements with RMR may discourage a change of control of us.
- We are party to transactions with related parties that may increase the risk of allegations of conflicts of interest.
- We may be at an increased risk for dissident shareholder activities due to perceived conflicts of interest arising from our management structure and relationships.
- Risks Related to Our Organization and Structure
- We may change our operational, financing and investment policies without shareholder approval, which may increase our risk of default under our debt obligations.
- Ownership limitations and certain provisions in our declaration of trust, bylaws and agreements, as well as certain provisions of Maryland law, may deter, delay or prevent a change in our control or unsolicited acquisition proposals.
- Our rights and the rights of our shareholders to take action against our Trustees and officers are limited.
- Disputes with RMR may be referred to mandatory arbitration proceedings, which follow different procedures than in-court litigation and may be more restrictive to those asserting claims than in-court litigation.
- Our bylaws designate the Circuit Court for Baltimore City, Maryland as the sole and exclusive forum for certain actions and proceedings that may be initiated by our shareholders, which could limit our shareholders’ ability to obtain a favorable judicial forum for disputes with us or our Trustees, officers, manager or other agents.
- Risks Related to Our Taxation
- Our failure to remain qualified for taxation as a REIT under the IRC could have significant adverse consequences.
- Maintaining our qualification for taxation as a REIT under the IRC will require us to continue to satisfy tests concerning, among other things, the nature of our assets, the sources of our income and the amounts we distribute to our shareholders. In order to meet these requirements, it may be necessary for us to sell or forgo attractive investments.
- Distributions to shareholders generally will not qualify for reduced tax rates applicable to “qualified dividends.”
- REIT distribution requirements could adversely affect us and our shareholders.
- Even if we remain qualified for taxation as a REIT under the IRC, we may face other tax liabilities that reduce our cash flow.
- Legislative or other actions affecting REITs could materially and adversely affect us and our shareholders.
Legal proceedings
From time to time, we may become involved in litigation matters incidental to the ordinary course of our business. Although we are unable to predict with certainty the eventual outcome of any litigation, we are currently not a party to any litigation which we expect to have a material adverse effect on our business.
The opening of Item 3, Legal Proceedings.5
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 14SEC EDGARYael Duffy, Chief executive officer
- 15
- 16SEC EDGARYael Duffy, President
- 17SEC EDGARJohn C. Popeo, President
- 18
- 19
- 20
- 21SEC EDGARYael Duffy, Chief operating officer
- 22SEC EDGARYael Duffy, Vice President
- 23SEC EDGARElena Poptodorova, Board member
- 24SEC EDGARJune S. Youngs, Board member
- 25SEC EDGARMatthew P. Jordan, Board member
- 26SEC EDGARKevin C. Phelan, Board member
- 27SEC EDGARLaura A. Wilkin, Board member
- 28SEC EDGARAdam Portnoy, Board member
- 29SEC EDGARBarry M. Portnoy, Board member
- 30SEC EDGARBruce M. Gans, Board member
- 31SEC EDGARJoseph Morea, Board member
- 32SEC EDGARLisa Harris Jones, Board member
- 33SEC EDGARJohn C. Popeo, Board member
- 34SEC EDGARExecutive or director change
- 35SEC EDGARResults of operations
- 36
- 37SEC EDGARRegulation FD disclosure
- 38
- 39SEC EDGARResults of operations
- 40SEC EDGARResults of operations
- 41SEC EDGARResults of operations
- 42SEC EDGARExecutive or director change
- 43SEC EDGARResults of operations
- 44SEC EDGARRegulation FD disclosure
- 45SEC EDGARResults of operations
- 46NasdaqNasdaq calendar
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