# Industrial Logistics Properties Trust (ILPT)

Informational only - not investment advice.

CIK: 0001717307
SIC: 6798 Real Estate Investment Trusts
SIC breadcrumb: [Finance, Insurance, And Real Estate](/division/H/) > [Holding And Other Investment Offices](/major-group/67/) > [SIC 6798 Real Estate Investment Trusts](/industry/6798/)
Latest 10-K filed: 2026-02-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1717307
Filing source: https://www.sec.gov/Archives/edgar/data/1717307/000171730726000012/ilpt-20251231.htm

## At a glance

FY2025 · period end 2025-12-31 · filed 2026-02-18 · accession 0001717307-26-000012 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001717307.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 448,848,000 USD | 2025 | verified |
| Net income | -66,187,000 USD | 2025 | verified |
| Assets | 5,189,944,000 USD | 2025 | verified |
| Free cash flow | 42,034,000 USD | 2025 | computed |
| Net margin | -14.75% | 2025 | computed |
| Revenue YoY | +1.48% | 2025 | computed |
| ROE | -13.52% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | ILPT | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -14.7% | 16.8% | 9 | 149 |
| Revenue growth | 1.5% | 3.7% | 39 | 149 |
| FCF margin | 9.4% | 21.8% | 25 | 70 |
| ROE | -13.5% | 5.7% | 7 | 151 |
| ROA | -1.3% | 1.5% | 12 | 155 |
| Liabilities / equity | 8.76 | 1.48 | 94 | 151 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 6798 Real Estate Investment Trusts, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 448848000 | USD | 2025 | 2026-02-18 |
| Net income | -66187000 | USD | 2025 | 2026-02-18 |
| Assets | 5189944000 | USD | 2025 | 2026-02-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2026-02-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001717307.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  | 156,506,000 | 162,530,000 | 229,234,000 | 254,575,000 | 219,874,000 | 388,151,000 | 437,338,000 | 442,322,000 | 448,848,000 |
| Net income | 86,898,000 | 80,103,000 | 74,388,000 | 52,498,000 | 82,071,000 | 119,682,000 | -226,723,000 | -107,989,000 | -95,669,000 | -66,187,000 |
| Diluted EPS |  |  |  | 0.81 | 1.26 | 1.83 | -3.47 | -1.65 | -1.46 | -1.00 |
| Operating cash flow | 109,255,000 | 103,455,000 | 96,763,000 | 116,300,000 | 114,564,000 | 110,650,000 | 83,251,000 | 6,059,000 | 1,963,000 | 60,672,000 |
| Capital expenditures | 1,356,000 | 6,026,000 | 5,004,000 | 17,157,000 | 5,857,000 | 4,911,000 | 17,732,000 | 19,415,000 | 5,698,000 | 18,638,000 |
| Dividends paid |  |  |  |  | 86,089,000 | 86,236,000 | 44,477,000 | 2,627,000 | 2,638,000 | 7,973,000 |
| Share buybacks | 0.00 | 0.00 | 52,000 | 253,000 | 382,000 | 922,000 | 242,000 | 163,000 | 312,000 | 451,000 |
| Assets |  | 1,411,683,000 | 1,534,611,000 | 2,454,901,000 | 1,915,745,000 | 1,908,558,000 | 5,676,166,000 | 5,563,675,000 | 5,406,331,000 | 5,189,944,000 |
| Liabilities |  | 849,475,000 | 506,338,000 | 1,459,211,000 | 912,555,000 | 870,516,000 | 4,345,395,000 | 4,401,896,000 | 4,397,001,000 | 4,289,246,000 |
| Stockholders' equity | 1,313,185,000 | 562,208,000 | 1,028,273,000 | 995,690,000 | 1,003,190,000 | 1,038,042,000 | 790,724,000 | 669,954,000 | 562,019,000 | 489,697,000 |
| Cash and cash equivalents | 0.00 | 0.00 | 9,608,000 | 28,415,000 | 22,834,000 | 29,397,000 | 48,261,000 | 112,341,000 | 131,706,000 | 94,812,000 |
| Free cash flow | 107,899,000 | 97,429,000 | 91,759,000 | 99,143,000 | 108,707,000 | 105,739,000 | 65,519,000 | -13,356,000 | -3,735,000 | 42,034,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  | 51.18% | 45.77% | 22.90% | 32.24% | 54.43% | -58.41% | -24.69% | -21.63% | -14.75% |
| Return on equity | 6.62% | 14.25% | 7.23% | 5.27% | 8.18% | 11.53% | -28.67% | -16.12% | -17.02% | -13.52% |
| Return on assets |  | 5.67% | 4.85% | 2.14% | 4.28% | 6.27% | -3.99% | -1.94% | -1.77% | -1.28% |
| Liabilities / equity |  | 1.51 | 0.49 | 1.47 | 0.91 | 0.84 | 5.50 | 6.57 | 7.82 | 8.76 |

## As-reported value updates

No tracked differences above grepcent's stated thresholds and capped precision rule were found between the earliest XBRL-filed value and the value currently on file for the standardized annual metrics grepcent tracks.


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-07-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001717307.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-09-30 |  |  | -0.70 | reported discrete quarter |
| 2023-Q1 | 2023-03-31 |  |  | -0.38 | reported discrete quarter |
| 2023-Q2 | 2023-06-30 |  |  | -0.40 | reported discrete quarter |
| 2023-Q3 | 2023-09-30 | 110,142,000 | -26,112,000 | -0.40 | reported discrete quarter |
| 2023-Q4 | 2023-12-31 | 108,895,000 | -31,240,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2024-03-31 | 112,235,000 | -23,403,000 | -0.36 | reported discrete quarter |
| 2024-Q2 | 2024-06-30 | 110,621,000 | -23,175,000 | -0.35 | reported discrete quarter |
| 2024-Q3 | 2024-09-30 | 108,945,000 | -24,990,000 | -0.38 | reported discrete quarter |
| 2024-Q4 | 2024-12-31 | 110,521,000 | -24,101,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2025-03-31 | 111,905,000 | -21,532,000 | -0.33 | reported discrete quarter |
| 2025-Q2 | 2025-06-30 | 112,097,000 | -21,310,000 | -0.32 | reported discrete quarter |
| 2025-Q3 | 2025-09-30 | 110,936,000 | -21,565,000 | -0.33 | reported discrete quarter |
| 2025-Q4 | 2025-12-31 | 113,910,000 | -1,780,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-03-31 | 116,419,000 | -9,427,000 | -0.14 | reported discrete quarter |
| 2026-Q2 | 2026-06-30 | 114,123,000 | -14,463,000 | -0.22 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from ILPT's latest 10-K: [/company/ILPT/business/](/company/ILPT/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from ILPT's latest 10-K: [/company/ILPT/risk-factors/](/company/ILPT/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1717307/000171730726000041/ilpt-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary. Published MD&A gate trimmed front/tail over-capture.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with our condensed consolidated financial statements and accompanying notes included in Part I, Item 1 of this Quarterly Report on Form 10-Q and with our 2025 Annual Report.

OVERVIEW (dollars in thousands, except per square foot data) 

We are a real estate investment trust, or REIT, organized under Maryland law. As of June 30, 2026, our portfolio was comprised of 409 properties containing approximately 59,609,000 rentable square feet located in 39 states with 99.1% occupancy, leased to approximately 300 different tenants. As of June 30, 2026, we also owned a 22% equity interest in the unconsolidated joint venture.

We believe consumer expectations, long-term growth of e-commerce and modernization of and demand for supply chain resiliency will keep demand for industrial properties strong for the foreseeable future. This continued demand has contributed to favorable market conditions, resulting in positive mark-to-market rents on our lease renewals and new leases. Currently, there are uncertainties in global and U.S. economic conditions driven by fluctuations in interest rates and inflation, wars and other geopolitical hostilities and tensions and changes in trade policies and tariffs, all of which have impacted financial markets and supply chains. While these factors have not had a significant adverse impact on our results of operations, if continued or if they worsen, they could adversely affect our financial condition primarily through our tenants’ financial stability, including their ability or willingness to renew leases, including at increased rental rates, or satisfy lease obligations. Most of our leases require our tenants to be responsible for certain operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing our exposure to increases in operating expenses resulting from inflation or other factors.

Our portfolio as of June 30, 2026 is summarized below (square feet in thousands):

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","","","","% of","","Weighted"],["","","","","","","","","","","Rentable","","","","Annualized","","Average"],["","","Ownership","","","","Number of","","","","Square","","","","Rental","","Remaining"],["","","Vehicle","","Ownership","","Properties","","Location","","Feet","","Occupancy","","Revenues","","Lease Term (1)"],["Mainland Properties","","ILPT","","100%","","88","","33 states","","21,838","","","98.2%","","33.7%","","5.5"],["Hawaii Properties","","ILPT","","100%","","226","","Hawaii","","16,729","","","99.3%","","28.8%","","14.0"],["Mainland Properties","","Mountain JV","","61%","","94","","27 states","","20,978","","","100.0%","","37.2%","","5.9"],["Mainland Properties","","Tenancy in common","","67%","","1","","New Jersey","","64","","","100.0%","","0.3%","","3.7"],["Total / weighted average","","","","409","","","","59,609","","","99.1%","","100.0%","","8.1"]]
[[/GREPCENT_TABLE]]

(1)Based on annualized rental revenues as of June 30, 2026.

Property Operations

Occupancy data for our portfolio as of June 30, 2026 and 2025 were as follows (square feet in thousands):

[[GREPCENT_TABLE]]
[["","All Properties","","Comparable Properties (1)"],["","as of June 30,","","as of June 30,"],["","2026","","2025","","2026","","2025"],["Total properties","409","","","411","","","409","","","409"],["Total rentable square feet","59,609","","","59,890","","","59,609","","","59,604"],["Percent leased (2)(3)","99.1","%","","94.3","%","","99.1","%","","94.8","%"]]
[[/GREPCENT_TABLE]]

(1)Consists of properties that we have owned continuously since January 1, 2025.

(2)Leased square feet is pursuant to existing leases as of June 30, 2026, and includes space being fitted out for occupancy, if any, and space which is leased but is not occupied, if any.

(3)During the three months ended June 30, 2026, we executed new leases for two previously vacant properties in Indiana and Hawaii totaling 2,770 square feet with commencement dates in May and July 2026, respectively.

18

Table of Contents

The average effective rental rates per square foot represent total rental income divided by the average rentable square feet leased during the periods specified for our properties. For the three and six months ended June 30, 2026 and 2025, the average effective rental rates per square foot of our properties were as follows:

[[GREPCENT_TABLE]]
[["","","Three Months Ended June 30,","","Six Months Ended June 30,"],["","","2026","","2025","","2026","","2025"],["All properties","","$","8.13","","","$","7.94","","","$","8.24","","","$","7.93"],["Comparable properties (1)","","$","8.13","","","$","7.97","","","$","8.24","","","$","7.99"]]
[[/GREPCENT_TABLE]]

(1)Consists of properties that we have owned continuously since January 1, 2025.

Mainland Properties. We generally will seek to renew or extend the terms of leases for our Mainland Properties as their expirations approach. A majority of the leases for our Mainland Properties include periodic set dollar amount or percentage increases that increase the cash rent payable to us. Due to the capital that many of the tenants in our Mainland Properties have invested in these properties and because many of these properties appear to be of strategic importance to the tenants’ businesses, we believe that it is likely that these tenants will renew or extend their leases prior to their expirations. If we are unable to extend or renew our leases, it may be time consuming and expensive to relet some of these properties and the terms of any new leases we enter into may be less favorable to us than the terms of our existing leases for those properties.

Hawaii Properties. Revenues from our Hawaii Properties have generally increased as rents under the leases for those properties have been reset or renewed. Lease renewals, lease extensions, new leases and rental rates for our Hawaii Properties in the future will depend on prevailing market conditions when these lease renewals, lease extensions, new leases and rental rates are set. As rent reset dates or lease expirations approach at our Hawaii Properties, we generally negotiate with existing or new tenants for new lease terms. If we are unable to reach an agreement with a tenant on a rent reset, our Hawaii Properties’ leases typically provide that rent is reset based on an appraisal process. Due to the limited availability of land suitable for industrial uses that might compete with our Hawaii Properties, we believe that our Hawaii Properties offer the potential for future rent growth as a result of periodic rent resets, lease extensions and new leasing. Certain of our Hawaii Properties are lands leased for rents that periodically reset based on fair market values, generally every 10 years.

During the three and six months ended June 30, 2026, we entered into new and renewal leases as summarized in the following table, excluding the impact of rent resets (square feet in thousands):

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30, 2026"],["","New Leases","","Renewals","","Totals"],["Square feet leased during the period","2,979","","","2,388","","","5,367"],["Weighted average rental rate change (by rentable square feet)","74.5","%","","16.1","%","","35.3","%"],["Weighted average lease term by square feet (years)","42.3","","","6.9","","","26.5"],["Total leasing costs and concession commitments (1)","$","25,110","","","$","7,181","","","$","32,291"],["Total leasing costs and concession commitments per square foot (1)","$","8.43","","","$","3.01","","","$","6.02"],["Total leasing costs and concession commitments per square foot per year (1)","$","0.20","","","$","0.43","","","$","0.23"],["","Six Months Ended June 30, 2026"],["","New Leases","","Renewals","","Totals"],["Square feet leased during the period","3,114","","","2,993","","","6,107"],["Weighted average rental rate change (by rentable square feet)","71.9","%","","16.0","%","","33.7","%"],["Weighted average lease term by square feet (years)","41.1","","","6.2","","","24.0"],["Total leasing costs and concession commitments (1)","$","25,727","","","$","8,142","","","$","33,869"],["Total leasing costs and concession commitments per square foot (1)","$","8.26","","","$","2.72","","","$","5.55"],["Total leasing costs and concession commitments per square foot per year (1)","$","0.20","","","$","0.44","","","$","0.23"]]
[[/GREPCENT_TABLE]]

(1)Includes commitments made for leasing expenditures and concessions, such as leasing commissions, tenant improvements or other tenant inducements.

During the six months ended June 30, 2026, we completed rent resets for approximately 153,000 square feet of land at our Hawaii Properties at rental rates that were 33.7% higher than prior rental rates.

19

Table of Contents

The following table provides the annualized rental revenues scheduled to reset at our Hawaii Properties as of June 30, 2026:

[[GREPCENT_TABLE]]
[["","","Annualized"],["","","Rental Revenues"],["","","Scheduled to Reset"],["2026","","$","1,656"],["2027","","814"],["2028","","\u2014"],["2029","","8,465"],["2030","","5,900"],["Thereafter","","5,764"],["Total","","$","22,599"]]
[[/GREPCENT_TABLE]]

As of June 30, 2026, our remaining lease expirations by year were as follows (square feet in thousands):

[[GREPCENT_TABLE]]
[["","","","","","","","","Cumulative","","","","% of Total","","Cumulative"],["","","","","","","% of Total","","% of Total","","Annualized","","Annualized","","% of Total"],["","","","","Leased","","Leased","","Leased","","Rental","","Rental","","Annualized"],["","","No. of","","Square Feet","","Square Feet","","Square Feet","","Revenues","","Revenues","","Rental Revenues"],["Year","","Leases","","Expiring (1)","","Expiring (1)","","Expiring (1)","","Expiring","","Expiring","","Expiring"],["2026","","11","","1,007","","1.7%","","1.7%","","$","5,024","","1.1%","","1.1%"],["2027","","41","","4,706","","8.0%","","9.7%","","30,469","","6.6%","","7.7%"],["2028","","47","","5,176","","8.8%","","18.5%","","41,300","","9.0%","","16.7%"],["2029","","37","","6,931","","11.7%","","30.2%","","45,518","","9.9%","","26.6%"],["2030","","34","","5,450","","9.2%","","39.4%","","41,076","","8.9%","","35.5%"],["Thereafter","","218","","35,826","","60.6%","","100.0%","","295,930","","64.5%","","100.0%"],["Total","","388","","59,096","","100.0%","","","","$","459,317","","100.0%"],["Weighted average remaining lease term (years)","8.6","","","","","","8.1"]]
[[/GREPCENT_TABLE]]

(1)Leased square feet is pursuant to existing leases as of June 30, 2026, and includes space being fitted out for occupancy, if any, and space which is leased but is not occupied, if any.

As of June 30, 2026, FedEx and Amazon leased 22.5% and 7.7% of our total leased square feet, respectively, and represented 27.8% and 7.4% of our total annualized rental revenues, respectively.

As of June 30, 2026, $14,211, or 3.1%, of our annualized rental revenues were included in leases scheduled to expire by June 30, 2027 and 0.9% of our rentable square feet were vacant. Rental rates for which available space may be leased in the future will depend on prevailing market conditions when lease extensions, lease renewals or new leases are negotiated. Whenever we extend, renew or enter new leases for our properties, we intend to seek rents that are equal to or higher than our historical rents for the same properties. Despite our prior experience with rent resets, lease extensions and new leases in Hawaii, our ability to increase rents when rents reset, leases are extended or leases expire depends upon market conditions, which are beyond our control. Accordingly, we cannot be sure that the historical increases achieved at our Hawaii Properties will continue in the future.

Tenant Review Process. Our manager, RMR, conducts a tenant review process for us. RMR assesses tenants

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1717307/000171730726000012/ilpt-20251231.htm
Complete FY 2025 MD&A: /company/ILPT/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2026-02-18
Report date: 2025-12-31

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following information should be read in conjunction with our consolidated financial statements and accompanying notes included in Part IV, Item 15 of this Annual Report on Form 10-K.

OVERVIEW (dollars in thousands, except per square foot data)

We are a REIT organized under Maryland law. As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states with 94.5% occupancy leased to approximately 300 different tenants. As of December 31, 2025, we also owned a 22% equity interest in the unconsolidated joint venture.

We believe consumer expectations, long-term growth of e-commerce and modernization of and demand for supply chain resiliency will keep demand for industrial properties strong for the foreseeable future. This continued demand has contributed to favorable market conditions, resulting in positive mark-to-market rents on our lease renewals and new leases. During 2025, there were uncertainties in global and U.S. economic conditions driven by fluctuations in interest rates and inflation, wars and other geopolitical hostilities and tensions, changes in trade policies and tariffs and a U.S. government shutdown, all of which have impacted financial markets and supply chains. While these factors did not have a significant adverse impact on our operations, if continued, they could adversely affect our financial condition primarily through our tenants’ financial stability, including their ability or willingness to renew leases or satisfy lease obligations. Most of our leases require our tenants to be responsible for certain operating expenses, including real estate taxes, insurance and common area maintenance, thereby reducing our exposure to increases in operating expenses resulting from inflation or other factors.

47

Table of Contents

Our portfolio as of December 31, 2025 is summarized below (square feet in thousands):

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","","","","% of","","Weighted"],["","","","","","","","","","","Rentable","","","","Annualized","","Average"],["","","Ownership","","","","Number of","","","","Square","","","","Rental","","Remaining"],["","","Vehicle","","Ownership","","Properties","","Location","","Feet","","Occupancy","","Revenues","","Lease Term (1)"],["Mainland Properties","","ILPT","","100%","","88","","33 states","","21,833","","","95.7%","","34.5%","","5.7"],["Hawaii Properties","","ILPT","","100%","","226","","Hawaii","","16,729","","","85.8%","","27.8%","","12.2"],["Mainland Properties","","Mountain JV","","61%","","94","","27 states","","20,978","","","100.0%","","37.4%","","5.9"],["Mainland Properties","","Tenancy in common","","67%","","1","","New Jersey","","64","","","98.1%","","0.3%","","4.1"],["Total / weighted average","","","","409","","","","59,604","","","94.5%","","100.0%","","7.6"]]
[[/GREPCENT_TABLE]]

(1)Based on annualized rental revenues as of December 31, 2025.

Property Operations

Occupancy and rental rate data for our portfolio as of December 31, 2025 and 2024 were as follows (square feet in thousands):

[[GREPCENT_TABLE]]
[["","All Properties","","Comparable Properties"],["","As of December 31,","","as of December 31, (1)"],["","2025","","2024","","2025","","2024"],["Total properties","409","","","411","","","409","","","409"],["Total rentable square feet","59,604","","","59,890","","","59,604","","","59,604"],["Percent leased (2)","94.5","%","","94.4","%","","94.5","%","","94.6","%"],["Average effective rental rates per square feet (3)","$","7.96","","","$","7.71","","","$","7.95","","","$","7.73"]]
[[/GREPCENT_TABLE]]

(1)Consists of properties that we have owned continuously since January 1, 2024.

(2)Leased square feet is pursuant to existing leases as of December 31, 2025, and includes space being fitted out for occupancy, if any, and space which is leased but is not occupied, if any.

(3)Represents total rental income divided by the average rentable square feet leased during the periods specified for our properties.

Mainland Properties. We generally will seek to renew or extend the terms of leases for our Mainland Properties as their expirations approach. A majority of the leases for our Mainland Properties include periodic set dollar amount or percentage increases that increase the cash rent payable to us. Due to the capital that many of the tenants in our Mainland Properties have invested in these properties and because many of these properties appear to be of strategic importance to the tenants’ businesses, we believe that it is likely that these tenants will renew or extend their leases prior to their expirations. If we are unable to extend or renew our leases, it may be time consuming and expensive to relet some of these properties and the terms of any new leases we enter into may be less favorable to us than the terms of our existing leases for those properties.

Hawaii Properties. Revenues from our Hawaii Properties have generally increased as rents under the leases for those properties have been reset or renewed. Lease renewals, lease extensions, new leases and rental rates for our Hawaii Properties in the future will depend on prevailing market conditions when these lease renewals, lease extensions, new leases and rental rates are set. As rent reset dates or lease expirations approach at our Hawaii Properties, we generally negotiate with existing or new tenants for new lease terms. If we are unable to reach an agreement with a tenant on a rent reset, our Hawaii Properties’ leases typically provide that rent is reset based on an appraisal process. Due to the limited availability of land suitable for industrial uses that might compete with our Hawaii Properties, we believe that our Hawaii Properties offer the potential for future rent growth as a result of periodic rent resets, lease extensions and new leasing. Certain of our Hawaii Properties are lands leased for rents that periodically reset based on fair market values, generally every 10 years.

48

Table of Contents

During the year ended December 31, 2025, we entered into new and renewal leases as summarized in the following table, excluding the impact of rent resets (square feet in thousands):

[[GREPCENT_TABLE]]
[["","Year Ended December 31, 2025"],["","New Leases","","Renewals","","Totals"],["Square feet leased during the period","720","","","6,391","","","7,111"],["Weighted average rental rate change (by rentable square feet)","18.8","%","","23.3","%","","22.8","%"],["Weighted average lease term by square feet (years)","6.7","","","8.2","","","8.1"],["Total leasing costs and concession commitments (1)","$","5,297","","","$","12,876","","","$","18,173"],["Total leasing costs and concession commitments per square foot (1)","$","7.36","","","$","2.01","","","$","2.56"],["Total leasing costs and concession commitments per square foot per year (1)","$","1.09","","","$","0.25","","","$","0.32"]]
[[/GREPCENT_TABLE]]

(1)Includes commitments made for leasing expenditures and concessions, such as leasing commissions, tenant improvements or other tenant inducements.

During the year ended December 31, 2025, we completed rent resets for approximately 204,000 square feet of land at our Hawaii Properties at rental rates that were 29.1% higher than prior rental rates.

The following table provides the annualized rental revenues scheduled to reset at our Hawaii Properties as of December 31, 2025:

[[GREPCENT_TABLE]]
[["","Annualized"],["","Rental Revenues"],["","Scheduled to Reset"],["2026","$","1,322"],["2027","814"],["2028","\u2014"],["2029","8,394"],["2030","5,900"],["Thereafter","5,764"],["Total","$","22,194"]]
[[/GREPCENT_TABLE]]

As of December 31, 2025, our remaining lease expirations by year were as follows (square feet in thousands):

[[GREPCENT_TABLE]]
[["","","","","","","","","","","","","% of Total","","Cumulative"],["","","","","","","% of Total","","Cumulative %","","","","Annualized","","% of Total"],["","","","","Leased","","Leased","","of Total","","Annualized","","Rental","","Annualized"],["","","No. of","","Square Feet","","Square Feet","","Square Feet","","Rental Revenues","","Revenues","","Rental Revenues"],["Year","","Leases","","Expiring (1)","","Expiring (1)","","Expiring (1)","","Expiring","","Expiring","","Expiring"],["2026","","28","","3,120","","","5.5","%","","5.5","%","","$","16,800","","","3.8","%","","3.8","%"],["2027","","41","","5,697","","","10.1","%","","15.6","%","","35,958","","","8.0","%","","11.8","%"],["2028","","45","","5,037","","","8.9","%","","24.5","%","","40,733","","","9.1","%","","20.9","%"],["2029","","38","","6,937","","","12.3","%","","36.8","%","","45,632","","","10.2","%","","31.1","%"],["2030","","33","","5,341","","","9.5","%","","46.3","%","","39,861","","","8.9","%","","40.0","%"],["Thereafter","","200","","30,166","","","53.7","%","","100.0","%","","267,934","","","60.0","%","","100.0","%"],["Total","","385","","56,298","","","100.0","%","","","","$","446,918","","","100.0","%"],["Weighted average remaining lease term (years)","6.9","","","","","","","7.6"]]
[[/GREPCENT_TABLE]]

(1)Leased square feet is pursuant to existing leases as of December 31, 2025, and includes space being fitted out for occupancy, if any, and space which is leased but is not occupied, if any.

As of December 31, 2025, FedEx and Amazon leased 22.7% and 8.1% of our total leased square feet, respectively, and represented 27.9% and 7.3% of our total annualized rental revenues, respectively.

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As of December 31, 2025, $16,800, or 3.8%, of our annualized rental revenues are included in leases scheduled to expire by December 31, 2026 and 5.5% of our rentable square feet were vacant. Rental rates for which available space may be leased in the future will depend on prevailing market conditions when lease extensions, lease renewals or new leases are negotiated. Whenever we extend, renew or enter new leases for our properties, we intend to seek rents that are equal to or higher than our historical rents for the same properties. Despite our prior experience with rent resets, lease extensions and new leases in Hawaii, our ability to increase rents when rents reset, leases are extended or leases expire depends upon market conditions, which are beyond our control. Accordingly, we cannot be sure that the historical increases achieved at our Hawaii Properties will continue in the future.

Tenant Review Process. Our manager, RMR, conducts a tenant review process for us. RMR assesses tenants on an individual basis based on various applicable credit criteria. Depending on facts and circumstances, RMR evaluates the creditworthiness of a tenant based on information that is provided by the tenant and, in some cases, information that is publicly available or obtained from third party sources. RMR also may use a third party service to monitor the credit ratings of debt securities of our existing tenants whose debt securities are rated by a nationally recognized credit rating agency.

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RESULTS OF OPERATIONS

Year Ended December 31, 2025 Compared to Year Ended December 31, 2024 (dollars and share amounts in thousands, except per share data)

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/ILPT/mda/fy2025/
All MD&A years: /company/ILPT/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/ILPT/mda/fy2024/): filed 2025-02-19; accession 0001717307-25-000009 (https://www.sec.gov/Archives/edgar/data/1717307/000171730725000009/ilpt-20241231.htm)
- [FY 2023 MD&A](/company/ILPT/mda/fy2023/): filed 2024-02-20; accession 0001717307-24-000010 (https://www.sec.gov/Archives/edgar/data/1717307/000171730724000010/ilpt-20231231.htm)
- [FY 2022 MD&A](/company/ILPT/mda/fy2022/): filed 2023-02-14; accession 0001717307-23-000013 (https://www.sec.gov/Archives/edgar/data/1717307/000171730723000013/ilpt-20221231.htm)
- [FY 2021 MD&A](/company/ILPT/mda/fy2021/): filed 2022-02-15; accession 0001717307-22-000008 (https://www.sec.gov/Archives/edgar/data/1717307/000171730722000008/ilpt-20211231.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 6798 Real Estate Investment Trusts) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [HOUST](/indicator/HOUST/): New Privately-Owned Housing Units Started: Total Units
- [PERMIT](/indicator/PERMIT/): New Privately-Owned Housing Units Authorized in Permit-Issuing Places: Total Units
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate

Macro-to-micro threads including this sector: [Interest rates & the Fed](/thread/interest-rates-fed/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/ILPT.md · JSON record: /company/ILPT.json · verified financials: /company/ILPT/financials.json / /company/ILPT/financials.csv · machine TOC for the whole site: /llms.txt