Industrial Logistics Properties Trust (NASDAQ: ILPT)

Industrial Logistics Properties Trust is a real estate investment trust that owns and leases industrial and logistics properties across the United States. As of December 31, 2025, the trust’s portfolio comprised 409 properties totaling approximately 59,604,000 rentable square feet located in 39 states with an occupancy rate of 94.5%. The portfolio includes mainland properties in 38 contiguous states and Hawaii properties primarily on the island of Oahu.

The company generates revenue principally from rental income collected under lease agreements with tenants occupying its industrial and logistics facilities. Lease structures vary, with many requiring tenants to pay fixed annual rents and to reimburse the trust for property-level operating expenses such as taxes, insurance, utilities and maintenance. Certain leases, especially for Hawaii properties, provide for periodic rent resets to fair market value or include scheduled increases, contributing to potential rent growth.

The company operates through a single segment.

• Ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands: This segment encompasses the acquisition, ownership and leasing of industrial and logistics buildings and associated land throughout the United States, generating rental income from a diversified tenant base.

Industrial Logistics Properties Trust operates in a competitive industry that includes other publicly traded and private real estate investment trusts, as well as various institutional and individual real estate owners. Its competitive advantages stem from an experienced management team, high-quality property portfolio, diversified tenant credit quality and lease structures that provide stable cash flows and opportunities for rent growth.

The trust serves a broad range of customers across sectors such as e-commerce, retail, distribution and logistics. Notable tenants include FedEx Corporation, Amazon.com Services, Inc., Home Depot U. S. A., Inc., Restoration Hardware, Inc., OldCo Tire Distributors, Inc., UPS Supply Chain Solutions, Inc., Servco Pacific, Inc., DHL Group, TD SYNNEX Corporation, and Techtronic Industries Company Limited.