ILPT on Nasdaq
Industrial Logistics Properties Trust
We are a REIT organized under Maryland law in 2017.4 From its latest annual report
Price unavailable
Last updated Oct 19, 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.4 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.9
| 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.9
| 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.9
| 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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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
20202025
- Chief executive officerYael Duffy Mar 19, 2026 to now13
- Chief executive officerJohn C. Popeo May 23, 2018 to Sep 26, 201814
- PresidentYael Duffy Sep 16, 2022 to now15
- PresidentJohn C. Popeo Jan 11, 2018 to Sep 26, 201816
- Chief financial officerTiffany R. Sy Oct 2, 2023 to now17
- Chief financial officerBrian E. Donley Oct 3, 2022 to Sep 20, 202318
- Chief financial officerRichard W. Siedel Jr. Jan 11, 2018 to Sep 21, 202219
- Chief operating officerYael Duffy Sep 21, 2020 to now20
- Chief operating officerJohn C. Popeo Jan 11, 2018 to Mar 28, 201816
Board members and other officers (13)
- Vice PresidentYael Duffy Mar 12, 2020 to Mar 12, 202021
- Board memberYael Duffy Mar 19, 2026 to now13
- Board memberElena Poptodorova Jun 10, 2026 to now22
- Board memberJune S. Youngs Apr 1, 2022 to now23
- Board memberMatthew P. Jordan Jun 2, 2022 to now24
- Board memberKevin C. Phelan Feb 24, 2020 to now25
- Board memberLaura A. Wilkin Feb 24, 2020 to Jun 1, 202026
- Board memberAdam Portnoy Jan 11, 2018 to now27
- Board memberBarry M. Portnoy Jan 11, 2018 to Jan 11, 201828
- Board memberBruce M. Gans Jan 11, 2018 to now29
- Board memberJoseph Morea Jan 11, 2018 to now30
- Board memberLisa Harris Jones Jan 11, 2018 to now31
- Board memberJohn C. Popeo Mar 28, 2018 to Sep 26, 201832
Timeline
Filings
212 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 50 major events, 88 insider forms, 26 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 212 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, 202533
- VANGUARD GROUP INCSCHEDULE 13G/A, 7 filings Feb 10, 2022 to Jan 31, 202534
- BlackRockSC 13G, 2 filings Oct 21, 2024 to Nov 8, 202435
- Flat Footed LLCSC 13G/A, 2 filings Feb 14, 2023 to Feb 14, 202436
- State Street CorporationSC 13G/A, 3 filings Feb 11, 2022 to Jan 23, 202437
- Stone House Capital Management, LLCSC 13D/A, 2 filings Aug 31, 2023 to Sep 15, 202338
- MCB LP Acquisitions LLCSC 13G, 1 filing Jun 29, 202339
- MASSACHUSETTS FINANCIAL SERVICES CO /MA/SC 13G/A, 1 filing Feb 2, 202240
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.
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 13SEC EDGARYael Duffy, Chief executive officer
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- 15SEC EDGARYael Duffy, President
- 16SEC EDGARJohn C. Popeo, President
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- 20SEC EDGARYael Duffy, Chief operating officer
- 21SEC EDGARYael Duffy, Vice President
- 22SEC EDGARElena Poptodorova, Board member
- 23SEC EDGARJune S. Youngs, Board member
- 24SEC EDGARMatthew P. Jordan, Board member
- 25SEC EDGARKevin C. Phelan, Board member
- 26SEC EDGARLaura A. Wilkin, Board member
- 27SEC EDGARAdam Portnoy, Board member
- 28SEC EDGARBarry M. Portnoy, Board member
- 29SEC EDGARBruce M. Gans, Board member
- 30SEC EDGARJoseph Morea, Board member
- 31SEC EDGARLisa Harris Jones, Board member
- 32SEC EDGARJohn C. Popeo, Board member
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