Industrial Logistics Properties Trust (NASDAQ: ILPT) is a real estate investment trust that owns and leases industrial and logistics properties across the United States. Revenue comes from contractual base rents paid by tenants under net and gross leases on warehouse, distribution, and logistics facilities. As of December 31, 2025, ILPT held properties in 38 contiguous states, with Mainland Properties generating 72.2% of annualized rental revenues and Hawaii Properties on the island of Oahu generating the remaining 27.8%. The company competes against publicly traded REITs, private REITs, financial institutions, and private companies for property acquisitions and tenants. ILPT is externally managed by The RMR Group, with Yael Duffy serving as President and Chief Executive Officer. Property types targeted include bulk distribution and last-mile distribution facilities, with a focus on top-tier markets, newer buildings, and high-credit-quality tenants. ILPT qualifies as a REIT under the IRC and is required to distribute at least 90% of REIT taxable income annually. (Source: 10-K filed 2026-02-18, accession 000171730726000012)

Revenue model

Annualized contractual base rents from tenants under lease agreements, including straight-line rent adjustments and estimated recurring expense reimbursements. Mainland Properties leases are predominantly triple-net or modified gross structures where tenants pay or reimburse substantially all property-level operating expenses.

Products and services

Ownership and leasing of industrial and logistics real estate, including bulk distribution facilities and last-mile distribution buildings. Property types span warehouse and logistics buildings in top-tier markets and selectively in secondary markets.

Customers and end markets

Industrial and logistics tenants across a range of industries. Properties serve distribution, warehousing, and logistics end markets. Hawaii Properties include long-term ground leases with periodic fair-market-value rent resets.

Value-chain role

Property owner and landlord in the industrial and logistics real estate supply chain. Provides physical distribution and warehousing infrastructure to tenants. Externally managed by The RMR Group.

Geographic exposure

38 contiguous U.S. states (Mainland Properties, 72.2% of annualized rental revenues as of December 31, 2025) and the island of Oahu, Hawaii (Hawaii Properties, 27.8% of annualized rental revenues as of December 31, 2025). Headquarters: Newton, Massachusetts.

Competitors

Publicly traded REITs (industrial and logistics sector), Private REITs, Private real estate companies, Financial institutions investing in real estate

Source: SEC 10-K, filed 2026-02-18

Industry: Real Estate Investment Trusts Peers: Prologis Inc INDUS REALTY TRUST, INC. Innovative Industrial Properties Inc LXP Industrial Trust Newlake Capital Partners Inc Plymouth Industrial REIT, Inc.