ILPT (Nasdaq: ILPT) Q4 2025 FFO jumps 113% on record leasing
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Industrial Logistics Properties Trust reported a strong but still loss-making fourth quarter of 2025. Net loss attributable to common shareholders narrowed to $1.8 million, or $0.03 per share, while Normalized FFO attributable to common shareholders rose to $18.9 million, or $0.29 per share, up 113% year over year.
Same property NOI increased 4.9% to $88.2 million and same property Cash Basis NOI grew 5.2% to $85.7 million, reflecting healthier property-level performance. ILPT executed about 3.99 million square feet of leasing at weighted average GAAP rent increases of 25.7%, ending the quarter 94.5% leased.
The company declared a $0.05 per share quarterly distribution and ended the period with $94.8 million of cash and cash equivalents against $4.21 billion of total debt. Net debt equaled 69.0% of total gross assets, and Adjusted EBITDAre covered interest expense 1.3 times.
Positive
- Exceptionally strong operating performance: Q4 2025 Normalized FFO attributable to common shareholders rose 113% year over year to $18.9 million ($0.29 per share), with same property Cash Basis NOI up 5.2% and record leasing of about 3.99 million square feet at a 25.7% rent roll-up.
Negative
- High leverage and thin interest coverage: Net debt totaled $4.03 billion, 69.0% of total gross assets and 87.9% of total market capitalization as of December 31, 2025, with Adjusted EBITDAre covering interest expense only 1.3x.
Insights
ILPT delivered a very strong operating quarter but remains highly levered.
Industrial Logistics Properties Trust showed notable operating momentum in Q4 2025. Normalized FFO attributable to common shareholders rose to
Leasing metrics were particularly robust. ILPT completed roughly 3.99 million square feet of leasing at a weighted average rent roll-up of
Balance sheet metrics, however, remain tight. Net debt stood at
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): February 18, 2026
(Exact Name of Registrant as Specified in Its Charter)
(State or Other Jurisdiction of Incorporation)
| (Commission File Number) | (IRS Employer Identification No.) | |||||||
| (Address of Principal Executive Offices) | (Zip Code) | ||||||||||||||||
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name Of Each Exchange On Which Registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02. Results of Operations and Financial Condition.
On February 18, 2026 , Industrial Logistics Properties Trust, or the Company, issued a summary press release and a detailed earnings presentation announcing the Company's financial results for the quarter ended December 31, 2025. Copies of the Company’s summary press release and detailed earnings presentation are furnished as Exhibits 99.1 and 99.2 hereto, respectively.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
99.1 Summary Press Release dated February 18, 2026
99.2 Earnings Presentation dated February 18, 2026
104 Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)
2
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| INDUSTRIAL LOGISTICS PROPERTIES TRUST | ||||||||
| By: | /s/ Tiffany R. Sy | |||||||
| Name: | Tiffany R. Sy | |||||||
| Title: | Chief Financial Officer and Treasurer | |||||||
Dated: February 18, 2026
3
Exhibit 99.1
FOR IMMEDIATE RELEASE
Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Results
Newton, MA (February 18, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2025, which can be found at the Quarterly Results section of ILPT’s website at https://www.ilptreit.com/investors/financials-information/quarterly-results/default.aspx.
A conference call will be held on Thursday, February 19, 2026 at 1:00 p.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay of the conference call will be available for one week by dialing (855) 669-9658; the replay pass code is 7836796. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT’s website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT’s website after the call. The transcription, recording and retransmission in any way of ILPT’s fourth quarter conference call are strictly prohibited without the prior written consent of ILPT.
About Industrial Logistics Properties Trust:
ILPT is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of December 31, 2025, ILPT’s portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 76% of ILPT’s annualized rental revenues as of December 31, 2025 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of December 31, 2025 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.
| Investor Relations Contact: | |||||
| Kevin Barry, Senior Director | |||||
| (617) 219-1489 | |||||
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
Financial Results and Supplemental Information February 18, 2026 FOURTH QUARTER 2025 Exhibit 99.2
2Q4 2025RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Financial Results ...................................................................... 4 Fourth Quarter 2025 Highlights ........................................................................................................................................................................ 5 FINANCIALS Key Financial Data ............................................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) .............................................................................................................................. 8 Condensed Consolidated Balance Sheets ..................................................................................................................................................... 9 Debt Summary .................................................................................................................................................................................................... 10 Debt Maturity Schedule ...................................................................................................................................................................................... 11 Leverage and Coverage Ratios ......................................................................................................................................................................... 12 Capital Expenditures Summary ......................................................................................................................................................................... 13 PORTFOLIO INFORMATION Property Dispositions ......................................................................................................................................................................................... 15 Same Property Results ........................................................................................................................................................................................ 16 Occupancy and Leasing Summary ................................................................................................................................................................... 17 Tenant Credit Characteristics and Concentration ......................................................................................................................................... 18 Portfolio Lease Expiration and Reset Schedules ........................................................................................................................................... 19 Key Financial Data by Investment Portfolio .................................................................................................................................................... 20 JOINT VENTURES Consolidated Joint Venture - Mountain Industrial REIT LLC ....................................................................................................................... 22 - 25 Unconsolidated Joint Venture - The Industrial Fund REIT LLC ................................................................................................................... 26 APPENDIX Calculation and Reconciliation of Non-GAAP Financial Measures ............................................................................................................ 28 - 31 Company Profile, Research Coverage and Governance Information ....................................................................................................... 32 Non-GAAP Financial Measures and Certain Definitions .............................................................................................................................. 33 - 35 WARNING CONCERNING FORWARD-LOOKING STATEMENTS 36 Table of Contents All amounts in this presentation are unaudited. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: ILPT Investor Relations Contact Kevin Barry, Senior Director (617) 219-1489 kbarry@ilptreit.com Corporate Headquarters Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634
3Q4 2025RETURN TO TABLE OF CONTENTS Quarterly Results
4Q4 2025RETURN TO TABLE OF CONTENTS “We finished the year with exceptional momentum, delivering one of the strongest quarters in ILPT’s history. In the fourth quarter, Normalized FFO grew 113% and same property Cash Basis NOI rose 5.2%, year over year, highlighting the strength of our industrial portfolio and the successful execution of our strategic initiatives. We achieved record quarterly leasing volume, completing approximately 4.0 million square feet at a weighted average rent-roll up of 25.7% and ending the quarter with consolidated occupancy of 94.5%. For the full year, ILPT generated a total shareholder return of more than 55%, outperforming the industrial sector benchmark and ranking third among all U.S. REITs. As we look ahead to 2026, we have a robust leasing pipeline, opportunities to further strengthen our balance sheet and a portfolio well positioned to continue creating value for our shareholders.” Yael Duffy President and Chief Executive Officer INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS Newton, MA (February 18, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2025. Distribution On January 15, 2026, ILPT declared a quarterly distribution on its common shares of $0.05 per share to shareholders of record as of the close of business on January 26, 2026. This distribution will be paid on or about February 19, 2026. Conference Call A conference call to discuss ILPT's fourth quarter results will be held on Thursday, February 19, 2026 at 1:00 p.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay of the conference call will be available for one week by dialing (855) 669-9658; the replay pass code is 7836796. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT’s website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT’s website after the call. The transcription, recording and retransmission in any way of ILPT's fourth quarter conference call are strictly prohibited without the prior written consent of ILPT. About Industrial Logistics Properties Trust ILPT is a real estate investment trust, or REIT, focused on owning and leasing high quality industrial and logistics properties. As of December 31, 2025, ILPT’s portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 76% of ILPT’s annualized rental revenues as of December 31, 2025 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of December 31, 2025 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.
5Q4 2025RETURN TO TABLE OF CONTENTS Portfolio Update • Executed approximately 3,989,000 square feet of total leasing activity at weighted average rental rates that were 25.7% higher than prior rental rates for the same space and with a weighted average lease term (by annualized rental revenues) of 9.5 years. • Renewals accounted for nearly all of ILPT's leasing activity, which continues to highlight strong tenant retention and demand for ILPT's high quality warehouse and distribution properties. • A 94.5% leased portfolio, which benefits from stable cash flows, with approximately 76% of annualized rental revenues generated from investment grade tenants (or their subsidiaries) and Hawaii land leases and a weighted average lease term (by annualized rental revenues) of 7.6 years. Financial Results • Net loss attributable to common shareholders was $1.8 million, or $0.03 per diluted share. • Normalized FFO attributable to common shareholders was $18.9 million, or $0.29 per diluted share, and Adjusted EBITDAre was $85.1 million. • Same property NOI increased by 4.9% to $88.2 million and same property Cash Basis NOI increased by 5.2% to $85.7 million, compared to the fourth quarter of 2024. Financing, Capital and Liquidity • Interest expense decreased by $8.4 million, or 11.7%, compared to the fourth quarter of 2024, as a result of lower outstanding debt and improved interest rates. • Declared and paid quarterly cash distribution to common shareholders of $0.05 per share. • Sold two unencumbered vacant properties for an aggregate sales price of $3.9 million, excluding closing costs. • Ended the quarter with $94.8 million of cash on hand, excluding restricted cash, to meet ILPT's operating and capital obligations as well as its debt service requirements. Fourth Quarter 2025 Highlights (As of and for the three months ended December 31, 2025, unless otherwise noted)
6Q4 2025RETURN TO TABLE OF CONTENTS Financials
7Q4 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 Selected Income Statement Data: Capitalization: Rental income $ 113,910 $ 110,936 $ 112,097 $ 111,905 $ 110,521 Total common shares 66,653,129 Net loss $ (10,574) $ (30,431) $ (30,394) $ (31,169) $ (34,380) Closing price $ 5.54 Net loss attributable to common shareholders $ (1,780) $ (21,565) $ (21,310) $ (21,532) $ (24,101) Equity market capitalization $ 369,258 NOI $ 88,104 $ 86,950 $ 87,557 $ 87,502 $ 84,186 Debt 4,214,036 Cash Basis NOI $ 85,647 $ 84,749 $ 84,672 $ 83,780 $ 81,610 Total market capitalization $ 4,583,294 Adjusted EBITDAre $ 85,059 $ 84,086 $ 84,968 $ 85,324 $ 82,156 FFO attributable to common shareholders $ 17,915 $ 14,947 $ 7,427 $ 12,523 $ 8,877 Net Debt: Normalized FFO attributable to common shareholders $ 18,878 $ 17,385 $ 13,808 $ 13,490 $ 8,877 Principal balance $ 4,214,036 CAD attributable to common shareholders $ 10,032 $ 11,273 $ 10,500 $ 11,633 $ 7,696 Cash and cash equivalents (94,812) Rolling four quarter CAD attributable to common shareholders $ 43,438 $ 41,102 $ 41,076 $ 44,581 $ 44,876 Restricted cash and cash equivalents (88,219) Net debt $ 4,031,005 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.03) $ (0.33) $ (0.32) $ (0.33) $ (0.37) FFO attributable to common shareholders $ 0.27 $ 0.23 $ 0.11 $ 0.19 $ 0.13 Normalized FFO attributable to common shareholders $ 0.29 $ 0.26 $ 0.21 $ 0.20 $ 0.13 CAD attributable to common shareholders $ 0.15 $ 0.17 $ 0.16 $ 0.18 $ 0.12 Rolling four quarter CAD attributable to common shareholders $ 0.66 $ 0.63 $ 0.63 $ 0.68 $ 0.68 Dividends: Annualized dividends paid per share $ 0.20 $ 0.20 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 3.6% 3.4% 0.9% 1.2% 1.1% Annualized Normalized FFO attributable to common shareholders payout ratio 17.2% 19.2% 4.8% 5.0% 7.7% CAD attributable to common shareholders payout ratio 33.3% 29.4% 6.3% 5.6% 8.3% Rolling four quarter CAD attributable to common shareholders payout ratio 30.3% 31.7% 6.3% 5.9% 5.9% Selected Balance Sheet Data: Total cash and cash equivalents $ 94,812 $ 83,173 $ 58,559 $ 107,951 $ 131,706 Total gross assets $ 5,838,254 $ 5,827,389 $ 5,818,254 $ 5,919,339 $ 5,930,217 Total assets $ 5,189,944 $ 5,218,846 $ 5,238,548 $ 5,363,625 $ 5,406,331 Total liabilities $ 4,289,246 $ 4,305,216 $ 4,290,784 $ 4,386,712 $ 4,397,001 Total equity $ 900,698 $ 913,630 $ 947,764 $ 976,913 $ 1,009,330 (dollars in thousands, except per share data) Key Financial Data Hamburg, NY 338,584 Square Feet ILPT Ownership: 61%
8Q4 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Rental income $ 113,910 $ 110,521 $ 448,848 $ 442,322 Expenses: Real estate taxes 16,658 16,214 61,679 62,563 Other operating expenses 9,148 10,121 37,056 38,547 Depreciation and amortization 41,232 41,784 165,227 171,987 General and administrative 8,475 7,589 36,961 30,454 Loss on impairment of real estate — — 6,081 — Total expenses 75,513 75,708 307,004 303,551 Interest and other income 1,139 2,506 6,716 11,427 Interest expense (63,362) (71,739) (264,559) (292,536) Loss on sale of real estate (1,376) — (1,376) — Loss on extinguishment of debt — — (5,070) — Loss before income taxes and equity in earnings of unconsolidated joint venture (25,202) (34,420) (122,445) (142,338) Income tax expense (15) (60) (104) (162) Equity in earnings of unconsolidated joint venture 14,643 100 19,981 5,332 Net loss (10,574) (34,380) (102,568) (137,168) Net loss attributable to noncontrolling interests 8,794 10,279 36,381 41,499 Net loss attributable to common shareholders $ (1,780) $ (24,101) $ (66,187) $ (95,669) Weighted average common shares outstanding (basic and diluted) 66,171 65,833 66,006 65,697 Net loss per share attributable to common shareholders (basic and diluted) $ (0.03) $ (0.37) $ (1.00) $ (1.46) (dollars and share amounts in thousands, except per share data) Union, OH 1,791,246 Square Feet ILPT Ownership: 22%
9Q4 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets December 31, December 31, 2025 2024 ASSETS Real estate properties $ 5,179,959 $ 5,180,385 Accumulated depreciation (648,310) (523,886) Total real estate properties, net 4,531,649 4,656,499 Investment in unconsolidated joint venture 132,753 116,732 Acquired real estate leases, net 164,186 199,193 Cash and cash equivalents 94,812 131,706 Restricted cash and cash equivalents 88,219 110,774 Rents receivable 136,669 129,162 Other assets, net 41,656 62,265 Total assets $ 5,189,944 $ 5,406,331 LIABILITIES AND EQUITY Mortgage notes payable, net $ 4,193,194 $ 4,300,537 Accounts payable and other liabilities 74,571 76,753 Assumed real estate lease obligations, net 11,679 14,937 Due to related persons 9,802 4,774 Total liabilities 4,289,246 4,397,001 Commitments and contingencies Equity attributable to common shareholders 489,697 562,019 Noncontrolling interests 411,001 447,311 Total equity 900,698 1,009,330 Total liabilities and equity $ 5,189,944 $ 5,406,331 (dollars in thousands) Mobile, AL 362,942 Square Feet ILPT Ownership: 61%
10Q4 2025RETURN TO TABLE OF CONTENTS (1) This loan has one remaining one-year extension option, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.77%. Mountain JV purchased an interest rate cap through March 2026 with a SOFR strike rate equal to 3.10%. Interest rate reflects the impact of such interest rate cap. Interest Principal Maturity Years to Entity Type Secured By Rate Balance Date Maturity ILPT Fixed rate - interest only 186 Hawaii properties 4.31% $ 650,000 02/07/2029 3.1 ILPT Fixed rate - interest only 66 mainland and 35 Hawaii properties 6.40% 1,160,000 07/09/2030 4.5 ILPT Fixed rate - interest only 17 mainland properties 4.42% 700,000 03/09/2032 6.2 Mountain JV Floating rate - interest only (1) 82 mainland properties 5.87% 1,400,000 03/09/2026 0.2 Mountain JV Fixed rate - interest only Four mainland properties 6.25% 91,000 06/10/2030 4.4 Mountain JV Fixed rate - amortizing One mainland property 3.67% 8,609 05/01/2031 5.3 Mountain JV Fixed rate - amortizing One mainland property 4.14% 10,302 07/01/2032 6.5 Mountain JV Fixed rate - amortizing One mainland property 4.02% 23,678 10/01/2033 7.8 Mountain JV Fixed rate - amortizing One mainland property 4.13% 33,209 11/01/2033 7.8 Mountain JV Fixed rate - amortizing One mainland property 3.10% 20,784 06/01/2035 9.4 Mountain JV Fixed rate - amortizing One mainland property 2.95% 33,817 01/01/2036 10.0 Mountain JV Fixed rate - amortizing One mainland property 4.27% 39,031 11/01/2037 11.8 Mountain JV Fixed rate - amortizing One mainland property 3.25% 43,606 01/01/2038 12.0 Weighted average / total 5.43% $ 4,214,036 3.4 Debt Summary (dollars in thousands) As of December 31, 2025 Ankeny, IA 644,108 Square Feet ILPT Ownership: 22%
11Q4 2025RETURN TO TABLE OF CONTENTS (1) This loan matures in March 2026, subject to one remaining one-year extension option. Debt Maturity Schedule (dollars in millions) As of December 31, 2025 Current Maturity Date Pr in ci p al $1,400.0 $ $19.5 $20.2 $21.0 $671.8 $1,273.6 $807.9 Secured fixed rate debt Secured floating rate debt of consolidated joint venture 2026 2027 2028 2029 2030 Thereafter $— $250 $500 $750 $1,000 $1,250 $1,500 Rock Hill, SC 945,023 Square Feet ILPT Ownership: 100% (1)
12Q4 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Leverage Ratios: Net debt / total gross assets 69.0% 69.3% 69.9% 68.7% 68.6% Net debt / gross book value of real estate assets 70.6% 71.2% 71.7% 71.3% 71.3% Net debt / total market capitalization 87.9% 87.7% 89.8% 89.8% 89.4% Secured debt / total assets 81.2% 80.8% 80.6% 80.2% 79.7% Variable rate debt / net debt 34.7% 34.6% 34.4% 64.8% 64.8% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 11.8x 12.0x 12.0x 11.9x 12.4x Adjusted EBITDAre / interest expense 1.3x 1.3x 1.3x 1.2x 1.1x Leverage and Coverage Ratios Vance, AL 529,568 Square Feet ILPT Ownership: 100%
13Q4 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Tenant improvements $ 1,445 $ 1,019 $ 2,393 $ 3 $ 916 $ 4,860 $ 1,935 Leasing costs 4,114 1,374 300 3,222 1,265 9,010 6,271 Building improvements 1,521 4,344 2,458 734 3,176 9,057 8,993 Total capital expenditures $ 7,080 $ 6,737 $ 5,151 $ 3,959 $ 5,357 $ 22,927 $ 17,199 Capital Expenditures Summary Chester, VA 1,016,281 Square Feet ILPT Ownership: 100%
14Q4 2025RETURN TO TABLE OF CONTENTS Portfolio Information
15Q4 2025RETURN TO TABLE OF CONTENTS Property Dispositions Since January 1, 2025 (dollars in thousands) Square Number of Gain (Loss) on Date Sold Location (1) Ownership Feet Properties Gross Sales Price Sale Of Real Estate 11/4/2025 Augusta, GA 100% 30,184 1 $ 1,650 $ 229 12/5/2025 Monaca, PA 100% 255,658 1 2,250 (1,605) 285,842 2 $ 3,900 $ (1,376) (1) These properties were vacant at the time of sale. Spartanburg, SC 1,015,740 Square Feet ILPT Ownership: 100%
16Q4 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and for the Three Months Ended As of and for the Year Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Properties 409 409 409 409 Rentable square feet 59,604 59,604 59,604 59,604 Percent leased 94.5% 94.6% 94.5% 94.6% Rental income $ 113,911 $ 110,336 $ 447,923 $ 441,484 NOI $ 88,189 $ 84,107 $ 349,681 $ 340,886 NOI % change 4.9 % 2.6% Cash Basis NOI $ 85,732 $ 81,468 $ 338,565 $ 328,667 Cash Basis NOI % change 5.2 % 3.0% Same Property Results Gardener, KS 645,462 Square Feet ILPT Ownership: 100%
17Q4 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the As of and for the Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 Properties 409 411 411 411 411 409 Rentable square feet 59,604 59,890 59,890 59,890 59,890 59,604 Percentage leased 94.5% 94.1% 94.3% 94.6% 94.4% 94.5% Leasing Activity (Sq. Ft.): New leases 46 193 44 437 148 720 Renewals 3,943 583 127 1,738 583 6,391 Rent resets — 60 — 144 — 204 Total 3,989 836 171 2,319 731 7,315 % Change in GAAP Rent: New leases 10.3% 14.0% 83.4% 22.2% 43.1% 18.8% Renewals 26.3% 25.8% 16.4% 17.6% 37.5% 23.3% Rent resets —% 25.3% —% 34.6% —% 29.1% Weighted average (by sq. ft.) 25.7% 22.4% 21.1% 18.9% 39.3% 22.9% Leasing Costs and Concession Commitments: New leases $ 99 $ 2,339 $ 9 $ 2,850 $ 1,515 $ 5,297 Renewals 8,266 934 54 3,622 505 12,876 Total $ 8,365 $ 3,273 $ 63 $ 6,472 $ 2,020 $ 18,173 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 2.16 $ 12.15 $ 0.21 $ 6.52 $ 10.27 $ 7.36 Renewals $ 2.10 $ 1.60 $ 0.42 $ 2.08 $ 0.87 $ 2.01 Weighted average $ 2.10 $ 4.22 $ 0.37 $ 2.97 $ 2.76 $ 2.56 Weighted Average Lease Term by Sq. Ft. (Years): New leases 5.2 9.7 5.0 5.8 21.3 6.7 Renewals 9.3 7.1 5.5 6.2 7.8 8.2 Weighted average 9.3 7.8 5.4 6.1 10.5 8.1 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 0.42 $ 1.26 $ 0.04 $ 1.13 $ 0.48 $ 1.09 Renewals $ 0.23 $ 0.22 $ 0.08 $ 0.33 $ 0.11 $ 0.25 Weighted average $ 0.23 $ 0.54 $ 0.07 $ 0.48 $ 0.26 $ 0.32 Occupancy and Leasing Summary
18Q4 2025RETURN TO TABLE OF CONTENTS As of December 31, 2025 Tenant Credit Characteristics and Concentration % of Total Annualized Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 27.9% 2 Amazon.com Services, Inc. 7.3% 3 Home Depot U.S.A., Inc. 2.2% 4 Restoration Hardware, Inc. 1.8% 5 OldCo Tire Distributors, Inc. 1.6% 6 UPS Supply Chain Solutions, Inc. 1.5% 7 Servco Pacific, Inc. 1.4% 8 DHL Group 1.2% 9 TD SYNNEX Corporation 1.1% 10 Techtronic Industries Company Limited 1.0% Total 47.0% Investment grade tenants and their subsidiaries: 55.9%Other leased Hawaii lands: 20.4% Other unrated or non-investment grade: 23.7% Tenant Credit Characteristics % of Total Annualized Rental Revenues (1) Includes any applicable subsidiaries of named tenants.
19Q4 2025RETURN TO TABLE OF CONTENTS Cumulative Cumulative % of Total % of Total % of Total % of Total Leased Leased Leased Annualized Annualized Annualized No. of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Year Leases Expiring Expiring Expiring 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 Portfolio Lease Expiration and Reset Schedules (dollars and sq. ft. in thousands) As of December 31, 2025 Scheduled Rent Resets at Hawaii Properties: 2026 2027 2028 2029 2030 Thereafter Total Reset square feet 154 86 — 1,859 594 582 3,275 Percent (1) 1.1% 0.6% —% 13.0% 4.1% 4.1% Annualized rental revenues $ 1,322 $ 814 $ — $ 8,394 $ 5,900 $ 5,764 $ 22,194 Percent (1) 1.1% 0.7% —% 6.8% 4.8% 4.6% (1) Percentages are based on leased square feet and annualized rental revenues at Hawaii properties only. Murfreesboro, TN 1,016,281 Square Feet ILPT Ownership: 100%
20Q4 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data by Investment Portfolio As of and for the Three Months Ended December 31, 2025 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidated Ownership % 100% 100% 100% 61% Properties 88 226 314 94 1 409 Rentable square feet 21,833 16,729 38,562 20,978 64 59,604 Occupancy % 95.7% 85.8% 91.4% 100.0% 98.1% 94.5% Selected Balance Sheet Data: Total gross assets $ 1,775,539 $ 732,107 $ 2,507,646 $ 3,084,577 $ 246,031 $ 5,838,254 Total debt (principal) $ 1,652,886 $ 857,114 $ 2,510,000 $ 1,704,036 $ — $ 4,214,036 Selected Income Statement Data: Rental income $ 39,562 $ 30,855 $ 70,417 $ 43,182 $ 311 $ 113,910 Net (loss) income $ (11,693) $ 10,017 $ (1,676) $ (22,598) $ 13,700 $ (10,574) Net (loss) income attributable to common shareholders $ (11,693) $ 10,017 $ (1,676) $ (13,785) $ 13,681 $ (1,780) NOI $ 31,003 $ 22,638 $ 53,641 $ 34,269 $ 194 $ 88,104 Cash Basis NOI $ 30,193 $ 21,834 $ 52,027 $ 33,425 $ 195 $ 85,647 Adjusted EBITDAre $ 28,751 $ 21,706 $ 50,457 $ 31,031 $ 3,571 $ 85,059 Normalized FFO attributable to common shareholders $ 4,436 $ 10,876 $ 15,312 $ 1,756 $ 1,810 $ 18,878 CAD attributable to common shareholders $ (1,109) $ 9,533 $ 8,424 $ 322 $ 1,286 $ 10,032 Key Ratios: Annualized Cash Basis NOI / total gross assets 6.8% 11.9% 8.3% 4.3% 5.9% Net debt / annualized Adjusted EBITDAre 14.4x 9.9x 12.4x 13.0x 11.8x Select Quarterly Leasing Activity: Leasing activity (sq. ft.): 3,261 264 3,525 464 — 3,989 % change in GAAP rent (weighted average by sq. ft.): 28.9% 9.6% 28.0% 14.3% —% 25.7% Weighted average lease term by sq. ft. (years): 10.3 2.0 9.6 6.4 — 9.3 (1) With the exception of measures attributable to common shareholders, amounts shown reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) Other includes data for: 100% ownership interest of one consolidated mainland property containing approximately 64 rentable square feet located in New Jersey in which ILPT has an approximate 67% ownership interest attributable to common shareholders, not ILPT's proportionate share thereof; any corporate assets and liabilities including ILPT's equity investment in its unconsolidated joint venture; and adjustments to remove the noncontrolling interest of Mountain JV from the balance sheet and income statement data.
21Q4 2025RETURN TO TABLE OF CONTENTS Joint Ventures
22Q4 2025RETURN TO TABLE OF CONTENTS GA: 12.3% TX: 10.1% OH: 9.8% IN: 8.4% NC: 5.7% FL: 4.9%IL: 4.6% MI: 4.6% MS: 4.2% NJ: 3.8% KS: 3.5% 16 Other States: 28.1% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of leases expiring 6 11 8 10 12 34 % of total annualized rental revenues expiring (1) 3.9% 9.9% 10.7% 7.6% 13.4% 54.5% A nn ua liz ed r en ta l r ev en ue s ex p ir in g 2026 2027 2028 2029 2030 Thereafter $— $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Lease Expiration Schedule As of December 31, 2025 Major Tenants % of Annualized Rental Top 10 Tenants (1) Revenues (2) 1 FedEx Corporation 54.9% 2 Amazon.com Services, Inc. 7.2% 3 Home Depot U.S.A., Inc. 3.8% 4 Techtronic Industries Company Limited 2.7% 5 Berkshire Hathaway Inc. 2.7% 6 Ulta Beauty, Inc. 2.4% 7 Autoneum Holding AG 2.3% 8 DSV Solutions Holding A/S 1.6% 9 Beam Suntory Inc. 1.4% 10 Treehouse Foods, Inc. 1.4% Total 80.4% Geographic Diversification (2) (1) Includes any applicable subsidiaries of named tenants. (2) Based on the aggregate annualized rental revenues of ILPT's consolidated joint venture as of December 31, 2025.
23Q4 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) ILPT Number of Rentable Joint Venture Ownership Presentation Properties States Square Feet Occupancy Mountain Industrial REIT LLC 61% Consolidated 94 27 20,978 100.0% (1) Amounts shown on this page reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof unless otherwise stated. (2) ILPT's proportionate share of the principal amount of debt based on its ownership percentage of Mountain JV as of December 31, 2025 was $1,039,462. None of the debt is recourse to ILPT, subject to certain limitations. As of December 31, 2025 Consolidated Balance Sheets of the Consolidated Joint Venture December 31, 2025 December 31, 2024 ASSETS Real estate properties $ 2,850,170 $ 2,843,834 Accumulated depreciation (301,806) (222,621) Total real estate properties, net 2,548,364 2,621,213 Acquired real estate leases, net 113,848 136,239 Cash, cash equivalents and restricted cash 85,735 103,559 Other assets, net 34,824 35,149 Total assets $ 2,782,771 $ 2,896,160 LIABILITIES Mortgage notes payable, net (2) $ 1,703,365 $ 1,722,015 Other liabilities 34,121 35,786 Total liabilities $ 1,737,486 $ 1,757,801 Noncontrolling interest (39%) $ 407,661 $ 443,960 Consolidated Joint Venture - Mountain Industrial REIT LLC (1) Greenwood, IN 615,284 Square Feet ILPT Ownership: 61%
24Q4 2025RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended December 31, Year Ended December 31, Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Rental income $ 43,182 $ 42,399 $ 169,636 $ 168,963 $ 26,341 $ 25,863 $ 103,478 $ 103,066 Real estate taxes 5,780 5,782 21,423 21,751 3,526 3,527 13,068 13,268 Other operating expenses 3,133 3,301 12,308 13,878 1,911 2,014 7,507 8,466 Depreciation and amortization 25,477 25,905 102,141 105,930 15,541 15,802 62,306 64,618 General and administrative 4,008 3,920 16,169 15,847 2,446 2,390 9,864 9,666 Total expenses 38,398 38,908 152,041 157,406 23,424 23,733 92,745 96,018 Interest income 770 1,125 3,477 5,183 470 686 2,121 3,162 Interest expense (28,217) (30,953) (114,485) (123,153) (17,212) (18,881) (69,836) (75,123) Loss before income taxes (22,663) (26,337) (93,413) (106,413) (13,825) (16,065) (56,982) (64,913) Income tax benefit (expense) 65 (80) 3 (145) 40 (49) 2 (89) Net loss $ (22,598) $ (26,417) $ (93,410) $ (106,558) $ (13,785) $ (16,114) $ (56,980) $ (65,002) Net loss $ (22,598) $ (26,417) $ (93,410) $ (106,558) $ (13,785) $ (16,114) $ (56,980) $ (65,002) Plus: depreciation and amortization 25,477 25,905 102,141 105,930 15,541 15,802 62,306 64,618 FFO and Normalized FFO $ 2,879 $ (512) $ 8,731 $ (628) $ 1,756 $ (312) $ 5,326 $ (384) (dollars in thousands) (1) See page 34 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture. Consolidated Joint Venture - Mountain Industrial REIT LLC
25Q4 2025RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended December 31, Year Ended December 31, Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 2025 2024 2025 2024 Normalized FFO $ 2,879 $ (512) $ 8,731 $ (628) $ 1,756 $ (312) $ 5,326 $ (384) Plus: non-cash interest expense 3,849 6,627 17,607 25,013 2,348 4,042 10,740 15,257 Minus: non-cash revenues (844) (863) (3,483) (4,178) (515) (526) (2,125) (2,548) Minus: capital expenditures (594) (993) (7,924) (4,798) (362) (606) (4,834) (2,926) Minus: principal amortization (4,763) (4,592) (18,793) (18,116) (2,905) (2,801) (11,463) (11,051) CAD $ 527 $ (333) $ (3,862) $ (2,707) $ 322 $ (203) $ (2,356) $ (1,652) Net loss $ (22,598) $ (26,417) $ (93,410) $ (106,558) $ (13,785) $ (16,114) $ (56,980) $ (65,002) Plus: interest expense 28,217 30,953 114,485 123,153 17,212 18,881 69,836 75,123 Plus: income tax (benefit) expense (65) 80 (3) 145 (40) 49 (2) 89 Plus: depreciation and amortization 25,477 25,905 102,141 105,930 15,541 15,802 62,306 64,618 EBITDA, EBITDAre and Adjusted EBITDAre $ 31,031 $ 30,521 $ 123,213 $ 122,670 $ 18,928 $ 18,618 75,160 74,828 (dollars in thousands) Consolidated Joint Venture - Mountain Industrial REIT LLC (1) See page 34 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture.
26Q4 2025RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of December 31, 2025 ILPT ILPT Number of Rentable Investment in Joint Venture Ownership Properties States Square Feet Occupancy Joint Venture The Industrial Fund REIT LLC 22% 18 12 11,726 98.7% $ 132,753 Three Months Ended December 31, Year Ended December 31, 2025 2024 2025 2024 Rental income $ 19,812 $ 18,396 $ 77,283 $ 74,022 Real estate taxes 2,921 2,602 11,358 10,543 Other operating expenses 2,172 2,129 8,856 8,349 Depreciation and amortization 7,508 7,742 30,549 31,026 General and administrative 994 936 4,031 3,751 Total expenses 13,595 13,409 54,794 53,669 Interest income 213 183 738 684 Interest expense (6,157) (6,364) (25,061) (25,329) Income (loss) before income taxes 273 (1,194) (1,834) (4,292) Income tax expense (4) (4) (15) (13) Net income (loss) $ 269 $ (1,198) $ (1,849) $ (4,305) Distributions received (2) $ 990 $ 990 $ 3,960 $ 3,960 Type Secured by Interest Rate Maturity Date Principal Balance Fixed rate - interest only One mainland property 6.96% 11/01/2028 $ 65,000 Floating rate - interest only (3) Six mainland properties 5.30% 10/01/2027 123,700 Fixed rate - interest only 11 mainland properties 3.33% 11/07/2029 350,000 Weighted average / total 4.22% $ 538,700 (1) Amounts shown on this page reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof unless otherwise stated. (2) Represents ILPT's distributions from this joint venture. (3) This loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.80%. The Industrial Fund REIT LLC purchased an interest rate cap through October 2026 with a SOFR strike rate equal to 3.50%. Interest rate reflects the impact of such interest rate cap. (dollars and sq. ft. in thousands) Carlisle, PA 205,090 Square Feet ILPT Ownership: 22%
27Q4 2025RETURN TO TABLE OF CONTENTS Appendix
28Q4 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Calculation of NOI and Cash Basis NOI: Rental income $ 113,910 $ 110,936 $ 112,097 $ 111,905 $ 110,521 $ 448,848 $ 442,322 Real estate taxes (16,658) (15,205) (15,662) (14,154) (16,214) (61,679) (62,563) Other operating expenses (9,148) (8,781) (8,878) (10,249) (10,121) (37,056) (38,547) NOI 88,104 86,950 87,557 87,502 84,186 350,113 341,212 Non-cash revenues (2,457) (2,201) (2,885) (3,722) (2,576) (11,265) (11,968) Cash Basis NOI $ 85,647 $ 84,749 $ 84,672 $ 83,780 $ 81,610 $ 338,848 $ 329,244 Reconciliation of net loss to NOI and Cash Basis NOI: Net loss $ (10,574) $ (30,431) $ (30,394) $ (31,169) $ (34,380) $ (102,568) $ (137,168) Equity in (earnings) losses of unconsolidated joint venture (14,643) (2,236) (4,144) 1,042 (100) (19,981) (5,332) Income tax expense 15 31 30 28 60 104 162 Loss before income taxes and equity in earnings of unconsolidated joint venture (25,202) (32,636) (34,508) (30,099) (34,420) (122,445) (142,338) Loss on extinguishment of debt — — 5,070 — — 5,070 — Loss on sale of real estate 1,376 — — — — 1,376 — Interest expense 63,362 63,470 67,914 69,813 71,739 264,559 292,536 Interest and other income (1,139) (1,585) (2,024) (1,968) (2,506) (6,716) (11,427) Loss on impairment of real estate — 6,081 — — — 6,081 — General and administrative 8,475 10,586 9,662 8,238 7,589 36,961 30,454 Depreciation and amortization 41,232 41,034 41,443 41,518 41,784 165,227 171,987 NOI 88,104 86,950 87,557 87,502 84,186 350,113 341,212 Non-cash revenues (2,457) (2,201) (2,885) (3,722) (2,576) (11,265) (11,968) Cash Basis NOI $ 85,647 $ 84,749 $ 84,672 $ 83,780 $ 81,610 $ 338,848 $ 329,244 Calculation and Reconciliation of Non-GAAP Financial Measures
29Q4 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended December 31, For the Year Ended December 31, 2025 2024 2025 2024 Reconciliation of NOI to Same Property NOI: Rental income $ 113,910 $ 110,521 $ 448,848 $ 442,322 Real estate taxes (16,658) (16,214) (61,679) (62,563) Other operating expenses (9,148) (10,121) (37,056) (38,547) NOI 88,104 84,186 350,113 341,212 Less: NOI of properties not included in same property results 85 (79) (432) (326) Same property NOI $ 88,189 $ 84,107 $ 349,681 $ 340,886 Reconciliation of Same Property Cash Basis NOI: NOI $ 88,104 $ 84,186 $ 350,113 $ 341,212 Non-cash revenues (2,457) (2,576) (11,265) (11,968) Cash Basis NOI $ 85,647 $ 81,610 $ 338,848 $ 329,244 Less: Cash Basis NOI of properties not included in same property results 85 (142) (283) (577) Same property Cash Basis NOI $ 85,732 $ 81,468 $ 338,565 $ 328,667 Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% Calculation and Reconciliation of Non-GAAP Financial Measures
30Q4 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Net loss $ (10,574) $ (30,431) $ (30,394) $ (31,169) $ (34,380) $ (102,568) $ (137,168) Plus: interest expense 63,362 63,470 67,914 69,813 71,739 264,559 292,536 Plus: income tax expense 15 31 30 28 60 104 162 Plus: depreciation and amortization 41,232 41,034 41,443 41,518 41,784 165,227 171,987 EBITDA 94,035 74,104 78,993 80,190 79,203 327,322 327,517 Loss on impairment of real estate — 6,081 — — — 6,081 — Loss on sale of real estate 1,376 — — — — 1,376 — Equity in (earnings) losses of unconsolidated joint venture (14,643) (2,236) (4,144) 1,042 (100) (19,981) (5,332) Share of EBITDAre from unconsolidated joint venture 3,067 3,025 2,861 2,878 2,842 11,831 11,455 EBITDAre 83,835 80,974 77,710 84,110 81,945 326,629 333,640 Plus: general and administrative expense paid in common shares 261 674 877 247 211 2,059 1,920 Plus: incentive management fees (1) 963 2,438 1,311 967 — 5,679 — Plus: loss on extinguishment of debt — — 5,070 — — 5,070 — Adjusted EBITDAre $ 85,059 $ 84,086 $ 84,968 $ 85,324 $ 82,156 $ 339,437 $ 335,560 Net loss attributable to common shareholders $ (1,780) $ (21,565) $ (21,310) $ (21,532) $ (24,101) $ (66,187) $ (95,669) Equity in (earnings) losses of unconsolidated joint venture (14,643) (2,236) (4,144) 1,042 (100) (19,981) (5,332) Loss on impairment of real estate — 6,081 — — — 6,081 — Loss on sale of real estate 1,376 — — — — 1,376 — Depreciation and amortization 41,232 41,034 41,443 41,518 41,784 165,227 171,987 Share of FFO from unconsolidated joint venture 1,711 1,623 1,475 1,505 1,440 6,314 5,879 FFO adjustments attributable to noncontrolling interests (9,981) (9,990) (10,037) (10,010) (10,146) (40,018) (41,510) FFO attributable to common shareholders 17,915 14,947 7,427 12,523 8,877 52,812 35,355 Incentive management fees (1) 963 2,438 1,311 967 — 5,679 — Loss on extinguishment of debt — — 5,070 — — 5,070 — Normalized FFO attributable to common shareholders $ 18,878 $ 17,385 $ 13,808 $ 13,490 $ 8,877 $ 63,561 $ 35,355 Calculation and Reconciliation of Non-GAAP Financial Measures (1) In January 2026, ILPT paid RMR an incentive management fee of $5,679 incurred for the year ended December 31, 2025.
31Q4 2025RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Normalized FFO attributable to common shareholders $ 18,878 $ 17,385 $ 13,808 $ 13,490 $ 8,877 $ 63,561 $ 35,355 Plus (minus): Non-cash interest expense 4,964 5,028 7,631 10,587 11,523 28,210 55,829 Non-cash revenues (2,457) (2,201) (2,885) (3,722) (2,576) (11,265) (11,968) General and administrative expense paid in common shares 261 674 877 247 211 2,059 1,920 Capital expenditures (7,080) (6,737) (5,151) (3,959) (5,357) (22,927) (17,199) Principal amortization (4,763) (4,720) (4,677) (4,633) (4,592) (18,793) (18,116) Share of Normalized FFO from unconsolidated joint venture (1,711) (1,623) (1,475) (1,505) (1,440) (6,314) (5,879) Distributions from unconsolidated joint venture 990 990 990 990 990 3,960 3,960 CAD adjustments attributable to noncontrolling interests 950 2,477 1,382 138 60 4,947 974 CAD attributable to common shareholders $ 10,032 $ 11,273 $ 10,500 $ 11,633 $ 7,696 $ 43,438 $ 44,876 Weighted average common shares outstanding (basic and diluted) 66,171 66,089 65,927 65,834 65,833 66,006 65,697 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.03) $ (0.33) $ (0.32) $ (0.33) $ (0.37) $ (1.00) $ (1.46) FFO attributable to common shareholders $ 0.27 $ 0.23 $ 0.11 $ 0.19 $ 0.13 $ 0.80 $ 0.54 Normalized FFO attributable to common shareholders $ 0.29 $ 0.26 $ 0.21 $ 0.20 $ 0.13 $ 0.96 $ 0.54 CAD attributable to common shareholders $ 0.15 $ 0.17 $ 0.16 $ 0.18 $ 0.12 $ 0.66 $ 0.68 Calculation and Reconciliation of Non-GAAP Financial Measures
32Q4 2025RETURN TO TABLE OF CONTENTS Company Profile, Research Coverage and Governance Information Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on both residential and commercial real estate and related businesses. As of December 31, 2025, RMR had over $37 billion in assets under management and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT believes that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. ILPT also believes RMR provides management services to it at a lower cost than it would have to pay for similar quality services if it were self managed. Board of Trustees Yael Duffy Bruce M. Gans Lisa Harris Jones Managing Trustee Lead Independent Trustee Independent Trustee Joseph L. Morea Kevin C. Phelan Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board and Managing Trustee June S. Youngs Independent Trustee Equity Research Coverage B. Riley Securities, Inc. Citizens Freedom Finance Global PLC John Massoca Mitchell Germain Viacheslav Obodnikov jmassoca@brileysecurities.com mgermain@jmpsecurities.com viacheslav.obodnikov@ffin.kz (646) 885-5424 (212) 906-3537 +7 (705) 863-59-40 ILPT is followed by the analysts listed on this page. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. Officers Yael Duffy Tiffany R. Sy Marc Krohn President and Chief Financial Officer Vice President Chief Executive Officer and Treasurer
33Q4 2025RETURN TO TABLE OF CONTENTS Unless otherwise noted, all data presented in this presentation excludes the properties owned by an unconsolidated joint venture in which ILPT owns a 22% equity interest. See page 26 for information regarding this joint venture and related mortgage notes. Non-GAAP Financial Measures: ILPT presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, attributable to common shareholders, normalized funds from operations, or Normalized FFO, attributable to common shareholders and cash available for distribution, or CAD, attributable to common shareholders. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net loss or net loss attributable to common shareholders, as indicators of ILPT's operating performance or as measures of its liquidity. These measures should be considered in conjunction with net loss and net loss attributable to common shareholders as presented in ILPT's condensed consolidated statements of income (loss). ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net loss and net loss attributable to common shareholders. ILPT believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of its operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of ILPT's properties. NOI and Cash Basis NOI: ILPT calculates NOI and Cash Basis NOI as shown on page 28 and same property NOI and same property Cash Basis NOI as shown on page 29. ILPT defines NOI as income from its rental of real estate less its property operating expenses. ILPT defines Cash Basis NOI as NOI excluding non-cash revenues and lease termination fees, if any. The calculations of NOI and Cash Basis NOI exclude certain components of net loss in order to provide results that are more closely related to ILPT's property level results of operations. NOI excludes depreciation and amortization. ILPT uses NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. ILPT calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that ILPT only includes same properties in calculating same property NOI and same property Cash Basis NOI. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than ILPT does. FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders: ILPT calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 30. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is: (1) net loss attributable to common shareholders calculated in accordance with GAAP, excluding (i) any recovery or loss on impairment of real estate, (ii) any gain or loss on sale of real estate and (iii) equity in earnings or losses of unconsolidated joint venture; (2) plus (i) real estate depreciation and amortization and (ii) ILPT's proportionate share of FFO from unconsolidated joint venture properties; (3) minus FFO adjustments attributable to noncontrolling interests; and (4) certain other adjustments currently not applicable to ILPT. In calculating Normalized FFO attributable to common shareholders, ILPT adjusts for certain nonrecurring items shown on page 30, including adjustments for such items related to the unconsolidated joint venture, if any, loss on extinguishment of debt, if any, and incentive management fees, if any. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain ILPT's qualification for taxation as a REIT, the then current and expected needs for and availability of cash to pay ILPT's obligations and fund ILPT's investments, limitations in ILPT's debt agreements, the availability to ILPT of debt and equity capital, its distribution rate as a percentage of the trading price of ILPT's common shares, or dividend yield, and ILPT's dividend yield compared to the dividend yields of other REITs and ILPT's expectation of future capital requirements and operating performance. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than ILPT does. Non-GAAP Financial Measures and Certain Definitions
34Q4 2025RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) Cash Available for Distribution: ILPT calculates CAD as shown on page 31. ILPT defines CAD as Normalized FFO minus ILPT's proportionate share of Normalized FFO from unconsolidated joint venture properties, plus operating cash flow distributions received from ILPT's unconsolidated joint venture, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring items, certain amounts excluded from Normalized FFO but settled in cash, excluding CAD adjustments attributable to noncontrolling interests, equity based compensation, principal amortization, and paid incentive management fees, if any, as well as certain other adjustments currently not applicable to ILPT. CAD is among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to ILPT's shareholders. Other real estate companies and REITs may calculate CAD differently than ILPT does. EBITDA, EBITDAre and Adjusted EBITDAre: ILPT calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 30. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including ILPT's proportionate share of EBITDAre from unconsolidated joint venture properties, and excluding any gain or loss on the sale of real estate, equity in earnings or losses of unconsolidated joint venture, recovery or loss on impairment of real estate, as well as certain other adjustments currently not applicable to ILPT. In calculating Adjusted EBITDAre, ILPT adjusts for the items shown on page 30. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than ILPT does. Pro-Rata Operating Information of Consolidated Joint Venture: ILPT believes this financial presentation of its consolidated joint venture information provides useful information to investors by providing additional insight into the financial performance of its consolidated joint venture, in which ILPT owns a 61% equity interest. This information may not accurately depict the impact of these investments in accordance with GAAP. Pro-rata information should not be considered in isolation or as a substitute for ILPT's condensed consolidated financial statements in accordance with GAAP. Certain Definitions: Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of ILPT's common shares at the end of the relevant period. Annualized rental revenues - Annualized rental revenues is the annualized contractual base rents from ILPT's tenants pursuant to its lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to ILPT, and excluding lease value amortization. Building improvements - Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. GAAP - GAAP refers to U.S. generally accepted accounting principles. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost, plus certain acquisition related costs, if any, before depreciation and impairments, if any. Gross sales price - Gross sales price excludes closing costs. ILPT Wholly Owned Properties - ILPT Wholly Owned Properties refers to 314 properties that are wholly owned by ILPT, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, Hawaii, or the Hawaii Portfolio, and 88 properties containing approximately 21.8 million rentable square feet located in 33 other states, or the Mainland Portfolio. Information included in this presentation with respect to the Mainland Portfolio and the Hawaii Portfolio include certain allocations of interest expense on debts secured by properties in each portfolio and of general and administrative expense based upon the gross asset value of properties in each portfolio. ILPT believes the information presented for these portfolios is useful to investors to provide insight into the financial performance of these portfolios.
35Q4 2025RETURN TO TABLE OF CONTENTS Incentive management fees - Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management fees are calculated based on common share total return, as defined in ILPT's business management agreement, for the three year period ending December 31 of the applicable calendar year, are included in general and administrative expenses in ILPT's condensed consolidated statements of comprehensive income (loss) and are payable to RMR in January of the following calendar year. Leased square feet - 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. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Leasing costs and concession commitments - Leasing costs and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Mountain JV - Mountain Industrial REIT LLC, or Mountain JV, owns 94 mainland properties containing approximately 21.0 million rentable square feet located in 27 states. ILPT owns a 61% equity interest in this joint venture. ILPT consolidates 100% of this joint venture in its financial statements in accordance with GAAP. Net debt - Net debt is the total outstanding principal of ILPT's debt less cash and cash equivalents and restricted cash and cash equivalents. Non-cash interest expense - Non-cash interest expense includes the amortization of debt discounts, premiums, issuance costs and interest rate caps. Non-cash revenues - Non-cash revenues include lease value amortization and straight line rent adjustments, if any. Percent change in GAAP rent - Percent change in GAAP rent is the percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. Same space represents the same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). Rentable square feet - Represents total square feet available for lease as of the measurement date. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Rolling four quarter CAD - Represents CAD for the preceding twelve month period as of the respective quarter end date. Same property - For the three months ended December 31, 2025 and 2024, same property results include properties that ILPT owned continuously since October 1, 2024. For the years ended December 31, 2025 and 2024, same property results include properties that ILPT owned continuously since January 1, 2024. SOFR - SOFR is the secured overnight financing rate. Tenant improvements - Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total market capitalization - Total market capitalization is the total principal amount of debt plus the market value of ILPT's common shares at the end of the applicable period. Non-GAAP Financial Measures and Certain Definitions (Continued)
36Q4 2025RETURN TO TABLE OF CONTENTS Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: ILPT’s portfolio and leasing pipeline; ILPT's momentum and strategic initiatives; opportunities to further strengthen ILPT's balance sheet; ILPT's ability to create value for shareholders; ILPT's tenant retention and demand for ILPT’s properties; stability of ILPT's cash flows; debt maturities; Mountain JV's potential exercise of the extension option for the maturity date of its floating rate loan; and ILPT’s capital expenditure plans and commitments. Forward-looking statements reflect ILPT’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause ILPT’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause its actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: whether ILPT's tenants will renew or extend their leases or whether ILPT will obtain replacement tenants on terms as favorable to it as the terms of its existing leases; ILPT's ability to successfully compete for tenancies, the likelihood that the rents it realizes will increase when ILPT renews or extends its leases, enters new leases, or its rents reset at ILPT’s properties located in Hawaii; ILPT’s ability to maintain high occupancy at its properties; ILPT’s ability to reduce its leverage, generate cash flow and take advantage of mark-to-market leasing opportunities; ILPT's ability to cost-effectively raise and balance its use of debt or equity capital; ILPT’s ability to pay interest on and principal of its debt; ILPT’s ability to purchase cost effective interest rate caps; ILPT's expected capital expenditures and leasing costs; ILPT’s ability to maintain sufficient liquidity; demand for industrial and logistics properties; whether the industrial and logistics sector and the extent to which ILPT's tenants' businesses are critical to sustaining a resilient supply chain and that ILPT's business will benefit as a result; competition within the commercial real estate industry, particularly for industrial and logistics properties in those markets in which ILPT’s properties are located; ILPT’s ability and the ability of its tenants to operate under unfavorable market and commercial real estate industry conditions, due to uncertainties surrounding interest rates and inflation, changing tariffs and trade policies and related uncertainty, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, geopolitical instability and tensions, pandemics, any U.S. government shutdowns, economic downturns or a possible recession, labor market conditions or changes in real estate utilization; ILPT's tenant and geographic concentrations; ILPT’s tenants’ ability and willingness to pay their rent obligations to ILPT; the credit qualities of ILPT’s tenants; changes in the security of cash flows from ILPT’s properties; potential defaults of ILPT's leases by its tenants; ILPT’s ability to pay distributions to its shareholders and to increase or sustain the amount of such distributions; ILPT’s ability to sell properties at prices or returns it targets, and the timing of such sales; ILPT's ability to complete sales without delay, or at all, pursuant to existing agreement terms; ILPT’s ability to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, to enter into additional real estate joint ventures or to attract co-venturers and benefit from its existing joint ventures or any real estate joint ventures ILPT may enter into; risks and uncertainties regarding the development, redevelopment or repositioning of ILPT’s properties, including as a result of inflation, cost overruns, tariffs, supply chain challenges, labor market conditions, construction delays or ILPT's inability to obtain necessary permits; ILPT’s ability to lease space at these properties at targeted returns and volatility in the commercial real estate markets; ILPT’s ability to prudently pursue, and successfully and profitably complete, expansion and renovation projects at its properties and to realize its expected returns on those projects; non-performance by the counterparty to ILPT's interest rate cap; the ability of ILPT’s manager, RMR, to successfully manage it; changes in environmental laws or in their interpretations or enforcement as a result of climate change or otherwise, or ILPT’s incurring environmental remediation costs or other liabilities; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; limitations imposed by and ILPT’s ability to satisfy complex rules to maintain its qualification for taxation as a REIT for U.S. federal income tax purposes; actual and potential conflicts of interest with ILPT’s related parties, including its managing trustees, RMR and others affiliated with them; acts of terrorism, war or other hostilities, outbreaks of pandemics or other public health safety events or conditions, global climate change or other manmade or natural disasters beyond ILPT's control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in ILPT’s periodic filings. The information contained in ILPT’s filings with the SEC, including under the caption “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies important factors that could cause differences from ILPT’s forward-looking statements in this presentation. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon ILPT’s forward-looking statements. Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
FAQ
How did ILPT (ILPT) perform financially in Q4 2025?
ILPT reported a net loss attributable to common shareholders of $1.8 million, or $0.03 per share, in Q4 2025. Normalized FFO attributable to common shareholders improved sharply to $18.9 million, or $0.29 per share, reflecting a 113% year-over-year increase in this key cash flow metric.
What were ILPT (ILPT)’s key property and leasing metrics for Q4 2025?
ILPT’s portfolio was 94.5% leased as of December 31, 2025. During Q4 2025, the company executed approximately 3.99 million square feet of leasing activity at weighted average GAAP rent increases of 25.7%, with a weighted average lease term of 9.3 years by square footage.
How did ILPT (ILPT)’s same property NOI trend in Q4 2025?
Same property NOI for ILPT increased 4.9% year over year to $88.2 million in Q4 2025. Same property Cash Basis NOI rose 5.2% to $85.7 million, indicating solid growth in underlying property-level earnings compared to the fourth quarter of 2024.
What dividend did ILPT (ILPT) declare around its Q4 2025 results?
On January 15, 2026, ILPT declared a quarterly distribution of $0.05 per common share. The dividend is payable on or about February 19, 2026 to shareholders of record as of January 26, 2026, continuing ILPT’s cash return to investors.
What is ILPT (ILPT)’s leverage profile as of December 31, 2025?
As of December 31, 2025, ILPT had total debt principal of $4.21 billion and net debt of $4.03 billion. Net debt represented 69.0% of total gross assets and 87.9% of total market capitalization, with Adjusted EBITDAre to interest expense coverage at 1.3x.
How much liquidity did ILPT (ILPT) have at the end of Q4 2025?
ILPT ended December 31, 2025 with $94.8 million of cash and cash equivalents and $88.2 million of restricted cash. Management highlighted this liquidity as available to meet operating needs, capital obligations, and debt service requirements across the company’s industrial real estate portfolio.
What are the main characteristics of ILPT (ILPT)’s tenant base?
As of December 31, 2025, ILPT’s portfolio comprised 409 properties totaling 59.6 million square feet across 39 states. Approximately 76% of annualized rental revenues came from investment grade tenants, subsidiaries of investment grade entities, or Hawaii land leases, contributing to relatively stable cash flows.
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