Industrial Logistics director granted 39K shares

ILPT director Adam D. Portnoy received an equity award and updated his direct and indirect share holdings, including shares held through ABP Trust.

Rhea-AI Filing Summary

Industrial Logistics Properties Trust (symbol: ILPT) is the issuer of record for a Form 4 filing submitted to the SEC. PORTNOY ADAM D. reported acquisition or exercise transactions in this Form 4 filing.

Industrial Logistics Properties Trust (ILPT) director Adam D. Portnoy received an award of 39,164 Common Shares of Beneficial Interest on September 10, 2026 under the company’s equity compensation plan. Following this grant, he holds 251,541 shares directly and is reported with 745,672 shares held indirectly through ABP Trust, for which he disclaims beneficial ownership except for his pecuniary interest.

Insider Trade Summary

Grant/Award: 39,164 shares

Grant/Award 2 txns

Insider PORTNOY ADAM D.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares of Beneficial Interest F1	39,164	--	--
holding	Common Shares of Beneficial Interest F2	--	--	--

Holdings After Transaction: Common Shares of Beneficial Interest — 251,541 shares (Direct); Common Shares of Beneficial Interest — 745,672 shares (Indirect, See Footnote)

Footnotes (2)

1. F1. Transaction reported is award of shares pursuant to the Issuer's equity compensation plan.
2. F2. These shares are held by ABP Trust; Mr. Portnoy, as the sole trustee, an officer and the controlling shareholder of ABP Trust, may be deemed to be a beneficial owner of these shares, but Mr. Portnoy disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

Key Figures

Equity award: 39,164 shares Direct holdings after transaction: 251,541 shares Indirect holdings via ABP Trust: 745,672 shares +1 more

4 metrics

Equity award 39,164 shares Award of Common Shares of Beneficial Interest on September 10, 2026 under equity compensation plan

Direct holdings after transaction 251,541 shares Total ILPT common shares held directly by Adam D. Portnoy after the September 10, 2026 award

Indirect holdings via ABP Trust 745,672 shares ILPT common shares held by ABP Trust for which Portnoy may be deemed a beneficial owner, subject to disclaimer

Transaction code A (grant, award, or other acquisition) SEC Form 4 non-derivative transaction code for the September 10, 2026 share award

Key Terms

Common Shares of Beneficial Interest, equity compensation plan, beneficial owner, pecuniary interest

4 terms

Common Shares of Beneficial Interest financial

"security title reported as Common Shares of Beneficial Interest"

Common Shares of Beneficial Interest are units that represent ownership in a company or organization, like owning a piece of a pie. They give investors voting rights and a chance to share in profits, making them important for those looking to invest and have a say in how the organization is run.

equity compensation plan financial

"award of shares pursuant to the Issuer's equity compensation plan"

A plan by which a company gives employees, directors or contractors ownership or the right to buy ownership in the company through stock, options or similar awards — think of promising slices of the company pie as part of someone's pay. It matters to investors because these awards can change the number of shares outstanding, affect reported profits and influence management’s decisions; large or generous plans can dilute existing holders and alter incentives over time.

beneficial owner financial

"may be deemed to be a beneficial owner of these shares"

A beneficial owner is the person who ultimately owns or controls a financial asset or property, even if their name isn't directly on official documents. Think of it like someone who secretly holds the keys to a safe deposit box—others may appear to have access, but the true owner is the one who benefits from what's inside. Identifying beneficial owners helps ensure transparency and prevent illegal activities like money laundering or fraud.

pecuniary interest financial

"disclaims such beneficial ownership except to the extent of his pecuniary interest"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What transaction did ILPT director Adam D. Portnoy report on this Form 4?

He reported an award of 39,164 Common Shares of Beneficial Interest on September 10, 2026. The award was made pursuant to Industrial Logistics Properties Trust’s equity compensation plan.

How many ILPT shares does Adam D. Portnoy hold directly after this award?

After the award, Adam D. Portnoy holds 251,541 ILPT common shares directly. This figure is reported as his total direct holdings following the transaction on September 10, 2026.

What indirect ILPT holdings are reported for Adam D. Portnoy?

The filing reports 745,672 ILPT common shares held indirectly through ABP Trust. Portnoy is the sole trustee, an officer and the controlling shareholder of ABP Trust, but he disclaims beneficial ownership except to the extent of his pecuniary interest.

Was the ILPT share award to Adam D. Portnoy a market purchase or a compensation grant?

The Form 4 states the transaction was an award of shares pursuant to Industrial Logistics Properties Trust’s equity compensation plan, indicating it was a compensation-related grant, not an open-market purchase.

Does the Form 4 indicate trades under a Rule 10b5-1 plan for ILPT shares?

No. The filing’s Rule 10b5-1 checkbox is not marked as relying on a 10b5-1 trading plan, and the footnotes describe the transaction as an equity compensation award rather than a pre-arranged trading plan sale or purchase.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

Available on EDGAR 09/14/2026 - 05:37 PM Accepted by SEC EDGAR 09/14/2026 - 05:37 PM Learn about SEC filing dates

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

PORTNOY ADAM D.

(Last) (First) (Middle)

C/O THE RMR GROUP LLC

TWO NEWTON PL., 255 WASH. ST., STE. 300

(Street)

NEWTON MASSACHUSETTS 02458

(City) (State) (Zip)

UNITED STATES

(Country)

2. Issuer Name and Ticker or Trading Symbol
Industrial Logistics Properties Trust [ ILPT ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/10/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	09/10/2026		A		39,164	A	(1)	251,541	D
Common Shares of Beneficial Interest								745,672	I	See Footnote(2)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. Transaction reported is award of shares pursuant to the Issuer's equity compensation plan.

2. These shares are held by ABP Trust; Mr. Portnoy, as the sole trustee, an officer and the controlling shareholder of ABP Trust, may be deemed to be a beneficial owner of these shares, but Mr. Portnoy disclaims such beneficial ownership except to the extent of his pecuniary interest therein.

	/s/ Adam D. Portnoy	09/14/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)