Was the ILPT Form 4 transaction an open-market buy or a share grant?

The transaction was a share grant, not an open-market buy. The Form 4 uses transaction code “A” for a grant, award, or other acquisition, and notes the shares were awarded under Industrial Logistics Properties Trust’s equity compensation plan at a price of zero per share.

Is the ILPT Form 4 transaction related to derivative securities or options?

No, the reported transaction involves non-derivative common shares only. The filing describes Common Shares of Beneficial Interest, notes a grant-type acquisition, and shows an empty derivative summary, indicating no options, warrants, or other derivative securities are part of this specific Form 4.

ILPT director receives 12,514-share equity award

GANS BRUCE M. reported acquisition or exercise transactions in this Form 4 filing.

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)How Sentiment works

Sentiment and the balance of points

Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.

How Sentiment works How the balance works

Form Type

Rhea-AI Filing Summary

GANS BRUCE M. reported acquisition or exercise transactions in this Form 4 filing.

Industrial Logistics Properties Trust director Bruce M. Gans reported an equity award of 12,514 Common Shares of Beneficial Interest. The shares were granted at a price of $0.00 per share as part of the company’s equity compensation plan, rather than through an open-market purchase. Following this award, Gans directly holds 102,205 common shares, reflecting his updated ownership position in the company.

Insider Trade Summary

Grant/Award: 12,514 shares

Grant/Award 1 txn

Insider GANS BRUCE M.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Common Shares of Beneficial Interest	12,514	$0.00	$0.00

Holdings After Transaction: Common Shares of Beneficial Interest — 102,205 shares (Direct)

Footnotes (1)

F1. Transaction reported is award of shares pursuant to the Issuer's equity compensation plan.

Key Figures

Shares granted: 12,514 shares Grant price per share: $0.00 per share Total shares after transaction: 102,205 shares

3 metrics

Shares granted 12,514 shares Equity award of Common Shares of Beneficial Interest

Grant price per share $0.00 per share Equity compensation plan award

Total shares after transaction 102,205 shares Bruce M. Gans direct holdings following award

Key Terms

Common Shares of Beneficial Interest, equity compensation plan, Grant, award, or other acquisition, non-derivative

4 terms

Common Shares of Beneficial Interest financial

"security_title: "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.

Grant, award, or other acquisition financial

"transaction_code_description: "Grant, award, or other acquisition""

non-derivative financial

"transaction_type: "non-derivative""

FAQ

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

What did ILPT director Bruce M. Gans report in this Form 4 filing?

Bruce M. Gans reported receiving 12,514 Common Shares of Beneficial Interest in Industrial Logistics Properties Trust. The transaction is coded as a grant or award, meaning the shares were issued as compensation rather than bought in the open market.

How many ILPT shares does Bruce M. Gans hold after this equity award?

After the reported equity award, Bruce M. Gans directly holds 102,205 Common Shares of Beneficial Interest in Industrial Logistics Properties Trust. This total reflects his updated direct ownership following the grant of 12,514 additional shares under the company’s equity compensation plan.

What does transaction code “A” mean in the ILPT Form 4 for Bruce M. Gans?

Transaction code “A” in this Form 4 indicates a grant, award, or other acquisition of shares. For Bruce M. Gans, it reflects 12,514 ILPT common shares granted as part of the issuer’s equity compensation plan, rather than an open-market purchase or sale transaction.

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

Accepted by SEC EDGAR 06/10/2026 - 06:29 PM

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^*

GANS BRUCE M.

(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)
06/09/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
Common Shares of Beneficial Interest	06/09/2026		A		12,514	A	⁽¹⁾	102,205	D

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)

Explanation of Responses:

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

	/s/ Bruce M. Gans	06/10/2026
	** 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)

Source: View Original Filing on SEC EDGAR