Yael Duffy increases ILPT holdings to 62,958 with equity award

Rhea-AI Filing Summary

Yael Duffy, President and COO of Industrial Logistics Properties Trust (ILPT), was awarded 24,390 common shares under the issuer's equity compensation plan on 09/09/2025. The reported transaction increased Duffy's beneficial ownership to 62,958 common shares. The Form 4 was signed by Yael Duffy on 09/11/2025 and is filed as an individual reporting person. The filing identifies Duffy as an officer and director and states the share award was issued pursuant to the issuer's equity compensation plan.

Insights

Financial Analyst

TL;DR: Routine equity award to an officer increased insider holdings modestly, with no other material transactions disclosed.

The Form 4 documents a single non-derivative award of 24,390 common shares granted on 09/09/2025, raising the reporting person's total to 62,958 shares. The filing identifies the award as issued under the issuer's equity compensation plan, and no purchase price or derivative transactions are reported. With no context on total shares outstanding or value, the economic impact on ownership percentage or dilution cannot be assessed from this filing alone. The transaction appears procedural and consistent with standard executive compensation practices.

Corporate Governance Expert

TL;DR: Insider award documented correctly under Section 16; disclosure meets reporting requirements absent additional context.

The Form 4 shows timely disclosure of an equity award for Yael Duffy and includes the required signature and transaction date. The filing specifies the award stems from the issuer's equity compensation plan but provides no supplemental detail such as vesting schedule or grant value. From a governance perspective, the report satisfies Section 16 reporting obligations; however, investors seeking governance implications (vesting, retention intent) would need further plan-level disclosures not contained in this Form 4.

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^*

Duffy Yael

(Last) (First) (Middle)

C/O THE RMR GROUP LLC

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

(Street)

NEWTON MA 02458

(City) (State) (Zip)

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

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

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

3. Date of Earliest Transaction (Month/Day/Year)
09/09/2025

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

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

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

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	09/09/2025		A		24,390	A	(1)	62,958	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)
				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.

	/s/ Yael Duffy	09/11/2025
	** 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.

FAQ

What transaction is reported on the ILPT Form 4 for Yael Duffy?

The Form 4 reports an award of 24,390 common shares to Yael Duffy on 09/09/2025 under the issuer's equity compensation plan.

How many ILPT shares does Yael Duffy beneficially own after the reported transaction?

Following the reported award, Yael Duffy beneficially owns 62,958 common shares.

What is Yael Duffy's role at Industrial Logistics Properties Trust (ILPT)?

The Form 4 identifies Yael Duffy as an officer and director, specifically the President and COO.

When was the Form 4 for this transaction signed and filed?

The Form 4 bears Yael Duffy's signature dated 09/11/2025, reporting the 09/09/2025 award.

Was the award described as coming from a specific compensation source?

Yes. The filing states the transaction was an award of shares pursuant to the issuer's equity compensation plan.