Industrial Logistics Properties Trust (ILPT) director granted 12,514 shares in equity award

Rhea-AI Filing Summary

PHELAN KEVIN C reported acquisition or exercise transactions in this Form 4 filing.

Industrial Logistics Properties Trust director Kevin C. Phelan reported an equity award of 12,514 common shares of beneficial interest. The shares were granted at no cash cost as part of the company’s equity compensation plan, so this is compensation rather than an open-market purchase.

After the award, Phelan directly holds 102,956.549 common shares. He also has an indirect position of 7,500 common shares held by a trust. The filing does not show any open-market buying or selling activity, only the new share grant and existing indirect holdings.

Insights

Equity Compensation Analyst

Routine stock grant increases director’s equity stake without open-market trading.

Director Kevin C. Phelan received 12,514 common shares of Industrial Logistics Properties Trust as an equity compensation award. The footnote confirms the grant was made under the issuer’s equity compensation plan, which is a standard tool to align directors with shareholder interests.

The transaction uses code A, indicating a grant or award acquisition, not a market purchase. After this award, Phelan holds 102,956.549 shares directly and 7,500 shares indirectly through a trust. With no reported sales or option exercises, the filing mainly documents increased long-term ownership from compensation.

Insider Trade Summary

2 transactions reported

Mixed 2 txns

Insider PHELAN KEVIN C

Role null

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

Holdings After Transaction: Common Shares of Beneficial Interest — 102,956.549 shares (Direct, null); Common Shares of Beneficial Interest — 7,500 shares (Indirect, By Trust)

Footnotes (1)

1. [object Object]

Key Figures

Equity award: 12,514 shares Direct holdings after award: 102,956.549 shares Indirect holdings by trust: 7,500 shares +1 more

4 metrics

Equity award 12,514 shares Common Shares of Beneficial Interest granted under equity compensation plan

Direct holdings after award 102,956.549 shares Common Shares of Beneficial Interest held directly after transaction

Indirect holdings by trust 7,500 shares Common Shares of Beneficial Interest held indirectly by trust

Grant price per share $0.0000 per share Price for 12,514-share equity compensation award

Key Terms

Common Shares of Beneficial Interest, equity compensation plan, grant, award, or other acquisition, indirect ownership

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""

indirect ownership financial

"ownership_type: "indirect" and nature_of_ownership: "By Trust""

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Form 4 Insider Transactions: What Each Field Means →

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^*

PHELAN KEVIN C

(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)
			Code	V	Amount	(A) or (D)	Price
Common Shares of Beneficial Interest	06/09/2026		A		12,514	A	(1)	102,956.549	D
Common Shares of Beneficial Interest								7,500	I	By Trust

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/ Kevin C. Phelan	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)