ILPT director-linked trust buys 2,000 shares

Industrial Logistics Properties Trust director-associated trust reports open-market share purchase.

Rhea-AI Filing Summary

Industrial Logistics Properties Trust director-associated trust reports open-market share purchase. A trust associated with director Kevin C. Phelan bought 2,000 common shares of beneficial interest at $8.8678 per share in an open-market transaction on May 22, 2026. Following this, the trust holds 7,500 shares indirectly, while Phelan also holds 90,442.549 shares directly, including 1,325.207 shares acquired through the company’s Dividend Reinvestment Plan since his last Section 16 filing. Phelan disclaims beneficial ownership of the trust’s shares except for his pecuniary interest.

Insider Trade Summary

Net Buyer: 2,000 shares

Net Buy 2 txns

Insider PHELAN KEVIN C

Role Director

Bought 2,000 shs ($18K)

Type	Security	Shares	Price	Value
Purchase	Common Shares of Beneficial Interest	2,000	$8.8678	$18K
holding	Common Shares of Beneficial Interest	--	--	--

Holdings After Transaction: Common Shares of Beneficial Interest — 7,500 shares (Indirect, By Trust); Common Shares of Beneficial Interest — 90,442.549 shares (Direct)

Footnotes (2)

1. F1. This transaction is being reported to reflect the purchase of common shares of Industrial Logistics Properties Trust by the Anne D. Phelan Trust, of which Mr. Phelan is a co-trustee and beneficiary. Mr. Phelan disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.
2. F2. Includes 1,325.207 shares acquired under the Industrial Logistics Properties Trust Dividend Reinvestment Plan since the last Section 16 filing by Mr. Phelan.

Key Figures

Shares purchased: 2,000 shares Purchase price per share: $8.8678 per share Indirect holdings after transaction: 7,500 shares +2 more

5 metrics

Shares purchased 2,000 shares Open-market purchase by Anne D. Phelan Trust on May 22, 2026

Purchase price per share $8.8678 per share Price paid for ILPT common shares in the reported transaction

Indirect holdings after transaction 7,500 shares ILPT shares held indirectly through trust after purchase

Direct holdings 90,442.549 shares ILPT common shares held directly by Kevin C. Phelan after reporting

Dividend Reinvestment Plan shares 1,325.207 shares Shares acquired via ILPT Dividend Reinvestment Plan since last filing

Key Terms

open-market purchase, beneficial ownership, pecuniary interest, Dividend Reinvestment Plan, +1 more

5 terms

open-market purchase financial

"transaction_action: open-market purchase"

An open-market purchase is when an investor or a company buys shares on a public stock exchange at the going market price, rather than through a private deal. It matters to investors because these purchases change how many shares are available, can push the stock price up or signal confidence from large buyers, and often affect per-share metrics like earnings—think of it like someone buying lots of apples off a grocery shelf, reducing supply and potentially raising the price.

beneficial ownership financial

"Mr. Phelan disclaims beneficial ownership of such shares except to the extent"

Beneficial ownership means the person or entity that actually enjoys the benefits of owning shares or other assets — such as receiving dividends, voting rights, or price gains — even if the legal title is held in another name. For investors it matters because knowing who truly controls and profits from a company reveals who can influence decisions, exposes potential conflicts of interest or hidden concentration of power, and affects transparency and risk in the stock.

pecuniary interest financial

"except to the extent of his pecuniary interest therein"

Dividend Reinvestment Plan financial

"Includes 1,325.207 shares acquired under the Industrial Logistics Properties Trust Dividend Reinvestment Plan"

A dividend reinvestment plan lets shareholders automatically use cash dividends to buy more shares of the same company instead of receiving the money. It matters to investors because it turns regular payouts into a steady way to grow ownership and take advantage of compound returns—like having your savings automatically buy additional slices of a pie over time—while often reducing transaction costs and smoothing purchase timing.

Section 16 filing regulatory

"since the last Section 16 filing by Mr. Phelan"

FAQ

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

What insider transaction did ILPT director Kevin C. Phelan report?

Kevin C. Phelan reported an indirect open-market purchase of 2,000 Industrial Logistics Properties Trust common shares at $8.8678 per share. The shares were acquired by the Anne D. Phelan Trust, where he is co-trustee and beneficiary, and he disclaims full beneficial ownership.

How many ILPT shares does Kevin C. Phelan hold after this Form 4?

After the reported transactions, Kevin C. Phelan holds 90,442.549 ILPT common shares directly and 7,500 shares indirectly through a trust. The direct holdings include 1,325.207 shares accumulated under Industrial Logistics Properties Trust’s Dividend Reinvestment Plan since his prior Section 16 filing.

Who actually purchased the ILPT shares reported in this Form 4?

The 2,000 ILPT shares were purchased by the Anne D. Phelan Trust, not by Kevin C. Phelan personally. He serves as co-trustee and beneficiary of the trust and disclaims beneficial ownership of those shares except to the extent of his pecuniary interest in them.

What price was paid for the ILPT shares in the insider purchase?

The reported transaction shows an open-market purchase of 2,000 Industrial Logistics Properties Trust common shares at $8.8678 per share. This per-share price is disclosed in the Form 4 as the transaction price for the trust’s acquisition on May 22, 2026.

What is the Dividend Reinvestment Plan mentioned in the ILPT Form 4?

The filing notes that 1,325.207 ILPT shares were acquired under the Industrial Logistics Properties Trust Dividend Reinvestment Plan. This plan allows dividends to be automatically reinvested into additional shares, increasing holdings over time without separate open-market purchase transactions by the shareholder.

How does Kevin C. Phelan describe his beneficial ownership of the trust’s ILPT shares?

Kevin C. Phelan disclaims beneficial ownership of the ILPT shares held by the Anne D. Phelan Trust, except for his pecuniary interest. This means he recognizes only his economic stake, even though he is a co-trustee and beneficiary of the trust that purchased the shares.

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

Accepted by SEC EDGAR 05/27/2026 - 04:16 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^*

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)
05/22/2026

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	05/22/2026		P(1)		2,000	A	$8.8678	7,500	I	By Trust
Common Shares of Beneficial Interest								90,442.549(2)	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. This transaction is being reported to reflect the purchase of common shares of Industrial Logistics Properties Trust by the Anne D. Phelan Trust, of which Mr. Phelan is a co-trustee and beneficiary. Mr. Phelan disclaims beneficial ownership of such shares except to the extent of his pecuniary interest therein.

2. Includes 1,325.207 shares acquired under the Industrial Logistics Properties Trust Dividend Reinvestment Plan since the last Section 16 filing by Mr. Phelan.

	/s/ Kevin C. Phelan	05/27/2026
	** 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)