[Form 4] Industrial Logistics Properties Trust Insider Trading Activity

Rhea-AI Filing Summary

Yael Duffy, President and COO of Industrial Logistics Properties Trust (ILPT), reported a transaction on Form 4. On 09/16/2025 she disposed of 4,398 common shares at a price of $6.35 per share. The filing explains the disposal was to satisfy a tax withholding obligation related to the vesting of previously issued securities. After the withholding sale, Ms. Duffy beneficially owns 58,560 common shares, held directly. The Form 4 was signed on 09/18/2025 and was filed by one reporting person.

Positive

• Insider remains a direct holder with 58,560 common shares following the transaction
• Transaction documented as tax withholding, indicating the sale was administrative rather than an open-market discretionary sale

Negative

• Disposition of 4,398 shares at $6.35 reduced the reporting person's holdings
• Filing does not disclose any additional context such as grant details or remaining unvested awards

Insights

Securities Analyst

TL;DR: Routine withholding sale by an officer to cover taxes; no new issuance or open-market sell signal in the filing.

The reported transaction is coded F(1) and accompanied by an explicit explanation that the shares were withheld to satisfy tax liabilities upon vesting. The disposal size—4,398 shares at $6.35—reduces the officer's direct holdings to 58,560 shares. This filing documents compliance with Section 16 reporting and does not indicate a voluntary open-market disposition or a change in control. From an ownership perspective, the officer retains a meaningful block of shares but the transaction itself appears administrative.

Corporate Governance Expert

TL;DR: Administrative sale for tax withholding; record shows continued alignment via retained shares.

The Form 4 includes the required signature and timing details and identifies the reporting person as President and COO. The action is explicitly described as payment of tax liability by withholding securities incident to vesting, consistent with common equity compensation practices. The report was filed by a single reporting person and includes post-transaction ownership. There are no indications of accelerated vesting, option exercises beyond withholding, or other governance events disclosed in this filing.

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

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)
09/16/2025

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	09/16/2025		F(1)		4,398	D	$6.35	58,560	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. Payment of tax liability by withholding securities incident to the vesting of the security issued in accordance with Rule 16b-3.

	/s/ Yael Duffy	09/18/2025
	** 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 did Yael Duffy (ILPT) report on Form 4?

She reported a disposal of 4,398 common shares on 09/16/2025 at $6.35 per share to satisfy a tax withholding obligation, leaving 58,560 shares beneficially owned.

Why were the 4,398 ILPT shares sold?

The Form 4 explains the sale was for payment of tax liability by withholding securities incident to the vesting of previously issued awards.

What is the reporting person’s role at ILPT?

The reporting person is identified as President and COO of Industrial Logistics Properties Trust.

When was the Form 4 signed and filed?

The signature on the Form 4 is dated 09/18/2025, and the transaction date reported is 09/16/2025.

Does the filing indicate an open-market sale?

No; the filing uses code F(1) and expressly states the shares were withheld to satisfy taxes, not an open-market sale.