[Form 4] Industrial Logistics Properties Trust Insider Trading Activity

Rhea-AI Filing Summary

Tiffany R. Sy, Chief Financial Officer and Treasurer of Industrial Logistics Properties Trust (ILPT), received an award of 13,008 common shares under the issuer's equity compensation plan on 09/09/2025. After the award, Ms. Sy beneficially owns 26,088 common shares. The Form 4 was signed by Ms. Sy on 09/11/2025. The filing indicates the transaction was an acquisition of shares granted pursuant to the company’s equity compensation program and was reported as an individual filing by one reporting person.

Positive

• Acquisition of 13,008 shares granted to the CFO increases insider alignment with shareholders
• Beneficial ownership increased to 26,088 shares, disclosed clearly on Form 4
• Timely reporting with signature dated 09/11/2025

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider acquisition of 13,008 shares increases CFO’s stake to 26,088 shares; no cash price disclosed in the filing.

The reported award is a routine equity compensation grant to a senior officer rather than an open-market purchase, as the Form 4 explicitly states the shares were issued pursuant to the issuer's equity compensation plan. The transaction increases the reporting person's beneficial ownership to 26,088 shares, which is disclosed directly on the form. The filing does not report a transaction price for the award.

Corporate Governance Expert

TL;DR: This is a standard equity compensation disclosure for an officer with timely reporting on Form 4.

The Form 4 shows compliance with Section 16 reporting: the reporting person is identified as CFO and Treasurer and filed an individual Form 4 reflecting a grant awarded under the company’s equity plan. The explanation line explicitly states the award was made pursuant to the issuer’s equity compensation plan, and the form is signed and dated 09/11/2025. No additional governance events, such as departures or related-party transactions, are 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

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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).

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^*

Sy Tiffany R

(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)
	CFO and Treasurer

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		13,008	A	(1)	26,088	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/ Tiffany R. Sy	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

Who filed the Form 4 for ILPT?

The Form 4 was filed by Tiffany R. Sy, who is identified as CFO and Treasurer.

What transaction is reported on the ILPT Form 4 dated 09/09/2025?

The filing reports an award of 13,008 common shares granted pursuant to the issuer's equity compensation plan on 09/09/2025.

How many ILPT shares does the reporting person beneficially own after the transaction?

After the reported transaction, the filing shows beneficial ownership of 26,088 common shares.

Was a transaction price disclosed in the Form 4?

No transaction price is disclosed in the filing; the entry for price is absent and the explanation states the shares were awarded under the equity plan.

When was the Form 4 signed?

The Form 4 is signed by Tiffany R. Sy on 09/11/2025.