Industrial Logistics Properties Trust

What Industrial Logistics Properties Trust does

Industrial Logistics Properties Trust (Nasdaq: ILPT) is a Maryland-domiciled real estate investment trust that owns and leases industrial and logistics properties throughout the United States. The company was formed in 2017, completed its initial public offering on January 11, 2018 at $24.00 per share, and significantly expanded its footprint in November 2021 through the approximately $4.0 billion all-cash acquisition of Monmouth Real Estate Investment Corporation, which added 126 industrial properties. As of March 31, 2026, ILPT's portfolio comprises 409 properties containing approximately 59.6 million rentable square feet across 39 U.S. states (183 mainland properties in 38 states and 226 properties on Oahu, Hawaii), leased to approximately 300 tenants at 94.6% occupancy (rising to approximately 98% following June 2026 transactions), with a weighted average remaining lease term of 7.4 years and approximately 77% of annualized rental revenues derived from investment grade tenants, subsidiaries of investment grade rated entities, or Hawaii land leases. Named marquee tenants include Amazon and FedEx, both described as among ILPT's two largest customers.

ILPT's core economic engine is rental income from two distinct segments: (i) a mainland industrial warehouse and distribution portfolio (~72% of annualized rental revenues) consisting largely of build-to-suit facilities averaging 14.5 years in age where tenants fund build-out capital, providing stickiness through tenant switching costs; and (ii) a Hawaii industrial land ground-lease portfolio on Oahu (~28% of annualized rental revenues) where long-term leases reset periodically to fair market values and have historically yielded average rent increases exceeding 20% since 2003 acquisition. The company is externally managed by The RMR Group (Nasdaq: RMR), an alternative asset manager with over $37 billion in assets under management, 800+ real estate professionals, and 30+ regional offices, with Adam D. Portnoy serving as Chair of ILPT while also being CEO of RMR. All property operations, leasing, and asset management are executed through this shared RMR platform, supported by a recent $1.62 billion fixed-rate refinancing (May 2026) of the consolidated Mountain Industrial REIT LLC joint venture and an earlier $1.16 billion debt raise (June 2025). Capital is returned to shareholders via a quarterly cash distribution of $0.05 per share ($0.20 annual run-rate as of April 2026), an increase from the $0.01 per share paid in Q2 2025.

Name

Industrial Logistics Properties Trust

Legal name

Industrial Logistics Properties Trust

Website

https://ilptreit.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

1–10 employees

Short description

Industrial Logistics Properties Trust (Nasdaq: ILPT) is an externally managed REIT that owns and leases 409 industrial and logistics properties totaling approximately 59.6 million square feet across 39 U.S. states to roughly 300 tenants, with marquee customers including Amazon and FedEx.

Ownership category

akta.pro rank

Product category

Industrial Real Estate REIT

NAICS

General Warehousing and Storage (493110)

SIC

Real Estate Investment Trusts (6798), Real Estate Agents & Managers (For Others) (6531)

akta.pro primary industry

Industrial & Logistics Real Estate Asset Management (BPAJAMAC)

akta.pro secondary industries

Industrial & Logistics Property Management (BPAJAGAC), Industrial & Logistics Tenant Representation (BPAJALAC), Industrial & Logistics Brokerage (BPAJABAC)

Keywords

• Industrial real estate
• Logistics properties
• Net lease REIT
• Industrial warehouse leasing
• Ground lease portfolio

Headquarters

HQ city

Newton

HQ country

United States

HQ region

North America

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Operations, Personnel, Marketing or Sales, Technology or R&D

Revenue model

1. Rental Income - Industrial Properties: ILPT generates revenue primarily from leasing industrial and logistics properties to tenants. Approximately 72% of annualized rental revenues come from 183 mainland properties in 38 states, with buildings averaging 14.5 years old. Most mainland properties were built to suit for tenant needs.
2. Hawaii Ground Lease Revenue: Approximately 28% of annualized rental revenues come from 226 Hawaii properties (buildings, leasable land parcels and easements) on Oahu, most of which are long-term ground leases where tenants have constructed buildings and operate businesses. Hawaii properties benefit from periodic rent resets based on fair market values, historically resulting in average rent increases of more than 20%.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Industrial Logistics Properties Trust is a REIT that owns and leases industrial and logistics properties throughout the United States, encompassing 409 properties of approximately 59.6 million rentable square feet across 39 states. Revenue is generated by leasing warehouse and distribution facilities on the mainland (around 72% of annualized rental revenues, 183 properties in 38 states with average building age of 14.5 years) and by long-term industrial ground leases in Hawaii on Oahu (around 28% of annualized rental revenues, 226 properties with periodic fair-market rent resets). The portfolio serves approximately 300 tenants, with roughly 77% of annualized rental revenues from investment grade tenants, subsidiaries of investment grade rated entities, or Hawaii land leases.

Product overview

Industrial Logistics Properties Trust (ILPT) operates as a single business unit REIT offering a unified portfolio of industrial and logistics properties for lease. The company does not offer a multi-module product architecture; rather, it provides access to its property portfolio through direct leasing arrangements. As of March 31, 2026, the portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet across 39 states, leased to approximately 300 tenants. Approximately 77% of annualized rental revenues derive from investment grade tenants or Hawaii land leases. The portfolio is managed by The RMR Group, which provides access to over 800 real estate professionals and more than 30 regional offices.

Differentiator

Problem solved

Functional benefit

Products and services

• Industrial and Logistics Properties Portfolio A diversified portfolio of 409 industrial and logistics properties containing approximately 59.6 million rentable square feet across 39 U.S. states, leased to approximately 300 tenants. The portfolio includes mainland warehouse and distribution facilities (approximately 42.9 million rentable square feet across 38 states, average building age 14.5 years, many built to suit for tenant needs) accounting for about 72% of annualized rental revenues, and a Hawaii industrial land ground-lease segment (226 properties and approximately 16.7 million rentable square feet on Oahu) accounting for about 28% of annualized rental revenues. Approximately 77% of annualized rental revenues come from investment grade tenants, subsidiaries of investment grade rated entities, or Hawaii land leases.

Quantifiable outcome

• Historical average rent increases exceeding 20% on Hawaii property rent resets and new leases since 2003
• +3 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Three partnerships are on record, tiered core and minor.

• The RMR GroupcoreStrategic or Co-development PartnerILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company. RMR provides over 800 real estate professionals in more than 30 offices nationwide, managing over $37 billion in assets under management as of March 31, 2026. RMR has 40 years of institutional experience in buying, selling, financing and operating commercial real estate.
• Mountain Industrial REIT LLCcoreStrategic or Co-development PartnerConsolidated joint venture (Mountain JV) owning 90 industrial properties securing the $1.62 billion mortgage financing
• The Industrial Fund REIT LLCminorStrategic or Co-development PartnerUnconsolidated joint venture in which ILPT holds a 22% equity interest

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Broad incumbents

• Prologis: The largest publicly traded industrial REIT globally, owning and leasing logistics and distribution facilities worldwide. Direct competitor to ILPT in the U.S. industrial logistics segment, but at vastly greater scale and geographic breadth, including significant global exposure.

Direct peers

• Rexford Industrial Realty: A pure-play industrial REIT focused on Southern California infill industrial properties. Highly comparable to ILPT in business model (own and lease industrial properties) but with concentrated geographic exposure in SoCal versus ILPT's diversified 39-state footprint.
• EastGroup Properties: A Sun Belt-focused industrial REIT owning and leasing distribution and light industrial properties. Direct peer in business model and customer base (logistics tenants), but with a more concentrated geographic footprint than ILPT.
• Terreno Realty Corporation: An industrial REIT focused on infill industrial properties in six major U.S. coastal markets. Comparable to ILPT in owning and leasing modern industrial logistics facilities to e-commerce and logistics tenants, though smaller in scale and more geographically concentrated.
• First Industrial Realty Trust: A diversified industrial REIT operating across major U.S. logistics markets. Direct peer to ILPT in business model and tenant profile (logistics and distribution), with a comparable multi-market industrial portfolio strategy.
• STAG Industrial: An industrial REIT focused on single-tenant industrial properties across the U.S. Closely comparable to ILPT in business model and tenant concentration profile, though with a more single-tenant-oriented portfolio.

Emerging players

• Plymouth Industrial REIT: A smaller industrial REIT focused on U.S. industrial and logistics properties, including a presence in core Midwest and Sun Belt markets. Comparable business model to ILPT, but at a meaningfully smaller scale and with a more focused acquisition strategy.
• Americold Realty Trust: A temperature-controlled warehousing REIT that owns and operates cold storage facilities. Adjacent peer to ILPT in the industrial warehousing space, serving logistics and food distribution customers, though with a specialized cold storage focus rather than general industrial.

Others

• Monmouth Real Estate Investment Corporation: Formerly an industrial REIT focused on single-tenant net-leased industrial properties, acquired by ILPT in November 2021 for approximately $4.0 billion. Highly relevant historical reference point as the source of 126 properties that now form a significant portion of ILPT's mainland portfolio.
• National Storage Affiliates Trust: A self-storage REIT also managed by RMR-affiliated platforms. Not a direct industrial competitor but a peer REIT in the externally-managed, RMR ecosystem that shares the same external management structure dynamics and is useful for benchmarking ILPT's structure and fee economics.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat4 records

Key risks7 records

Key highlights8 records

Customer concentration

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Subsidiaries2 records

Funding overview

Funding rounds1 record

Investors6 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Industrial Logistics Properties Trust