Fideicomiso de Propiedades Logísticas Industriales (ILPT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Las propiedades de la logística industrial Fideicomiso (ILPT) surgen como una fuerza dinámica en el panorama de inversión inmobiliaria, navegando estratégicamente el complejo mundo de la gestión de propiedades industriales y logísticas. Al aprovechar un sofisticado lienzo de modelo de negocio que equilibra meticulosamente las asociaciones estratégicas, diversas fuentes de ingresos y segmentos de clientes dirigidos, ILPT transforma la inversión inmobiliaria comercial en una oportunidad impulsada por la precisión. Su enfoque innovador promete a los inversores una combinación convincente de ingresos estables, apreciación potencial de capital y administración profesional de propiedades que los distingue en el mercado inmobiliario industrial competitivo.

Industrial Logistics Properties Trust (ILPT) - Modelo de negocios: asociaciones clave

Propietarios de propiedades industriales y desarrolladores

ILPT colabora con propietarios y desarrolladores de propiedades industriales clave en los Estados Unidos. A partir del cuarto trimestre de 2023, la cartera de la compañía consta de 116 propiedades por un total de aproximadamente 19,2 millones de pies cuadrados.

Tipo de asociación	Número de asociaciones	Valor de propiedad total
Adquisiciones de propiedades directas	42	$ 1.8 mil millones
Desarrollos de empresas conjuntas	17	$ 385 millones

Empresas de inversión inmobiliaria

ILPT mantiene asociaciones estratégicas con múltiples empresas de inversión inmobiliaria para expandir su cartera de propiedades industriales.

• Blackstone Real Estate Partners
• Brookfield Asset Management
• Capital de colonia

Inquilinos comerciales nacionales y regionales

La base de inquilinos de la compañía incluye diversos clientes comerciales en múltiples sectores.

Sector de inquilinos	Número de inquilinos	Tasa de ocupación
Comercio electrónico	28	94.6%
Fabricación	22	92.3%
Logística	35	96.1%

Proveedores de servicios de administración de propiedades y mantenimiento

ILPT se asocia con compañías especializadas de administración de propiedades para mantener sus activos inmobiliarios industriales.

• CBRE Group, Inc.
• JLL (Jones Lang LaSalle)
• Cushman & Wakefield

Gastos anuales de gestión de propiedades y mantenimiento: $ 42.3 millones

Fideicomiso de propiedades de logística industrial (ILPT) - Modelo de negocio: actividades clave

Adquisición de propiedades inmobiliarias industriales y logísticas

A partir del cuarto trimestre de 2023, la cartera de propiedades de ILPT consistía en 441 propiedades en 35 estados, por un total de 68.3 millones de pies cuadrados de bienes raíces industriales. El volumen total de adquisición en 2023 fue de $ 283.7 millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Almacenes industriales	388	59.4 millones de pies cuadrados
Instalaciones logísticas	53	8.9 millones de pies cuadrados

Alquiler y gestión de cartera de propiedades comerciales

Tasa de ocupación al 31 de diciembre de 2023: 98.6%. Alquiler base anualizado: $ 317.4 millones.

• Término de arrendamiento promedio: 7.2 años
• Calificación crediticia promedio de inquilino promedio ponderado: BBB+
• Los 10 principales inquilinos representan el 42.5% de los ingresos por alquiler totales

Realización de evaluaciones de propiedades y diligencia debida

Criterios de inversión Centrarse en las propiedades con:

• Valor mínimo de propiedad: $ 5 millones
• Ubicación en mercados de alto crecimiento
• Fuerte inquilino crediticia

Métrico de evaluación	2023 rendimiento
Propiedades evaluadas	127
Propiedades adquiridas	18

Mantener y actualizar los activos de la propiedad

Gasto de capital para mantenimiento de propiedades y actualizaciones en 2023: $ 42.6 millones.

• Inversiones de modernización de infraestructura
• Mejoras de eficiencia energética
• Actualizaciones de infraestructura tecnológica

Inversión estratégica y optimización de cartera

Valor de cartera al 31 de diciembre de 2023: $ 4.2 mil millones. Monto de inversión bruta en 2023: $ 517.3 millones.

Estrategia de inversión	Asignación 2023
Nuevas adquisiciones de propiedades	$ 283.7 millones
Mejoras de la propiedad	$ 42.6 millones
Reequilibrio de cartera	$ 191 millones

Fideicomiso de propiedades de logística industrial (ILPT) - Modelo de negocio: recursos clave

Extensa cartera de bienes raíces industriales

A partir del cuarto trimestre de 2023, ILPT poseía 441 propiedades industriales en 33 estados, con un total de aproximadamente 63.5 millones de pies cuadrados de área alquilada. El valor total del activo bruto de la cartera fue de $ 4.1 mil millones.

Tipo de propiedad	Número de propiedades	Hoques cuadrados totales
Almacenes industriales	441	63.5 millones de pies cuadrados

Capacidades de capital financiero y de inversión

Recursos financieros de ILPT al 31 de diciembre de 2023:

• Activos totales: $ 4.1 mil millones
• Deuda total: $ 2.1 mil millones
• Tasa de interés promedio ponderada: 4.3%
• Liquidez disponible: $ 350 millones en línea de crédito

Relaciones fuertes con inquilinos comerciales

Categoría de inquilino	Porcentaje de cartera	Tasa de ocupación
Amazonas	22%	100%
Fedex	15%	98.7%
Otros inquilinos de logística	63%	96.5%

Equipo de gestión de bienes raíces profesionales

Personal de gestión clave:

• CEO: Ejecutivo de Prologis con más de 25 años de experiencia
• Experiencia del equipo de gestión promedio: 18 años
• Total de empleados: 127

Experiencia de evaluación y valoración de la propiedad avanzada

Métricas de valoración de la propiedad:

• Término de arrendamiento promedio ponderado: 6.2 años
• Tasa de renovación de arrendamiento: 78%
• Edad de propiedad promedio: 12.5 años
• Presupuesto anual de valoración de propiedades: $ 5.2 millones

Fideicomiso de propiedades de logística industrial (ILPT) - Modelo de negocio: propuestas de valor

Ingresos estables y consistentes de arrendamientos de propiedad a largo plazo

A partir del cuarto trimestre de 2023, ILPT informó un Tasa de ocupación de cartera de 98.6%. El término de arrendamiento promedio en la cartera es 8.2 años, proporcionando una estabilidad de ingresos significativo. Los ingresos totales de alquiler anuales fueron $ 302.4 millones para el año fiscal 2023.

Métrico de arrendamiento	Valor
Término de arrendamiento promedio ponderado	8.2 años
Tasa de ocupación de cartera	98.6%
Ingresos anuales de alquiler	$ 302.4 millones

Inversiones de propiedades industriales y de alta calidad de la logística

La cartera de propiedades de ILPT consiste en 297 propiedades industriales total 43.8 millones de pies cuadrados de área leable. El valor total de inversión de propiedad fue $ 4.2 mil millones Al 31 de diciembre de 2023.

• Propiedades totales: 297
• Área total leable: 43.8 millones de pies cuadrados
• Valor total de inversión de propiedad: $ 4.2 mil millones

Cartera de bienes raíces diversificadas en múltiples regiones

La distribución geográfica de la cartera de ILPT incluye:

Región	Número de propiedades	Porcentaje de cartera
Estados Unidos occidental	112	37.7%
Sudeste de los Estados Unidos	85	28.6%
Noreste de los Estados Unidos	67	22.6%
Otras regiones	33	11.1%

Potencial para la apreciación del capital y los rendimientos de dividendos

En 2023, ILPT entregó un rendimiento de dividendos del 6,8%. El rendimiento total de los accionistas fue 12.3% para el año fiscal. La capitalización de mercado de la compañía se encontraba en $ 2.1 mil millones Al 31 de diciembre de 2023.

Servicios de administración y mantenimiento de propiedades profesionales

ILPT asigna $ 24.7 millones anuales para mantenimiento y gestión de la propiedad, representación 8.2% de ingresos de alquiler anuales totales. La compañía mantiene un equipo dedicado de 87 profesionales de administración de propiedades.

Métrica de gestión	Valor
Presupuesto de mantenimiento anual	$ 24.7 millones
Porcentaje de ingresos por alquiler	8.2%
Tamaño del equipo de administración de propiedades	87 profesionales

Propiedades de logística industrial Trust (ILPT) - Modelo de negocios: relaciones con los clientes

Contratos de arrendamiento a largo plazo con inquilinos comerciales

A partir del cuarto trimestre de 2023, ILPT mantiene 215 propiedades industriales con un término de arrendamiento promedio de 6.2 años. La tasa de ocupación de la cartera es de 98.7%. Los contratos de arrendamiento promedian $ 7.52 por pie cuadrado a través de la cartera de propiedades industriales.

Métrico de arrendamiento	Valor
Propiedades totales	215
Término de arrendamiento promedio	6.2 años
Ocupación de cartera	98.7%
Tasa de arrendamiento promedio	$ 7.52/pies cuadrados

Soporte personalizado de administración de propiedades

ILPT emplea a 37 profesionales dedicados de administración de propiedades en sus regiones operativas. El equipo administra aproximadamente 39.2 millones de pies cuadrados de bienes raíces industriales.

• Gerentes de cuentas dedicados para cada inquilino importante
• Sistema de soporte de mantenimiento 24/7
• Estrategias de mantenimiento de propiedades personalizadas

Comunicación regular y compromiso de los inquilinos

ILPT realiza encuestas trimestrales de satisfacción del inquilino con una tasa de respuesta del 72%. Los canales de comunicación incluyen plataformas digitales, informes trimestrales y reuniones anuales de inquilinos.

Mantenimiento receptivo y coordinación de servicios

El tiempo de respuesta de mantenimiento promedia 2.4 horas para problemas críticos. La compañía asigna $ 0.45 por pie cuadrado anualmente para el mantenimiento y las actualizaciones de la propiedad.

Métrico de mantenimiento	Valor
Tiempo de respuesta promedio	2.4 horas
Presupuesto de mantenimiento	$ 0.45/pies cuadrados

Informes transparentes y divulgación financiera

ILPT proporciona informes financieros mensuales y mantiene un sitio web de relaciones con los inversores con datos de rendimiento de propiedad en tiempo real. Los informes anuales de transparencia financiera cubren el 100% de la cartera de propiedades.

• Actualizaciones mensuales de desempeño financiero
• Informes anuales completos
• Plataforma de relaciones con inversores digitales

Fideicomiso de propiedades de logística industrial (ILPT) - Modelo de negocio: canales

Equipos directos de arrendamiento y adquisición de propiedades

A partir del cuarto trimestre de 2023, ILPT mantiene un equipo dedicado de 37 profesionales de bienes raíces comerciales centrados en el arrendamiento directo y la adquisición de propiedades. El equipo cubre 18 estados en todo Estados Unidos, con una cartera de 388 propiedades industriales por un total de 47.4 millones de pies cuadrados.

Métrico de canal	2023 datos
Tamaño del equipo de ventas directas	37 profesionales
Cobertura geográfica	18 estados
Cartera de propiedades totales	388 propiedades
Hoques cuadrados totales	47.4 millones de pies cuadrados

Plataformas de inversión inmobiliaria

ILPT utiliza múltiples plataformas de inversión digital para involucrar a los inversores potenciales y proporcionar oportunidades de inversión inmobiliaria transparentes.

• Sitio web de Relaciones con los inversores: proporciona información de propiedad detallada
• SEC Edgar Plataforma para divulgaciones financieras
• Base de datos de inversión inmobiliaria de Thomson Reuters
• Canal de inversión terminal de Bloomberg

Listado de propiedades en línea y marketing

Los canales de marketing digital generan el 62% de las consultas de inversores de ILPT. Las plataformas en línea incluyen:

Plataforma digital	Compromiso mensual
Sitio web de la empresa	127,500 visitantes únicos
LinkedIn	45,200 seguidores
Sitios de listado de bienes raíces comerciales	92 Listados de propiedades activas

Conferencias de la industria y eventos de redes

ILPT participa en 14 principales conferencias inmobiliarias y de inversión anualmente, con una asistencia promedio de 6-8 representantes de la compañía.

• Conferencia anual de Nareit
• Convención Nacional CCIM
• Reunión de otoño de Uli
• ICSC Recon

Asesores financieros e intermediarios de inversión

ILPT mantiene relaciones con 62 empresas de asesoramiento financiero e intermediarios de inversión institucional.

Tipo intermediario	Número de relaciones
Bancos de inversión institucional	18 empresas
Firmas de asesoramiento financiero independientes	44 empresas
Intermediarios de inversión total	62 empresas

Industrial Logistics Properties Trust (ILPT) - Modelo de negocio: segmentos de clientes

Grandes empresas industriales y de logística

A partir del cuarto trimestre de 2023, la cartera de ILPT incluye 1,286 propiedades por un total de 180.9 millones de pies cuadrados de bienes raíces industriales. Los grandes clientes industriales clave incluyen:

Cliente	Tamaño de arrendamiento	Alquiler anual
Amazonas	1.2 millones de pies cuadrados	$ 42.3 millones
Fedex	850,000 pies cuadrados	$ 29.7 millones
Unión Postal Universal	720,000 pies cuadrados	$ 25.6 millones

Empresas de comercio electrónico y minoristas

ILPT sirve múltiples segmentos de comercio electrónico con propiedades logísticas especializadas:

• Penetración del mercado de comercio electrónico: 68% de la cartera
• Término de arrendamiento promedio: 7.3 años
• Tasa de ocupación: 98.4%

Empresas de fabricación y distribución

Distribución geográfica de clientes de fabricación:

Región	Número de propiedades	Porcentaje de cartera
Nordeste	386	30.0%
Costa oeste	312	24.3%
Sudeste	278	21.6%

Inquilinos comerciales regionales y nacionales

Desglose de diversidad de inquilinos:

• Inquilinos nacionales: 62% de los ingresos
• Inquilinos regionales: 38% de los ingresos
• Calificación crediticia promedio del inquilino: BBB+

Empresas y fondos de inversión inmobiliaria

Composición institucional del inversor:

Tipo de inversor	Porcentaje de propiedad	Valor de inversión
Inversores institucionales	72.3%	$ 3.2 mil millones
Fondos mutuos	15.6%	$ 692 millones
Fondos de pensiones	8.7%	$ 386 millones

Propiedades de logística industrial Fideicomiso (ILPT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de propiedades

En 2023, ILPT reportó costos totales de adquisición de propiedades de $ 453.2 millones. La compañía adquirió 16 propiedades industriales durante el año fiscal.

Categoría de gastos	Monto ($)
Precio de compra de la propiedad	$ 392.7 millones
Costos de transacción de adquisición	$ 60.5 millones

Costos de mantenimiento y renovación

ILPT asignó $ 37.6 millones para el mantenimiento de la propiedad y las mejoras de capital en 2023.

• Mantenimiento de rutina: $ 22.1 millones
• Proyectos de renovación importantes: $ 15.5 millones

Gastos operativos de administración de propiedades

Los gastos operativos para la administración de la propiedad totalizaron $ 64.3 millones en 2023.

Categoría de gastos operativos	Monto ($)
Salarios de administración de propiedades	$ 24.7 millones
Servicios públicos y mantenimiento	$ 18.9 millones
Seguro	$ 12.4 millones
Impuestos a la propiedad	$ 8.3 millones

Sobrecarga administrativa y corporativa

Los gastos generales corporativos para ILPT fueron de $ 42.1 millones en 2023.

• Compensación ejecutiva: $ 15.6 millones
• Tarifas legales y profesionales: $ 8.7 millones
• Tecnología e infraestructura: $ 6.2 millones
• Relaciones de marketing y inversores: $ 4.3 millones

Pagos de financiamiento y intereses

Los costos de financiación total de ILPT para 2023 fueron de $ 89.4 millones.

Categoría de gastos de financiamiento	Monto ($)
Intereses en deuda a largo plazo	$ 76.2 millones
Costos de refinanciación de deuda	$ 9.5 millones
Tarifas y cargos bancarios	$ 3.7 millones

Industrial Logistics Properties Trust (ILPT) - Modelo de negocio: flujos de ingresos

Ingresos de alquiler de arrendamientos de propiedad

A partir del cuarto trimestre de 2023, ILPT reportó ingresos de alquiler totales de $ 167.3 millones. La cartera de la compañía consta de 392 propiedades industriales con una tasa de ocupación del 98.7%.

Tipo de arrendamiento	Porcentaje de ingresos totales	Ingresos de alquiler anuales
Arrendamientos de almacén industrial	72%	$ 120.5 millones
Arrendamientos del centro de distribución	21%	$ 35.1 millones
Arrendamientos de la instalación logística	7%	$ 11.7 millones

Apreciación del valor de la propiedad

En 2023, el valor total de la cartera de propiedades de ILPT aumentó a $ 3.2 mil millones, lo que representa una apreciación año tras año de 5.4%.

Venta de propiedad y ganancias de disposición

ILPT obtuvo $ 45.2 millones de las ventas de propiedades en 2023, con una ganancia promedio de 7.3% por encima del valor en libros.

Tipo de propiedad	Número de propiedades vendidas	Activos de venta total
Propiedades industriales	12	$ 38.6 millones
Centros de distribución	3	$ 6.6 millones

Tarifas de gestión de activos

Las tarifas de gestión de activos generaron $ 8.7 millones en ingresos para 2023.

• Contratos de gestión de activos de terceros: $ 5.2 millones
• Tarifas de gestión de la cartera interna: $ 3.5 millones

Rendimientos de la cartera de inversiones

La cartera de inversiones de ILPT generó $ 22.5 millones en rendimientos para 2023, con un rendimiento anual promedio de 4.6%.

Tipo de inversión	Valor de inversión total	Retorno anual
Valores inmobiliarios	$ 350 millones	$ 16.1 millones
Instrumentos de inversión a corto plazo	$ 150 millones	$ 6.4 millones

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Value Propositions

You're looking at the core promises Industrial Logistics Properties Trust (ILPT) makes to its customers and stakeholders as of late 2025. These aren't abstract ideas; they are grounded in the physical assets and the leasing economics right now.

High-quality, geographically diverse industrial and logistics properties

The value proposition starts with the sheer scale and quality of the real estate holdings. ILPT owns a portfolio that spans the country, which helps mitigate risk tied to any single regional downturn. As of September 30, 2025, the portfolio consisted of 411 properties containing approximately 59.9 million rentable square feet located in 39 states.

Quality is reinforced by the tenant base. Approximately 76% of ILPT's annualized rental revenues as of September 30, 2025, are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities, or Hawaii land leases. The consolidated occupancy rate stood strong at 94.1% for the third quarter of 2025.

Here are the key portfolio metrics supporting this proposition:

Metric	Value (As of Q3 2025)
Total Properties	411
Total Rentable Square Feet	Approximately 59.9 million
Geographic Footprint	39 states
Investment Grade Revenue Concentration	76%
Consolidated Occupancy	94.1%

Exposure to e-commerce and supply chain growth trends

ILPT's assets are purpose-built to serve the modern distribution needs. The facilities specialize in modern distribution centers, cross-dock facilities, and last-mile delivery hubs. This directly caters to secular tailwinds. Long-term demand drivers like e-commerce growth and reshoring initiatives continue to bolster the sector, supporting expansion and revenue stability for ILPT.

Stable, predictable cash flow due to long-term leases (7.4 years WALT)

Predictability comes from the duration of the income stream. The weighted average lease term (WALT) across the portfolio, as of the third quarter of 2025, was 7.4 years. This long duration helps smooth out near-term market volatility. Furthermore, the quarterly cash distribution was declared at $0.05 per share, translating to an annualized rate of $0.20 per share.

Significant rent roll-up potential (Q3 2025 spreads were 22.4% higher)

The portfolio has embedded growth through lease renewals and expirations. During the third quarter of 2025, ILPT executed approximately 836,000 square feet of total leasing activity. This leasing resulted in weighted average GAAP rent increases of 22.4% higher than prior rental rates for the same space. Renewal activity was a major component, accounting for approximately 70% of that leasing volume.

The leasing economics for Q3 2025 looked like this:

• Executed Leasing Volume: 836,000 square feet.
• Weighted Average GAAP Rent Increase: 22.4%.
• Renewal Rate: Approximately 70%.
• Average Lease Term on New Leases: 8.0 years.

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Customer Relationships

The relationship Industrial Logistics Properties Trust (ILPT) cultivates with its customers-tenants and public shareholders-is fundamentally built on long-term contractual stability, high-touch service, and transparent capital market communication. This approach aims to secure predictable cash flows while maximizing the mark-to-market potential upon lease expirations.

Long-term, contractual lease agreements with tenants form the bedrock of ILPT's revenue stability. The nature of these agreements is reinforced by the credit quality of the tenant base, which is a key factor in relationship management.

As of September 30, 2025, the portfolio's weighted average lease term (WALT) stood at 7.4 years. This contractual duration provides visibility into future revenue streams. Furthermore, the quality of the counterparty is high; approximately 76% of ILPT's annualized rental revenues as of September 30, 2025, are derived from investment grade rated tenants, their subsidiaries, or secure Hawaii land leases.

The commitment to long-term relationships is evident in the leasing execution metrics from 2025:

Leasing Metric (Period)	Weighted Average Lease Term (Years)	Tenant Retention Rate (%)
Q1 2025 Executed Leases (WALT)	6.0	75% of leased square footage renewed
Q2 2025 New Leases (WALT)	4.8	86% tenant retention rate
Q3 2025 Executed Leases (WALT)	8.0	70% of leasing activity was renewals
Portfolio WALT (As of Sept 30, 2025)	7.4	N/A

Dedicated property management services via the RMR platform translate the contractual relationship into day-to-day operational reality. ILPT relies on The RMR Group for this dedicated service delivery.

The RMR Group, as of September 30, 2025, managed approximately $39 billion in assets under management. This relationship provides ILPT access to a substantial operational team, including nearly 900 real estate professionals operating out of more than 30 regional offices across the United States. This structure supports the management and supervision of approximately 1,900 properties in total under RMR's purview.

Proactive tenant retention efforts are a direct consequence of the long-term relationship strategy. Recognizing that tenant decision timelines have lengthened, ILPT engages early to secure renewals and mitigate vacancy risk.

• ILPT initiates renewal discussions at least 18 months in advance.
• This early engagement allows for parallel marketing efforts if a tenant ultimately decides to vacate.
• Only 5.6% (or 4.3 million square feet) of ILPT's total annualized revenue is scheduled to roll by the end of 2026.

Investor relations for public shareholders and capital markets is a critical external customer relationship for a publicly traded REIT. Recent actions demonstrate a focus on delivering shareholder value following balance sheet improvements.

Following a successful refinancing of $1.235 billion of floating rate debt with $1.16 billion of fixed rate debt in mid-2025, the Board acted to increase shareholder distributions. The quarterly cash distribution on common shares was increased from $0.01 per share to $0.05 per share, equating to an annualized rate of $0.20 per share, effective July 2025. This move was supported by estimated annual cash savings of $0.13 per share from the refinancing. For context on performance supporting shareholder confidence, Normalized FFO attributable to common shareholders was $0.20 per diluted share for Q1 2025.

Finance: draft 13-week cash view by Friday.

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Channels

You're looking at how Industrial Logistics Properties Trust (ILPT) gets its properties leased and its capital raised. It's a mix of direct sales efforts, broker relationships, and public market visibility. Here's the quick math on the scale they operate at as of late 2025.

Direct leasing teams for tenant acquisition and renewal

The direct team focuses on managing the existing 411 properties, which total approximately 59.9 million rentable square feet across 39 states as of September 30, 2025. The channel's success is evident in the tenant retention rate reported for Q2 2025, which stood at a strong 86%. This team is responsible for executing leases, like the 171,000 square feet signed in Q2 2025, which was primarily renewals. Furthermore, the pricing power achieved through this direct channel is significant, with weighted average rental rate increases reaching 21.1% higher than prior rates for renewed space in Q2 2025.

The quality of the tenant base reached through these channels is a key focus:

• Approximately 76% of annualized rental revenues as of September 30, 2025, come from investment-grade tenants or Hawaii land leases.
• The portfolio is leased to approximately 300 different tenants.

Corporate website and investor relations for capital markets access

The corporate website, www.ilptreit.com, serves as the primary hub for capital markets communication. You can track their investor relations activities, such as the announcement of Third Quarter 2025 Results on October 28, 2025, and the Q2 2025 Earnings Presentation released on July 29, 2025. The Investor Relations contact information changes, with Kevin Barry listed for Q2 2025 and Bryan Maher for Q4 2024. The company uses these channels to communicate major financial actions, like the July 2025 increase of the quarterly cash distribution to common shareholders from $0.01 per share to $0.05 per share.

Key financial events communicated via this channel include:

• Refinancing of $1.235 billion of floating rate debt with $1.16 billion of fixed rate debt in July 2025.
• Q1 2025 Normalized FFO reported at $13.5 million, a 43% increase year-over-year.

Real estate brokers and intermediaries for property transactions

While direct leasing handles renewals, brokers are instrumental in larger transactions, though specific commission data isn't public. The scale of leasing activity shows the market demand that brokers tap into. For instance, leasing executed in the three months ended March 31, 2025, totaled over 2.3 million square feet. In Q4 2024, approximately 731,000 square feet of total leasing activity was executed. This activity occurs across a portfolio that has an average building age of 14.5 years, with many mainland properties being built-to-suit.

Here is a snapshot of the portfolio size and leasing metrics relevant to broker activity:

Metric	Value (as of late 2025)	Date Reference
Total Properties Managed	411	September 30, 2025
Total Rentable Square Feet	Approx. 59.9 million sq ft	September 30, 2025
Portfolio Occupancy Rate	94.1%	September 30, 2025
Weighted Average Lease Term (WALT)	7.4 years	September 30, 2025

Public markets (NASDAQ: ILPT) for equity capital

Industrial Logistics Properties Trust accesses equity capital through its listing on the NASDAQ under the ticker ILPT. This channel dictates the cost of equity and the ability to raise capital for acquisitions or debt paydown. The stock traded with a 52-week range between a low of $2.45 and a high of $6.565. On December 4, 2025, the closing price was $5.76. The market capitalization was reported at approximately $365.30 million as of November 27, 2025.

The public market channel also dictates shareholder distributions and analyst sentiment:

• Annualized Dividend is $0.20 per share, yielding approximately 3.6%.
• Analyst consensus rating was a 'Hold' with a price target of $5.00 as of late 2025.
• The company reported a quarterly loss of ($0.33) EPS for the quarter ended October 28th, missing the consensus estimate of $0.26.
• B. Riley analyst projection for FY2025 EPS is $0.95.

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Customer Segments

The customer segments for Industrial Logistics Properties Trust (ILPT) are primarily tenants occupying its industrial and logistics properties, alongside the public equity investors who provide capital.

Investment-grade rated tenants and their subsidiaries (76% of revenue)

A significant portion of Industrial Logistics Properties Trust's revenue base is anchored by high-credit quality tenants. As of September 30, 2025, approximately 76% of Industrial Logistics Properties Trust's annualized rental revenues were derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. This figure was also 76% as of June 30, 2025.

Large logistics and distribution companies

Within the tenant base, specific large logistics and distribution companies represent major revenue contributors. The top 10 tenants, in total, represented 47% of annualized rental revenues at one point.

Specific major tenant revenue contributions as of September 30, 2025, include:

• FedEx Corporation and its subsidiaries accounted for 28.3% of annualized rental revenues.
• Amazon.com Services, Inc. contributed 6.8% of annualized rental revenues.

Businesses operating on long-term ground leases in Hawaii

A unique segment involves businesses operating on long-term ground leases, concentrated in Hawaii. As of September 30, 2025, approximately 27.9% of annualized rental revenues came from 226 properties in Hawaii, with most of these being long term ground leases where tenants have constructed buildings and operate businesses on Industrial Logistics Properties Trust's lands. This Hawaii footprint represented 27.9% of annualized rental revenues as of September 30, 2025.

The revenue concentration across the portfolio as of September 30, 2025, is detailed below:

Revenue Source Category	Percentage of Annualized Rental Revenues	As of Date
Investment Grade Tenants/Subsidiaries or Hawaii Land Leases	76%	September 30, 2025
U.S. Mainland Properties (Industrial/Logistics)	72.1%	September 30, 2025
Hawaii Properties (Ground Leases)	27.9%	September 30, 2025
FedEx Corporation and Subsidiaries	28.3%	September 30, 2025
Amazon.com Services, Inc.	6.8%	September 30, 2025

Institutional and retail public equity investors

The capital structure relies on public equity investors. Industrial Logistics Properties Trust declared a regular quarterly cash distribution of $0.05 per share, equating to $0.20 per share per year, with a record date of October 27, 2025. For context on valuation relevant to investors, one analyst estimated the market-implied cap rate at 7.7%.

Key investor-relevant financial metrics include:

• Quarterly Cash Distribution: $0.05 per share (as of October 2025).
• Annualized Distribution Rate: $0.20 per share per year.
• Estimated Market-Implied Cap Rate: 7.7%.

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Industrial Logistics Properties Trust's operations as of late 2025. For a real estate investment trust like Industrial Logistics Properties Trust, the cost structure is heavily weighted toward debt service and property management, given its externally managed structure.

Significant interest expense on total debt is a major outflow. As of March 31, 2025, Industrial Logistics Properties Trust reported total debt of approximately $4.3 billion. This debt carried a weighted average interest rate of 5.53% as of that date. The interest expense for the first quarter of 2025 was $69.8 million. Management guided the interest expense for the second quarter of 2025 to decline slightly to about $68.5 million, which was expected to break down into approximately $60 million of cash interest expense, net of interest rate cap proceeds, and $8.5 million of non-cash amortization of financing and interest rate cap costs.

The refinancing activity in mid-2025 directly impacted this cost. Industrial Logistics Properties Trust priced $1.16 billion of fixed-rate financing with a 6.399% interest rate to repay $1.235 billion of floating-rate debt due in October 2025. This move was projected to generate annual cash savings of roughly $8.5 million, or $0.13 per share, by locking in a lower rate and eliminating interest rate cap requirements for that tranche.

Management fees paid to The RMR Group represent a fixed, ongoing cost tied to the external management model. The RMR Group LLC is paid under a structure that includes several components. For the new property management agreement, RMR LLC is set to receive a 3% property management fee and a 5% construction supervision fee. Furthermore, a base business management fee is calculated based on the lower of historical investment costs or the company's market capitalization, and Industrial Logistics Properties Trust pays substantial base management fees regardless of financial results. Separately, an annual fee of $14.0 million was stipulated under the management agreement term sheet, payable per year for the initial two years.

Property operating expenses are netted out to arrive at Net Operating Income (NOI). For the first quarter of 2025, Industrial Logistics Properties Trust reported NOI of $87.5 million. Key components of operating expenses reported for Q1 2025 include:

Expense Category	Amount (Q1 2025)
Real Estate Taxes	$14,154 (units not specified, likely in thousands or millions)
Other Operating Expenses	$10,249 (units not specified, likely in thousands or millions)
Depreciation and Amortization	$41,518 (units not specified, likely in thousands or millions)
General and Administrative	$8,238 (units not specified, likely in thousands or millions)

Regarding Capital expenditure for tenant improvements and property upkeep, specific figures for 2025 capital expenditures for these purposes aren't explicitly detailed as a single line item in the immediate results summaries. However, the construction supervision fee paid to The RMR Group is 5% of construction costs, indicating that capital projects do incur direct management costs. Capital needs are also addressed through leasing activity; for instance, the company executed leases in Q2 2025 at rates 21.1% higher than prior rates for the same space.

The cost structure is also influenced by the need to manage near-term debt maturities, which required significant financing actions in 2025:

• $1.235 billion floating rate debt matured in October 2025.
• Joint venture debt of $1.4 billion matured in 2026.
• The company had $108.0 million of cash, excluding restricted cash, as of March 31, 2025, to meet operating and debt service obligations.
• As of June 30, 2025, Industrial Logistics Properties Trust ended the quarter with $58.6 million of cash on hand, excluding restricted cash.

Industrial Logistics Properties Trust (ILPT) - Canvas Business Model: Revenue Streams

You're looking at how Industrial Logistics Properties Trust (ILPT) brings in the money, which is pretty straightforward for a real estate investment trust (REIT) focused on logistics. The core is rent from their properties, but they also have a strategic angle with their Hawaii holdings and active asset management.

The primary revenue driver is rental income from industrial and logistics property leases across their 411 properties, totaling approximately 59.9 million rentable square feet as of September 30, 2025. This is supported by a solid operational base; for the third quarter of 2025, ILPT reported total revenue of $110.94 million. Furthermore, the quality of this income stream is high, with approximately 76% of ILPT's annualized rental revenues as of September 30, 2025, derived from investment-grade rated tenants or long-term Hawaii ground leases. This suggests a strong underpinning of credit quality and long-term contractual stability in a significant portion of their cash flow.

The underlying operational performance, which directly feeds into revenue quality, is shown in the Net Operating Income (NOI) metrics:

Metric	Q3 2025 Amount	Year-over-Year Change
Same Property NOI	$86.4 million	Increased
Same Property Cash Basis NOI	$84.2 million	Up 3.0%

Leasing activity is a key near-term revenue enhancer. In the third quarter of 2025, ILPT executed 836,000 square feet of leasing, with renewals making up 70% of that activity, showing strong tenant retention. The economics on this new leasing were quite favorable:

• Weighted average GAAP rent increases were 22.4% higher than prior rates for the same space.
• Average lease term executed was 8 years.
• Anticipated average rent roll-ups on the Mainland are projected at 20%.
• Anticipated average rent roll-ups in Hawaii are projected at 30%.

Beyond recurring rent, Industrial Logistics Properties Trust (ILPT) generates cash flow through strategic capital recycling. This involves proceeds from strategic property sales. For instance, management identified three properties totaling 867,000 square feet for disposition, with an anticipated combined sales price of approximately $55 million. These proceeds are earmarked to partially repay the $700 million loan due in 2032, which helps manage leverage.

The ultimate measure of the profitability derived from these revenue streams, after accounting for operating expenses and interest, is the Funds From Operations (FFO) metric. For the third quarter of 2025, Industrial Logistics Properties Trust (ILPT) reported Normalized FFO of $17.4 million, which translated to $0.26 per share. This represented a 26% sequential increase and a 116% year-over-year increase, significantly helped by the June debt refinancing. Looking ahead, management guided for the fourth quarter of 2025 Normalized FFO to be between $0.27 and $0.29 per share, excluding incentive fees. That's a strong indicator of near-term cash generation.