Industrial Logistics Properties Trust (ILPT): Business Model Canvas [Jan-2025 Mis à jour]

Industrial Logistics Properties Trust (ILPT) apparaît comme une force dynamique dans le paysage de l'investissement immobilier, naviguant stratégiquement dans le monde complexe de la gestion immobilière industrielle et logistique. En tirant parti d'une toile de modèle commercial sophistiqué qui équilibre méticuleusement les partenariats stratégiques, diverses sources de revenus et les segments de clients ciblés, Ilpt transforme l'investissement immobilier commercial en une opportunité axée sur la précision. Leur approche innovante promet aux investisseurs un mélange convaincant de revenu stable, d'appréciation potentielle du capital et de gestion immobilière professionnelle qui les distingue sur le marché de l'immobilier industriel concurrentiel.

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: partenariats clés

Propriétaires et développeurs de biens industriels

ILPT collabore avec les principaux propriétaires et développeurs de biens industriels aux États-Unis. Au quatrième trimestre 2023, le portefeuille de la société se compose de 116 propriétés totalisant environ 19,2 millions de pieds carrés.

Type de partenariat	Nombre de partenariats	Valeur totale de la propriété
Acquisitions de propriétés directes	42	1,8 milliard de dollars
Développements de coentreprise	17	385 millions de dollars

Sociétés d'investissement immobilier

ILPT maintient des partenariats stratégiques avec plusieurs sociétés d'investissement immobilier pour étendre son portefeuille de propriétés industrielles.

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

Locataires commerciaux nationaux et régionaux

La base de locataires de l'entreprise comprend divers clients commerciaux dans plusieurs secteurs.

Secteur des locataires	Nombre de locataires	Taux d'occupation
Commerce électronique	28	94.6%
Fabrication	22	92.3%
Logistique	35	96.1%

Fournisseurs de services de gestion et de maintenance immobilières

Ilpt s'associe à des sociétés de gestion immobilière spécialisées pour maintenir ses actifs immobiliers industriels.

• CBRE Group, Inc.
• Jll (Jones Lang Lasalle)
• Cushman & Wakefield

Dépenses annuelles de gestion et de maintenance des biens: 42,3 millions de dollars

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: activités clés

Acquisition de propriétés immobilières industrielles et logistiques

Au quatrième trimestre 2023, le portefeuille de biens d'ILPT était composé de 441 propriétés dans 35 États, totalisant 68,3 millions de pieds carrés d'immobilier industriel. Le volume total de l'acquisition en 2023 était de 283,7 millions de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Entrepôts industriels	388	59,4 millions de pieds carrés
Installations logistiques	53	8,9 millions de pieds carrés

Location et gestion du portefeuille de propriétés commerciales

Taux d'occupation au 31 décembre 2023: 98,6%. Loyer de base annualisé: 317,4 millions de dollars.

• Terme de location moyenne: 7,2 ans
• Note de crédit moyen des locataires pondérés: BBB +
• Les 10 meilleurs locataires représentent 42,5% du total des revenus de location

Effectuer des évaluations de propriétés et une diligence raisonnable

Les critères d'investissement se concentrent sur les propriétés avec:

• Valeur de propriété minimale: 5 millions de dollars
• Emplacement sur les marchés à forte croissance
• Forte solvabilité des locataires

Métrique d'évaluation	Performance de 2023
Propriétés évaluées	127
Propriétés acquises	18

Maintenir et mettre à niveau les actifs immobiliers

Dépenses en capital pour la maintenance des biens et les mises à niveau en 2023: 42,6 millions de dollars.

• Investissements de modernisation des infrastructures
• Améliorations de l'efficacité énergétique
• Mises à niveau des infrastructures technologiques

Investissement stratégique et optimisation du portefeuille

Valeur du portefeuille au 31 décembre 2023: 4,2 milliards de dollars. Montant de l'investissement brut en 2023: 517,3 millions de dollars.

Stratégie d'investissement	2023 allocation
Nouvelles acquisitions de propriétés	283,7 millions de dollars
Améliorations de la propriété	42,6 millions de dollars
Rééquilibrage du portefeuille	191 millions de dollars

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: Ressources clés

Portefeuille immobilier industriel étendu

Au quatrième trimestre 2023, il détenait 441 propriétés industrielles dans 33 États, totalisant environ 63,5 millions de pieds carrés de superficie louable. La valeur totale de l'actif brut du portefeuille était de 4,1 milliards de dollars.

Type de propriété	Nombre de propriétés	Total en pieds carrés
Entrepôts industriels	441	63,5 millions de pieds carrés

Capacités de capital financier et d'investissement

Les ressources financières d'ILPT au 31 décembre 2023:

• Actif total: 4,1 milliards de dollars
• Dette totale: 2,1 milliards de dollars
• Taux d'intérêt moyen pondéré: 4,3%
• Liquidité disponible: 350 millions de dollars de facilité de crédit

Relations solides avec les locataires commerciaux

Catégorie des locataires	Pourcentage de portefeuille	Taux d'occupation
Amazone	22%	100%
FedEx	15%	98.7%
Autres locataires logistiques	63%	96.5%

Équipe professionnelle de gestion immobilière

Personnel de gestion clé:

• PDG: Prologis Executive avec plus de 25 ans d'expérience
• Expérience de l'équipe de gestion moyenne: 18 ans
• Total des employés: 127

Expertise avancée de l'évaluation des propriétés et de l'évaluation

Mesures d'évaluation des biens:

• Terme de location moyenne pondérée: 6,2 ans
• Taux de renouvellement de location: 78%
• Âge de la propriété moyenne: 12,5 ans
• Budget annuel d'évaluation des biens: 5,2 millions de dollars

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: propositions de valeur

Revenu stable et cohérent des baux immobiliers à long terme

Depuis le quatrième trimestre 2023, ILPT a rapporté un Taux d'occupation du portefeuille de 98,6%. Le terme de bail moyen sur le portefeuille est 8,2 ans, offrant une stabilité des revenus importante. Les revenus de location annuels totaux étaient 302,4 millions de dollars pour l'exercice 2023.

Métrique de location	Valeur
Terme de location moyenne pondérée	8,2 ans
Taux d'occupation du portefeuille	98.6%
Revenus de location annuels	302,4 millions de dollars

Investissements immobiliers industriels et logistiques de haute qualité

Le portefeuille de biens d'Ilpt est composé de 297 propriétés industrielles totalisation 43,8 millions de pieds carrés de zone levante. La valeur totale de l'investissement immobilier était 4,2 milliards de dollars Au 31 décembre 2023.

• Propriétés totales: 297
• Zone de levage totale: 43,8 millions de pieds carrés
• Valeur totale de l'investissement immobilier: 4,2 milliards de dollars

Portfolio immobilier diversifié dans plusieurs régions

La distribution géographique du portefeuille d'ILPT comprend:

Région	Nombre de propriétés	Pourcentage de portefeuille
Occidental des États-Unis	112	37.7%
Sud-est des États-Unis	85	28.6%
Nord-Est des États-Unis	67	22.6%
Autres régions	33	11.1%

Potentiel d'appréciation du capital et de rendements de dividendes

En 2023, il a livré un rendement en dividende de 6,8%. Le rendement total des actionnaires était 12.3% pour l'exercice. La capitalisation boursière de l'entreprise se tenait à 2,1 milliards de dollars Au 31 décembre 2023.

Services professionnels de gestion et de maintenance immobilières

Ilétra les allocations 24,7 millions de dollars par an pour la maintenance et la gestion des biens, représentant 8.2% du total des revenus de location annuels. La société maintient une équipe dédiée de 87 professionnels de la gestion immobilière.

Métrique de gestion	Valeur
Budget de maintenance annuel	24,7 millions de dollars
Pourcentage de revenus de location	8.2%
Taille de l'équipe de gestion immobilière	87 professionnels

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: relations avec les clients

Accords de location à long terme avec des locataires commerciaux

Depuis le quatrième trimestre 2023, Ilpt maintient 215 propriétés industrielles avec une durée de location moyenne de 6,2 ans. Le taux d'occupation du portefeuille s'élève à 98,7%. Les accords de location en moyenne 7,52 $ par pied carré sur le portefeuille de propriétés industrielles.

Métrique de location	Valeur
Propriétés totales	215
Terme de location moyenne	6,2 ans
Occupation du portefeuille	98.7%
Taux de location moyen	7,52 $ / pieds carrés

Assistance personnalisée en gestion immobilière

ILPT emploie 37 professionnels dédiés à la gestion immobilière dans ses régions opérationnelles. L'équipe gère environ 39,2 millions de pieds carrés de biens immobiliers industriels.

• Gestionnaires de comptes dédiés pour chaque locataire majeur
• Système de support de maintenance 24/7
• Stratégies de maintenance des biens personnalisés

Communication régulière et engagement des locataires

Ilpt effectue des sondages trimestriels de satisfaction des locataires avec un taux de réponse de 72%. Les canaux de communication comprennent les plateformes numériques, les rapports trimestriels et les réunions annuelles des locataires.

Maintenance et coordination des services réactifs

Le temps de réponse de maintenance dure en moyenne 2,4 heures pour les problèmes critiques. La société alloue 0,45 $ par pied carré par an pour l'entretien des biens et les mises à niveau.

Métrique de maintenance	Valeur
Temps de réponse moyen	2,4 heures
Budget de maintenance	0,45 $ / pieds carrés

Rapports transparents et divulgation financière

ILPT fournit des rapports financiers mensuels et maintient un site Web de relations avec les investisseurs avec des données de performance immobilière en temps réel. Les rapports annuels de transparence financière couvre 100% du portefeuille immobilier.

• Mises à jour mensuelles des performances financières
• Rapports annuels complets
• Plateforme de relations avec les investisseurs numériques

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: canaux

Équipes de location directe et d'acquisition de biens

Depuis le quatrième trimestre 2023, ILPT maintient une équipe dédiée de 37 professionnels de l'immobilier commercial axés sur la location directe et l'acquisition de biens. L'équipe couvre 18 États aux États-Unis, avec un portefeuille de 388 propriétés industrielles totalisant 47,4 millions de pieds carrés.

Métrique du canal	2023 données
Taille de l'équipe de vente directe	37 professionnels
Couverture géographique	18 États
Portefeuille total de propriétés	388 propriétés
Total en pieds carrés	47,4 millions de pieds carrés

Plateformes d'investissement immobilier

ILPT utilise plusieurs plateformes d'investissement numérique pour engager des investisseurs potentiels et offrir des opportunités d'investissement immobilier transparentes.

• Site Web des relations avec les investisseurs: fournit des informations de propriété détaillées
• Plateforme Sec Edgar pour les divulgations financières
• Base de données d'investissement immobilier de Thomson Reuters
• Canal d'investissement terminal de Bloomberg

Listes de propriétés en ligne et marketing

Les canaux de marketing numérique génèrent 62% des demandes d'investisseurs d'ILPT. Les plateformes en ligne comprennent:

Plate-forme numérique	Engagement mensuel
Site Web de l'entreprise	127 500 visiteurs uniques
Liendin	45 200 abonnés
Sites d'inscription immobilière commerciale	92 Listes de propriétés actives

Conférences de l'industrie et événements de réseautage

ILPT participe à 14 grandes conférences immobilières et d'investissement chaque année, avec une fréquentation moyenne de 6-8 représentants de l'entreprise.

• Conférence annuelle de Nareit
• Convention nationale du CCIM
• Réunion d'automne d'Uli
• ICSC Recon

Conseillers financiers et intermédiaires d'investissement

ILPT entretient des relations avec 62 sociétés de conseil financière et intermédiaires d'investissement institutionnels.

Type intermédiaire	Nombre de relations
Banques d'investissement institutionnelles	18 entreprises
Sociétés de conseil financier indépendants	44 entreprises
Intermédiaires d'investissement total	62 entreprises

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: segments de clientèle

Grandes entreprises industrielles et logistiques

Au quatrième trimestre 2023, le portefeuille d'Ilpt comprend 1 286 propriétés totalisant 180,9 millions de pieds carrés d'immobilier industriel. Les principaux clients industriels clés comprennent:

Client	Taille de location	Loyer annuel
Amazone	1,2 million de pieds carrés	42,3 millions de dollars
FedEx	850 000 pieds carrés	29,7 millions de dollars
Hauts	720 000 pieds carrés	25,6 millions de dollars

Commerce électronique et commerce de détail

Ilpt sert plusieurs segments de commerce électronique avec des propriétés logistiques spécialisées:

• Pénétration du marché du commerce électronique: 68% du portefeuille
• Terme de location moyenne: 7,3 ans
• Taux d'occupation: 98,4%

Entreprises de fabrication et de distribution

Distribution géographique des clients manufacturiers:

Région	Nombre de propriétés	Pourcentage de portefeuille
Nord-est	386	30.0%
Côte ouest	312	24.3%
Au sud-est	278	21.6%

Locataires commerciaux régionaux et nationaux

Déchange de diversité des locataires:

• Locataires nationaux: 62% des revenus
• Locataires régionaux: 38% des revenus
• Note de crédit moyen du locataire: BBB +

Sociétés d'investissement immobilier et fonds

Composition des investisseurs institutionnels:

Type d'investisseur	Pourcentage de propriété	Valeur d'investissement
Investisseurs institutionnels	72.3%	3,2 milliards de dollars
Fonds communs de placement	15.6%	692 millions de dollars
Fonds de pension	8.7%	386 millions de dollars

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: Structure des coûts

Frais d'acquisition de biens

En 2023, ILPT a déclaré que le total des coûts d'acquisition de propriétés de 453,2 millions de dollars. La société a acquis 16 propriétés industrielles au cours de l'exercice.

Catégorie de dépenses	Montant ($)
Prix ​​d'achat de la propriété	392,7 millions de dollars
Coûts de transaction d'acquisition	60,5 millions de dollars

Coûts d'entretien et de rénovation

Il a alloué 37,6 millions de dollars pour la maintenance des biens et les améliorations des capitaux en 2023.

• Entretien de routine: 22,1 millions de dollars
• Projets de rénovation majeurs: 15,5 millions de dollars

Dépenses opérationnelles de gestion immobilière

Les dépenses opérationnelles de la gestion immobilière ont totalisé 64,3 millions de dollars en 2023.

Catégorie de dépenses opérationnelles	Montant ($)
Salaires de gestion immobilière	24,7 millions de dollars
Services publics et maintenance	18,9 millions de dollars
Assurance	12,4 millions de dollars
Taxes foncières	8,3 millions de dollars

Administrative et au-delà de l'entreprise

Les frais généraux des entreprises pour ILPT étaient de 42,1 millions de dollars en 2023.

• Rémunération des cadres: 15,6 millions de dollars
• Frais juridiques et professionnels: 8,7 millions de dollars
• Technologie et infrastructure: 6,2 millions de dollars
• RELATIONS DE MARKETING ET D'INVESTISSEMENT: 4,3 millions de dollars

Financement et paiements d'intérêts

Les coûts de financement totaux d'ILPT pour 2023 étaient de 89,4 millions de dollars.

Catégorie de dépenses de financement	Montant ($)
Intérêt sur la dette à long terme	76,2 millions de dollars
Coûts de refinancement de la dette	9,5 millions de dollars
Frais et charges bancaires	3,7 millions de dollars

Industrial Logistics Properties Trust (ILPT) - Modèle d'entreprise: Strots de revenus

Revenus locatifs des baux immobiliers

Au quatrième trimestre 2023, ILPT a déclaré un revenu locatif total de 167,3 millions de dollars. Le portefeuille de la société comprend 392 propriétés industrielles avec un taux d'occupation de 98,7%.

Type de location	Pourcentage du total des revenus	Revenus de location annuels
Baux d'entrepôt industriel	72%	120,5 millions de dollars
Baux du centre de distribution	21%	35,1 millions de dollars
Baux de l'installation logistique	7%	11,7 millions de dollars

Appréciation de la valeur de la propriété

En 2023, la valeur totale du portefeuille de propriétés d'ILPT est passée à 3,2 milliards de dollars, ce qui représente une appréciation de 5,4% en glissement annuel.

Vente et gains de disposition des biens

Ilpt a réalisé 45,2 millions de dollars provenant des ventes de biens en 2023, avec un gain moyen de 7,3% au-dessus de la valeur comptable.

Type de propriété	Nombre de propriétés vendues	Produits totaux de vente
Propriétés industrielles	12	38,6 millions de dollars
Centres de distribution	3	6,6 millions de dollars

Frais de gestion des actifs

Les frais de gestion des actifs ont généré 8,7 millions de dollars de revenus pour 2023.

• Contrats de gestion des actifs tiers: 5,2 millions de dollars
• Frais de gestion du portefeuille internes: 3,5 millions de dollars

Returns du portefeuille d'investissement

Le portefeuille d'investissement d'ILPT a généré 22,5 millions de dollars de rendements pour 2023, avec un rendement annuel moyen de 4,6%.

Type d'investissement	Valeur d'investissement totale	Retour annuel
Titres immobiliers	350 millions de dollars	16,1 millions de dollars
Instruments d'investissement à court terme	150 millions de dollars	6,4 millions de dollars

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.