Trust (ILPT): Modelo de negócios Canvas [Jan-2025 Atualizado]

A ILPT (Industrial Logistics Properties Trust (ILPT) surge como uma força dinâmica no cenário de investimento imobiliário, navegando estrategicamente no complexo mundo do gerenciamento de propriedades industriais e logísticas. Ao alavancar uma tenna sofisticada modelo de negócios que equilibra meticulosamente parcerias estratégicas, diversos fluxos de receita e segmentos de clientes direcionados, o ILPT transforma o investimento imobiliário comercial em uma oportunidade orientada a precisão. Sua abordagem inovadora promete aos investidores uma mistura convincente de renda estável, apreciação potencial de capital e gerenciamento profissional de propriedades que os diferencia no mercado imobiliário industrial competitivo.

Industrial Logistics Properties Trust (ILPT) - Modelo de negócios: Parcerias -chave

Proprietários de propriedades industriais e desenvolvedores

A ILPT colabora com os principais proprietários e desenvolvedores de propriedades industriais nos Estados Unidos. A partir do quarto trimestre de 2023, o portfólio da empresa consiste em 116 propriedades, totalizando aproximadamente 19,2 milhões de pés quadrados.

Tipo de parceria	Número de parcerias	Valor total da propriedade
Aquisições de propriedades diretas	42	US $ 1,8 bilhão
Desenvolvimentos de joint venture	17	US $ 385 milhões

Empresas de investimento imobiliário

A ILPT mantém parcerias estratégicas com várias empresas de investimento imobiliário para expandir seu portfólio de propriedades industriais.

• Parceiros imobiliários de Blackstone
• Brookfield Asset Management
• Capital da colônia

Inquilinos comerciais nacionais e regionais

A base de inquilinos da empresa inclui diversos clientes comerciais em vários setores.

Setor de inquilinos	Número de inquilinos	Taxa de ocupação
Comércio eletrônico	28	94.6%
Fabricação	22	92.3%
Logística	35	96.1%

Provedores de serviços de gerenciamento e manutenção de propriedades

A ILPT faz parceria com empresas especializadas de gerenciamento de propriedades para manter seus ativos imobiliários industriais.

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

Gestão anual de propriedades e despesas de manutenção: US $ 42,3 milhões

Trust (ILPT) - Modelo de Negócios: Atividades -chave

Aquisição de propriedades imobiliárias industriais e logísticas

A partir do quarto trimestre de 2023, o portfólio de propriedades da ILPT consistia em 441 propriedades em 35 estados, totalizando 68,3 milhões de pés quadrados de imóveis industriais. O volume total de aquisição em 2023 foi de US $ 283,7 milhões.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Armazéns industriais	388	59,4 milhões de pés quadrados
Instalações de logística	53	8,9 milhões de pés quadrados

Lasing e gerenciamento de portfólio de propriedades comerciais

Taxa de ocupação em 31 de dezembro de 2023: 98,6%. Aluguel de base anualizado: US $ 317,4 milhões.

• Termo médio de arrendamento: 7,2 anos
• Classificação de crédito médio de inquilino ponderado: BBB+
• Os 10 principais inquilinos representam 42,5% da receita total de aluguel

Condução de avaliações de propriedades e due diligence

Os critérios de investimento concentram -se em propriedades com:

• Valor mínimo da propriedade: US $ 5 milhões
• Localização em mercados de alto crescimento
• Credibilidade de inquilino forte

Métrica de avaliação	2023 desempenho
Propriedades avaliadas	127
Propriedades adquiridas	18

Manter e atualizar ativos de propriedade

Despesas de capital para manutenção de propriedades e atualizações em 2023: US $ 42,6 milhões.

• Investimentos de modernização de infraestrutura
• Melhorias de eficiência energética
• Atualizações de infraestrutura de tecnologia

Investimento estratégico e otimização de portfólio

Valor do portfólio em 31 de dezembro de 2023: US $ 4,2 bilhões. Valor bruto do investimento em 2023: US $ 517,3 milhões.

Estratégia de investimento	2023 Alocação
Novas aquisições de propriedades	US $ 283,7 milhões
Melhorias da propriedade	US $ 42,6 milhões
Rebalanceamento de portfólio	US $ 191 milhões

Industrial Logistics Properties Trust (ILPT) - Modelo de negócios: Recursos -chave

Extenso portfólio imobiliário industrial

A partir do quarto trimestre de 2023, o ILPT possuía 441 propriedades industriais em 33 estados, totalizando aproximadamente 63,5 milhões de pés quadrados de área alugável. O valor total do ativo bruto do portfólio foi de US $ 4,1 bilhões.

Tipo de propriedade	Número de propriedades	Mágua quadrada total
Armazéns industriais	441	63,5 milhões de pés quadrados

Capital financeiro e recursos de investimento

Recursos financeiros da ILPT em 31 de dezembro de 2023:

• Total de ativos: US $ 4,1 bilhões
• Dívida total: US $ 2,1 bilhões
• Taxa de juros médios ponderados: 4,3%
• Liquidez disponível: US $ 350 milhões em linha de crédito

Relacionamentos fortes com inquilinos comerciais

Categoria de inquilino	Porcentagem de portfólio	Taxa de ocupação
Amazon	22%	100%
FedEx	15%	98.7%
Outros inquilinos de logística	63%	96.5%

Equipe profissional de gerenciamento imobiliário

Pessoal de gerenciamento -chave:

• CEO: Prologis Executive com mais de 25 anos de experiência
• Experiência média da equipe de gerenciamento: 18 anos
• Total de funcionários: 127

Avaliação avançada de propriedade e experiência em avaliação

Métricas de avaliação de propriedades:

• Termo médio ponderado de arrendamento: 6,2 anos
• Taxa de renovação do arrendamento: 78%
• Idade média da propriedade: 12,5 anos
• Orçamento anual de avaliação de propriedades: US $ 5,2 milhões

Trust (ILPT) - Modelo de Negócios: Proposições de Valor

Renda estável e consistente de arrendamentos de propriedades de longo prazo

A partir do quarto trimestre 2023, o ILPT relatou um Taxa de ocupação de portfólio de 98,6%. O termo de arrendamento médio em todo o portfólio é 8,2 anos, fornecendo estabilidade de renda significativa. A receita anual total de aluguel foi US $ 302,4 milhões Para o ano fiscal de 2023.

Métrica de arrendamento	Valor
Termo de arrendamento médio ponderado	8,2 anos
Taxa de ocupação de portfólio	98.6%
Receita anual de aluguel	US $ 302,4 milhões

Investimentos de propriedade industrial e logística de alta qualidade

O portfólio de propriedades da ILPT consiste em 297 Propriedades industriais totalizando 43,8 milhões de pés quadrados de área locável. O valor total do investimento de propriedade era US $ 4,2 bilhões em 31 de dezembro de 2023.

• Propriedades totais: 297
• Área Lasível Total: 43,8 milhões de pés quadrados
• Valor total do investimento de propriedade: US $ 4,2 bilhões

Portfólio imobiliário diversificado em várias regiões

A distribuição geográfica do portfólio da ILPT inclui:

Região	Número de propriedades	Porcentagem de portfólio
Oeste dos Estados Unidos	112	37.7%
Sudeste dos Estados Unidos	85	28.6%
Nordeste dos Estados Unidos	67	22.6%
Outras regiões	33	11.1%

Potencial para valorização de capital e retornos de dividendos

Em 2023, o ILPT entregou um Rendimento de dividendos de 6,8%. O retorno total dos acionistas foi 12.3% para o ano fiscal. A capitalização de mercado da empresa estava em US $ 2,1 bilhões em 31 de dezembro de 2023.

Serviços profissionais de gerenciamento e manutenção de propriedades

ILPT aloca US $ 24,7 milhões anualmente para manutenção e gerenciamento de propriedades, representando 8.2% de receita anual total de aluguel. A empresa mantém uma equipe dedicada de 87 Profissionais de Gerenciamento de Propriedades.

Métrica de Gerenciamento	Valor
Orçamento anual de manutenção	US $ 24,7 milhões
Porcentagem de receita de aluguel	8.2%
Tamanho da equipe de gerenciamento de propriedades	87 profissionais

Industrial Logistics Properties Trust (ILPT) - Modelo de negócios: Relacionamentos do cliente

Acordos de arrendamento de longo prazo com inquilinos comerciais

A partir do quarto trimestre 2023, o ILPT mantém 215 propriedades industriais com um termo de arrendamento médio de 6,2 anos. A taxa de ocupação do portfólio é de 98,7%. Os acordos de arrendamento têm uma média de US $ 7,52 por pé quadrado na carteira de propriedades industriais.

Métrica de arrendamento	Valor
Propriedades totais	215
Termo de arrendamento médio	6,2 anos
Ocupação de portfólio	98.7%
Taxa média de arrendamento	US $ 7,52/sq ft

Suporte personalizado de gerenciamento de propriedades

A ILPT emprega 37 profissionais de gerenciamento de propriedades dedicados em suas regiões operacionais. A equipe gerencia aproximadamente 39,2 milhões de pés quadrados de imóveis industriais.

• Gerentes de conta dedicados para cada inquilino principal
• Sistema de suporte de manutenção 24/7
• Estratégias de manutenção de propriedades personalizadas

Comunicação regular e engajamento de inquilinos

O ILPT realiza pesquisas trimestrais de satisfação do inquilino com uma taxa de resposta de 72%. Os canais de comunicação incluem plataformas digitais, relatórios trimestrais e reuniões anuais de inquilinos.

Manutenção responsiva e coordenação de serviço

O tempo de resposta da manutenção é de 2,4 horas para questões críticas. A empresa aloca US $ 0,45 por pé quadrado anualmente para manutenção e atualizações de propriedades.

Métrica de manutenção	Valor
Tempo médio de resposta	2,4 horas
Orçamento de manutenção	$ 0,45/sq ft

Relatórios transparentes e divulgação financeira

A ILPT fornece relatórios financeiros mensais e mantém um site de relações com investidores com dados de desempenho da propriedade em tempo real. O relatório anual de transparência financeira cobre 100% do portfólio de propriedades.

• Atualizações mensais de desempenho financeiro
• Relatórios anuais abrangentes
• Plataforma de relações com investidores digitais

Industrial Logistics Properties Trust (ILPT) - Modelo de negócios: canais

Equipes diretas de leasing e aquisição de propriedades

No quarto trimestre 2023, o ILPT mantém uma equipe dedicada de 37 profissionais de imóveis comerciais focados em leasing direto e aquisição de propriedades. A equipe abrange 18 estados nos Estados Unidos, com um portfólio de 388 propriedades industriais totalizando 47,4 milhões de pés quadrados.

Métrica de canal	2023 dados
Tamanho direto da equipe de vendas	37 profissionais
Cobertura geográfica	18 estados
Portfólio total de propriedades	388 propriedades
Mágua quadrada total	47,4 milhões de pés quadrados

Plataformas de investimento imobiliário

A ILPT utiliza várias plataformas de investimento digital para envolver possíveis investidores e oferecer oportunidades transparentes de investimento imobiliário.

• Site de Relações com Investidores: Fornece informações detalhadas da propriedade
• Plataforma Sec Edgar para divulgações financeiras
• Banco de dados de investimentos imobiliários de Thomson Reuters
• Canal de investimento do terminal da Bloomberg

Listagem de propriedades on -line e marketing

Os canais de marketing digital geram 62% das consultas de investidores da ILPT. As plataformas online incluem:

Plataforma digital	Engajamento mensal
Site da empresa	127.500 visitantes únicos
LinkedIn	45.200 seguidores
Sites de listagem de imóveis comerciais	92 listagens de propriedades ativas

Conferências do setor e eventos de rede

O ILPT participa de 14 principais conferências imobiliárias e de investimento anualmente, com uma participação média de 6-8 representantes da empresa.

• Conferência Anual da NAREIT
• Convenção Nacional do CCIM
• Reunião de outono de Uli
• ICSC Recon

Consultores financeiros e intermediários de investimento

O ILPT mantém relacionamentos com 62 empresas de consultoria financeira e intermediários de investimento institucional.

Tipo intermediário	Número de relacionamentos
Bancos de investimento institucional	18 empresas
Empresas de consultoria financeira independentes	44 empresas
Intermediários totais de investimento	62 empresas

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

Grandes empresas industriais e de logística

A partir do quarto trimestre de 2023, o portfólio da ILPT inclui 1.286 propriedades, totalizando 180,9 milhões de pés quadrados de imóveis industriais. Os principais clientes industriais incluem:

Cliente	Tamanho do arrendamento	Aluguel anual
Amazon	1,2 milhão de pés quadrados	US $ 42,3 milhões
FedEx	850.000 pés quadrados	US $ 29,7 milhões
UPS	720.000 pés quadrados	US $ 25,6 milhões

Empresas de comércio eletrônico e de varejo

O ILPT serve vários segmentos de comércio eletrônico com propriedades de logística especializadas:

• Penetração do mercado de comércio eletrônico: 68% do portfólio
• Termo médio de arrendamento: 7,3 anos
• Taxa de ocupação: 98,4%

Empresas de fabricação e distribuição

Distribuição geográfica de clientes de fabricação:

Região	Número de propriedades	Porcentagem de portfólio
Nordeste	386	30.0%
Costa Oeste	312	24.3%
Sudeste	278	21.6%

Inquilinos comerciais regionais e nacionais

Redução da diversidade de inquilinos:

• Inquilinos nacionais: 62% da receita
• Inquilinos regionais: 38% da receita
• Classificação média de crédito do inquilino: BBB+

Empresas de investimento imobiliário e fundos

Composição institucional do investidor:

Tipo de investidor	Porcentagem de propriedade	Valor de investimento
Investidores institucionais	72.3%	US $ 3,2 bilhões
Fundos mútuos	15.6%	US $ 692 milhões
Fundos de pensão	8.7%	US $ 386 milhões

Industrial Logistics Properties Trust (ILPT) - Modelo de negócios: estrutura de custos

Despesas de aquisição de propriedades

Em 2023, a ILPT registrou custos totais de aquisição de propriedades de US $ 453,2 milhões. A empresa adquiriu 16 propriedades industriais durante o ano fiscal.

Categoria de despesa	Valor ($)
Preço de compra de propriedade	US $ 392,7 milhões
Custos de transação de aquisição	US $ 60,5 milhões

Custos de manutenção e renovação

A ILPT alocou US $ 37,6 milhões para manutenção de propriedades e melhorias de capital em 2023.

• Manutenção de rotina: US $ 22,1 milhões
• Principais projetos de renovação: US $ 15,5 milhões

Despesas operacionais de gerenciamento de propriedades

As despesas operacionais para gerenciamento de propriedades totalizaram US $ 64,3 milhões em 2023.

Categoria de despesa operacional	Valor ($)
Salários de gerenciamento de propriedades	US $ 24,7 milhões
Utilitários e manutenção	US $ 18,9 milhões
Seguro	US $ 12,4 milhões
Impostos sobre a propriedade	US $ 8,3 milhões

Overhead administrativo e corporativo

As despesas gerais corporativas para o ILPT foram de US $ 42,1 milhões em 2023.

• Remuneração de executivos: US $ 15,6 milhões
• Taxas legais e profissionais: US $ 8,7 milhões
• Tecnologia e infraestrutura: US $ 6,2 milhões
• Relações de marketing e investidores: US $ 4,3 milhões

Financiamento e pagamentos de juros

Os custos totais de financiamento da ILPT para 2023 foram de US $ 89,4 milhões.

Categoria de despesas de financiamento	Valor ($)
Juros sobre dívida de longo prazo	US $ 76,2 milhões
Custos de refinanciamento da dívida	US $ 9,5 milhões
Taxas bancárias e cobranças	US $ 3,7 milhões

Trust (ILPT) - Modelo de Negócios: Fluxos de Receita

Renda de aluguel de arrendamentos de propriedade

A partir do quarto trimestre de 2023, a ILPT registrou uma receita total de aluguel de US $ 167,3 milhões. O portfólio da empresa consiste em 392 propriedades industriais com uma taxa de ocupação de 98,7%.

Tipo de arrendamento	Porcentagem da receita total	Renda anual de aluguel
Arrendamentos de armazém industrial	72%	US $ 120,5 milhões
Arrendamentos do centro de distribuição	21%	US $ 35,1 milhões
Logistics Facility Lases	7%	US $ 11,7 milhões

Valorização do valor da propriedade

Em 2023, o valor total do portfólio de propriedades da ILPT aumentou para US $ 3,2 bilhões, representando uma apreciação de 5,4% ano a ano.

Venda de propriedades e ganhos de disposição

A ILPT percebeu US $ 45,2 milhões em vendas de propriedades em 2023, com um ganho médio de 7,3% acima do valor contábil.

Tipo de propriedade	Número de propriedades vendidas	Produtos totais de venda
Propriedades industriais	12	US $ 38,6 milhões
Centros de distribuição	3	US $ 6,6 milhões

Taxas de gerenciamento de ativos

As taxas de gerenciamento de ativos geraram US $ 8,7 milhões em receita para 2023.

• Contratos de gerenciamento de ativos de terceiros: US $ 5,2 milhões
• Taxas internas de gerenciamento de portfólio: US $ 3,5 milhões

Retornos do portfólio de investimentos

O portfólio de investimentos da ILPT gerou US $ 22,5 milhões em retornos para 2023, com um rendimento médio anual de 4,6%.

Tipo de investimento	Valor total de investimento	Retorno anual
Títulos imobiliários	US $ 350 milhões	US $ 16,1 milhões
Instrumentos de investimento de curto prazo	US $ 150 milhões	US $ 6,4 milhões

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.