8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT PURSUANT

TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): February 17, 2021

INDUSTRIAL LOGISTICS PROPERTIES TRUST

(Exact Name of Registrant as Specified in Its Charter)

Maryland

(State or Other Jurisdiction of Incorporation)

001-38342	82-2809631
(Commission File Number)	(IRS Employer Identification No.)

Two Newton Place,	255 Washington Street,	Suite 300,	Newton,	Massachusetts	02458-1634
(Address of Principal Executive Offices)					(Zip Code)

617-219-1460

(Registrant’s Telephone Number, Including Area Code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐          Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐                      Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐                      Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐                      Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities Registered Pursuant to Section 12(b) of the Act:

Title of Each Class	Trading Symbol(s)	Name Of Each Exchange On Which Registered
Common Shares of Beneficial Interest	ILPT	The Nasdaq Stock Market LLC

    Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

    Emerging growth company ☐

    If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02.  Results of Operations and Financial Condition.

On February 17, 2021, Industrial Logistics Properties Trust, or the Company, issued a press release regarding the Company’s results of operations and financial condition for the quarter and year ended December 31, 2020, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 2020. Copies of the Company’s press release and supplemental operating and financial data are furnished as Exhibits 99.1 and 99.2 hereto, respectively.

Item 9.01.  Financial Statements and Exhibits.

(d)          Exhibits

99.1        Press Release dated February 17, 2021

99.2        Fourth Quarter 2020 Supplemental Operating and Financial Data

104         Cover Page Interactive Data File. (Embedded within the Inline XBRL document.)

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

INDUSTRIAL LOGISTICS PROPERTIES TRUST
By:	/s/ Richard W. Siedel, Jr.
Name:	Richard W. Siedel, Jr.
Title:	Chief Financial Officer and Treasurer

Dated:  February 17, 2021

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EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Industrial Logistics Properties Trust Announces Fourth Quarter 2020 Results

Fourth Quarter Net Income Attributable to Common Shareholders of $0.62 Per Share

Fourth Quarter Normalized FFO Attributable to Common Shareholders of $0.46 Per Share

Added Second Joint Venture Investor, Raising Equity Capital at Net Asset Value to Reduce Debt

Newton, MA (February 17, 2021): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter ended December 31, 2020.

John Murray, President and Chief Executive Officer of ILPT, made the following statement:

"We reported a strong finish to the year, with steady progress on our key priorities to reduce leverage, expand the portfolio, and create value for tenants and investors in today's competitive operating environment. ILPT entered into new and renewal leases for approximately 253,000 square feet, resulting in weighted average rental rates that were 14.1% higher than prior rental rates with a weighted average lease term of 13 years. Our portfolio occupancy also remained stable at 98.5%, which demonstrates the strong demand for ILPT's high quality industrial and logistics properties. We added a second third party investor to our existing 12-property joint venture, which resulted in substantially reducing our leverage, and we ended the year with more than $550 million of total liquidity. Finally, in December 2020, we completed the acquisition of a 645,000 square foot Class A industrial facility in the Kansas City area, which expands ILPT's geographic diversification into another top 20 U.S. industrial market. Looking ahead to 2021, we anticipate industrial real estate fundamentals will continue to remain strong with ILPT well positioned to pursue opportunities that will complement our existing industrial assets, drive growth across the portfolio, and create sustainable long-term shareholder value.”

Quarterly Results:

•Net income attributable to common shareholders of $40.3 million, or $0.62 per diluted share.

•Normalized FFO attributable to common shareholders of $30.2 million, or $0.46 per diluted share.

•Recorded a gain on sale of real estate of $24.0 million, or $0.37 per diluted share, principally related to our sale of equity interest in our joint venture to a second third party institutional investor.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.

No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

(dollars in thousands, except per share data)	Three Months Ended
Financial	December 31, 2020	December 31, 2019	Change
Net income attributable to common shareholders per share	$0.62	$0.18	244.4%
Normalized FFO attributable to common shareholders per share	$0.46	$0.46	—%
Net operating income (NOI)	$46,659	$48,240	(3.3)%
Same property cash basis NOI	$37,563	$38,237	(1.8)%

Reconciliations of net income attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and normalized funds from operations, or Normalized FFO, attributable to common shareholders for the quarters ended December 31, 2020 and 2019 appear later in this press release. Reconciliations of net income determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and calculation of same property Cash Basis NOI, for the quarters ended December 31, 2020 and 2019, also appear later in this press release.

	Three Months Ended
Occupancy	December 31, 2020	September 30, 2020	December 31, 2019
Occupancy	98.5%	98.8%	99.3%
Same property occupancy	98.4%	98.4%	99.1%

	Three Months Ended
Leasing Activity	December 31, 2020
Leasing activity for new and renewal leases and rent resets (square feet)	253,000
Weighted average lease term for new and renewal leases (by square feet)	13.0 years
Weighted average rental rate change versus prior rental rate for same space (by square feet)	14.1%
Commitments for leasing capital and concessions for new and renewal leases (per square foot per year)	$0.15

•In response to the COVID-19 pandemic, ILPT granted requests to 39 tenants to defer aggregate rent payments of $3.2 million as of February 15, 2021, and in most cases, these tenants were obligated to pay the deferred rents in 12 equal monthly installments beginning in September 2020.

•During the quarter ended December 31, 2020, ILPT collected approximately 98% of its contractual rents due after giving effect to such rent deferrals.

Acquisition and Disposition Activities:

•In December 2020, ILPT acquired a net leased Class A industrial property located in Kansas City, KS containing 645,462 rentable square feet and excess developable land that can either support a 550,000 square feet expansion to the existing building or 430,000 square feet free standing building for a purchase price of $44.0 million, excluding acquisition related costs. The existing building is 100% leased and has a remaining lease term of approximately 11.7 years.

•In December 2020, ILPT sold one property located in Virginia containing 308,217 rentable square feet for a sales price of $10.8 million, excluding closing costs.

2

Joint Venture:

•In November 2020, ILPT sold a 39% equity interest from its 61% equity interest in its existing joint venture for 12 of ILPT’s properties in the mainland United States, to a large, top tier global sovereign wealth fund for approximately $108.8 million. After giving effect to the sale, the then existing institutional investor in the joint venture maintains its 39% equity interest and ILPT continues to own the remaining 22% equity interest in the joint venture.

•Upon closing of the transaction, ILPT no longer consolidates the results of operations of the joint venture into its financial results, including the $407.0 million of debt associated with the 12 properties, and instead accounts for its remaining 22% equity interest as an unconsolidated joint venture interest.

Liquidity:

•As of December 31, 2020, ILPT had approximately $22.8 million of cash and cash equivalents, and approximately $529 million available to borrow under its revolving credit facility.

Conference Call:

On Thursday, February 18, 2021 at 10:00 a.m. Eastern Time, John Murray, Chief Executive Officer, Richard Siedel, Chief Financial Officer, and Yael Duffy, Chief Operating Officer, will host a conference call to discuss ILPT’s fourth quarter 2020 financial results.

The conference call telephone number is (877) 418-4826. Participants calling from outside the United States and Canada should dial (412) 902-6758. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, February 25, 2021. To access the replay, dial (412) 317-0088. The replay pass code is 10150720.

A live audio webcast of the conference call will also be available in a listen-only mode on ILPT’s website, at www.ilptreit.com. Participants wanting to access the webcast should visit ILPT’s website about five minutes before the call. The archived webcast will be available for replay on ILPT’s website following the call for about one week. The transcription, recording and retransmission in any way of ILPT’s fourth quarter conference call are strictly prohibited without the prior written consent of ILPT.

Supplemental Data:

A copy of ILPT’s Fourth Quarter 2020 Supplemental Operating and Financial Data is available for download at ILPT’s website, which is located at www.ilptreit.com. ILPT’s website is not incorporated as part of this press release.

ILPT is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.

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Non-GAAP Financial Measures:

ILPT presents certain “non-GAAP financial measures” within the meaning of applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, NOI and Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income or net income attributable to common shareholders as indicators of ILPT’s operating performance or as measures of ILPT’s liquidity. These measures should be considered in conjunction with net income and net income attributable to common shareholders as presented in ILPT’s consolidated statements of income. ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income and net income attributable to common shareholders. ILPT believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of ILPT’s operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of ILPT’s properties.

Please see the pages attached hereto for a more detailed statement of ILPT’s operating results and financial condition and for an explanation of ILPT’s calculation of NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, FFO attributable to common shareholders and Normalized FFO attributable to common shareholders and a reconciliation of those amounts to amounts determined in accordance with GAAP.

4

Industrial Logistics Properties Trust

Consolidated Statements of Income

(amounts in thousands, except per share data)

(unaudited)

			Three Months Ended December 31,				Year Ended December 31,
			2020		2019		2020		2019
Rental income			$	60,081	$	62,199	$	254,575	$	229,234
Expenses:
	Real estate taxes		8,406		8,721		35,185		30,367
	Other operating expenses		5,016		5,238		20,749		17,643
	Depreciation and amortization		15,215		18,039		70,518		61,927
	Acquisition and certain other transaction related costs		22		—		200		—
	General and administrative		4,723		4,058		19,580		17,189
		Total expenses	33,382		36,056		146,232		127,126
Gain on sale of real estate			23,996		—		23,996		—
Interest income			—		163		113		743
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $588, $596, $2,481 and $2,017, respectively)			(11,009)		(14,641)		(51,619)		(50,848)
Gain on early extinguishment of debt			—		—		120		—
Income before income tax expense and equity in earnings of investees			39,686		11,665		80,953		52,003
Income tax expense			(75)		(40)		(277)		(171)
Equity in earnings of investees			529		49		529		666
Net income			40,140		11,674		81,205		52,498
Net loss attributable to noncontrolling interest			175		—		866		—
Net income attributable to common shareholders			$	40,315	$	11,674	$	82,071	$	52,498
Weighted average common shares outstanding - basic			65,139		65,071		65,104		65,049
Weighted average common shares outstanding - diluted			65,152		65,074		65,114		65,055
Per common share data (basic and diluted):
Net income attributable to common shareholders			$	0.62	$	0.18	$	1.26	$	0.81

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Industrial Logistics Properties Trust

Funds from Operations Attributable to Common Shareholders and Normalized Funds from Operations Attributable to Common Shareholders (1)

(amounts in thousands, except per share data)

(unaudited)

	Three Months Ended December 31,				Year Ended December 31,
	2020		2019		2020		2019
Net income attributable to common shareholders	$	40,315	$	11,674	$	82,071	$	52,498
Depreciation and amortization	15,215		18,039		70,518		61,927
Equity in earnings of unconsolidated joint venture	(529)		—		(529)		—
Share of FFO from unconsolidated joint venture	556		—		556		—
Gain on sale of real estate	(23,996)		—		(23,996)		—
FFO adjustments attributable to noncontrolling interest	(1,384)		—		(7,656)		—
FFO attributable to common shareholders	30,177		29,713		120,964		114,425
Acquisition and certain other transaction related costs	22		—		200		—
Gain on early extinguishment of debt	—		—		(120)		—
Normalized FFO attributable to common shareholders	$	30,199	$	29,713	$	121,044	$	114,425
Weighted average common shares outstanding - basic	65,139		65,071		65,104		65,049
Weighted average common shares outstanding - diluted	65,152		65,074		65,114		65,055
Per common share data (basic and diluted):
FFO attributable to common shareholders and Normalized FFO attributable to common shareholders	$	0.46	$	0.46	$	1.86	$	1.76
Distributions declared	$	0.33	$	0.33	$	1.32	$	1.32

(1) ILPT calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown above. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and equity in earnings of an unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties and its proportionate share of FFO of unconsolidated joint venture properties and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to ILPT. In calculating Normalized FFO attributable to common shareholders, ILPT adjusts for the items shown above including similar adjustments for ILPT’s unconsolidated joint venture, if any, and includes business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of ILPT’s core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by ILPT’s Board of Trustees when determining the amount of distributions to ILPT’s shareholders. Other factors include, but are not limited to, requirements to maintain ILPT’s qualification for taxation as a REIT, limitations in the agreements governing ILPT’s debt, the availability to ILPT of debt and equity capital, ILPT’s distribution rate as a percentage of the trading price of its common shares, or dividend yield, and ILPT’s dividend yield compared to the dividend yields of other industrial REITs, ILPT’s expectation of its future capital requirements and operating performance and ILPT’s expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than ILPT does.

6

Industrial Logistics Properties Trust

Calculation and Reconciliation of Property Net Operating Income and Cash Basis Net Operating Income (1)

(dollars in thousands)

(unaudited)

		Three Months Ended December 31,				Year Ended December 31,
		2020		2019		2020		2019
Calculation of NOI and Cash Basis NOI:
Rental income		$	60,081	$	62,199	$	254,575	$	229,234
Real estate taxes		(8,406)		(8,721)		(35,185)		(30,367)
Other operating expenses		(5,016)		(5,238)		(20,749)		(17,643)
	NOI	46,659		48,240		198,641		181,224
Non-cash straight line rent adjustments included in rental income		(2,858)		(385)		(9,041)		(4,345)
Lease value amortization included in rental income		(185)		(193)		(791)		(1,195)
	Cash Basis NOI	$	43,616	$	47,662	$	188,809	$	175,684
Reconciliation of Net Income to NOI and Cash Basis NOI:
Net income		$	40,140	$	11,674	$	81,205	$	52,498
Equity in earnings of investees		(529)		(49)		(529)		(666)
Income tax expense		75		40		277		171
Income before income tax expense and equity in earnings of investees		39,686		11,665		80,953		52,003
Gain on early extinguishment of debt		—		—		(120)		—
Interest expense		11,009		14,641		51,619		50,848
Gain on sale of real estate		(23,996)		—		(23,996)		—
Interest income		—		(163)		(113)		(743)
General and administrative		4,723		4,058		19,580		17,189
Acquisition and certain other transaction related costs		22		—		200		—
Depreciation and amortization		15,215		18,039		70,518		61,927
	NOI	46,659		48,240		198,641		181,224
Non-cash straight line rent adjustments included in rental income		(2,858)		(385)		(9,041)		(4,345)
Lease value amortization included in rental income		(185)		(193)		(791)		(1,195)
	Cash Basis NOI	$	43,616	$	47,662	$	188,809	$	175,684

(1)The calculations of NOI and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to ILPT’s property level results of operations. ILPT calculates NOI and Cash Basis NOI as shown above. ILPT defines NOI as income from its rental of real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that ILPT records as depreciation and amortization expense. ILPT defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. ILPT uses NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than ILPT does.

7

Industrial Logistics Properties Trust

Reconciliation of Net Operating Income to Same Property Net Operating Income and Calculation of Same

1

Property Cash Basis Net Operating Income (1)

(dollars in thousands)

(unaudited)

		Three Months Ended December 31,				Year Ended December 31,
		2020		2019		2020		2019
Reconciliation of NOI to Same Property NOI (2)(3):
Rental income		$	60,081	$	62,199	$	254,575	$	229,234
Real estate taxes		(8,406)		(8,721)		(35,185)		(30,367)
Other operating expenses		(5,016)		(5,238)		(20,749)		(17,643)
	NOI	46,659		48,240		198,641		181,224
Less:
	NOI of properties not included in same property results	(6,289)		(9,978)		(63,548)		(50,253)
Same property NOI		$	40,370	$	38,262	$	135,093	$	130,971
Calculation of Same Property Cash Basis NOI (2)(3):
Same property NOI		$	40,370	$	38,262	$	135,093	$	130,971
Less:
	Non-cash straight line rent adjustments included in rental income	(2,638)		137		(5,966)		(1,712)
	Lease value amortization included in rental income	(169)		(162)		(442)		(919)
Same property Cash Basis NOI		$	37,563	$	38,237	$	128,685	$	128,340

(1)See footnote (1) on page 6 of this press release for the definitions of NOI and Cash Basis NOI and page 4 for a description of why ILPT believes they are appropriate supplemental measures and a description of how ILPT uses these measures.

(2)For the three months ended December 31, 2020 and 2019, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2020 and that it owned continuously since October 1, 2019 and exclude 12 properties owned by an unconsolidated joint venture in which ILPT owns a 22% interest.

(3)For the year ended December 31, 2020 and 2019, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2020 and that it owned continuously since January 1, 2019 and exclude 12 properties owned by an unconsolidated joint venture in which ILPT owns a 22% interest.

8

Industrial Logistics Properties Trust

Consolidated Balance Sheets

(dollars in thousands, except per share data)

(unaudited)

	December 31,		December 31,
	2020		2019
ASSETS
Real estate properties:
Land	$	709,099	$	747,794
Buildings and improvements	1,099,971		1,588,170
Total real estate properties, gross	1,809,070		2,335,964
Accumulated depreciation	(141,406)		(131,468)
Total real estate properties, net	1,667,664		2,204,496
Investment in unconsolidated joint venture	60,590		—
Acquired real estate leases, net	83,644		138,596
Cash and cash equivalents	22,834		28,415
Restricted cash	—		6,135
Rents receivable, including straight line rents of $62,753 and $58,336, respectively	69,511		62,782
Deferred leasing costs, net	4,595		6,581
Debt issuance costs, net	1,477		2,954
Due from related persons	2,665		1,504
Other assets, net	2,765		3,438
Total assets	$	1,915,745	$	2,454,901
LIABILITIES AND SHAREHOLDERS' EQUITY
Revolving credit facility	$	221,000	$	310,000
Mortgage notes payable, net	645,579		1,096,608
Assumed real estate lease obligations, net	14,630		17,508
Accounts payable and other liabilities	14,716		16,475
Rents collected in advance	7,811		9,442
Security deposits	6,540		6,680
Due to related persons	2,279		2,498
Total liabilities	912,555		1,459,211
Commitments and contingencies
Shareholders' Equity:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,301,088 and 65,180,628 shares issued and outstanding, respectively	653		652
Additional paid in capital	1,010,819		999,302
Cumulative net income	224,226		142,155
Cumulative common distributions	(232,508)		(146,419)
Total shareholders' equity	1,003,190		995,690
Total liabilities and shareholders' equity	$	1,915,745	$	2,454,901

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Warning Concerning Forward-Looking Statements

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever ILPT uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, ILPT is making forward-looking statements. These forward-looking statements are based upon ILPT’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by ILPT’s forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond ILPT’s control. For example:

•Mr. Murray states in this press release that ILPT reported a strong finish to the year, with steady progress on ILPT’s key priorities to reduce leverage, expand the portfolio, and create value for tenants and investors in today’s competitive operating environment. This may imply that ILPT will continue to make progress on its key priorities. However, ILPT’s business is subject to various risks, some of which are beyond its control, such as the COVID-19 pandemic and/or general economic conditions. As a result, ILPT may not continue to make progress on its key priorities,

•Mr. Murray’s statements in this press release regarding ILPT’s leasing activity may imply that ILPT will achieve similar or better results in the future. However, leasing activity depends on various factors, including the impact of the COVID-19 pandemic, existing tenants’ continuing need for space, the timing of the expiration of existing leases, the market demand to lease space at ILPT’s properties, ILPT’s ability to successfully compete for tenants and other economic and market conditions. As a result, ILPT may not realize similar or better leasing results in the future, and these leasing results may worsen,

•Mr. Murray states in this press release that ILPT added a second third party investor to its existing joint venture, which resulted in substantially reducing our leverage and that ILPT ended the year with more than $550 million of total liquidity. However, ILPT has a revolving credit facility under which it may borrow, repay and reborrow amounts and ILPT may seek to obtain additional debt financing in the future. As a result, ILPT may not maintain the reduced leverage or strong liquidity it achieved by adding a second partner to this joint venture, and

•Mr. Murray states in this press release that ILPT is well positioned to pursue opportunities that will complement ILPT’s existing industrial assets, drive growth across the portfolio, and create sustainable long-term shareholder value. However, ILPT’s ability to acquire and lease properties and to realize increased rents depends in large part on when such properties become available for acquisition or lease, when leases are negotiated or rents are reset, or market conditions in areas where ILPT’s properties are located. Market conditions often change and are beyond ILPT’s control. In the future, ILPT may not make acquisitions or negotiate expansions, may experience increasing vacancies, lower rents at its properties or lower demand for its properties and may experience a decline of its operating results.

10

The information contained in ILPT’s filings with the SEC, including under “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies important factors that could cause ILPT’s actual results to differ materially from those stated in or implied by ILPT’s forward-looking statements. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

Contact:

Kevin Barry, Manager, Investor Relations

(617) 658-0776

(END)

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EX-99.2

1 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. FOURTH QUARTER 2020 Exhibit 99.2

2Supplemental Q4 2020 CORPORATE INFORMATION Company Profile................................................................................................................................................................................................ 3 Investor Information........................................................................................................................................................................................... 4 Equity Research Coverage................................................................................................................................................................................. 5 FINANCIALS Key Financial Data............................................................................................................................................................................................. 6 Consolidated Balance Sheets............................................................................................................................................................................ 7 Consolidated Statements of Income................................................................................................................................................................. 8 Debt Summary and Maturity Schedule.............................................................................................................................................................. 9 Leverage Ratios and Coverage Ratios............................................................................................................................................................... 10 Capital Expenditures Summary......................................................................................................................................................................... 11 Property Acquisitions and Dispositions Information Since 1/1/20.................................................................................................................... 12 Unconsolidated Joint Venture........................................................................................................................................................................... 13 Calculation and Reconciliation of NOI and Cash Basis NOI.............................................................................................................................. 14 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI................................................................... 15 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre.............................................................................................................................. 16 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders............................ 17 PORTFOLIO INFORMATION Portfolio Summary by Property Type................................................................................................................................................................ 18 Same Property Results of Operations by Property Type.................................................................................................................................. 19-20 Occupancy and Leasing Summary..................................................................................................................................................................... 21 Occupancy and Leasing Analysis by Property Type.......................................................................................................................................... 22 Tenant Credit Characteristics............................................................................................................................................................................ 23 Tenants Representing 1% or More of Total Annualized Rental Revenues........................................................................................................ 24 Five Year Lease Expiration and Reset Schedule by Property Type................................................................................................................... 25 Portfolio Lease Expiration Schedule.................................................................................................................................................................. 26 NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS......................................................................................................................... 27-28 WARNING CONCERNING FORWARD-LOOKING STATEMENTS............................................................................................................................. 29 Table of Contents Please refer to the Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document.

3Supplemental Q4 2020 Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 219-1460 Stock Exchange Listing: Nasdaq Trading Symbol: Common Shares: ILPT The Company: Industrial Logistics Properties Trust, or ILPT, we, our or us, is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. As of December 31, 2020, our portfolio was comprised of 289 wholly owned properties containing approximately 34.9 million rentable square feet located in 31 states, including 226 buildings, leasable land parcels and easements containing approximately 16.8 million rentable square feet that are primarily industrial lands located on the island of Oahu, HI, and 63 properties containing approximately 18.1 million rentable square feet located in 30 other states. As of December 31, 2020, we also owned a 22% equity interest in an unconsolidated joint venture, which owns 12 properties located in nine states in the mainland United States containing approximately 9.2 million rentable square feet. ILPT is a component of 144 market indices and it comprises more than 1% of the following indices as of December 31, 2020: Invesco KBW Premium Yield Equity REIT ETF INAV Index (KBWYIV) and the Bloomberg Reit Industrial/Warehouse Index (BBREINDW). Management: ILPT is managed by The RMR Group LLC, or RMR LLC, the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. RMR primarily provides management services to publicly traded real estate companies, privately held real estate funds and real estate related operating businesses. As of December 31, 2020, RMR had $32.0 billion of real estate assets under management and the combined RMR managed companies had approximately $10 billion of annual revenues, nearly 2,100 properties and approximately 43,000 employees. We believe that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. We also believe RMR provides management services to us at costs that are lower than we would have to pay for similar quality services if we were self managed. Key Data (as of and for the three months ended December 31, 2020): (dollars and sq. ft. in 000s) Total properties(1) 289 Total sq. ft.(1) 34,870 Percent leased(1) 98.5% Q4 2020 Rental income $ 60,081 Q4 2020 Net income $ 40,140 Q4 2020 Net income attributable to common shareholders $ 40,315 Q4 2020 Normalized FFO attributable to common shareholders $ 30,199 (1) Excludes 12 properties owned by an unconsolidated joint venture. Company Profile RETURN TO TABLE OF CONTENTS

4Supplemental Q4 2020 Investor Information Board of Trustees Bruce M. Gans Lisa Harris Jones Joseph L. Morea Lead Independent Trustee Independent Trustee Independent Trustee Kevin C. Phelan Adam D. Portnoy John G. Murray Independent Trustee Chair of the Board & Managing Trustee Managing Trustee Executive Officers John G. Murray Richard W. Siedel, Jr. Yael Duffy President and Chief Executive Officer Chief Financial Officer and Treasurer Chief Operating Officer and Vice President Contact Information Investor Relations Inquiries Industrial Logistics Properties Trust Financial, investor and media inquiries should be directed to Two Newton Place Kevin Barry, Manager, Investor Relations, 255 Washington Street, Suite 300 at (617) 658-0776 or kbarry@ilptreit.com. Newton, MA 02458-1634 (t) (617) 219-1460 (email) info@ilptreit.com (website) www.ilptreit.com RETURN TO TABLE OF CONTENTS

5Supplemental Q4 2020 ILPT is followed by the analysts listed here. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. Equity Research Coverage B. Riley Securities, Inc. JMP Securities Bryan Maher Aaron Hecht bmaher@brileyfin.com ahecht@jmpsecurities.com (646) 885-5423 (415) 835-3963 BofA Securities RBC Capital Markets James Feldman Michael Carroll james.feldman@baml.com michael.carroll@rbccm.com (646) 855-5808 (440) 715-2649 RETURN TO TABLE OF CONTENTS

6Supplemental Q4 2020 (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Selected Balance Sheet Data: Total gross assets $ 2,057,151 $ 2,659,564 $ 2,659,579 $ 2,654,807 $ 2,586,369 Total assets $ 1,915,745 $ 2,498,994 $ 2,505,600 $ 2,512,320 $ 2,454,901 Total liabilities $ 912,555 $ 1,421,571 $ 1,418,989 $ 1,417,498 $ 1,459,211 Total equity $ 1,003,190 $ 1,077,423 $ 1,086,611 $ 1,094,822 $ 995,690 Selected Income Statement Data: Rental income $ 60,081 $ 65,106 $ 65,110 $ 64,278 $ 62,199 Net income $ 40,140 $ 13,814 $ 14,557 $ 12,694 $ 11,674 Net income attributable to common shareholders $ 40,315 $ 14,089 $ 14,821 $ 12,846 $ 11,674 NOI $ 46,659 $ 50,559 $ 51,137 $ 50,286 $ 48,240 Adjusted EBITDAre $ 43,554 $ 46,051 $ 46,947 $ 45,892 $ 44,564 FFO attributable to common shareholders $ 30,177 $ 29,939 $ 30,689 $ 30,159 $ 29,713 Normalized FFO attributable to common shareholders $ 30,199 $ 30,117 $ 30,569 $ 30,159 $ 29,713 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.62 $ 0.22 $ 0.23 $ 0.20 $ 0.18 FFO attributable to common shareholders and Normalized FFO attributable to common shareholders $ 0.46 $ 0.46 $ 0.47 $ 0.46 $ 0.46 Dividends: Annualized dividends paid per share $ 1.32 $ 1.32 $ 1.32 $ 1.32 $ 1.32 Annualized dividend yield (at end of period) 5.7% 6.0% 6.4% 7.5% 5.9% Normalized FFO attributable to common shareholders payout ratio 71.7% 71.7% 70.2% 71.7% 71.7% Key Financial Data RETURN TO TABLE OF CONTENTS

7Supplemental Q4 2020 Consolidated Balance Sheets December 31, December 31, 2020 2019 ASSETS Real estate properties: Land $ 709,099 $ 747,794 Buildings and improvements 1,099,971 1,588,170 Total real estate properties, gross 1,809,070 2,335,964 Accumulated depreciation (141,406) (131,468) Total real estate properties, net 1,667,664 2,204,496 Investment in unconsolidated joint venture 60,590 — Acquired real estate leases, net 83,644 138,596 Cash and cash equivalents 22,834 28,415 Restricted cash — 6,135 Rents receivable, including straight line rents of $62,753 and $58,336, respectively 69,511 62,782 Deferred leasing costs, net 4,595 6,581 Debt issuance costs, net 1,477 2,954 Due from related persons 2,665 1,504 Other assets, net 2,765 3,438 Total assets $ 1,915,745 $ 2,454,901 LIABILITIES AND SHAREHOLDERS' EQUITY Revolving credit facility $ 221,000 $ 310,000 Mortgage notes payable, net 645,579 1,096,608 Assumed real estate lease obligations, net 14,630 17,508 Accounts payable and other liabilities 14,716 16,475 Rents collected in advance 7,811 9,442 Security deposits 6,540 6,680 Due to related persons 2,279 2,498 Total liabilities 912,555 1,459,211 Commitments and contingencies Shareholders' Equity: Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,301,088 and 65,180,628 shares issued and outstanding, respectively 653 652 Additional paid in capital 1,010,819 999,302 Cumulative net income 224,226 142,155 Cumulative common distributions (232,508) (146,419) Total shareholders' equity 1,003,190 995,690 Total liabilities and shareholders' equity $ 1,915,745 $ 2,454,901 (dollars in thousands, except per share data) RETURN TO TABLE OF CONTENTS

8Supplemental Q4 2020 Consolidated Statements of Income Three Months Ended December 31, Year Ended December 31, 2020 2019     2020   2019 Rental income $ 60,081 $ 62,199 $ 254,575 $ 229,234 Expenses: Real estate taxes 8,406 8,721 35,185 30,367 Other operating expenses 5,016 5,238 20,749 17,643 Depreciation and amortization 15,215 18,039 70,518 61,927 Acquisition and certain other transaction related costs 22 — 200 — General and administrative 4,723 4,058 19,580 17,189 Total expenses 33,382 36,056 146,232 127,126 Gain on sale of real estate 23,996 — 23,996 — Interest income — 163 113 743 Interest expense (including net amortization of debt issuance costs, premiums and discounts of $588, $596, $2,481 and $2,017, respectively) (11,009) (14,641) (51,619) (50,848) Gain on early extinguishment of debt — — 120 — Income before income tax expense and equity in earnings of investees 39,686 11,665 80,953 52,003 Income tax expense (75) (40) (277) (171) Equity in earnings of investees 529 49 529 666 Net income 40,140 11,674 81,205 52,498 Net loss attributable to noncontrolling interest 175 — 866 — Net income attributable to common shareholders $ 40,315 $ 11,674 $ 82,071 $ 52,498 Weighted average common shares outstanding - basic 65,139 65,071 65,104 65,049 Weighted average common shares outstanding - diluted 65,152 65,074 65,114 65,055 Per common share data (basic and diluted): Net income attributable to common shareholders $ 0.62 $ 0.18 $ 1.26 $ 0.81 Additional Data: General and administrative expenses / total assets (at end of period) 0.2% 0.2% 1.0% 0.7% Non-cash straight line rent adjustments included in rental income $ 2,858 $ 385 $ 9,041 $ 4,345 Lease value amortization included in rental income $ 185 $ 193 $ 791 $ 1,195 (amounts in thousands, except percentage data and per share data) RETURN TO TABLE OF CONTENTS

9Supplemental Q4 2020 (1) Excludes two mortgage notes with an aggregate principal balance of $406,980 which are secured by 12 properties owned by an unconsolidated joint venture in which we own a 22% interest. See page 13 for additional information regarding this joint venture and related mortgage notes. (2) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December  31, 2020, including unamortized debt issuance costs totaling $4,421, was $866,579. (3) We have a revolving credit facility which has a maturity date of December 29, 2021. This revolving credit facility requires interest to be paid at a rate of LIBOR plus a premium and imposes a commitment fee. The interest rate premium is subject to adjustment based on changes to our leverage ratio. The commitment fee is based on the unused portion of our revolving credit facility and was 25 basis points per annum as of December 31, 2020. We have the option to extend the maturity date of our revolving credit facility for two, six month periods, subject to payment of extension fees and satisfaction of other conditions. Principal balance represents the amount outstanding under our revolving credit facility at December 31, 2020. Interest rate is as of December 31, 2020 and excludes the commitment fee. The maximum borrowing availability under our revolving credit facility may be increased to up to $1,500,000 in certain circumstances. Interest Principal Maturity Due at Years to Rate Balance (2) Date Maturity Maturity Unsecured Floating Rate Debt: $750,000 revolving credit facility (3) 1.700% $ 221,000 12/29/2021 $ 221,000 1.0 Secured Fixed Rate Debt: 186 properties in Hawaii 4.310% 650,000 2/7/2029 650,000 8.1 Total / weighted average debt 3.648% $ 871,000 $ 871,000 6.3 Debt Summary and Maturity Schedule (1) RETURN TO TABLE OF CONTENTS (dollars in thousands) As of December 31, 2020 $ (T h o u sa n d s) $221,000 $650,000 Revolving Credit Facility Secured Fixed Rate 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 $0 $250,000 $500,000 $750,000 (3)

10Supplemental Q4 2020 As of and For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Leverage Ratios: Net debt / total gross assets 41.2% 50.3% 50.5% 50.9% 53.6% Net debt / gross book value of real estate assets 43.2% 51.5% 51.5% 51.8% 54.7% Net debt / total market capitalization 35.5% 47.7% 49.5% 53.7% 48.2% Secured debt / total assets 33.9% 42.3% 42.2% 44.0% 45.0% Variable rate debt / net debt 26.1% 23.9% 23.8% 19.6% 22.3% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 4.9x 7.3x 7.2x 7.4x 7.9x Adjusted EBITDAre / interest expense 4.0x 3.6x 3.6x 3.2x 3.0x Leverage Ratios and Coverage Ratios RETURN TO TABLE OF CONTENTS

11Supplemental Q4 2020 (dollars in thousands) For the Three Months Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Tenant improvements and leasing costs $ 2,001 $ 242 $ 344 $ 293 $ 846 Building improvements 1,163 1,000 741 1,237 2,227 Recurring capital expenditures 3,164 1,242 1,085 1,530 3,073 Development, redevelopment and other activities 15 10 — 1 5,105 Total capital expenditures $ 3,179 $ 1,252 $ 1,085 $ 1,531 $ 8,178 Capital Expenditures Summary RETURN TO TABLE OF CONTENTS

12Supplemental Q4 2020 Property Acquisitions and Dispositions Information Since 1/1/2020 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Dispositions: Weighted Average Percent Purchase Remaining Leased Date Market Purchase Price (1) / Cap Lease Term at Acquired Area Sq. Ft. Price (1) Sq. Ft. Rate (2) in Years (3) Acquisition Major Tenant February 2020 Phoenix, AZ 820 $ 71,481 $ 87 5.2% 5.8 100% Amazon.com Services, Inc. December 2020 Kansas City, KS 645 $ 44,000 $ 68 6.5% 11.7 100% Excelligence Learning Corporation (4) Total / Weighted Average 1,465 $ 115,481 $ 79 5.7% 8.4% 100% (1) Represents the gross purchase price, including assumed mortgage debt, if any, and excluding acquisition related costs and purchase price allocations. (2) Represents the ratio of (x) annual straight line rental income, excluding the impact of above and below market lease amortization, based on existing leases as of the date of acquisition, less estimated annual property operating expenses as of the date of acquisition, excluding depreciation and amortization expense, to (y) the acquisition purchase price, including the principal amount of any assumed debt and excluding acquisition related costs. (3) Average remaining lease term in years is weighted based on rental revenues as of the date acquired. (4) This property includes excess developable land that can either support a 550,000 square feet expansion to the existing building or 430,000 square feet free standing building. Date Number of Gross Sold Market Area Properties Sq. Ft. Sales Price December 2020 Winchester, VA 1 308 $ 10,775 RETURN TO TABLE OF CONTENTS

13Supplemental Q4 2020 Unconsolidated Joint Venture (dollars and sq. ft. in thousands) Investment in Unconsolidated Joint Venture: ILPT Weighted Average ILPT Carrying Value at Number of Number of Square Occupancy at Lease Term at Joint Venture Ownership December 31, 2020 Properties States Feet December 31, 2020 December 31, 2020 (1) The Industrial Fund REIT LLC 22% $ 60,590 12 9 9,227 100% 7.1 (1) Lease term is weighted based on annualized rental income. Annualized rental income is calculated using the annualized contractual base rents from the joint venture's tenants pursuant to the lease agreements as of December 31, 2020, plus straight line rent adjustments and estimated recurring expense reimbursements to be paid to the joint venture by their tenants, and excluding lease value amortization. (2) The mortgage loans require interest-only payments until the respective maturity dates. (3) Includes the interest rate stated in, or determined pursuant to, the contract terms. (4) Reflects the entire balance of the debt secured by the respective properties. (5) Reflects our proportionate share of the principal debt balances based on our ownership percentage of the joint venture at December 31, 2020. Unconsolidated Debt: Coupon Interest Maturity Principal Balance ILPT ILPT Share of Principal Balance (5) Secured Debt(2) Rate (3) Date at December 31, 2020 (4) Ownership at December 31, 2020 1 Property 3.600% 10/1/2023 $ 56,980 22% $ 12,536 11 Properties 3.330% 11/7/2029 350,000 22% 77,000 Total / Weighted Average 3.368% $ 406,980 $ 89,536 Number of Leases Expiring 1 3 1 1 2 1 1 1 1 1 % of Total Annualized Rental Revenues Expiring 5.8% 30.5% 2.5% 11.5% 10.6% 3.2% 18.2% 3.8% 5.9% 8.0% A nn ua liz ed R ev en ue E xp iri ng 2021 2024 2025 2026 2027 2028 2029 2031 2034 2038 $0 $5,000 $10,000 $15,000 $20,000 Unconsolidated Joint Venture Lease Expiration Schedule As of December 31, 2020 RETURN TO TABLE OF CONTENTS

14Supplemental Q4 2020 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Calculation of NOI and Cash Basis NOI: Rental income $ 60,081 $ 65,106 $ 65,110 $ 64,278 $ 62,199 $ 254,575 $ 229,234 Real estate taxes (8,406) (9,036) (8,932) (8,811) (8,721) (35,185) (30,367) Other operating expenses (5,016) (5,511) (5,041) (5,181) (5,238) (20,749) (17,643) NOI 46,659 50,559 51,137 50,286 48,240 198,641 181,224 Non-cash straight line rent adjustments included in rental income (2,858) (2,120) (2,096) (1,967) (385) (9,041) (4,345) Lease value amortization included in rental income (185) (202) (204) (200) (193) (791) (1,195) Cash Basis NOI $ 43,616 $ 48,237 $ 48,837 $ 48,119 $ 47,662 $ 188,809 $ 175,684 Reconciliation of Net Income to NOI and Cash Basis NOI: Net income $ 40,140 $ 13,814 $ 14,557 $ 12,694 $ 11,674 $ 81,205 $ 52,498 Equity in earnings of investees (529) — — — (49) (529) (666) Income tax expense 75 13 126 63 40 277 171 Income before income tax expense and equity in earnings of investees 39,686 13,827 14,683 12,757 11,665 80,953 52,003 Gain on early extinguishment of debt — — (120) — — (120) — Interest expense 11,009 12,886 13,205 14,519 14,641 51,619 50,848 Interest income — — (2) (111) (163) (113) (743) Gain on sale of real estate (23,996) — — — — (23,996) — General and administrative 4,723 5,180 4,846 4,831 4,058 19,580 17,189 Acquisition and certain other transaction related costs 22 178 — — — 200 — Depreciation and amortization 15,215 18,488 18,525 18,290 18,039 70,518 61,927 NOI 46,659 50,559 51,137 50,286 48,240 198,641 181,224 Non-cash straight line rent adjustments included in rental income (2,858) (2,120) (2,096) (1,967) (385) (9,041) (4,345) Lease value amortization included in rental income (185) (202) (204) (200) (193) (791) (1,195) Cash Basis NOI $ 43,616 $ 48,237 $ 48,837 $ 48,119 $ 47,662 $ 188,809 $ 175,684 RETURN TO TABLE OF CONTENTS

15Supplemental Q4 2020 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2020 2019 2020 2019 Reconciliation of NOI to Same Property NOI : Rental income $ 60,081 $ 62,199 $ 254,575 $ 229,234 Real estate taxes (8,406) (8,721) (35,185) (30,367) Other operating expenses (5,016) (5,238) (20,749) (17,643) NOI 46,659 48,240 198,641 181,224 Less: NOI of properties not included in same property results (6,289) (9,978) (63,548) (50,253) Same property NOI $ 40,370 $ 38,262 $ 135,093 $ 130,971 Calculation of Same Property Cash Basis NOI : Same property NOI $ 40,370 $ 38,262 $ 135,093 $ 130,971 Less: Non-cash straight line rent adjustments included in rental income (2,638) 137 (5,966) (1,712) Lease value amortization included in rental income (169) (162) (442) (919) Same property Cash Basis NOI $ 37,563 $ 38,237 $ 128,685 $ 128,340 RETURN TO TABLE OF CONTENTS

16Supplemental Q4 2020 Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Net income $ 40,140 $ 13,814 $ 14,557 $ 12,694 $ 11,674 $ 81,205 $ 52,498 Plus: interest expense 11,009 12,886 13,205 14,519 14,641 51,619 50,848 Plus: income tax expense 75 13 126 63 40 277 171 Plus: depreciation and amortization 15,215 18,488 18,525 18,290 18,039 70,518 61,927 EBITDA 66,439 45,201 46,413 45,566 44,394 203,619 165,444 Gain on sale of real estate (23,996) — — — — (23,996) — Equity in earnings of unconsolidated joint venture (529) — — — — (529) — Share of EBITDAre from unconsolidated joint venture 939 — — — — 939 — EBITDAre 42,853 45,201 46,413 45,566 44,394 180,033 165,444 Plus: acquisition and certain other transaction related costs 22 178 — — — 200 — Plus: general and administrative expense paid in common shares (1) 679 672 654 326 170 2,331 1,109 Less: gain on early extinguishment of debt — — (120) — — (120) — Adjusted EBITDAre $ 43,554 $ 46,051 $ 46,947 $ 45,892 $ 44,564 $ 182,444 $ 166,553 (1) Amounts represent equity based compensation to our trustees, our officers and certain other employees of RMR LLC. RETURN TO TABLE OF CONTENTS

17Supplemental Q4 2020 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders (dollars and shares in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2020 9/30/2020 6/30/2020 3/31/2020 12/31/2019 12/31/2020 12/31/2019 Net income attributable to common shareholders $ 40,315 $ 14,089 $ 14,821 $ 12,846 $ 11,674 $ 82,071 $ 52,498 Depreciation and amortization 15,215 18,488 18,525 18,290 18,039 70,518 61,927 Equity in earnings of unconsolidated joint venture (529) — — — — (529) — Share of FFO from unconsolidated joint venture 556 — — — — 556 — Gain on sale of real estate (23,996) — — — — (23,996) — FFO adjustments attributable to noncontrolling interest (1,384) (2,638) (2,657) (977) — (7,656) — FFO attributable to common shareholders 30,177 29,939 30,689 30,159 29,713 120,964 114,425 Acquisition and certain other transaction related costs 22 178 — — — 200 — Gain on early extinguishment of debt — — (120) — — (120) — Normalized FFO attributable to common shareholders $ 30,199 $ 30,117 $ 30,569 $ 30,159 $ 29,713 $ 121,044 $ 114,425 Weighted average common shares outstanding - basic 65,139 65,112 65,089 65,075 65,071 65,104 65,049 Weighted average common shares outstanding - diluted 65,152 65,129 65,091 65,082 65,074 65,114 65,055 Per Common Share Data (basic and diluted): Net income attributable to common shareholders $ 0.62 $ 0.22 $ 0.23 $ 0.20 $ 0.18 $ 1.26 $ 0.81 FFO attributable to common shareholders and Normalized FFO attributable to common shareholders $ 0.46 $ 0.46 $ 0.47 $ 0.46 $ 0.46 $ 1.86 $ 1.76 RETURN TO TABLE OF CONTENTS

18Supplemental Q4 2020 Portfolio Summary By Property Type (dollars and sq. ft. in thousands) (1) Includes buildings, leasable land parcels and easements which are primarily industrial lands located in Hawaii. As of and For the Three Months Ended December 31, 2020 Mainland Hawaii Key Statistic Properties Properties (1) Total Properties 63 226 289 Percent of total 21.8% 78.2% 100.0% Total square feet 18,114 16,756 34,870 Percent of total 51.9% 48.1% 100.0% Leased square feet 18,055 16,283 34,338 Percent leased 99.7% 97.2% 98.5% Rental income $ 32,424 $ 27,657 $ 60,081 Percent of total 54.0% 46.0% 100.0% NOI $ 26,204 $ 20,455 $ 46,659 Percent of total 56.2% 43.8% 100.0% Cash Basis NOI $ 25,602 $ 18,014 $ 43,616 Percent of total 58.7% 41.3% 100.0% RETURN TO TABLE OF CONTENTS

19Supplemental Q4 2020 (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2020 12/31/2019 12/31/2020 12/31/2019 Properties: Mainland Properties 61 61 40 40 Hawaii Properties 226 226 226 226 Total 287 287 266 266 Square Feet (1): Mainland Properties 16,648 16,648 11,517 11,517 Hawaii Properties 16,756 16,756 16,756 16,756 Total 33,404 33,404 28,273 28,273 Percent Leased (2): Mainland Properties 99.6% 100.0% 100.0% 100.0% Hawaii Properties 97.2% 98.2% 97.2% 98.2% Total 98.4% 99.1% 98.3% 98.9% Rental income: Mainland Properties $ 24,198 $ 23,936 $ 65,901 $ 65,249 Hawaii Properties 27,657 25,204 107,394 100,655 Total $ 51,855 $ 49,140 $ 173,295 $ 165,904 (1) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (2) Includes (i) space being fitted out for occupancy pursuant to existing leases, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. Same Property Results of Operations By Property Type RETURN TO TABLE OF CONTENTS

20Supplemental Q4 2020 As of and For the Three Months Ended As of and For the Year Ended 12/31/2020 12/31/2019 12/31/2020 12/31/2019 NOI: Mainland Properties $ 19,915 $ 20,110 $ 56,065 $ 56,004 Hawaii Properties 20,455 18,152 79,028 74,967 Total $ 40,370 $ 38,262 $ 135,093 $ 130,971 Cash Basis NOI: Mainland Properties $ 19,549 $ 19,684 $ 55,560 $ 54,820 Hawaii Properties 18,014 18,553 73,125 73,520 Total $ 37,563 $ 38,237 $ 128,685 $ 128,340 NOI % Change: Mainland Properties -1.0 % 0.1 % Hawaii Properties 12.7 % 5.4 % Total 5.5 % 3.1 % Cash Basis NOI % Change: Mainland Properties -0.7 % 1.3 % Hawaii Properties -2.9 % -0.5 % Total -1.8 % 0.3 % Same Property Results of Operations by Property Type (Cont.) (dollars in thousands) RETURN TO TABLE OF CONTENTS

21Supplemental Q4 2020 (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 12/31/2020 (2) 9/30/2020 6/30/2020 3/31/2020 12/31/2019 Properties 289 301 301 301 300 Total sq. ft. (3) 34,870 43,759 43,759 43,759 42,939 Square feet leased 34,338 43,217 43,216 43,273 42,630 Percentage leased 98.5% 98.8% 98.8% 98.9% 99.3% Leasing Activity (Sq. Ft.): New leases 105 41 — 36 161 Renewals 148 445 314 13 1,151 Rent resets — 290 1,601 42 105 Total 253 776 1,915 91 1,417 % Change in GAAP Rent: New leases 2.1% -4.5% —% 6.7% 34.2% Renewals 20.2% 9.0% 26.6% 27.4% 12.4% Rent resets —% 15.6% 21.4% 28.6% 39.9% Weighted average (by square feet) 14.1% 9.6% 23.1% 19.0% 16.9% Leasing Costs and Concession Commitments (4): New leases $ 261 $ 237 $ — $ 458 $ 158 Renewals 231 690 229 — 1,142 Total $ 492 $ 927 $ 229 $ 458 $ 1,300 Leasing Costs and Concession Commitments per Sq. Ft. (5): New leases $ 2.49 $ 5.78 $ — $ 12.61 $ 0.98 Renewals $ 1.57 $ 1.55 $ 0.73 $ — $ 0.99 Total $ 1.95 $ 1.91 $ 0.73 $ 9.21 $ 0.99 Weighted Average Lease Term by Sq. Ft. (Years): New leases 6.5 14.7 — 19.4 17.4 Renewals 17.6 3.4 20.1 11.9 7.2 Total 13.0 4.4 20.1 17.4 8.5 Leasing Costs and Concession Commitments per Sq. Ft. per Year (4) (5): New leases $ 0.38 $ 0.39 $ — $ 0.65 $ 0.06 Renewals $ 0.09 $ 0.46 $ 0.04 $ — $ 0.14 Total $ 0.15 $ 0.44 $ 0.04 $ 0.53 $ 0.12 (1) This leasing summary is based on leases entered into during the periods indicated. (2) Excludes 12 properties owned by an unconsolidated joint venture in which we own a 22% equity interest. See page 13 for additional information regarding this joint venture. (3) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (4) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (5) Amounts are per square foot per year for the weighted average lease term by leased square feet. Occupancy and Leasing Summary (1) RETURN TO TABLE OF CONTENTS

22Supplemental Q4 2020 Occupancy and Leasing Analysis by Property Type (sq. ft. in thousands) Sq. Ft. Leased New and As of 9/30/2020 Acquisitions / Expired Renewal As of 12/31/2020 Property Type 9/30/2020 % Leased (2) (Sales) Deconsolidation Leases Leases 12/31/2020 % Leased Mainland Properties 26,944 99.8% 338 (9,227) — 18,055 99.7 % Hawaii Properties 16,273 97.1% — — (243) 253 16,283 97.2 % Total 43,217 98.8% 338 (9,227) 253 34,338 98.5 % (1) Subject to modest adjustments when space is remeasured or reconfigured for new tenants and when land leases are converted to building leases. (2) Excludes effects of space remeasurements during the period, if any. Percent leased includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. RETURN TO TABLE OF CONTENTS Total Sq. Ft. (1) Sq. Ft. Leases Executed During As of the Three Months Ended 12/31/2020 Property Type 12/31/2020 New Renewals Total Mainland Properties 18,114 — — — Hawaii Properties 16,756 105 148 253 Total 34,870 105 148 253

23Supplemental Q4 2020 As of December 31, 2020 Mainland Properties % of Annualized Rental Revenues Investment grade rated: 33.6% Subsidiaries of investment grade rated parent entities: 18.5% Other unrated or non-investment grade: 47.9% Investment grade rated: 23.4% Subsidiaries of investment grade rated parent entities: 10.3% Other leased Hawaii lands: 38.5% Other unrated or non-investment grade: 27.8% Consolidated Properties % of Annualized Rental Revenues % of Annualized Rental Revenues Mainland Tenant Credit Characteristics Properties Consolidated Investment grade rated 33.6% 23.4% Subsidiaries of investment grade rated parent entities 18.5% 10.3% Other leased Hawaii lands —% 38.5% Subtotal investment grade rated, subsidiaries of investment grade rated parent entities and other leased Hawaii lands 52.1% 72.2% Other unrated or non-investment grade 47.9% 27.8% 100.0% 100.0% Tenant Credit Characteristics RETURN TO TABLE OF CONTENTS

24Supplemental Q4 2020 % of Total No. of Rented % of Total Annualized Rental Tenant States Properties Sq. Ft. (1) Rented Sq. Ft. (1) Revenues 1 Amazon.com Services, Inc. AZ, SC, TN, VA 4 3,869 11.3% 10.0% 2 Federal Express Corporation / FedEx Ground Package System, Inc. AR, CO, HI, IA, ID, IL, MN, MO, NC, ND, NV, OH, OK, UT 17 952 2.8% 4.6% 3 Restoration Hardware, Inc. MD 1 1,195 3.5% 3.0% 4 American Tire Distributors, Inc. CO, LA, NE, NY, OH 5 722 2.1% 2.5% 5 Servco Pacific Inc. HI 6 590 1.7% 2.4% 6 UPS Supply Chain Solutions Inc. NH 1 614 1.8% 2.4% 7 Par Hawaii Refining, LLC HI 3 3,148 9.2% 2.4% 8 EF Transit, Inc. IN 1 535 1.6% 1.9% 9 BJ's Wholesale Club, Inc. NJ 1 634 1.8% 1.7% 10 Shurtech Brands, LLC OH 1 645 1.9% 1.7% 11 Coca-Cola Bottling of Hawaii, LLC HI 4 351 1.0% 1.6% 12 Safeway Inc. HI 2 146 0.4% 1.6% 13 ELC Distribution Center KS 1 645 1.9% 1.5% 14 Manheim Remarketing, Inc. HI 1 338 1.0% 1.5% 15 Exel Inc. SC 1 945 2.8% 1.5% 16 A.L. Kilgo Company, Inc. HI 5 310 0.9% 1.5% 17 Avnet, Inc. OH 1 581 1.7% 1.5% 18 Warehouse Rentals Inc. HI 5 278 0.8% 1.3% 19 YNAP Corporation NJ 1 167 0.5% 1.1% 20 ODW Logistics, Inc. OH 3 760 2.2% 1.1% 21 Refresco Beverages US Inc. MO, SC 2 421 1.2% 1.1% 22 Honolulu Warehouse Co., Ltd. HI 1 298 0.9% 1.1% 23 Hellmann Worldwide Logistics Inc. FL 1 240 0.7% 1.1% 24 General Mills Operations, LLC MI 1 158 0.5% 1.1% 25 AES Hawaii, Inc. HI 2 1,242 3.6% 1.0% 71 19,784 57.8% 52.2% (1) Rented square feet is pursuant to existing leases as of December  31, 2020 and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. Tenants Representing 1% or More of Total Annualized Rental Revenues RETURN TO TABLE OF CONTENTS As of December 31, 2020 (sq. ft. in thousands)

25Supplemental Q4 2020 2026 and Total 2021 2022 2023 2024 2025 Thereafter Mainland Properties Expirations: Total sq. ft. 18,114 Leased sq. ft. (2) 18,055 222 715 2,229 3,928 2,158 8,803 Percent 1.2% 4.0% 12.3% 21.8% 12.0% 48.7% Annualized rental revenues $ 102,582 $ 1,149 $ 4,867 $ 14,136 $ 22,419 $ 11,735 $ 48,276 Percent 1.1% 4.7% 13.8% 21.9% 11.4% 47.1% Hawaii Properties Expirations: Total sq. ft. 16,756 Leased sq. ft. (2) 16,283 204 2,133 309 2,814 160 10,663 Percent 1.3% 13.1% 1.9% 17.3% 1.0% 65.4% Annualized rental revenues $ 105,341 $ 1,786 $ 15,409 $ 2,310 $ 5,698 $ 1,175 $ 78,963 Percent 1.7% 14.6% 2.2% 5.4% 1.1% 75.0% Total Expirations: Total sq. ft. 34,870 Leased sq. ft. (2) 34,338 426 2,848 2,538 6,742 2,318 19,466 Percent 1.2% 8.3% 7.4% 19.6% 6.8% 56.7% Annualized rental revenues $ 207,923 $ 2,935 $ 20,276 $ 16,446 $ 28,117 $ 12,910 $ 127,239 Percent 1.4% 9.8% 7.9% 13.5% 6.2% 61.2% Next Scheduled Rent Resets Reset sq. ft. 4,512 87 467 411 294 454 2,799 Percent (3) 0.5% 2.9% 2.5% 1.8% 2.8% 17.2% Annualized rental revenues $ 29,304 $ 701 $ 3,860 $ 2,535 $ 2,103 $ 3,115 $ 16,990 Percent (3) 0.7% 3.7% 2.4% 2.0% 3.0% 16.1% (1) Excludes 12 properties contributed to a joint venture. (2) Leased square feet is pursuant to existing leases as of December 31, 2020, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied, or is being offered for sublease by tenants, if any. (3) Percent based on Hawaii Properties leased square feet and Hawaii Properties annualized rental revenues for Hawaii Properties. Five Year Lease Expiration and Reset Schedule by Property Type (1) RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of December 31, 2020

26Supplemental Q4 2020 Cumulative % of Total Cumulative % % of Total % of Total Rented Rented of Total Rented Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring (1) Expiring (1) Expiring (1) Expiring Expiring Expiring 2021 26 426 1.2% 1.2% $ 2,935 1.4% 1.4% 2022 63 2,848 8.3% 9.5% 20,276 9.8% 11.2% 2023 29 2,538 7.4% 16.9% 16,446 7.9% 19.1% 2024 28 6,742 19.6% 36.5% 28,117 13.5% 32.6% 2025 14 2,318 6.8% 43.3% 12,910 6.2% 38.8% 2026 6 969 2.8% 46.1% 6,910 3.3% 42.1% 2027 11 4,578 13.3% 59.4% 24,445 11.8% 53.9% 2028 19 2,568 7.5% 66.9% 18,840 9.1% 63.0% 2029 8 1,697 4.9% 71.8% 5,393 2.6% 65.6% 2030 9 1,232 3.6% 75.4% 9,400 4.5% 70.1% Thereafter 76 8,422 24.6% 100.0% 62,251 29.9% 100.0% Total 289 34,338 100.0% $ 207,923 100.0% Weighted average remaining lease term (in years) 8.4 9.5 (1) Rented square feet is pursuant to existing leases as of December  31, 2020, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied or is being offered for sublease by tenants, if any. Portfolio Lease Expiration Schedule RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of December 31, 2020

27Supplemental Q4 2020 FFO and Normalized FFO Attributable to Common Shareholders: We calculate funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 17. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net income attributable to common shareholders, calculated in accordance with GAAP, excluding any gain or loss on sale of real estate and equity in earnings of an unconsolidated joint venture, plus real estate depreciation and amortization of consolidated properties and its proportionate share of FFO of unconsolidated joint venture properties and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to us. In calculating Normalized FFO attributable to common shareholders, we adjust for the items shown on page 17 including similar adjustments for our unconsolidated joint venture, if any, and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as an expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by our Board of Trustees when determining the amount of distributions to our shareholders. Other factors include, but are not limited to, requirements to maintain our qualification for taxation as a REIT, limitations in the agreements governing our debt, the availability to us of debt and equity capital, our distribution rate as a percentage of the trading price of our common shares, or dividend yield, and our dividend yield compared to the dividend yields of other industrial REITs, our expectation of our future capital requirements and operating performance and our expected needs for and availability of cash to pay our obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than we do. Non-GAAP Financial Measures: We present certain “non-GAAP financial measures” within the meaning of applicable SEC rules, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, EBITDA, EBITDAre, Adjusted EBITDAre, NOI and Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income or net income attributable to common shareholders as indicators of our operating performance or as measures of our liquidity. These measures should be considered in conjunction with net income and net income attributable to common shareholders as presented in our consolidated statements of income. We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income and net income attributable to common shareholders. We believe these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of our operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of our properties. NOI and Cash Basis NOI: The calculations of net operating income, or NOI, and Cash Basis NOI exclude certain components of net income in order to provide results that are more closely related to our property level results of operations. We calculate NOI and Cash Basis NOI as shown on pages 14 and 15. We define NOI as income from our rental of real estate less our property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that we record as depreciation and amortization expense. We define Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. We use NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than we do. Non-GAAP Financial Measures and Certain Definitions EBITDA, EBITDAre and Adjusted EBITDAre: We calculate earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 16. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including our proportionate share of EBITDAre from unconsolidated joint venture properties, and excluding gains and losses on the sale of real estate, equity in earnings of an unconsolidated joint venture, loss on impairment of real estate assets, if any, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 16 and include business management incentive fees, if any, only in the fourth quarter versus the quarter when they are recognized as expense in accordance with GAAP due to their quarterly volatility not necessarily being indicative of our core operating performance and the uncertainty as to whether any such business management incentive fees will be payable when all contingencies for determining such fees are known at the end of the calendar year. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. RETURN TO TABLE OF CONTENTS

28Supplemental Q4 2020 Non-GAAP Financial Measures and Certain Definitions (Cont.) Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of our common shares at the end of the relevant period. Annualized rental revenues - Annualized rental revenues is the annualized contractual rents, as of December 31, 2020, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. Building improvements - Building improvements generally include (i) expenditures to replace obsolete building components and (ii) expenditures that extend the useful life of existing assets. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditures projects that (i) reposition a property or (ii) result in new sources of revenue. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost, plus certain acquisition related costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Net debt - Net debt is total debt less cash. Percent change in GAAP rent - Percent change in GAAP rent is the percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. References in this report to "same space" represent same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). Same property - For the three months ended December 31, 2020 and 2019, same property NOI and Cash Basis NOI are based on properties that we owned as of December 31, 2020 and that we owned continuously since October 1, 2019. For the year ended December 31, 2020 and 2019, same property NOI and Cash Basis NOI are based on properties that we owned as of December 31, 2020 and that we owned continuously since January 1, 2019, excluding 12 properties owned by an unconsolidated joint venture in which we own a 22% equity interest. Tenant improvements - Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total market capitalization - Total market capitalization is total debt plus the market value of our common shares at the end of the applicable period. RETURN TO TABLE OF CONTENTS

29Supplemental Q4 2020 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, we are making forward-looking statements. These forward-looking statements are based upon our present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by our forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond our control. The information contained in our filings with the SEC, including under “Risk Factors” in our periodic reports, or incorporated therein, identifies important factors that could cause our actual results to differ materially from those stated in or implied by our forward-looking statements. Our filings with the SEC are available on the SEC's website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, we do not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. Warning Concerning Forward-Looking Statements RETURN TO TABLE OF CONTENTS

XML

Cover Document	Feb. 17, 2021
Cover [Abstract]
Entity Address, Address Line One	Two Newton Place,
Document Type	8-K
Document Period End Date	Feb. 17, 2021
Entity Registrant Name	INDUSTRIAL LOGISTICS PROPERTIES TRUST
Entity Incorporation, State or Country Code	MD
Entity File Number	001-38342
Entity Tax Identification Number	82-2809631
Entity Address, Address Line Two	255 Washington Street,
Entity Address, Address Line Three	Suite 300,
Entity Address, City or Town	Newton,
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02458-1634
City Area Code	617
Local Phone Number	219-1460
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Shares of Beneficial Interest
Trading Symbol	ILPT
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Amendment Flag	false
Entity Central Index Key	0001717307