Industrial Logistics Properties Trust (ILPT) is a REIT that owns and leases industrial and logistics properties across the U.S. As of year-end 2025, ILPT's portfolio consisted of 409 properties totaling ~59.6M rentable sq ft across 39 states at 94.5% occupancy. The portfolio has two distinct components. Mainland properties (~72% of annualized revenues) are warehouses, distribution centers, and last-mile delivery hubs spread across 38 states, leased primarily to large national logistics and retail tenants — FedEx alone represents 27.9% of total revenues, with Amazon, Home Depot, UPS, and DHL also among the top tenants. Hawaii properties (~28% of revenues) consist of 226 properties, mostly ground leases on Oahu, where ILPT owns scarce industrial land and leases it to tenants on long-term contracts with periodic fair market value rent resets. Mainland leases are largely triple-net, with tenants covering most operating expenses and fixed annual rent escalators providing built-in cash flow growth. Hawaii rent growth is driven by periodic market rent resets, which have historically produced large step-ups given decades of land appreciation. ILPT is externally managed by RMR Group and has no employees of its own. ILPT operates with significant leverage and holds properties through wholly owned vehicles and a consolidated joint venture (Mountain Industrial REIT, in which ILPT holds a 61% interest). Growth is primarily organic, targeting rent roll-ups at lease renewal and expiration on both the Mainland and in Hawaii.