Industrial Logistics Properties Trust (ILPT) Proxy Filing summary

Executive summary

• Portfolio comprised 409 properties with 94.5% occupancy and a weighted average lease term of 7.6 years as of December 31, 2025.

• 2025 saw 7.3 million square feet of new and renewal leases at a 22.9% rent roll-up, with $10.6 million in annualized rental revenue expected, 55% to be realized in 2026 and beyond.

• Refinanced $1.24 billion of floating rate debt into $1.16 billion fixed rate debt, reducing interest costs and generating $8.5 million in annual savings.

• Increased quarterly dividend by 400% to $0.05 per share.

• Total shareholder return exceeded 55% in 2025, ranking third among all U.S. REITs.

Voting matters and shareholder proposals

• Shareholders will vote on: election of seven trustees, advisory approval of executive compensation, advisory vote on frequency of say-on-pay, and ratification of Deloitte & Touche LLP as independent auditors.

• Board recommends voting for all trustee nominees, for executive compensation, for annual say-on-pay, and for auditor ratification.

• Proxy access bylaw allows groups holding 3%+ of shares for 3 years to nominate up to 20% of the board.

Board of directors and corporate governance

• Board consists of seven members: five independent trustees and two managing trustees.

• Board regularly evaluates composition, diversity, and skills, with recent refreshment and use of Korn Ferry for candidate searches.

• All trustees stand for annual election; board follows ISG Corporate Governance Framework.

• Lead Independent Trustee role with robust responsibilities; all committees are fully independent.

• Board and committees met regularly in 2025, with all trustees attending at least 75% of meetings.