EX-10.5



 Exhibit 10.5 

AMENDED AND RESTATED ESCROW AGREEMENT 

THIS AMENDED AND RESTATED ESCROW AGREEMENT (this “Agreement”) made and entered into as of July 1, 2016 by and
among Dividend Capital Securities LLC, a Colorado limited liability company (the “Dealer Manager”), Industrial Logistics Realty Trust Inc., a Maryland corporation (the “Company”), and UMB Bank, N.A., as escrow
agent, a national banking association organized and existing under the laws of the United States of America (the “Escrow Agent”).  

RECITALS 

WHEREAS, the Company proposes to offer and sell up to $1.5 billion of its shares of common stock (the “Shares”), on a
best-efforts basis (excluding the shares of its common stock to be offered and sold pursuant to the Company’s distribution reinvestment plan), at an initial purchase price of $10.00 per Class A share, $9.4149 per Class T share and $9.0355
per Class W share (the “Offering”) to investors pursuant to the Company’s Registration statement on Form S-11 (File No. 333-200594) filed with the Securities and Exchange Commission (the “SEC”), as amended
or supplemented from time to time (the “Offering Document”); 
 WHEREAS, the Dealer Manager has been engaged by the
Company to offer and sell the Shares on a best efforts basis through a network of participating broker-dealers (the “Dealers”); 

WHEREAS, the Company has agreed that the subscription price paid by subscribers for shares will be refunded to such subscribers if at
least $2.0 million of gross offering proceeds from at least one hundred persons who are not affiliated with the Company or ILT Advisors LLC (the “Advisor”) (the “Minimum Offering”) has not been raised within one
year from the date the Offering Document becomes effective with the SEC (the “Closing Date”); 
 WHEREAS, the Dealer
Manager and the Company desire to establish an escrow account (the “Escrow Account”), as further described herein in which funds received from subscribers will be deposited into an interest-bearing account entitled “UMB, N.A.,
as Escrow Agent for Industrial Logistics Realty Trust Inc.” and the Company desires that UMB Bank, N.A. act as escrow agent to the Escrow Account and Escrow Agent is willing to act in such capacity; 

WHEREAS, deposits received from residents from the State of Ohio (the “Ohio Subscribers”), residents from the
Commonwealth of Pennsylvania (the “Pennsylvania Subscribers”) and residents from the State of Washington (“Washington Subscribers”) will remain in the Escrow Account until the conditions applicable to Ohio
Subscribers, Pennsylvania Subscribers and Washington Subscribers, respectively, set forth in Section 2 hereof have been satisfied; 

WHEREAS, the Escrow Agent has engaged DST Systems, Inc. (the “Transfer Agent”) to examine for “good order”
subscriptions and to act as record keeper, maintaining on behalf of the Escrow Agent the ownership records for the Escrow Account. In so acting the Transfer Agent shall be acting solely in the capacity of agent for the Escrow Agent and not in any
capacity on behalf of the Company or the Dealer Manager, nor shall they have any interest other than that provided in this Agreement in assets in the Transfer Agent’s possession as the agent of the Escrow Agent; and 







 WHEREAS, in order to subscribe for Shares during the Escrow Period (as defined below), a
subscriber must deliver the full amount of its subscription: (i) by check made payable to the order of UMB Bank, N.A., as Escrow Agent for Industrial Logistics Realty Trust Inc. in U.S. dollars or (ii) by wire transfer of immediately
available funds or Automated Clearing House (ACH) in U.S. dollars, made payable as provided in Section 10(2).  
 AGREEMENT

 NOW, THEREFORE, the Dealer Manager, the Company and Escrow Agent agree to the terms of this Agreement as follows:
 
 1. Establishment of Escrow Account; Escrow Period. On or prior to the commencement of the offering of Shares pursuant to
the Offering Document, the Company shall establish the Escrow Account with the Escrow Agent, which shall be entitled “UMB Bank, N.A., as Escrow Agent for Industrial Logistics Realty Trust Inc.” The Escrow Agent hereby agrees to maintain
the funds contributed by the Ohio Subscribers, Pennsylvania Subscribers and Washington Subscribers in a manner in which they may be separately accounted for by the records of the Transfer Agent so that the requirements set forth in Section 2 of
this Agreement with respect to Ohio Subscribers, Pennsylvania Subscribers and Washington Subscribers can be satisfied. This Agreement shall be effective on the date on which the Offering Document becomes effective and the Company shall notify the
Transfer Agent and the Escrow Agent of the effective date of the Offering Document. Except as set forth below with respect to Ohio Subscribers, Pennsylvania Subscribers and Washington Subscribers, the escrow period shall commence upon the
effectiveness of this Agreement and shall continue until the earlier of (i) the date upon which the Company has raised the Minimum Offering, (ii) the Closing Date, or (iii) the termination of the Offering by the Company prior to the
receipt of the Minimum Offering (the “Escrow Period”). With respect to Ohio Subscribers, the Escrow Period shall continue until the earlier of (x) the date upon which the Company has raised at least $7.0 million of gross
offering proceeds from all subscribers (the “Ohio Minimum Offering”), (y) the Closing Date, if the Company has not raised the Minimum Offering by the Closing Date or (z) the termination of the Offering by the Company prior
to the occurrence of (x) or (y). With respect to Pennsylvania Subscribers, the Escrow Period shall continue until the earlier of (a) the date upon which the Company has raised at least $75.0 million of gross offering proceeds from all
subscribers (the “Pennsylvania Minimum Offering”), (b) the Closing Date, if the Company has not raised the Minimum Offering by the Closing Date or (c) the termination of the Offering by the Company prior to the occurrence
of (a) or (b). With respect to Washington Subscribers, the Escrow Period shall continue until the earlier of (A) the date upon which the Company has raised at least $10.0 million of gross offering proceeds from all subscribers (the
“Washington Minimum Offering”), (B) the Closing Date, if the Company has not raised the Minimum Offering by the Closing Date or (C) the termination of the Offering by the Company prior to the occurrence of (A) or (B).


  
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 2. Operation of the Escrow. 

(a) Deposits in the Escrow Account. During the Escrow Period, persons subscribing to purchase Shares will be instructed by the Company,
the Dealer Manager and the Dealers to make checks for subscriptions payable to the order of “UMB Bank, N.A., as Escrow Agent for Industrial Logistics Realty Trust Inc.” Any Dealer receiving a check not conforming to the foregoing
instructions shall return such check directly to such subscriber not later than the end of the next business day following its receipt. Checks received by the Dealer which conform to the foregoing instructions shall be transmitted for deposit in
accordance with the following procedures. Where, pursuant to a Dealer’s internal supervisory procedures, internal supervisory review is conducted at the same location at which subscription documents and checks are initially received from
subscribers, checks will be transmitted by the end of the next business day following receipt of the subscription documents and checks by the Dealer to the Escrow Agent until the Minimum Offering has been achieved, with respect to subscribers other
than Ohio Subscribers, Pennsylvania Subscribers and Washington Subscribers (“Non-Ohio/Pennsylvania/Washington Subscribers”), or until the Ohio Minimum Offering, Pennsylvania Minimum Offering or Washington Minimum Offering, as
applicable, has been achieved, with respect to Ohio Subscribers, Pennsylvania Subscribers or Washington Subscribers. After the Minimum Offering has been achieved, in the case of Non-Ohio/Pennsylvania/Washington Subscribers, or after the Ohio Minimum
Offering, Pennsylvania Minimum Offering or Washington Minimum Offering, as applicable, has been achieved, in the case of Ohio Subscribers, Pennsylvania Subscribers or Washington Subscribers, such subscription documents and checks will be transmitted
by the end of the next business day following receipt of the subscription documents and such checks by the Dealer to the Company or to such other account or agent as directed by the Company. Where, pursuant to a Dealer’s internal supervisory
procedures, final internal supervisory review is conducted at a different location (the “Final Review Office”), subscription documents and checks will be transmitted to the Final Review Office by the end of the next business day
following receipt of the subscription documents and checks by the Dealer. The Final Review Office will transmit such subscription documents and checks by the end of the next business day following receipt by the Final Review Office to the Escrow
Agent until the Minimum Offering has been achieved, with respect to Non-Ohio/Pennsylvania/Washington Subscribers, or until the Ohio Minimum Offering, Pennsylvania Minimum Offering or Washington Minimum Offering, as applicable, has been achieved,
with respect to Ohio Subscribers, Pennsylvania Subscribers or Washington Subscribers. After the Minimum Offering has been achieved, with respect to Non-Ohio/Pennsylvania/Washington Subscribers, or after the Ohio Minimum Offering, Pennsylvania
Minimum Offering or Washington Minimum Offering, as applicable, has been achieved, with respect to Ohio Subscribers, Pennsylvania Subscribers or Washington Subscribers, such subscription documents and checks will be transmitted by the end of the
next business day following receipt by the Final Review Office to the Company or to such other account or agent as directed by the Company. 

Dealers shall deliver checks and completed subscription documents via overnight courier to the Escrow Agent at the address as provided for in
Section 10(2), and wires or Automated Clearing House (ACH) payments shall be transmitted directly to the Escrow Account. Deposits shall be held in the Escrow Account until such funds are disbursed in accordance with this Agreement. Prior to
disbursement of the funds deposited in the Escrow Account, such funds shall not be subject to claims by creditors of the Company or any of its affiliates. If any of the instruments of payment are returned to the Escrow Agent for nonpayment prior to
raising the Minimum Offering, with respect to Non-Ohio/Pennsylvania/Washington Subscribers, or prior to raising the Ohio Minimum Offering, Pennsylvania Minimum Offering or Washington Minimum 

  
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Offering, as applicable, with respect to Ohio Subscribers, Pennsylvania Subscribers, or Washington Subscribers, the Escrow Agent shall promptly notify the Transfer Agent and the Company in
writing via mail, email or facsimile of such nonpayment, and the Escrow Agent is authorized to debit the Escrow Account in the amount of such returned payment and the Transfer Agent shall delete the appropriate account from the records maintained by
the Transfer Agent. Within 15 days from the date of receipt of each subscription, the Company will determine whether or not the subscription is to be accepted or rejected in whole or in part. Within 10 business days of receipt by the Escrow Agent of
written notice from the Company, or as soon thereafter as practicable, that a subscription has been rejected, the Escrow Agent shall transfer by check the funds and all interest, if any, earned thereon, of any subscribers whose subscription has been
rejected since the commencement of the Offering. Notwithstanding the foregoing, if applicable, if a subscriber has failed to remit an executed and valid IRS Form W-9 to the Escrow Agent prior to the date the subscriber’s funds are to be
returned, then the Escrow Agent shall remit an amount to the subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Code, as then in effect. The Transfer Agent will maintain
a written account of each sale, which account shall set forth, among other things, the following information: (i) the subscriber’s name and address, (ii) the subscriber’s social security number, (iii) the number of Shares
purchased by such subscriber, and (iv) the amount paid by such subscriber for such Shares. During the Escrow Period neither the Company nor the Dealer Manager will be entitled to any funds received into the Escrow Account. 

(b) Distribution of the Funds in the Escrow Account With Respect to Non-Ohio/Pennsylvania/Washington Subscribers. If at any time on or
prior to the Closing Date, the Minimum Offering has been raised, then upon the happening of such event, the funds in the Escrow Account shall remain in the Escrow Account until the Escrow Agent receives written direction provided by the Company and
the Dealer Manager instructing the Escrow Agent to deliver such funds as the Company shall direct (other than any funds received from Pennsylvania Subscribers, Ohio Subscribers or Washington Subscribers which cannot be released until the conditions
of Sections 2(d) or 2(e) hereof have been met). The Escrow Agent shall release collected funds and any interest or other income earned thereon from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall
provide to the Escrow Agent from time to time. 
 (c) Distribution of the Funds in the Escrow Account if the Minimum Offering Has Not
Been Raised. If the Company has not raised the Minimum Offering on or prior to the Closing Date, the Transfer Agent shall provide the Escrow Agent the information needed to return the funds in the Escrow Account, together with any interest
thereon, to each respective subscriber, and the Escrow Agent shall promptly (but in no event later than 30 business days following the Closing Date) create and dispatch checks and wires drawn on the Escrow Account to return the amount of the funds
in the Escrow Account, together with their pro rata share of any interest thereon, without deduction, penalty or expense, to the respective subscribers, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the
funds. Notwithstanding the foregoing, if applicable, if a subscriber has failed to remit an executed and valid IRS Form W-9 to the Escrow Agent prior to the date the subscriber’s funds are to be returned, then the Escrow Agent shall remit an
amount to the subscriber in accordance with the provisions hereof, withholding the applicable percentage for backup withholding required by the Code, as then in effect. The subscription payments returned to each subscriber shall be free and clear of
any and all claims of the Company or any of its creditors. 

  
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 (d) Distributions of the Funds from Pennsylvania Subscribers. Notwithstanding anything to
the contrary herein, disbursements of funds contributed by Pennsylvania Subscribers may only be distributed in compliance with the provisions of this Section 2(d). Irrespective of any disbursement of funds from the Escrow Account pursuant to
this Section 2, the Escrow Agent will continue to place deposits from the Pennsylvania Subscribers into the Escrow Account, until such time as the Company notifies the Escrow Agent in writing that total subscriptions (including amounts
previously disbursed as directed by the Company and the amounts then held in the Escrow Account) equal or exceed the Pennsylvania Minimum Offering. At that time, the Escrow Agent shall release such funds and any interest or other income earned
thereon from the Escrow Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent from time to time. 

If the Company has not received total subscriptions equal to at least the Pennsylvania Minimum Offering within 120 days of the date the
Company first receives a subscription from a Pennsylvania Subscriber (the “Initial Escrow Period”), the Company shall notify each Pennsylvania Subscriber by certified mail or any other means (whereby receipt of delivery is obtained) of the
right of Pennsylvania Subscribers to have their investment returned to them. If, pursuant to such notice, a Pennsylvania Subscriber requests the return of his or her subscription funds within 10 days after receipt of the notification (the
“Request Period”), the Escrow Agent shall refund, directly to such Pennsylvania Subscriber the funds deposited in the Escrow Account on behalf of the Pennsylvania Subscriber, without interest and without deduction, within 15 days after
receipt of the Pennsylvania Subscriber’s request. 
 The funds of Pennsylvania Subscribers who do not request the return of their funds
within the Request Period shall remain in the Escrow Account for successive 120-day escrow periods (each a “Successive Escrow Period”), each commencing automatically upon the termination of the prior Successive Escrow Period, and the
Company and Escrow Agent shall follow the notification and payment procedure set forth above with respect to the Initial Escrow Period for each Successive Escrow Period, except that a pro rata share of any interest thereon, within 15 days after
receipt of the Pennsylvania Subscriber’s request during each Successive Escrow Period shall be paid to each applicable Pennsylvania Subscriber as well, until the occurrence of the earliest of (i) the termination of the Offering,
(ii) the receipt and acceptance by the Company of total subscriptions that equal or exceed $75.0 million and the disbursement of the Escrow Account on the terms specified in this Section 2(d), or (iii) all funds held in the Escrow
Account that were contributed by Pennsylvania Subscribers having been returned to the Pennsylvania Subscribers in accordance with the provisions hereof. Notwithstanding the foregoing, if applicable, if a subscriber has failed to remit an executed
and valid IRS Form W-9 to the Escrow Agent prior to the date the subscriber’s funds are to be returned, then the Escrow Agent shall remit an amount to the subscriber in accordance with the provisions hereof, withholding the applicable
percentage for backup withholding required by the Code, as then in effect. 

  
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 If the Company has not received total subscriptions equal to at least the Pennsylvania Minimum
Offering prior to the termination of the Offering (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account), then the Transfer Agent shall provide the Escrow Agent the information needed to
return the funds in the Escrow Account, together with any interest thereon, to each respective Pennsylvania Subscriber and the Escrow Agent shall promptly (but in no event later that 15 days following the termination of the Offering) create and
dispatch checks and wires drawn on the Escrow Account to return the amount of the funds in the Escrow Account, together with their pro rata share of any interest or other income earned thereon, without deduction, penalty or expense, to the
respective Pennsylvania Subscribers and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. Notwithstanding the foregoing, if applicable, if a Pennsylvania Subscriber has failed to remit an executed and
valid IRS Form W-9 to the Escrow Agent prior to the date the subscriber’s funds are to be returned, then the Escrow Agent shall remit an amount to the subscriber in accordance with the provisions hereof, withholding the applicable percentage
for backup withholding required by the Internal Revenue Code, as then in effect. The subscription payments returned to each Pennsylvania Subscriber, as applicable, shall be free and clear of any and all claims of the Company or any of its creditors.

 (e) Distribution of the Funds in the Escrow Account With Respect to Ohio Subscribers and Washington Subscribers. 

(i) Notwithstanding anything to the contrary herein, disbursements of funds contributed by Ohio Subscribers and Washington Subscribers and any
interest or other income earned thereon may only be distributed in compliance with the provisions of Section 2(d) or this Section 2(e). Irrespective of any disbursement of funds from the Escrow Account pursuant to this Section 2, the
Escrow Agent will continue to place deposits from Ohio Subscribers and Washington Subscribers into the Escrow Account, until such time as the Ohio Minimum Offering or Washington Minimum Offering, as applicable, has been raised (including amounts
previously disbursed as directed by the Company and the amounts then held in the Escrow Account), at which time the Company and the Dealer Manager will provide the Escrow Agent with written direction to deliver such funds from Ohio Subscribers or
Washington Subscribers, as applicable, and any interest or other income earned thereon from the Escrow Account as the Company shall direct. The Escrow Agent shall release such funds and any interest or other income earned thereon from the Escrow
Account as directed by the Company pursuant to written instruction that the Company shall provide to the Escrow Agent from time to time. 

(ii) If the Company has not received total subscriptions equal to at least the Ohio Minimum Offering or Washington Minimum Offering, as
applicable, prior to the termination of the Offering (including amounts previously disbursed as directed by the Company and the amounts then held in the Escrow Account), then the Transfer Agent shall provide the Escrow Agent the information needed
to return the funds in the Escrow Account, together with any interest thereon, to each respective Ohio Subscriber or Washington Subscriber, as applicable, and the Escrow Agent shall promptly (but in no event later that 30 business days following the
termination of the Offering) create and dispatch checks and wires drawn on the Escrow Account to return the amount of the funds in the Escrow Account, together with their pro rata share of any interest or other income earned thereon, without
deduction, penalty or expense, to the respective Ohio Subscribers or Washington Subscribers, as applicable, and the Escrow Agent shall notify the Company and the Dealer Manager of its distribution of the funds. Notwithstanding the foregoing, if
applicable, if an Ohio Subscriber or a Washington Subscriber has failed to remit an 

  
 6 








 
executed and valid IRS Form W-9 to the Escrow Agent prior to the date the subscriber’s funds are to be returned, then the Escrow Agent shall remit an amount to the subscriber in accordance
with the provisions hereof, withholding the applicable percentage for backup withholding required by the Internal Revenue Code, as then in effect. The subscription payments returned to each Ohio Subscriber or Washington Subscriber, as applicable,
shall be free and clear of any and all claims of the Company or any of its creditors. 
 3. Funds in the Escrow Account. Upon receipt
of funds from subscribers of Shares pursuant to the Offering, the Escrow Agent shall hold such funds in escrow pursuant to the terms of this Agreement. All such funds held in the Escrow Account shall be invested, and reinvested by the Escrow Agent
without unreasonable delay, in UMB Money Market Special, an interest-bearing bank account, and any other investments permitted under Rule 15c2-4 of the Securities Exchange Act of 1934, as amended and approved in writing by the Company. 

The Escrow Agent shall be entitled to sell or redeem any such investment as necessary to make any distributions required under this Agreement
and shall not be liable or responsible for any loss resulting from any such sale or redemption. 
 Interest, if any, resulting from the
investment of the funds in the Escrow Account shall be distributed according to this Agreement. 
 The Escrow Agent shall provide to the
Company monthly statements (or more frequently as reasonably requested by the Company) on the account balance in the Escrow Account and the activities in such account since the last report. Such periodic statements shall identify the account balance
and the activities since the last report. 
 4. Duties of the Escrow Agent. The Escrow Agent shall have no duties or responsibilities
other than those expressly set forth in this Agreement, and no implied duties or obligations shall be read into this Agreement against the Escrow Agent. The Escrow Agent is not a party to, or bound by, any other agreement among the other parties
hereto with respect to the subject matter hereof, and the Escrow Agent’s duties shall be determined solely by reference to this Agreement. The Escrow Agent shall have no duty to enforce any obligation of any person, other than as provided
herein. The Escrow Agent shall be under no liability to anyone by reason of any failure on the part of any party hereto or any maker, endorser or other signatory of any document or any other person to perform such person’s obligations under any
such document. 
 5. Liability of the Escrow Agent; Indemnification. The Escrow Agent acts hereunder as a depository only. The Escrow
Agent is not responsible or liable in any manner for the sufficiency, correctness, genuineness or validity of this Agreement or with respect to the form of execution of the same. The Escrow Agent shall not be liable for any action taken or omitted
by it, or any action suffered by it to be taken or omitted, in good faith, and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of
counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of
any information therein contained) which is reasonably believed by the Escrow Agent to be genuine and to be signed or presented by the proper person(s). The Escrow Agent shall not be held liable for any error in judgment made in good faith by an
officer or employee of it unless it 

  
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shall be proved that the Escrow Agent was grossly negligent or reckless in ascertaining the pertinent facts or acted intentionally in bad faith. The Escrow Agent shall not be bound by any notice
of demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the
Escrow Agent are affected, unless it shall give its prior written consent thereto. 
 The Escrow Agent may consult legal counsel and shall
exercise reasonable care in the selection of such counsel, in the event of any dispute or question as to the construction of any provisions hereof or its duties hereunder, and it shall incur no liability and shall be fully protected in acting in
accordance with the reasonable opinion or instructions of such counsel. 
 The Escrow Agent shall not be responsible, may conclusively rely
upon and shall be protected, indemnified and held harmless by the Company, for the sufficiency or accuracy of the form of, or the execution, validity, value or genuineness of any document or property received, held or delivered by it hereunder, or
of the signature or endorsement thereon, or for any description therein; nor shall the Escrow Agent be responsible or liable in any respect on account of the identity, authority or rights of the persons executing or delivering or purporting to
execute or deliver any document, property or this Agreement. 
 In the event that the Escrow Agent shall become involved in any arbitration
or litigation relating to the funds in the Escrow Account, it is authorized to comply with any decision reached through such arbitration or litigation. 

The Company, hereby agrees to indemnify the Escrow Agent for, and to hold it harmless against any loss, liability or expense incurred in
connection herewith without gross negligence, recklessness or willful misconduct on the part of the Escrow Agent, including without limitation reasonable and documented legal or other fees arising out of or in connection with its entering into this
Agreement and carrying out its duties hereunder, including without limitation the costs and expenses of defending itself against any claim of liability in the premises or any action for interpleader. The Escrow Agent shall not be under any
obligation to institute or defend any action, suit, or legal proceeding in connection herewith, unless first indemnified and held harmless to its satisfaction in accordance with the foregoing, except that it shall not be indemnified against any
loss, liability or expense arising out of its own gross negligence, recklessness or willful misconduct. Such indemnity shall survive the termination or discharge of this Agreement or resignation of the Escrow Agent. 

6. The Escrow Agent’s Fee. Escrow Agent shall be entitled to fees and expenses for its regular services as Escrow Agent as set
forth in Exhibit A. Additionally, Escrow Agent is entitled to reasonable fees for extraordinary services and reimbursement of any reasonable out of pocket and extraordinary costs and expenses related to its obligations as Escrow Agent under
this Agreement, including, but not limited to, reasonable attorneys’ fees. All of the Escrow Agent’s compensation, costs and expenses shall be paid by the Company. 

7. Security Interests. No party to this Agreement shall grant a security interest in any monies or other property deposited with the
Escrow Agent under this Agreement, or otherwise create a lien, encumbrance or other claim against such monies or borrow against the same. 

  
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 8. Dispute. In the event of any disagreement between the undersigned or the person or
persons named in the instructions contained in this Agreement, or any other person, resulting in adverse claims and demands being made in connection with or for any papers, money or property involved herein, or affected hereby, the Escrow Agent
shall be entitled to refuse to comply with any demand or claim, as long as such disagreement shall continue, and in so refusing to make any delivery or other disposition of any money, papers or property involved or affected hereby, the Escrow Agent
shall not be or become liable to the undersigned or to any person named in such instructions for its refusal to comply with such conflicting or adverse demands, and the Escrow Agent shall be entitled to refuse and refrain to act until: (a) the
rights of the adverse claimants shall have been fully and finally adjudicated in a Court assuming and having jurisdiction of the parties and money, papers and property involved herein or affected hereby, or (b) all differences shall have been
adjusted by agreement and the Escrow Agent shall have been notified thereof in writing, signed by all the interested parties. 
 9.
Resignation of Escrow Agent. Escrow Agent may resign or be removed, at any time, for any reason, by written notice of its resignation or removal to the proper parties at their respective addresses as set forth herein, at least 60 days before
the date specified for such resignation or removal to take effect; upon the effective date of such resignation or removal: 
 (a) All cash
and other payments and all other property then held by the Escrow Agent hereunder shall be delivered by it to such successor escrow agent as may be designated in writing by the Company, whereupon the Escrow Agent’s obligations hereunder shall
cease and terminate; 
 (b) If no such successor escrow agent has been designated by such date, all obligations of the Escrow Agent hereunder
shall, nevertheless, cease and terminate, and the Escrow Agent’s sole responsibility thereafter shall be to keep all property then held by it and to deliver the same to a person designated in writing by the Company or in accordance with the
directions of a final order or judgment of a court of competent jurisdiction. 
 (c) Further, if no such successor escrow agent has been
designated by such date, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor agent; further the Escrow Agent may pay into court all monies and property deposited with Escrow Agent under this
Agreement. 
 10. Notices. All notices, demands and requests required or permitted to be given under the provisions hereof must be in
writing and shall be deemed to have been sufficiently given, upon receipt, if (i) personally delivered, (ii) sent by telecopy and confirmed by phone or (iii) mailed by registered or certified mail, with return receipt requested, or by
overnight courier with signature required, delivered to the addresses set forth below, or to such other address as a party shall have designated by notice in writing to the other parties in the manner provided by this paragraph: 

 

			
	(1) If to Company:	  	Industrial Logistics Realty Trust Inc.
		  	518 Seventeenth Street, 17th Floor
		  	Denver, Colorado 80202
		  	Telephone: (303) 228-2200
		  	Facsimile: (303) 869-4602    
		  	Attention: Joshua J. Widoff


  
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	 (2) If to the Escrow Agent:
	  	UMB Bank, N.A., as Escrow Agent for Industrial Logistics Realty Trust Inc.
		  	1010 Grand Blvd., 4th Floor
		  	Mail Stop: 1020409
		  	Kansas City, Missouri 64106
		  	Attention: Lara Stevens,
		  	Corporate Trust & Escrow Services
		  	Telephone: (816) 860-3017
		  	Facsimile: (816) 860-3029
		
		  	Escrow Agent Wiring Instructions:
		  	UMB Bank, N.A.
		  	ABA Routing Number: 101000695
		  	Account Number: 9872232569
		  	Account Name: UMB Bank Escrow Agent for Industrial Logistics Realty Trust Inc.
		
		  	Checks Payable Information:
		  	UMB Bank, N.A., as Escrow Agent for Industrial Logistics Realty Trust Inc.
		  	 Attention: Lara Stevens, Corporate Trust & Escrow Services

1010 Grand Boulevard, 4th Floor

Mail Stop 1020409
 Kansas City, Missouri 64106

		
	(3) If to Dealer Manager:	  	Dividend Capital Securities LLC
		  	518 Seventeenth Street, 12th Floor
		  	Denver, Colorado 80202
		  	Telephone: (303) (303) 228-2200
		  	Facsimile: (303) 226-9899
		  	Attn: Charles Murray

 11. Governing Law. This Agreement shall be construed and enforced in accordance with the laws of the
State of Colorado without regard to the principles of conflicts of law. 
 12. Binding Effect; Benefit. This Agreement shall be
binding upon and inure to the benefit of the permitted successors and assigns of the parties hereto. 
 13. Modification. This
Agreement may be amended, modified or terminated at any time by a writing executed by the Dealer Manager, the Company and the Escrow Agent. 

14. Assignability. This Agreement shall not be assigned by the Escrow Agent without the Company’s prior written consent. 

  
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 15. Counterparts. This Agreement may be executed in one or more counterparts, each of
which will be deemed an original, but all of which together will constitute one and the same instrument. Copies, telecopies, facsimiles, electronic files and other reproductions of original executed documents shall be deemed to be authentic and
valid counterparts of such original documents for all purposes, including the filing of any claim, action or suit in the appropriate court of law. 

16. Headings. The section headings contained in this Agreement are inserted for convenience only, and shall not affect in any way, the
meaning or interpretation of this Agreement. 
 17. Severability. This Agreement constitutes the entire agreement among the parties
and supersedes all prior and contemporaneous agreements and undertakings of the parties in connection herewith. No failure or delay of the Escrow Agent in exercising any right, power or remedy may be, or may be deemed to be, a waiver thereof; nor
may any single or partial exercise of any right, power or remedy preclude any other or further exercise of any right, power or remedy. In the event that any one or more of the provisions contained in this Agreement, shall, for any reason, be held to
be invalid, illegal or unenforceable in any respect, then to the maximum extent permitted by law, such invalidity, illegality or unenforceability shall not affect any other provision of this Agreement. 

18. Earnings Allocation; Tax Matters; Patriot Act Compliance; OFAC Search Duties. The Escrow Agent, or its agent, shall provide each
subscriber with an applicable Form 1099 for amounts paid pursuant to Section 2 in a timely manner. The Company shall provide to Escrow Agent upon the execution of this Agreement any documentation requested and any information reasonably
requested by the Escrow Agent to comply with the USA Patriot Act of 2001, as amended from time to time. The Transfer Agent shall complete an OFAC search, in compliance with its policy and procedures, of each subscription check and shall inform the
Company if a subscription check fails the OFAC search. The Dealer Manager shall provide a copy of each subscription check in order that the Transfer Agent may perform such OFAC search. 

19. Miscellaneous. This Agreement shall not be construed against the party preparing it, and shall be construed without regard to the
identity of the person who drafted it or the party who caused it to be drafted and shall be construed as if all parties had jointly prepared this Agreement and it shall be deemed their joint work product, and each and every provision of this
Agreement shall be construed as though all of the parties hereto participated equally in the drafting hereof; and any uncertainty or ambiguity shall not be interpreted against any one party. As a result of the foregoing, any rule of construction
that a document is to be construed against the drafting party shall not be applicable. 
 20. Third Party Beneficiaries. The Transfer
Agent shall be a third party beneficiary under this Agreement, entitled to enforce any rights, duties or obligations owed to it under this Agreement notwithstanding the terms of any other agreements between the Transfer Agent and any party hereto.

 21. Termination of the Escrow Agreement. This Agreement, except for Sections 5 and 9 hereof, which shall continue in effect, shall
terminate upon written notice from the Company to the Escrow Agent. Unless otherwise provided, final termination of this Agreement shall occur on 

  
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the date that all funds held in the Escrow Account are distributed either (a) to the Company or to subscribers and the Company has informed the Escrow Agent in writing to close the Escrow
Account or (b) to a successor escrow agent upon written instructions from the Company. 
 22. Relationship of Parties. The Dealer
Manager, the Company and the Escrow Agent are unaffiliated parties, and this Agreement does not create any partnership or joint venture among them. This Agreement may be filed as exhibit to the Offering Document and the Escrow Agent and Transfer
Agent consent to being named in any such Offering Document (including exhibits and amendments thereto) in connection with the Offering. 

  
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 IN WITNESS WHEREOF, the undersigned have caused this Agreement to be executed by their
duly authorized representatives as of the date first written hereinabove:  
  

			
	DEALER MANAGER:
	
	DIVIDEND CAPITAL SECURITIES LLC
		
	By:	 	 /s/ Charles Murray

	Name: Charles Murray
	Title: President
	
	COMPANY:
	
	INDUSTRIAL LOGISTICS REALTY TRUST INC.
		
	By:	 	 /s/ Thomas G. McGonagle

	Name: Thomas G. McGonagle
	Title: Chief Financial Officer
	
	ESCROW AGENT:
	
	UMB BANK, N.A.
		
	By:	 	 /s/ Lara L. Stevens

	 Name: Lara L. Stevens
 Title: Vice
President



 [Signature page to Escrow Agreement] 







 EXHIBIT A 

ESCROW FEES AND EXPENSES 
  

			
	 Acceptance Fee
	  	
	 Review escrow agreement, establish account
	  	$1,500
	 DST Agency Engagement
	  	$250
	 Annual Fees
	  	
	 Annual Escrow Agent
	  	$2,000
	 Transactional Fees
	  	
	 Outgoing Wire Transfer
	  	$15 each
	 Outgoing Checks
	  	$35 each
	 Subscription Doc Processing
	  	$25 each
	 Daily Recon File to Transfer Agent
	  	$2.50 per Bus Day
	 Wire Ripping to Transfer Agent
	  	$10 per Bus Day
	 Online UMB Direct Access
	  	$50 per month
	 Overnight Delivery/Mailings
	  	$16.50 each
	 IRS Tax Reporting
	  	$10 per 1099

 Acceptance fee and first year Annual Fees will be payable at the initiation of the escrow. Thereafter, the Annual Fees will be
billed annually in advance and Transactional Fees will be billed quarterly in arrears. Other fees and expenses will be billed as incurred. 
 Fees specified
are for the regular, routine services contemplated by the Escrow Agreement, and any additional or extraordinary services, including, but not limited to disbursements involving a dispute or arbitration, or administration while a dispute, controversy
or adverse claim is in existence, will be charged based upon time required at the then standard hourly rate. 
 All expenses related to the administration
of the Escrow Agreement such as, but not limited to, travel, postage, shipping, courier, telephone, facsimile, supplies, legal fees, accounting fees, etc., will be reimbursable.