# EDGAR Filing Document

**Accession Number:** 0001717307
**File Stem:** 0001717307-23-000011
**Filing Date:** 2023-2
**Character Count:** 107164
**Document Hash:** c25eb3930dd85bcedcb976f878229f19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001717307-23-000011.hdr.sgml**: 20230214

**ACCESSION NUMBER**: 0001717307-23-000011

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 45

**CONFORMED PERIOD OF REPORT**: 20230214

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230214

**DATE AS OF CHANGE**: 20230214

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Industrial Logistics Properties Trust
- **CENTRAL INDEX KEY:** 0001717307
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE INVESTMENT TRUSTS [6798]
- **IRS NUMBER:** 822809631
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-38342
- **FILM NUMBER:** 23631626

**BUSINESS ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE
- **STREET 2:** 255 WASHINGTON STREET, SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458
- **BUSINESS PHONE:** 617-796-8303

**MAIL ADDRESS:**
- **STREET 1:** TWO NEWTON PLACE
- **STREET 2:** 255 WASHINGTON STREET, SUITE 300
- **CITY:** NEWTON
- **STATE:** MA
- **ZIP:** 02458

?xml version="1.0" ? ilpt-20230214

**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 14, 2023

**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) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (Address of Principal Executive Offices) | (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:

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

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

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

☐&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 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 |

---

&nbsp;&nbsp;&nbsp;&nbsp;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).

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;Emerging growth company ☐

&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;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. ☐

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**Item 2.02. Results of Operations and Financial Condition.**

On February 14, 2023, 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, 2022, and also provided certain supplemental operating and financial data for the quarter and year ended December 31, 2022. 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)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>[Press Release dated](ilpt_exhibit99112312022.htm)[February 1](ilpt_exhibit99112312022.htm)[4](ilpt_exhibit99112312022.htm)[, 2023](ilpt_exhibit99112312022.htm)</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;99.2&nbsp;&nbsp;&nbsp;&nbsp; <u>[F](q4supplementalv1.htm)[ourth](q4supplementalv1.htm)[Quarter 2022 Supplemental Operating and Financial Dat](q4supplementalv1.htm)[a](q4supplementalv1.htm)</u>

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

------

**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 | INDUSTRIAL LOGISTICS PROPERTIES TRUST |
| By: | /s/ Brian E. Donley |
| Name: | Brian E. Donley |
| Title: | Chief Financial Officer and Treasurer |

---

Dated: February 14, 2023

## Exhibit 99.1

**Exhibit 99.1**

![ilptlettereheada08.jpg](ilptlettereheada08.jpg)

**<u>FOR IMMEDIATE RELEASE</u>**

**Industrial Logistics Properties Trust Announces Fourth Quarter 2022 Results**

***Executed 1.4 Million Square Feet of Leasing at 18.7% Higher Rental Rates***

***Full Year Leasing Activity of 7.8 Million Square Feet at 47.3% Higher Rental Rates***

***Net Loss Attributable to Common Shareholders of $0.48 Per Share***

***Normalized FFO Attributable to Common Shareholders of $0.08 Per Share***

<u>Newton, MA</u> (February 14, 2023): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2022.

Yael Duffy, President and Chief Operating Officer of ILPT, made the following statement:

"As we look ahead to 2023, we believe the strength of industrial real estate fundamentals will continue to allow us to organically grow cash flows through mark-to-market opportunities and tenant retention as evidenced by our record 2022 leasing activity and related rent roll-ups. With a 99.1% leased portfolio, exceptional tenant roster and no near-term debt maturities, we will continue to be patient as we evaluate opportunities to strengthen our balance sheet and reduce leverage."

***Quarterly Results:***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;***•*** Net loss attributable to common shareholders was $31.0 million, or $0.48 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Normalized funds from operations, or Normalized FFO, attributable to common shareholders were $5.4 million, or $0.08 per diluted share.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Same property net operating income, or NOI, and same property Cash Basis NOI for the quarter ended December 31, 2022 increased 1.4% and 0.3%, respectively, compared to the prior year quarter. ILPT reduced its reserves for uncollectible revenues from certain tenants by $0.4 million during the prior year quarter. Excluding such reduction, same property NOI and same property Cash Basis NOI increased 2.3% and 1.3%, respectively.

*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 December 31,** | **Three Months Ended December 31,** | **Three Months Ended December 31,** |
| ***Financial*** <sup>(1)</sup> | **2022** | **2021** | **Change** |
| Net (loss) income attributable to common shareholders | ($31043) | $63207 | (149.1)% |
| Net (loss) income attributable to common shareholders per diluted share | $(0.48) | $0.97 | (149.5)% |
| Normalized FFO attributable to common shareholders | $5440 | $31714 | (82.8)% |
| Normalized FFO attributable to common shareholders per diluted share | $0.08 | $0.49 | (83.7)% |
| Adjusted EBITDA*re* | $79213 | $42162 | 87.9% |
| NOI | $83598 | $43771 | 91.0% |
| Cash Basis NOI | $79931 | $41925 | 90.7% |
| Same property NOI | $42197 | $41622 | 1.4% |
| Same property Cash Basis NOI | $39923 | $39801 | 0.3% |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp; Additional information and reconciliations of net income (loss) attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to certain non-GAAP measures, including funds from operations, or FFO, attributable to common shareholders, Normalized FFO attributable to common shareholders, earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDA*re*, Adjusted EBITDA*re*, NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI for the quarters ended December 31, 2022 and 2021 appear later in this press release.

---

| | |
|:---|:---|
| ***Leasing Activity*** | **Three Months Ended**<br>**December 31, 2022** |
| Leasing activity for new and renewal leases and rent resets (square feet) | 1369000 |
| Weighted average lease term for new and renewal leases (by square feet) | 8.0 years |
| Weighted average rental rate change versus prior rental rate for same space (by square feet) | 18.7% |
| Commitments for leasing costs and concessions for new and renewal leases (per square foot per year) | $0.47 |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended** | **Three Months Ended** | **Three Months Ended** |
| ***Occupancy*** | **December 31, 2022** | **September 30, 2022** | **December 31, 2021** |
| Occupancy | 99.1% | 99.2% | 99.2% |
| Same property occupancy | 99.1% | 99.3% | 99.2% |

---

***Conference Call:***

On Wednesday, February 15, 2023 at 10:00 am Eastern Time, Yael Duffy, President and Chief Operating Officer, and Brian Donley, Chief Financial Officer and Treasurer, will host a conference call to discuss ILPT's fourth quarter 2022 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 Wednesday, February 22, 2023. To access the replay, dial (412) 317-0088. The replay pass code is 9022133.

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 2022 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.

***About Industrial Logistics Properties Trust:***

Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of December 31, 2022, ILPT's portfolio consisted of 413 properties containing approximately 60.0 million rentable square feet located in 39 states. More than 78% of ILPT's annualized rental revenues as of December 31, 2022 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of December 31, 2022 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.

***Non-GAAP Financial Measures:***

ILPT presents certain "non-GAAP financial measures" within the meaning of the applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, EBITDA, EBITDA*re*, Adjusted EBITDA*re*, NOI, Cash Basis NOI, same property NOI and same property 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 (loss) or net income (loss) 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 (loss) and net income (loss) attributable to common shareholders as presented in ILPT's consolidated statements of income (loss). ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) 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 FFO attributable to common shareholders and Normalized FFO attributable to common shareholders, EBITDA, EBITDA*re*, Adjusted EBITDA*re*, NOI, Cash Basis NOI, same property NOI and same property Cash Basis NOI and reconciliations of those amounts to amounts determined in accordance with GAAP.

------

**Industrial Logistics Properties Trust**

**Consolidated Statements of Income (Loss)**

**(amounts in thousands, except per share data)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Rental income | $106339 | $56496 | $388151 | $219874 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;Real estate taxes | 14164 | 7781 | 50624 | 30134 |
| &nbsp;&nbsp;Other operating expenses | 8577 | 4944 | 30855 | 18678 |
| &nbsp;&nbsp;Depreciation and amortization | 46886 | 13396 | 160982 | 50598 |
| &nbsp;&nbsp;General and administrative | 7981 | 4006 | 32877 | 16724 |
| &nbsp;&nbsp;Acquisition and other transaction related costs |  | 486 | 586 | 1132 |
| &nbsp;&nbsp;Loss on impairment of real estate |  |  | 100747 |  |
| Total expenses | 77608 | 30613 | 376671 | 117266 |
| Interest and other income | 763 |  | 2663 |  |
| Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,709, $506, $96,974 and $2,022, respectively) | (71765) | (9157) | (280051) | (35625) |
| Gain (loss) on sale of real estate |  | 11114 | (10) | 12054 |
| Loss on equity securities |  |  | (5758) |  |
| Loss on early extinguishment of debt |  |  | (22198) |  |
| (Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | (42271) | 27840 | (293874) | 79037 |
| Income tax benefit (expense) | 68 | (96) | (45) | (273) |
| Equity in earnings of unconsolidated joint venture | 444 | 35463 | 7078 | 40918 |
| Net (loss) income | (41759) | 63207 | (286841) | 119682 |
| Net loss attributable to noncontrolling interest | 10716 |  | 60118 |  |
| Net (loss) income attributable to common shareholders | $(31043) | $63207 | $(226723) | $119682 |
| Weighted average common shares outstanding - basic | 65307 | 65212 | 65248 | 65169 |
| Weighted average common shares outstanding - diluted | 65307 | 65231 | 65248 | 65211 |
| **<u>Per common share data (basic and diluted):</u>** |  |  |  |  |
| Net (loss) income attributable to common shareholders | $(0.48) | $0.97 | $(3.47) | $1.83 |

---

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**Industrial Logistics Properties Trust**

**Calculation and Reconciliation of Funds from Operations Attributable to Common Shareholders and Normalized Funds from Operations Attributable to Common Shareholders** <sup>(1)</sup>

**(amounts in thousands, except per share data)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net (loss) income attributable to common shareholders | $(31043) | $63207 | $(226723) | $119682 |
| Depreciation and amortization | 46886 | 13396 | 160982 | 50598 |
| Equity in earnings of unconsolidated joint venture | (444) | (35463) | (7078) | (40918) |
| Loss on equity securities |  |  | 5758 |  |
| Share of FFO from unconsolidated joint venture | 1291 | 1202 | 6406 | 4823 |
| Loss on impairment of real estate |  |  | 100747 |  |
| (Gain) loss on sale of real estate |  | (11114) | 10 | (12054) |
| FFO adjustments attributable to noncontrolling interest | (11250) |  | (38695) |  |
| &nbsp;&nbsp;FFO attributable to common shareholders | 5440 | 31228 | 1407 | 122131 |
| Loss on early extinguishment of debt |  |  | 22198 |  |
| Acquisition, transaction related and certain other financing costs <sup>(2)</sup> |  | 486 | 80992 | 1132 |
| Normalized FFO adjustments attributable to noncontrolling interest |  |  | (28379) |  |
| &nbsp;&nbsp;Normalized FFO attributable to common shareholders | $5440 | $31714 | $76218 | $123263 |
| Weighted average common shares outstanding - basic | 65307 | 65212 | 65248 | 65169 |
| Weighted average common shares outstanding - diluted | 65307 | 65231 | 65248 | 65211 |
| **<u>Per common share data (basic and diluted):</u>** |  |  |  |  |
| FFO attributable to common shareholders | $0.08 | $0.48 | $0.02 | $1.87 |
| Normalized FFO attributable to common shareholders | $0.08 | $0.49 | $1.17 | $1.89 |
| Distributions declared | $0.01 | $0.33 | $0.68 | $1.32 |

---

(1) <sup>&nbsp;&nbsp;&nbsp;&nbsp;</sup> 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, or Nareit, which is net income (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding loss on impairment of real estate, any gain or loss on sale of real estate, equity in earnings of unconsolidated joint venture and any realized and unrealized gains or losses on equity securities, plus real estate depreciation and amortization of consolidated properties and its proportionate share of FFO of the 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. 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.

(2)Amount for the year ended December 31, 2022 primarily includes certain debt issuance costs recorded as interest expense related to ILPT's bridge loan facility and other transaction related costs expensed under GAAP.

------

**Industrial Logistics Properties Trust**

**Calculation and Reconciliation of EBITDA, EBITDA*re* and Adjusted EBITDA*re*** <sup>(1)</sup>

**(dollars in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| Net (loss) income | $(41759) | $63207 | $(286841) | $119682 |
| Plus: interest expense | 71765 | 9157 | 280051 | 35625 |
| Plus: income tax (benefit) expense | (68) | 96 | 45 | 273 |
| Plus: depreciation and amortization | 46886 | 13396 | 160982 | 50598 |
| &nbsp;&nbsp;EBITDA | 76824 | 85856 | 154237 | 206178 |
| Loss on impairment of real estate |  |  | 100747 |  |
| (Gain) loss on sale of real estate |  | (11114) | 10 | (12054) |
| Equity in earnings of unconsolidated joint venture | (444) | (35463) | (7078) | (40918) |
| Share of EBITDA*re* from unconsolidated joint venture | 2432 | 2000 | 9949 | 8013 |
| Loss on equity securities |  |  | 5758 |  |
| &nbsp;&nbsp;EBITDA*re* | 78812 | 41279 | 263623 | 161219 |
| Plus: acquisition and other transaction related costs |  | 486 | 586 | 1132 |
| Plus: general and administrative expense paid in common shares <sup>(2)</sup> | 401 | 397 | 2221 | 2329 |
| Plus: loss on early extinguishment of debt |  |  | 22198 |  |
| &nbsp;&nbsp;Adjusted EBITDA*re* | $79213 | $42162 | $288628 | $164680 |

---

(1) ILPT calculates EBITDA, EBITDA*re* and Adjusted EBITDA*re* as shown above. EBITDA*re* is calculated on the basis defined by Nareit, which is EBITDA, including ILPT's proportionate share of EBITDA*re* from unconsolidated joint venture properties, and excluding gains and losses on the sale of real estate, equity in earnings of unconsolidated joint venture, loss on impairment of real estate, any realized and unrealized gains or losses on equity securities, as well as certain other adjustments currently not applicable to ILPT. In calculating Adjusted EBITDA*re*, ILPT adjusts for the items shown above. Other real estate companies and REITs may calculate EBITDA, EBITDA*re* and Adjusted EBITDA*re* differently than ILPT does.

(2)Amounts represent equity based compensation to ILPT's trustees and officers and certain other employees of RMR.

------

**Industrial Logistics Properties Trust**

**Calculation and Reconciliation of Property Net Operating Income and Cash Basis Net Operating Income** <sup>(1)</sup>

**(dollars in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Calculation of NOI and Cash Basis NOI:** |  |  |  |  |
| Rental income | $106339 | $56496 | $388151 | $219874 |
| Real estate taxes | (14164) | (7781) | (50624) | (30134) |
| Other operating expenses | (8577) | (4944) | (30855) | (18678) |
| &nbsp;&nbsp;&nbsp;NOI | 83598 | 43771 | 306672 | 171062 |
| Non-cash straight line rent adjustments included in rental income | (3368) | (1590) | (11538) | (7263) |
| Lease value amortization included in rental income | (279) | (256) | (4544) | (781) |
| Lease termination fees included in rental income | (20) |  | (50) | (512) |
| &nbsp;&nbsp;&nbsp;Cash Basis NOI | $79931 | $41925 | $290540 | $162506 |
| **Reconciliation of Net (Loss) Income to NOI and Cash Basis NOI:** |  |  |  |  |
| Net (loss) income | $(41759) | $63207 | $(286841) | $119682 |
| Equity in earnings of unconsolidated joint venture | (444) | (35463) | (7078) | (40918) |
| Income tax (benefit) expense | (68) | 96 | 45 | 273 |
| (Loss) income before income tax expense and equity in earnings of unconsolidated joint venture | (42271) | 27840 | (293874) | 79037 |
| Loss on early extinguishment of debt |  |  | 22198 |  |
| Interest and other income | (763) |  | (2663) |  |
| Interest expense | 71765 | 9157 | 280051 | 35625 |
| (Gain) loss on sale of real estate |  | (11114) | 10 | (12054) |
| Loss on equity securities |  |  | 5758 |  |
| General and administrative | 7981 | 4006 | 32877 | 16724 |
| Acquisition and other transaction related costs |  | 486 | 586 | 1132 |
| Loss on impairment of real estate |  |  | 100747 |  |
| Depreciation and amortization | 46886 | 13396 | 160982 | 50598 |
| &nbsp;&nbsp;&nbsp;NOI | 83598 | 43771 | 306672 | 171062 |
| Non-cash straight line rent adjustments included in rental income | (3368) | (1590) | (11538) | (7263) |
| Lease value amortization included in rental income | (279) | (256) | (4544) | (781) |
| Lease termination fees included in rental income | (20) |  | (50) | (512) |
| &nbsp;&nbsp;&nbsp;Cash Basis NOI | $79931 | $41925 | $290540 | $162506 |

---

(1)&nbsp;&nbsp;&nbsp;&nbsp;The calculations of NOI and Cash Basis NOI exclude certain components of net income (loss) 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.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&n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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** <sup>(1)</sup>

**(dollars in thousands)**

**(unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended December 31,** | **Three Months Ended December 31,** | **Year Ended December 31,** | **Year Ended December 31,** |
| | **2022** | **2021** | **2022** | **2021** |
| **Reconciliation of NOI to Same Property NOI** <sup>(2) (3)</sup>**:** |  |  |  |  |
| Rental income | $106339 | $56496 | $388151 | $219874 |
| Real estate taxes | (14164) | (7781) | (50624) | (30134) |
| Other operating expenses | (8577) | (4944) | (30855) | (18678) |
| &nbsp;&nbsp;&nbsp;&nbsp;NOI | 83598 | 43771 | 306672 | 171062 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;NOI of properties not included in same property results | (41401) | (2149) | (138844) | (7520) |
| &nbsp;&nbsp;&nbsp;&nbsp;Same property NOI | $42197 | $41622 | $167828 | $163542 |
| **Calculation of Same Property Cash Basis NOI** <sup>(2) (3)</sup>**:** |  |  |  |  |
| Same property NOI | $42197 | $41622 | $167828 | $163542 |
| Less: |  |  |  |  |
| &nbsp;&nbsp;Non-cash straight line rent adjustments included in rental income | (2077) | (1570) | (6873) | (7080) |
| &nbsp;&nbsp;Lease value amortization included in rental income | (177) | (251) | (4172) | (773) |
| &nbsp;&nbsp;Lease termination fees included in rental income | (20) |  | (50) | (512) |
| &nbsp;&nbsp;&nbsp;&nbsp;Same property Cash Basis NOI | $39923 | $39801 | $156733 | $155177 |

---

(1)See footnote (1) on page <u>[7](#i19581f2c1fe54302b75db550f3226e47_221)</u> of this press release for the definitions of NOI and Cash Basis NOI. ILPT calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI, except that it only includes same properties in calculating same property NOI and same property Cash Basis NOI.

(2)For the three months ended December 31, 2022 and 2021, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2022 and that it owned continuously since October 1, 2021 and exclude properties owned by an unconsolidated joint venture.

(3)For the years ended December 31, 2022 and 2021, same property NOI and same property Cash Basis NOI are based on properties that ILPT owned as of December 31, 2022 and that it owned continuously since January 1, 2021 and exclude properties owned by an unconsolidated joint venture.

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**Industrial Logistics Properties Trust**

 **Consolidated Balance Sheets**

**(dollars in thousands, except per share data)**

**(unaudited)**

---

| | | |
|:---|:---|:---|
| | **December 31,** | **December 31,** |
| | **2022** | **2021** |
| <u>ASSETS</u> |  |  |
| &nbsp;&nbsp;&nbsp;Real estate properties: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Land | $1117779 | $699037 |
| &nbsp;&nbsp;&nbsp;&nbsp;Buildings and improvements | 4058329 | 1049796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate properties, gross | 5176108 | 1748833 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated depreciation | (273467) | (167490) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total real estate properties, net | 4902641 | 1581343 |
| &nbsp;&nbsp;&nbsp;Investment in unconsolidated joint venture | 124358 | 143021 |
| &nbsp;&nbsp;&nbsp;Acquired real estate leases, net | 297445 | 63441 |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | 48261 | 29397 |
| &nbsp;&nbsp;&nbsp;Restricted cash | 92519 |  |
| &nbsp;&nbsp;Rents receivable, including straight line rents of $80,710 and $69,172, respectively | 107011 | 75877 |
| &nbsp;&nbsp;&nbsp;Other assets, net | 103931 | 15479 |
| &nbsp;&nbsp;&nbsp;Total assets | $5676166 | $1908558 |
| <u>LIABILITIES AND EQUITY</u> |  |  |
| &nbsp;&nbsp;&nbsp;Revolving credit facility | $— | $182000 |
| &nbsp;&nbsp;&nbsp;Mortgages and notes payable, net | 4244501 | 646124 |
| &nbsp;&nbsp;&nbsp;Accounts payable and other liabilities | 73547 | 27772 |
| &nbsp;&nbsp;&nbsp;Assumed real estate lease obligations, net | 22523 | 12435 |
| &nbsp;&nbsp;&nbsp;Due to related persons | 4824 | 2185 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 4345395 | 870516 |
| &nbsp;&nbsp;&nbsp;Commitments and contingencies |  |  |
| &nbsp;&nbsp;&nbsp;Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity attributable to common shareholders: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,568,145 and 65,404,592 shares issued and outstanding, respectively | 656 | 654 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid in capital | 1014201 | 1012224 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative net income | 117185 | 343908 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative other comprehensive income | 21903 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cumulative common distributions | (363221) | (318744) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total equity attributable to common shareholders | 790724 | 1038042 |
| &nbsp;&nbsp;&nbsp;Total equity attributable to noncontrolling interest | 540047 |  |
| &nbsp;&nbsp;&nbsp;Total equity | 1330771 | 1038042 |
| &nbsp;&nbsp;&nbsp;Total liabilities and equity | $5676166 | $1908558 |

---

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**<u>Warning Concerning Forward-Looking Statements</u>**

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:

• Ms. Duffy states that ILPT believes the strength of industrial real estate fundamentals will continue to allow ILPT to organically grow cash flows through mark-to-market opportunities and tenant retention and that ILPT will continue to be patient as it evaluates opportunities to strengthen its balance sheet and reduce leverage. However, the current strength of industrial real estate fundamentals may not continue, and as a result, ILPT may not be able to organically grow cash flows, it may fail to execute on opportunities that may exist or arise and its tenant retention may decline. Further, market conditions could decline due to many factors beyond ILPT's control, including high inflation, rising or sustained high interest rates, economic downturns and a possible recession. As a result, ILPT may not be able to grow cash flows, strengthen its balance sheet or reduce leverage, and

• Ms. Duffy's statement regarding ILPT's record leasing activity in 2022 and related rent roll-ups may imply that ILPT will continue to achieve similar or better leasing results in the future. However, ILPT's leasing activity will depend on the extent to which ILPT has vacant properties or leases with approaching expirations, and its ability to successfully negotiate and enter into new or renewed leases for rents that exceed prior rents for that space. Accordingly, ILPT may not continue to successfully lease vacant space and the rent roll-ups ILPT achieves on any leased space may decline.

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, Director, Investor Relations |
| (617) 658-0776 |

---

(END)

## Exhibit 99.2

![](q4supplementalv1001.jpg)

1 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. FOURTH QUARTER 2022 Exhibit 99.2 5 Logistics Drive Carlisle, PA 205,090 Square Feet ILPT Ownership: 22%

------

![](q4supplementalv1002.jpg)

2Supplemental Q4 2022 CORPORATE INFORMATION Company Overview ................................................................................................................................................................................................................... 3 Investor Information .................................................................................................................................................................................................................. 4 FINANCIALS Key Financial Data ..................................................................................................................................................................................................................... 5 Consolidated Balance Sheets ................................................................................................................................................................................................. 6 Consolidated Statements of Income (Loss) .......................................................................................................................................................................... 7 Debt Summary .......................................................................................................................................................................................................................... 8 Debt Maturity Schedule ............................................................................................................................................................................................................ 9 Leverage Ratios and Coverage Ratios ................................................................................................................................................................................... 10 Capital Expenditures Summary .............................................................................................................................................................................................. 11 Property Acquisitions and Dispositions Since 1/1/2022 .................................................................................................................................................... 12 PORTFOLIO INFORMATION Same Property Results .............................................................................................................................................................................................................. 13 Occupancy and Leasing Summary ......................................................................................................................................................................................... 14 Tenant Concentration and Credit Characteristics ............................................................................................................................................................... 15 Portfolio Lease Expiration and Reset Schedules ................................................................................................................................................................. 16 JOINT VENTURES Key Financial Data - By Investment Portfolio ........................................................................................................................................................................ 17 Joint Ventures ............................................................................................................................................................................................................................ 18 Consolidated Joint Venture - Financial Information at 100% ........................................................................................................................................... 19 Consolidated Joint Venture - Pro-Rata Financial Information ........................................................................................................................................... 20 Consolidated Joint Venture - Mountain Industrial REIT LLC ............................................................................................................................................. 21 Unconsolidated Joint Venture - The Industrial Fund REIT LLC ......................................................................................................................................... 22 APPENDIX Calculation and Reconciliation of NOI and Cash Basis NOI .............................................................................................................................................. 23 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI ............................................................................ 24 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre .............................................................................................................................................. 25 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders ............................... 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.

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3Supplemental Q4 2022 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. ILPT is included in 169 market indices and comprises more than 1% of the following indices as of December 31, 2022: Invesco S&P SmallCap High Dividend Low Volatility ETF INAV Index (XSHDIV), Bloomberg Real Estate Investment Trust Mid Cap Index (BBREMIDC) and Invesco KBW Premium Yield Equity REIT ETF INAV Index (KBWYIV). Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of December 31, 2022, RMR had over $37 billion of real estate assets under management and the combined RMR managed companies had more than $16 billion of annual revenues, nearly 2,100 properties and over 38,000 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 a lower cost than we would have to pay for similar quality services if we were self managed. Company Overview RETURN TO **TABLE OF CONTENTS** Located in 413 60 Million 99% 39 Industrial & Logistics Rentable Square Feet Occupancy States Properties 9 78% 30% 29% Years of Weighted Average Annualized Rental Revenues Annualized Rental Annualized Rental Revenues Remaining Lease Term from Investment Grade Revenues from FedEx from Properties in by Annualized Rental Revenues Tenants Hawaii

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4Supplemental Q4 2022 Investor Information Investor Relations Industrial Logistics Properties Trust Inquiries Two Newton Place Financial, investor and media inquiries should be directed to: 255 Washington Street, Suite 300 Kevin Barry, Director, Investor Relations, Newton, MA 02458-1634 at (617) 658-0776 or kbarry@ilptreit.com. (t) (617) 219-1460 (email) info@ilptreit.com (website) www.ilptreit.com RETURN TO **TABLE OF CONTENTS** Board of Trustees Bruce M. Gans Lisa Harris Jones Matthew P. Jordan Joseph L. Morea Kevin C. Phelan Lead Independent Trustee Independent Trustee Managing Trustee Independent Trustee Independent Trustee Adam D. Portnoy June S. Youngs Chair of the Board & Managing Trustee Independent Trustee Equity Research Coverage B. Riley Securities, Inc. BofA Securities BTIG JMP Securities RBC Capital Markets Bryan Maher Camille Bonnel Thomas Catherwood Mitchell Germain Michael Carroll bmaher@brileyfin.com camille.bonnel@baml.com tcatherwood@btig.com mgermain@jmpsecurities.com michael.carroll@rbccm.com (646) 885-5423 (416) 369-2140 (212) 738-6140 (212) 906-3537 (440) 715-2649 Executive Officers Yael Duffy Brian E. Donley President and Chief Operating Officer Chief Financial Officer and Treasurer

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5Supplemental Q4 2022 (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Selected Balance Sheet Data: Total gross assets $5,949,633 $5,962,116 $6,166,704 $6,286,275 $2,076,048 Total assets $5,676,166 $5,719,635 $5,955,838 $6,103,793 $1,908,558 Total liabilities $4,345,395 $4,358,125 $4,520,904 $4,499,824 $870,516 Total equity $1,330,771 $1,361,510 $1,434,934 $1,603,969 $1,038,042 Selected Income Statement Data: Rental income $106,339 $103,215 $107,222 $71,375 $56,496 Net (loss) income $(41,759) $(83,974) $(151,321) $(9,787) $63,207 Net (loss) income attributable to common shareholders $(31,043) $(45,627) $(143,539) $(6,514) $63,207 NOI $83,598 $81,013 $86,894 $55,167 $43,771 Cash Basis NOI $79,931 $76,969 $79,949 $53,691 $41,925 Adjusted EBITDAre $79,213 $76,072 $80,811 $52,532 $42,162 FFO attributable to common shareholders $5,440 $(10,134) $(2,001) $8,102 $31,228 Normalized FFO attributable to common shareholders $5,440 $14,873 $28,302 $27,603 $31,714 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders $(0.48) $(0.70) $(2.20) $(0.10) $0.97 FFO attributable to common shareholders $0.08 $(0.16) $(0.03) $0.12 $0.48 Normalized FFO attributable to common shareholders $0.08 $0.23 $0.43 $0.42 $0.49 Dividends: Annualized dividends paid per share $0.04 $0.04 $1.32 $1.32 $1.32 Annualized dividend yield (at end of period) 1.2% 0.7% 9.4% 5.8% 5.3% Normalized FFO attributable to common shareholders payout ratio 12.5% 4.3% 76.7% 78.6% 67.3% Key Financial Data RETURN TO **TABLE OF CONTENTS** 32150 Just Imagine Drive Avon, OH 644,850 Square Feet ILPT Ownership: 100%

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6Supplemental Q4 2022 Consolidated Balance Sheets December 31, 2022 2021 ASSETS Real estate properties: Land $1,117,779 $699,037 Buildings and improvements 4,058,329 1,049,796 Total real estate properties, gross 5,176,108 1,748,833 Accumulated depreciation (273,467) (167,490) Total real estate properties, net 4,902,641 1,581,343 Investment in unconsolidated joint venture 124,358 143,021 Acquired real estate leases, net 297,445 63,441 Cash and cash equivalents 48,261 29,397 Restricted cash 92,519 — Rents receivable, including straight line rents of $80,710 and $69,172, respectively 107,011 75,877 Other assets, net 103,931 15,479 Total assets $5,676,166 $1,908,558 LIABILITIES AND EQUITY Revolving credit facility $— $182,000 Mortgages and notes payable, net 4,244,501 646,124 Accounts payable and other liabilities 73,547 27,772 Assumed real estate lease obligations, net 22,523 12,435 Due to related persons 4,824 2,185 Total liabilities 4,345,395 870,516 Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,568,145 and 65,404,592 shares issued and outstanding, respectively 656 654 Additional paid in capital 1,014,201 1,012,224 Cumulative net income 117,185 343,908 Cumulative other comprehensive income 21,903 — Cumulative common distributions (363,221) (318,744) Total equity attributable to common shareholders 790,724 1,038,042 Total equity attributable to noncontrolling interest 540,047 — Total equity 1,330,771 1,038,042 Total liabilities and equity $5,676,166 $1,908,558 (dollars in thousands, except per share data) RETURN TO **TABLE OF CONTENTS** 4690 Global Avenue NW Concord, NC 330,717 Square Feet ILPT Ownership: 61%

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7Supplemental Q4 2022 Consolidated Statements of Income (Loss) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Rental income $106,339 $56,496 $388,151 $219,874 Expenses: Real estate taxes 14,164 7,781 50,624 30,134 Other operating expenses 8,577 4,944 30,855 18,678 Depreciation and amortization 46,886 13,396 160,982 50,598 General and administrative 7,981 4,006 32,877 16,724 Acquisition and other transaction related costs — 486 586 1,132 Loss on impairment of real estate — — 100,747 — Total expenses 77,608 30,613 376,671 117,266 Interest and other income 763 — 2,663 — Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,709, $506, $96,974 and $2,022, respectively) (71,765) (9,157) (280,051) (35,625) Gain (loss) on sale of real estate — 11,114 (10) 12,054 Loss on equity securities — — (5,758) — Loss on early extinguishment of debt — — (22,198) — (Loss) income before income tax expense and equity in earnings of unconsolidated joint venture (42,271) 27,840 (293,874) 79,037 Income tax benefit (expense) 68 (96) (45) (273) Equity in earnings of unconsolidated joint venture 444 35,463 7,078 40,918 Net (loss) income (41,759) 63,207 (286,841) 119,682 Net loss attributable to noncontrolling interest 10,716 — 60,118 — Net (loss) income attributable to common shareholders $(31,043) $63,207 $(226,723) $119,682 Weighted average common shares outstanding - basic 65,307 65,212 65,248 65,169 Weighted average common shares outstanding - diluted 65,307 65,231 65,248 65,211 Per common share data (basic and diluted): Net (loss) income attributable to common shareholders $(0.48) $0.97 $(3.47) $1.83 Additional Data: General and administrative expenses / total assets (at end of period) 0.1% 0.2% 0.6% 0.9% Non-cash straight line rent adjustments included in rental income $3,368 $1,590 $11,538 $7,263 Lease value amortization included in rental income $279 $256 $4,544 $781 Lease termination fees included in rental income $20 $— $50 $512 (amounts in thousands, except percentage data and per share data) RETURN TO **TABLE OF CONTENTS** 309 Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership: 100%

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8Supplemental Q4 2022 (1) Interest rates are as of December 31, 2022 and reflect the impact of interest rate caps, as applicable. (2) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs totaling $45,862, was $4,244,501. (3) The $1,235,000 floating rate loan has an initial maturity date of October 9, 2024, with three, one year extension options, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. We have also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25%. The current interest rate reflects the impact of this interest rate cap. (4) Mountain JV is Mountain Industrial REIT LLC, our consolidated joint venture in which we own a 61% equity interest. See pages 18-21 for more information. (5) The $1,400,000 floating rate loan has an original maturity date of March 9, 2024 with three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. Mountain JV has also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The current interest rate reflects the impact of this interest rate cap. Current Interest Principal Maturity Due at Years to Entity Type Secured By Rate (1) Balance (2) Date Maturity Maturity ILPT Floating Rate - Interest only (3) 104 Properties 6.18 % $1,235,000 10/9/2024 $1,235,000 1.8 ILPT Fixed Rate - Interest only 186 Hawaii Properties 4.31 % 650,000 2/7/2029 650,000 6.1 ILPT Fixed Rate - Interest only 17 Mainland Properties 4.42 % 700,000 3/9/2032 700,000 9.2 Mountain JV (4) Floating Rate - Interest only (5) 82 Mainland Properties 6.17 % 1,400,000 3/9/2024 1,400,000 1.2 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.76 % 13,556 10/1/2028 — 5.8 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.77 % 4,865 4/1/2030 — 7.3 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.85 % 5,145 4/1/2030 — 7.3 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.56 % 14,392 9/1/2030 — 7.7 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.67 % 12,691 5/1/2031 — 8.3 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.14 % 14,144 7/1/2032 — 9.5 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.02 % 30,949 10/1/2033 — 10.8 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.13 % 43,219 11/1/2033 — 10.8 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.10 % 26,175 6/1/2035 — 12.4 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 2.95 % 42,087 1/1/2036 — 13.0 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.27 % 46,109 11/1/2037 — 14.8 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.25 % 52,031 1/1/2038 — 15.0 Total / weighted average debt 5.43 % $4,290,363 $3,985,000 4.2 Debt Summary RETURN TO **TABLE OF CONTENTS** (dollars in thousands) As of December 31, 2022

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9Supplemental Q4 2022 (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs totaling $45,862, was $4,244,501. (2) The $1,235,000 floating rate loan matures in October 2024, subject to three, one year extension options. (3) The $1,400,000 floating rate loan of our consolidated joint venture matures in March 2024, subject to three, one year extension options. See pages 18-21 for further information on this joint venture. Debt Maturity Schedule (1) RETURN TO **TABLE OF CONTENTS** (dollars in thousands) As of December 31, 2022 $(Th ou sa nd s) $1,235,000 $1,400,000 $22,428 $23,268 $24,141 $25,047 $25,988 $26,532 $675,325 $24,686 $22,412 $721,753 $63,783 Secured Floating Rate Debt Secured Floating Rate Debt of consolidated joint venture Secured Fixed Rate Debt 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 and thereafter $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (3) (3) 16920 W. Commerce Drive Goodyear, AZ 820,384 Square Feet ILPT Ownership: 22% (2) (2)

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10Supplemental Q4 2022 As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Leverage Ratios: Net debt / total gross assets 69.7% 69.9% 65.1% 64.2% 38.7% Net debt / gross book value of real estate assets 72.6% 73.1% 73.7% 76.4% 42.3% Net debt / total market capitalization 92.1% 89.5% 74.7% 67.9% 32.5% Secured debt / total assets 75.6% 75.1% 74.7% 73.0% 34.1% Variable rate debt / net debt 63.5% 63.2% 69.4% 69.0% 22.7% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 13.1x 13.7x 12.4x 13.2x 4.8x Adjusted EBITDAre / interest expense 1.1x 0.8x 1.0x 1.4x 4.6x Leverage Ratios and Coverage Ratios RETURN TO **TABLE OF CONTENTS** 3736 Tom Andrews Road Roanoke, KY 83,000 Square Feet ILPT Ownership: 61%

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11Supplemental Q4 2022 (dollars in thousands) For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Tenant improvements and leasing costs $4,369 $2,302 $2,627 $3,361 $2,736 Building improvements 2,221 1,292 376 110 1,315 Recurring capital expenditures 6,590 3,594 3,003 3,471 4,051 Development, redevelopment and other activities 1,322 4,980 7,077 294 556 Total capital expenditures $7,912 $8,574 $10,080 $3,765 $4,607 Capital Expenditures Summary RETURN TO **TABLE OF CONTENTS** 2020 Joe B. Jackson Parkway Murfreesboro, TN 1,016,281 Square Feet ILPT Ownership: 100%

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12Supplemental Q4 2022 Property Acquisitions and Dispositions Since 1/1/2022 (dollars and sq. ft. in thousands, except per sq. ft. data) Dispositions: Weighted Average Percent Purchase Remaining Leased Date Market Number of Purchase Price / Cap Lease Term at Acquired Buyer Area Properties Sq. Ft. Price Sq. Ft. Rate in Years Acquisition Major Tenants February 2022 Mountain Industrial REIT LLC / ILPT Various (1) 124 25,745 $3,739,048 $145 4.5% 8.0 97.9% Various July 2022 Mountain Industrial REIT LLC Augusta, GA 1 226 38,000 168 5.3% 14.9 100.0% FedEx Ground Package System, Inc. Total / Weighted Average 125 25,971 $3,777,048 $145 4.5% 8.1 97.9% RETURN TO **TABLE OF CONTENTS** We have not disposed of any properties since January 1, 2022. (1) On February 28, 2022, we acquired Monmouth Real Estate Investment Corporation. The purchase price represents our total consideration paid including transaction related costs. Acquisitions:

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13Supplemental Q4 2022 (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Properties (end of period) 287 287 286 286 Square Feet 34,012 33,991 33,655 33,634 Percent Leased 99.1% 99.2% 99.1% 99.2% Rental income $54,530 $53,572 $216,014 $210,113 NOI $42,197 $41,622 $167,828 $163,542 NOI % Change 1.4 % 2.6 % Cash Basis NOI $39,923 $39,801 $156,733 $155,177 Cash Basis NOI % Change 0.3 % 1.0 % Same Property Results RETURN TO **TABLE OF CONTENTS** 900 Commerce Parkway West Drive Greenwood, IN 294,388 Square Feet ILPT Ownership: 100%

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14Supplemental Q4 2022 (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended As of and For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 Properties 413 413 412 412 288 413 Total sq. ft. 59,983 59,962 59,736 59,736 33,991 59,983 Square feet leased 59,420 59,469 59,060 59,059 33,713 59,420 Percentage leased 99.1% 99.2% 98.9% 98.9% 99.2% 99.1% Leasing Activity (Sq. Ft.): New leases 188 543 2,652 281 152 3,664 Renewals 1,145 1,142 1,082 548 1,076 3,917 Rent resets 36 — 138 56 336 230 Expirations (1,382) (1,502) (3,733) (776) (1,336) (7,393) % Change in GAAP Rent: New leases 20.3% 280.7% 104.7% 60.9% 22.4% 109.3% Renewals 17.8% 26.1% 29.1% 15.7% 6.3% 22.4% Rent resets 33.2% —% 37.2% 35.8% 32.1% 36.2% Weighted average (by square feet) 18.7% 77.5% 61.3% 27.9% 15.1% 47.3% Leasing Costs and Concession Commitments (3): New leases $782 $3,570 $3,025 $2,355 $1,039 $9,732 Renewals 4,248 992 2,945 2,417 2,431 10,602 Total $5,030 $4,562 $5,970 $4,772 $3,470 $20,334 Leasing Costs and Concession Commitments per Sq. Ft. (4): New leases $4.16 $6.58 $1.14 $8.38 $6.84 $2.66 Renewals $3.71 $0.87 $2.72 $4.41 $2.26 $2.71 Total $3.77 $2.71 $1.60 $5.76 $2.83 $2.68 Weighted Average Lease Term by Sq. Ft. (Years): New leases 6.5 7.4 28.3 12.6 15.3 22.9 Renewals 8.2 3.7 9.1 6.9 9.5 6.9 Total 8.0 4.9 22.7 8.9 10.2 14.6 Leasing Costs and Concession Commitments per Sq. Ft. per Year (3) (4): New leases $0.64 $0.89 $0.04 $0.66 $0.45 $0.12 Renewals $0.45 $0.24 $0.30 $0.64 $0.24 $0.39 Total $0.47 $0.55 $0.07 $0.65 $0.28 $0.18 (1) This leasing summary is based on leases entered into during the periods indicated. (2) Excludes properties owned by our unconsolidated joint venture. (3) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (4) Amounts are per square foot per year for the weighted average lease term by leased square feet. Occupancy and Leasing Summary (1) (2) RETURN TO **TABLE OF CONTENTS**

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15Supplemental Q4 2022 As of December 31, 2022 Tenant Credit Characteristics % of Annualized Rental Revenues Investment grade rated 20.2% Subsidiaries of investment grade rated parent entities 38.7% Other leased Hawaii lands 19.4% Subtotal investment grade rated, subsidiaries of investment grade rated parent entities and other leased Hawaii lands 78.3% Other unrated or non-investment grade 21.7% 100.0% Tenant Concentration and Credit Characteristics RETURN TO **TABLE OF CONTENTS** 17001 Mercury Street Gardner, KS 645,462 Square Feet ILPT Ownership: 100% Tenants Representing 1% or More of Total Annualized Rental Revenues % of Total No. of Leased % of Total Annualized Rental Tenant States Properties Sq. Ft. Leased Sq. Ft. Revenues 1 FedEx Corporation/ FedEx Ground Package System, Inc. Various (34 States) 84 13,109 22.1% 29.6% 2 Amazon.com Services, Inc./ Amazon.com Services LLC AL, IN, OK, SC, TN, VA 8 4,539 7.6% 6.7% 3 Home Depot U.S.A., Inc. (1) GA, HI, IL 4 3,365 5.7% 4.4% 4 UPS Supply Chain Solutions, Inc. NH, NY 3 794 1.3% 1.6% 5 Restoration Hardware, Inc. MD 1 1,195 2.0% 1.5% 6 Servco Pacific, Inc. HI 7 629 1.1% 1.4% 7 American Tire Distributors, Inc. CO, LA, NE, NY, OH 5 722 1.2% 1.3% 8 TD SYNNEX Corporation OH 2 939 1.6% 1.1% 114 25,292 42.6% 47.6% (1) Includes an executed lease for 2,238,000 square feet in Hawaii that is expected to commence in the second quarter of 2024. . (sq. ft. in thousands)

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16Supplemental Q4 2022 Cumulative % of Total Cumulative % % of Total % of Total Leased Leased of Total Leased Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring Expiring Expiring Expiring Expiring Expiring 2023 38 2,507 4.2% 4.2% $17,879 4.2% 4.2% 2024 48 4,710 7.9% 12.1% 32,183 7.6% 11.8% 2025 34 4,800 8.1% 20.2% 27,784 6.6% 18.4% 2026 24 3,549 6.0% 26.2% 23,225 5.5% 23.9% 2027 39 8,924 15.0% 41.2% 53,099 12.5% 36.4% 2028 29 5,143 8.7% 49.9% 36,157 8.5% 44.9% 2029 17 3,428 5.8% 55.7% 16,814 4.0% 48.9% 2030 15 2,334 3.9% 59.6% 19,397 4.6% 53.5% 2031 16 3,265 5.5% 65.1% 25,653 6.1% 59.6% 2032 39 4,112 6.9% 72.0% 40,310 9.5% 69.1% Thereafter 100 16,648 28.0% 100.0% 131,267 30.9% 100.0% Total 399 59,420 100.0% $423,768 100.0% Weighted average remaining lease term (in years) 8.6 9.0 Portfolio Lease Expiration and Reset Schedules RETURN TO **TABLE OF CONTENTS** (dollars and sq. ft. in thousands) As of December 31, 2022 3150 Highway 42 Locust Grove, GA 657,518 Square Feet ILPT Ownership: 61% 2028 and Total 2023 2024 2025 2026 2027 Thereafter Next Scheduled Rent Resets at Hawaii Properties: Reset sq. ft. 3,676 334 192 156 154 86 2,754 Percent (1) 2.0% 1.2% 0.9% 0.9% 0.5% 16.8% Annualized rental revenues $23,121 $1,824 $1,273 $831 $1,307 $781 $17,105 Percent (1) 1.5% 1.0% 0.7% 1.1% 0.6% 14.0%

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17Supplemental Q4 2022 (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data - By Investment Portfolio RETURN TO **TABLE OF CONTENTS** As of and For the Three Months Ended December 31, 2022 ILPT Wholly Owned Properties Mountain Industrial ILPT Hawaii Mainland Total REIT LLC (1) Other (2) Consolidated Ownership % 100 % 100 % 100 % 61 % Properties 226 92 318 94 413 Sq. Ft. 16,729 22,209 38,938 20,981 59,983 Occupancy % 98.2 % 99.6 % 99.0 % 99.1 % 99.1 % Selected Balance Sheet Data: Total gross assets $718,899 $1,874,453 $2,593,352 $3,166,180 $190,101 $5,949,633 Total debt (principal) $862,930 $1,722,070 $2,585,000 $1,705,363 $— $4,290,363 Selected Income Statement Data: Rental income $28,889 $35,962 $64,851 $41,129 $359 $106,339 Net income (loss) $8,251 $(19,185) $(10,934) $(27,455) $(3,370) $(41,759) Net income (loss) attributable to common shareholders $8,251 $(19,185) $(10,934) $(27,455) $7,346 $(31,043) NOI $21,057 $29,220 $50,277 $33,089 $232 $83,598 Cash Basis NOI $18,989 $28,990 $47,979 $31,724 $228 $79,931 Adjusted EBITDAre $19,904 $26,034 $45,938 $29,805 $3,470 $79,213 Normalized FFO $7,805 $(4,960) $2,845 $1,175 $1,420 $5,440 Key Ratios: Annualized Cash Basis NOI / Total gross assets 10.6 % 6.2 % 7.4 % 4.0 % 5.4 % Total debt / annualized Adjusted EBITDAre 10.8x 16.5x 14.1x 14.3x 13.5x Select Quarterly Leasing Activity: Leasing activity (sq. ft.): 310 612 922 447 1,369 % Change in GAAP rent (weighted average by sq. ft.): 22.3 % 27.2 % 25.7 % 4.4 % 18.7 % Weighted average lease term by sq. ft. (Years): 7.3 9.7 9.0 5.9 8.0 (1) Amounts represent this joint venture at 100%, not our proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) Other includes one consolidated mainland property containing approximately 64,000 rentable square feet located in New Jersey in which we have a 67% ownership interest; any corporate assets and liabilities including our equity investment in our unconsolidated joint venture; and adjustments to remove the non-controlling interest of Mountain Industrial REIT LLC from the balance sheet and income statement data.

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18Supplemental Q4 2022 Joint Ventures (dollars and sq. ft. in thousands) Investment in Joint Ventures: ILPT Number of Number of Square Joint Venture Ownership Presentation Properties States Feet Mountain Industrial REIT LLC 61% Consolidated 94 27 20,981 (1) Amounts represent the applicable joint venture at 100%, not our proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) Our proportionate share of the principal amount of debt balances based on our ownership percentage of our consolidated joint venture as of December 31, 2022 is $1,040,271. None of the debt is recourse to us, subject to certain limitations. As of December 31, 2022 Year ended December 31, 2022 Balance Sheet Information of Our Consolidated Joint Venture (1) Mountain Industrial REIT LLC ASSETS Real estate properties: Total real estate properties, gross $2,836,538 Accumulated depreciation (65,732) Total real estate properties, net 2,770,806 Acquired real estate leases, net 194,266 Other assets, net 135,376 Total assets $3,100,448 LIABILITIES Mortgage and notes payable, net (2) $1,687,050 Other liabilities 38,347 Total liabilities $1,725,397 Total equity attributable to non-controlling interest (39%) $540,047

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19Supplemental Q4 2022 Consolidated Joint Venture - Financial Information at 100% (1) RETURN TO **TABLE OF CONTENTS** Mountain Industrial REIT LLC Three Months Ended December 31, 2022 Year Ended December 31, 2022 Rental income $41,129 $134,562 Real estate taxes 4,932 15,477 Other operating expenses 3,108 9,727 Depreciation and amortization 28,630 98,485 General and administrative 3,755 13,512 Total expenses 40,425 137,201 Interest and other income 471 477 Interest expense (28,670) (151,830) Loss before income tax expense and equity in earnings of unconsolidated joint venture (27,495) (153,992) Income tax benefit (expense) 40 (26) Net loss $(27,455) $(154,018) Net Loss $(27,455) $(154,018) Plus: depreciation and amortization 28,630 98,485 Funds from Operations 1,175 (55,533) Plus: acquisition and other transaction related costs — 72,766 Normalized Funds from Operations $1,175 $17,233 Net Loss $(27,455) $(154,018) Plus: interest expense 28,670 151,830 Plus: income (benefit) expense (40) 26 Plus: depreciation and amortization 28,630 98,485 EBITDA, EBITDAre and Adjusted EBITDAre $29,805 $96,323 (dollars in thousands, except percentage data and per share data) (1) Amounts represent this joint venture at 100%, not our proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. 482 Chaney Avenue Greenwood, IN 671,354 Square Feet ILPT Ownership: 61%

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20Supplemental Q4 2022 Consolidated Joint Venture - Pro-Rata Financial Information (1) RETURN TO **TABLE OF CONTENTS** ILPT Share of Consolidated Joint Venture (61%) Three Months Ended December 31, 2022 Year Ended December 31, 2022 Rental income $25,088 $82,083 Real estate taxes 3,009 9,441 Other operating expenses 1,896 5,933 Depreciation and amortization 17,464 60,076 General and administrative 2,291 8,242 Total expenses 24,660 83,692 Interest and other income 287 291 Interest expense (17,489) (92,616) (Loss) income before income tax expense and equity in earnings of unconsolidated joint venture (16,774) (93,934) Income tax benefit (expense) 24 (16) Net loss $(16,750) $(93,950) Net Loss $(16,750) $(93,950) Plus: depreciation and amortization 17,464 60,076 Funds from Operations 714 (33,874) Plus: acquisition and other transaction related costs — 44,387 Normalized Funds from Operations $714 $10,513 Net Loss $(16,750) $(93,950) Plus: interest expense 17,489 92,616 Plus: income (benefit) expense (24) 16 Plus: depreciation and amortization 17,464 60,076 EBITDA, EBITDAre and Adjusted EBITDAre $18,179 $58,758 (amounts in thousands, except percentage data and per share data) 201 Exploration Drive Monroe, OH 387,000 Square Feet ILPT Ownership: 61% (1) See page 27 for more information regarding Pro-Rata Financial Information of Consolidated Joint Venture.

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21Supplemental Q4 2022 GA: 11.1% OH: 10.4% TX: 10.0% IN: 8.4% NC: 6.1% FL: 5.3%MI: 4.8% NJ: 4.1% IL: 4.0% KS: 3.7% MS: 3.5% 16 Other States: 28.6% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of Leases Expiring 5 6 8 10 13 7 35 % of Total Annualized Rental Revenues Expiring 3.0% 3.8% 8.3% 5.2% 13.5% 9.2% 57.0% A nn ua liz ed R ev en ue E xp ir in g 2023 2024 2025 2026 2027 2028 2029 and Thereafter $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Joint Venture Lease Expiration Schedule As of December 31, 2022 RETURN TO **TABLE OF CONTENTS** Major Tenants of Consolidated Joint Venture % of Annualized Rental Tenant Revenues of Joint Venture FedEx Corporation/ FedEx Ground Package System, Inc. 57.0% Amazon.com Services, Inc./ Amazon.com Services LLC 7.1% Home Depot U.S.A., Inc. 4.7% Berkshire Hathaway Inc. 2.6% Autoneum Holding AG 2.5% Geographic Diversification (1) (1) Based on the aggregate annualized rental revenues of our consolidated joint venture as of December 31, 2022.

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22Supplemental Q4 2022 Unconsolidated Joint Venture - The Industrial Fund REIT LLC (dollars in thousands) As of December 31, 2022 Investment in Unconsolidated ILPT Number of Square Joint Venture at Joint Venture Ownership Properties States Feet December 31, 2022 The Industrial Fund REIT LLC 22% 18 12 11,726 $124,358 Three Months Ended December 31, 2022 Year Ended December 31, 2022 Rental income $17,031 $67,775 Operating expenses 4,889 18,623 Depreciation and amortization 8,244 33,186 General and administrative 1,118 3,947 Total expenses 14,251 55,756 Interest and other income 34 22 Interest expense (5,164) (16,064) Loss before income tax expense (2,350) (4,023) Income tax expense (11) (42) Net loss $(2,361) $(4,065) Distributions received (1) $21,780 $25,742 Current Maturity Principal Balance Secured Debt Interest Rate (2) Date December 31, 2022 (3) Mortgage notes payable (secured by one property in Florida) (4) 3.60% 10/1/2023 $56,980 Mortgage notes payable (secured by five properties in eight states) (5) 5.30% 10/1/2027 97,000 Mortgage notes payable (secured by 11 properties in four states) (4) 3.33% 11/7/2029 350,000 Total / Weighted Average 3.74% $503,980 (1) Includes distribution of proceeds from the joint venture's financing activities. (2) Current interest rate is as of December 31, 2022 and reflects the interest rate stated in, or determined pursuant to, the contract terms. (3) Reflects the entire balance of the debt secured by the respective properties. (4) The mortgage debts require interest-only payments until their respective maturity dates. (5) The $97,000 interest only floating rate loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.8% through October 1, 2027. The Industrial Fund REIT LLC has also purchased an interest rate cap through October 2025 with a SOFR strike rate equal to 3.50%.

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23Supplemental Q4 2022 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Calculation of NOI and Cash Basis NOI: Rental income $106,339 $103,215 $107,222 $71,375 $56,496 $388,151 $219,874 Real estate taxes (14,164) (13,749) (13,275) (9,436) (7,781) (50,624) (30,134) Other operating expenses (8,577) (8,453) (7,053) (6,772) (4,944) (30,855) (18,678) NOI 83,598 81,013 86,894 55,167 43,771 306,672 171,062 Non-cash straight line rent adjustments included in rental income (3,368) (3,794) (3,220) (1,156) (1,590) (11,538) (7,263) Lease value amortization included in rental income (279) (250) (3,695) (320) (256) (4,544) (781) Lease termination fees included in rental income (20) — (30) — — (50) (512) Cash Basis NOI $79,931 $76,969 $79,949 $53,691 $41,925 $290,540 $162,506 Reconciliation of Net (Loss) Income to NOI and Cash Basis NOI: Net (loss) income $(41,759) $(83,974) $(151,321) $(9,787) $63,207 $(286,841) $119,682 Equity in earnings of unconsolidated joint venture (444) (3,297) (1,610) (1,727) (35,463) (7,078) (40,918) Income tax (benefit) expense (68) 28 16 69 96 45 273 (Loss) income before income tax expense and equity in earnings of unconsolidated joint venture (42,271) (87,243) (152,915) (11,445) 27,840 (293,874) 79,037 Loss on early extinguishment of debt — 21,370 — 828 — 22,198 — Interest and other income (763) (1,068) (354) (478) — (2,663) — Interest expense 71,765 89,739 77,548 40,999 9,157 280,051 35,625 Loss (gain) on sale of real estate — — 10 — (11,114) 10 (12,054) Loss on equity securities — — 9,450 (3,692) — 5,758 — General and administrative 7,981 9,110 9,709 6,077 4,006 32,877 16,724 Acquisition and other transaction related costs — 586 — — 486 586 1,132 Loss on impairment of real estate — — 100,747 — — 100,747 — Depreciation and amortization 46,886 48,519 42,699 22,878 13,396 160,982 50,598 NOI 83,598 81,013 86,894 55,167 43,771 306,672 171,062 Non-cash straight line rent adjustments included in rental income (3,368) (3,794) (3,220) (1,156) (1,590) (11,538) (7,263) Lease value amortization included in rental income (279) (250) (3,695) (320) (256) (4,544) (781) Lease termination fees included in rental income (20) — (30) — — (50) (512) Cash Basis NOI $79,931 $76,969 $79,949 $53,691 $41,925 $290,540 $162,506 RETURN TO **TABLE OF CONTENTS** 900 Commerce Parkway West Greenwood, IN 294,388 Square Feet ILPT Ownership: 100%

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24Supplemental Q4 2022 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, 2022 2021 2022 2021 Reconciliation of NOI to Same Property NOI: Rental income $106,339 $56,496 $388,151 $219,874 Real estate taxes (14,164) (7,781) (50,624) (30,134) Other operating expenses (8,577) (4,944) (30,855) (18,678) NOI 83,598 43,771 306,672 171,062 Less: NOI of properties not included in same property results (41,401) (2,149) (138,844) (7,520) Same property NOI $42,197 $41,622 $167,828 $163,542 Calculation of Same Property Cash Basis NOI: Same property NOI $42,197 $41,622 $167,828 $163,542 Less: Non-cash straight line rent adjustments included in rental income (2,077) (1,570) (6,873) (7,080) Lease value amortization included in rental income (177) (251) (4,172) (773) Lease termination fees included in rental income (20) — (50) (512) Same property Cash Basis NOI $39,923 $39,801 $156,733 $155,177 RETURN TO **TABLE OF CONTENTS** 158 W Yard Road Feura Bush, NY 354,00 Square Feet ILPT Ownership: 100%

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25Supplemental Q4 2022 Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net (loss) income $(41,759) $(83,974) $(151,321) $(9,787) $63,207 $(286,841) $119,682 Plus: interest expense 71,765 89,739 77,548 40,999 9,157 280,051 35,625 Plus: income tax (benefit) expense (68) 28 16 69 96 45 273 Plus: depreciation and amortization 46,886 48,519 42,699 22,878 13,396 160,982 50,598 EBITDA 76,824 54,312 (31,058) 54,159 85,856 154,237 206,178 Loss on impairment of real estate — — 100,747 — — 100,747 — Loss (gain) on sale of real estate — — 10 — (11,114) 10 (12,054) Equity in earnings of unconsolidated joint venture (444) (3,297) (1,610) (1,727) (35,463) (7,078) (40,918) Share of EBITDAre from unconsolidated joint venture 2,432 2,483 2,476 2,558 2,000 9,949 8,013 Loss on equity securities — — 9,450 (3,692) — 5,758 — EBITDAre 78,812 53,498 80,015 51,298 41,279 263,623 161,219 Plus: acquisition and other transaction related costs — 586 — — 486 586 1,132 Plus: general and administrative expense paid in common shares (1) 401 618 796 406 397 2,221 2,329 Plus: loss on early extinguishment of debt — 21,370 — 828 — 22,198 — Adjusted EBITDAre $79,213 $76,072 $80,811 $52,532 $42,162 $288,628 $164,680 (1) Amounts represent equity based compensation to our trustees and officers and certain other employees of RMR. RETURN TO **TABLE OF CONTENTS**

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26Supplemental Q4 2022 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 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net (loss) income attributable to common shareholders $(31,043) $(45,627) $(143,539) $(6,514) $63,207 $(226,723) $119,682 Depreciation and amortization 46,886 48,519 42,699 22,878 13,396 160,982 50,598 Equity in earnings of unconsolidated joint venture (444) (3,297) (1,610) (1,727) (35,463) (7,078) (40,918) Loss on equity securities — — 9,450 (3,692) — 5,758 — Share of FFO from unconsolidated joint venture 1,291 1,678 1,676 1,761 1,202 6,406 4,823 Loss on impairment of real estate — — 100,747 — — 100,747 — Loss (gain) on sale of real estate — — 10 — (11,114) 10 (12,054) FFO adjustments attributable to noncontrolling interest (11,250) (11,407) (11,434) (4,604) — (38,695) — FFO attributable to common shareholders 5,440 (10,134) (2,001) 8,102 31,228 1,407 122,131 Loss on early extinguishment of debt — 21,370 — 828 — 22,198 — Acquisition, transaction related and certain other financing costs (1) — 32,016 30,303 18,673 486 80,992 1,132 Normalized FFO adjustments attributable to noncontrolling interest — (28,379) — — — (28,379) — Normalized FFO attributable to common shareholders $5,440 $14,873 $28,302 $27,603 $31,714 $76,218 $123,263 Weighted average common shares outstanding - basic 65,307 65,250 65,221 65,212 65,212 65,248 65,169 Weighted average common shares outstanding - diluted 65,307 65,250 65,221 65,212 65,231 65,248 65,211 Per Common Share Data (basic and diluted): Net (loss) income attributable to common shareholders (0.48) (0.70) (2.20) (0.10) 0.97 (3.47) 1.83 FFO attributable to common shareholders 0.08 (0.16) (0.03) 0.12 0.48 0.02 1.87 Normalized FFO attributable to common shareholders 0.08 0.23 0.43 0.42 0.49 1.17 1.89 RETURN TO **TABLE OF CONTENTS** (1) Amounts for the year ended December 31, 2022, and three months ended March 31, 2022, June 30, 2022 and September 30, 2022, primarily represent debt issuance costs related to the $1,385,158 bridge loan facility we entered into in February 2022, which was scheduled to mature in February 2023. The bridge loan was repaid in full on September 22, 2022.

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27Supplemental Q4 2022 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 26. 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 (loss) attributable to common shareholders, calculated in accordance with GAAP, excluding loss on impairment of real estate, any gain or loss on sale of real estate, equity in earnings of unconsolidated joint venture and any realized and unrealized gains or losses on equity securities, plus real estate depreciation and amortization of consolidated properties and our 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 26 including similar adjustments for our unconsolidated joint venture, if any. 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 the applicable rules of the Securities and Exchange Commission, or SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, EBITDA, EBITDAre, Adjusted EBITDAre, NOI, same property NOI, Cash Basis NOI and same property 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 (loss) or net income (loss) 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 (loss) and net income (loss) attributable to common shareholders as presented in our consolidated statements of income (loss). We consider these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) 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 (loss) 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 page 23 and same property NOI and same property Cash Basis NOI as shown on page 24. 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 25. 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 unconsolidated joint venture, loss on impairment of real estate, any realized and unrealized gains or losses on equity securities, as well as certain other adjustments currently not applicable to us. In calculating Adjusted EBITDAre, we adjust for the items shown on page 25. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than we do. Pro-Rata Financial Information of Consolidated Joint Venture: We believe this financial presentation of our joint venture information provides useful information to investors by providing additional insight into the financial performance of our consolidated joint venture, in which we own 61% equity interest. This information may not accurately depict the impact of these investments in accordance with GAAP. Pro-rata information should not be considered in isolation or as a substitute for our consolidated financial statements in accordance with GAAP. RETURN TO **TABLE OF CONTENTS**

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28Supplemental Q4 2022 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, 2022, 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. Equity Research Coverage - ILPT is followed by the analysts listed on page 4. 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. 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. ILPT Wholly Owned Properties - ILPT Wholly Owned Properties is comprised of 318 properties that are wholly owned by ILPT, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, HI or the Hawaii Portfolio, and 92 properties containing approximately 22.2 million rentable square feet located in 34 other states, or the Mainland Portfolio. Information included in this presentation with respect to the Mainland Portfolio and the Hawaii Portfolio include certain allocations of interest expense on debts secured by properties in each portfolio and of general and administrative expense based upon gross asset value of properties in each portfolio. We believe the information presented for these portfolios is useful to investors to provide insight into the financial performance of these portfolios. Investment Grade Tenants - Investment grade tenants Include investment grade rated tenants, subsidiaries of investment grade rated parent entities and other leased Hawaii lands. Leased square feet - Leased square feet is pursuant to existing leases as of December 31, 2022, 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. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Mountain Industrial REIT LLC - Mountain Industrial REIT LLC, owns 94 mainland properties containing approximately 21.0 million rentable square feet located in 27 states. We own a 61% equity interest in this joint venture. We consolidate 100% of this joint venture in our financial statements in accordance with GAAP. 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. Same space represents the 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, 2022 and 2021, same property NOI and Cash Basis NOI are based on properties that we owned as of December 31, 2022 and that we owned continuously since October 1, 2021, excluding properties owned by an unconsolidated joint venture. For the year ended December 31, 2022 and 2021, same property NOI and Cash Basis NOI are based on properties that we owned as of December 31, 2022 and that we owned continuously since January 1, 2021, excluding properties owned by an unconsolidated joint venture. Square feet - Subject to modest adjustments when space is remeasured or reconfigured for new tenants or when land leases are converted to building leases. 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**

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29Supplemental Q4 2022 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**

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