Industrial Logistics Properties Trust announced that Yael Duffy will become the company’s Managing Trustee, President and Chief Executive Officer, effective January 1 2026. Duffy has served as ILPT’s President since April 2022 and as Chief Operating Officer since May 2020, and she also holds an executive role with The RMR Group, the firm that manages ILPT’s portfolio of industrial and logistics properties.
Duffy’s appointment follows a period of strong financial performance for ILPT. In June 2025 the company completed a $1.16 billion fixed‑rate refinancing that replaced $1.235 billion of floating‑rate debt, reducing annual interest expense by an estimated $8.5 million and converting all wholly owned debt to fixed rates. The refinancing was part of a broader strategy to lower leverage and improve cash‑flow stability.
In July 2025 ILPT’s Board increased its quarterly cash distribution to $0.05 per share, a move that signals confidence in the company’s liquidity and a commitment to shareholder returns. The dividend increase followed the refinancing and the company’s ability to maintain high occupancy rates across its 411 industrial and logistics properties.
ILPT is also pursuing asset dispositions to further reduce leverage. Three properties were identified for sale in Q3 2025, with expected proceeds of approximately $55 million. The company’s Hawaii land‑lease portfolio remains a key driver of revenue, accounting for roughly 76 % of annualized rental income and providing a stable, investment‑grade tenant base.
Q3 2025 results showed a revenue of $110.94 million, slightly below the $111.93 million forecast, and an earnings per share of –$0.33, missing the consensus estimate of $0.26. The negative EPS reflects ongoing challenges to profitability despite strong liquidity, while the revenue miss indicates modest headwinds in the industrial leasing market. ILPT remains unprofitable as of September 30 2025, underscoring the need for continued cost discipline and strategic asset management.
CFO Tiffany Sy emphasized that the company’s focus on cost control and strategic asset sales is aimed at improving profitability. “The refinancing has reduced our interest expense and freed up cash for future investments,” she said. “We remain committed to maintaining high occupancy and pursuing rent‑growth opportunities, particularly in our Hawaii portfolio.”
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