Industrial Logistics Properties Trust Prices $1.16 Billion Fixed Rate Mortgage Financing

Financing Proceeds Plus $75 Million of Cash on Hand Will Be Used to Repay $1.235 Billion of Floating Rate Mortgage Debt

Industrial Logistics Properties Trust (NASDAQ:ILPT) today announced that it has priced $1.16 billion of five-year, interest-only fixed rate mortgage financing. The new financing is secured by a portfolio of 101 industrial properties located on the U.S. mainland and Hawaii. The closing is expected to occur on or about June 26, 2025. The financing proceeds and $75 million of cash on hand will be used to fully repay $1.235 billion of floating rate mortgage debt due in October 2025, currently secured by substantially the same portfolio of properties. The new mortgage financing is expected to reduce ILPT's interest expense by decreasing the amount of debt outstanding, lowering the interest rate to a fixed 6.399% and eliminating the need to purchase future interest rate caps on this tranche of debt.

Tiffany Sy, Chief Financial Officer and Treasurer of ILPT, made the following statement:

"This refinancing enables ILPT to take advantage of lower interest rates and to convert 100% of ILPT's wholly owned debt to fixed rates. By repaying $75 million of debt, locking in a lower interest rate and eliminating interest rate cap requirements for this tranche of debt, we expect to generate annual cash savings of approximately $8.5 million, or $0.13 per share."

The financing is provided by Citi Real Estate Funding Inc., Bank of America, N.A., Bank of Montreal, Morgan Stanley Mortgage Capital Holdings LLC, Royal Bank of Canada and UBS AG New York Branch, represented by Dechert LLP. Skadden, Arps, Slate, Meagher & Flom LLP serves as legal counsel to ILPT in this transaction.

About Industrial Logistics Properties Trust

ILPT is a real estate investment trust focused on owning and leasing high quality distribution and logistics properties. As of March 31, 2025, ILPT's portfolio consisted of 411 properties containing approximately 59.9 million rentable square feet located in 39 states. Approximately 76% of ILPT's annualized rental revenues as of March 31, 2025 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 approximately $40 billion in assets under management as of March 31, 2025 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.

WARNING CONCERNING FORWARD-LOOKING STATEMENTS

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. Also, 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. For example:

• The closing of ILPT's $1.16 billion mortgage financing is expected to occur on or about June 26, 2025 with an interest rate of 6.399%, and ILPT intends to use the loan proceeds and cash on hand to fully repay its $1.235 billion floating rate debt. However, ILPT cannot be sure that it will close this financing on the expected terms and/or for the expected proceeds or at all or that the closing of the financing will not be delayed, or that it will be able to repay its floating rate debt with the loan proceeds and cash on hand as or when expected; and
• Ms. Sy made statements in this press release regarding the timing and terms of the secured financing and ILPT's expected annual cash savings and release of certain mortgaged properties. However, the closing of the financing is subject to conditions and may not occur on the terms or timeline as expected. As a result, ILPT may not be able to take advantage of a fixed interest rate and eliminate the interest rate cap requirements or generate its expected annual cash savings.

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.

The information contained in ILPT's filings with the SEC, including under the caption "Risk Factors" in ILPT's periodic reports, or incorporated therein, identifies other important factors that could cause differences from 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.

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.

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Kevin Barry, Senior Director, Investor Relations

(617) 219-1410