UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38342 INDUSTRIAL LOGISTICS PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 82-2809631 (State or Other Jurisdiction of Incorporation or Organi ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q2 2020 Earnings Conference Call July 29, 2020 10:00 AM ET Company Participants Olivia Snyder - Manager IR John Murray - President and CEO Yael Duffy - COO Rick Siedel - CFO Conference Call Participants Bryan Maher - B. Riley FBR Jason Idoine - RBC Capital Markets Aaron Hecht - JMP Securities Operator Good morning and welcome to the Industrial Logistics Properties Trust Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this ...

| --- | --- | --- | --- | --- | |--------------------------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | Monmouth Real Estate | | | | | | | | | | | | Investment Corporation | | | | | | A Public REIT Since 1968 | | | | | | | | | | | | | | | | | | | | | | | | June 2020 | | | | | | Investor Presentation | | | | | | NYSE: MNR | | | | | This presentation may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Sectio ...

Supplemental Information A Public REIT Since 1968 March 31, 2020 Indianapolis MSA Dallas MSA amazon Milwaukee (ULTA: Memphis MSA Indianapolis MSA Phoenix MSA Beam SUNTORY (ocalle Lexington MSA Indianapolis MSA Cleveland MSA (留学 MONMOUTH REAL ESTATE INVESTMENT CORPORATION Bell Works, 101 Crawfords Corner Road, Suite 1405, Holmdel, NJ 07733 Table of Contents | --- | --- | |-------------------------------------------------|-------| | | Page | | Consolidated Balance Sheets 3 | | | Consolidated Statements of Inc ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q1 2020 Earnings Conference Call April 30, 2020 10:22 AM ET Company Participants John Murray – President and Chief Executive Officer Yael Duffy – Vice President Rick Siedel – Chief Financial Officer Conference Call Participants Bryan Maher – B. Riley FBR Operator Thank you and good morning, everyone. Thanks for joining us today. With me on the call are ILPT's President, John Murray; Chief Financial Officer, Rick Siedel; and Vice President, Yael Duffy. In j ...

Property and Rental Performance - As of March 31, 2020, the company owned 301 properties with approximately 43.8 million rentable square feet, achieving an occupancy rate of 98.9%[75] - The average effective rental rate per square foot for all properties increased to $6.02 in Q1 2020, up from $5.89 in Q1 2019, representing a 2.2% increase[78] - During Q1 2020, the company entered lease renewals and new leases for approximately 49,000 square feet at weighted average rental rates approximately 12.3% higher than prior rates[80] - As of March 31, 2020, 74.1% of annualized rental revenues were derived from investment-grade rated tenants[69] - Only 0.5% of annualized rental revenues were set to expire over the next 12 months, indicating strong lease stability[69] - Scheduled rent resets at Hawaii properties total $30,085,000 as of March 31, 2020, with significant increases expected in future years[85] - The weighted average remaining lease term for properties was approximately 9.3 years as of March 31, 2020[75] - As of March 31, 2020, annualized rental revenues from tenants represented 57.1% of total revenues, with Amazon.com Services, Inc. contributing 16.1%[86] - The Mainland Properties accounted for approximately 59.9% of annualized rental revenues, with lease renewals expected despite potential COVID-19 impacts[87] - Hawaii Properties represented 40.1% of annualized rental revenues, with rents periodically resetting based on fair market values every ten years[88] Financial Performance - For the three months ended March 31, 2020, rental income increased by 39.8% to $64,278,000 compared to $45,987,000 in the same period in 2019[97] - Total operating expenses rose by 56.3% to $13,992,000 for the three months ended March 31, 2020, compared to $8,951,000 in the prior year[97] - Net income attributable to common shareholders decreased by 23.5% to $12,846,000 for the three months ended March 31, 2020, down from $16,786,000 in 2019[97] - Rental income for the three months ended March 31, 2020, was $50,286,000, up from $37,036,000 in the same period of 2019, reflecting a growth of approximately 35.5%[111] - Net income for the three months ended March 31, 2020, decreased to $12,694,000 from $16,786,000 in 2019, representing a decline of about 24.9%[111] - Net Operating Income (NOI) for the three months ended March 31, 2020, was $50,286,000, compared to $37,036,000 for the same period in 2019, indicating a 35.5% increase[111] - Funds From Operations (FFO) attributable to common shareholders for the three months ended March 31, 2020, was $30,159,000, up from $26,397,000 in 2019, a rise of approximately 10.6%[114] COVID-19 Impact and Response - The company is closely monitoring the impact of COVID-19 on its operations and tenant relationships, with a focus on maintaining liquidity and operational stability[69] - The company anticipates that future rental rates will depend on prevailing market conditions, which may be adversely affected by the COVID-19 pandemic[90] - The company expects to maintain its ability to meet operating and capital expenses, debt service obligations, and shareholder distributions for the next 12 months[115] - The company is focused on industrial and logistics properties, anticipating that demand for e-commerce will continue to support its performance amid the COVID-19 pandemic[115] Debt and Liquidity - The company has $485,000 available under its revolving credit facility and only $48,750 in debt maturities remaining for 2020[69] - As of April 29, 2020, the company had $485,000 available under its revolving credit facility, with debt maturities of $48,750,000 remaining in 2020[115] - The company had debt maturities totaling $1,105,730, with $48,750 due in 2020, $56,980 in 2023, and $1,000,000 in 2029[123] - The company had $265,000 outstanding under its revolving credit facility, with $485,000 available to borrow[120] - The company expects to use borrowings under its revolving credit facility and net proceeds from equity or debt offerings to fund future property acquisitions and developments[126] Joint Ventures and Acquisitions - The company acquired a property with 820,384 rentable square feet for a purchase price of $71,481,000 during the three months ended March 31, 2020[93] - A joint venture was formed for 12 Mainland Properties, resulting in proceeds of $108,266,000 for a 39% equity interest[94] - The company entered into a joint venture for 12 Mainland Properties, receiving proceeds of $108,266 for a 39% equity interest, while retaining a 61% equity interest[125] - The company acquired 31 properties from January 1, 2019, to March 31, 2020, contributing to increased rental income[98] Cash Flow and Distributions - The company reported cash flows from operating activities of $29,445,000 for the three months ended March 31, 2020, compared to $28,330,000 in the same period of 2019, reflecting an increase of approximately 3.9%[118] - The company paid a quarterly cash distribution totaling $21,510 during the three months ended March 31, 2020, using existing cash balances and borrowings[128] - A regular quarterly distribution of $0.33 per common share, or approximately $21,500, was declared on April 6, 2020, to shareholders of record on April 16, 2020[130] Interest Rate Sensitivity - The company’s fixed-rate debt totaled $1,105,730, with an annual interest expense of $43,666[146] - The annual interest cost would increase or decrease by approximately $11,057 if mortgage notes are refinanced at interest rates one percentage point higher or lower[148] - A hypothetical one percentage point change in interest rates would change the fair value of fixed rate debt obligations by approximately $87,787[149] - As of March 31, 2020, the company had $265,000 in floating rate debt under its revolving credit facility, which matures on December 29, 2021[150] - A one percentage point increase in interest rates would raise the annual floating rate interest expense from $6,625 to $9,275, impacting earnings per share by $(0.14)[151] - If fully drawn on the revolving credit facility, a one percentage point increase in interest rates would raise the annual interest expense from $18,750 to $26,250, impacting earnings per share by $(0.40)[153] - The company's exposure to fluctuations in floating interest rates will increase or decrease with changes in the outstanding amounts of its revolving credit facility and other floating rate debt[154] - The company expects LIBOR to be phased out in 2021, which may affect the determination of interest on borrowings under its revolving credit facility[155]

1 2353 & 2373 Global Drive, Obetz, OH Two Properties, Square Feet: 392,016 Major Tenant: Expolanka USA, LLC Fourth Quarter 2019 Supplemental Operating and Financial Data All amounts in this report are unaudited. ABLE OF CONTENTS TABLE OF CONTENTS | --- | --- | --- | |------------|------------------------------------------------------------------------------------------------------------------|---------------| | | CORPORATE INFORMATION | PAGE/ EXHIBIT | | | Company Profile | | | | Investor Information | 5 | ...

Financial Structure and Debt - The company has a $750.0 million unsecured revolving credit facility for working capital and acquisition funding [53]. - In January 2019, the company secured a $650.0 million mortgage loan backed by 186 properties with 9.6 million rentable square feet in Oahu, HI [53]. - As of December 31, 2019, the company had outstanding fixed rate debt totaling $1,105,730, with an annual interest expense of $43,666 [332]. - The company’s mortgage notes require interest-only payments until maturity, and a one percentage point change in interest rates would affect annual interest costs by approximately $11,057 [334]. - The company’s floating rate debt amounted to $310,000 under a revolving credit facility, with an annual interest expense of $10,106 at a rate of 3.26% [337]. - A one percentage point increase in interest rates would raise the annual interest expense on the floating rate debt to $13,206, impacting earnings per share by $(0.20) [338]. - If fully drawn on the revolving credit facility, a one percentage point increase in interest rates would increase annual interest expense to $31,950, impacting earnings per share by $(0.49) [339]. - The company is exposed to market risks associated with interest rate fluctuations, but does not expect significant changes in its exposure in the near future [330]. - The company’s fixed rate debt obligations would see a fair value change of approximately $80,690 with a hypothetical one percentage point change in interest rates [335]. Real Estate Investment Trust (REIT) Status - The company has elected to be taxed as a REIT since the 2018 taxable year and believes it will continue to qualify under the IRC [71]. - The company is generally not subject to federal income tax on net income distributed as dividends to shareholders, provided it meets certain requirements [72]. - If the company fails to qualify as a REIT in any year, it will be subject to federal income tax as a C corporation, which could significantly reduce cash available for distribution to shareholders [74]. - The company must distribute at least 85% of its REIT ordinary income and 95% of its REIT capital gain net income to avoid a 4% excise tax on the excess [77]. - The company has no outstanding preferred shares, meaning all distributions are made on common shares [72]. - The company believes it has satisfied the REIT qualification tests during the requisite periods and will continue to do so [78]. - The company’s subsidiaries that are C corporations will be required to pay federal corporate income tax on their earnings [82]. - The company has invested in real estate through partnerships, which are treated as partnerships for federal income tax purposes [83]. - The company’s counsel has opined that it has qualified for taxation as a REIT for the 2018 and 2019 taxable years [73]. - The company is subject to various penalties if it fails to meet REIT qualification requirements due to reasonable cause [81]. - The company intends to file a protective TRS election effective for Q1 2020 and will reaffirm this election annually unless ownership falls below 10% [85]. - The company believes that all or substantially all of its rents and related service charges have qualified as "rents from real property" under Section 856 of the IRC [93]. - The company expects that any gain from future asset dispositions will generally qualify as income satisfying the 75% and 95% gross income tests [97]. - The company is permitted to own up to 20% of the total value of its assets in TRS securities without affecting its REIT status [86]. - The company has complied with TRS status requirements and expects to continue compliance for all current and future TRSs [87]. - The company anticipates that protective TRS elections will not impact compliance with the 75% and 95% gross income tests [85]. - The company believes that its TRSs can perform services for tenants without disqualifying rents under the gross income tests [88]. - The company is subject to restrictions to ensure TRSs are taxed appropriately, including excise taxes on excessive payments [89]. - The company aims to avoid prohibited transactions and intends to structure activities through TRSs to mitigate tax implications [96]. - The company expects to maintain compliance with the 75% asset test through its subsidiary REITs [84]. - The company believes it has satisfied the 75% and 95% gross income tests and will continue to do so in the future [99]. - At least 75% of the value of the company's total assets must consist of real estate assets, including real property and cash [99]. - The company must maintain records of asset values to document compliance with the REIT asset tests [105]. - The company is required to make annual distributions equal to at least 90% of its real estate investment trust taxable income to qualify for REIT taxation [106]. - If the company fails to meet distribution requirements, it may be subject to a 4% nondeductible excise tax [110]. - The company may need to arrange new debt or equity financing to meet distribution requirements if it lacks sufficient cash [111]. - Upon acquiring a C corporation, the company must distribute all inherited C corporation earnings and profits to maintain REIT qualification [117]. - The company generally depreciates its real property on a straight-line basis over 40 years [118]. - The company may incur corporate income taxation on built-in gains if it sells assets acquired from a C corporation within five years [116]. - The company intends to take actions to cure any failures to satisfy asset tests within specified timeframes [103]. - The company expects to make distributions to shareholders, which may include cash and property distributions [123]. Taxation and Shareholder Implications - The maximum federal income tax rate for long-term capital gains for noncorporate U.S. shareholders is generally 15% or 20% depending on income thresholds [124]. - Distributions not designated as capital gain dividends will generally be treated as ordinary income dividends to the extent of available earnings and profits [125]. - If the company retains net capital gain income, U.S. shareholders will be taxed on their proportionate share as if it were distributed [127]. - Non-U.S. shareholders' distributions and proceeds from the sale of shares are expected not to be treated as income effectively connected with a U.S. trade or business [138]. - The company has carried over SIR's tax basis and depreciation schedule for assets received, adjusted by recognized gains [120]. - If the Deemed Exchange is deemed taxable, the company may face lower depreciation deductions than anticipated [121]. - The company believes its leases will be classified as true leases for federal income tax purposes [122]. - Distributions in excess of current or accumulated earnings will reduce the shareholder's basis in shares and may be taxed as capital gains [129]. - The company urges shareholders to consult tax advisors regarding the specific tax treatment of redemptions and distributions [123]. - Non-U.S. shareholders may face a 30% federal income tax withholding on distributions not designated as capital gain dividends [139]. - Capital gain dividends paid to non-U.S. shareholders on shares listed on a U.S. national securities exchange are not subject to withholding [140]. - Tax treaties may reduce withholding obligations, but specific conditions must be met for REITs [141]. - If shares are not listed on a U.S. national securities exchange, distributions may be taxed as effectively connected with a U.S. trade or business [142]. - Non-U.S. shareholders' gains on the sale of shares are generally not subject to U.S. federal income taxation if shares are not USRPIs [143]. - A "domestically controlled" REIT status is maintained if less than 50% of shares are held by non-U.S. shareholders over the preceding five years [144]. - Non-U.S. financial institutions must comply with diligence and reporting requirements to avoid a 30% withholding tax [151]. - Legislative changes may retroactively affect tax treatment for the company and its shareholders [152]. - Fiduciaries of ERISA Plans must consider fiduciary obligations and potential personal liability for investment decisions [154]. - Prohibited transactions under ERISA and the IRC may result in penalties and loss of tax-exempt status for certain accounts [157]. Company Operations and Market Position - The company operates in a competitive market against various public and private REITs and financial institutions [57]. - RMR LLC, the company's manager, had more than 600 full-time employees as of December 31, 2019 [59]. - The company has transitioned to standalone property insurance coverage after not renewing a combined property insurance program [60]. - The company is monitoring the phase-out of LIBOR, which is expected to occur in 2021, and is assessing the impact on its floating rate debt [340].

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q4 2019 Earnings Conference Call February 24, 2020 10:00 AM ET Company Participants Olivia Snyder - Manager, Investor Relations John Murray - President and Chief Executive Officer Rick Seidel - Chief Financial Officer and Treasurer Yael Duffy - Vice President Conference Call Participants Jason Idoine - RBC Capital Markets. Matt Boone - B Riley FBR Operator Good morning. And welcome to the Industrial Logistics Properties Trust Fourth Quarter 2019 Financial ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38342 INDUSTRIAL LOGISTICS PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) Maryland 82-2809631 (State or Other Jurisdiction of Incorporation or O ...