ILPT · CIK 0001717307
What Industrial Logistics Properties Trust told the SEC could break it.
ILPT's risks are those of a concentrated, externally managed industrial REIT. Its tenant base leans on a couple of logistics giants — FedEx and Amazon are its largest tenants — so downsizing or departure by either would hit rental revenue, and its geography is concentrated too, with Hawaii (mostly Oahu) properties making up 27.8% of annualized rental revenue at year-end 2025, tying a large share of income to one island market. It also has no employees of its own, depending entirely on its external manager RMR — to which it pays business-management, property-management and incentive fees — for its workforce and operations.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Customer concentration
- top tenants FedEx and Amazonmedium
ILPT's largest tenant concentration is FedEx (and its subsidiaries) together with Amazon; loss or downsizing by either major tenant would materially affect rental revenue.
“FedEx Corporation and its subsidiaries, or FedEx”
SEC filing →As of 2026
Geographic concentration
- Hawaii (Oahu) industrial properties — 27.8% of rental revenuemedium
ILPT's Hawaii (primarily Oahu) properties represented 27.8% of annualized rental revenue at year-end 2025, concentrating a large share of income on a single island market.
“Our Hawaii Properties represented 27.8 % and 28.0 % of our annualized rental revenues as of December 31, 2025 and 2024, respectively.”
SEC filing →As of 2026
Other disclosures
- external-manager dependence (RMR; no employees)low
ILPT has no employees and depends entirely on its external manager RMR for management and workforce, paying RMR business-management fees of 3.0% of gross collected rents plus property-management, construction-supervision and incentive fees.
“We have no employees. We rely on our manager, RMR, to hire, train, and develop a workforce that meets the needs of our business, contributes positively to our society and helps reduce our impact on the natural environment.”
SEC filing →As of 2026
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its customers
“FedEx Corporation and its subsidiaries, or FedEx”
Cited →
Its suppliers
“ILPT (Nasdaq: ILPT) owns and leases industrial and logistics properties. As of September 30, 2025, ILPT owned 411 properties, including 226 buildings, leasable land parcels and easements in Oahu, Hawaii and 185 properties located in 38 other states.”
Cited →
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