Financing Proceeds Will Be Used to Fully Repay $1.4 Billion Floating Rate Loan and $0.2 Billion of Fixed Rate Amortizing Mortgage Debt

NEWTON, Mass.--(BUSINESS WIRE)--Apr. 22, 2026-- Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has priced $1.62 billion of five-year, interest-only fixed rate mortgage financing for its consolidated joint venture, Mountain Industrial REIT LLC, or Mountain JV, at an interest rate of 5.71%. The financing proceeds are expected to be used to refinance Mountain JV’s $1.4 billion of floating rate mortgage debt due in March 2027 and $0.2 billion of fixed rate amortizing mortgage debt. The new financing will be secured by the same 90 industrial properties previously pledged as collateral for the floating rate and amortizing mortgage debt being refinanced. The closing of the financing is expected to occur on or about May 8, 2026.

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

“With this refinancing, Mountain JV will unlock nearly $20 million in annual cash flow by eliminating its amortizing debt. All of ILPT’s consolidated debt will be fixed rate, limiting our exposure to market interest rate volatility. We believe this successful execution underscores the strength of our high quality industrial and logistics properties.”

The financing is being led by Wells Fargo Bank, National Association, and is provided together with Citi Real Estate Funding Inc.; Bank of America, N.A.; UBS AG New York Branch; Morgan Stanley Bank, N.A.; Bank of Montreal, represented by Sidley Austin 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, or REIT, focused on owning and leasing high quality industrial and logistics properties. As of December 31, 2025, ILPT’s portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 76% of ILPT’s annualized rental revenues as of December 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 over $37 billion in assets under management as of December 31, 2025 and 40 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 Mountain JV’s $1.62 billion mortgage financing is expected to occur on or about May 8, 2026 with an interest rate of 5.71%, and the financing proceeds are expected to be used to refinance Mountain JV’s $1.4 billion floating rate debt and $0.2 billion of fixed rate amortizing mortgage debt. However, ILPT cannot be sure that Mountain JV 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 and/or amortizing debt with the financing proceeds or when expected; and
• Ms. Sy made statements in this press release regarding the execution of the secured financing, Mountain JV’s expected annual cash flow and the strength of ILPT’s high quality industrial and logistics 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, Mountain JV may not be able to eliminate its amortizing debt to increase its annual cash flow, and ILPT may not be able to take advantage of a fixed interest rate and limit its exposure to market interest rate volatility.

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

Source: Industrial Logistics Properties Trust