Industrial Logistics Properties Trust (ILPT) has named Yael Duffy as its new Chief Executive Officer, President, and Managing Trustee, effective January 1, 2026. Duffy joined ILPT in 2020 as Chief Operating Officer and was promoted to President in April 2022. Her long‑standing relationship with The RMR Group—where she has overseen asset management, leasing, and property management for a portfolio of office, industrial, and retail assets—provides continuity as ILPT continues to operate under RMR’s management structure.
Duffy’s appointment comes as ILPT reports a robust portfolio of 411 properties across 39 states, totaling approximately 59.9 million rentable square feet. About 76 % of the company’s annualized rental revenue is derived from investment‑grade tenants or subsidiaries of investment‑grade entities, underscoring the quality of its tenant base. The RMR Group, which manages ILPT, reported $39 billion in assets under management as of September 30 2025, reinforcing the strategic partnership that underpins ILPT’s operations.
ILPT’s recent financial results illustrate the company’s operational trajectory. In Q3 2025, the trust posted a normalized FFO of $17.4 million, or $0.26 per share, up from $0.12 per share in Q3 2024, reflecting a 117 % year‑over‑year increase driven by higher rental income and disciplined cost management. Revenue for the quarter reached $110.94 million, slightly below the $111.9 million forecast, a miss attributed to competitive pricing pressures in the Indianapolis market and modest cost inflation. The prior quarter, Q4 2024, saw revenue of $110.52 million and a normalized FFO of $0.13 per share, indicating a 10 % year‑over‑year rise in FFO despite revenue staying flat.
Strategically, the leadership transition signals ILPT’s intent to build on its strong industrial and logistics focus while leveraging the RMR Group’s expertise. The trust recently completed a $1.16 billion fixed‑rate mortgage refinancing, expected to generate annual cash‑flow savings and support future capital allocation. The refinancing also enabled ILPT to increase its quarterly dividend from $0.01 to $0.05 per share, a move that demonstrates confidence in its cash‑flow generation. Management has highlighted the company’s resilience amid headwinds such as competitive pricing and cost inflation, while noting tailwinds from e‑commerce growth and a high‑quality tenant mix.
"Yael has been a valued contributor in varied and progressively more challenging roles during her more than 15‑year tenure at RMR and has proven herself to be a strong leader and a respected colleague to many at the company," said Adam Portnoy, Managing Trustee of ILPT and CEO of RMR. "Since joining the ILPT management team in 2019, Yael has earned the trust of ILPT’s senior leadership and Board, and has been invaluable in growing our joint‑venture relationships with institutional investors. We are confident she will continue to deliver strong operating performance and create value for shareholders."
The appointment is expected to reinforce investor confidence, as ILPT’s stock has shown strong momentum over the past year and six months. Analysts have noted the company’s solid tenant quality and the strategic advantage of its partnership with RMR, while acknowledging the need for continued focus on cost control and market‑specific competitive pressures. The leadership change positions ILPT to capitalize on growth opportunities in high‑quality industrial and logistics properties, particularly as e‑commerce demand continues to drive demand for flexible, high‑grade warehousing space.
The transition to Duffy’s leadership marks a significant milestone for ILPT, aligning its executive team with the broader strategic objectives of the RMR Group and positioning the trust to navigate both current market headwinds and future growth opportunities in the industrial real estate sector.
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