Industrial Logistics Properties Trust 8-K

What Happened Industrial Logistics Properties Trust (ILPT) announced in an 8-K filed January 14, 2026 (Item 2.02) that it incurred an incentive management fee of $5.7 million for the 2025 calendar year under its Business Management Agreement with The RMR Group LLC. The fee will be paid in cash by January 30, 2026 and will be recognized as an expense in ILPT’s financial statements for the year ended December 31, 2025. The fee was measured based on ILPT’s total shareholder return exceeding the MSCI U.S. REIT/Industrial REIT Index for the three-year measurement period ended December 31, 2025.

Key Details

• Incentive management fee: $5.7 million for the 2025 calendar year.
• Payment: payable in cash by January 30, 2026.
• Accounting impact: expense to be recognized in the financial statements for the year ended December 31, 2025 (Item 2.02).
• Basis: fee measured by ILPT’s total shareholder return relative to the MSCI U.S. REIT/Industrial REIT Index over the three-year period ending 12/31/2025, under the Business Management Agreement with The RMR Group LLC (originally dated Jan 17, 2018, as amended).

Why It Matters This $5.7M incentive fee will reduce ILPT’s reported results for the 2025 year and represents a near-term cash outflow (payment by Jan 30, 2026). For investors tracking earnings, funds from operations (FFO) or cash position, the recognized expense and payment timing are material to fourth-quarter and full-year 2025 financials. The fee also signals that ILPT outperformed the specified MSCI index over the three-year measurement period, triggering the performance-based payout under its management agreement.