Company Insights

ILPT customer relationships

ILPT customer relationship map

Industrial Logistics Properties Trust (ILPT): Tenant Relationships and What They Mean for Investors

ILPT is a specialized REIT that acquires, owns and leases single‑tenant industrial and logistics buildings across the United States and monetizes those assets through long‑term net leases to credit tenants. The company’s cash flow profile is driven by concentrated, multi‑year leases with large enterprise logistics and retail operators, with FedEx and Amazon representing the most economically significant relationships. For deeper visibility into counterparty exposures and lease maturity dynamics visit https://nullexposure.com/.

How ILPT’s operating model converts property ownership into predictable cash flow

ILPT operates as a lessor of industrial and logistics facilities, targeting newer buildings in top‑tier markets or high‑credit tenants outside of those markets and generally negotiating long‑term leases. The portfolio included 411 properties totaling ~59.9 million rentable square feet across 39 states as of year‑end 2024, with reported occupancy of 94.4%, and a weighted average lease term consistent with long durations noted in filings (7.8 years based on annualized rental revenues). According to the company, tenant‑related intangible values are immaterial to consolidated financials, which underscores a capital‑intensive, asset‑backed revenue model rather than a service‑oriented receivable model.

Key operating characteristics that define ILPT’s business model and investor implications:

  • Contracting posture: predominantly long‑term leases that prioritize stable rental income over active turnover.
  • Counterparty profile: focus on large enterprise tenants in logistics, retail and distribution which supports credit quality but concentrates revenue.
  • Geography: portfolio is U.S.‑centric across 39 states; exposure is North America focused.
  • Maturity and criticality: leases are generally long‑dated and single‑tenant buildings increase economic dependence on tenant continuity.
  • Financial reporting: ILPT treats tenant‑relationship values as immaterial, meaning the balance sheet emphasis is on property and lease cash flows.

If you are mapping counterparty risk across portfolios or underwriting new positions, ILPT’s tenant concentration and long‑dated lease roll profile are essential inputs — learn more at https://nullexposure.com/.

The complete list of ILPT customer relationships (documented entries)

Below are plain‑English summaries of each relationship entry in ILPT’s disclosed results. Each line references the source text used by ILPT in its investor disclosures.

  • Amazon.com Services, Inc. (10‑K, FY2024) — Amazon is disclosed as representing 6.8% of ILPT’s annualized rental revenue and occupies approximately 4.54 million square feet across several states as of December 31, 2024, positioning it as a material but secondary revenue source in the tenant roster. According to ILPT’s FY2024 Form 10‑K, Amazon accounted for 6.8% of annualized rental revenues (FY2024 10‑K).
  • FedEx Corporation (10‑K, FY2024) — FedEx and its subsidiaries are the largest tenant grouping, representing 29.1% of annualized rental revenues and occupying roughly 12.78 million square feet across many states, creating a concentrated revenue dependency. ILPT’s FY2024 Form 10‑K lists FedEx at 29.1% of annualized rental revenues (FY2024 10‑K).
  • Berkshire Hathaway Inc. (10‑K, FY2024) — Listed as a smaller but reportable tenant, Berkshire Hathaway generated about 1.0% of ILPT’s annualized rental revenue via a Georgia location totaling roughly 832 thousand square feet. This is disclosed in ILPT’s FY2024 tenant roll (FY2024 10‑K).
  • DHL Group (10‑K, FY2024) — DHL is shown as contributing around 1.2% of annualized rental revenue with a South Carolina site of ~945 thousand square feet, reflecting diversified logistics exposure beyond U.S. incumbents (FY2024 10‑K).
  • Home Depot U.S.A., Inc. (10‑K, FY2024) — Home Depot accounts for about 2.3% of annualized rental revenue across Georgia and Hawaii facilities totaling ~991 thousand square feet as reported in the FY2024 10‑K.
  • Servco Pacific, Inc. (10‑K, FY2024) — Servco Pacific is a Hawaii tenant contributing roughly 1.4% of annualized rental revenues from ~629 thousand square feet, noted in the FY2024 filing and reflecting ILPT’s island portfolio exposure (FY2024 10‑K).
  • TD SYNNEX Corporation (10‑K, FY2024) — TD SYNNEX is disclosed as about 1.1% of annualized revenue related to Ohio properties totaling ~939 thousand square feet (FY2024 10‑K).
  • UPS Supply Chain Solutions, Inc. (10‑K, FY2024) — UPS Supply Chain Solutions represents around 1.5% of ILPT’s annualized rental revenue from New Hampshire and New York assets of ~794 thousand square feet (FY2024 10‑K).
  • Restoration Hardware, Inc. (10‑K, FY2024) — Restoration Hardware appears as a tenant accounting for about 1.5% of annualized rental revenue tied to a Maryland property of ~1.195 million square feet (FY2024 10‑K).
  • American Tire Distributors, Inc. (10‑K, FY2024) — American Tire Distributors occupies ~722 thousand square feet across multiple states and contributes roughly 1.6% to annualized rental revenue per ILPT’s FY2024 tenant schedule (FY2024 10‑K).
  • Amazon (earnings call, 2025 Q4) — ILPT reported expanding Amazon relationships in the 2025 Q4 earnings call, noting 3 lease renewals totaling 2.3 million square feet with a weighted average lease term of 11.5 years and a 26.8% roll‑up in rent, signaling successful rent resets on material renewals (ILPT 2025 Q4 earnings call).
  • FedEx (earnings call, 2025 Q4) — During the same call ILPT disclosed 3 lease renewals with FedEx totaling 152,000 square feet, a weighted average lease term of 4.6 years and an 11.7% roll‑up, reflecting active management of its largest tenant relationship (ILPT 2025 Q4 earnings call).
  • Restoration Hardware (earnings call, 2025 Q4) — ILPT announced a 1.2 million square foot renewal with Restoration Hardware carrying a weighted average lease term of 7.4 years and a 29% roll‑up in rent, demonstrating outsized rent increases on a top‑four tenant renewal (ILPT 2025 Q4 earnings call).

Concentration, lease economics and what investors should watch

FedEx represents a dominant single‑tenant exposure (29.1% of annualized rental revenue) and, alongside Amazon, accounts for a meaningful share of ILPT’s leasing activity (the company cited FedEx and Amazon as accounting for 2.8 million square feet or 38% of annual leasing volume in 2025 Q4 remarks). The recent renewal activity shows meaningful rent roll‑ups (Amazon +26.8%, Restoration Hardware +29%), which supports organic cash flow growth; however, concentration increases cash flow volatility if major tenants downsize or default.

Key monitoring items for operators and investors:

  • Lease maturity and renewal timing for FedEx in particular.
  • Rent roll trends on renewals — recent roll‑ups are accretive but not guaranteed to continue.
  • Occupancy retention in single‑tenant buildings and the cost/time to re‑lease specialized logistics space.

For a structured review of ILPT’s tenant exposures and lease maturity dynamics, see additional resources at https://nullexposure.com/.

Bottom line and next steps

ILPT is an asset‑backed industrial REIT with long‑term, enterprise‑grade tenants and demonstrable rent roll‑up performance on renewals, but the portfolio carries concentration risk—most notably with FedEx. Active monitoring of lease maturities and renewal economics will determine near‑term earnings stability and dividend coverage. For a tailored analysis or to benchmark ILPT’s counterparty profile against peers, visit https://nullexposure.com/.