HIGHOutside partyCounterparty
RMR (external manager)
“10-K Item 1: 'Our day to day operations are conducted by RMR.'”
ILPT · Concentration risk · 10-K extracted
Industrial Logistics Properties (ILPT) concentration risks
Updated
The most significant concentration Industrial Logistics Properties discloses is RMR (external manager), classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results. How we score · Editorial policy
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Source: Industrial Logistics Properties’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 4 disclosed concentrations
HIGH1
MEDIUM2
LOW1
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyTenant
27.9%
FedEx Corporation
“10-K Item 1: 'FedEx Corporation| | Various (33 States)| | 78| | 12,781 | | | 22.7| %| | 27.9| %'”
MEDIUMBuilt-inGeographic
27.8%
Hawaii
“10-K Item 1: 'our properties located primarily on the island of Oahu, Hawaii, or our Hawaii Properties, represented 27.8% of our annualized rental revenues'”
LOWOutside partyTenant
7.3%
Amazon.com Services, Inc.
“10-K Item 1: 'Amazon.com Services, Inc.| | Various (7 States)| | 9| | 4,555 | | | 8.1| %| | 7.3| %'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-07-26Industrial Logistics Properties' concentration risk runs through both its external manager and its tenant/geographic mix. The company's day-to-day operations are conducted by RMR, a high-share dependency on a single external manager rather than an in-house team — a structural governance feature of the REIT rather than a tenant-specific risk, but one that means management continuity is directly relevant to the investment case. On the property side, FedEx Corporation is a leading tenant, representing a medium-share 27.9% of annualized rental revenues, a genuine dependency risk given how much of the top line rests on one counterparty's lease decisions. Geographically, the portfolio is also concentrated: Hawaii properties, located primarily on Oahu, represent a medium-share 27.8% of annualized rental revenues, a structural feature of the portfolio's footprint rather than any single tenant relationship, though it does expose the REIT to Hawaii-specific economic conditions. Amazon.com Services, Inc. is a smaller tenant, accounting for a low-share 7.3% of annualized rental revenues. Netting these out, the FedEx and Hawaii exposures are the two capable of moving results together, while the RMR dependency is the least visible but arguably most structural risk to governance.
For the engine’s reasoning on ILPT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · REIT - Industrial
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| COLD | Americold Realty Trust, Inc. | 2 | 0 | 0 | 2 |
| ILPT● | Industrial Logistics Properties | 1 | 2 | 1 | 4 |
| FR | First Industrial Realty Trust, | 1 | 1 | 1 | 3 |
| EGP | EastGroup Properties, Inc. | 0 | 1 | 2 | 3 |
| CUBE | CubeSmart | 0 | 0 | 4 | 4 |
| EXR | Extra Space Storage Inc | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.