Industrial Logistics Properties Trust Announces Changes to the Benchmark Index for its Business Management Agreement with The RMR Group LLC
NEWTON, Mass.--(BUSINESS WIRE)--Oct 1, 2021--
Industrial Logistics Properties Trust (Nasdaq: ILPT) announced today that it has amended its business management agreement with The RMR Group LLC, or RMR LLC, a majority-owned subsidiary of The RMR Group Inc. (Nasdaq RMR), to replace the benchmark index used in the calculation of incentive management fees. Pursuant to the amendment, for periods beginning on and after August 1, 2021, the MSCI U.S. REIT/Industrial REIT Index will replace the discontinued SNL U.S. REIT Industrial Index and be used to calculate benchmark returns per share for purposes of determining any incentive management fee payable by ILPT to RMR LLC. For periods prior to August 1, 2021, the SNL U.S. REIT Industrial Index will continue to be used.
For purposes of calculating any incentive fees, the following lists the historical returns used to calculate incentive fees under the applicable SNL indices for the two years and stub period ending July 31, 2021:
Total Return for the Period
Benchmark Return (cumulative % return of SNL Index) at 7/31/2021 (1)
SNL U.S. REIT Industrial Index
(1) Adjusted for common share issuances during the measurement period.
The calculation of incentive management fees for the next three measurement periods will continue to use the SNL U.S. REIT Industrial Index in calculating the benchmark returns for periods through July 31, 2021. Following the announcement that the SNL U.S. REIT Industrial Index would be discontinued, ILPT and RMR sought to replace the expiring index with a comparable, publicly accessible and widely-used index that most closely matched its composition and historical performance. The MSCI U.S. REIT/Industrial REIT Index is a well-known REIT benchmark and the historical returns are comparable to the SNL U.S. REIT Industrial Index it will be replacing.
About Industrial Logistics Properties Trust
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. As of June 30, 2021, ILPT owned 291 properties with 35.2 million rentable square feet which are approximately 99.0% leased to 259 different tenants with a weighted average remaining lease term of approximately 9.2 years. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
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CONTACT: Kevin Barry, Director, Investor Relations
KEYWORD: UNITED STATES NORTH AMERICA MASSACHUSETTS
INDUSTRY KEYWORD: PROFESSIONAL SERVICES FINANCE
SOURCE: Industrial Logistics Properties Trust
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PUB: 10/01/2021 08:00 AM/DISC: 10/01/2021 08:02 AM