1 Industrial Logistics Properties Trust Second Quarter 2023 Financial Results and Supplemental Information July 25, 2023 Exhibit 99.2309 Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership 100%

2Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Second Quarter 2023 Financial Results ................................................. 4 Second Quarter 2023 Highlights ...................................................................................................................... 5 FINANCIALS Key Financial Data ............................................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) .............................................................................................................................. 8 Condensed Consolidated Balance Sheets ..................................................................................................................................................... 9 Debt Summary .................................................................................................................................................................................................... 10 Debt Maturity Schedule ...................................................................................................................................................................................... 11 Leverage Ratios and Coverage Ratios ............................................................................................................................................................. 12 Capital Expenditures Summary ......................................................................................................................................................................... 13 Property Acquisitions and Dispositions Since 1/1/2023 .............................................................................................................................. 14 PORTFOLIO INFORMATION Same Property Results ........................................................................................................................................................................................ 16 Occupancy and Leasing Summary ................................................................................................................................................................... 17 Tenant Concentration and Credit Characteristics ......................................................................................................................................... 18 Portfolio Lease Expiration and Reset Schedules ........................................................................................................................................... 19 Key Financial Data - By Investment Portfolio .................................................................................................................................................. 20 JOINT VENTURES Consolidated Joint Venture - Mountain Industrial REIT LLC ....................................................................................................................... 22 Consolidated Joint Venture - Financial Information ..................................................................................................................................... 23 - 24 Consolidated Joint Venture - Portfolio Information ...................................................................................................................................... 25 Unconsolidated Joint Venture - The Industrial Fund REIT LLC ................................................................................................................... 26 APPENDIX Company Profile and Research Coverage ...................................................................................................................................................... 28 Governance Information .................................................................................................................................................................................... 29 Non-GAAP Financial Measures and Certain Definitions .............................................................................................................................. 30 - 32 Calculation and Reconciliation of NOI and Cash Basis NOI ........................................................................................................................ 33 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI ...................................................... 34 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre ......................................................................................................................... 35 Calculation of FFO, Normalized FFO and CAD ............................................................................................................................................. 36 - 37 WARNING CONCERNING FORWARD-LOOKING STATEMENTS 38 Table of Contents All amounts in this presentation are unaudited. Please refer to the Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: ILPT Investor Relations Contact Stephen Colbert, Director (617) 231-3223 scolbert@ilptreit.com Corporate Headquarters Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634

3Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Quarterly Results

4Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS "We remain encouraged by the continued demand for ILPT's high quality portfolio and the strength in industrial real estate fundamentals. We completed two million square feet of leasing, including rent resets, in the second quarter at weighted average rental rates that were 30% higher than prior rental rates for the same space. With no near-term debt maturities and a 99.1% occupied portfolio primarily leased to investment grade rated tenants, we continue to focus on enhancing ILPT's performance through embedded opportunities within the portfolio." Yael Duffy, President and Chief Operating Officer INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS Newton, MA (July 25, 2023): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended June 30, 2023. Dividend ILPT has declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 24, 2023. This distribution will be paid on or about August 17, 2023. Conference Call A conference call to discuss ILPT's second quarter results will be held on Wednesday, July 26, 2023 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (412) 317-0088; the replay pass code is 6832934. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT’s website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT’s website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of ILPT. About Industrial Logistics Properties Trust Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of June 30, 2023, ILPT’s portfolio consisted of 413 properties containing approximately 60.0 million rentable square feet located in 39 states. Approximately 77% of ILPT’s annualized rental revenues as of June 30, 2023 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $36 billion in assets under management as of June 30, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.

5Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Portfolio Update • Portfolio occupancy grew to 99.1% representing an increase of 40 basis points quarter-over-quarter. • Executed 20 leases totaling 1,967,000 square feet at 29.6% higher rents. • Continued strong fundamentals in Hawaii resulted in 855,171 square feet of leasing at 41.7% higher GAAP rents. • Stable cash flows from a portfolio of 77.2% investment grade rated tenants and Hawaii land with a weighted average lease term of 8.4 years (by annualized revenue). Financial Results • Net loss attributable to common shareholders was $25.8 million, or $0.40 per diluted share. • Normalized FFO attributable to common shareholders was $7.6 million, or $0.12 per diluted share. • Adjusted EBITDAre was $81.3 million. • Rent growth this quarter was partially offset by increases in operating expenses, leading to a 0.5% increase in same property cash basis NOI compared to the prior year quarter. • Same property NOI decreased 3.5% compared to the prior year quarter; however, excluding the impact of a $3.4 million write off of a below market lease liability related to a lease termination recorded in the 2022 period, same property NOI increased by 0.5%. Disposition Activities • As of July 25, 2023, ILPT has entered into agreements to sell three wholly-owned properties in three states containing an aggregate of 762,000 rentable square feet for an aggregate sales price of $65.3 million, excluding closing costs. After the repayment of debt associated with two of these properties, estimated net proceeds to ILPT from these sales is expected to be approximately $20.4 million. Financing Activities • In May 2023, ILPT’s consolidated joint venture obtained a $91.0 million interest only mortgage loan secured by four properties with a fixed interest rate of 6.25% and a maturity date in June 2030. A portion of the proceeds was used to repay four outstanding mortgage loans of ILPT’s consolidated joint venture with an aggregate outstanding principal balance of $35.9 million. Second Quarter 2023 Highlights

6Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Financials

7Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars in thousands, except per share data) As of and For the Three Months Ended As of 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 Selected Income Statement Data: Capitalization: Rental income $ 108,043 $ 110,258 $ 106,339 $ 103,215 $ 107,222 Total common shares (at end of period) 65,697,959 Net loss $ (36,580) $ (35,546) $ (41,759) $ (83,974) $ (151,321) Closing price (at end of period) $ 3.30 Net loss attributable to common shareholders $ (25,828) $ (24,809) $ (31,043) $ (45,627) $ (143,539) Equity market capitalization (at end of period) $ 216,803 NOI $ 84,424 $ 84,473 $ 83,598 $ 81,013 $ 86,894 Debt (principal balance) 4,334,755 Cash Basis NOI $ 80,827 $ 80,441 $ 79,931 $ 76,969 $ 79,949 Total market capitalization $ 4,551,558 Adjusted EBITDAre $ 81,331 $ 80,712 $ 79,213 $ 76,072 $ 80,811 FFO attributable to common shareholders $ 7,375 $ 7,916 $ 5,440 $ (10,134) $ (2,001) Liquidity: Normalized FFO attributable to common shareholders $ 7,594 $ 7,916 $ 5,440 $ 14,873 $ 28,302 Cash and cash equivalents 71,695 CAD attributable to common shareholders $ 9,803 $ 10,182 $ 4,748 $ 8,290 $ 19,481 Total liquidity $ 71,695 Rolling four quarter CAD attributable to common shareholders $ 33,023 $ 42,701 $ 55,675 $ 77,104 $ 94,657 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.40) $ (0.38) $ (0.48) $ (0.70) $ (2.20) FFO attributable to common shareholders $ 0.11 $ 0.12 $ 0.08 $ (0.16) $ (0.03) Normalized FFO attributable to common shareholders $ 0.12 $ 0.12 $ 0.08 $ 0.23 $ 0.43 CAD attributable to common shareholders $ 0.15 $ 0.16 $ 0.07 $ 0.13 $ 0.30 Rolling four quarter CAD attributable to common shareholders $ 0.51 $ 0.65 $ 0.85 $ 1.18 $ 1.45 Dividends: Annualized dividends paid per share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 1.32 Annualized dividend yield (at end of period) 1.2% 1.3% 1.2% 0.7% 9.4% Annualized Normalized FFO attributable to common shareholders payout ratio 8.3% 8.3% 12.5% 4.3% 76.7% CAD attributable to common shareholders payout ratio 6.7 % 6.3 % 14.3 % 7.7 % 110.0 % Rolling four quarter CAD attributable to common shareholders payout ratio 7.8 % 6.2 % 4.7 % 3.4 % 91.0 % Selected Balance Sheet Data: Total gross assets $5,997,715 $5,939,557 $5,949,633 $5,962,116 $6,166,704 Total assets $5,662,080 $5,634,976 $5,676,166 $5,719,635 $5,955,838 Total liabilities $4,400,791 $4,348,801 $4,345,395 $4,358,125 $4,520,904 Total equity $1,261,289 $1,286,175 $1,330,771 $1,361,510 $1,434,934 Key Financial Data

8Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income $ 108,043 $ 107,222 $ 218,301 $ 178,597 Expenses: Real estate taxes 15,100 13,275 31,567 22,711 Other operating expenses 8,519 7,053 17,837 13,825 Depreciation and amortization 44,909 42,699 90,366 65,577 General and administrative 8,131 9,709 16,038 15,786 Loss on impairment of real estate 254 100,747 254 100,747 Total expenses 76,913 173,483 156,062 218,646 Interest and other income 1,797 354 2,943 832 Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,721, $34,448, $13,434, and $54,769, respectively) (71,846) (77,548) (142,617) (118,547) Loss on sale of real estate — (10) (974) (10) Loss on equity securities — (9,450) — (5,758) Loss on early extinguishment of debt (359) — (359) (828) Loss before income tax expense and equity in earnings of unconsolidated joint venture (39,278) (152,915) (78,768) (164,360) Income tax expense (45) (16) (62) (85) Equity in earnings of unconsolidated joint venture 2,743 1,610 6,704 3,337 Net loss (36,580) (151,321) (72,126) (161,108) Net loss attributable to noncontrolling interest 10,752 7,782 21,489 11,055 Net loss attributable to common shareholders $ (25,828) $ (143,539) $ (50,637) $ (150,053) Weighted average common shares outstanding - basic and diluted 65,369 65,221 65,339 65,217 Per common share data (basic and diluted): Net loss attributable to common shareholders $ (0.40) $ (2.20) $ (0.77) $ (2.30) Additional data: General and administrative expenses / total assets (at end of period) 0.1% 0.2% 0.3% 0.3% Non-cash straight line rent adjustments included in rental income $ 3,355 $ 3,220 $ 7,117 $ 4,376 Lease value amortization included in rental income $ 242 $ 3,695 $ 512 $ 4,015 Lease termination fees included in rental income $ — $ 30 $ — $ 30 (amounts in thousands, except percentage data and per share data) 8411 Florida Mining Boulevard Tampa, FL 174,975 Square Feet ILPT Ownership: 61%

9Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets June 30, December 31, 2023 2022 ASSETS Real estate properties: Land $ 1,112,598 $ 1,117,779 Buildings and improvements 4,031,041 4,058,329 Total real estate properties, gross 5,143,639 5,176,108 Accumulated depreciation (330,879) (273,467) Total real estate properties, net 4,812,760 4,902,641 Assets of properties held for sale 37,261 — Investment in unconsolidated joint venture 129,082 124,358 Acquired real estate leases, net 267,889 297,445 Cash and cash equivalents 71,695 48,261 Restricted cash 138,673 92,519 Rents receivable, including straight line rents of $87,797 and $80,710, respectively 110,638 107,011 Other assets, net 94,082 103,931 Total assets $ 5,662,080 $ 5,676,166 LIABILITIES AND EQUITY Mortgages and notes payable, net $ 4,301,276 $ 4,244,501 Liabilities of properties held for sale 31 — Accounts payable and other liabilities 73,916 73,547 Assumed real estate lease obligations, net 20,420 22,523 Due to related persons 5,148 4,824 Total liabilities 4,400,791 4,345,395 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,697,959 and 65,568,145 shares issued and outstanding, respectively 657 656 Additional paid in capital 1,015,138 1,014,201 Cumulative net income 66,548 117,185 Cumulative other comprehensive income 26,487 21,903 Cumulative common distributions (364,533) (363,221) Total equity attributable to common shareholders 744,297 790,724 Total equity attributable to noncontrolling interest 516,992 540,047 Total equity 1,261,289 1,330,771 Total liabilities and equity $ 5,662,080 $ 5,676,166 (dollars in thousands, except per share data) 27200 SW 127th Avenue Homestead, FL 237,756 Square Feet ILPT Ownership: 100%

10Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (1) Interest rates are as of June 30, 2023 and reflect the impact of interest rate caps, as applicable. (2) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of June 30, 2023, including unamortized debt issuance costs totaling $33,479, was $4,301,276. (3) The $1,235,000 floating rate loan has an initial maturity date of October 9, 2024, with three, one year extension options, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. ILPT also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25%. The current interest rate reflects the impact of this interest rate cap. (4) Mountain JV is Mountain Industrial REIT LLC, ILPT's consolidated joint venture in which ILPT owns a 61% equity interest. See pages 22-25 for more information. (5) The $1,400,000 floating rate loan has an original maturity date of March 9, 2024 with three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. Mountain JV has also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The current interest rate reflects the impact of this interest rate cap. Current Interest Principal Maturity Due at Years to Entity Type Secured By Rate (1) Balance (2) Date Maturity Maturity ILPT Floating Rate - Interest only (3) 69 Mainland and 35 Hawaii Properties 6.18 % $ 1,235,000 10/9/2024 $ 1,235,000 1.3 ILPT Fixed Rate - Interest only 186 Hawaii Properties 4.31 % 650,000 2/7/2029 650,000 5.6 ILPT Fixed Rate - Interest only 17 Mainland Properties 4.42 % 700,000 3/9/2032 700,000 8.7 Mountain JV (4) Floating Rate - Interest only (5) 82 Mainland Properties 6.17 % 1,400,000 3/9/2024 1,400,000 0.7 Mountain JV (4) Fixed Rate - Interest only Four Mainland Properties 6.25 % 91,000 6/10/2030 91,000 7.0 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.67 % 12,042 5/1/2031 — 7.8 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.14 % 13,536 7/1/2032 — 9.0 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.02 % 29,797 10/1/2033 — 10.3 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.13 % 41,636 11/1/2033 — 10.3 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.10 % 25,310 6/1/2035 — 11.9 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 2.95 % 40,759 1/1/2036 — 12.5 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 4.27 % 44,991 11/1/2037 — 14.4 Mountain JV (4) Fixed Rate - Amortizing One Mainland Property 3.25 % 50,684 1/1/2038 — 14.5 Total / weighted average debt 5.46 % $ 4,334,755 $ 4,076,000 3.7 Debt Summary (dollars in thousands) As of June 30, 2023

11Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of June 30, 2023, including unamortized debt issuance costs totaling $33,479, was $4,301,276. (2) The $1,400,000 floating rate loan of ILPT's consolidated joint venture matures in March 2024, subject to three, one year extension options. See pages 22-25 for further information relating to this joint venture. (3) The $1,235,000 floating rate loan matures in October 2024, subject to three, one year extension options. Debt Maturity Schedule (1) (dollars in thousands) As of June 30, 2023 $( Th ou sa nd s) $1,235,000 $1,400,000 $8,812 $18,114 $18,794 $19,495 $20,229 $20,989 $671,777 $113,595 $22,413 $721,753 $63,784 Secured Fixed Rate Debt Secured Floating Rate Debt of consolidated joint venture Secured Floating Rate Debt 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 and thereafter $0 $500,000 $1,000,000 $1,500,000 $2,000,000 $2,500,000 $3,000,000 (2) (3) 7409 Magi Drive Hanahan, SC 91,776 Square Feet ILPT Ownership: 100% (3) (2)

12Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 Leverage Ratios: Net debt / total gross assets 68.8% 69.7% 69.7% 69.9% 65.1% Net debt / gross book value of real estate assets 72.2% 72.4% 72.6% 73.1% 73.7% Net debt / total market capitalization 90.6% 92.3% 92.1% 89.5% 74.7% Secured debt / total assets 76.6% 76.0% 75.6% 75.1% 74.7% Variable rate debt / net debt 63.9% 63.7% 63.5% 63.2% 69.4% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 12.7x 12.8x 13.1x 13.7x 12.4x Adjusted EBITDAre / interest expense 1.1x 1.1x 1.1x 0.8x 1.0x Leverage Ratios and Coverage Ratios 4000 Principio Parkway North East, MD 1,194,744 Square Feet ILPT Ownership: 100%

13Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 Tenant improvements and leasing costs $ 2,498 $ 2,040 $ 4,369 $ 2,302 $ 2,627 Building improvements 1,283 370 2,221 1,292 376 Recurring capital expenditures 3,781 2,410 6,590 3,594 3,003 Development, redevelopment and other activities 3,870 2,521 1,322 4,980 7,077 Total capital expenditures $ 7,651 $ 4,931 $ 7,912 $ 8,574 $ 10,080 Capital Expenditures Summary 10551N Congress Avenue Kansas City, MO 158,417 Square Feet ILPT Ownership: 61%

14Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Property Acquisitions and Dispositions Since 1/1/2023 Dispositions: ILPT has not disposed of any properties since January 1, 2023. Acquisitions: ILPT has not acquired any properties since January 1, 2023.

15Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Portfolio Information

16Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Six Months Ended Ended 6/30/2023 6/30/2022 6/30/2023 6/30/2022 Properties (end of period) 409 409 285 285 Square Feet 59,207 59,185 33,462 33,440 Percent Leased 99.1% 98.9% 99.1% 99.3% Rental income $ 106,469 $ 106,118 $ 110,729 $ 107,732 NOI $ 83,154 $ 86,133 $ 85,765 $ 84,444 NOI % Change (3.5%) 1.6 % Cash Basis NOI $ 79,550 $ 79,182 $ 80,436 $ 77,944 Cash Basis NOI % Change 0.5% 3.2 % Same Property Results 945 Monument Drive Lebanon, IN 962,500 Square Feet ILPT Ownership: 22%

17Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended As of and For the Six Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 Properties 413 413 413 413 412 413 Total sq. ft. 59,983 59,983 59,983 59,962 59,736 59,983 Square feet leased 59,415 59,193 59,420 59,469 59,060 59,415 Percentage leased 99.1% 98.7% 99.1% 99.2% 98.9% 99.1% Leasing Activity (Sq. Ft.): New leases 494 36 188 543 2,652 530 Renewals 1,091 1,107 1,145 1,142 1,082 2,198 Rent resets 382 — 36 — 138 382 Expirations (1,363) (1,370) (1,382) (1,502) (3,733) (2,733) % Change in GAAP Rent: New leases 36.5% 51.4% 20.3% 280.7% 104.7% 37.7% Renewals 25.5% 13.9% 17.8% 26.1% 29.1% 18.5% Rent resets 29.9% —% 33.2% —% 37.2% 29.9% Weighted average (by square feet) 29.6% 15.1% 18.7% 77.5% 61.3% 23.0% Leasing Costs and Concession Commitments (3): New leases $ 2,920 $ 160 $ 782 $ 3,570 $ 3,025 $ 3,080 Renewals 975 1,777 4,248 992 2,945 2,752 Total $ 3,895 $ 1,937 $ 5,030 $ 4,562 $ 5,970 $ 5,832 Leasing Costs and Concession Commitments per Sq. Ft. (4): New leases $ 5.91 $ 4.44 $ 4.16 $ 6.58 $ 1.14 $ 5.81 Renewals $ 0.89 $ 1.60 $ 3.71 $ 0.87 $ 2.72 $ 1.25 Total $ 2.46 $ 1.69 $ 3.77 $ 2.71 $ 1.60 $ 2.14 Weighted Average Lease Term by Sq. Ft. (Years): New leases 11.6 18.0 6.5 7.4 28.3 12.0 Renewals 7.7 8.6 8.2 3.7 9.1 8.1 Total 8.9 8.9 8.0 4.9 22.7 8.9 Leasing Costs and Concession Commitments per Sq. Ft. per Year (3) (4): New leases $ 0.51 $ 0.25 $ 0.64 $ 0.89 $ 0.04 $ 0.48 Renewals $ 0.12 $ 0.19 $ 0.45 $ 0.24 $ 0.30 $ 0.15 Total $ 0.28 $ 0.19 $ 0.47 $ 0.55 $ 0.07 $ 0.24 (1) This leasing summary is based on leases entered into during the periods indicated. (2) Excludes properties owned by ILPT's unconsolidated joint venture. (3) Includes commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. (4) Amounts are per square foot per year for the weighted average lease term by leased square feet. Occupancy and Leasing Summary (1) (2)

18Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS As of June 30, 2023 Tenant Credit Characteristics % of Annualized Rental Revenues Investment grade rated 18.3% Subsidiaries of investment grade rated parent entities 38.5% Other leased Hawaii lands 20.4% Subtotal investment grade rated, subsidiaries of investment grade rated parent entities and other leased Hawaii lands 77.2% Other unrated or non-investment grade 22.8% 100.0% Tenant Concentration and Credit Characteristics 200 Orange Point Drive Lewis Center, OH 125,060 Square Feet ILPT Ownership: 100% Tenants Representing 1% or More of Total Annualized Rental Revenues % of Total Annualized No. of Leased % of Total Rental Tenant States Properties Sq. Ft. Leased Sq. Ft. Revenues 1 FedEx Corporation/ FedEx Ground Package System, Inc. Various (34 States) 82 13,060 22.0% 29.6% 2 Amazon.com Services, Inc./ Amazon.com Services LLC AL, IN, OK, SC, TN, VA 8 4,539 7.6% 6.8% 3 Home Depot U.S.A., Inc. GA, HI 2 956 1.6% 2.2% 4 UPS Supply Chain Solutions, Inc. NH, NY 3 794 1.3% 1.6% 5 Restoration Hardware, Inc. MD 1 1,195 2.0% 1.5% 6 Servco Pacific, Inc. HI 7 629 1.1% 1.4% 7 American Tire Distributors, Inc. CO, LA, NE, NY, OH 5 722 1.2% 1.3% 8 Par Pacific Holdings Inc. HI 3 3,148 5.3% 1.2% 9 TD SYNNEX Corporation OH 2 939 1.6% 1.1% 10 Berkshire Hathaway Inc. GA 1 832 1.4% 1.0% 114 26,814 45.1% 47.7% (dollars and sq. ft. in thousands)

19Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Cumulative % of Total Cumulative % % of Total % of Total Leased Leased of Total Leased Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring Expiring Expiring Expiring Expiring Expiring 7/1/2023-12/31/2023 19 1,162 2.0% 2.0% $ 8,916 2.1% 2.1% 2024 43 6,058 10.2% 12.2% 30,777 7.2% 9.3% 2025 35 4,802 8.1% 20.3% 28,423 6.6% 15.9% 2026 26 3,853 6.5% 26.8% 26,588 6.2% 22.1% 2027 37 8,694 14.6% 41.4% 52,197 12.2% 34.3% 2028 37 5,831 9.8% 51.2% 42,076 9.8% 44.1% 2029 21 4,194 7.1% 58.3% 21,382 5.0% 49.1% 2030 16 2,519 4.2% 62.5% 20,929 4.9% 54.0% 2031 17 3,265 5.5% 68.0% 25,366 5.9% 59.9% 2032 37 3,615 6.1% 74.1% 35,322 8.2% 68.1% Thereafter 109 15,422 25.9% 100.0% 137,179 31.9% 100.0% Total 397 59,415 100.0% $ 429,155 100.0% Weighted average remaining lease term (in years) 7.3 8.4 Portfolio Lease Expiration and Reset Schedules (dollars and sq. ft. in thousands) As of June 30, 2023 725 Darlington Avenue Mahwah, NJ 167,424 Square Feet ILPT Ownership: 100% 7/1/2023 - 2028 and Total 12/31/2023 2024 2025 2026 2027 Thereafter Next Scheduled Rent Resets at Hawaii Properties: Reset sq. ft. 3,342 — 144 204 154 86 2,754 Percent (1) —% 0.9% 1.2% 0.9% 0.5% 16.7% Annualized rental revenues $ 21,363 $ — $ 1,144 $ 960 $ 1,307 $ 781 $ 17,171 Percent (1) —% 1.0% 0.8% 1.1% 0.6% 14.3% (1) Percent based on Hawaii Properties leased square feet and Hawaii Properties annualized rental revenues.

20Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data - By Investment Portfolio As of and For the Three Months Ended June 30, 2023 ILPT Wholly Owned Properties Mountain Industrial ILPT Hawaii Mainland Total REIT LLC (1) Other (2) Consolidated Ownership % 100 % 100 % 100 % 61 % Properties 226 92 318 94 1 413 Sq. Ft. 16,729 22,209 38,938 20,981 64 59,983 Occupancy % 98.4 % 99.4 % 99.0 % 99.2 % 98.1 % 99.1 % Selected Balance Sheet Data: Total gross assets $ 714,659 $ 1,868,573 $ 2,583,232 $ 3,197,071 $ 217,412 $ 5,997,715 Total debt (principal) $ 862,930 $ 1,722,070 $ 2,585,000 $ 1,749,755 $ — $ 4,334,755 Selected Income Statement Data: Rental income $ 30,382 $ 36,003 $ 66,385 $ 41,207 $ 451 $ 108,043 Net income (loss) $ 8,861 $ (21,295) $ (12,434) $ (27,363) $ 3,217 $ (36,580) Net income (loss) attributable to common shareholders $ 8,861 $ (21,295) $ (12,434) $ (16,687) $ 3,293 $ (25,828) NOI $ 22,619 $ 29,000 $ 51,619 $ 32,474 $ 331 $ 84,424 Cash Basis NOI $ 20,365 $ 28,805 $ 49,170 $ 31,352 $ 305 $ 80,827 Adjusted EBITDAre $ 21,573 $ 26,269 $ 47,842 $ 29,575 $ 3,914 $ 81,331 Normalized FFO attributable to common shareholders $ 9,588 $ (4,394) $ 5,194 $ 213 $ 2,187 $ 7,594 CAD attributable to common shareholders $ 8,001 $ 2,224 $ 10,225 $ (2,632) $ 2,210 $ 9,803 Key Ratios: Annualized Cash Basis NOI / total gross assets 11.4 % 6.2 % 7.6 % 3.9 % 5.4 % Net debt / annualized Adjusted EBITDAre 10.0 x 16.4 x 13.5 x 13.7 x 12.7 x Select Quarterly Leasing Activity: Leasing activity (sq. ft.): 855 428 1,283 684 — 1,967 % Change in GAAP rent (weighted average by sq. ft.): 41.7 % 38.3 % 40.6 % 6.2 % — % 29.6 % Weighted average lease term by sq. ft. (years): 11.2 4.9 7.6 6.9 — 7.3 (1) With the exception of measures attributable to common shareholders, amounts represent this joint venture at 100%, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) With the exception of measures attributable to common shareholders, other includes 100% of the results of one consolidated mainland property containing approximately 64,000 rentable square feet located in New Jersey in which ILPT has a 67% ownership interest; any corporate assets and liabilities including ILPT's equity investment in its unconsolidated joint venture; and adjustments to remove the non-controlling interest of Mountain Industrial REIT LLC from the balance sheet and income statement data.

21Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Joint Ventures

22Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars and sq. ft. in thousands) Investment in Joint Venture: ILPT Number of Number of Square Joint Venture Ownership Presentation Properties States Feet Mountain Industrial REIT LLC 61% Consolidated 94 27 20,981 (1) Amounts represent this joint venture at 100%, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) ILPT's proportionate share of the principal amount of debt balances based on its ownership percentage of its consolidated joint venture as of June 30, 2023 is $1,067,351. None of the debt is recourse to ILPT, subject to certain limitations. As of June 30, 2023 Mountain Industrial REIT LLC Balance Sheet Information of ILPT's Consolidated Joint Venture (1) June 30, 2023 December 31, 2022 ASSETS Real estate properties: Total real estate properties, gross $ 2,837,501 $ 2,836,538 Accumulated depreciation (104,537) (65,732) Total real estate properties, net 2,732,964 2,770,806 Acquired real estate leases, net 177,996 194,266 Cash, cash equivalents and restricted cash 135,925 87,659 Other assets, net 45,649 47,717 Total assets $ 3,092,534 $ 3,100,448 LIABILITIES Mortgage and notes payable, net (2) $ 1,737,802 $ 1,687,050 Other liabilities 38,000 38,347 Total liabilities $ 1,775,802 $ 1,725,397 Total equity attributable to non-controlling interest (39%) $ 516,992 $ 540,047

23Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Consolidated Joint Venture - Financial Information Operating Information of the Consolidated Joint Venture (100%) (1) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (2) Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Mountain Industrial REIT LLC Rental income $ 41,207 $ 39,222 $ 84,273 $ 54,008 $ 25,137 $ 23,926 $ 51,407 $ 32,944 Real estate taxes 5,934 4,450 12,999 6,044 3,619 2,715 7,929 3,687 Other operating expenses 2,799 2,365 5,877 3,739 1,707 1,443 3,585 2,281 Depreciation and amortization 27,348 29,016 54,925 40,820 16,681 17,700 33,505 24,900 General and administrative 4,027 4,155 8,118 5,602 2,456 2,535 4,952 3,418 Total expenses 40,108 39,986 81,919 56,205 24,463 24,393 49,971 34,286 Interest and other income 1,128 — 1,815 — 688 — 1,107 — Interest expense (29,197) (19,138) (57,669) (26,066) (17,810) (11,674) (35,178) (15,900) Loss on sale of real estate — — (974) — — — (594) — Loss before income tax expense and equity in earnings of unconsolidated joint venture (26,970) (19,902) (54,474) (28,263) (16,448) (12,141) (33,229) (17,242) Loss on early extinguishment of debt (359) — (359) — (219) — (219) — Income tax expense (34) (48) (48) (48) (20) (29) (29) (29) Net loss $ (27,363) $ (19,950) $ (54,881) $ (28,311) $ (16,687) $ (12,170) $ (33,477) $ (17,271) Net Loss $ (27,363) $ (19,950) $ (54,881) $ (28,311) $ (16,687) $ (12,170) $ (33,477) $ (17,271) Plus: depreciation and amortization 27,348 29,016 54,925 40,820 16,681 17,700 33,505 24,900 Plus: loss on sale of real estate — — 974 — — — 594 — Funds from Operations (15) 9,066 1,018 12,509 (6) 5,530 622 7,629 Plus: loss on early extinguishment of debt 359 — 359 — 219 — 219 — Normalized Funds from Operations $ 344 $ 9,066 $ 1,377 $ 12,509 $ 213 $ 5,530 $ 841 $ 7,629 (dollars in thousands, except percentage data and per share data) (1) Amounts represent this joint venture at 100%, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) See page 31 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture.

24Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Consolidated Joint Venture - Financial Information (continued) Operating Information of the Consolidated Joint Venture (100%) (1) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (2) Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 2023 2022 2023 2022 Mountain Industrial REIT LLC Normalized Funds from Operations $ 344 $ 9,066 $ 1,377 $ 12,509 $ 213 $ 5,530 $ 841 $ 7,629 Add (less): Amortization of debt issuance costs 4,133 4,304 8,253 5,928 2,521 2,625 5,034 3,616 Lease value amortization (1,122) (1,271) (2,304) (1,746) (684) (775) (1,405) (1,065) Recurring capital expenditures (2,509) (773) (3,702) (1,197) (1,530) (472) (2,258) (730) Principal amortization (5,168) (5,379) (10,698) (7,161) (3,152) (3,281) (6,526) (4,368) CAD $ (4,322) $ 5,947 $ (7,074) $ 8,333 $ (2,632) $ 3,627 $ (4,314) $ 5,082 Net loss $ (27,363) $ (19,950) $ (54,881) $ (28,311) $ (16,687) $ (12,170) $ (33,477) $ (17,271) Plus: interest expense 29,197 19,138 57,669 26,066 17,810 11,674 35,178 15,900 Plus: income tax expense 34 48 48 48 20 29 29 29 Plus: depreciation and amortization 27,348 29,016 54,925 40,820 16,681 17,700 33,505 24,900 EBITDA 29,216 28,252 57,761 38,623 17,824 17,233 35,235 23,558 Plus: loss on sale of real estate — — 974 — — — 594 — EBITDAre 29,216 28,252 58,735 38,623 17,824 17,233 35,829 23,558 Plus: loss on early extinguishment of debt 359 — 359 — 219 — 219 — Adjusted EBITDAre $ 29,575 $ 28,252 $ 59,094 $ 38,623 $ 18,043 $ 17,233 $ 36,048 $ 23,558 (dollars in thousands, except percentage data and per share data) (1) Amounts represent this joint venture at 100%, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) See page 31 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture.

25Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS GA: 12.2% OH: 10.5% TX: 10.1% IN: 8.4% NC: 6.0% FL: 5.1%MI: 4.7% NJ: 3.9% IL: 3.8% MS: 3.6% KS: 3.5% 16 Other States: 28.2% Consolidated Joint Venture - Portfolio Information (dollars in thousands) Number of Leases Expiring 1 4 8 10 13 7 39 % of Total Annualized Rental Revenues Expiring 1.0% 2.6% 8.3% 5.2% 13.5% 10.4% 59.0% A nn ua liz ed R ev en ue E xp ir in g 7/1/2023- 12/31/2023 2024 2025 2026 2027 2028 2029 and Thereafter $0 $10,000 $20,000 $30,000 $40,000 $50,000 $60,000 $70,000 $80,000 $90,000 $100,000 Joint Venture Lease Expiration Schedule As of June 30, 2023 Major Tenants of Consolidated Joint Venture % of Annualized Rental Tenant Revenues of Joint Venture FedEx Corporation/ FedEx Ground Package System, Inc. 56.8% Amazon.com Services, Inc./ Amazon.com Services LLC 7.1% Home Depot U.S.A., Inc. 3.8% Berkshire Hathaway Inc. 2.7% Techtronic Industries Company Limited 2.5% Ulta Beauty, Inc. 2.5% Geographic Diversification (1) (1) Based on the aggregate annualized rental revenues of ILPT's consolidated joint venture as of June 30, 2023.

26Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (dollars in thousands) As of June 30, 2023 Investment in Unconsolidated ILPT Number of Square Joint Venture at Joint Venture Ownership Properties States Feet June 30, 2023 The Industrial Fund REIT LLC 22% 18 12 11,726 $ 129,082 Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Rental income $ 17,141 $ 16,738 $ 34,552 $ 34,026 Real estate taxes 2,554 2,539 5,008 4,894 Other operating expenses 1,761 1,919 3,922 4,360 Depreciation and amortization 8,004 8,303 16,250 16,653 General and administrative 821 1,020 1,806 1,882 Total expenses 13,140 13,781 26,986 27,789 Interest and other income 151 (4) 215 (8) Interest expense (5,325) (3,617) (10,522) (7,234) Loss before income tax expense (1,173) (664) (2,741) (1,005) Income tax expense (4) (18) (9) (21) Net loss $ (1,177) $ (682) $ (2,750) $ (1,026) Distributions received $ 990 $ 1,322 $ 1,980 $ 2,642 Current Maturity Principal Balance Secured Debt Interest Rate (1) Date June 30, 2023 (2) Mortgage notes payable (secured by one property in Florida) (3) 3.60% 10/1/2023 $ 56,980 Mortgage notes payable (secured by six properties in four states) (4) 5.30% 10/1/2027 123,700 Mortgage notes payable (secured by 11 properties in eight states) (3) 3.33% 11/7/2029 350,000 Total / Weighted Average 3.82% $ 530,680 (1) Current interest rate is as of June 30, 2023 and reflects the interest rate stated in, or determined pursuant to, the contract terms. (2) Reflects the entire balance of the debt secured by the respective properties. (3) The mortgage debts require interest-only payments until their respective maturity dates. (4) The $123,700 interest only floating rate loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.80% through October 1, 2027. The Industrial Fund REIT LLC has also purchased an interest rate cap through October 2025 with a SOFR strike rate equal to 3.50%.

27Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Appendix

28Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Company Profile and Research Coverage The Company: Industrial Logistics Properties Trust (Nasdaq: ILPT) is a REIT that owns and leases industrial and logistics properties throughout the United States. ILPT is included in 111 market indices and comprises more than 1% of the following indices as of June 30, 2023: Invesco S&P SmallCap High Dividend Low Volatility ETF INAV Index (XSHDIV), Bloomberg US Micro Cap Real Estate Price Return Index (BMICR), Bloomberg Real Estate Investment Trust Small Cap Index (BBRESMLC) and Invesco KBW Premium Yield Equity REIT ETF INAV Index (KBWYIV). Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of June 30, 2023, RMR had approximately $36 billion of real estate assets under management and the combined RMR managed companies had more than $5 billion of annual revenues, over 2,000 properties and over 20,000 employees. ILPT believes that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. ILPT also believes RMR provides management services to it at a lower cost than it would have to pay for similar quality services if it were self managed. Equity Research Coverage B. Riley Securities, Inc. BofA Securities Bryan Maher Camille Bonnel bmaher@brileyfin.com camille.bonnel@baml.com (646) 885-5423 (416) 369-2140 BTIG JMP Securities Thomas Catherwood Mitchell Germain tcatherwood@btig.com mgermain@jmpsecurities.com (212) 738-6140 (212) 906-3537 RBC Capital Markets Michael Carroll michael.carroll@rbccm.com (440) 715-2649 ILPT is followed by the analysts listed on this page. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts.

29Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Governance Information Board of Trustees Bruce M. Gans Lisa Harris Jones Matthew P. Jordan Lead Independent Trustee Independent Trustee Managing Trustee Joseph L. Morea Kevin C. Phelan Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board & Managing Trustee June S. Youngs Independent Trustee Executive Officers Yael Duffy Brian E. Donley President and Chief Operating Officer Chief Financial Officer and Treasurer 5 Logistics Drive Carlisle, PA 205,090 Square Feet ILPT Ownership: 22%

30Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Unless otherwise noted, all data presented in this presentation excludes 18 properties, which are encumbered by $530.7 million of mortgage notes, owned by an unconsolidated joint venture in which ILPT owns a 22% equity interest. See page 26 for information regarding this joint venture and related mortgage notes. Non-GAAP Financial Measures: ILPT presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including FFO attributable to common shareholders, Normalized FFO attributable to common shareholders, EBITDA, EBITDAre, Adjusted EBITDAre, NOI, same property NOI, Cash Basis NOI and same property Cash Basis NOI. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered alternatives to net income (loss) or net income (loss) attributable to common shareholders as indicators of ILPT's operating performance or as measures of its liquidity. These measures should be considered in conjunction with net income (loss) and net income (loss) attributable to common shareholders as presented in ILPT's condensed consolidated statements of income (loss). ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net income (loss) and net income (loss) attributable to common shareholders. ILPT believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of its operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of ILPT's properties. NOI and Cash Basis NOI: The calculations of net operating income, or NOI, and Cash Basis NOI exclude certain components of net loss in order to provide results that are more closely related to ILPT's property level results of operations. ILPT calculates NOI and Cash Basis NOI as shown on page 33 and same property NOI and same property Cash Basis NOI as shown on page 34. ILPT defines NOI as income from its rental of real estate less its property operating expenses. NOI excludes amortization of capitalized tenant improvement costs and leasing commissions that it records as depreciation and amortization expense. ILPT defines Cash Basis NOI as NOI excluding non-cash straight line rent adjustments, lease value amortization and lease termination fees, if any. ILPT uses NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. ILPT calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that ILPT only includes same properties in calculating same property NOI and same property Cash Basis NOI. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than ILPT does. FFO and Normalized FFO Attributable to Common Shareholders: ILPT calculates funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 36. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is net loss attributable to common shareholders, calculated in accordance with GAAP, excluding loss on impairment of real estate, any gain or loss on sale of real estate, equity in earnings of unconsolidated joint venture and any realized and unrealized gains or losses on equity securities, plus real estate depreciation and amortization of consolidated properties and ILPT's proportionate share of FFO of unconsolidated joint venture properties and minus FFO adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to ILPT. In calculating Normalized FFO attributable to common shareholders, ILPT adjusts for the items shown on page 36 including similar adjustments for the unconsolidated joint venture, if any. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain ILPT's qualification for taxation as a REIT, limitations in the agreements governing its debt, the availability to ILPT of debt and equity capital, its distribution rate as a percentage of the trading price of ILPT's common shares, or dividend yield, and ILPT's dividend yield compared to the dividend yields of other industrial REITs, ILPT's expectation of its future capital requirements and operating performance and its expected needs for and availability of cash to pay its obligations. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than ILPT does. Non-GAAP Financial Measures and Certain Definitions

31Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (continued) Cash Available for Distribution: ILPT calculates cash available for distribution, or CAD, as shown on page 37. ILPT defines CAD as Normalized FFO minus ILPT's proportionate share of Normalized FFO of unconsolidated joint venture properties, plus operating cash flow distributions received from ILPT's unconsolidated joint venture, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring items, certain amounts excluded from Normalized FFO but settled in cash, less CAD adjustments attributable to noncontrolling interest, as well as certain other adjustments currently not applicable to ILPT. CAD is among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to ILPT's shareholders. Other real estate companies and REITs may calculate CAD differently than ILPT does. EBITDA, EBITDAre and Adjusted EBITDAre: ILPT calculates earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, and Adjusted EBITDAre as shown on page 35. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including ILPT's proportionate share of EBITDAre from unconsolidated joint venture properties, and excluding gains and losses on the sale of real estate, equity in earnings of unconsolidated joint venture, loss on impairment of real estate, any realized and unrealized gains or losses on equity securities, as well as certain other adjustments currently not applicable to ILPT. In calculating Adjusted EBITDAre, ILPT adjusts for the items shown on page 35. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than ILPT does. Pro-Rata Operating Information of Consolidated Joint Venture: ILPT believes this financial presentation of its joint venture information provides useful information to investors by providing additional insight into the financial performance of its consolidated joint venture, in which ILPT owns a 61% equity interest. This information may not accurately depict the impact of these investments in accordance with GAAP. Pro-rata information should not be considered in isolation or as a substitute for ILPT's condensed consolidated financial statements in accordance with GAAP. Certain Definitions: Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of ILPT's common shares at the end of the relevant period. Annualized rental revenues - Annualized rental revenues is the annualized contractual rents, as of June 30, 2023, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants. Building improvements - Building improvements generally include (i) expenditures to replace obsolete building components and (ii) expenditures that extend the useful life of existing assets. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditures projects that (i) reposition a property or (ii) result in new sources of revenue. Equity Research Coverage - ILPT is followed by the analysts listed on page 28. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts.

32Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost, plus certain acquisition related costs, if any, before depreciation and purchase price allocations, less impairment writedowns, if any. ILPT Ownership - References to ILPT's percentage ownership of properties owned by its joint ventures reflect ILPT's ownership percentage of the joint venture. ILPT Wholly Owned Properties - ILPT Wholly Owned Properties is comprised of 318 properties that are wholly owned by ILPT, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, HI or the Hawaii Portfolio, and 92 properties containing approximately 22.2 million rentable square feet located in 34 other states, or the Mainland Portfolio. Information included in this presentation with respect to the Mainland Portfolio and the Hawaii Portfolio include certain allocations of interest expense on debts secured by properties in each portfolio and of general and administrative expense based upon gross asset value of properties in each portfolio. ILPT believes the information presented for these portfolios is useful to investors to provide insight into the financial performance of these portfolios. Investment Grade Tenants - Investment grade tenants Include investment grade rated tenants, subsidiaries of investment grade rated parent entities and other leased Hawaii lands. Leased square feet - Leased square feet is pursuant to existing leases as of June 30, 2023, and includes (i) space being fitted out for occupancy, if any, and (ii) space which is leased but is not occupied, or is being offered for sublease by tenants, if any. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Mountain Industrial REIT LLC - Mountain Industrial REIT LLC, owns 94 mainland properties containing approximately 21.0 million rentable square feet located in 27 states. ILPT owns a 61% equity interest in this joint venture. ILPT consolidates 100% of this joint venture in its financial statements in accordance with GAAP. Net debt - Net debt is total debt less cash. Non-cash interest expense - Non-cash interest expense includes the amortization of debt discounts premiums, issuance costs, and interest rate caps. Percent change in GAAP rent - Percent change in GAAP rent is the percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. Same space represents the same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). Rolling four quarter CAD - Represents CAD for the preceding twelve month period as of the respective quarter end date. Same property - For the three months ended June 30, 2023 and 2022, same property NOI and Cash Basis NOI are based on properties that ILPT owned as of June 30, 2023 and that it owned continuously since April 1, 2022, and exclude two properties classified as held for sale as of June 30, 2023 and properties owned by an unconsolidated joint venture. For the six months ended June 30, 2023 and 2022, same property NOI and Cash Basis NOI are based on properties that ILPT owned as of June 30, 2023 and that it owned continuously since January 1, 2022, and exclude two properties classified as held for sale as of June 30, 2023 and properties owned by an unconsolidated joint venture. Square feet - Subject to modest adjustments when space is remeasured or reconfigured for new tenants or when land leases are converted to building leases. Tenant improvements - Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total market capitalization - Total market capitalization is total debt plus the market value of ILPT's common shares at the end of the applicable period. Non-GAAP Financial Measures and Certain Definitions (continued)

33Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 6/30/2022 Calculation of NOI and Cash Basis NOI: Rental income $ 108,043 $ 110,258 $ 106,339 $ 103,215 $ 107,222 $ 218,301 $ 178,597 Real estate taxes (15,100) (16,467) (14,164) (13,749) (13,275) (31,567) (22,711) Other operating expenses (8,519) (9,318) (8,577) (8,453) (7,053) (17,837) (13,825) NOI 84,424 84,473 83,598 81,013 86,894 168,897 142,061 Non-cash straight line rent adjustments included in rental income (3,355) (3,762) (3,368) (3,794) (3,220) (7,117) (4,376) Lease value amortization included in rental income (242) (270) (279) (250) (3,695) (512) (4,015) Lease termination fees included in rental income — — (20) — (30) — (30) Cash Basis NOI $ 80,827 $ 80,441 $ 79,931 $ 76,969 $ 79,949 $ 161,268 $ 133,640 Reconciliation of Net Loss to NOI and Cash Basis NOI: Net loss $ (36,580) $ (35,546) $ (41,759) $ (83,974) $ (151,321) $ (72,126) $ (161,108) Equity in earnings of unconsolidated joint venture (2,743) (3,961) (444) (3,297) (1,610) (6,704) (3,337) Income tax (benefit) expense 45 17 (68) 28 16 62 85 Loss before income tax expense and equity in earnings of unconsolidated joint venture (39,278) (39,490) (42,271) (87,243) (152,915) (78,768) (164,360) Loss on early extinguishment of debt 359 — — 21,370 — 359 828 Interest and other income (1,797) (1,146) (763) (1,068) (354) (2,943) (832) Interest expense 71,846 70,771 71,765 89,739 77,548 142,617 118,547 Loss on sale of real estate — 974 — — 10 974 10 Loss on equity securities — — — — 9,450 — 5,758 General and administrative 8,131 7,907 7,981 9,110 9,709 16,038 15,786 Acquisition and other transaction related costs — — — 586 — — — Loss on impairment of real estate 254 — — — 100,747 254 100,747 Depreciation and amortization 44,909 45,457 46,886 48,519 42,699 90,366 65,577 NOI 84,424 84,473 83,598 81,013 86,894 168,897 142,061 Non-cash straight line rent adjustments included in rental income (3,355) (3,762) (3,368) (3,794) (3,220) (7,117) (4,376) Lease value amortization included in rental income (242) (270) (279) (250) (3,695) (512) (4,015) Lease termination fees included in rental income — — (20) — (30) — (30) Cash Basis NOI $ 80,827 $ 80,441 $ 79,931 $ 76,969 $ 79,949 $ 161,268 $ 133,640 996 Paragon Way Rock Hill, SC 945,023 Square Feet ILPT Ownership: 100%

34Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 Reconciliation of NOI to Same Property NOI: Rental income $ 108,043 $ 107,222 $ 218,301 $ 178,597 Real estate taxes (15,100) (13,275) (31,567) (22,711) Other operating expenses (8,519) (7,053) (17,837) (13,825) NOI 84,424 86,894 168,897 142,061 Less: NOI of properties not included in same property results (1,270) (761) (83,132) (57,617) Same property NOI $ 83,154 $ 86,133 $ 85,765 $ 84,444 Calculation of Same Property Cash Basis NOI: Same property NOI $ 83,154 $ 86,133 $ 85,765 $ 84,444 Less: Non-cash straight line rent adjustments included in rental income (3,362) (3,228) (5,049) (2,662) Lease value amortization included in rental income (242) (3,693) (280) (3,808) Lease termination fees included in rental income — (30) — (30) Same property Cash Basis NOI $ 79,550 $ 79,182 $ 80,436 $ 77,944 22525 West 167th Street Olathe, KS 313,763 Square Feet ILPT Ownership: 61%

35Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 6/30/2022 Net loss $ (36,580) $ (35,546) $ (41,759) $ (83,974) $ (151,321) $ (72,126) $ (161,108) Plus: interest expense 71,846 70,771 71,765 89,739 77,548 142,617 118,547 Plus: income tax expense (benefit) 45 17 (68) 28 16 62 85 Plus: depreciation and amortization 44,909 45,457 46,886 48,519 42,699 90,366 65,577 EBITDA 80,220 80,699 76,824 54,312 (31,058) 160,919 23,101 Loss on impairment of real estate 254 — — — 100,747 254 100,747 Loss on sale of real estate — 974 — — 10 974 10 Equity in earnings of unconsolidated joint venture (2,743) (3,961) (444) (3,297) (1,610) (6,704) (3,337) Share of EBITDAre from unconsolidated joint venture 2,674 2,613 2,432 2,483 2,476 5,287 5,034 Loss on equity securities — — — — 9,450 — 5,758 EBITDAre 80,405 80,325 78,812 53,498 80,015 160,730 131,313 Plus: acquisition and other transaction related costs — — — 586 — — — Plus: general and administrative expense paid in common shares (1) 567 387 401 618 796 954 1,202 Plus: loss on early extinguishment of debt 359 — — 21,370 — 359 828 Adjusted EBITDAre $ 81,331 $ 80,712 $ 79,213 $ 76,072 $ 80,811 $ 162,043 $ 133,343 (1) Amounts represent equity based compensation to ILPT's trustees and officers and certain other employees of RMR.

36Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Calculation of FFO, Normalized FFO and CAD (dollars and shares in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 6/30/2022 Net loss attributable to common shareholders $ (25,828) $ (24,809) $ (31,043) $ (45,627) $ (143,539) $ (50,637) $ (150,053) Depreciation and amortization 44,909 45,457 46,886 48,519 42,699 90,366 65,577 Equity in earnings of unconsolidated joint venture (2,743) (3,961) (444) (3,297) (1,610) (6,704) (3,337) Loss on equity securities — — — — 9,450 — 5,758 Share of FFO from unconsolidated joint venture 1,502 1,468 1,291 1,678 1,676 2,970 3,437 Loss on impairment of real estate 254 — — — 100,747 254 100,747 Loss on sale of real estate — 974 — — 10 974 10 FFO adjustments attributable to noncontrolling interest (10,719) (11,213) (11,250) (11,407) (11,434) (21,932) (16,038) FFO attributable to common shareholders 7,375 7,916 5,440 (10,134) (2,001) 15,291 6,101 Loss on early extinguishment of debt 359 — — 21,370 — 359 828 Acquisition, transaction related and certain other financing costs (1) — — — 32,016 30,303 — 48,976 Normalized FFO adjustments attributable to noncontrolling interest (140) — — (28,379) — (140) — Normalized FFO attributable to common shareholders $ 7,594 $ 7,916 $ 5,440 $ 14,873 $ 28,302 $ 15,510 $ 55,905 (1) Amounts for the three months ended June 30, 2022, and September 30, 2022 primarily represent debt issuance costs recorded as interest expense related to certain financing and other transaction related costs expensed under GAAP.

37Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS (dollars and shares in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 6/30/2022 6/30/2023 6/30/2022 Normalized FFO attributable to common shareholders $ 7,594 $ 7,916 $ 5,440 $ 14,873 $ 28,302 $ 15,510 $ 55,905 Add (less): Non-cash interest expense 12,861 12,853 13,123 4,658 4,806 25,714 6,710 Non-cash revenues (3,597) (4,032) (3,647) (4,044) (6,915) (7,629) (8,391) Non-cash expenses 567 387 401 618 796 954 1,202 Recurring capital expenditures (3,781) (2,410) (6,590) (3,594) (3,003) (6,191) (6,474) Principal amortization (5,168) (5,530) (5,479) (5,429) (5,379) (10,698) (7,161) Share of FFO from unconsolidated joint venture (1,502) (1,468) (1,291) (1,678) (1,676) (2,970) (3,437) Distributions from unconsolidated joint venture 990 990 1,320 1,320 1,322 1,980 2,642 CAD adjustments attributable to non-controlling interest 1,839 1,476 1,471 1,566 1,228 3,315 1,641 CAD attributable to common shareholders $ 9,803 $ 10,182 $ 4,748 $ 8,290 $ 19,481 $ 19,985 $ 42,637 Weighted average common shares outstanding - basic and diluted 65,369 65,309 65,307 65,250 65,221 65,339 65,217 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.40) $ (0.38) $ (0.48) $ (0.70) $ (2.20) $ (0.77) $ (2.30) FFO attributable to common shareholders $ 0.11 $ 0.12 $ 0.08 $ (0.16) $ (0.03) $ 0.23 $ 0.09 Normalized FFO attributable to common shareholders $ 0.12 $ 0.12 $ 0.08 $ 0.23 $ 0.43 $ 0.24 $ 0.86 CAD attributable to common shareholders $ 0.15 $ 0.16 $ 0.07 $ 0.13 $ 0.30 $ 0.31 $ 0.65 Calculation of FFO, Normalized FFO and CAD (continued)

38Earnings Presentation Q2 2023RETURN TO TABLE OF CONTENTS Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: demand for ILPT's properties; strength in industrial real estate fundamentals; opportunities ILPT believes exist for its portfolio; ILPT's disposition activities; an implied assumption that ILPT's Mountain JV will exercise its option to extend the maturity date of its $1.4 billion floating rate loan; and its capital expenditure plans and commitments. Forward-looking statements reflect ILPT’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause ILPT’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause its actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: ILPT’s ability and the ability of its tenants to operate under unfavorable market and economic conditions, such as rising or sustained high interest rates, high inflation, labor market challenges, dislocation and volatility in the public equity and debt markets, challenges in the commercial real estate industry generally and in the industrial and logistics sector, geopolitical instability and economic recessions or downturns; demand for industrial and logistics properties; ILPT’s ability to reduce its leverage, generate cash flow and take advantage of mark-to-market leasing opportunities; ILPT’s ability to cost-effectively raise and balance its use of debt or equity capital; ILPT’s ability to pay interest on and principal of its debt; ILPT’s ability to maintain sufficient liquidity; ILPT’s tenants’ ability and willingness to pay their rent obligations to ILPT; ILPT’s ability to successfully compete for tenancies, the likelihood that the rents it realizes will increase when ILPT renews or extends its leases, enters new leases, or its rents reset at ILPT’s properties in Hawaii; whether ILPT's tenants will renew or extend their leases or that ILPT will be able to obtain replacement tenants on terms as favorable to it as the terms of its existing leases; the credit qualities of ILPT’s tenants; changes in the security of cash flows from ILPT’s properties; ILPT’s ability to maintain high occupancy at its properties; its tenant and geographic concentrations, potential defaults of its leases by its tenants; changes in global supply chain conditions and emerging technologies; whether the industrial and logistics sector and the extent to which ILPT’s tenants' businesses are critical to sustaining a resilient supply chain and that ILPT's business will benefit as a result; ILPT’s ability to pay distributions to its shareholders and to increase or sustain the amount of such distributions; ILPT’s ability to acquire properties that realize ILPT's targeted returns; ILPT’s ability to sell properties at prices it targets; ILPT’s ability to prudently pursue, and successfully and profitably complete, expansion and renovation projects at its properties and to realize its expected returns on those projects; ILPT’s ability to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, or enter into additional, real estate joint ventures or to attract co-venturers and benefit from its existing joint ventures or any real estate joint ventures ILPT may enter into; the ability of ILPT’s manager, RMR, to successfully manage it; ILPT’s qualification for taxation as a REIT under the Internal Revenue Code of 1986, as amended; changes in federal or state tax laws; changes in environmental laws or in their interpretations or enforcement as a result of climate change or otherwise, or ILPT incurring environmental remediation costs or other liabilities; ILPT's expected capital expenditures and leasing costs, as well as risks and uncertainties regarding the development, redevelopment or repositioning of ILPT's properties, including as a result of inflation, cost overruns, supply chain challenges, labor shortages, construction delays or inability to obtain necessary permits, and ILPT’s ability to lease space at these properties at targeted returns; competition within the commercial real estate industry, particularly for industrial and logistics properties in those markets in which ILPT’s properties are located; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; limitations imposed on ILPT’s business and its ability to satisfy complex rules in order for ILPT to maintain its qualification for taxation as a REIT for U.S. federal income tax purposes; non-performance by the counterparties to its interest rate caps and the costs for renewing or replacing the interest rate caps; actual and potential conflicts of interest with ILPT’s related parties, including its managing trustees, RMR and others affiliated with them; acts of terrorism, outbreaks or continuation of pandemics or other significant adverse public health safety events or conditions, war or other hostilities, supply chain disruptions, climate change or other manmade or natural disasters beyond ILPT’s control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in ILPT’s periodic filings. The information contained elsewhere in ILPT’s filings with the Securities and Exchange Commission, or SEC, including under the caption “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies important factors that could cause differences from ILPT’s forward-looking statements in this presentation. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon ILPT’s forward-looking statements. Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.