NEWTON, MA–Industrial Logistics Properties Trust (Nasdaq: ILPT) announced that Yael Duffy has been appointed as its President and Chief Operating Officer, effective April 1, 2022.
Ms. Duffy has served as Vice President of ILPT since 2019 and as Vice President and Chief Operating Officer of ILPT since 2020. Ms. Duffy is also a Senior Vice President of The RMR Group (Nasdaq: RMR), responsible for overseeing asset management of a portfolio of office, industrial and retail properties managed by RMR, as well as RMR’s credit and business analytics teams.
Ms. Duffy succeeds John Murray, who is becoming President and Chief Executive Officer of Sonesta International Hotels Corporation (Sonesta), effective April 1, 2022. Mr. Murray has been a member of ILPT senior management since 2018 and he will continue to serve as a Managing Trustee of ILPT.
Adam Portnoy, a Managing Trustee of ILPT and a Managing Director, President
and Chief Executive Officer of RMR, said: “Yael has been a valued contributor in varied and progressively more challenging roles during her more than 15-year tenure at RMR and has proven herself to be a strong leader and a respected colleague to many at the company. Since joining the ILPT management team in 2019, Yael has earned the trust of ILPT’s senior leadership and Board, and has been invaluable in working to grow ILPT’s joint venture relationships with institutional investors.”
Mr. Portnoy said that Ms. Duffy has the Board’s confidence to continue delivering strong operating performance while creating value for ILPT shareholders.”
Industrial Logistics Properties Trust 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 December 31, 2021, ILPT’s portfolio consisted of 288 properties containing 34 million rentable square feet in 31 states. More than 70% of ILPT’s annual rental revenues are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. On February 25, 2022, ILPT closed its acquisition of Monmouth Real Estate Investment Corporation, adding 126 Class A, single tenant, net leased, ecommerce focused industrial properties containing over 26 million square feet of space.
ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset
management company with more than $33 billion in assets under management as of
December 31, 2021 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA.
