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Industrial Logistics Properties Trust Appoints Yael Duffy as President and Chief Operating Officer Effective April 1, 2022
Rhea-AI Impact
(Low)
Rhea-AI Sentiment
(Neutral)
Tags
management
Rhea-AI Summary
Industrial Logistics Properties Trust (Nasdaq: ILPT) announced the appointment of Yael Duffy as President and Chief Operating Officer, effective April 1, 2022. Duffy, previously Vice President of the company, succeeds John Murray, who becomes President and CEO of Sonesta International Hotels Corporation on the same date. Adam Portnoy, a Managing Trustee of ILPT, expressed confidence in Duffy's leadership abilities and her contributions to the company’s growth. As of December 31, 2021, ILPT managed a portfolio of 288 properties with 34 million rentable square feet across 31 states.
Positive
Appointment of Yael Duffy as President and COO expected to bring fresh leadership.
Duffy's previous experience can enhance operational performance.
Continued focus on joint venture relationships with institutional investors.
Negative
Concerns about continuity with Murray's departure.
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, made the following statement:
“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. Looking forward, Yael has the Board’s confidence to continue delivering strong operating performance while creating value for ILPT shareholders.”
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 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, e-commerce 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. For more information, visit www.ilptreit.com.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon ILPT’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond ILPT’s control. For example, this press release states that Ms. Duffy has the Board’s confidence to continue delivering strong operating performance while creating value for ILPT shareholders. This statement may imply that ILPT will achieve similar or better results in the future as a result of Ms. Duffy’s performance or otherwise. However, ILPT’s business is subject to various risks, many of which are beyond ILPT management’s control. As a result, ILPT may not realize strong operating results or create value for its shareholders in the future.
The information contained 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 ILPT’s actual results to differ materially from those stated or implied by ILPT’s forward-looking statements. ILPT’s filings with the SEC are available at the SEC’s website at www.sec.gov.
You should not place undue reliance upon 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.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
