PHELAN KEVIN C 4

What Happened

• Kevin C. Phelan, a director of Industrial Logistics Properties Trust (ILPT), is reported to have acquired 2,000 common shares on 2026-05-22 at $8.87 per share for a total of $17,736. The filing lists the acquisition as an open market or private purchase (code P) and was reported on Form 4 filed 2026-05-27. This was a purchase (insider buying is often highlighted by investors as more informative than routine sales).

Key Details

• Transaction date and price: 2026-05-22 at $8.87 per share.
• Total value: $17,736.
• Shares owned after transaction: Not disclosed in the provided summary (total ownership not specified here).
• Footnote F1: The shares were purchased by the Anne D. Phelan Trust; Mr. Phelan is a co‑trustee and beneficiary and disclaims beneficial ownership except to the extent of his pecuniary interest.
• Footnote F2: The filing also notes 1,325.207 shares were acquired under ILPT’s Dividend Reinvestment Plan (DRIP) since Mr. Phelan’s last Section 16 filing.
• Timeliness: The trade occurred 2026-05-22 and the Form 4 was filed 2026-05-27, outside the usual two business-day filing window (reported as late).

Context

• This was a straightforward purchase reported via Form 4; because the shares were bought by a trust of which Phelan is a co‑trustee and beneficiary, he disclaims beneficial ownership except for his pecuniary interest. The reported purchase is modest in dollar size (~$17.7k). A late filing reduces immediate transparency but does not by itself indicate wrongdoing.