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SIR Plans Spin-off of Industrial Business

The standalone REIT, Industrial Logistics Properties Trust, will initially own more than 260 mostly single-tenant properties contributed by parent company Select Income REIT.

By Paul Bubny | Updated on November 22, 2017

Aerial view of industrial properties Some of the more than 225 industrial properties that Select Income REIT owns in Hawaii.

NEWTON, MA—Select Income REIT (SIR) said late Tuesday afternoon that it had registered with the SEC for a planned spin-off of subsidiary Industrial Logistics Properties Trust (ILPT), with a view toward making an initial public offering. The SEC filing did not provide detail on the timing or pricing of the IPO.

Post-IPO, ILPT will own almost all of SIR’s industrial portfolio, which currently runs to 229 properties in Hawaii and 46 in other states. The spin-off REIT’s portfolio would include 226 Hawaiian assets and 40 mainland industrial properties. SIR will continue to own a majority of the spin-off entity’s stock.

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