Yael Duffy
About Yael Duffy
Yael Duffy, age 45, is President (since 2022) and Chief Operating Officer (since 2020) of Industrial Logistics Properties Trust (ILPT). She is a Senior Vice President at The RMR Group overseeing asset management, leasing, and property management, and also serves as President & COO of Office Properties Income Trust (OPI) since January 2024 . Operating performance under her tenure has featured 2024 rental income growth of 1.1% with year-end occupancy of 94.4% and, in 2025, year-over-year growth in cash basis NOI (+2.1%) and normalized FFO (+54%) alongside successful refinancing of $1.235B floating-rate debt into $1.16B fixed and a dividend increase from $0.01 to $0.05 per share . ILPT further reported sequential and year-over-year growth in FFO, cash basis NOI, and EBITDAre in Q3 2025, supported by 836,000 square feet of leasing at +22.4% rent roll-ups and strong renewal activity (70%) .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| ILPT | Chief Operating Officer | Since 2020 | Oversight of operations, leasing, and portfolio execution . |
| ILPT | President | Since 2022 | Executive leadership, strategic initiatives, capital and leasing priorities . |
| The RMR Group (RMR) | Senior Vice President | Since 2006 | Oversight of asset management, leasing, and property management across office, industrial, retail portfolios . |
External Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Office Properties Income Trust (OPI) | President & Chief Operating Officer | Since Jan 2024 | Leadership of office REIT operations and strategy under RMR platform . |
Fixed Compensation
ILPT does not pay cash salary or cash bonuses to its executives; ILPT’s named executive officers are employed and paid cash compensation by RMR (base salary and discretionary bonus), which RMR does not allocate by company and does not disclose per-individual amounts for ILPT service . RMR disclosed aggregated 2024 cash compensation for ILPT’s two named executive officers (Duffy and Sy) as follows:
| Metric (RMR-paid; aggregated for ILPT NEOs) | 2024 Amount ($) |
|---|---|
| Base Salary (aggregate) | 637,967 |
| Discretionary Cash Bonus (aggregate) | 692,500 |
| Mix (salary vs bonus) | 48% salary / 52% bonus (aggregate) |
Notes:
- No guaranteed salary increases or bonuses; no specific performance targets; no tax gross-ups; bonuses based on holistic evaluation of company/group/individual performance across RMR and its managed clients .
Performance Compensation
ILPT compensates executives via annual common share awards under its 2018 Share Award Plan; ILPT does not grant stock options . Awards vest 20% on grant and 20% each year over four years; vesting accelerates upon certain change-in-control or termination events .
ILPT Share Awards – Grant Fair Value by Year (Yael Duffy)
| Metric | 2022 | 2023 | 2024 |
|---|---|---|---|
| Grant Date | 09/14/2022 | 09/13/2023 | 09/11/2024 |
| Grant-date Fair Value ($) | 51,225 | 54,450 | 59,997 |
| Immediate Vesting (%) | 20% | 20% | 20% |
| Remaining Vesting | 20% annually over 4 years | 20% annually over 4 years | 20% annually over 4 years |
2024 Grant Detail (Yael Duffy)
| Metric | Value |
|---|---|
| Shares Granted (#) | 12,396 |
| Grant-date Fair Value ($) | 59,997 |
| Vesting in 2024 (# vested) | 2,479 (20% of 12,396) – included within total 2024 vesting below |
| Shares Vested in 2024 (all grants) | 8,980 shares; value realized $45,223 |
Outstanding Unvested Shares at FY-End 2024 (Yael Duffy)
| Grant Year | Unvested Shares (#) | Market Value ($) at 12/31/2024 |
|---|---|---|
| 2021 | 1,000 | 3,650 |
| 2022 | 3,000 | 10,950 |
| 2023 | 9,000 | 32,850 |
| 2024 | 9,916 | 36,193 |
Performance evaluation inputs (cash bonus at RMR): Holistic assessment of RMR, ILPT and other RMR clients’ performance, and individual contributions; no disclosed weights/targets, and no additional incentive awards for AUM or return benchmarks .
Equity Ownership & Alignment
| Ownership Metric (as of 03/12/2025 unless noted) | Value |
|---|---|
| Beneficial Ownership (shares) | 38,568 |
| Ownership % of Shares Outstanding | Less than 1% (out of 66,144,308 shares) |
| Unvested ILPT Shares (total) at 12/31/2024 | 22,916 (sum of 2021–2024 unvested) |
| Unvested Market Value (sum) at 12/31/2024 | $83,638 (3,650 + 10,950 + 32,850 + 36,193) |
Alignment and policies:
- Hedging is expressly prohibited for officers and trustees; designated blackout periods and pre-clearance for certain insiders under ILPT’s Insider Trading Policy .
- No disclosure of pledging by Duffy; no option awards outstanding (ILPT does not grant options) .
Employment Terms
| Term | Detail |
|---|---|
| Employment Status | ILPT has no employees; executive officers are employed by RMR and serve at ILPT Board’s discretion . |
| Tenure in Role | COO since 2020; President since 2022 . |
| Change-of-Control / Termination | Share award agreements provide accelerated vesting upon certain change-in-control or termination events . |
| Insider Trading | Blackouts and pre-approval for certain insiders; hedging prohibited . |
Performance & Track Record Highlights (operational levers influencing incentive outcomes)
| Area | Metric/Outcome |
|---|---|
| Portfolio & Leasing | 2024: 6.1M sf of new/renewal leases and one rent reset at +18.2% rent roll-ups; occupancy 94.4%; ~77% of annualized rents from IG tenants/subsidiaries or Hawaii land leases . |
| Q2 2025 Results | Cash basis NOI +2.1% YoY; normalized FFO +54% YoY; dividend increased from $0.01 to $0.05 per share; refinanced $1.235B floating-rate debt into $1.16B fixed . |
| Q3 2025 Results | Sequential and YoY growth in FFO, cash basis NOI, EBITDAre; 836k sf leasing at +22.4% rent roll-ups; 70% renewals . |
| Capital Strategy | One property held for sale at ~$50M valuation with proceeds earmarked to partially repay $700M fixed-rate mortgage due 02/1932; monitoring JV’s $1.4B debt maturing Mar 2026 with one-year extension option . |
Compensation Committee Analysis (governance context)
- Committee members: Kevin C. Phelan (Chair), Bruce M. Gans, M.D., June S. Youngs; five meetings in 2024; fully independent .
- Administers ILPT’s Share Award Plan; awards determined on a discretionary, non-formulaic basis considering responsibilities, performance, peer context across RMR-managed REITs; moved to set dollar-value grants in 2024 ($60,000 for Duffy) for consistency year-to-year .
Investment Implications
- Alignment: Multi-year vesting with accelerated vesting on change-of-control supports retention while aligning Duffy with shareholders; absence of options avoids short-term risk-taking incentives .
- Selling pressure: Blackout windows and hedging prohibitions limit opportunistic trading; periodic vesting (20% annually over four years) can create predictable liquidity windows, but policy controls apply .
- Performance linkage: While RMR cash bonuses are discretionary without explicit targets, evaluation incorporates Company-level outcomes; recent NOI/FFO growth, leasing roll-ups, refinancing, and dividend increase are constructive signals for pay-for-performance narratives .
- Retention risk: Significant unvested equity ($83,638 market value at 12/31/2024) and cross-platform leadership at RMR/OPI suggest continued ties to the RMR ecosystem; acceleration terms mitigate risk in change-of-control scenarios .