Exhibit 99.1

INDUSTRIAL LOGISTICS PROPERTIES TRUST

Introduction to Unaudited Pro Forma Condensed Consolidated Financial Statements

(dollars in thousands)

The following unaudited pro forma condensed consolidated financial statements of Industrial Logistics Properties Trust, or ILPT, give effect to (i) the acquisition by ILPT of Monmouth Real Estate Investment Corporation, a Maryland corporation, or MNR, pursuant to the merger, or the Merger, of MNR with and into one of ILPT’s wholly owned subsidiaries, and (ii) other transactions that occurred in connection with the closing of the Merger, including (1) ILPT’s entering into a joint venture arrangement, or the joint venture, with an unrelated third party institutional investor for 95 properties, including two committed, but not yet completed, MNR property acquisitions, (2) the joint venture’s assumption of $323,432 of existing MNR mortgage debt and entering into a $1,400,000 floating rate CMBS loan, (3) ILPT’s entering into a $1,385,158 bridge loan, and (4) ILPT’s entering into a $700,000 fixed rate CMBS loan. The Merger and other transactions are further described in the notes to the unaudited pro forma condensed consolidated financial statements.

The unaudited pro forma condensed consolidated balance sheet as of December 31, 2021 reflects ILPT’s financial position as if the Merger and other transactions described above and in the notes to the unaudited pro forma condensed consolidated financial statements occurred on December 31, 2021. The unaudited pro forma condensed consolidated statement of income (loss) for the year ended December 31, 2021 reflects the results of ILPT’s operations as if the Merger and other transactions described above and in the notes to the unaudited pro forma condensed consolidated financial statements occurred on January 1, 2021. These unaudited pro forma condensed consolidated financial statements should be read in conjunction with (i) ILPT’s audited consolidated financial statements and the notes thereto as of and for the year ended December 31, 2021, included in ILPT’s Annual Report on Form 10-K for the year ended December 31, 2021 filed on February 15, 2022 with the Securities and Exchange Commission, or SEC, (ii) MNR’s audited consolidated financial statements and the notes thereto as of and for the fiscal year ended September 30, 2021, included in MNR’s Annual Report on Form 10-K for the fiscal year ended September 30, 2021 filed on November 12, 2021 with the SEC and incorporated by reference in Item 9.01(a) of this Current Report on Form 8-K/A, and (iii) MNR’s unaudited condensed consolidated financial statements and the notes thereto as of and for the three months ended December 31, 2021, included in MNR’s Quarterly Report on Form 10-Q for the quarterly period ended December 31, 2021 filed on February 4, 2022 with the SEC and incorporated by reference in Item 9.01(a) of this Current Report on Form 8-K/A.

These unaudited pro forma condensed consolidated financial statements are provided for informational purposes only. In the opinion of ILPT’s management, all adjustments necessary to reflect the effects of the Merger and other transactions described above and in the notes to the unaudited pro forma condensed consolidated financial statements have been included and are based upon available information and assumptions that ILPT’s management believes are reasonable. Adjustments have been made to the unaudited pro forma condensed consolidated balance sheet and the unaudited pro forma condensed consolidated statement of income (loss) to reflect factually supportable items that are directly attributable to these transactions, and with respect to the unaudited pro forma condensed consolidated statement of income (loss), are expected to have a continuing impact on ILPT’s financial results.

The allocation of the purchase price of ILPT’s acquisition of MNR as described in the notes and reflected in these unaudited pro forma condensed consolidated financial statements, is based on preliminary estimates of the fair values of the assets acquired and liabilities assumed. Consequently, amounts preliminarily allocated to these assets acquired and liabilities assumed could change significantly from those reflected in these unaudited pro forma condensed consolidated financial statements.

These unaudited pro forma condensed consolidated financial statements are not necessarily indicative of ILPT’s expected financial position or results of operations for any future period. Differences could result from numerous factors, including future changes in ILPT’s portfolio of investments, capital structure, property level operating expenses and revenues, including rents expected to be received from ILPT’s existing leases or leases ILPT may enter into in the future, changes in interest rates, the performance of ILPT’s joint ventures, the timing of the expected sales of certain MNR properties and other reasons. Actual future results are likely to be different from amounts presented in these unaudited pro forma condensed consolidated financial statements and such differences could be significant.

Industrial Logistics Properties Trust

Unaudited Pro Forma Condensed Consolidated Balance Sheet

December 31, 2021

(dollars in thousands)

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

Industrial Logistics Properties Trust

Unaudited Pro Forma Condensed Consolidated Statement of Income (Loss)

For the Year Ended December 31, 2021

(amounts in thousands, except per share data)

The accompanying notes are an integral part of these unaudited pro forma condensed consolidated financial statements.

Industrial Logistics Properties Trust

Notes to Unaudited Pro Forma Condensed Consolidated Financial Statements

(dollars in thousands)

As of December 31, 2021, ILPT’s portfolio was comprised of 288 wholly owned properties containing approximately 34.0 million rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that were primarily industrial lands located on the island of Oahu, HI and 62 buildings containing approximately 17.3 million rentable square feet that were industrial and logistics properties located in 30 other states. As of December 31, 2021, ILPT also owned a 22% equity interest in an unconsolidated joint venture that owns 18 properties located in 12 states in the mainland United States containing approximately 11.7 million rentable square feet.

On February 25, 2022, ILPT completed its acquisition of MNR pursuant to the Agreement and Plan of Merger, dated as of November 5, 2021 and as amended on February 7, 2022, or the Merger Agreement, by and among ILPT, Maple Delaware Merger Sub LLC, a Delaware limited liability company and ILPT’s wholly owned subsidiary, or Merger Sub, and MNR. At the effective time on February 25, 2022, or the Effective Time, MNR merged with and into Merger Sub, with Merger Sub as the surviving entity, and the separate existence of MNR ceased. MNR’s portfolio, including two committed, but not yet completed, MNR property acquisitions, includes 126 Class A, single tenant, net leased, e-commerce focused industrial properties containing approximately 26.3 million rentable square feet. The aggregate value of the consideration paid in the Merger was $3,734,305, including the assumption of $323,432 aggregate principal amount of existing MNR mortgage debt, the repayment of $885,269 of MNR debt and the payment of certain transaction fees and expenses, net of MNR’s cash on hand, and excluding two pending MNR property acquisitions for an aggregate purchase price of $78,843, excluding acquisition related costs.

These unaudited pro forma condensed consolidated financial statements include ILPT’s and MNR’s accounts and the accounts of their respective consolidated subsidiaries. All intercompany transactions and balances have been eliminated. MNR’s historical financial statements reflect MNR’s audited financial statements for the year ended September 30, 2021. Certain reclassifications have been made to MNR’s historical financial statements to conform to ILPT’s presentation.

Pursuant to the terms set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $0.01 per share, of MNR that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive $21.00 per share in cash, or the Common Stock Consideration, and each share of 6.125% Series C Cumulative Redeemable Preferred Stock, par value $0.01 per share of MNR, or MNR’s Preferred Stock, that was issued and outstanding immediately prior to the Effective Time was automatically converted into the right to receive an amount in cash equal to $25.00 plus accumulated and unpaid dividends, or the Preferred Stock Consideration.

At the Effective Time, each MNR stock option and restricted stock award outstanding immediately prior to the Effective Time, whether vested or unvested, became fully vested and converted into the right to receive, in the case of stock options, the difference between the Common Stock Consideration and the exercise price and, in the case of restricted stock awards, the Common Stock Consideration. Any out-of-money stock options were canceled for no consideration.

Immediately following the closing of the Merger, ILPT entered into a joint venture with an unrelated third party institutional investor for 95 MNR properties, including two committed, but not yet completed, MNR property acquisitions. The investor acquired a 39% equity interest in the joint venture from ILPT for $587,440, and ILPT retained a 61% equity interest in the joint venture. In connection with the transaction, the joint venture assumed $323,432 of existing MNR mortgage debt secured by 11 properties and entered into a $1,400,000 floating rate CMBS loan secured by 82 properties, or the Floating Rate Loan. The Floating Rate Loan matures in March 2024, subject to three one year extension options and bears interest at a rate of Secured Overnight Financing Rate, or SOFR, plus a premium of 2.765%. In connection with the closing of the Merger, ILPT entered into a $1,385,158 bridge loan secured by 109 ILPT and MNR properties not owned by the joint venture, or the Bridge Loan. ILPT also entered into a $700,000 fixed rate CMBS loan secured by 17 ILPT properties, or the Fixed Rate Loan. The Bridge Loan matures in February 2023 and bears interest at a rate of SOFR plus a weighted average premium of 2.919%. The Fixed Rate Loan matures in February 2032 and bears interest at a weighted average interest rate of 4.417%. The Floating Rate Loan, the Bridge Loan and the Fixed Rate Loan are collectively referred to as the Loans.

ILPT used the proceeds from its sale of the joint venture interest to partially fund the acquisition of MNR. ILPT funded its equity interest in the joint venture and the balance of the acquisition of MNR with proceeds from the Bridge Loan and the Fixed Rate Loan. In connection with the Merger and the Loans, ILPT repaid the outstanding principal balance under its $750,000 unsecured revolving credit facility and then terminated the agreement governing the facility in accordance with its terms and without penalty.

The following tables summarize the estimated purchase price and funding sources of the Merger as of February 25, 2022:

The following table summarizes the preliminary purchase price allocation of the Merger:

ILPT will account for the Merger as an asset acquisition, with ILPT being treated as the acquirer of MNR for accounting purposes. Accordingly, the assets acquired and liabilities assumed will be recorded at their respective relative fair values and added to those of ILPT. In addition, costs associated with the acquisition are capitalized. For purposes of these unaudited pro forma condensed consolidated financial statements, ILPT allocated: (i) a portion of the purchase price to land, buildings and improvements based on determinations of the fair values of the properties acquired assuming those properties are vacant; (ii) a portion of the purchase price to above market and below market leases based on the present value (using an interest rate which reflects the risks associated with acquired in place leases at the time of acquisition) of the difference, if any, between (x) the contractual amounts to be paid pursuant to the acquired in place leases and (y) ILPT’s estimates of fair market lease rates for the corresponding leases, measured over a period equal to the terms of the respective leases; and (iii) a portion of the purchase price to acquired in place leases based upon market estimates to lease up the properties based on the leases in place at the time of acquisition. In making these allocations, ILPT considered factors such as estimated carrying costs during the expected lease up periods, including real estate taxes, insurance and other operating income and expenses and costs, such as leasing commissions, legal and other related expenses, to execute similar leases in current market conditions at the time of acquisition.

Adjustments have been made to record land, buildings and improvements, acquired real estate leases, securities available for sale, other assets, assets and liabilities of properties held for sale, accounts payable and other liabilities, equity attributable to noncontrolling interest of MNR’s then existing joint venture and assumed real estate lease obligations at their estimated relative fair values as described in Note (2). Additional adjustments include:

An increase or decrease in the variable interest rates of 1/8 of a percent would increase or decrease, respectively, annual interest expense under the Floating Rate Loan and the Bridge Loan by $1,750 and $1,731, respectively.