Industrial Logistics Properties Trust

Listed Company

ILPTCIK 0001717307NasdaqAcceleratedReal Estate Investment TrustsMarylandFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-66.19M

Total Assets

$5.19B

Equity

$489.70M

Shares Out

66.67M

Op. Cash Flow

$60.67M

Business

Industrial Logistics Properties Trust is a real estate investment trust that acquires, owns and leases industrial and logistics properties. It primarily offers long‑term net leases, property management through a manager, selective development, redevelopment and tenant expansions, and joint venture investments. Its operations are organized by property type and ownership interests, notably Mainland Properties and Hawaii Properties and interests in consolidated and unconsolidated joint ventures. The company leases space to logistics, e‑commerce and industrial tenants across the United States, with properties distributed in numerous states and leased directly to tenants.

Summary from filing dated 2025-02-19

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Rental income	449	442	437	388	220
Real estate taxes	62	63	60	51	30
Other operating expenses	37	39	38	31	19
Depreciation and amortization	165	172	179	161	51
General and administrative	37	30	31	33	17
Acquisition and other transaction related costs	0	0	287,000	586,000	1
Loss on impairment of real estate	6	0	156,000	101	0
Total expenses	307	304	309	377	117
Interest and other income	7	11	8	—	—
Interest expense	−265	−293	−289	−280	—
(Loss) gain on sale of real estate	−1	0	2	−10,000	12
Loss on extinguishment of debt	−5	0	−359,000	−22	0
Loss before income taxes and equity in earnings of unconsolidated joint venture	−122	−142	−151	−294	79
Income tax expense	−104,000	−162,000	−104,000	−45,000	−273,000
Equity in earnings of unconsolidated joint venture	20	5	902,000	7	41
Net loss	−103	−137	−150	−287	120
Net loss attributable to noncontrolling interests	36	41	42	60	0
Net loss attributable to common shareholders	−66	−96	−108	−227	120
Unrealized gain (loss) on derivatives	360,000	−14	−18	30	0
Less: unrealized (gain) loss on derivatives attributable to noncontrolling interests	−131,000	3	6	−8	0
Other comprehensive gain (loss) attributable to common shareholders	229,000	−11	−12	22	0
Comprehensive loss attributable to common shareholders	−66	−107	−120	−205	120
Weighted average common shares outstanding (basic) (in shares)	66	66	65	65	65
Weighted average common shares outstanding - diluted (in shares)	66	66	65	65	65
Net loss per share attributable to common shareholders, basic (in dollars per share)	−1	−1.46	−1.65	−3.47	1.83
Net loss per share attributable to common shareholders, diluted (in dollars per share)	−1	−1.46	−1.65	−3.47	1.83

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Land	1,112	1,114	1,114	1,118	699
Buildings and improvements	4,068	4,067	4,056	4,058	1,050
Total real estate properties, gross	5,180	5,180	5,170	5,176	1,749
Accumulated depreciation	−648	−524	−397	−273	−167
Total real estate properties, net	4,532	4,656	4,772	4,903	1,581
Investment in unconsolidated joint venture	133	117	115	124	143
Acquired real estate leases, net	164	199	244	297	63
Cash and cash equivalents	95	132	112	48	29
Restricted cash and cash equivalents	88	111	133	93	0
Rents receivable, including straight line rents of $114,199 and $104,730, respectively	137	129	119	107	76
Other assets, net	42	62	68	104	15
Total assets	5,190	5,406	5,564	5,676	1,909
Mortgage notes payable, net	4,193	4,301	4,306	4,245	646
Assumed real estate lease obligations, net	12	15	19	23	12
Total liabilities	4,289	4,397	4,402	4,345	871
Commitments and contingencies	—	—	—	—	—
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,653,129 and 66,144,308 shares issued and outstanding, respectively	667,000	661,000	658,000	656,000	654,000
Additional paid in capital	1,019	1,017	1,016	1,014	1,012
Cumulative net deficit	−153	−86	9	117	344
Cumulative other comprehensive loss	−836,000	−1	10	22	0
Cumulative common distributions	−376	−368	−366	−363	−319
Total equity attributable to common shareholders	490	562	670	791	1,038
Noncontrolling interests	411	447	492	540	0
Total equity	901	1,009	1,162	1,331	1,038
Total liabilities and equity	5,190	5,406	5,564	5,676	1,909

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation	128	127	125	106	32
Amortization of interest rate caps	31	43	25	1	—
Net amortization of debt issuance costs, premiums and discounts	3	13	27	97	2
Amortization of acquired real estate leases and assumed real estate lease obligations	32	41	50	49	17
Amortization of deferred leasing costs	4	3	2	2	938,000
Straight line rental income	−9	−10	−14	−12	−7
Loss (gain) on sale of real estate	1	0	−2	10,000	−12
Proceeds from settlement of interest rate caps	−34	−65	−57	0	0
General and administrative expenses paid in common shares	2	2	2	2	—
Distributions of earnings from unconsolidated joint venture	4	4	4	5	3
Rents receivable	2	429,000	1	−20	54,000
Other assets	1	−11	−10	12	−8
Accounts payable and other liabilities	3	−932,000	2	3	3
Due to related persons	5	−192,000	142,000	3	−94,000
Net cash provided by operating activities	61	2	6	83	111
Real estate improvements	−19	−6	−19	−18	−5
Purchase of interest rate caps	−15	−43	0	0	—
Distributions in excess of earnings from unconsolidated joint venture	0	0	6	20	0
Proceeds from sale of real estate, net	4	0	24	0	1
Proceeds from settlement of interest rate caps	34	65	57	0	0
Net cash provided by investing activities	4	16	68	−3,446	23
Proceeds from issuance of mortgage notes payable	1,160	0	91	3,335	0
Repayment of ILPT Floating Rate Loan and related costs	−1,240	0	0	—	—
Repayment of mortgage notes payable	−19	−18	−55	−18	0
Payment of debt issuance costs	−17	−234,000	−1	−212	−804,000
Distributions to common shareholders	−8	−3	−3	−44	−86
Repurchase of common shares	−451,000	−312,000	−163,000	−242,000	−922,000
Distributions to noncontrolling interests	−60,000	−326,000	−225,000	−1	0
Net cash (used in) provided by financing activities	−124	−22	31	3,474	−127
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	−59	−3	105	111	7
Interest paid	235	237	238	179	33
Income taxes (received) paid	0	−80,000	85,000	228,000	—
Real estate improvements accrued not paid	2	6	1	3	705,000

Filings

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