Industrial Logistics Properties TrustILPT
Industrial Logistics Properties Trust Debt Disclosure
Indebtedness
Our outstanding indebtedness as of December 31, 2025 and December 31, 2024 is summarized below:
| Number of | ||||||||||||||||||||||||||||||||||||||
| Properties | Principal | Interest | Carrying Value | |||||||||||||||||||||||||||||||||||
| Entity | Secured By | Balance | Rate (1) | Type | Maturity | of Collateral | ||||||||||||||||||||||||||||||||
As of December 31, 2025 | ||||||||||||||||||||||||||||||||||||||
| ILPT | 186 | $ | 650,000 | 4.31% | Fixed | 02/07/2029 | $ | 489,987 | ||||||||||||||||||||||||||||||
| ILPT | 101 | 1,160,000 | 6.40% | Fixed | 07/09/2030 | 976,178 | ||||||||||||||||||||||||||||||||
| ILPT | 17 | 700,000 | 4.42% | Fixed | 03/09/2032 | 481,374 | ||||||||||||||||||||||||||||||||
Mountain JV | 82 | 1,400,000 | 5.87% | Floating | 03/09/2026 | 1,749,546 | ||||||||||||||||||||||||||||||||
| Mountain JV | 4 | 91,000 | 6.25% | Fixed | 06/10/2030 | 173,992 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 8,609 | 3.67% | Fixed | 05/01/2031 | 28,492 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 10,302 | 4.14% | Fixed | 07/01/2032 | 40,975 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 23,678 | 4.02% | Fixed | 10/01/2033 | 80,094 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 33,209 | 4.13% | Fixed | 11/01/2033 | 126,170 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 20,784 | 3.10% | Fixed | 06/01/2035 | 43,871 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 33,817 | 2.95% | Fixed | 01/01/2036 | 93,533 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 39,031 | 4.27% | Fixed | 11/01/2037 | 104,474 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 43,606 | 3.25% | Fixed | 01/01/2038 | 107,217 | ||||||||||||||||||||||||||||||||
| Total / weighted average | 4,214,036 | 5.43% | $ | 4,495,903 | ||||||||||||||||||||||||||||||||||
| Unamortized debt issuance costs | (20,842) | |||||||||||||||||||||||||||||||||||||
| Total indebtedness, net | $ | 4,193,194 | ||||||||||||||||||||||||||||||||||||
As of December 31, 2024 | ||||||||||||||||||||||||||||||||||||||
| ILPT | 104 | $ | 1,235,000 | 6.71% | Floating | 10/09/2025 | $ | 1,017,228 | ||||||||||||||||||||||||||||||
| ILPT | 186 | 650,000 | 4.31% | Fixed | 02/07/2029 | 490,454 | ||||||||||||||||||||||||||||||||
| ILPT | 17 | 700,000 | 4.42% | Fixed | 03/09/2032 | 491,143 | ||||||||||||||||||||||||||||||||
| Mountain JV | 82 | 1,400,000 | 5.81% | Floating | 03/09/2025 | 1,802,396 | ||||||||||||||||||||||||||||||||
| Mountain JV | 4 | 91,000 | 6.25% | Fixed | 06/10/2030 | 178,465 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 10,020 | 3.67% | Fixed | 05/01/2031 | 28,363 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 11,636 | 4.14% | Fixed | 07/01/2032 | 42,242 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 26,200 | 4.02% | Fixed | 10/01/2033 | 82,443 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 36,684 | 4.13% | Fixed | 11/01/2033 | 127,960 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 22,637 | 3.10% | Fixed | 06/01/2035 | 45,070 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 36,655 | 2.95% | Fixed | 01/01/2036 | 96,321 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 41,491 | 4.27% | Fixed | 11/01/2037 | 107,606 | ||||||||||||||||||||||||||||||||
| Mountain JV | 1 | 46,506 | 3.25% | Fixed | 01/01/2038 | 110,346 | ||||||||||||||||||||||||||||||||
| Total / weighted average | 4,307,829 | 5.51% | $ | 4,620,037 | ||||||||||||||||||||||||||||||||||
| Unamortized debt issuance costs | (7,292) | |||||||||||||||||||||||||||||||||||||
| Total indebtedness, net | $ | 4,300,537 | ||||||||||||||||||||||||||||||||||||
(1)Interest rates reflect the impact of interest rate caps, if any.
In June 2025, we obtained a $1,160,000 fixed rate, interest only mortgage loan secured by 101 of our properties. This mortgage loan matures in July 2030 and requires that interest be paid at an annual rate of 6.40%. Subject to the satisfaction of certain conditions, we have the option to prepay our $1,160,000 mortgage loan in full or in part with a premium prior to January 9, 2030 and at par with no premium on or after January 9, 2030. We used the net proceeds from our $1,160,000 mortgage loan and cash on hand to repay in full our then $1,235,000 loan, or the ILPT Floating Rate Loan. The ILPT Floating Rate Loan was secured by 104 of our properties, was scheduled to mature in October 2025 and required that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. During year ended December 31, 2025, we recognized a $5,070 loss on extinguishment of debt related to the repayment of the ILPT Floating Rate Loan.
Our consolidated joint venture’s $1,400,000 loan, or the Mountain Floating Rate Loan, is secured by 82 properties, matures in March 2026, subject to one remaining -year extension option, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. In March 2025, our consolidated joint venture exercised the second of its three, -year extension options for the maturity date of this loan. In connection with the exercise of the extension, our consolidated joint venture purchased a -year interest rate cap for $15,010 with a SOFR strike rate equal to 3.10%, which replaced the previous interest rate cap with a SOFR strike rate equal to 3.04%. Subject to the satisfaction of certain conditions, our consolidated joint venture has the option to prepay the Mountain Floating Rate Loan in full or in part at any time at par with no premium.
The weighted average interest rates under our floating rate loans for the years ended December 31, 2025 and 2024 were as follows:
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
ILPT Floating Rate Loan (1) | 6.71% | 6.26% | |||||||||
Mountain Floating Rate Loan (2) | 5.85% | 5.88% | |||||||||
(1)In June 2025, we repaid in full the ILPT Floating Rate Loan using proceeds from our $1,160,000 mortgage loan and cash on hand. Reflects the impact of interest rate caps, which prior to the repayment, had a SOFR strike rate equal to 2.78% which replaced the previous strike rate equal to 2.25% in October 2024.
(2)Reflects the impact of interest rate caps, with a current SOFR strike rate equal to 3.10%, which replaced the previous strike rate equal to 3.04% in March 2025.
The agreements governing certain of our indebtedness contain customary covenants and provide for acceleration of payment of all amounts due thereunder upon the occurrence and continuation of certain events of default. As of December 31, 2025, we believe that we were in compliance with all of the covenants and other terms under the agreements governing our debt obligations. See Note 11 for further information regarding our current and former interest rate caps.
The required principal payments due during the next five years and thereafter, excluding extension options, under all our outstanding debt as of December 31, 2025 are as follows:
| Principal | |||||
| Payment | |||||
| 2026 | $ | 1,419,499 | |||
| 2027 | 20,224 | ||||
| 2028 | 20,989 | ||||
| 2029 | 671,778 | ||||
| 2030 | 1,273,597 | ||||
| Thereafter | 807,949 | ||||
| Total | $ | 4,214,036 | |||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 18, 2026 | Showing above |
| 2024 | Feb 19, 2025 | |
| 2023 | Feb 20, 2024 | |
| 2022 | Feb 14, 2023 | |
| 2021 | Feb 15, 2022 | |
| 2020 | Feb 18, 2021 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.