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Industrial Logistics Properties Trust (ILPT) investor relations material
Industrial Logistics Properties Trust Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved strong quarterly performance with a portfolio of 411 properties totaling 59.9M sq ft across 39 states and 94.3% occupancy as of June 30, 2025.
76% of annualized rental revenues are from investment grade tenants, subsidiaries of investment grade entities, or Hawaii land leases.
Net loss attributable to common shareholders was $21.3M ($0.32 per share) for Q2 2025, an improvement from Q2 2024.
Major refinancing replaced $1.24B floating rate debt with $1.16B fixed rate debt, reducing interest rate risk and generating cash savings.
Dividend increased to $0.05 per share for Q3 2025.
Financial highlights
Normalized FFO for Q2 2025 was $13.8M ($0.21 per share), up 54% year-over-year.
NOI for Q2 2025 was $87.6M, up 1.5% year-over-year; cash basis NOI was $84.7M, up 2.1% year-over-year.
Interest expense decreased 7.8% year-over-year for Q2 2025.
Adjusted EBITDAre was $85M; interest coverage ratio improved to 1.3x.
Cash and cash equivalents at June 30, 2025, were $58.6M; total liquidity including restricted cash was $159.1M.
Outlook and guidance
Management expects continued strong demand for industrial properties, ongoing organic cash flow growth, and further deleveraging in the second half of 2025.
Normalized FFO for 2025 expected between $0.25 and $0.27 per share.
Only 2.3% of annualized rental revenues from leases expiring in the next 12 months.
Sufficient liquidity and cash flow expected to meet obligations and distributions for at least the next 12 months.
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