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Industrial Logistics Properties Trust
Industrial Logistics Properties Trust (ILPT) investor relations material
Industrial Logistics Properties Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary19 Feb, 2026
Executive summary
Achieved record quarterly leasing volume in Q4 2025, executing nearly 4 million sq ft at a 25.7% rent roll-up and 94.5% occupancy, marking the fifth consecutive quarter of double-digit rent growth.
Normalized FFO grew 113% year-over-year; same property cash basis NOI increased 5.2%, highlighting portfolio strength.
Total shareholder return exceeded 55% in 2025, ranking third among all U.S. REITs and outperforming the industrial sector benchmark.
Portfolio comprised 409 properties across 39 states, totaling 59.6 million sq ft, with 76% of annualized rental revenues from investment grade tenants or Hawaii land leases.
Financial highlights
Q4 normalized FFO was $18.9 million ($0.29 per share), up 9% sequentially and 113% year-over-year.
Same property NOI reached $88.2 million; same property cash basis NOI was $85.7 million, both increasing year-over-year and sequentially.
Adjusted EBITDA totaled $85.1 million.
Interest expense decreased by $8.4 million (11.7%) year-over-year due to lower debt and improved rates.
Net loss attributable to common shareholders was $1.8 million ($0.03 per diluted share) for Q4 2025.
Outlook and guidance
Q1 2026 normalized FFO expected between $0.29-$0.31 per share; Adjusted EBITDA between $84-$85 million.
Entering 2026 with a robust leasing pipeline and opportunities to further strengthen the balance sheet.
Interest expense for Q1 forecasted at $61.5 million, including $4.5 million non-cash amortization.
Continued focus on leasing priorities, organic cash flow growth, and leverage reduction.
JV loan refinancing strategy and timing
Hawaii land parcel leasing strategy adjustments
Outlook for embedded rent growth realization
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Next Industrial Logistics Properties Trust earnings date
Q1 202629 Apr, 2026
Industrial Logistics Properties Trust
Next Industrial Logistics Properties Trust earnings date
Q1 202629 Apr, 2026
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Frequently asked questions
Industrial Logistics Properties Trust is a real estate investment trust focused on owning and leasing industrial and logistics facilities across the United States. The company’s portfolio includes distribution centers and e-commerce fulfillment properties leased to single and multi-tenant operators. The company is headquartered in Newton, Massachusetts, and its shares are listed on the NASDAQ.
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