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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.
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Q2 2025 earnings summary30 Jul, 2025

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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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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