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Industrial Logistics Properties Trust (ILPT) investor relations material
Industrial Logistics Properties Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary29 Oct, 2025
Executive summary
Achieved strong third quarter results with sequential and year-over-year growth in FFO, NOI, and Adjusted EBITDAre, driven by robust leasing demand and operating fundamentals.
Portfolio comprised 411 properties totaling approximately 59.9 million rentable sq ft across 39 states, with 94.1% occupancy and 76% of annualized rental revenues from investment grade tenants or Hawaii land leases.
Completed 836,000 sq ft of leasing in Q3, with renewals accounting for 70% of activity and weighted average rental rates 22.4% higher than prior rates.
Net loss attributable to common shareholders was $21.6 million for Q3 2025, improved from prior year periods.
Distributions of $0.07 per share were declared and paid during the nine months ended September 30, 2025, with an additional $0.05 per share for Q4 2025.
Financial highlights
Normalized FFO for Q3 2025 was $17.4 million or $0.26 per share, up from $0.12 per share in Q3 2024.
Same property NOI was $86.4 million, up 2.9% year-over-year; same property cash basis NOI was $84.2 million, up 3.0% year-over-year.
Net operating income (NOI) for Q3 2025 was $87.0 million, with an NOI margin of 78.4%.
Interest expense decreased by 14.2% year-over-year in Q3 2025 due to loan repayment and refinancing.
Recognized a $6.1 million impairment charge on a held-for-sale property.
Outlook and guidance
Q4 2025 normalized FFO expected between $0.27-$0.29 per share (excluding incentive fees); adjusted EBITDA-RE between $84-$85 million.
Leasing pipeline exceeds 8 million sq ft, with 75% in advanced negotiations and expected average rent roll-ups of 20% on the mainland and 30% in Hawaii.
Sufficient liquidity is expected to meet obligations and distributions for the next 12 months and beyond.
Only 4.0% of annualized rental revenues expire in the next 12 months.
Tenant quality and revenue stability
ILPT's portfolio scale and geographic spread
RMR Group's scale and management expertise
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Next Industrial Logistics Properties Trust earnings date
Q4 202518 Feb, 2026
Next Industrial Logistics Properties Trust earnings date
Q4 202518 Feb, 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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