Industrial Logistics Properties Trust (ILPT) Q2 2026 earnings summary

Executive summary

• Normalized FFO grew up to 51% year-over-year, driven by record leasing activity, double-digit rent growth, and strong portfolio performance, with occupancy rising to 99.1% and an average lease term of 8.1 years.

• Completed 5.4 million sq ft of leasing at a 35% GAAP roll-up, with major leases including FedEx and significant renewals in Georgia and Ohio.

• All variable rate debt was refinanced with fixed rate debt, eliminating floating rate exposure and pushing maturities to 2029.

• Quarterly dividend doubled to $0.10 per share, reflecting confidence in earnings durability.

• Portfolio comprised 409 properties totaling 59.6 million sq ft across 39 states, with 79% of rental revenues from investment grade tenants or Hawaii land leases.

Financial highlights

• Q2 2026 normalized FFO was $20.8 million ($0.31 per share), up as much as 51% year-over-year; same property NOI was $88.6 million, up to 2% year-over-year.

• Adjusted EBITDAre reached $87.4 million, a 3% increase year-over-year.

• Net loss attributable to common shareholders improved to $(23.9) million for the six months ended June 30, 2026, from $(42.8) million in the prior year period.

• Ended Q2 with $135.3 million in cash (excluding restricted cash); total debt was $4.22 billion, all fixed rate.

• ILPT shares delivered a 63% total return in the first half of 2026, outperforming the industrial REIT benchmark by 55 percentage points.

Outlook and guidance

• Q3 2026 guidance: NOI $91–92 million, adjusted EBITDAre $87.5–$88.5 million, normalized FFO per share $0.34–$0.36.

• Full year 2026 guidance: NOI $359–364 million, adjusted EBITDAre $348–$353 million, normalized FFO per share $1.31–$1.39, capital expenditures of $29–$34 million, and interest expense of ~$245 million.

• Raised full year 2026 guidance for both adjusted EBITDAre and normalized FFO.

• Only 3.1% of annualized rental revenues are from leases expiring over the next 12 months, supporting stable cash flows.