Industrial Logistics Properties Trust (ILPT) Q3 2026 earnings summary

Executive summary

• Normalized FFO rose 42.4% YoY to $21.3M, or $0.32/share; lower interest expense after refinancing supported growth.

• Occupancy reached 98.3%, up 420 bps YoY, across 409 properties and 59.6M rentable sq. ft.

• Same-property NOI increased 5.7%; same-property cash basis NOI rose 1.9%.

• Three-year total shareholder return exceeded 200%, ranking among the top three U.S. REITs and outperforming the MSCI U.S. REIT Industrial Index.

Financial highlights

• Q3 rental income rose 5.3% YoY to $116.8M; NOI increased 5.8% to $92.0M.

• Common-shareholder net loss widened to $30.2M, or $0.46/share, from $21.6M, or $0.33/share, in Q3 2025.

• Nine-month Normalized FFO rose to $59.7M from $40.0M; nine-month NOI increased 3.4% to $270.9M.

• Previously vacant Hawaii and Indianapolis properties generated nearly $3M of incremental Q3 NOI.

Outlook and guidance

• FY 2026 guidance: NOI $363M–$364M; Adjusted EBITDAre $344M–$345M; Normalized FFO $82M–$83M, or $1.23–$1.25/share.

• Q4 2026 guidance: NOI $92M–$93M; Adjusted EBITDAre $87M–$88M; Normalized FFO $22M–$23M, or $0.33–$0.35/share.

• NOI guidance midpoint increased by $2M and full-year ranges narrowed, supported by leasing momentum.

• FY guidance includes $8.4M, or $0.13/share, of accrued incentive fees; final fees may differ materially with total return through year-end.

• Guidance assumes no acquisitions or dispositions; recurring capex guidance is $32M–$34M.