Industrial Logistics Properties Trust (ILPT) Q4 2025 earnings summary

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.