Business
Industrial Logistics Properties Trust Announces First Quarter 2020 Results
First Quarter Net Income Attributable to Common Shareholders of $0.20 Per Share First Quarter Normalized FFO Attributable to Common Shareholders Increased
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nFirst Quarter Net Income Attributable to Common Shareholders of $0.20 Per Share\n\n\nFirst Quarter Normalized FFO Attributable to Common Shareholders Increased 12.2% to $0.46 Per Share\n\n\nFormed First Joint Venture, Raising Equity Capital at Net Asset Value to Reduce Debt\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter ended March 31, 2020.\n\n\nJohn Murray, President and Chief Executive Officer of ILPT, made the following statement:\n\n\n“We are focused on and concerned by the impact the COVID-19 pandemic has had on the economy and the real estate industry, but believe we are well positioned to weather disruptions which may affect our business. The industrial and logistics sector and many of our tenants are critical to sustaining a resilient supply chain to support essential services and daily consumption across the nation. Our liquidity remains strong with approximately $20 million of cash and nearly $500 million of availability under our revolving credit facility as of March 31, 2020. Additionally, we face minimal lease expirations and debt maturities over the next 12 months, with only 0.5% of annualized rental income expiring and $49 million of mortgage debt on one property coming due. We have granted rent deferrals to certain of our tenants for a total of approximately $2.1 million. These leases represent approximately 6.5% of annualized rental revenues as of March 31, 2020. Tenants who have received rent deferrals will generally be obligated to pay the deferred rents beginning in September 2020 in 12 equal installments. We believe these deferrals will allow our tenants to continue to be successful during this challenging time.\n\n\nDuring the first quarter, ILPT formed a $680 million joint venture with an Asian institutional investor. We used the proceeds that we received from this joint venture formation to reduce leverage. We plan to expand this joint venture and expect it to support ILPT’s continued growth. We also acquired a Class A e-commerce distribution facility located near Phoenix, AZ that is 100% leased to a single tenant. Finally, earlier this month we also announced that we maintained our regular quarterly distribution to shareholders, which we hope demonstrates our belief that ILPT remains a secure investment amid ...