Business
Industrial Logistics Properties Trust Announces Fourth Quarter 2020 Results
Fourth Quarter Net Income Attributable to Common Shareholders of $0.62 Per Share Fourth Quarter Normalized FFO Attributable to Common Shareholders of $0.46
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nFourth Quarter Net Income Attributable to Common Shareholders of $0.62 Per Share\n\nFourth Quarter Normalized FFO Attributable to Common Shareholders of $0.46 Per Share\n\nAdded Second Joint Venture Investor, 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 December 31, 2020.\n\nJohn Murray, President and Chief Executive Officer of ILPT, made the following statement:\n\n\"We reported a strong finish to the year, with steady progress on our key priorities to reduce leverage, expand the portfolio, and create value for tenants and investors in today's competitive operating environment. ILPT entered into new and renewal leases for approximately 253,000 square feet, resulting in weighted average rental rates that were 14.1% higher than prior rental rates with a weighted average lease term of 13 years. Our portfolio occupancy also remained stable at 98.5%, which demonstrates the strong demand for ILPT's high quality industrial and logistics properties. We added a second third party investor to our existing 12-property joint venture, which resulted in substantially reducing our leverage, and we ended the year with more than $550 million of total liquidity. Finally, in December 2020, we completed the acquisition of a 645,000 square foot Class A industrial facility in the Kansas City area, which expands ILPT's geographic diversification into another top 20 U.S. industrial market. Looking ahead to 2021, we anticipate industrial real estate fundamentals will continue to remain strong with ILPT well positioned to pursue opportunities that will complement our existing industrial assets, drive growth across the portfolio, and create sustainable long-term shareholder value.”\n\nQuarterly Results:\n\n\nNet income attributable to common shareholders of $40.3 million, or $0.62 per diluted share.\n\n\nNormalized FFO attributable to common shareholders of $30.2 million, or $0.46 per diluted share.\n\n\nRecorded a gain on sale of real estate of $24.0 million, or $0.37 per diluted share, principally related to our sale of equity interest in our joint venture to a second third party institutional investor.\n\n\n\n\n(dollars in thousands, except per share data)\n\n\n\nThree Months Ended\n\n\n\n\n\n...