Business
Industrial Logistics Properties Trust Announces Fourth Quarter 2022 Results
Executed 1.4 Million Square Feet of Leasing at 18.7% Higher Rental Rates Full Year Leasing Activity of 7.8 Million Square Feet at 47.3% Higher Rental Rates
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nExecuted 1.4 Million Square Feet of Leasing at 18.7% Higher Rental Rates\n\nFull Year Leasing Activity of 7.8 Million Square Feet at 47.3% Higher Rental Rates\n\nNet Loss Attributable to Common Shareholders of $0.48 Per Share\n\nNormalized FFO Attributable to Common Shareholders of $0.08 Per Share\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2022.\n\nYael Duffy, President and Chief Operating Officer of ILPT, made the following statement:\n\n“As we look ahead to 2023, we believe the strength of industrial real estate fundamentals will continue to allow us to organically grow cash flows through mark-to-market opportunities and tenant retention as evidenced by our record 2022 leasing activity and related rent roll-ups. With a 99.1% leased portfolio, exceptional tenant roster and no near-term debt maturities, we will continue to be patient as we evaluate opportunities to strengthen our balance sheet and reduce leverage.”\n\nQuarterly Results:\n\n\nNet loss attributable to common shareholders was $31.0 million, or $0.48 per diluted share.\n\n\n\nNormalized funds from operations, or Normalized FFO, attributable to common shareholders were $5.4 million, or $0.08 per diluted share.\n\n\n\nSame property net operating income, or NOI, and same property Cash Basis NOI for the quarter ended December 31, 2022 increased 1.4% and 0.3%, respectively, compared to the prior year quarter. ILPT reduced its reserves for uncollectible revenues from certain tenants by $0.4 million during the prior year quarter. Excluding such reduction, same property NOI and same property Cash Basis NOI increased 2.3% and 1.3%, respectively.\n\n\n\n\n(dollars in thousands, except per share data)\n\n\n\n\nThree Months Ended December 31,\n\n\n\n\n\nFinancial (1)\n\n\n\n\n2022\n\n\n\n \n\n\n\n2021\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet (loss) income attributable to common shareholders\n\n\n\n\n($31,043)\n\n\n\n \n\n\n\n$63,207\n\n\n\n \n\n\n\n(149.1)%\n\n\n\n\n\nNet (loss) income attributable to common shareholders per diluted share\n\n\n\n\n$(0.48)\n\n\n\n \n\n\n\n$0.97\n\n\n\n \n\n\n\n(149.5)%\n\n\n\n\n\nNormalized FFO attributable to common shareholders\n\n\n\n\n$5,440\n\n\n\n \n\n\n\n$31,714\n\n\n\n \n\n\n\n(82.8)%\n\n\n\n\n\nNormalized FFO attributa...