Business
Industrial Logistics Properties Trust Announces Fourth Quarter and Year End 2019 Results
Fourth Quarter Net Income of $0.18 Per Share Fourth Quarter Normalized FFO of $0.46 Per Share Fourth Quarter Same Property Cash Basis NOI Increased by 5.5%
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nFourth Quarter Net Income of $0.18 Per Share\n\n\nFourth Quarter Normalized FFO of $0.46 Per Share\n\n\nFourth Quarter Same Property Cash Basis NOI Increased by 5.5% Compared to the Same Period Last Year\n\n\nCompleted First Joint Venture, Raising Equity Capital to Reduce Debt at Net Asset Value\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter and year ended December 31, 2019.\n\n\nJohn Murray, President and Chief Executive Officer of ILPT, made the following statement:\n\n\n“We saw continued solid performance in the fourth quarter, executing on our business plan with strong leasing activity and rent growth that resulted in a same property Cash Basis NOI increase of 5.5%. We are also happy to have completed two exciting transactions subsequent to year end, closing our first joint venture on a portfolio of U.S. mainland properties which will reduce our leverage and demonstrates the value of our mainland portfolio, and acquiring an 820,000 square foot Class A e-commerce distribution center near Phoenix, AZ.”\n\n\nResults for the Quarter Ended December 31, 2019:\n\n\nNet income for the quarter ended December 31, 2019 was $11.7 million, or $0.18 per share, compared to $18.3 million, for the same quarter last year. Normalized funds from operations, or Normalized FFO, for the quarter ended December 31, 2019 were $29.7 million, or $0.46 per share, compared to $25.9 million for the same quarter last year.\n\n\nReconciliations of net income determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO and to Normalized FFO for the quarters ended December 31, 2019 and 2018 appear later in this press release.\n\n\nResults for the Year Ended December 31, 2019:\n\n\nNet income for the year ended December 31, 2019 was $52.5 million, or $0.81 per share, compared to $74.4 million, for the same period last year. Normalized FFO for the year ended December 31, 2019 were $114.4 million, or $1.76 per share, compared to $103.0 million for the same period last year.\n\n\nFor the period from January 1, 2018 to January 17, 2018, the date of ILPT’s initial public offering, or the IPO, ILPT’s historical results of operations have been derived from ILPT’s former parent, Select Income REIT, or SIR, a former p...