Business
Industrial Logistics Properties Trust Announces Second Quarter 2022 Results
Executed 3.9 Million Square Feet of Leasing at 61% Higher Rental Rates Net Loss Attributable to Common Shareholders of ($2.20) Per Share Normalized FFO
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nExecuted 3.9 Million Square Feet of Leasing at 61% Higher Rental Rates\n\nNet Loss Attributable to Common Shareholders of ($2.20) Per Share\n\nNormalized FFO Attributable to Common Shareholders of $0.43 Per Share\n\nSame Property Cash Basis NOI Increased 2.6% Compared to the Same Period Last Year\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended June 30, 2022.\n\nYael Duffy, President and Chief Operating Officer of ILPT, made the following statement:\n\n“During the second quarter, ILPT experienced continued favorable operating trends, which included record leasing activity and same property occupancy of 99.3%. We executed 3.9 million square feet of leasing, including rent resets, at weighted average rental rates that were 61.3% higher than prior rental rates for the same space. This quarter’s leasing activity illustrates how ILPT is well positioned to take advantage of robust operating dynamics through tenant retention, mark-to-market opportunities and leveraging expanded tenant relationships to grow cash flows.\n\nSince committing to acquire Monmouth Real Estate Investment Corporation in November 2021, there have been unanticipated increases in interest rates and a deterioration in real estate market conditions. As a result, the implementation of our long-term financing plan for the Monmouth acquisition is taking longer than originally expected. Regardless, ILPT continues to benefit from strong secular tailwinds, a portfolio leased primarily to investment grade tenants and nearly $300 million of cash on hand.”\n\nQuarterly Results:\n\n\nNet loss attributable to common shareholders was ($143.5) million, or ($2.20) per share, inclusive of a $100.7 million, or $1.54 per diluted share, loss on impairment of real estate on properties reclassified from held for sale to held and used.\n\n\nNormalized funds from operations, or Normalized FFO, attributable to common shareholders of approximately $28.3 million, or $0.43 per share.\n\n\n\n\n(dollars in thousands, except per share data)\n\n\n\n\nThree Months Ended\n\n\n\n\n\nFinancial\n\n\n\n\nJune 30, 2022\n\n\n\n \n\n\n\nJune 30, 2021\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet (loss) income attributable to common shareholders per share\n\n\n\n\n($2.20)\n\n\n\n \n\n\n\n$0.29\n\n\n\n \n\n\n\nN...