Business
Industrial Logistics Properties Trust Announces Third Quarter 2021 Results
Third Quarter Net Income Attributable to Common Shareholders of $0.28 Per Share 818,000 Sq. Ft. of Leasing Activity at Over 20% Higher Rents During Third
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nThird Quarter Net Income Attributable to Common Shareholders of $0.28 Per Share\n\n818,000 Sq. Ft. of Leasing Activity at Over 20% Higher Rents During Third Quarter\n\nThird Quarter Normalized FFO Attributable to Common Shareholders of $0.46 Per Share\n\nThird Quarter Same Property Cash Basis NOI Increased by 3.4% Compared to the Same Period Last Year\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter and nine months ended September 30, 2021.\n\nJohn Murray, President and Chief Executive Officer of ILPT, made the following statement:\n\n“Our third quarter results were highlighted by robust leasing activity, strong growth in same property cash basis NOI and expansion of ILPT’s high quality industrial and logistics portfolio. We entered new and renewal leases and completed rent resets for approximately 818,000 square feet at weighted average rental rates that were over 20% higher than prior rental rates for the same space with a weighted average lease term of more than eight years. This activity indicates continued demand for ILPT’s properties as well as ongoing market strength within the broader industrial real estate sector. We finished the quarter with portfolio occupancy of 99%.\n\nWe remain focused on acquiring high quality properties with stable cash flows and a favorable risk-adjusted return profile. During the quarter, we closed on a portfolio of three Class A industrial buildings totaling approximately 1.3 million square feet in the Memphis market area for $100 million, representing a GAAP cap rate of 4.7%. The buildings are 100% leased to five tenants and strategically located with excellent airport, rail and interstate highway access. We continue to evaluate attractive opportunities for further growth, which will allow us to drive cash flow growth.”\n\nQuarterly Results:\n\n\nNet income attributable to common shareholders of $18.3 million, or $0.28 per diluted share.\n\n\nNormalized funds from operations, or Normalized FFO, attributable to common shareholders of $30.3 million, or $0.46 per diluted share.\n\n\n\n\nFinancial\n\n\n\nThree Months Ended\n\n\n\n\n\n(dollars in thousands, except per share data)\n\n\n\nSeptember 30, 2021\n\n\n\n \n\n\n\nSeptember 30, 2020\n\n\n\n \n\n\n\nChange\n\n\n\n\n\nNet income attributable to commo...