Business
Industrial Logistics Properties Trust Maintains Regular Quarterly Dividend on Common Shares
Company Provides Business Update Regarding COVID-19 NEWTON, Mass.--(BUSINESS WIRE)-- Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced a
About this update from Industrial Logistics Properties Trust
[{"type":"text","content":"\nCompany Provides Business Update Regarding COVID-19\n\n NEWTON, Mass.--(BUSINESS WIRE)--\nIndustrial Logistics Properties Trust (Nasdaq: ILPT) today announced a regular quarterly cash dividend on its common shares of $0.33 per share ($1.32 per share per year), unchanged from its previous dividend level. This dividend will be paid to ILPT’s common shareholders of record as of the close of business on April 16, 2020 and distributed on or about May 21, 2020.\n\n\nJohn Murray, President and Chief Executive Officer provided the following business update:\n\n\n“ILPT is actively monitoring the developments of the COVID-19 pandemic. The welfare of employees as well as tenants and their businesses is of utmost importance in these challenging times. We believe the industrial logistics sector may be well-positioned to weather the disruptions related to the COVID-19 pandemic, due to a potential for increased reliance on e-commerce and logistics to support retailers and communities with essential services throughout the U.S. Many of our tenants are critical to the supply chain and responsible for a quick and reliable delivery of goods, which we believe will continue to support demand for industrial and logistics real estate like ours.\n\n\n“Today’s dividend declaration underscores our Board of Trustee’s continued confidence in our capital position and ability to operate our business effectively through the current challenging market environment. As of December 31, 2019, we had $28.4 million in cash and approximately $440 million of availability under our $750 million revolving credit facility. In addition, we believe that our portfolio possesses a number of defensive qualities that may help mitigate the current disruptions facing the U.S. economy. For instance, more than 73% of our revenue comes from investment grade rated tenants, subsidiaries of investment grade rated parent entities or Hawaii land leases. Moreover, our portfolio is 99.3% occupied with a long average remaining lease term of 9.6 years and well-laddered lease maturities including 93.3% of annualized rent expiring after 2021.”\n\n\nIndustrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RM...