Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Investor Presentation (June 2024)
26 slides from Industrial Logistics Properties Trust's investor presentation, June 2024
Slide 1: Investor Presentation June 2024
309 Dulty’s Lane INDUSTRIAL LOGISTICS PROPERTIES TRUST Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% INVESTOR PRESENTATION June 2024
Slide 2: Warning Regarding Forward Looking Statements, Disclaimers and Non-GAAP Financial Measures
INDUSTRIAL LOGISTICS PROPERTIES TRUST WARNING REGARDING FORWARD LOOKING STATEMENTS, DISCLAIMERS AND NON-GAAP FINANCIAL MEASURES This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject
Slide 3: ILPT at a Glance
INDUSTRIAL LOGISTICS PROPERTIES TRUST ILPT AT A GLANCE U.S. REIT with Located in 411 60 Million 99% 39 Industrial & Logistics Rentable Square Feet Occupancy States Properties 8 28% $128 Million 2027 Years of Weighted Average Annualized Rental Next Debt Maturity Date Revenues from Properties Cash on
Slide 4: Geographic Diversity with a Unique Hawaiian Footprint
INDUSTRIAL LOGISTICS PROPERTIES TRUST GEOGRAPHIC DIVERSITY WITH A UNIQUE HAWAIIAN FOOTPRINT Mainland Properties Hawaii Properties • 185 industrial and logistics properties located in 38 • 226 well-located properties near Oahu’s prime CBD. states. • 16.7 million rentable square feet that is 99% lease
Slide 5: Recent Business Highlights
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECENT BUSINESS HIGHLIGHTS Full Year 2022 Full Year 2023 Q1 2024 Same Property NOI (1) +2.6% +3.3% +2.0% Same Property Cash Basis NOI (1) +1.0% +4.5% +2.3% Leasing Activity (Sq. Ft.) 7,581,000 5,402,000 1,981,000 Rental Rates (1) +47.3% +20.5% +38.3% Leasing Act
Slide 6: Debt Summary
INDUSTRIAL LOGISTICS PROPERTIES TRUST DEBT SUMMARY Key Facts Debt Maturity ($ in Millions) • Total consolidated debt of $4.3 billion. $18.8 $1,593.3 • Weighted average debt maturity term of 4.7 years, $13.7 including extension options. • No debt maturities until 2027, including extension $1,400.0 $1
Slide 7: Select Portfolio Properties
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECT PORTFOLIO PROPERTIES 309 Dulty’s Lane Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% 725 Darlington Avenue Mahwah, NJ 167,424 Square Feet ILPT Ownership: 100% 13509 Waterworks Street 5300 Centerpoint Parkway Jacksonville, FL Groveport, OH 304,859
Slide 8: High Quality Industrial Properties
INDUSTRIAL LOGISTICS PROPERTIES TRUST HIGH QUALITY INDUSTRIAL PROPERTIES Industrial properties anchored by tenants with strong business profiles in thriving industries. Tenant Industry Type % of Portfolio Property Type by % of Total Annualized Rental Revenues Transportation & Shipping 37.3% Automoti
Slide 9: Strong Credit Profile Across Sectors
INDUSTRIAL LOGISTICS PROPERTIES TRUST STRONG CREDIT PROFILE ACROSS SECTORS 77% of annualized rental revenues are derived from investment grade tenants/subsidiaries or from secure Hawaii land leases. % of Total Annualized Tenant Credit Characteristics Top 10 Tenants Rental Revenues % of Total Annuali
Slide 10: Portfolio Q1 2024 Results
INDUSTRIAL LOGISTICS PROPERTIES TRUST PORTFOLIO Q1 2024 RESULTS Consolidated ILPT (1) 61% 100% Ownership Ownership Hawaii Properties Mainland Properties Mountain Industrial JV (2) 226 99.0% 90 98.9% 94 99.2% Properties Occupancy Properties Occupancy Properties Occupancy 389,000 SF +29.2% 945,000 SF
Slide 11: Proactive Asset Management and Leasing
INDUSTRIAL LOGISTICS PROPERTIES TRUST PROACTIVE ASSET MANAGEMENT AND LEASING ILPT has executed nearly two million square feet of leasing during the first quarter and has a strong leasing pipeline demonstrating continued demand for its high quality portfolio. Leasing Activity Square Footage in thousa
Slide 12: Lease Expirations and Rent Resets by Investment Portfolio
INDUSTRIAL LOGISTICS PROPERTIES TRUST LEASE EXPIRATIONS AND RENT RESETS BY INVESTMENT PORTFOLIO Total Consolidated Portfolio Expirations and Resets Wholly Owned Mainland Property Expirations % of Total ILPT Annualized Rental Revenues % of Total ILPT Annualized Rental Revenues 12.3% 10.3% 5.6% 6.9% 3
Slide 13: Managed by The RMR Group, an Alternative Asset Manager
INDUSTRIAL LOGISTICS PROPERTIES TRUST MANAGED BY THE RMR GROUP, AN ALTERNATIVE ASSET MANAGER The RMR Group RMR Managed Companies RMR’s Operations Include: Over More than $41 billion $5 billion Financial Real Estate Business in AUM in Annual Revenues Services: Services: Services: Acquisitions/ Accoun
Slide 14: Management Aligned with Shareholder Interests
INDUSTRIAL LOGISTICS PROPERTIES TRUST MANAGEMENT ALIGNED WITH SHAREHOLDER INTERESTS Key Terms of Management Agreements Alignment of Interests • Base business management fee: 0.5% • If ILPT's market cap is less than its historical cost multiplied by the lower of (i) gross historical of real estate an
Slide 15: A Winning Tradition
INDUSTRIAL LOGISTICS PROPERTIES TRUST A WINNING TRADITION RMR RECOGNITION Fortune Magazine’s Women on Boards; Top Commercial Property Ranked Boston Globe’s 2024 ENERGY STAR® Boston Business Journal Fastest Growing Companies Winning Organization Management Firms Top Places to Work Partner of the Year
Slide 16: Appendix
725 Darlington Avenue INDUSTRIAL LOGISTICS PROPERTIES TRUST Mahwah, NJ 167,424 Square Feet ILPT Ownership: 100% APPENDIX 16
Slide 17: Selected Financial Information
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECTED FINANCIAL INFORMATION (dollars in thousands, except per share data) As of and for the Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Selected Income Statement Data: Rental income $ 112,235 $ 108,895 $ 110,142 $ 108,043 $ 110,258 N
Slide 18: Calculation and Reconciliation of NOI and Cash Basis NOI
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI (dollars in thousands) For the Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Calculation of NOI and Cash Basis NOI: Rental income $ 112,235 $ 108,895 $ 110,142 $ 108,043 $ 110,258 R
Slide 19: Reconciliation of NOI to Same Property NOI
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECONCILIATION OF NOI TO SAME PROPERTY NOI AND CALCULATION OF SAME PROPERTY CASH BASIS NOI (dollars in thousands) For the Three Months Ended March 31, 2024 2023 Reconciliation of NOI to Same Property NOI: Rental income $ 112,235 $ 110,258 Real estate taxes (15,8
Slide 20: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre (dollars in thousands) For the Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Net loss $ (33,902) $ (41,402) $ (36,191) $ (36,580) $ (35,546) Plus: interest expense 73,230 72,979 72,941
Slide 21: Calculation of FFO, Normalized FFO and CAD
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF FFO, NORMALIZED FFO AND CAD (dollars in thousands) For the Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Net loss attributable to common shareholders $ (23,403) $ (31,240) $ (26,112) $ (25,828) $ (24,809) Equity in (earning
Slide 22: Calculation of FFO, Normalized FFO and CAD (Continued)
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF FFO, NORMALIZED FFO AND CAD (CONTINUED) (dollars and shares in thousands, except per share data) For the Three Months Ended 3/31/2024 12/31/2023 9/30/2023 6/30/2023 3/31/2023 Normalized FFO attributable to common shareholders $ 9,450 $ 8,086 $ 7,9
Slide 23: Key Financial Data by Investment Portfolio
INDUSTRIAL LOGISTICS PROPERTIES TRUST KEY FINANCIAL DATA BY INVESTMENT PORTFOLIO (dollars and sq. ft in thousands, except per sq. ft.) As of and for the Three Months Ended March 31, 2024 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidated O
Slide 24: Non-GAAP Financial Measures and Certain Definitions
INDUSTRIAL LOGISTICS PROPERTIES TRUST NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS Non-GAAP Financial Measures: ILPT presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including FFO attributable to c
Slide 25: Non-GAAP Financial Measures and Certain Definitions (Continued)
INDUSTRIAL LOGISTICS PROPERTIES TRUST NON-GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS (CONTINUED) Certain Definitions: Annualized rental revenues: Annualized rental revenues is the annualized contractual base rents from ILPT's tenants pursuant to its lease agreements as of the measurement date,
Slide 26: Investor Presentation
309 Dulty’s Lane INDUSTRIAL LOGISTICS PROPERTIES TRUST Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% INVESTOR PRESENTATION June 2024 Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458 ILPTREIT.COM
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