Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q3 2023 Earnings Presentation
28 slides from Industrial Logistics Properties Trust's earnings presentation, November 2023
Slide 1: Investor Presentation November 2023
510 John Dodd Road INDUSTRIAL LOGISTICS PROPERTIES TRUST Spartanburg, SC 1,015,740 Square Feet ILPT Ownership: 100% INVESTOR PRESENTATION November 2023
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 413 60 Million 99% 39 Industrial & Logistics Rentable Square Feet Occupancy States Properties 77% 8 Annualized Rental 30% 28% Years of Weighted Average Revenues from Annualized Rental Investment Grade Annualized Rental
Slide 4: Geographic Diversity with a Unique Hawaiian Footprint
INDUSTRIAL LOGISTICS PROPERTIES TRUST GEOGRAPHIC DIVERSITY WITH A UNIQUE HAWAIIAN FOOTPRINT Mainland Properties Hawaii Properties • 187 industrial and logistics properties located in 38 • 226 well-located properties near Oahu’s prime CBD. states. • 16.7 million square feet that is 97.8% leased with
Slide 5: Select Portfolio Properties
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECT PORTFOLIO PROPERTIES 3350 Laurel Ridge Avenue Ruskin, FL 1,017,693 Square Feet ILPT Ownership: 22% 8411 Florida Mining Boulevard 900 Commerce Parkway West Drive Tampa, FL Greenwood, IN 174,975 Square Feet 294,388 Square Feet ILPT Ownership: 61% ILPT Owner
Slide 6: Growth in E-Commerce Driving Incremental Industrial Demand
INDUSTRIAL LOGISTICS PROPERTIES TRUST GROWTH IN E-COMMERCE DRIVING INCREMENTAL INDUSTRIAL DEMAND E-commerce will continue to drive demand for industrial and logistics properties, support rent growth and sustain a favorable investment environment. U.S. E-Commerce Sales(1) U.S. Retail Sales Compositio
Slide 7: Select Portfolio Properties
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECT PORTFOLIO PROPERTIES 725 Darlington Avenue 309 Dulty’s Lane Mahwah, NJ Burlington, NJ 167,424 Square Feet 633,836 Square Feet ILPT Ownership: 100% 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 Highly functional industrial properties leased to tenants in thriving industries and well located Hawaii land. Approximately 90% of Mainland rental revenues are generated by logistics facilities. % of Property Type Tenant Indus
Slide 9: Strong Credit Quality and Diversified Tenant Base
INDUSTRIAL LOGISTICS PROPERTIES TRUST STRONG CREDIT QUALITY AND DIVERSIFIED TENANT BASE More than 75% of annualized rental revenues are derived from investment grade tenants/subsidiaries or from secure Hawaii land leases. Tenant Credit Characteristics % of Total Annualized % of Annualized Rental Rev
Slide 10: Recent Business Highlights
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECENT BUSINESS HIGHLIGHTS Full Year 2022 (1) Year to Date 2023 Same Property NOI +2.6% +3.4% Same Property Cash Basis NOI +1.0% +4.9% Leasing Activity 5,573,000 SF 3,868,000 SF Rental Rates +37.1% +20.8% Leasing Activity 8.0 years 7.8 years WALT (by Sq. Ft.) (1
Slide 11: Investment Portfolio Q3 2023 Results
INDUSTRIAL LOGISTICS PROPERTIES TRUST INVESTMENT PORTFOLIO Q3 2023 RESULTS Consolidated ILPT 61% 100% Ownership Ownership Hawaii Properties Mainland Properties Mountain Industrial JV (1) 226 97.8% 92 99.4% 94 99.2% Properties Occupancy Properties Occupancy Properties Occupancy 21,000 SF +9.9% 272,00
Slide 12: Proactive Asset Management and Leasing
INDUSTRIAL LOGISTICS PROPERTIES TRUST PROACTIVE ASSET MANAGEMENT AND LEASING ILPT has executed nearly four million square feet of leasing year to date and has a strong leasing pipeline with continued demand for its high quality portfolio. Leasing Activity Square Footage in Millions 2.5 180.0% 2.0 2.
Slide 13: 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 % Total ILPT Annualized Rental Revenues % Total ILPT Annualized Rental Revenues 12.3% 5.6% 4.6% 7.2% 6.8% 6.8
Slide 14: Debt Summary
INDUSTRIAL LOGISTICS PROPERTIES TRUST DEBT SUMMARY Key Facts Debt Maturity ($ in Millions) • Total consolidated debt of $4.3 billion. (1) $2,653.1 • Weighted average debt maturity term of 5.3 years, including extension options. $1,614.4 • Next material debt maturity is March 2027, assuming extension
Slide 15: Joint Ventures
INDUSTRIAL LOGISTICS PROPERTIES TRUST JOINT VENTURES Raise capital at property net asset value. Grow relationships with new and existing investors. Target opportunistic acquisitions. Mountain Industrial REIT The Industrial Fund REIT LLC LLC ILPT/JV Ownership 61% / 39% 22% / 78% Number of Properties
Slide 16: Managed by The RMR Group LLC, an Alternative Asset Manager
INDUSTRIAL LOGISTICS PROPERTIES TRUST MANAGED BY THE RMR GROUP LLC, AN ALTERNATIVE ASSET MANAGER The RMR Group LLC RMR Managed Companies RMR’s Operations Include: Approximately More than $36 billion $5 billion Financial Real Estate Business in AUM in Annual Revenues Services: Services: Services: Acq
Slide 17: 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 stock price goes up and its total market multiplied by the lower of (i) gross historical cap exceeds its hist
Slide 18: A Winning Tradition
INDUSTRIAL LOGISTICS PROPERTIES TRUST A WINNING TRADITION RMR RECOGNITION 2022 2023 Fortune IREM Women on Commercial GlobeSt. Real Boston Boston Business Magazine’s Real Estate Boards Property Executive Estate Forum’s Globe’s Journal Fastest Management Winning Top Commercial Best Places to Top Place
Slide 19: Appendix
725 Darlington Avenue INDUSTRIAL LOGISTICS PROPERTIES TRUST Mahwah, NJ 167,424 Square Feet ILPT Ownership: 100% APPENDIX 19
Slide 20: Selected Financial Information
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECTED FINANCIAL INFORMATION As of and for the Three Months Ended (dollars in thousands, except per share data) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 Selected Income Statement Data: Rental income $ 110,142 $ 108,043 $ 110,258 $ 106,339 $ 103,215 N
Slide 21: 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 For the Nine Months Ended 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 9/30/2023 9/30/2022 Calculation of NOI and Cash Basis NOI: Rental income $ 110
Slide 22: Reconciliation of NOI to Same Property NOI and Cash Basis NOI
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECONCILIATION OF NOI TO SAME PROPERTY NOI AND CALCULATION OF SAME PROPERTY CASH BASIS NOI For the Three Months Ended For the Nine Months Ended September 30, September 30, (dollars in thousands) 2023 2022 2023 2022 Reconciliation of NOI to Same Property NOI: Ren
Slide 23: Calculation of EBITDA, EBITDAre and Adjusted EBITDAre
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF EBITDA, EBITDAre AND ADJUSTED EBITDAre For the Three Months Ended For the Nine Months Ended (dollars in thousands) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 9/30/2023 9/30/2022 Net loss $ (36,191) $ (36,580) $ (35,546) $ (41,759) $ (83,97
Slide 24: Calculation of FFO, Normalized FFO and CAD
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF FFO, NORMALIZED FFO AND CAD ATTRIBUTABLE TO COMMON SHAREHOLDERS (dollars and shares in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 9/30/2023 9/30/2022 Ne
Slide 25: Calculation of FFO, Normalized FFO and CAD (continued)
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION OF FFO, NORMALIZED FFO AND CAD ATTRIBUTABLE TO COMMON SHAREHOLDERS (continued) For the Three Months Ended For the Nine Months Ended (dollars and shares in thousands, except per share data) 9/30/2023 6/30/2023 3/31/2023 12/31/2022 9/30/2022 9/30/2023
Slide 26: Key Financial Data by Investment Portfolio
INDUSTRIAL LOGISTICS PROPERTIES TRUST KEY FINANCIAL DATA BY INVESTMENT PORTFOLIO As of and for the Three Months Ended September 30, 2023 Mountain ILPT Wholly Owned Properties Industrial ILPT (dollars and sq. ft in thousands, except per sq. ft.) Hawaii Mainland Total REIT LLC (1) Other (2) Consolidat
Slide 27: Definitions
INDUSTRIAL LOGISTICS PROPERTIES TRUST 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 common shareholders, Normalized FFO attri
Slide 28: Investor Presentation
510 John Dodd Road INDUSTRIAL LOGISTICS PROPERTIES TRUST Spartanburg, SC 1,015,740 Square Feet ILPT Ownership: 100% INVESTOR PRESENTATION November 2023 Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458 ILPTREIT.COM
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