Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Merger or Acquisition (November 2021)
11 slides from Industrial Logistics Properties Trust's merger presentation, Nov 5, 2021
Slide 1: Acquisition of Monmouth Real Estate Corporation
Acquisition of Monmouth Real Estate Corporation November 5, 2021
Slide 2: Forward-looking statements
2 This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever Industrial Logistics Properties Trust (ILPT) uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”
Slide 3: Existing Portfolios at a Glance
3 EXISTING PORTFOLIOS AT A GLANCE INDUSTRIAL LOGISTICS PROPERTIES TRUST $2.7 Billion Total Market Capitalization 36 Million Rentable Square Feet Located in 33 States 99.0% Occupancy 9.0 Years of Weighted Average Remaining Lease Term 49% Annualized Rental Revenue from Properties in Hawaii 71% Rents f
Slide 4: Transaction Overview
4 INDUSTRIAL LOGISTICS PROPERTIES TRUST TRANSACTION OVERVIEW Transaction Details • All-cash acquisition by Industrial Logistics Properties Trust (Nasdaq: “ILPT”) of Monmouth Real Estate Corporation (NYSE: “MNR”) (“Transaction”). • Consideration of $21.00 per MNR common share. • Total Transaction val
Slide 5: Transaction Strategic Rationale
5 TRANSACTION STRATEGIC RATIONALE INDUSTRIAL LOGISTICS PROPERTIES TRUST • Expected to be immediately accretive to Normalized FFO per share. • The ultimate amount of accretion will primarily depend on the size and structure of the joint venture used by ILPT to finance the Transaction. • Year one cash
Slide 6: Pro Forma Combined Company
6 PRO FORMA COMBINED COMPANY1 INDUSTRIAL LOGISTICS PROPERTIES TRUST 50 Million Rentable Square Feet Located in 39 States 99.3% Occupancy 9.2 Years of Weighted Average Remaining Lease Term 21% Annualized Rental Revenue from FedEx 34% Annualized Revenues from Properties in Hawaii 77% Rents from Invest
Slide 7: Pro Forma Portfolio Overview
7 INDUSTRIAL LOGISTICS PROPERTIES TRUST PRO FORMA PORTFOLIO OVERVIEW1 Source: Monmouth public filings as of 06/30/2021 unless otherwise stated. ILPT public filings as of 09/30/2021. 1. Represents MNR retained portfolio after the sale of approximately $1.6 billion of assets. MNR information as of 10/
Slide 8: Stable Cash Flows from Strong Credit Quality Tenants
8 INDUSTRIAL LOGISTICS PROPERTIES TRUST STABLE CASH FLOWS FROM STRONG CREDIT QUALITY TENANTS ~77% of pro forma rent will be from investment grade rated tenants1 with ~30% from FedEx and Amazon capitalizing on e-commerce industrial sector tailwinds. Source: Monmouth public filings. Information as of
Slide 9: Illustrative Transaction Sources & Uses
9 INDUSTRIAL LOGISTICS PROPERTIES TRUST ILLUSTRATIVE TRANSACTION SOURCES & USES Sources Uses ILPT post closing Consolidated Net Debt / Adjusted EBITDAre is estimated to be ~6.0x - 8.0x by year end 2022. (amounts in millions, except per share data) Joint Venture Equity $430 - $1,300 New Mortgage Debt
Slide 10: Managed by The RMR Group LLC
10 RMR’s Operations Include: National Multi-Sector Investment Platform OFFICE INDUSTRIAL GOVERNMENT MEDICAL OFFICE LIFE SCIENCE SENIOR LIVING HOTELS SERVICE RETAIL RMR Managed Companies 37,000 Employees Nearly 2,100 Properties ~$10 billion in Annual Revenues $32.7 Billion in AUM More than 600 CRE Pr
Slide 11: Acquisition of Monmouth Real Estate Corporation
Acquisition of Monmouth Real Estate Corporation November 2021
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