Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q2 2022 Earnings Presentation
32 slides from Industrial Logistics Properties Trust's earnings presentation, Jul 26, 2022
Slide 1: Supplemental Operating and Financial Data Second Quarter 2022
1 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. SECOND QUARTER 2022 Exhibit 99.2 482 Chaney Avenue Greenwood, IN 671,354 Square Feet ILPT Ownership: 61%
Slide 2: Table of Contents
2Supplemental Q2 2022 CORPORATE INFORMATION Company Profile .................................................................................................................................................................................................................. 3 Investor Information ......
Slide 3: Company Profile
3Supplemental Q2 2022 Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 219-1460 Stock Exchange Listing: Nasdaq Trading Symbol: Common Shares: ILPT The Company: Industrial Logistics Properties Trust, or ILPT, we, our or us, is a real estate inv
Slide 4: Investor Information
4Supplemental Q2 2022 Investor Information Board of Trustees Bruce M. Gans Lisa Harris Jones Matthew P. Jordan Lead Independent Trustee Independent Trustee Managing Trustee Joseph L. Morea Kevin C. Phelan Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board & Managing Trustee J
Slide 5: Equity Research Coverage
5Supplemental Q2 2022 ILPT is followed by the analysts listed here. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its
Slide 6: Key Financial Data
6Supplemental Q2 2022 (dollars in thousands, except per share data) As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Selected Balance Sheet Data: Total gross assets $ 6,166,704 $ 6,286,275 $ 2,076,048 $ 2,212,938 $ 2,091,331 Total assets $ 5,955,838 $ 6,103,793
Slide 7: Condensed Consolidated Balance Sheets
7Supplemental Q2 2022 Condensed Consolidated Balance Sheets June 30, December 31, 2022 2021 ASSETS Real estate properties: Land $ 1,113,997 $ 699,037 Buildings and improvements 4,012,041 1,049,796 Total real estate properties, gross 5,126,038 1,748,833 Accumulated depreciation (210,866) (167,490) To
Slide 8: Condensed Consolidated Statements of Income (Loss)
8Supplemental Q2 2022 Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Rental income $ 107,222 $ 54,180 $ 178,597 $ 108,397 Expenses: Real estate taxes 13,275 7,489 22,711 14,736 Other operating expenses 7,053 4,341 13,825 9
Slide 9: Debt Summary
9Supplemental Q2 2022 (1) Interest rates are as of June 30, 2022. (2) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of June 30, 2022, including unamortized debt issuance costs totaling $40,861, was $4,410,568. (3) We have a Bridge Loan f
Slide 10: Debt Maturity Schedule
10Supplemental Q2 2022 (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of June 30, 2022, including unamortized debt issuance costs totaling $40,861, was $4,410,568. (2) The Floating Rate Loan matures in March 2024, subject to three, on
Slide 11: Leverage Ratios and Coverage Ratios
11Supplemental Q2 2022 As of and For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Leverage Ratios: Net debt / total gross assets 65.1% 64.2% 38.7% 43.4% 41.3% Net debt / gross book value of real estate assets 73.7% 76.4% 42.3% 45.7% 43.2% Net debt / total market capitali
Slide 12: Capital Expenditures Summary
12Supplemental Q2 2022 (dollars in thousands) For the Three Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 Tenant improvements and leasing costs $ 2,627 $ 3,361 $ 2,736 $ 1,819 $ 441 Building improvements 376 110 1,315 1,625 560 Recurring capital expenditures 3,003 3,471 4,051 3,444
Slide 13: Property Acquisitions and Dispositions Information Since 1/1/2022
13Supplemental Q2 2022 Property Acquisitions and Dispositions Information Since 1/1/2022 (dollars and sq. ft. in thousands, except per sq. ft. data) Acquisitions: Dispositions: Weighted Average Percent Purchase Remaining Leased Date Market Number of Purchase Price / Cap Lease Term at Acquired Buyer
Slide 14: Joint Ventures
14Supplemental Q2 2022 Joint Ventures (dollars and sq. ft. in thousands) Investment in Joint Ventures: Three Months Ended June 30, 2022 ILPT Joint Joint ILPT Number of Number of Square Carrying Value at Venture Venture Joint Venture Ownership Presentation Properties States Feet June 30, 2022 EBITDAr
Slide 15: Joint Venture - Mountain Industrial REIT LLC
15Supplemental Q2 2022 GA: 11.3% TX: 10.2% OH: 8.8% IN: 8.4% NC: 6.1% FL: 5.2%IL: 5.2% MI: 4.8% NJ: 4.1% KS: 3.7% MS: 3.6% 16 Other States: 28.6% Joint Venture - Mountain Industrial REIT LLC (dollars and sq. ft. in thousands) Number of Leases Expiring 3 6 6 7 10 12 39 % of Total Annualized Rental Re
Slide 16: Joint Venture - The Industrial Fund REIT LLC
16Supplemental Q2 2022 IN: 23.4% OH: 17.7% FL: 14.3% AZ: 7.4% VA: 6.9% MS: 6.5% MO: 6.1% KY: 4.9% IA: 4.5% TN: 3.5% MD: 3.0% PA: 1.9% Joint Venture - The Industrial Fund REIT LLC (dollars and sq. ft. in thousands) Number of Leases Expiring 1 4 3 2 4 3 6 % of Total Annualized Rental Revenues Expiring
Slide 17: Calculation and Reconciliation of NOI and Cash Basis NOI
17Supplemental Q2 2022 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Calculation of NOI and Cash Basis NOI: Rental income $ 107,222 $ 71,375 $
Slide 18: Reconciliation of NOI to Same Property NOI
18Supplemental Q2 2022 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Reconciliation of NOI to Same Property NOI : Rental income $ 107,222 $ 54,180 $ 178,597 $
Slide 19: Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre
19Supplemental Q2 2022 Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/2022 6/30/2021 Net (loss) income $ (151,321) $ (9,787) $ 63,207 $ 18,307 $ 18,831 $ (161,10
Slide 20: Calculation of FFO and Normalized FFO
20Supplemental Q2 2022 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders (dollars and shares in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2022 3/31/2022 12/31/2021 9/30/2021 6/30/2021 6/30/20
Slide 21: Portfolio Summary By Property Type
21Supplemental Q2 2022 Portfolio Summary By Property Type (dollars and sq. ft. in thousands) (1) Includes buildings, leasable land parcels and easements which are primarily industrial lands located in Hawaii. As of and For the Three Months Ended June 30, 2022 Mainland Hawaii Key Statistics Propertie
Slide 22: Same Property Results of Operations by Property Type
22Supplemental Q2 2022 (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Six Months Ended 6/30/2022 6/30/2021 6/30/2022 6/30/2021 Properties: Mainland Properties 60 60 60 60 Hawaii Properties 226 226 226 226 Total 286 286 286 286 Square Feet (1): Mainland Prop
Slide 23: Same Property Results of Operations by Property Type (Cont.)
23Supplemental Q2 2022 As of and For the Three Months Ended As of and For the Six Months Ended 6/30/2022 6/30/2021 6/30/2022 6/30/2021 NOI: Mainland Properties $ 20,650 $ 20,268 $ 41,313 $ 40,870 Hawaii Properties 24,745 20,692 44,038 40,684 Total $ 45,395 $ 40,960 $ 85,351 $ 81,554 Cash Basis NOI:
Slide 24: Leasing Summary
24Supplemental Q2 2022 (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended 6/30/2022 03/31/2022 12/31/2021 9/30/2021 6/30/2021 Properties 412 412 288 294 291 Total sq. ft. (3) 59,736 59,736 33,991 36,488 35,201 Square feet leased 59,060 59,059 33,713 36,1
Slide 25: Occupancy and Leasing Analysis by Property Type
25Supplemental Q2 2022 Occupancy and Leasing Analysis by Property Type (sq. ft. in thousands) Sq. Ft. Leased New and As of 3/31/2022 Expired Renewal As of 6/30/2022 Property Type 3/31/2022 % Leased (2) Leases Leases 6/30/2022 % Leased Mainland Properties 42,555 98.9% (524) 526 42,557 99.0 % Hawaii P
Slide 26: Tenant Credit Characteristics
26Supplemental Q2 2022 As of June 30, 2022 Mainland Properties % of Annualized Rental Revenues Investment Grade Rated: 20.8% Subsidiaries of Investment Grade Rated Parent Entities: 51.7% Other Unrated or Non-Investment Grade: 27.5% Investment Grade Rated: 20.4% Subsidiaries of Investment Grade Rated
Slide 27: Tenants
27Supplemental Q2 2022 % of Total No. of Leased % of Total Annualized Rental Tenant States Properties Sq. Ft. (1) Leased Sq. Ft. (1) Revenues 1 Federal Express Corporation/ FedEx Ground Package System, Inc. AL, AR, CO, FL, GA, HI, IA, ID, IL, IN, KS, LA, MD, MI, MN, MO, MS, NC, ND, NE, NJ, NV, NY, O
Slide 28: Lease Expirations by Property Type
28Supplemental Q2 2022 2027 and Total 2022 2023 2024 2025 2026 Thereafter Mainland Properties Expirations: Total sq. ft. 43,007 Leased sq. ft. 42,557 604 3,583 4,216 4,271 2,367 27,516 Percent 1.4% 8.4% 9.9% 10.0% 5.6% 64.7% Annualized rental revenues $ 297,307 $ 4,453 $ 22,745 $ 27,731 $ 24,533 $ 1
Slide 29: Lease Expiration Schedule
29Supplemental Q2 2022 Cumulative % of Total Cumulative % % of Total % of Total Leased Leased of Total Leased Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring Expiring Expiring Expiring Expir
Slide 30: Non-GAAP Financial Measures and Certain Definitions
30Supplemental Q2 2022 FFO and Normalized FFO Attributable to Common Shareholders: We calculate funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 20. FFO attributable to common shareholders is calculated on the
Slide 31: Non-GAAP Financial Measures and Certain Definitions (Cont.)
31Supplemental Q2 2022 Non-GAAP Financial Measures and Certain Definitions (Cont.) Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of our common shares at the end of the relevant period. Annualized rental
Slide 32: Forward-Looking Statements Notice
32Supplemental Q2 2022 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estim
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