Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q1 2026 Earnings Presentation
36 slides from Industrial Logistics Properties Trust's earnings presentation, Apr 29, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information FIRST QUARTER 2026 April 29, 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Industrial Logistics Properties Trust Announces First Quarter 2026 Financial Results .......................................................................... 4 First Quarter 2026 Highlights ........................................................................
Slide 3: Quarterly Results
Quarterly Results RETURN TO TABLE OF CONTENTS Q1 2026 3
Slide 4: ILPT Announces First Quarter 2026 Financial Results
INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES FIRST QUARTER 2026 FINANCIAL RESULTS Newton, MA (April 29, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended March 31, 2026. “ILPT began the year with exceptional first quarter resul
Slide 5: First Quarter 2026 Highlights
First Quarter 2026 Highlights (As of and for the three months ended March 31, 2026, unless otherwise noted) • Executed approximately 862,000 square feet of total leasing activity at weighted average rental rates that were 26.3% higher than prior rental rates for the same space and with a weighted av
Slide 6: Second Quarter and Full Year 2026 Guidance
Second Quarter and Full Year 2026 Guidance (1) (dollar and share amounts in thousands, except per share data) Q2 2026 Full Year 2026 Low End High End Low End High End NOI $ 88,500 $ 89,500 $ 357,000 $ 362,000 Adjusted EBITDAre $ 85,500 $ 86,500 $ 344,000 $ 349,000 Normalized FFO attributable to comm
Slide 7: Financials
Financials RETURN TO TABLE OF CONTENTS Q1 2026 7
Slide 8: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and for the Three Months Ended As of 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 3/31/2026 Selected Income Statement Data: Capitalization: Rental income $ 116,419 $ 113,910 $ 110,936 $ 112,097 $ 111,905 Total common shares
Slide 9: Condensed Consolidated Statements of Income (Loss)
Condensed Consolidated Statements of Income (Loss) (dollars and share amounts in thousands, except per share data) Three Months Ended March 31, 2026 2025 Rental income $ 116,419 $ 111,905 Expenses: Real estate taxes 16,014 14,154 Other operating expenses 10,098 10,249 Depreciation and amortization 4
Slide 10: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands) March 31, December 31, 2026 2025 ASSETS Real estate properties $ 5,181,575 $ 5,179,959 Accumulated depreciation (680,299) (648,310) Total real estate properties, net 4,501,276 4,531,649 Investment in unconsolidated joint venture 134,436 13
Slide 11: Debt Summary
Debt Summary As of March 31, 2026 (dollars in thousands) Interest Principal Maturity Years to Entity Type Secured By Rate Balance Date Maturity ILPT Fixed rate - interest only 186 Hawaii properties 4.31% $ 650,000 02/07/2029 2.9 ILPT Fixed rate - interest only 66 mainland and 35 Hawaii properties 6.
Slide 12: Debt Maturity Schedule
Debt Maturity Schedule As of March 31, 2026 (dollars in millions) $1,500 $20.2 $1,400.0 $1,250 $1,273.6 $1,000 Principal $750 $807.9 $671.8 $500 $250 $14.7 $21.0 $— $ 2026 2027 2028 2029 2030 Thereafter Current Maturity Date (1) (1) Burlington, NJ Secured fixed rate debt Secured floating rate debt o
Slide 13: Leverage and Coverage Ratios
Leverage and Coverage Ratios As of and for the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Leverage Ratios: Net debt / total gross assets 68.8% 69.0% 69.3% 69.9% 68.7% Net debt / gross book value of real estate assets 70.5% 70.6% 71.2% 71.7% 71.3% Net debt / total market ca
Slide 14: Capital Expenditures Summary
Capital Expenditures Summary (dollars in thousands) For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Tenant improvements $ 162 $ 1,445 $ 1,019 $ 2,393 $ 3 Leasing costs 902 4,114 1,374 300 3,222 Building improvements 1,454 1,521 4,344 2,458 734 Total capital expenditures
Slide 15: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS Q1 2026 15
Slide 16: Same Property Results
Same Property Results (dollars and sq. ft. in thousands) As of and for the Three Months Ended 3/31/2026 3/31/2025 Properties 409 409 Rentable square feet 59,604 59,604 Percent leased 94.6% 94.8% Rental income $ 116,419 $ 111,737 NOI $ 90,349 $ 87,506 NOI % change 3.2 % Cash Basis NOI $ 87,352 $ 83,9
Slide 17: Occupancy and Leasing Summary
Occupancy and Leasing Summary (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Properties 409 409 411 411 411 Rentable square feet 59,604 59,604 59,890 59,890 59,890 Percentage leased 94.6% 94.5% 94.1%
Slide 18: Tenant Credit Characteristics and Concentration
Tenant Credit Characteristics and Concentration As of March 31, 2026 Tenant Credit Characteristics % of Total Annualized % of Total Annualized Rental Revenues Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 27.7% 2 Amazon.com Services, Inc. 7.6% 3 Home Depot U.S.A., Inc. 2.3% Other unrated or
Slide 19: Portfolio Lease Expiration and Reset Schedules
Portfolio Lease Expiration and Reset Schedules As of March 31, 2026 (dollars and sq. ft. in thousands) Cumulative Cumulative % of Total % of Total % of Total % of Total Leased Leased Leased Annualized Annualized Annualized No. of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Re
Slide 20: Key Financial Data by Investment Portfolio
Key Financial Data by Investment Portfolio (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the Three Months Ended March 31, 2026 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidated Ownership % 100% 100% 100% 61% Pr
Slide 21: Joint Ventures
Joint Ventures RETURN TO TABLE OF CONTENTS Q1 2026 21
Slide 22: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC As of March 31, 2026 (dollars in thousands) Lease Expiration Schedule % of Annualized Rental Top 10 Tenants (1) Revenues (2) $100,000 1 FedEx Corporation 54.1% 2 Amazon.com Services, Inc. 7.3% $90,000 3 Home Depot U.S.A., Inc. 3.9% Annualized
Slide 23: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC (1) As of March 31, 2026 (dollars and sq. ft. in thousands) ILPT Number of Rentable Joint Venture Ownership Presentation Properties States Square Feet Occupancy Mountain Industrial REIT LLC 61% Consolidated 94 27 20,978 100.0% Consolidated Ba
Slide 24: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Operating Information of the Pro-Rata Operating Information of the Consolidated Joint Venture (100%) Consolidated Joint Venture (ILPT Share) (1) Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2
Slide 25: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Operating Information of the Pro-Rata Operating Information of the Consolidated Joint Venture (100%) Consolidated Joint Venture (ILPT Share) (1) Three Months Ended March 31, Three Months Ended March 31, 2026 2025 2026 2
Slide 26: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of March 31, 2026 (dollars and sq. ft. in thousands) ILPT ILPT Number of Rentable Investment in Joint Venture Ownership Properties States Square Feet Occupancy Joint Venture The Industrial Fund REIT LLC 22% 18 12 11,726 99.3% $ 134,4
Slide 27: Appendix
Appendix RETURN TO TABLE OF CONTENTS Q1 2026 27
Slide 28: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 116,419 $ 113,910 $ 110,936 $ 112,097 $ 111,905 Real estate taxes (16,014) (16,658
Slide 29: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended March 31, 2026 2025 Reconciliation of NOI to Same Property NOI: Rental income $ 116,419 $ 111,905 Real estate taxes (16,014) (14,154) Other operating expenses (10,098) (10,249) NOI 90,307
Slide 30: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (dollars in thousands) For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Net loss $ (17,859) $ (10,574) $ (30,431) $ (30,394) $ (31,169) Plus: interest expense 61,702 63,362 63,470 67,914 69,813 Plus: income ta
Slide 31: Calculation and Reconciliation of Non-GAAP Financial Measures
Calculation and Reconciliation of Non-GAAP Financial Measures (amounts in thousands, except per share data) For the Three Months Ended 3/31/2026 12/31/2025 9/30/2025 6/30/2025 3/31/2025 Normalized FFO attributable to common shareholders $ 21,983 $ 18,878 $ 17,385 $ 13,808 $ 13,490 Plus (minus): Non-
Slide 32: Company Profile, Research Coverage and Governance Information
Company Profile, Research Coverage and Governance Information Officers Board of Trustees Yael Duffy Tiffany R. Sy Marc Krohn Yael Duffy Bruce M. Gans Lisa Harris Jones President and Chief Financial Officer Vice President Managing Trustee Lead Independent Trustee Independent Trustee Chief Executive O
Slide 33: Non-GAAP Financial Measures and Certain Definitions
Non-GAAP Financial Measures and Certain Definitions Unless otherwise noted, all data presented in this presentation excludes the properties owned by an unconsolidated joint venture in which ILPT owns a 22% equity interest. See page 26 for information regarding this joint venture and related mortgage
Slide 34: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Cash Available for Distribution: ILPT calculates CAD as shown on page 31. ILPT defines CAD as Normalized FFO minus ILPT's proportionate share of Normalized FFO from unconsolidated joint venture properties, plus operating cash flow distr
Slide 35: Non-GAAP Financial Measures and Certain Definitions (Continued)
Non-GAAP Financial Measures and Certain Definitions (Continued) Incentive management fees - Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management fees are calculated based on common share total return, as defined in ILPT's business
Slide 36: Warning Concerning Forward-Looking Statements
Warning Concerning Forward-Looking Statements 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 to risks and uncertainties. These statements may include words such as “believe”,
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