Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q3 2026 Earnings Presentation
37 slides from Industrial Logistics Properties Trust's earnings presentation, Oct 28, 2026
Slide 1: Third Quarter 2026 Financial Results and Supplemental Information
Financial Results and Supplemental Information October 28, 2026 THIRD QUARTER 2026 Exhibit 99.2
Slide 2: Table of Contents
2Q3 2026RETURN TO TABLE OF CONTENTS Highlights and Guidance 3 Financial Statements, Debt and Capital Expenditures 8 Portfolio Information 15 Joint Ventures 22 Appendix 28 Table of Contents Trading Symbol: Common Shares: ILPT Investor Relations Contact: Kevin Barry, Senior Director (617) 219-1489 kba
Slide 3: Highlights and Guidance
3Q3 2026RETURN TO TABLE OF CONTENTS Highlights and Guidance $(0.46) Net Loss per Share $0.32 Normalized FFO per Share $86.5M Same Property Cash Basis NOI 645K sq ft Total Leasing Activity In This Section: Industrial Logistics Properties Trust Announces Third Quarter 2026 Financial Results 4 Third Qu
Slide 4: ILPT Announces Third Quarter 2026 Financial Results
4Q3 2026RETURN TO TABLE OF CONTENTS TO BE PROVIDED Yael Duffy President and Chief Executive Officer INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES THIRD QUARTER 2026 FINANCIAL RESULTS Newton, MA (October 28, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial r
Slide 5: Third Quarter 2026 Highlights
5Q3 2026RETURN TO TABLE OF CONTENTS Third Quarter 2026 Highlights As of and for the three months ended September 30, 2026, unless otherwise noted Change in Non-GAAP Measures Following discussions with the SEC staff, beginning this quarter Adjusted EBITDAre, Normalized FFO and CAD include incentive m
Slide 6: Third Quarter 2026 Highlights (Continued)
6Q3 2026RETURN TO TABLE OF CONTENTS Third Quarter 2026 Highlights (Continued) As of and for the three months ended September 30, 2026, unless otherwise noted 98.3% Portfolio Occupancy Up 420 bps YoY 645K sq ft Leasing Volume +162.7% GAAP Rent Roll-up 8th consecutive quarter with double-digit growth
Slide 7: Fourth Quarter and Full Year 2026 Guidance Update
7Q3 2026RETURN TO TABLE OF CONTENTS Fourth Quarter and Full Year 2026 Guidance Update Q4 2026 Full Year 2026 Low End High End Low End High End NOI $ 92,000 $ 93,000 $ 363,000 $ 364,000 Adjusted EBITDAre (3) $ 87,000 $ 88,000 $ 344,000 $ 345,000 Normalized FFO attributable to common shareholders (3)
Slide 8: Financial Statements, Debt and Capital Expenditures
8Q3 2026RETURN TO TABLE OF CONTENTS Financial Statements, Debt and Capital Expenditures $116.8M Rental Income $130.7M Cash and Cash Equivalents $87.0M Adjusted EBITDAre In This Section: Key Financial Data 9 Condensed Consolidated Statements of Income (Loss) 10 Condensed Consolidated Balance Sheets 1
Slide 9: Key Financial Data
9Q3 2026RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Selected Income Statement Data: Capitalization: Rental income $ 116,805 $ 114,123 $ 116,419 $ 113,910 $ 110,936 Total common shares 67,001,208 Net loss $ (37,84
Slide 10: Condensed Consolidated Statements of Income (Loss)
10Q3 2026RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Rental income $ 116,805 $ 110,936 $ 347,347 $ 334,938 Expenses: Real estate taxes 16,258 15,205 49,180 45,021 Other operating e
Slide 11: Condensed Consolidated Balance Sheets
11Q3 2026RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets September 30, December 31, 2026 2025 ASSETS Real estate properties $ 5,190,098 $ 5,179,959 Accumulated depreciation (743,360) (648,310) Total real estate properties, net 4,446,738 4,531,649 Investment in unconsolidated joint
Slide 12: Debt Summary and Maturity Schedule
12Q3 2026RETURN TO TABLE OF CONTENTS Interest Principal Maturity Years to Entity Secured By Rate Balance Date Maturity ILPT 186 Hawaii properties 4.31% $ 650,000 02/07/2029 2.4 ILPT 66 mainland and 35 Hawaii properties 6.40% 1,160,000 07/09/2030 3.8 ILPT 17 mainland properties 4.42% 700,000 03/09/20
Slide 13: Leverage and Coverage Ratios
13Q3 2026RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Leverage Ratios: Net debt / total gross assets 69.3% 69.2% 68.8% 69.0% 69.3% Net debt / gross book value of real estate assets 70.7% 70.7% 70.5% 70.6% 71.2% Net debt / total m
Slide 14: Capital Expenditures Summary
14Q3 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Tenant improvements $ 1,608 $ 521 $ 162 $ 1,445 $ 1,019 $ 2,291 $ 3,415 Leasing costs 2,218 10,322 902 4,114 1,374 1
Slide 15: Portfolio Information
15Q3 2026RETURN TO TABLE OF CONTENTS Portfolio Information In This Section: Same Property Results 16 Occupancy and Leasing Summary 17 Tenant Credit Characteristics and Concentration 18 Portfolio Lease Expiration and Reset Schedules 19 Portfolio Lease Expiration Schedule - Detail by Portfolio 20 Key
Slide 16: Same Property Results
16Q3 2026RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and for the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Properties 409 409 409 409 409 Rentable square feet 59,609 59,609 59,604 59,604 59,604 Percent leased 98.3% 99.1% 94.6% 94.5% 94.5% Rental i
Slide 17: Occupancy and Leasing Summary
17Q3 2026RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the As of and for the Three Months Ended Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 Properties 409 409 409 409 411 409 Rentable square feet 59,609 59,609
Slide 18: Tenant Credit Characteristics and Concentration
18Q3 2026RETURN TO TABLE OF CONTENTS As of September 30, 2026 Tenant Credit Characteristics and Concentration % of Total Annualized Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 27.7% 2 Amazon.com Services LLC 7.4% 3 Home Depot U.S.A., Inc. 2.2% 4 Restoration Hardware, Inc. 1.8% 5 T.J. Gome
Slide 19: Portfolio Lease Expiration and Reset Schedules
19Q3 2026RETURN TO TABLE OF CONTENTS 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 Rental Revenues Year Leases Expiring Expiring Expiring Expiring Expi
Slide 20: Portfolio Lease Expiration Schedule - Detail by Portfolio
20Q3 2026RETURN TO TABLE OF CONTENTS Cumulative Cumulative % of Total % of Total % of Total % of Total Leased Leased Leased Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Year Leases Expiring Expiring Expiring Expiring E
Slide 21: Key Financial Data by Investment Portfolio
21Q3 2026RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data by Investment Portfolio As of and for the Three Months Ended September 30, 2026 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Conso
Slide 22: Joint Ventures
22Q3 2026RETURN TO TABLE OF CONTENTS Joint Ventures 61% Mountain Industrial REIT LLC Joint Venture Ownership (Consolidated) 22% The Industrial Fund REIT LLC Joint Venture Ownership (Unconsolidated) In This Section: Consolidated Joint Venture - Mountain Industrial REIT LLC 23 - 26 Unconsolidated Join
Slide 23: Consolidated Joint Venture - Mountain Industrial REIT LLC
23Q3 2026RETURN TO TABLE OF CONTENTS GA: 13.8% TX: 9.9% OH: 9.5% IN: 8.4% NC: 5.5% FL: 4.7%IL: 4.6% MI: 4.5% MS: 4.1% NJ: 3.7% KS: 3.4% 16 Other States: 27.9% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) % of Total Annualized Rental Revenues Expiring (2) 0.3% 7.0%
Slide 24: Mountain Industrial REIT LLC Balance Sheets
24Q3 2026RETURN TO TABLE OF CONTENTS (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% (1) Amounts shown on this page reflect 100% ownership interes
Slide 25: Operating Information of the Consolidated Joint Venture
25Q3 2026RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended Se
Slide 26: Operating Information of the Consolidated Joint Venture (continued)
26Q3 2026RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended Se
Slide 27: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
27Q3 2026RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of September 30, 2026 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 99.5% $
Slide 28: Appendix
28Q3 2026RETURN TO TABLE OF CONTENTS Appendix In This Section: Calculation and Reconciliation of Non-GAAP Financial Measures 29 - 32 Company Profile, Research Coverage and Governance Information 33 Non-GAAP Financial Measures, Certain Definitions and Warning Concerning Forward-Looking Statements 34
Slide 29: Calculation of NOI and Cash Basis NOI
29Q3 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 116,805 $ 114,123 $ 116,419 $ 113,910 $ 110,936 $ 347,347 $ 3
Slide 30: Reconciliation of NOI to Same Property NOI
30Q3 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 Reconciliation of NOI to Same Property NOI: Rental income $ 116,805 $ 114,123 $ 116,419 $ 113,910 $ 110,936 Real estate taxes (16,258) (16,908) (16,014) (16,658)
Slide 31: EBITDA, EBITDAre and Adjusted EBITDAre Reconciliation
31Q3 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Net loss $ (37,840) $ (23,088) $ (17,859) $ (10,574) $ (30,431) $ (78,787) $ (91,994) Plus: interest expense 61,175
Slide 32: FFO, Normalized FFO and CAD Reconciliation
32Q3 2026RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2026 6/30/2026 3/31/2026 12/31/2025 9/30/2025 9/30/2026 9/30/2025 Normalized FFO attributable to common shareholders $ 21,279 $ 17,973 $ 20,416 $ 17,915 $ 14,9
Slide 33: Company Profile, Research Coverage and Governance Information
33Q3 2026RETURN TO TABLE OF CONTENTS Company Profile, Research Coverage and Governance Information Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is a leading U.S. alternative asset management company, unique for its focus on commercial real estate (CRE) and related businesses. As o
Slide 34: Non-GAAP Financial Measures and Certain Definitions
34Q3 2026RETURN TO TABLE OF CONTENTS 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 27 for information regarding this joint venture and related mortgage notes. Non-GAA
Slide 35: Non-GAAP Financial Measures and Certain Definitions (Continued)
35Q3 2026RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) EBITDA, EBITDAre and Adjusted EBITDAre: ILPT calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 31. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including I
Slide 36: Non-GAAP Financial Measures and Certain Definitions (Continued)
36Q3 2026RETURN TO TABLE OF CONTENTS Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Leasing costs and concession commitments - Leasing costs and concession commitments include commitments made for leasing expenditures and concession
Slide 37: Warning Concerning Forward-Looking Statements
37Q3 2026RETURN TO TABLE OF CONTENTS 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
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