Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q1 2018 Earnings Presentation
45 slides from Industrial Logistics Properties Trust's earnings presentation, Apr 27, 2018
Slide 1: First Quarter 2018 Supplemental Operating and Financial Data
1 7958 South Chester Street, Centennial, CO Square Feet: 167,917 United Launch Alliance Corporate Headquarters First Quarter 2018 Supplemental Operating and Financial Data Industrial Logistics Properties Trust Exhibit 99.2 510 John Dodd Road, Spartanburg, SC Square Feet: 1,015,740 Tenant: Amazon.com
Slide 2: Table of Contents
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 2 TABLE OF CONTENT S PAGE/ EXHIBIT CORPORATE INFORMATION Company Profile 7 Investor Information 8 Research Coverage 9 FINANCIALS Key Financial Data 11 Condensed Consolidated Balance Sheets 12 Condensed Co
Slide 3: Warning Concerning Forward Looking Statements
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 3 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENT S THIS PRESENTATION OF SUPPLEMENTAL OPERATING AND FINANCIAL DATA CONTAINS STATEMENTS THAT CONSTITUTE FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF TH
Slide 4: Warning Concerning Forward Looking Statements (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 4 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (CONTINUED ) • LIMITATIONS IMPOSED ON OUR BUSINESS AND OUR ABILITY TO SATISFY COMPLEX RULES IN ORDER FOR US TO QUALIFY FOR TAXATION AS A REIT FOR U.S.
Slide 5: Warning Concerning Forward Looking Statements (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 5 W ARNING CONCERNING FO RW ARD LOOKING S TA TEMENTS (CONTINUED ) • CONTINUED AVAILABILITY OF BORROWINGS UNDER OUR REVOLVING CREDIT FACILITY IS SUBJECT TO OUR SATISFYING CERTAIN FINANCIAL COVENANTS AND OT
Slide 6: Corporate Information
6 Former Damon Estate, Honolulu, HI 185 buildings, leasable land parcels and easements Approximate Square Feet: 9,600,000 CORPORATE INFORMATION 6
Slide 7: Company Profile
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 7 COM PAN Y PROFIL E Corporate Headquarters: Two Newton Place 255 Washington Street, Suite 300 Newton, MA 02458-1634 (t) (617) 219-1460 (f) (617) 219-1468 Stock Exchange Listing: Nasdaq Trading Symbol: Co
Slide 8: Investor Information
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 8 INVES TOR INFORM ATIO N INVESTOR INFORMATION Board of Trustees Bruce M. Gans Lisa Harris Jones Joseph L. Morea Independent Trustee Independent Trustee Independent Trustee John C. Popeo Adam D. Portnoy M
Slide 9: Research Coverage
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 9 RESEARCH COVERAG E RESEARCH COVERAGE Equity Research Coverage B.Riley FBR Bryan Maher (646) 885-5423 bmaher@brileyfbr.com Bank of America Merrill Lynch James Feldman (646) 855-5808 james.feldman@baml.co
Slide 10: Financials
10 FINANCIALS 10 4000 Principio Parkway, North East, MD Square Feet: 1,194,744 Tenant: Restoration Hardware, Inc.
Slide 11: Key Financial Data
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 11 KE Y FINANCIA L D AT A KEY FINANCIAL DATA (dollars in thousands, except per share data) As of and For the Three Months Ended 3/31/2018 12/31/2017 9/30/2017 6/30/2017 3/31/2017 Selected Balance Sheet Da
Slide 12: Condensed Consolidated Balance Sheets
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 12 CONDENSED CONSOLID ATED BALANCE SHEET S CONDENSED CONSOLIDATED BALANCE SHEETS March 31, December 31, 2018 2017 ASSETS Real estate properties: Land $ 642,706 $ 642,706 Buildings and improvements 701,433
Slide 13: Condensed Consolidated Statements of Income
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 13 CONDENSED CONSOLID ATED S TA TEMENTS OF INCOM E CONDENSED CONSOLIDATED STATEMENTS OF INCOME Three Months Ended March 31, 2018 2017 Revenues: Rental income $ 34,809 $ 33,870 Tenant reimbursements and ot
Slide 14: Condensed Consolidated Statements of Cash Flows
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 14 CONDENSED CONSOLID ATED S TA TEMENTS OF CASH FLOW S CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (dollars in thousands) Three Months Ended March 31, 2018 2017 CASH FLOWS FROM OPERATING ACTIVITIES: N
Slide 15: Condensed Consolidated Statements of Cash Flows (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 15 CONDENSED CONSOLID ATED S TA TEMENTS OF CASH FLOWS (CONTINUED ) CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED) (dollars in thousands) SUPPLEMENTAL DISCLOSURES: Interest paid $ 3,196 $ 628
Slide 16: Debt Summary
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 16 DEBT SUMMA RY DEBT SUMMARY (dollars in thousands) Coupon Interest Principal Maturity Due at Years to Rate (1) Rate (2) Balance (3) Date Maturity Maturity As of March 31, 2018: Unsecured Floating Rate D
Slide 17: Debt Maturity Schedule
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 17 DEBT M ATURIT Y SCHEDUL E DEBT MATURITY SCHEDULE (dollars in thousands) Scheduled Principal Payments as of March 31, 2018 Unsecured Secured Floating Fixed Year Rate Debt Rate Debt Total (2) 2020 $ — $
Slide 18: Leverage Ratios and Coverage Ratios
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 18 LEVERAGE R ATIOS AND COVERAGE R ATIOS LEVERAGE RATIOS AND COVERAGE RATIOS As of and For the Three Months Ended 3/31/2018 (1) Leverage Ratios Post-IPO: Total debt (2) / total gross assets (3) 23.2% Tota
Slide 19: Capital Expenditures Summary
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 19 CAPI TA L EXPENDITURES SUMMA RY CAPITAL EXPENDITURES SUMMARY (dollars in thousands) For the Three Months Ended 3/31/2018 12/31/2017 9/30/2017 6/30/2017 3/31/2017 Tenant improvements (1) $ 69 $ 384 $ 2
Slide 20: Property Acquisitions and Dispositions Information Since 1/1/18
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 20 PROPERT Y ACQUISITIONS AND DISPOSITIONS INFORM ATION SINCE 1/1/18 PROPERTY ACQUISITIONS AND DISPOSITIONS INFORMATION SINCE 1/1/18 Acquisitions: Dispositions: We have not acquired any properties since J
Slide 21: Calculation of Property NOI and Cash Basis NOI
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 21 CALCUL ATION OF PROPERT Y NET OPER ATING INCOME (NOI) AND CASH BASIS NO I CALCULATION OF PROPERTY NET OPERATING INCOME (NOI) AND CASH BASIS NOI (1) (dollars in thousands) (1) See Definitions of Certain
Slide 22: Calculation of EBITDA and Adjusted EBITDA
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 22 CALCUL ATION OF EBITD A AND ADJUSTED EBITD A CALCULATION OF EBITDA AND ADJUSTED EBITDA (1) (dollars in thousands) For the Three Months Ended 3/31/2018 12/31/2017 9/30/2017 6/30/2017 3/31/2017 Net incom
Slide 23: Calculation of FFO and Normalized FFO
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 23 CALCUL ATION OF FUNDS FROM OPER ATIONS (FFO) AND NORMALIZED FF O CALCULATION OF FUNDS FROM OPERATIONS (FFO) AND NORMALIZED FFO (1) (dollars and shares in thousands, except per share data) For the Three
Slide 24: Definitions of Certain Non-GAAP Financial Measures
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 24 DEFINITIONS OF CER TAIN NON-GAA P FINANCIA L MEASURE S DEFINITIONS OF CERTAIN NON-GAAP FINANCIAL MEASURES NOI and Cash Basis NOI: The calculations of NOI and Cash Basis NOI exclude certain components o
Slide 25: Portfolio Information
25 PORTFOLIO INFORMATION 25 200 Orange Point Drive, Lewis Center, OH Square Feet: 125,060 Tenant: American Tire Distributors, Inc.
Slide 26: Portfolio Summary by Property Type
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 26 PORTFOLIO SUMMA RY B Y PROPERT Y TYP E PORTFOLIO SUMMARY BY PROPERTY TYPE (dollars and sq. ft. in thousands) (1) Includes buildings, leasable land parcels and easements which are primarily industrial l
Slide 27: Property Results of Operations by Property Type
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 27 PROPERT Y RESU LTS OF OPER ATIONS B Y PROPERT Y TYP E PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE (1) (dollars and sq. ft. in thousands) As of and For the Three Months Ended (1) 3/31/2018 3/31/2017
Slide 28: Property Results of Operations by Property Type (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 28 PROPERT Y RESU LTS OF OPER ATIONS B Y PROPERT Y TYPE (CONTINUED ) PROPERTY RESULTS OF OPERATIONS BY PROPERTY TYPE (CONTINUED) (1) (dollars in thousands) As of and For the Three Months Ended (1) 3/31/20
Slide 29: Leasing Summary
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 29 LEASING SUMMA RY LEASING SUMMARY (dollars and sq. ft. in thousands, except per sq. ft. data) The above leasing summary is based on leases entered into during the periods indicated. As of and For the Th
Slide 30: Occupancy and Leasing Analysis by Property Type
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 30 OCCU PANC Y AND LEASING ANA LYSIS B Y PROPERT Y TYP E OCCUPANCY AND LEASING ANALYSIS BY PROPERTY TYPE (sq. ft. in thousands) Total Sq. Ft. (1) Sq. Ft. Leases Executed During As of the Three Months Ende
Slide 31: Tenant Credit Characteristics
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 31 TENANT CREDIT CHARACTERISTIC S TENANT CREDIT CHARACTERISTICS As of March 31, 2018 % of Annualized Rental Revenues (1) Mainland Tenant Credit Characteristics Properties Consolidated Investment grade rat
Slide 32: Tenants Representing 1% or More of Total Annualized Rental Revenues
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 32 TENANTS REPRESENTING 1% OR MORE OF TO TA L ANNUALIZED REN TA L REVENUE S TENANTS REPRESENTING 1% OR MORE OF TOTAL ANNUALIZED RENTAL REVENUES (sq. ft. in thousands) % of Total Rented % of Total Annualiz
Slide 33: Three Year Lease Expiration Schedule by Property Type
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 33 THREE YEAR LEASE EXPIR ATION SCHEDULE B Y PROPERT Y TYP E THREE YEAR LEASE EXPIRATION SCHEDULE BY PROPERTY TYPE (dollars and sq. ft. in thousands)As of March 31, 2018 2021 and Total 2018 2019 2020 Ther
Slide 34: Portfolio Lease Expiration Schedule
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 34 PORTFOLIO LEASE EXPIR ATION SCHEDUL E PORTFOLIO LEASE EXPIRATION SCHEDULE (dollars and sq. ft. in thousands)As of March 31, 2018 Cumulative % of Total Cumulative % Annualized % of Total % of Total Rent
Slide 35: Hawaii Land Rent Reset Summary
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 35 HA W AII LAND RENT RESET SUMMA RY HAWAII LAND RENT RESET SUMMARY (dollars and sq. ft. in thousands) Historical Hawaii Land Rent Resets: For the Three Months Ended 3/31/2018 12/31/2017 9/30/2017 6/30/20
Slide 36: Exhibit A
36 EXHIBIT 2833 Paa Street, Honolulu, HI Square Feet: 60,000 Tenant: W.W. Grainger, Inc. 36
Slide 37: Property Detail
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 37 PROPERT Y DE TAI L PROPERTY DETAIL (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual rents, as of March 31, 201
Slide 38: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 38 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 39: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 39 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 40: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 40 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 41: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 41 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 42: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 42 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 43: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 43 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 44: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 44 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
Slide 45: Property Detail (Continued)
Industrial Logistics Properties Trust Supplemental Operating and Financial Data, March 31, 2018 45 PROPERT Y DE TAI L (CONTINUED ) PROPERTY DETAIL (CONTINUED) (dollars and square feet in thousands) EXHIBIT AAs of March 31, 2018 (1) We define annualized rental revenues as the annualized contractual r
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