Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q4 2025 Earnings Presentation
36 slides from Industrial Logistics Properties Trust's earnings presentation, Feb 19, 2026
Slide 1: Financial Results and Supplemental Information
Financial Results and Supplemental Information FOURTH QUARTER 2025 February 18, 2026
Slide 2: Table of Contents
Table of Contents QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Financial Results ...................................................................... 4 Fourth Quarter 2025 Highlights...........................................................................
Slide 3: Quarterly Results
Quarterly Results RETURN TO TABLE OF CONTENTS Q4 2025 3
Slide 4: Industrial Logistics Properties Trust Announces Fourth Quarter 2025 Financial Results
INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES FOURTH QUARTER 2025 FINANCIAL RESULTS “We finished the year with exceptional momentum, Newton, MA (February 18, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2025. d
Slide 5: Fourth Quarter 2025 Highlights
Fourth Quarter 2025 Highlights (As of and for the three months ended December 31, 2025, unless otherwise noted) • Executed approximately 3,989,000 square feet of total leasing activity at weighted average rental rates that were 25.7% higher than prior rental rates for the same space and with a weigh
Slide 6: Financials
Financials RETURN TO TABLE OF CONTENTS Q4 2025 6
Slide 7: Key Financial Data
Key Financial Data (dollars in thousands, except per share data) As of and for the Three Months Ended As of 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 Selected Income Statement Data: Capitalization: Rental income $ 113,910 $ 110,936 $ 112,097 $ 111,905 $ 110,521 Total common shar
Slide 8: 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 December 31, Year Ended December 31, 2025 2024 2025 2024 Rental income $ 113,910 $ 110,521 $ 448,848 $ 442,322 Expenses: Real estate taxes 16,658 16,214 61,679 62,563
Slide 9: Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (dollars in thousands) December 31, December 31, 2025 2024 ASSETS Real estate properties $ 5,179,959 $ 5,180,385 Accumulated depreciation (648,310) (523,886) Total real estate properties, net 4,531,649 4,656,499 Investment in unconsolidated joint venture 132,753
Slide 10: Debt Summary
Debt Summary As of December 31, 2025 (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 3.1 ILPT Fixed rate - interest only 66 mainland and 35 Hawaii properties
Slide 11: Debt Maturity Schedule
Debt Maturity Schedule As of December 31, 2025 (dollars in millions) $1,500 $19.5 $1,400.0 $1,250 $1,273.6 $1,000 Principal $750 $807.9 $671.8 $500 $250 $20.2 $21.0 $— 2026 $ 2027 2028 2029 2030 Thereafter Current Maturity Date (1) Secured fixed rate debt Secured floating rate debt of consolidated j
Slide 12: Leverage and Coverage Ratios
Leverage and Coverage Ratios As of and for the Three Months Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 Leverage Ratios: Net debt / total gross assets 69.0% 69.3% 69.9% 68.7% 68.6% Net debt / gross book value of real estate assets 70.6% 71.2% 71.7% 71.3% 71.3% Net debt / total market c
Slide 13: Capital Expenditures Summary
Capital Expenditures Summary (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Tenant improvements $ 1,445 $ 1,019 $ 2,393 $ 3 $ 916 $ 4,860 $ 1,935 Leasing costs 4,114 1,374 300 3,222 1,265 9,010 6,271 Buil
Slide 14: Portfolio Information
Portfolio Information RETURN TO TABLE OF CONTENTS Q4 2025 14
Slide 15: Property Dispositions
Property Dispositions Since January 1, 2025 (dollars in thousands) Square Number of Gain (Loss) on Date Sold Location (1) Ownership Feet Properties Gross Sales Price Sale Of Real Estate 11/4/2025 Augusta, GA 100% 30,184 1 $ 1,650 $ 229 12/5/2025 Monaca, PA 100% 255,658 1 2,250 (1,605) 285,842 2 $ 3,
Slide 16: Same Property Results
Same Property Results (dollars and sq. ft. in thousands) As of and for the Three Months Ended As of and for the Year Ended 12/31/2025 12/31/2024 12/31/2025 12/31/2024 Gardener, KS 645,462 Square Feet ILPT Ownership: 100% Properties 409 409 409 409 Rentable square feet 59,604 59,604 59,604 59,604 Per
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 As of and for the Three Months Ended Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 Properties 409 411 411 411 411 409 Rentable square feet 59,604 59,890 59,890 59,8
Slide 18: Tenant Credit Characteristics and Concentration
Tenant Credit Characteristics and Concentration As of December 31, 2025 Tenant Credit Characteristics % of Total Annualized % of Total Annualized Rental Revenues Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 27.9% 2 Amazon.com Services, Inc. 7.3% 3 Home Depot U.S.A., Inc. 2.2% Other unrated
Slide 19: Portfolio Lease Expiration and Reset Schedules
Portfolio Lease Expiration and Reset Schedules As of December 31, 2025 (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
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 December 31, 2025 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidated Ownership % 100% 100% 100% 61%
Slide 21: Joint Ventures
Joint Ventures RETURN TO TABLE OF CONTENTS Q4 2025 21
Slide 22: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC As of December 31, 2025 (dollars in thousands) Lease Expiration Schedule Major Tenants % of Annualized Rental $100,000 Top 10 Tenants (1) Revenues (2) 1 FedEx Corporation 54.9% $90,000 2 Amazon.com Services, Inc. 7.2% Annualized rental revenu
Slide 23: Consolidated Joint Venture - Mountain Industrial REIT LLC
Consolidated Joint Venture - Mountain Industrial REIT LLC (1) As of December 31, 2025 (dollars and sq. ft. in thousands) ILPT Number of Rentable Joint Venture Ownership Presentation Properties States Square Feet Occupancy Greenwood, IN Mountain Industrial REIT LLC 61% Consolidated 94 27 20,978 100.0
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 December 31, Year Ended December 31, Three Months Ended
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 December 31, Year Ended December 31, Three Months Ended
Slide 26: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of December 31, 2025 (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 98.7% $ 13
Slide 27: Appendix
Appendix RETURN TO TABLE OF CONTENTS Q4 2025 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 For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Calculation of NOI and Cash Basis NOI: Rental income $ 113,910 $ 110,936 $ 112,097 $ 111,905 $
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 December 31, For the Year Ended December 31, 2025 2024 2025 2024 Burlington, NJ Reconciliation of NOI to Same Property NOI: 633,836 Square Feet ILPT Ownership: 100% Rental income $ 113,910
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 For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Net loss $ (10,574) $ (30,431) $ (30,394) $ (31,169) $ (34,380) $ (102,568) $ (137,168) Plus: i
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 For the Year Ended 12/31/2025 9/30/2025 6/30/2025 3/31/2025 12/31/2024 12/31/2025 12/31/2024 Normalized FFO attributable to common shareholders $ 18,878 $ 17,385 $ 1
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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