Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q2 2025 Earnings Presentation
35 slides from Industrial Logistics Properties Trust's earnings presentation, Jul 29, 2025
Slide 1: Financial Results and Supplemental Information Second Quarter 2025
Financial Results and Supplemental Information July 29, 2025 SECOND QUARTER 2025 Exhibit 99.2 2020 Joe B. Jackson Parkway Murfreesboro, TN 1,016,281 Square Feet ILPT Ownership: 100%
Slide 2: Table of Contents
2Q2 2025RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Second Quarter 2025 Financial Results .................................................................... 4 Second Quarter 2025 Highlights ..........................................................
Slide 3: Quarterly Results
3Q2 2025RETURN TO TABLE OF CONTENTS Quarterly Results
Slide 4: ILPT Announces Second Quarter 2025 Financial Results
4Q2 2025RETURN TO TABLE OF CONTENTS "ILPT delivered strong second quarter results, highlighted by an increase in its quarterly dividend and the successful refinancing of its $1.235 billion of floating rate debt with $1.16 billion of fixed rate debt, which provides us both stability and annual cash s
Slide 5: Second Quarter 2025 Highlights
5Q2 2025RETURN TO TABLE OF CONTENTS Portfolio Update • Only 2.1 million, or 3.6%, of leased square feet is set to expire in the next 12 months. • Executed 171,000 square feet of new and renewal leases at weighted average rental rates that were 21.1% higher than prior rental rates for the same space
Slide 6: Financials
6Q2 2025RETURN TO TABLE OF CONTENTS Financials
Slide 7: Key Financial Data
7Q2 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 Selected Income Statement Data: Capitalization: Rental income $ 112,097 $ 111,905 $ 110,521 $ 108,945 $ 110,621 Total common shares 66,335,999 Net loss $ (30,39
Slide 8: Condensed Consolidated Statements of Income (Loss)
8Q2 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Rental income $ 112,097 $ 110,621 $ 224,002 $ 222,856 Expenses: Real estate taxes 15,662 15,149 29,816 31,010 Other operating expenses 8,87
Slide 9: Condensed Consolidated Balance Sheets
9Q2 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets June 30, December 31, 2025 2024 ASSETS Real estate properties $ 5,153,015 $ 5,180,385 Accumulated depreciation (579,706) (523,886) Total real estate properties, net 4,573,309 4,656,499 Investment in unconsolidated joint ventur
Slide 10: Debt Summary
10Q2 2025RETURN TO TABLE OF CONTENTS (1) Interest rates reflect the impact of interest rate caps, as applicable. (2) This loan has one remaining one-year extension option, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of SOFR plus a weighted
Slide 11: Debt Maturity Schedule
11Q2 2025RETURN TO TABLE OF CONTENTS (1) This loan matures in March 2026, subject to one remaining one-year extension option. Debt Maturity Schedule (dollars in millions) As of June 30, 2025 Current Maturity Date Pr in ci p al $1,400.0 $9.5 $19.5 $20.2 $21.0 $671.8 $2,081.5 Secured fixed rate debt S
Slide 12: Leverage and Coverage Ratios
12Q2 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 Leverage Ratios: Net debt / total gross assets 69.9% 68.7% 68.6% 68.1% 68.2% Net debt / gross book value of real estate assets 71.7% 71.3% 71.3% 71.0% 71.2% Net debt / total m
Slide 13: Capital Expenditures Summary
13Q2 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Tenant improvements $ 2,393 $ 3 $ 916 $ 433 $ 142 $ 2,396 $ 586 Leasing costs 300 3,222 1,265 2,695 184 3,522 2,311 Building
Slide 14: Portfolio Information
14Q2 2025RETURN TO TABLE OF CONTENTS Portfolio Information
Slide 15: Same Property Results
15Q2 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and for the Three Months Ended As of and for the Six Months Ended 6/30/2025 6/30/2024 6/30/2025 6/30/2024 Properties 410 410 410 410 Rentable square feet 59,308 59,312 59,308 59,312 Percent leased 94.3% 95.3% 94.3% 95.3% R
Slide 16: Occupancy and Leasing Summary
16Q2 2025RETURN 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 Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 Properties 411 411 411 411 411 411 Rentable square feet 59,890 59,890
Slide 17: Tenant Credit Characteristics and Concentration
17Q2 2025RETURN TO TABLE OF CONTENTS As of June 30, 2025 Tenant Credit Characteristics and Concentration % of Total Annualized Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 28.8% 2 Amazon.com Services, Inc. 6.7% 3 Home Depot U.S.A., Inc. 2.2% 4 OldCo Tire Distributors, Inc. (2) 1.7% 5 UPS S
Slide 18: Portfolio Lease Expiration and Reset Schedules
18Q2 2025RETURN 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 19: Key Financial Data by Investment Portfolio
19Q2 2025RETURN 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 June 30, 2025 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidat
Slide 20: Joint Ventures
20Q2 2025RETURN TO TABLE OF CONTENTS Joint Ventures
Slide 21: Mountain Industrial REIT LLC Portfolio Information
21Q2 2025RETURN TO TABLE OF CONTENTS GA: 12.3% TX: 10.2% OH: 9.7% IN: 8.4% NC: 5.9% FL: 5.1%IL: 4.6%MI: 4.6% NJ: 3.8% MS: 3.7% KS: 3.5% 16 Other States: 28.2% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of Leases Expiring 1 10 13 7 10 40 % of Total Annuali
Slide 22: Consolidated Joint Venture Balance Sheets
22Q2 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) ILPT Number of Square Joint Venture Ownership Presentation Properties States Feet Occupancy Mountain Industrial REIT LLC 61% Consolidated 94 27 20,978 99.8% (1) Amounts shown on this page reflect 100% ownership interest of this
Slide 23: Operating Information of the Consolidated Joint Venture
23Q2 2025RETURN 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 June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2025 2024
Slide 24: Operating Information of the Consolidated Joint Venture (continued)
24Q2 2025RETURN 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 June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2025 2024
Slide 25: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
25Q2 2025RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of June 30, 2025 ILPT ILPT Number of Square Investment in Joint Venture Ownership Properties States Feet Occupancy Joint Venture The Industrial Fund REIT LLC 22% 18 12 11,726 98.7% $ 117,854 Three
Slide 26: Appendix
26Q2 2025RETURN TO TABLE OF CONTENTS Appendix
Slide 27: Calculation of NOI and Cash Basis NOI
27Q2 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Calculation of NOI and Cash Basis NOI: Rental income $ 112,097 $ 111,905 $ 110,521 $ 108,945 $ 110,621 $ 224,002 $ 22
Slide 28: Reconciliation of NOI to Same Property NOI
28Q2 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2025 2024 2025 2024 Reconciliation of NOI to Same Property NOI: Rental income $ 112,097 $ 110,621 $ 224,002 $ 222,856 Real estate taxes (15,662) (15,149) (29,816) (31,010
Slide 29: EBITDA and Adjusted EBITDAre Reconciliation
29Q2 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Net loss $ (30,394) $ (31,169) $ (34,380) $ (35,407) $ (33,479) $ (61,563) $ (67,381) Plus: interest expense 67,914 6
Slide 30: FFO, Normalized FFO and CAD Reconciliation
30Q2 2025RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2025 3/31/2025 12/31/2024 9/30/2024 6/30/2024 6/30/2025 6/30/2024 Normalized FFO attributable to common shareholders $ 13,808 $ 13,490 $ 8,877 $ 8,063 $ 8,965 $
Slide 31: Company Profile, Research Coverage and Governance Information
31Q2 2025RETURN TO TABLE OF CONTENTS Company Profile, Research Coverage and Governance Information Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of June 30, 2025, RMR had
Slide 32: Non-GAAP Financial Measures and Certain Definitions
32Q2 2025RETURN 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 25 for information regarding this joint venture and related mortgage notes. Non-GAA
Slide 33: Non-GAAP Financial Measures and Certain Definitions (Continued)
33Q2 2025RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) Cash Available for Distribution: ILPT calculates CAD as shown on page 30. ILPT defines CAD as Normalized FFO minus ILPT's proportionate share of Normalized FFO from unconsolidated joint venture prope
Slide 34: Certain Definitions
34Q2 2025RETURN TO TABLE OF CONTENTS Incentive management fees - Incentive management fees are estimated and accrued during the applicable measurement period. Actual incentive management fees will be calculated based on common share total return, as defined in ILPT's business management agreement, f
Slide 35: Warning Concerning Forward-Looking Statements
35Q2 2025RETURN 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
Industrial Logistics Properties Trust — Q2 2025 Earnings Presentation on 6ix