Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q3 2025 Earnings Presentation
35 slides from Industrial Logistics Properties Trust's earnings presentation, Oct 28, 2025
Slide 1: Financial Results and Supplemental Information Third Quarter 2025
Financial Results and Supplemental Information October 28, 2025 THIRD 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
2Q3 2025RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Third Quarter 2025 Financial Results ........................................................................ 4 Third Quarter 2025 Highlights ........................................................
Slide 3: Quarterly Results
3Q3 2025RETURN TO TABLE OF CONTENTS Quarterly Results
Slide 4: ILPT Announces Third Quarter 2025 Financial Results
4Q3 2025RETURN TO TABLE OF CONTENTS "Our third quarter results continue to highlight the solid operating fundamentals of our portfolio, as ILPT generated sequential and year over year growth in many of its key metrics including FFO, Cash Basis NOI and EBITDAre. Leasing velocity also remained strong,
Slide 5: Third Quarter 2025 Highlights
5Q3 2025RETURN TO TABLE OF CONTENTS Portfolio Update • Executed approximately 836,000 square feet of total leasing activity at weighted average rental rates that were 22.4% higher than prior rental rates for the same space and with a weighted average lease term (by annualized rental revenues) of 8.0
Slide 6: Financials
6Q3 2025RETURN TO TABLE OF CONTENTS Financials
Slide 7: Key Financial Data
7Q3 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 Selected Income Statement Data: Capitalization: Rental income $ 110,936 $ 112,097 $ 111,905 $ 110,521 $ 108,945 Total common shares 66,659,235 Net loss $ (30,43
Slide 8: Condensed Consolidated Statements of Income (Loss)
8Q3 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Rental income $ 110,936 $ 108,945 $ 334,938 $ 331,801 Expenses: Real estate taxes 15,205 15,339 45,021 46,349 Other operating ex
Slide 9: Condensed Consolidated Balance Sheets
9Q3 2025RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets September 30, December 31, 2025 2024 ASSETS Real estate properties $ 5,144,283 $ 5,180,385 Accumulated depreciation (608,543) (523,886) Total real estate properties, net 4,535,740 4,656,499 Investment in unconsolidated joint v
Slide 10: Debt Summary
10Q3 2025RETURN TO TABLE OF CONTENTS (1) 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 average premium of 2.77%. Mountain JV purchased an interest rate cap through
Slide 11: Debt Maturity Schedule
11Q3 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 September 30, 2025 Current Maturity Date Pr in ci p al $1,400.0 $4.8 $19.5 $20.2 $21.0 $671.8 $2,081.5 Secured fixed rate d
Slide 12: Leverage and Coverage Ratios
12Q3 2025RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 Leverage Ratios: Net debt / total gross assets 69.3% 69.9% 68.7% 68.6% 68.1% Net debt / gross book value of real estate assets 71.2% 71.7% 71.3% 71.3% 71.0% Net debt / total m
Slide 13: Capital Expenditures Summary
13Q3 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Tenant improvements $ 1,019 $ 2,393 $ 3 $ 916 $ 433 $ 3,415 $ 1,019 Leasing costs 1,374 300 3,222 1,265 2,695 4,896
Slide 14: Portfolio Information
14Q3 2025RETURN TO TABLE OF CONTENTS Portfolio Information
Slide 15: Same Property Results
15Q3 2025RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and for the Three Months Ended As of and for the Nine Months Ended 9/30/2025 9/30/2024 9/30/2025 9/30/2024 Properties 408 408 408 408 Rentable square feet 59,023 59,023 59,023 59,023 Percent leased 94.5% 94.4% 94.5% 94.4%
Slide 16: Occupancy and Leasing Summary
16Q3 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 Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 Properties 411 411 411 411 411 411 Rentable square feet 59,890 59,890
Slide 17: Tenant Credit Characteristics and Concentration
17Q3 2025RETURN TO TABLE OF CONTENTS As of September 30, 2025 Tenant Credit Characteristics and Concentration % of Total Annualized Top 10 Tenants (1) Rental Revenues 1 FedEx Corporation 28.3% 2 Amazon.com Services, Inc. 6.8% 3 Home Depot U.S.A., Inc. 2.3% 4 OldCo Tire Distributors, Inc. 1.6% 5 UPS
Slide 18: Portfolio Lease Expiration and Reset Schedules
18Q3 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
19Q3 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 September 30, 2025 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Conso
Slide 20: Joint Ventures
20Q3 2025RETURN TO TABLE OF CONTENTS Joint Ventures
Slide 21: Consolidated Joint Venture - Mountain Industrial REIT LLC
21Q3 2025RETURN TO TABLE OF CONTENTS GA: 12.3% TX: 10.1% OH: 9.8% IN: 8.4% NC: 5.7% FL: 4.9%IL: 4.6% MI: 4.6% MS: 4.2% NJ: 3.8% KS: 3.6% 16 Other States: 28.0% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of leases expiring 1 8 12 7 10 44 % of total annuali
Slide 22: Mountain Industrial REIT LLC Balance Sheets
22Q3 2025RETURN 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 23: Operating Information of the Consolidated Joint Venture
23Q3 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 September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended Se
Slide 24: Operating Information of the Consolidated Joint Venture
24Q3 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 September 30, Nine Months Ended September 30, Three Months Ended September 30, Nine Months Ended Se
Slide 25: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
25Q3 2025RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of September 30, 2025 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% $
Slide 26: Appendix
26Q3 2025RETURN TO TABLE OF CONTENTS Appendix
Slide 27: Calculation of NOI and Cash Basis NOI
27Q3 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Calculation of NOI and Cash Basis NOI: Rental income $ 110,936 $ 112,097 $ 111,905 $ 110,521 $ 108,945 $ 334,938 $ 3
Slide 28: Same Property NOI Reconciliation
28Q3 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended September 30, For the Nine Months Ended September 30, 2025 2024 2025 2024 Reconciliation of NOI to Same Property NOI: Rental income $ 110,936 $ 108,945 $ 334,938 $ 331,801 Real estate taxes (15,205) (15,339) (45,0
Slide 29: EBITDA and EBITDAre Reconciliation
29Q3 2025RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Net loss $ (30,431) $ (30,394) $ (31,169) $ (34,380) $ (35,407) $ (91,994) $ (102,788) Plus: interest expense 63,470
Slide 30: Calculation of Cash Available for Distribution
30Q3 2025RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Nine Months Ended 9/30/2025 6/30/2025 3/31/2025 12/31/2024 9/30/2024 9/30/2025 9/30/2024 Normalized FFO attributable to common shareholders $ 17,385 $ 13,808 $ 13,490 $ 8,877 $ 8,063
Slide 31: Company Profile, Research Coverage and Governance Information
31Q3 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 September 30, 2025, RM
Slide 32: Non-GAAP Financial Measures and Certain Definitions
32Q3 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)
33Q3 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 (Continued)
34Q3 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
35Q3 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
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