Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q2 2026 Earnings Presentation
35 slides from Industrial Logistics Properties Trust's earnings presentation, Jul 29, 2026
Slide 1: Financial Results and Supplemental Information Second Quarter 2026
Financial Results and Supplemental Information July 29, 2026 SECOND QUARTER 2026 Exhibit 99.2
Slide 2: Table of Contents
2Q2 2026RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Second Quarter 2026 Financial Results .................................................................... 4 Second Quarter 2026 Highlights ..........................................................
Slide 3: Quarterly Results
3Q2 2026RETURN TO TABLE OF CONTENTS Quarterly Results
Slide 4: ILPT Announces Second Quarter 2026 Financial Results
4Q2 2026RETURN TO TABLE OF CONTENTS TO BE PROVIDED Yael Duffy President and Chief Executive Officer INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES SECOND QUARTER 2026 FINANCIAL RESULTS Newton, MA (July 29, 2026): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial res
Slide 5: Second Quarter 2026 Highlights
5Q2 2026RETURN TO TABLE OF CONTENTS Portfolio Update • Executed approximately 5,400,000 square feet of total leasing activity at weighted average rental rates that were 35.4% higher than prior rental rates for the same space and with a weighted average lease term (by annualized rental revenues) of 2
Slide 6: Third Quarter and Full Year 2026 Guidance
6Q2 2026RETURN TO TABLE OF CONTENTS Q3 2026 Full Year 2026 Low End High End Low End High End NOI $ 91,000 $ 92,000 $ 359,000 $ 364,000 Adjusted EBITDAre $ 87,500 $ 88,500 $ 348,000 $ 353,000 Normalized FFO attributable to common shareholders $ 22,500 $ 23,500 $ 87,000 $ 92,000 Normalized FFO attribu
Slide 7: Financials
7Q2 2026RETURN TO TABLE OF CONTENTS Financials
Slide 8: Key Financial Data
8Q2 2026RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Selected Income Statement Data: Capitalization: Rental income $ 114,123 $ 116,419 $ 113,910 $ 110,936 $ 112,097 Total common shares 66,762,231 Net loss $ (23,08
Slide 9: Condensed Consolidated Statements of Income (Loss)
9Q2 2026RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Rental income $ 114,123 $ 112,097 $ 230,542 $ 224,002 Expenses: Real estate taxes 16,908 15,662 32,922 29,816 Other operating expenses 8,61
Slide 10: Condensed Consolidated Balance Sheets
10Q2 2026RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets June 30, December 31, 2026 2025 ASSETS Real estate properties $ 5,184,711 $ 5,179,959 Accumulated depreciation (711,504) (648,310) Total real estate properties, net 4,473,207 4,531,649 Investment in unconsolidated joint ventu
Slide 11: Debt Summary and Maturity Schedule
11Q2 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 2.6 ILPT 66 mainland and 35 Hawaii properties 6.40% 1,160,000 07/09/2030 4.0 ILPT 17 mainland properties 4.42% 700,000 03/09/20
Slide 12: Leverage and Coverage Ratios
12Q2 2026RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 Leverage Ratios: Net debt / total gross assets 69.2% 68.8% 69.0% 69.3% 69.9% Net debt / gross book value of real estate assets 70.7% 70.5% 70.6% 71.2% 71.7% Net debt / total m
Slide 13: Capital Expenditures Summary
13Q2 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Tenant improvements $ 521 $ 162 $ 1,445 $ 1,019 $ 2,393 $ 683 $ 2,396 Leasing costs 10,322 902 4,114 1,374 300 11,224
Slide 14: Portfolio Information
14Q2 2026RETURN TO TABLE OF CONTENTS Portfolio Information
Slide 15: Same Property Results
15Q2 2026RETURN 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 6/30/2026 6/30/2025 6/30/2026 6/30/2025 Properties 409 409 409 409 Rentable square feet 59,609 59,604 59,609 59,604 Percent leased 99.1% 94.8% 99.1% 94.8% R
Slide 16: Occupancy and Leasing Summary
16Q2 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 Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 Properties 409 409 409 411 411 409 Rentable square feet 59,609 59,604
Slide 17: Tenant Credit Characteristics and Concentration
17Q2 2026RETURN TO TABLE OF CONTENTS As of June 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, Inc. 7.4% 3 Home Depot U.S.A., Inc. 2.2% 4 Restoration Hardware, Inc. 1.8% 5 OldCo Tire D
Slide 18: Portfolio Lease Expiration and Reset Schedules
18Q2 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 19: Key Financial Data by Investment Portfolio
19Q2 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 June 30, 2026 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidat
Slide 20: Joint Ventures
20Q2 2026RETURN TO TABLE OF CONTENTS Joint Ventures
Slide 21: Mountain Industrial REIT LLC Lease Expiration and Top Tenants
21Q2 2026RETURN TO TABLE OF CONTENTS GA: 13.7% TX: 9.9% OH: 9.5% IN: 8.4% NC: 5.6% FL: 4.8%IL: 4.6% MI: 4.6% MS: 4.2% NJ: 3.8% KS: 3.4% 16 Other States: 27.5% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Square feet expiring 199 1,803 2,333 1,925 3,149 11,569 % of
Slide 22: Consolidated Joint Venture Balance Sheets
22Q2 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 23: Operating Information of the Consolidated Joint Venture
23Q2 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 June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2026 2025
Slide 24: Operating Information of the Consolidated Joint Venture
24Q2 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 June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, 2026 2025
Slide 25: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
25Q2 2026RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of June 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 99.3% $ 135,
Slide 26: Appendix
26Q2 2026RETURN TO TABLE OF CONTENTS Appendix
Slide 27: Calculation of NOI and Cash Basis NOI
27Q2 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Calculation of NOI and Cash Basis NOI: Rental income $ 114,123 $ 116,419 $ 113,910 $ 110,936 $ 112,097 $ 230,542 $ 22
Slide 28: Reconciliation of NOI to Same Property NOI
28Q2 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended June 30, For the Six Months Ended June 30, 2026 2025 2026 2025 Reconciliation of NOI to Same Property NOI: Rental income $ 114,123 $ 112,097 $ 230,542 $ 224,002 Real estate taxes (16,908) (15,662) (32,922) (29,816
Slide 29: Calculation of EBITDAre and Adjusted EBITDAre
29Q2 2026RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Net loss $ (23,088) $ (17,859) $ (10,574) $ (30,431) $ (30,394) $ (40,947) $ (61,563) Plus: interest expense 61,112 6
Slide 30: Calculation of FFO, Normalized FFO and CAD
30Q2 2026RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Six Months Ended 6/30/2026 3/31/2026 12/31/2025 9/30/2025 6/30/2025 6/30/2026 6/30/2025 Normalized FFO attributable to common shareholders $ 20,807 $ 21,983 $ 18,878 $ 17,385 $ 13,80
Slide 31: Company Profile, Research Coverage and Governance Information
31Q2 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 32: Non-GAAP Financial Measures and Certain Definitions
32Q2 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 25 for information regarding this joint venture and related mortgage notes. Non-GAA
Slide 33: Non-GAAP Financial Measures and Certain Definitions (Continued)
33Q2 2026RETURN 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 2026RETURN TO TABLE OF CONTENTS 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 management agreement, for t
Slide 35: Warning Concerning Forward-Looking Statements
35Q2 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
Industrial Logistics Properties Trust — Q2 2026 Earnings Presentation on 6ix