Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Q4 2022 Earnings Presentation
29 slides from Industrial Logistics Properties Trust's earnings presentation, Feb 14, 2023
Slide 1: Supplemental Operating and Financial Data Fourth Quarter 2022
1 Supplemental Operating and Financial Data ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. FOURTH QUARTER 2022 Exhibit 99.2 5 Logistics Drive Carlisle, PA 205,090 Square Feet ILPT Ownership: 22%
Slide 2: Table of Contents
2Supplemental Q4 2022 CORPORATE INFORMATION Company Overview ................................................................................................................................................................................................................... 3 Investor Information ....
Slide 3: Company Overview
3Supplemental Q4 2022 The Company: Industrial Logistics Properties Trust, or ILPT, we, our or us, is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is included in 169 market indices and comprises more than 1% of th
Slide 4: Investor Information
4Supplemental Q4 2022 Investor Information Investor Relations Industrial Logistics Properties Trust Inquiries Two Newton Place Financial, investor and media inquiries should be directed to: 255 Washington Street, Suite 300 Kevin Barry, Director, Investor Relations, Newton, MA 02458-1634 at (617) 658
Slide 5: Key Financial Data
5Supplemental Q4 2022 (dollars in thousands, except per share data) As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Selected Balance Sheet Data: Total gross assets $ 5,949,633 $ 5,962,116 $ 6,166,704 $ 6,286,275 $ 2,076,048 Total assets $ 5,676,166 $ 5,719,63
Slide 6: Consolidated Balance Sheets
6Supplemental Q4 2022 Consolidated Balance Sheets December 31, 2022 2021 ASSETS Real estate properties: Land $ 1,117,779 $ 699,037 Buildings and improvements 4,058,329 1,049,796 Total real estate properties, gross 5,176,108 1,748,833 Accumulated depreciation (273,467) (167,490) Total real estate pro
Slide 7: Consolidated Statements of Income (Loss)
7Supplemental Q4 2022 Consolidated Statements of Income (Loss) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Rental income $ 106,339 $ 56,496 $ 388,151 $ 219,874 Expenses: Real estate taxes 14,164 7,781 50,624 30,134 Other operating expenses 8,577 4,944 30,855 18,678 De
Slide 8: Debt Summary
8Supplemental Q4 2022 (1) Interest rates are as of December 31, 2022 and reflect the impact of interest rate caps, as applicable. (2) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December 31, 2022, including unamortized debt issuance
Slide 9: Debt Maturity Schedule
9Supplemental Q4 2022 (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of December 31, 2022, including unamortized debt issuance costs totaling $45,862, was $4,244,501. (2) The $1,235,000 floating rate loan matures in October 2024, subj
Slide 10: Leverage Ratios and Coverage Ratios
10Supplemental Q4 2022 As of and For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Leverage Ratios: Net debt / total gross assets 69.7% 69.9% 65.1% 64.2% 38.7% Net debt / gross book value of real estate assets 72.6% 73.1% 73.7% 76.4% 42.3% Net debt / total market capital
Slide 11: Capital Expenditures Summary
11Supplemental Q4 2022 (dollars in thousands) For the Three Months Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 Tenant improvements and leasing costs $ 4,369 $ 2,302 $ 2,627 $ 3,361 $ 2,736 Building improvements 2,221 1,292 376 110 1,315 Recurring capital expenditures 6,590 3,594 3,003
Slide 12: Property Acquisitions and Dispositions Since 1/1/2022
12Supplemental Q4 2022 Property Acquisitions and Dispositions Since 1/1/2022 (dollars and sq. ft. in thousands, except per sq. ft. data) Dispositions: Weighted Average Percent Purchase Remaining Leased Date Market Number of Purchase Price / Cap Lease Term at Acquired Buyer Area Properties Sq. Ft. Pr
Slide 13: Same Property Results
13Supplemental Q4 2022 (dollars and sq. ft. in thousands) As of and For the Three Months Ended As of and For the Year Ended 12/31/2022 12/31/2021 12/31/2022 12/31/2021 Properties (end of period) 287 287 286 286 Square Feet 34,012 33,991 33,655 33,634 Percent Leased 99.1% 99.2% 99.1% 99.2% Rental inc
Slide 14: Leasing Summary
14Supplemental Q4 2022 (dollars and sq. ft. in thousands, except per sq. ft. data) As of and For the Three Months Ended As of and For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 Properties 413 413 412 412 288 413 Total sq. ft. 59,983 59,962 59,736 59,736 33,991 59,9
Slide 15: Tenant Concentration and Credit Characteristics
15Supplemental Q4 2022 As of December 31, 2022 Tenant Credit Characteristics % of Annualized Rental Revenues Investment grade rated 20.2% Subsidiaries of investment grade rated parent entities 38.7% Other leased Hawaii lands 19.4% Subtotal investment grade rated, subsidiaries of investment grade rat
Slide 16: Lease Expiration Schedule
16Supplemental Q4 2022 Cumulative % of Total Cumulative % % of Total % of Total Leased Leased of Total Leased Annualized Annualized Annualized Number of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Period / Year Tenants Expiring Expiring Expiring Expiring Expir
Slide 17: Key Financial Data - By Investment Portfolio
17Supplemental Q4 2022 (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data - By Investment Portfolio RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended December 31, 2022 ILPT Wholly Owned Properties Mountain Industrial ILPT Hawaii Mainland Total REIT LLC (1)
Slide 18: Joint Ventures
18Supplemental Q4 2022 Joint Ventures (dollars and sq. ft. in thousands) Investment in Joint Ventures: ILPT Number of Number of Square Joint Venture Ownership Presentation Properties States Feet Mountain Industrial REIT LLC 61% Consolidated 94 27 20,981 (1) Amounts represent the applicable joint ven
Slide 19: Consolidated Joint Venture - Financial Information at 100%
19Supplemental Q4 2022 Consolidated Joint Venture - Financial Information at 100% (1) RETURN TO TABLE OF CONTENTS Mountain Industrial REIT LLC Three Months Ended December 31, 2022 Year Ended December 31, 2022 Rental income $ 41,129 $ 134,562 Real estate taxes 4,932 15,477 Other operating expenses 3,
Slide 20: Consolidated Joint Venture - Pro-Rata Financial Information
20Supplemental Q4 2022 Consolidated Joint Venture - Pro-Rata Financial Information (1) RETURN TO TABLE OF CONTENTS ILPT Share of Consolidated Joint Venture (61%) Three Months Ended December 31, 2022 Year Ended December 31, 2022 Rental income $ 25,088 $ 82,083 Real estate taxes 3,009 9,441 Other oper
Slide 21: Consolidated Joint Venture - Mountain Industrial REIT LLC
21Supplemental Q4 2022 GA: 11.1% OH: 10.4% TX: 10.0% IN: 8.4% NC: 6.1% FL: 5.3%MI: 4.8% NJ: 4.1% IL: 4.0% KS: 3.7% MS: 3.5% 16 Other States: 28.6% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of Leases Expiring 5 6 8 10 13 7 35 % of Total Annualized Rental
Slide 22: Unconsolidated Joint Venture - The Industrial Fund REIT LLC
22Supplemental Q4 2022 Unconsolidated Joint Venture - The Industrial Fund REIT LLC (dollars in thousands) As of December 31, 2022 Investment in Unconsolidated ILPT Number of Square Joint Venture at Joint Venture Ownership Properties States Feet December 31, 2022 The Industrial Fund REIT LLC 22% 18 1
Slide 23: Calculation and Reconciliation of NOI and Cash Basis NOI
23Supplemental Q4 2022 Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Calculation of NOI and Cash Basis NOI: Rental income $ 106,339 $ 103,215 $ 107,222 $
Slide 24: Reconciliation of NOI to Same Property NOI
24Supplemental Q4 2022 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) Three Months Ended December 31, Year Ended December 31, 2022 2021 2022 2021 Reconciliation of NOI to Same Property NOI: Rental income $ 106,339 $ 56,496 $ 388,151
Slide 25: Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre
25Supplemental Q4 2022 Calculation of EBITDA, EBITDAre, and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 12/31/2021 Net (loss) income $ (41,759) $ (83,974) $ (151,321) $ (9,787) $ 63,207 $ (286,8
Slide 26: Calculation of FFO and Normalized FFO
26Supplemental Q4 2022 Calculation of FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders (dollars and shares in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2022 9/30/2022 6/30/2022 3/31/2022 12/31/2021 12/31/2022 1
Slide 27: Non-GAAP Financial Measures and Certain Definitions
27Supplemental Q4 2022 FFO and Normalized FFO Attributable to Common Shareholders: We calculate funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 26. FFO attributable to common shareholders is calculated on the
Slide 28: Non-GAAP Financial Measures and Certain Definitions (Cont.)
28Supplemental Q4 2022 Non-GAAP Financial Measures and Certain Definitions (Cont.) Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of our common shares at the end of the relevant period. Annualized rental
Slide 29: Forward-Looking Statements
29Supplemental Q4 2022 This supplemental operating and financial data may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Whenever we use words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estim
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