Industrial Logistics Properties Trust · NASDAQ:ILPT
Industrial Logistics Properties Trust — Investor Presentation (November 2024)
26 slides from Industrial Logistics Properties Trust's investor presentation, Nov 15, 2024
Slide 1: Industrial Logistics Properties Trust Investor Presentation November 2024
INDUSTRIAL LOGISTICS PROPERTIES TRUST INVESTOR PRESENTATION November 2024 309 Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% November 2024 INVESTOR PRESENTATION
Slide 2: Warning Regarding Forward Looking Statements, Disclaimers and Non-GAAP Financial Measures
INDUSTRIAL LOGISTICS PROPERTIES TRUST WARNING REGARDING FORWARD LOOKING STATEMENTS, DISCLAIMERS AND NON - GAAP FINANCIAL MEASURES This presentation contains forward - looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subj
Slide 3: ILPT at a Glance
3 INDUSTRIAL LOGISTICS PROPERTIES TRUST U.S. REIT with 411 Industrial & Logistics Properties 3 ILPT AT A GLANCE Industrial Logistics Properties Trust (Nasdaq: ILPT) is a REIT focused on owning and leasing high quality distribution and logistics properties. More than 75% of ILPT’s annualized rental r
Slide 4: Geographic Diversity with a Unique Hawaiian Footprint
INDUSTRIAL LOGISTICS PROPERTIES TRUST 4 1 1 7 3 15 8 4 1 11 9 5 4 3 2 5 3 7 4 5 1 2 4 2 5 20 6 3 10 1 6 10 2 6 1 1 1 2 HI, 27.9% 4 OH, 7.1% SC, 5.9% FL, 5.2% GA, 4.9% NC, 2.4% TN, 2.9% NJ, 3.3% TX, 4.3% IN, 4.9% 29 Other States, 31.2% GEOGRAPHIC DIVERSITY WITH A UNIQUE HAWAIIAN FOOTPRINT Location an
Slide 5: Recent Business Highlights
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECENT BUSINESS HIGHLIGHTS Full Year 2023 Q3 2024 YTD 2024 Leasing Activity (Sq. Ft.) Rental Rates (1) Leasing Activity WALT (by Sq. Ft.) 5,402,000 +20.5% 7.5 years 2,757,000 +7.0% 6.2 years 5,366,000 +15.3% 6.3 years Net loss attributable to common shareholders
Slide 6: Debt Summary
DEBT SUMMARY ILPT Secured Floating Rate Debt $1.2B Mountain JV Secured Floating Rate Debt $1.4B Secured Fixed Rate Debt $1.7B $1,400.0 $4.6 $1,593.3 $19.5 $20.2 $21.0 $1,235.0 $18.8 2024 Thereafter 2025 2026 2027 2028 Secured fixed rate debt Secured floating rate debt of consolidated joint venture (
Slide 7: Select Portfolio Properties
SELECT PORTFOLIO PROPERTIES 1151 South Graham Road Greenwood, IN 615,284 Square Feet ILPT Ownership: 61% INDUSTRIAL LOGISTICS PROPERTIES TRUST 2002 International Boulevard Augusta, GA 225,997 Square Feet ILPT Ownership: 61% 5000 Commerce Way Petersburg, VA 1,016,065 Square Feet ILPT Ownership: 22% 5
Slide 8: High Quality Industrial Properties
8 INDUSTRIAL LOGISTICS PROPERTIES TRUST Ground Lease: 28% Warehouse & Distribution: 66% Light Manufacturing: 6% HIGH QUALITY INDUSTRIAL PROPERTIES Property Type by % of Total Annualized Rental Revenues % of Total Annualized Rental Revenues Tenant Industry Type 38.1% Transportation & Shipping 9.0% Au
Slide 9: Strong Credit Profile Across Sectors
9 INDUSTRIAL LOGISTICS PROPERTIES TRUST STRONG CREDIT PROFILE ACROSS SECTORS Approximately 77% of annualized rental revenues are derived from investment grade rated tenants/subsidiaries or from secure Hawaii land leases. Tenant Credit Characteristics % of Total Annualized Rental Revenues Investment
Slide 10: Portfolio Q3 2024 Results
10 INDUSTRIAL LOGISTICS PROPERTIES TRUST Mountain Industrial JV (2) Consolidated ILPT (1) 61% Ownership 94 Properties 99.0% Occupancy $33.6M NOI $32.7M Cash Basis NOI $31.0M Adjusted EBITDA re $3.1B Total Gross Assets (1) Excludes one consolidated mainland property containing approximately 64,000 re
Slide 11: Proactive Asset Management and Leasing
758 1,534 1,981 628 2,757 13.5% 19.7% 38.3% 15.8% 7.0% Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Total Leasing (Sq. Ft.) Rent Roll - Up PROACTIVE ASSET MANAGEMENT AND LEASING Leasing Activity Square Footage in thousands INDUSTRIAL LOGISTICS PROPERTIES TRUST ILPT has executed over 5.3 million square fe
Slide 12: Lease Expirations and Rent Resets by Investment Portfolio
LEASE EXPIRATIONS AND RENT RESETS BY INVESTMENT PORTFOLIO INDUSTRIAL LOGISTICS PROPERTIES TRUST Hawaii Property Expirations and Rent Resets % of Total ILPT Annualized Rental Revenues Mountain Joint Venture Expirations % of Total ILPT Annualized Rental Revenues Wholly Owned Mainland Property Expirati
Slide 13: Managed by The RMR Group, an Alternative Asset Manager
INDUSTRIAL LOGISTICS PROPERTIES TRUST RMR’s Operations Include: National Multi - Sector Investment Platform OFFICE INDUSTRIAL MEDICAL OFFICE LIFE SCIENCE SENIOR LIVING HOTELS RETAIL RMR Managed Companies Over 18,000 Employees Over 2,000 Properties More than $5 billion in Annual Revenues Nearly $41 b
Slide 14: RMR Management Fee Structure
INDUSTRIAL LOGISTICS PROPERTIES TRUST 14 • Base business management fee: 0.5% multiplied by the lower of (i) gross historical cost of real estate or (ii) average market cap. (1) • Property management fees: 3% of gross collected rents and 5% of construction costs. • Incentive management fee: 12% of t
Slide 15: A Winning Tradition
INDUSTRIAL LOGISTICS PROPERTIES TRUST A WINNING TRADITION To find out more about RMR’s highlights, insights and accomplishments, please visit The RMR Group’s Annual Sustainability Report . EPA’S 2024 ENERGY STAR® Partner of the Year . 88 properties with EPA ENERGY STAR certifications 70 properties w
Slide 16: Appendix
APPENDIX 996 Paragon Way Rock Hill, SC 945,023 Square Feet ILPT Ownership: 100% INDUSTRIAL LOGISTICS PROPERTIES TRUST 16 16
Slide 17: Selected Financial Information
INDUSTRIAL LOGISTICS PROPERTIES TRUST SELECTED FINANCIAL INFORMATION 17 (dollars in thousands, except per share data) As of and for the Three Months Ended 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Selected Income Statement Data: $ 110,142 $ 108,895 $ 112,235 $ 110,621 $ 108,945 Rental incom
Slide 18: Calculation and Reconciliation of NOI and Cash Basis NOI
INDUSTRIAL LOGISTICS PROPERTIES TRUST CALCULATION AND RECONCILIATION OF NOI AND CASH BASIS NOI 18 ( For the Nine Months Ended dollars in thousands) For the Three Months Ended 9/30/2023 9/30/2024 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 Calculation of NOI and Cash Basis NOI: $ 328,443 $ 331
Slide 19: Reconciliation of NOI to Same Property NOI
INDUSTRIAL LOGISTICS PROPERTIES TRUST RECONCILIATION OF NOI TO SAME PROPERTY NOI AND CALCULATION OF SAME PROPERTY CASH BASIS NOI 19 For the Nine Months Ended September 30, (dollars in thousands) For the Three Months Ended September 30, 2023 2024 2023 2024 Reconciliation of NOI to Same Property NOI:
Slide 20: Reconciliation of Net Loss to EBITDA and Adjusted EBITDAre
INDUSTRIAL LOGISTICS PROPERTIES TRUST For the Nine Months Ended (dollars in thousands) For the Three Months Ended 9/30/2023 9/30/2024 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $ (108,317) $ (102,788) $ (36,191) $ (41,402) $ (33,902) $ (33,479) $ (35,407) Net loss 215,558 220,797 72,941 72,9
Slide 21: Reconciliation of Net Loss to FFO
INDUSTRIAL LOGISTICS PROPERTIES TRUST For the Nine Months Ended (dollars in thousands) For the Three Months Ended 9/30/2023 9/30/2024 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $ (76,749) $ (71,568) $ (26,112) $ (31,240) $ (23,403) $ (23,175) $ (24,990) Net loss attributable to common shareh
Slide 22: Normalized FFO and CAD Reconciliation
INDUSTRIAL LOGISTICS PROPERTIES TRUST For the Nine Months Ended (dollars and shares in thousands, except per share data) For the Three Months Ended 9/30/2023 9/30/2024 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 $ 23,455 $ 26,478 $ 7,945 $ 8,086 $ 9,450 $ 8,965 $ 8,063 Normalized FFO attribut
Slide 23: Financial Information by Portfolio
23 INDUSTRIAL LOGISTICS PROPERTIES TRUST (dollars and sq. ft in thousands, except per sq. ft.) As of and for the Three Months Ended September 30, 2024 ILPT Mountain Industrial ILPT Wholly Owned Properties Consolidated Other (2) REIT LLC (1) Total Hawaii Mainland 61% 100% 100% 100% Ownership % 411 1
Slide 24: Non-GAAP Financial Measures and Certain Definitions
INDUSTRIAL LOGISTICS PROPERTIES TRUST NON - GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS 24 Non - GAAP Financial Measures: ILPT presents certain “non - GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including FFO attribut
Slide 25: Non-GAAP Financial Measures and Certain Definitions (Continued)
INDUSTRIAL LOGISTICS PROPERTIES TRUST NON - GAAP FINANCIAL MEASURES AND CERTAIN DEFINITIONS (CONTINUED) 25 EBITDA, EBITDA re and Adjusted EBITDA re : ILPT calculates earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDA re , and Adjusted EBITDA
Slide 26: Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% November 2024 Two Newton
INDUSTRIAL LOGISTICS PROPERTIES TRUST INVESTOR PRESENTATION November 2024 309 Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership: 100% November 2024 INVESTOR PRESENTATION Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458 ILPTREIT.COM
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