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ILPT

Industrial Logistics Properties Trust

ILPT

Industrial Logistics Properties Trust • NASDAQ
$5.54 ▲ 0.36% (+0.02)
Market Cap $369.25 M
52w High $6.57
52w Low $2.45
Dividend Yield 0.12%
P/E -4.1
Volume 153.53K
Outstanding Shares 66.65M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $110.936M ▼ $8.781M ▼ $-21.565M ▼ -19.439% ▼ $-0.33 ▼ $74.104M ▼
Q2-2025 $112.097M ▲ $59.983M ▼ $-21.31M ▲ -19.01% ▲ $-0.32 ▲ $74.849M ▼
Q1-2025 $111.905M ▲ $60.005M ▲ $-21.532M ▲ -19.241% ▲ $-0.33 ▲ $81.232M ▲
Q4-2024 $110.521M ▲ $59.494M ▲ $-24.101M ▲ -21.807% ▲ $-0.37 ▲ $79.103M ▼
Q3-2024 $108.945M $59.339M $-24.99M -22.938% $-0.38 $80.606M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $83.173M ▼ $5.219B ▼ $4.305B ▲ $494.12M ▼
Q2-2025 $159.065M ▲ $5.239B ▼ $4.291B ▼ $519.114M ▼
Q1-2025 $107.951M ▼ $5.364B ▼ $4.387B ▼ $539.525M ▼
Q4-2024 $131.706M ▼ $5.406B ▼ $4.397B ▼ $562.019M ▼
Q3-2024 $264.931M $5.455B $4.412B $585.888M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-30.431M ▼ $22.714M ▲ $4.411M ▼ $-8.486M ▲ $18.639M ▲ $22.714M ▲
Q2-2025 $-30.394M ▲ $18.409M ▲ $5.922M ▲ $-101.968M ▼ $-77.637M ▼ $18.409M ▲
Q1-2025 $-31.169M ▲ $11.371M ▲ $-11.689M ▼ $-5.46M ▼ $-5.778M ▲ $11.371M ▲
Q4-2024 $-34.38M ▲ $-13.463M ▼ $-3.628M ▼ $-5.36M ▲ $-22.451M ▼ $-13.463M ▼
Q3-2024 $-35.407M $-3.413M $15.4M $-5.625M $6.362M $-3.413M

Five-Year Company Overview

Income Statement

Income Statement ILPT’s properties appear to be doing their job, but the bottom line is still weak. Rental revenue stepped up meaningfully a few years ago after the portfolio expansion and has since held relatively steady. Property-level profitability looks solid and operating income has been consistently positive. However, after interest, depreciation, and other costs, the company has reported losses for several years in a row. In simple terms: the buildings are earning money, but the capital structure and non‑operating costs are heavy enough that they push overall earnings into the red.

Balance Sheet

Balance Sheet The balance sheet is dominated by real estate and by debt. Assets expanded sharply after the large acquisition, giving ILPT a much bigger footprint, but this growth was funded mostly with borrowing. Debt now makes up the bulk of the capital structure, while the equity cushion has gradually thinned as losses accumulated. Cash on hand is modest relative to the size of the portfolio and the debt load. Overall, ILPT has valuable properties but carries high leverage, which makes it more sensitive to interest rates, refinancing conditions, and any downturn in property values or rents.

Cash Flow

Cash Flow Cash generation has become a pressure point. In earlier years, ILPT’s properties produced a healthy stream of operating cash flow relative to its size, and because spending on new development and improvements has been fairly modest, free cash flow was also reasonable. More recently, though, operating cash flow has faded toward break‑even, leaving little room to comfortably cover interest, debt reduction, or growth investments from internal cash alone. This means the company relies more on outside capital or asset sales to manage its obligations and strategy, which heightens financial risk if credit markets stay tight or asset prices weaken.

Competitive Edge

Competitive Edge ILPT operates in an attractive niche: industrial and logistics properties that serve e‑commerce and distribution, with a particularly distinctive footprint in Hawaii. That Hawaiian land and industrial portfolio is difficult for competitors to replicate, because supply is limited and zoning is restrictive, which supports pricing power and tenant stickiness. On the mainland, ILPT owns modern logistics facilities and has a roster of strong, investment‑grade tenants, which supports occupancy and rent collection stability. The acquisition of Monmouth added scale and deepened exposure to high‑quality logistics assets. The trade‑off is that ILPT’s competitive strengths in real estate are offset by its financial leverage; competitors with stronger balance sheets may have more flexibility to invest, weather downturns, or bid for assets.

Innovation and R&D

Innovation and R&D As a REIT, ILPT is not a traditional research and development story, but it does use technology and process improvements to sharpen its operations. The company focuses on sustainability and efficiency, using energy and water performance data, climate‑risk assessments, and hazard analysis to manage its portfolio. Recognition as a Green Lease Leader and the use of tools like ENERGY STAR benchmarking show a structured approach to reducing operating costs and environmental impact. ILPT also differentiates itself with built‑to‑suit and redevelopment capabilities, tailoring facilities to key tenants’ needs, which can support long leases and deeper relationships. These are incremental, practical innovations rather than headline‑grabbing technology, but they can strengthen the portfolio’s appeal and resilience over time.

Summary

ILPT today looks like a company with strong underlying real estate but a stretched financial profile. The portfolio is strategically positioned in logistics and industrial assets, with a unique and valuable foothold in Hawaii and a concentration of high‑quality tenants. Operational profitability at the property level appears sound, and the asset base is substantial after the Monmouth acquisition. However, the heavy use of debt to reach this scale has left the trust with thin equity, small cash reserves, negative reported earnings, and weakening cash flow coverage. Going forward, the key issues to watch are ILPT’s ability to stabilize and grow cash flow, manage or reduce its leverage, maintain high occupancy and rent levels, and continue using its sustainability and built‑to‑suit strengths to keep tenants loyal while navigating a more demanding interest‑rate and credit environment.

NEWS

October 28, 2025 · 4:15 PM UTC

Industrial Logistics Properties Trust Announces Third Quarter 2025 Results

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October 9, 2025 · 8:00 AM UTC

Industrial Logistics Properties Trust Announces Quarterly Dividend on Common Shares

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September 30, 2025 · 4:15 PM UTC

Industrial Logistics Properties Trust Third Quarter 2025 Conference Call Scheduled for Wednesday, October 29th

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