Industrial Logistics Properties Trust (ILPT) is a real estate investment trust (REIT) formed to own and lease industrial and logistics properties throughout the United States. As of December 31, 2018, ILPT owned 270 industrial and logistics properties with 29.5 million rentable square feet which are approximately 99.3% leased to 248 different tenants with a weighted average remaining lease term of approximately 10.3 years. Approximately 42% of annualized rental revenues come from 44 industrial and logistics properties with approximately 12.7 million square feet located in 25 states on the U.S. mainland. Approximately 58% of annualized rental revenues come from 226 properties (buildings, leasable land parcels and easements) with approximately 16.8 million square feet located on the island of Oahu, Hawaii, most of which are long term ground leases to tenants who have constructed buildings and operate businesses on ILPT’s lands.
Industrial Logistics Properties Trust (ILPT) today announced that is has closed on the previously announced acquisition of a portfolio of 18 properties for $624.7 million. Also, ILPT last week closed on the last remaining property included in the previously announced portfolio acquisition of eight properties which had an aggregate purchase price of $280.0 million. https://uk.finance.yahoo.com/news/industrial-logistics-properties-trust-announces-120000650.html
Industrial Logistics Properties Trust (ILPT) today announced financial results for the quarter ended March 31, 2019. Completed Two Portfolio Acquisitions Totaling $904.7 Million Since January 2019 Obtained $650.0 Million of Mortgage Financing on Hawaii Properties at Appraised Value of More Than $1.4 Billion First Quarter Net Income of $0.26 Per Share First Quarter Normalized FFO of $0.41 Per Share https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-110000523.html
Industrial Logistics Properties Trust (ILPT) today announced a regular quarterly cash distribution on its common shares of $0.33 per common share ($1.32 per share per year). This distribution will be paid to ILPT’s common shareholders of record as of the close of business on July 29, 2019 and distributed on or about August 15, 2019. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-120000055.html
Based in Newton, MA, Industrial Logistics Properties Trust ILPT, a Zacks Rank #1 (Strong Buy) stock, is focused on the ownership and leasing of the industrial and logistics properties, primarily in the United States. The company delivered a positive surprise of 4.6% in the just-reported quarter. Healthy fundamentals of the industrial and logistics market continue to support this REIT’s performance, its projected FFO per share growth rate for the ongoing year being 6.2%. Moreover, it has a dividend yield of 6.17%. https://finance.yahoo.com/news/5-reit-stocks-buy-fed-134101030.html
Industrial Logistics Properties Trust (ILPT) today announced a regular quarterly cash distribution on its common shares of $0.33 per common share ($1.32 per share per year). This distribution will be paid to ILPT’s common shareholders of record as of the close of business on October 28, 2019 and distributed on or about November 14, 2019. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-120000125.html
Industrial Logistics Properties Trust (ILPT) today announced that it has closed on a $350 million mortgage loan that matures in November 2029. The loan is secured by a portfolio of 11 of ILPT’s mainland properties located in eight states containing approximately eight million square feet. ILPT’s cost basis in this portfolio of properties is $556.8 million, and as of September 30, 2019, the weighted average remaining lease term (by annualized rental revenue) for these properties was 7.1 years and occupancy was 100%. The 10-year loan is non-amortizing and carries a fixed interest rate of 3.33% per annum, which is lower than the current borrowing cost on ILPT’s unsecured revolving credit facility. ILPT expects to use the proceeds of this loan to reduce outstanding borrowings under its $750 million unsecured revolving credit facility. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-120000715.html
Third Quarter Net Income of $0.17 Per Share">Third Quarter Net Income of $0.17 Per Share Third Quarter Normalized FFO of $0.44 Per Share">Third Quarter Normalized FFO of $0.44 Per Share https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-110000809.html
Industrial Logistics Properties Trust Announces $680 Million Joint Venture for up to 12 of its Mainland Properties Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it has entered into agreements related to a $680 million joint venture with an Asian institutional investor for a select portfolio of 12 of ILPT’s mainland properties. The investor will contribute approximately $108 million for a 39% equity interest in the joint venture and ILPT will own the remaining 61% equity interest in the joint venture. ILPT closed the joint venture with 11 properties and the investor will initially contribute approximately $82 million. The joint venture also assumed $350 million of existing secured debt on the portfolio. A twelfth property and $57 million of additional associated debt is expected to be contributed later, subject to certain conditions. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-212100429.html
E-Commerce and Industrial Logistics Industrial logistics is REIT sub-sector that is enjoying strong growth from the secular expansion of e-commerce distribution from the Internet economy, explains Bryan Perry, editor of Cash Machine." Consumers and businesses alike continue to ship their shopping experience to online platforms where “just-in-time” delivery of goods is paramount to executing competitive strategies in today’s market place. Within this space, there are 15 publicly traded REITs. The purest play is Industrial Logistics Properties Trust (ILPT), which pays a very attractive dividend yield of 5.62%. The company owns 300 properties, encompassing 42.8 million square feet. ILPT has a unique Hawaiian footprint in that the company owns vast land holdings on the island of Oahu, all of which sit between downtown Honolulu and the airport. The company leases out the land and buildings that account for roughly 60.8% of total leased space where long-term rent increases have a good history of being recession resistant. Mainland properties are located in 29 states with Amazon as its largest tenant, followed by FedEx and Proctor & Gamble. Other tenants include BJ’s Wholesale Clubs, Restoration Hardware, Subaru of America and Safeway. https://finance.yahoo.com/news/e-commerce-industrial-logistics-100000258.html
Industrial Logistics Properties Trust Announces Closing of Twelfth Property in $680 Million Joint Venture Twelfth Property is 100% Leased to Amazon ILPT Received Additional Proceeds of $26 Million, Bringing the Total Proceeds to Approximately $108 Million, and Owns a 61% Equity Stake in the 12 Property Joint Venture Sold 39% Joint Venture Equity Interest at a 5.8% GAAP Capitalization Rate">Sold 39% Joint Venture Equity Interest at a 5.8% GAAP Capitalization Rate ILPT expects to use the proceeds from this transaction to reduce outstanding borrowings under its $750 million unsecured revolving credit facility. The 12 industrial properties contain an aggregate 9.2 million square feet and are located in nine states. As of December 31, 2019, these properties were 100% leased for a weighted average remaining lease term (by annualized rental income) of 7.5 years. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-201500062.html
Industrial Logistics Properties Trust Maintains Regular Quarterly Dividend on Common Shares Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced a regular quarterly cash dividend on its common shares of $0.33 per share ($1.32 per share per year), unchanged from its previous dividend level. This dividend will be paid to ILPT’s common shareholders of record as of the close of business on April 16, 2020 and distributed on or about May 21, 2020. https://finance.yahoo.com/news/industrial-logistics-properties-trust-maintains-120000978.html
Industrial Logistics Properties Trust Announces First Quarter 2020 Results First Quarter Net Income Attributable to Common Shareholders of $0.20 Per Share First Quarter Normalized FFO Attributable to Common Shareholders Increased 12.2% to $0.46 Per Share Formed First Joint Venture, Raising Equity Capital at Net Asset Value to Reduce Debt John Murray: "We are focused on and concerned by the impact the COVID-19 pandemic has had on the economy and the real estate industry, but believe we are well positioned to weather disruptions which may affect our business. The industrial and logistics sector and many of our tenants are critical to sustaining a resilient supply chain to support essential services and daily consumption across the nation. Our liquidity remains strong with approximately $20 million of cash and nearly $500 million of availability under our revolving credit facility as of March 31, 2020. Additionally, we face minimal lease expirations and debt maturities over the next 12 months, with only 0.5% of annualized rental income expiring and $49 million of mortgage debt on one property coming due. We have granted rent deferrals to certain of our tenants for a total of approximately $2.1 million. These leases represent approximately 6.5% of annualized rental revenues as of March 31, 2020. Tenants who have received rent deferrals will generally be obligated to pay the deferred rents beginning in September 2020 in 12 equal installments. We believe these deferrals will allow our tenants to continue to be successful during this challenging time. During the first quarter, ILPT formed a $680 million joint venture with an Asian institutional investor. We used the proceeds that we received from this joint venture formation to reduce leverage. We plan to expand this joint venture and expect it to support ILPT’s continued growth. We also acquired a Class A e-commerce distribution facility located near Phoenix, AZ that is 100% leased to a single tenant. Finally, earlier this month we also announced that we maintained our regular quarterly distribution to shareholders, which we hope demonstrates our belief that ILPT remains a secure investment amid these uncertain economic conditions." Results for the Quarter Ended March 31, 2020: Net income attributable to common shareholders for the quarter ended March 31, 2020 was $12.8 million, or $0.20 per diluted share, compared to $16.8 million, or $0.26 per diluted share, for the same quarter last year. Normalized funds from operations attributable to common shareholders, or Normalized FFO attributable to common shareholders, for the quarter ended March 31, 2020 were $30.2 million, or $0.46 per diluted share, compared to $26.4 million, or $0.41 per diluted share, for the same quarter last year. Reconciliations of net income attributable to common shareholders determined in accordance with U.S. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended March 31, 2020 and 2019 appear later in this press release. Leasing, Occupancy and Same Property Results: During the quarter ended March 31, 2020, ILPT entered new and renewal leases and completed rent resets for approximately 91,000 square feet, which resulted in weighted average (by square feet) rental rates that were approximately 19.0% higher than prior rental rates for the same space, with a weighted average (by square feet) lease term of 17.4 years. Commitments for leasing capital and concessions for new and renewal leases entered during the quarter ended March 31, 2020 totaled approximately $458,000, or approximately $0.53 per square foot per lease year. As of March 31, 2020, 98.9% of ILPT’s total rentable square feet was leased, compared to 99.3% as of December 31, 2019 and 99.4% as of March 31, 2019. Occupancy for properties owned continuously since January 1, 2019 on a same property basis decreased to 98.6% at March 31, 2020 from 99.3% at March 31, 2019. Same property cash basis net operating income, or Cash Basis NOI, decreased 0.7% for the quarter ended March 31, 2020 compared to the quarter ended March 31, 2019, primarily as a result of a change in timing of the recognition of percentage rental income, partially offset by contractual rent increases and leasing activity at certain properties since January 1, 2019. Reconciliations of net income attributable to common shareholders determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and calculation of same property Cash Basis NOI, for the quarters ended March 31, 2020 and 2019, appear later in this press release. Joint Venture Transaction: As previously disclosed, in February and March 2020, ILPT entered into agreements related to a joint venture for 12 of ILPT’s U.S. mainland properties. ILPT contributed the 12 properties to the joint venture. ILPT received proceeds from the investor in an aggregate amount of $108.3 million, which includes certain costs associated with the formation of the joint venture, for a 39% equity interest in the joint venture and ILPT retained the remaining 61% equity interest in the joint venture. The investment amount is based on an aggregate property valuation of $680.0 million, less approximately $407.0 million of existing mortgage debts on the properties at the time of the investment that the joint venture assumed. In February 2020, ILPT formed the joint venture with 11 of the 12 properties and the investor initially paid ILPT approximately $82.0 million, and in March 2020, the twelfth property was added to the joint venture and the investor contributed an additional $26.3 million. ILPT used the net proceeds from this transaction to reduce outstanding borrowings under its revolving credit facility. Recent Investment Activities: As previously disclosed, in February 2020, ILPT acquired a net leased Class A e-commerce distribution center located in Goodyear, AZ with 820,384 rentable square feet for a purchase price of $71.5 million, excluding acquisition related costs. This property is 100% leased and had a remaining lease term of approximately six years as of the date of acquisition. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-110000265.html
Industrial Logistics Properties Trust (Nasdaq:ILPT) today announced a regular quarterly cash distribution on its common shares of $0.33 per common share ($1.32 per share per year). This distribution will be paid to ILPT’s common shareholders of record as of the close of business on July 27, 2020 and distributed on or about August 20, 2020. https://finance.yahoo.com/news/industrial-logistics-properties-trust-announces-120000022.html
