#1INDUSTRIAL LOGISTICS PROPERTIES TRUST Industrial Logistics Properties Trust Second Quarter 2023 Financial Results and Supplemental Information July 25, 2023 309 Dulty's Lane Burlington, NJ 633,836 Square Feet ILPT Ownership 100% WAT SYAWEL GETES Exhibit 99.2 PSS29#2Table of Contents QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Second Quarter 2023 Financial Results.... Second Quarter 2023 Highlights FINANCIALS Key Financial Data Condensed Consolidated Statements of Income (Loss). Condensed Consolidated Balance Sheets. APPENDIX Debt Summary Debt Maturity Schedule. Leverage Ratios and Coverage Ratios. Capital Expenditures Summary... Property Acquisitions and Dispositions Since 1/1/2023. PORTFOLIO INFORMATION Same Property Results Occupancy and Leasing Summary. Tenant Concentration and Credit Characteristics. Portfolio Lease Expiration and Reset Schedules Key Financial Data - By Investment Portfolio. JOINT VENTURES Consolidated Joint Venture - Mountain Industrial REIT LLC. Consolidated Joint Venture - Financial Information Consolidated Joint Venture - Portfolio Information Unconsolidated Joint Venture - The Industrial Fund REIT LLC. Company Profile and Research Coverage. Governance Information Non-GAAP Financial Measures and Certain Definitions. Calculation and Reconciliation of NOI and Cash Basis NOI. Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI. Calculation of EBITDA, EBITDAre and Adjusted EBITDAre.. Calculation of FFO, Normalized FFO and CAD WARNING CONCERNING FORWARD-LOOKING STATEMENTS Holland RETURN TO TABLE OF CONTENTS 4 FIL 7820의 의미의의의 2세의 10 11 12 13 14 16 17 18 19 20 22 23-24 25 26 28 29 30-32 33 34 35 36-37 38 INDUSTRIAL LOGISTICS PROPERTIES TRUST ILPT Nasdaq Listed Trading Symbols: Common Shares: ILPT Investor Relations Contact Stephen Colbert, Director (617) 231-3223 [email protected] Corporate Headquarters Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634 All amounts in this presentation are unaudited. Please refer to the Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Earnings Presentation Q2 2023#3Holland RETURN TO TABLE OF CONTENTS Quarterly Results INDUSTRIAL LOGISTICS PROPERTIES TRUST Earnings Presentation Q2 2023#4INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS "We remain encouraged by the continued demand for ILPT's high quality portfolio and the strength in industrial real estate fundamentals. We completed two million square feet of leasing, including rent resets, in the second quarter at weighted average rental rates that were 30% higher than prior rental rates for the same space. With no near-term debt maturities and a 99.1% occupied portfolio primarily leased to investment grade rated tenants, we continue to focus on enhancing ILPT's performance through embedded opportunities within the portfolio." Yael Duffy, President and Chief Operating Officer Holland RETURN TO TABLE OF CONTENTS INDUSTRIAL LOGISTICS PROPERTIES TRUST Newton, MA (July 25, 2023): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended June 30, 2023. Dividend ILPT has declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 24, 2023. This distribution will be paid on or about August 17, 2023. Conference Call A conference call to discuss ILPT's second quarter results will be held on Wednesday, July 26, 2023 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing (412) 317-0088; the replay pass code is 6832934. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT's website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT's website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of ILPT. About Industrial Logistics Properties Trust Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of June 30, 2023, ILPT's portfolio consisted of 413 properties containing approximately 60.0 million rentable square feet located in 39 states. Approximately 77% of ILPT's annualized rental revenues as of June 30, 2023 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $36 billion in assets under management as of June 30, 2023 and more than 35 years of institutional ce in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com. Earnings Presentation Q2 2023#5Second Quarter 2023 Highlights Portfolio Update Financial Results Disposition Activities Financing Activities >> >> >> Holland RETURN TO TABLE OF CONTENTS ● ● ● ● ● INDUSTRIAL LOGISTICS PROPERTIES TRUST Portfolio occupancy grew to 99.1% representing an increase of 40 basis points quarter-over-quarter. Executed 20 leases totaling 1,967,000 square feet at 29.6% higher rents. Continued strong fundamentals in Hawaii resulted in 855,171 square feet of leasing at 41.7% higher GAAP rents. Stable cash flows from a portfolio of 77.2% investment grade rated tenants and Hawaii land with a weighted average lease term of 8.4 years (by annualized revenue). Net loss attributable to common shareholders was $25.8 million, or $0.40 per diluted share. Normalized FFO attributable to common shareholders was $7.6 million, or $0.12 per diluted share. Adjusted EBITDAre was $81.3 million. Rent growth this quarter was partially offset by increases in operating expenses, leading to a 0.5% increase in same property cash basis NOI compared to the prior year quarter. Same property NOI decreased 3.5% compared to the prior year quarter; however, excluding the impact of a $3.4 million write off of a below market lease liability related to a lease termination recorded in the 2022 period, same property NOI increased by 0.5%. As of July 25, 2023, ILPT has entered into agreements to sell three wholly-owned properties in three states containing an aggregate of 762,000 rentable square feet for an aggregate sales price of $65.3 million, excluding closing costs. After the repayment of debt associated with two of these properties, estimated net proceeds to ILPT from these sales is expected to be approximately $20.4 million. In May 2023, ILPT's consolidated joint venture obtained a $91.0 million interest only mortgage loan secured by four properties with a fixed interest rate of 6.25% and a maturity date in June 2030. A portion of the proceeds was used to repay four outstanding mortgage loans of ILPT's consolidated joint venture with an aggregate outstanding principal balance of $35.9 million. Earnings Presentation Q2 2023#6Holland RETURN TO TABLE OF CONTENTS Financials INDUSTRIAL LOGISTICS PROPERTIES TRUST Earnings Presentation Q2 2023#7Key Financial Data (dollars in thousands, except per share data) Selected Income Statement Data: Rental income Net loss Net loss attributable to common shareholders NOI Cash Basis NOI Adjusted EBITDAre FFO attributable to common shareholders Normalized FFO attributable to common shareholders CAD attributable to common shareholders Rolling four quarter CAD attributable to common shareholders Per Common Share Data (basic and diluted): Net loss attributable to common shareholders FFO attributable to common shareholders Normalized FFO attributable to common shareholders CAD attributable to common shareholders Rolling four quarter CAD attributable to common shareholders Dividends: Annualized dividends paid per share Annualized dividend yield (at end of period) Annualized Normalized FFO attributable to common shareholders payout ratio CAD attributable to common shareholders payout ratio Rolling four quarter CAD attributable to common shareholders payout ratio Selected Balance Sheet Data: Total gross assets Total assets Total liabilities Total equity Holland RETURN TO TABLE OF CONTENTS LA LA LA LA $ 108,043 LA LA LA LA LA LA $ $ $ (36,580) $ (25,828) $ 84,424 $ $ 80,827 $ $ 81,331 $ $ 7,375 $ 7,594 $ 9,803 33,023 $ LA LA LA LA LA $ $ $ $ $ 6/30/2023 LA $ $ 0.04 1.2% 8.3% 6.7 % 7.8% $ 110,258 $ 106,339 $ 103,215 $ 107,222 (35,546) $ (41,759) $ (83,974) $ (151,321) $ (24,809) $ (31,043) $ (45,627) $ (143,539) 84,473 $ 83,598 $ 81,013 $ 86,894 80,441 $ 79,931 $ 76,969 $ 79,949 80,712 $ 79,213 $ 76,072 $ 80,811 7,916 $ 5,440 $ (10,134) $ (2,001) 7,916 $ 5,440 $ 14,873 $ 28,302 $ 10,182 $ 4,748 $ 8,290 $ 19,481 42,701 $ 55,675 $ 77,104 $ 94,657 $ LA LA LA +A LA LA LA LA (0.40) $ 0.11 $ 0.12 $ 0.15 $ $ 0.51 LA As of and For the Three Months Ended 3/31/2023 12/31/2022 9/30/2022 $ (0.38) $ 0.12 $ 0.12 $ 0.16 $ 0.65 $ 0.04 1.3% 8.3% LA LA LA 6.3 % 6.2 % $ LA LA (0.48) $ 0.08 $ 0.08 $ 0.07 $ 0.85 $ 0.04 $ 1.2% 12.5% 14.3% 4.7% (0.70) $ (0.16) $ 0.23 $ 0.13 $ 1.18 $ 6/30/2022 0.04 $ 0.7% 4.3% 7.7 % 3.4 % (2.20) (0.03) 0.43 0.30 1.45 1.32 9.4% 76.7% 110.0 % 91.0 % $5,949,633 $5,962,116 $5,997,715 $5,939,557 $6,166,704 $5,662,080 $5,634,976 $5,676,166 $5,719,635 $5,955,838 $4,400,791 $4,348,801 $4,345,395 $4,358,125 $4,520,904 $1,261,289 $1,286,175 $1,330,771 $1,361,510 $1,434,934 INDUSTRIAL LOGISTICS PROPERTIES TRUST Capitalization: Total common shares (at end of period) Closing price (at end of period) Equity market capitalization (at end of period) Debt (principal balance) Total market capitalization Liquidity: Cash and cash equivalents Total liquidity $ $ $ $ As of 6/30/2023 65,697,959 3.30 216,803 4,334,755 4,551,558 71,695 71,695 Earnings Presentation Q2 2023#8Condensed Consolidated Statements of Income (Loss) (amounts in thousands, except percentage data and per share data) Three Months Ended June 30, 2023 2022 107,222 108,043 $ Rental income Expenses: Real estate taxes Other operating expenses Depreciation and amortization General and administrative Loss on impairment of real estate Total expenses Interest and other income Interest expense (including net amortization of debt issuance costs, premiums and discounts of $6,721, $34,448, $13,434, and $54,769, respectively) Loss on sale of real estate Loss on equity securities Loss on early extinguishment of debt Loss before income tax expense and equity in earnings of unconsolidated joint venture Income tax expense Equity in earnings of unconsolidated joint venture Net loss Net loss attributable to noncontrolling interest Net loss attributable to common shareholders Weighted average common shares outstanding - basic and diluted Per common share data (basic and diluted): Net loss attributable to common shareholders Additional data: General and administrative expenses / total assets (at end of period) Non-cash straight line rent adjustments included in rental income Lease value amortization included in rental income Lease termination fees included in rental income Holland RETURN TO TABLE OF CONTENTS $ $ $ LA LA LA $ $ $ 15,100 8,519 44,909 8,131 254 76,913 1,797 (71,846) (359) (39,278) (45) 2,743 (36,580) 10,752 (25,828) $ 65,369 (0.40) 0.1% 3,355 242 $ $ LA LA LA $ $ 13,275 7,053 42,699 9,709 100,747 173,483 354 (77,548) (10) (9,450) (152,915) (16) 1,610 (151,321) 7,782 (143,539) $ 65,221 (2.20) $ 0.2% 3,220 3,695 30 $ $ LA LA LA $ $ Six Months Ended June 30, 2023 2022 178,597 218,301 $ 31,567 17,837 90,366 16,038 254 156,062 2,943 (142,617) (974) (359) (78,768) (62) 6,704 (72,126) 21,489 (50,637) 65,339 (0.77) $ $ 0.3% 7,117 $ 512 $ $ 22,711 13,825 65,577 15,786 100,747 218,646 832 (118,547) (10) (5,758) (828) (164,360) (85) 3,337 (161,108) 11,055 (150,053) 65,217 (2.30) 0.3% 4,376 4,015 30 INDUSTRIAL LOGISTICS PROPERTIES TRUST 8411 Florida Mining Boulevard Tampa, FL 174,975 Square Feet ILPT Ownership: 61% Earnings Presentation Q2 2023 8#9Condensed Consolidated Balance Sheets (dollars in thousands, except per share data) ASSETS Real estate properties: Land Buildings and improvements Total real estate properties, gross Accumulated depreciation Total real estate properties, net Assets of properties held for sale Investment in unconsolidated joint venture Acquired real estate leases, net Cash and cash equivalents Restricted cash Rents receivable, including straight line rents of $87,797 and $80,710, respectively Other assets, net Total assets LIABILITIES AND EQUITY Mortgages and notes payable, net Liabilities of properties held for sale Accounts payable and other liabilities Assumed real estate lease obligations, net Due to related persons Total liabilities Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,697,959 and 65,568,145 shares issued and outstanding, respectively Additional paid in capital Cumulative net income Cumulative other comprehensive income Cumulative common distributions Total equity attributable to common shareholders Total equity attributable to noncontrolling interest Total equity Total liabilities and equity Holland RETURN TO TABLE OF CONTENTS $ $ $ $ June 30, 2023 1,112,598 4,031,041 5,143,639 (330,879) 4,812,760 37,261 129,082 267,889 71,695 138,673 110,638 94,082 5,662,080 $ 4,301,276 31 73,916 20,420 5,148 4,400,791 657 1,015,138 66,548 26,487 $ $ (364,533) 744,297 516,992 1,261,289 5,662,080 $ December 31, 2022 1,117,779 4,058,329 5,176,108 (273,467) 4,902,641 124,358 297,445 48,261 92,519 107,011 103,931 5,676,166 4,244,501 73,547 22,523 4,824 4,345,395 656 1,014,201 117,185 21,903 (363,221) 790,724 540,047 1,330,771 5,676,166 INDUSTRIAL LOGISTICS PROPERTIES TRUST 27200 SW 127th Avenue Homestead, FL 237,756 Square Feet ILPT Ownership: 100% Earnings Presentation Q2 2023#10Debt Summary As of June 30, 2023 (dollars in thousands) Entity ILPT ILPT ILPT Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Mountain JV (4) Туре (3) Floating Rate - Interest only Fixed Rate - Interest only (5) Fixed Rate - Interest only Floating Rate Interest only Fixed Rate - Interest only Fixed Rate - - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Fixed Rate - Amortizing Total / weighted average debt Holland RETURN TO TABLE OF CONTENTS Secured By 69 Mainland and 35 Hawaii Properties 186 Hawaii Properties 17 Mainland Properties 82 Mainland Properties Four Mainland Properties One Mainland Property One Mainland Property One Mainland Property One Mainland Property One Mainland Property One Mainland Property One Mainland Property One Mainland Property Current Interest (1) Rate Principal Balance (2) Maturity Date 6.18% $1,235,000 4.31 % 650,000 4.42 % 700,000 6.17 % 1,400,000 6.25 % 3.67% 4.14% 4.02 % 4.13 % 3.10 % 2.95 % 4.27 % 3.25 % 5.46 % Due at Maturity 10/9/2024 $1,235,000 2/7/2029 650,000 3/9/2032 700,000 3/9/2024 1,400,000 91,000 6/10/2030 91,000 12,042 5/1/2031 7/1/2032 13,536 29,797 41,636 25,310 40,759 10/1/2033 11/1/2033 6/1/2035 1/1/2036 11/1/2037 1/1/2038 44,991 50,684 $4,334,755 $4,076,000 Years to Maturity INDUSTRIAL LOGISTICS PROPERTIES TRUST (1) Interest rates are as of June 30, 2023 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 June 30, 2023, including unamortized debt issuance costs totaling $33,479, was $4,301,276. 1.3 5.6 8.7 (3) The $1,235,000 floating rate loan has an initial maturity date of October 9, 2024, 0.7 with three, one year extension options, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of secured overnight financing rate, or SOFR, plus a weighted average premium of 3.93%. ILPT also purchased an interest rate cap through October 2024 with a SOFR strike rate equal to 2.25%. The current interest rate reflects the impact of this interest rate cap. 7.0 7.8 9.0 10.3 10.3 11.9 12.5 14.4 14.5 3.7 (4) Mountain JV is Mountain Industrial REIT LLC, ILPT's consolidated joint venture in which ILPT owns a 61% equity interest. See pages 22-25 for more information. (5) The $1,400,000 floating rate loan has an original maturity date of March 9, 2024 with three, one year extension options, and requires that interest be paid at an annual rate of SOFR plus a premium of 2.77%. Mountain JV has also purchased an interest rate cap through March 2024 with a SOFR strike rate equal to 3.40%. The current interest rate reflects the impact of this interest rate cap. Earnings Presentation Q2 2023 10#11Debt Maturity Schedule As of June 30, 2023 (dollars in thousands) $(Thousands) $3,000,000 $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 $8,812 2023 $18,114 $1,400,000 $1,235,000 2024 Secured Fixed Rate Debt Holland RETURN TO TABLE OF CONTENTS (2) (3) (1) $18,794 $19,495 $20,229 $20,989 2026 2027 2025 2028 $671,777 2029 $113,595 2030 Secured Floating Rate Debt of consolidated joint venture (2) $22,413 2031 $721,753 2032 $63,784 2033 and thereafter (3) Secured Floating Rate Debt 7409 Magi Drive Hanahan, SC 91,776 Square Feet ILPT Ownership: 100% INDUSTRIAL LOGISTICS PROPERTIES TRUST (1) Principal balance excludes unamortized debt issuance costs related to these debts. Total debt outstanding as of June 30, 2023, including unamortized debt issuance costs totaling $33,479, was $4,301,276. (2) The $1,400,000 floating rate loan of ILPT's consolidated joint venture matures in March 2024, subject to three, one year extension options. See pages 22-25 for further information relating to this joint venture. (3) The $1,235,000 floating rate loan matures in October 2024, subject to three, one year extension options. *** Earnings Presentation Q2 2023 11#12Leverage Ratios and Coverage Ratios Leverage Ratios: Net debt / total gross assets Net debt / gross book value of real estate assets Net debt / total market capitalization Secured debt / total assets Variable rate debt / net debt Coverage Ratios: Net debt / annualized Adjusted EBITDAre Adjusted EBITDAre / interest expense Holland RETURN TO TABLE OF CONTENTS As of and For the Three Months Ended 6/30/2023 3/31/2023 12/31/2022 9/30/2022 68.8% 72.2% 90.6% 76.6% 63.9% 12.7x 1.1x 69.7% 72.4% 92.3% 76.0% 63.7% 12.8x 1.1x 69.7% 72.6% 92.1% 75.6% 63.5% 13.1x 1.1x 69.9% 73.1% 89.5% 75.1% 63.2% 13.7x 0.8x 6/30/2022 65.1% 73.7% 74.7% 74.7% 69.4% 12.4x 1.0x INDUSTRIAL LOGISTICS PROPERTIES TRUST 339 4000 Principio Parkway North East, MD 1,194,744 Square Feet ILPT Ownership: 100% Earnings Presentation Q2 2023 12#13Capital Expenditures Summary (dollars in thousands) Tenant improvements and leasing costs Building improvements Recurring capital expenditures Development, redevelopment and other activities Total capital expenditures Holland RETURN TO TABLE OF CONTENTS BUNZL $ $ 6/30/2023 2,498 1,283 3,781 3,870 7,651 $ $ 3/31/2023 2,040 370 2,410 2,521 4,931 $ $ For the Three Months Ended 12/31/2022 9/30/2022 4,369 $ 2,221 6,590 1,322 7,912 $ 2,302 1,292 3,594 4,980 8,574 $ $ INDUSTRIAL LOGISTICS PROPERTIES TRUST 6/30/2022 2,627 376 3,003 7,077 10,080 10551N Congress Avenue Kansas City, MO 158,417 Square Feet ILPT Ownership: 61% Earnings Presentation Q2 2023 13