ILPT Q2 2023 Financial Results
Second 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 2023View entire presentation