Industrial Logistics Properties Trust SEC 10-Q Report

Industrial Logistics Properties Trust (ILPT), a real estate investment trust focused on owning and leasing industrial and logistics properties, has released its Form 10-Q report for the third quarter of 2025. The report highlights the company's financial and operational performance, showcasing improvements in key financial metrics and providing insights into its business operations and future outlook.

Financial Highlights

• Rental Income: $110.9 million, increased by 1.8% compared to the same period last year due to net leasing activity and rent resets.
• Net Operating Income (NOI): $86.95 million, reflecting a 2.6% increase from the previous year, driven by higher rental income and effective cost management.
• Net Loss: $30.4 million, improved by 14.1% from the prior year, primarily due to lower interest expenses and successful tax appeals.
• Net Loss Attributable to Common Shareholders: $21.6 million, a 13.7% improvement from the previous year, reflecting better operational efficiency.
• Net Loss Per Share (basic and diluted): $0.33, improved by 13.2% from the previous year, indicating enhanced financial performance.

Business Highlights

• Geographical Performance: As of September 30, 2025, the company's portfolio included 411 properties across 39 states, with a notable concentration in Hawaii, which represented 27.9% of annualized rental revenues. The Hawaii Properties had an occupancy rate of 85.8%, while the Mainland Properties had a higher occupancy rate of 94.8%.
• Revenue Segments: The company's revenue is significantly influenced by major tenants, with FedEx Corporation and its subsidiaries accounting for 28.3% of annualized rental revenues, and Amazon.com Services, Inc. contributing 6.8%.
• Sales Units: The company reported a total of 59,890,000 rentable square feet with an overall occupancy rate of 94.1%. During the nine months ended September 30, 2025, the company completed rent resets for approximately 204,000 square feet of land at its Hawaii Properties, achieving rental rates 29.1% higher than previous rates.
• Future Outlook: The company anticipates continued strong demand for industrial properties driven by consumer expectations, e-commerce growth, and supply chain modernization. However, it remains cautious about potential economic uncertainties, including interest rates, inflation, and geopolitical tensions, which could impact tenant renewals and property values.

SEC Filing: Industrial Logistics Properties Trust [ ILPT ] - 10-Q - Oct. 28, 2025