I ventured into investing in high school in 2011, mainly in REITs, preferred stocks, and high-yield bonds, starting a fascination with markets and the economy that has not faded despite the years. More recently I have been combining long stock positions with covered calls and cash secured puts. I approach investing purely from a fundamental long-term point of view. On Seeking Alpha I mostly cover REITs and financials, with occasional articles on ETFs and other stocks driven by a macro trade idea.Analyst’s D ...

Financial Data and Key Metrics Changes - Cash basis NOI grew by 2.1% year over year and normalized FFO increased by 54% year over year [7] - Normalized FFO for Q2 2025 was $13,800,000 or $0.21 per share, representing a 54% increase compared to the same quarter last year [16] - NOI was reported at $87,600,000, with cash basis NOI at $84,700,000, both showing increases year over year and sequentially [17] - Interest expense decreased by $1,900,000 compared to the previous year, reflecting the impact of a lower interest rate cap [17] - The net debt to total assets ratio increased slightly to 69.9%, while the net debt coverage ratio remained unchanged at 12 times [18] Business Line Data and Key Metrics Changes - The portfolio consisted of 411 distribution and logistics properties across 39 states, totaling 60,000,000 square feet with a weighted average lease term of 7.6 years [7] - Leasing activity in Q2 totaled 171,000 square feet, with weighted average rental rates 21.1% higher than prior rates for the same space [8] - Year-to-date leasing activity is expected to increase annualized rental revenue by approximately $3,200,000, with one-third yet to be realized [8] Market Data and Key Metrics Changes - ILPT ended the quarter with an occupancy rate of 94.3%, exceeding the national industrial average by 170 basis points [12] - The leasing pipeline totals 7,800,000 square feet, with more than half related to renewal discussions for leases expiring in 2026 and 2027 [13] Company Strategy and Development Direction - The company is focused on evaluating opportunities to improve its balance sheet and reduce leverage, including potential asset sales to enhance liquidity [9] - A property was classified as held for sale at an attractive valuation of $50,000,000, with proceeds expected to partially repay a $700,000,000 fixed-rate mortgage loan [10] - The company remains committed to driving value through new and renewal leasing with strong economics [10] Management's Comments on Operating Environment and Future Outlook - Management believes ILPT is well-positioned to navigate current market conditions and capitalize on long-term fundamentals despite ongoing macroeconomic uncertainty [11] - The company expects normalized FFO for 2025 to be between $0.25 and $0.27 per share based on leasing activity and interest expense savings from refinancing [19] Other Important Information - The quarterly dividend was increased from $0.01 per share to $0.05 per share, reflecting confidence in the company's financial position [7][16] - The refinancing of $1,235,000,000 of floating rate debt into $1,160,000,000 of fixed rate debt is expected to yield annual cash savings of approximately $8,500,000 [15] Q&A Session Summary Question: Were there any one-time earnings this quarter? - A remediation payment of $50,000 related to a scheduled lease termination was noted as the only one-time item [22] Question: Are there plans to refinance the $1,400,000,000 JV debt? - The company is actively evaluating options for refinancing the JV debt [23] Question: Should more properties be expected for sale in the coming quarters? - While there are no immediate plans, the company is evaluating opportunities and may consider additional properties for disposition in the second half of the year or early 2026 [24] Question: What factors influenced the timing of the recent refinancing? - The refinancing was driven by the higher interest rate of the previous loan, and the company has time to evaluate options for the Mountain loans [32] Question: What is the current status of the leasing activity in the Hawaiian and Indiana properties? - There has been increased activity in the Indiana property, while the Hawaiian property remains status quo with no significant changes [38]

Financial Performance - ILPT announced a quarterly distribution on its common shares of $005 per share[11] - Net loss attributable to common shareholders was $2131 million or $032 per diluted share[14] - Normalized FFO attributable to common shareholders was $1381 million or $021 per diluted share[14] - NOI increased by 15% to $8756 million and Cash Basis NOI increased by 21% to $8467 million compared to Q2 2024[14] Portfolio and Leasing Activities - Approximately 76% of annualized rental revenues are generated from investment grade tenants or their subsidiaries and Hawaii land leases[13][14] - Occupancy of the portfolio was 943%[14] - Executed 171000 square feet of new and renewal leases at rental rates 211% higher than prior rates with a weighted average lease term of 48 years[14] - Only 36% or 21 million square feet of leased space is set to expire in the next 12 months[14] Debt and Capital Structure - Refinanced $1235 billion of floating rate debt with $116 billion of fixed rate debt due July 2030 using $75 million of cash on hand[14] - Ended the quarter with $586 million of cash on hand excluding restricted cash[14] - Net debt to total gross assets was 699%[30]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Commission File Number 001-38342 INDUSTRIAL LOGISTICS PROPERTIES TRUST (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Empl ...

OGISTICS Financial Results and Supplemental Information SECOND QUARTER 2025 | QUARTERLY RESULTS | | --- | | Industrial Logistics Properties Trust Announces Second Quarter 2025 Financial Results ব | | Second Quarter 2025 Highlights . 5 | | FINANCIALS | | Key Financial Data Z | | Condensed Consolidated Statements of Income (Loss). 8 | | 9 Condensed Consolidated Balance Sheets | | Debt Summary 10 | | Debt Maturity Schedule . 11 | | Leverage and Coverage Ratios Coverage Ratios Cover Comments were more store see ...

Core Viewpoint - Industrial Logistics Properties Trust (ILPT) has experienced a significant increase in share price, attributed to strong investor optimism following a substantial dividend announcement and positive earnings expectations [1][2]. Group 1: Stock Performance - ILPT shares rose 14.7% to $5.39 in the last trading session, with a trading volume higher than average [1]. - Over the past four weeks, ILPT stock has gained 32% [1]. Group 2: Dividend Announcement - The company announced a quarterly cash dividend of 5 cents per share, marking a 400% increase from the previous quarter [2]. - The dividend is scheduled to be paid on August 14 to shareholders of record as of July 21, 2025 [2]. Group 3: Earnings Expectations - ILPT is expected to report quarterly funds from operations (FFO) of $0.21 per share, reflecting a year-over-year increase of 50% [3]. - Revenue projections stand at $112.05 million, which is a 1.3% increase compared to the same quarter last year [3]. Group 4: FFO Estimate Revisions - The consensus FFO per share estimate for ILPT has been revised 45% higher in the last 30 days [4]. - Positive trends in FFO estimate revisions are typically associated with stock price appreciation [4]. Group 5: Industry Context - ILPT holds a Zacks Rank of 1 (Strong Buy), indicating strong market confidence [5]. - In comparison, Crown Castle (CCI), another stock in the same industry, has a Zacks Rank of 3 (Hold) and has seen a 0.5% increase in its last trading session [5][6].

Technical Analysis - Industrial Logistics Properties Trust (ILPT) has reached a key level of support, indicated by a "golden cross" where its 50-day simple moving average has crossed above its 200-day simple moving average [1][2] - A golden cross is a bullish signal that suggests a potential breakout, typically formed when a stock's short-term moving average surpasses a longer-term moving average [2] Market Performance - ILPT has experienced a rally of 30.8% over the past four weeks, indicating strong market performance [4] - The company currently holds a 1 (Strong Buy) rating on the Zacks Rank, suggesting positive investor sentiment and potential for further gains [4] Earnings Outlook - The earnings outlook for ILPT is positive, with no downward revisions in earnings estimates over the past two months and one upward revision, leading to an increase in the Zacks Consensus Estimate [4][5] - This positive movement in earnings estimates, combined with the favorable technical indicators, positions ILPT for potential gains in the near future [5]

Portfolio Overview - ILPT owns 411 industrial and logistics properties[1], covering 60 million rentable square feet[13], with 95% occupancy[13] across 39 states[13] - Approximately 76% of ILPT's annualized rental revenues are derived from investment grade tenants, subsidiaries of investment grade rated entities, or Hawaii land leases[13,32] - The portfolio includes 185 mainland properties with 432 million rentable square feet and 226 Hawaii properties with 167 million rentable square feet[18] Financial Performance (Q1 2025) - Leasing activity totaled 2319000 square feet[20], with rental rates increasing by 189%[20] - The company reported a net loss attributable to common shareholders, but it declined by 80% year-over-year[20] - Adjusted EBITDAre increased by 11% compared to the prior year period[20] - Cash Basis NOI increased by 19% compared to the prior year period[20] - Normalized FFO attributable to common shareholders was $13490000 or $020 per share[65] Debt and Lease Management - Total consolidated debt is $43 billion[29], with a weighted average interest rate of 55% including the impact of interest rate caps[29] - The weighted average debt maturity term is 28 years, excluding extension options[29] - No debt maturities until 2027, including extension options[29] - Lease expirations and rent resets for the total consolidated portfolio are 11% of total ILPT annualized rental revenues in 2025[45]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than the traditional "buying low and selling high" approach, aiming for quicker profits [1] Group 1: Momentum Investing Strategy - Fast-moving trending stocks can be difficult to enter at the right time, as they may lose momentum if future growth does not justify their high valuations [2] - A safer strategy involves investing in bargain stocks that exhibit recent price momentum, utilizing tools like the Zacks Momentum Style Score to identify such opportunities [3] Group 2: Industrial Logistics Properties Trust (ILPT) - ILPT has shown significant recent price momentum, with a four-week price change of 33.2%, indicating growing investor interest [4] - Over the past 12 weeks, ILPT's stock has gained 69%, with a beta of 2.3, suggesting it moves 130% higher than the market in either direction [5] - ILPT has a Momentum Score of A, indicating a favorable time to invest based on momentum [6] Group 3: Earnings Estimates and Valuation - ILPT has received a Zacks Rank 1 (Strong Buy) due to upward revisions in earnings estimates, which typically attract more investors [7] - The stock is currently trading at a Price-to-Sales ratio of 0.68, suggesting it is undervalued, as investors pay only 68 cents for each dollar of sales [7] Group 4: Additional Investment Opportunities - Besides ILPT, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen, presenting additional investment opportunities [8] - Various Zacks Premium Screens are available to help identify potential winning stock picks based on different investing styles [9]

Summary of Industrial Logistics Properties Trust (ILPT) Conference Call Company Overview - **Company**: Industrial Logistics Properties Trust (ILPT) - **Portfolio**: Owns and leases industrial and logistics properties across the United States, totaling approximately 60 million square feet across 411 properties in 39 states, with a 95% lease rate and a weighted average lease term of 7.8 years [1][2] Key Insights Unique Market Position - **Hawaii Portfolio**: ILPT has a significant presence in Hawaii, owning 226 properties totaling about 16.7 million square feet, primarily ground leased. This region contributes 28% to annualized revenues, with rent increases of 20% to 30% expected as leases expire [2][4] - **Tenant Quality**: 76% of revenues come from investment-grade rated tenants or secure land leases in Hawaii, indicating a strong tenant base [4] Financial Performance - **Debt Management**: Current leverage is at 11.9 times, with all debt at fixed rates or hedged through interest rate caps, averaging 5.5% as of March 31 [4][5] - **No Debt Maturities**: ILPT has no debt maturities until February 2027, providing stability [5] Market Dynamics - **Tariff Impact**: The company believes its portfolio is less sensitive to global tariff changes due to its unique tenant mix and geographic focus, primarily east of the Mississippi [3][13] - **Tenant Retention**: Increased tenant retention has been observed, with tenants opting to renew leases amid rising construction costs and tariff uncertainties [15] Growth Opportunities - **Rent Growth**: Historical rent resets every ten years have led to significant roll-ups in rents, with increases of 60% to 80% noted in recent years [12] - **Vacancy Management**: ILPT is actively working to fill vacancies, including a significant 2.2 million square feet property in Hawaii, which has impacted occupancy rates but not annualized revenue significantly [21][30] Strategic Focus Business Plan Adjustments - **Acquisition of Monmouth**: The acquisition in February 2022 has led to a reevaluation of the business plan due to rising interest rates and market volatility. The company is focusing on tenant retention and exploring asset sales to reduce leverage [18][19] - **Asset Sales**: While there is interest in asset sales, the current debt structure complicates this process. The company is evaluating inbound offers and considering sales that align with their debt yield requirements [38][42] Future Considerations - **Dividend Strategy**: The company is assessing the potential for reinstating dividends as market conditions improve and cash retention needs decrease [42][46] - **Long-term Outlook**: ILPT aims for a higher stock price and reduced vacancies in the coming year, focusing on operational control and leasing strategies [48] Additional Insights - **Market Conditions**: The company is experiencing a competitive leasing environment in Indianapolis, with new products entering the market, but remains optimistic about its positioning as a low-cost alternative [28] - **Infrastructure Challenges**: The Hawaii parcel's lack of utilities and infrastructure presents challenges for development, but the company prefers to hold the land for future appreciation [25][24] This summary encapsulates the key points discussed during the conference call, highlighting ILPT's strategic positioning, financial health, and market dynamics.