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 September 30, 2023 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. ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q2 2023 Earnings Conference Call July 26, 2023 10:00 AM ET Company Participants Stephen Colbert - Director, IR Yael Duffy - President and COO Brian Donley - CFO Conference Call Participants Bryan Maher - B. Riley Securities Mitch Germain - JMP Securities Camille Bonnel - Bank of America Michael Carroll - RBC Capital Markets Operator Good day, and welcome to the Industrial Logistics Properties Trust Second Quarter 2023 Financial Results Conference Call. All ...

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, 2023 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 ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q1 2023 Earnings Conference Call April 26, 2023 10:00 AM ET Company Participants Stephen Colbert - Director, Investor Relations Yael Duffy - President & Chief Operating Officer Brian Donley - Chief Financial Officer & Treasurer Conference Call Participants Bryan Maher - B. Riley FBR Mitch Germain - JMP Securities DG Balachandran - RBC Capital Markets Operator Hello and welcome to the Industrial Logistics Properties Trust First Quarter 2023 Financial Result ...

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 March 31, 2023 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. Emp ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q4 2022 Earnings Conference Call February 15, 2023 10:00 AM ET Company Participants Kevin Barry - Director, Investor Relations Yael Duffy - President & Chief Operating Officer Brian Donley - Chief Financial Officer & Treasurer Conference Call Participants Bryan Maher - B. Riley FBR Mitch Germain - JMP Securities Michael Carroll - RBC Capital Markets Operator Good morning, and welcome to the Industrial Logistics Properties Trust Fourth Quarter 2022 Financia ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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) Maryland 82-2809631 (State of Organization) (I.R.S. Employer Identification No. ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q3 2022 Earnings Conference Call October 26, 2022 10:00 AM ET Company Participants Kevin Barry - Director, Investor Relations Yael Duffy - President & Chief Operating Officer Brian Donley - Chief Financial Officer & Treasurer Conference Call Participants Bryan Maher - B. Riley Securities Mitchell Germain - JMP Securities Tom Catherwood - BTIG Aditi Balachandran - RBC Capital Markets Operator Good morning, and welcome to the Industrial Logistics Properties ...

Property Management and Leasing - As of September 30, 2022, the company owned 413 consolidated properties with approximately 59,962,000 rentable square feet, achieving a leasing rate of 99.2%[112] - The average effective rental rate per square foot for all properties increased to $6.96 for the three months ended September 30, 2022, compared to $6.22 for the same period in 2021[122] - During the three months ended September 30, 2022, the company signed new leases for 543,000 square feet with a weighted average rental rate change of 280.7%[124] - The company completed rent resets for approximately 194,000 square feet of land in Hawaii at rates approximately 36.8% higher than prior rates[126] - The company has a weighted average remaining lease term of approximately 8.9 years across its consolidated properties[112] - As of September 30, 2022, the total annualized rental revenues amount to $419,981,000, with a weighted average remaining lease term of 8.6 years[127] - Federal Express Corporation accounts for 22.0% of total rentable square feet and 29.6% of annualized rental revenues, with a remaining lease term of 7.3 years[129] - Hawaii Properties contribute approximately 28.5% of annualized rental revenues, with scheduled rent resets totaling $23,121,000 as of September 30, 2022[130] - The company expects to renew or extend leases at Mainland Properties, which represent approximately 71.5% of annualized rental revenues, due to tenants' capital investments[129] - The company employs a tenant review process to assess creditworthiness, which includes evaluating information provided by tenants and third-party sources[133] Financial Performance - Rental income for Q3 2022 was $53,357, an increase of $767 or 1.5% compared to $52,590 in Q3 2021[135] - Net operating income for Q3 2022 was $41,014, a decrease of $109 or 0.3% compared to $41,123 in Q3 2021[135] - Total operating expenses for Q3 2022 were $12,343, an increase of $876 or 7.6% compared to $11,467 in Q3 2021[135] - General and administrative expenses increased by 92.7% to $9,110 in Q3 2022 from $4,728 in Q3 2021, primarily due to higher business management fees[141] - Interest expense rose significantly to $(89,739) in Q3 2022 from $(9,084) in Q3 2021, reflecting higher average interest rates and outstanding debt[142] - Net loss attributable to common shareholders for Q3 2022 was $(45,627), compared to net income of $18,307 in Q3 2021[145] - The company recorded a significant loss on impairment of real estate amounting to $100,747 in 2022, impacting overall financial performance[1] - Net loss attributable to common shareholders was $(195,680) for the nine months ended September 30, 2022, compared to a net income of $56,475 in 2021, reflecting a change of $(252,155)[1] - The company recorded a loss on equity securities of $5,758, reflecting realized losses from certain equity securities acquired during the MNR acquisition[1] Debt and Financing - The company entered into a $1,235,000 Floating Rate Loan secured by 104 properties, maturing in October 2024, with an interest rate capped at 2.25%[117] - The weighted average annual interest rate payable under the Floating Rate Loan was 5.62% as of September 30, 2022[174] - The company has aggregate floating rate debt of $2,635,000, with an annual interest expense of $155,003 as of September 30, 2022[215] - A one percentage point increase in floating interest rates would raise the annual floating rate interest expense to $181,288, impacting earnings per share by $0.40[216] - The company plans to prepay up to $280,000 of the Floating Rate Loan after March 2023, and the Fixed Rate Loan can be prepaid in full or part at any time, subject to a premium[177] - The company intends to explore refinancing alternatives, property sales, or sales of equity interests in joint ventures to manage its debt as maturities approach[191] - As of September 30, 2022, the company had an aggregate principal amount of $4,295,842 of debt, scheduled to mature between 2022 and 2038[181] Cash Flow and Distributions - Cash and cash equivalents at the end of the nine months ended September 30, 2022, were $126,669,000, up from $44,093,000 at the end of the same period in 2021[171] - The company reduced its quarterly cash distribution rate to $0.01 per share as of July 14, 2022[173] - The company reduced its quarterly dividend to $0.01 per common share to enhance liquidity until the long-term financing plan for the MNR acquisition is completed[194] - During the nine months ended September 30, 2022, the company paid quarterly cash distributions to shareholders totaling $43,821[193] Market and Economic Conditions - The company anticipates that market conditions will influence future rental rates and lease negotiations, particularly for Hawaii Properties[130] - Economic conditions in areas where properties are located may decline, reducing demand for leasing industrial space and impacting financial results[230] - Delays in the anticipated sales of former MNR properties are due to current market conditions, which may result in lower sale prices than carrying values[228] Risks and Challenges - The ability to grow the business and increase distributions largely depends on acquiring properties that generate rents exceeding capital costs, which may not be achievable[228] - Existing and future derivative contracts may expose the company to additional risks, including counterparty credit risk, which could lead to unforeseen losses[228] - The competitive advantages the company believes it has may not materialize, and competition may increase, affecting market position[234] - The company may face challenges in maintaining good relations with significant tenants, which could affect occupancy rates and rental income[228]

Financial Data and Key Metrics Changes - Total portfolio same-property NOI grew 10.8% year-over-year, reflecting a favorable impact of approximately $3.4 million due to the noncash write-off of a below-market lease [23] - Adjusted EBITDA increased nearly 100% year-over-year to $80.8 million, driven by same-property NOI growth and the Monmouth acquisition [25] - Second quarter normalized FFO was $28.3 million or $0.43 per share, including a favorable impact of approximately $0.05 per share related to the lease write-off [26] - Net loss for the quarter was $151.3 million, including a noncash impairment charge of $100.7 million due to the decision not to sell properties in the current market [27] Business Line Data and Key Metrics Changes - ILPT's consolidated portfolio included 412 warehouse and distribution properties totaling approximately 60 million square feet with nearly 99% occupancy [12] - Record leasing activity of 3.9 million square feet at weighted average rental rates that were 61.3% higher than prior rates [13] - New leasing activity included 8 new leases for approximately 2.7 million square feet at an average roll-up in rents of 104.7% [13] - Renewal leasing activity included 22 lease renewals for approximately 1 million square feet at an average roll-up in rents of 29.1% [13] Market Data and Key Metrics Changes - The company has paused discussions with potential partners for the Mountain Industrial joint venture due to increased interest rates affecting market conditions [10] - The real estate transaction market has deteriorated, with buyers seeking steep discounts, leading to the withdrawal of 30 Monmouth properties from the market [9][10] Company Strategy and Development Direction - The company plans to remain disciplined in considering future sales of properties or equity interests to maximize value [10] - A temporary reduction in the quarterly cash dividend was made to preserve approximately $20 million of cash flow per quarter, enhancing cash reserves for refinancing options [11][32] - The company is evaluating alternatives to repay its bridge facility, including longer duration debt and joint venture opportunities [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strength of their properties and the robust industry tailwinds underpinning demand for real estate [10] - The company expects demand for its properties to persist as it executes on its financing plans [80] - Management acknowledged that while operating trends are stable, interest rate headwinds are real and may lead to further deterioration in FFO [55] Other Important Information - The company ended the quarter with $292 million of cash on hand and a debt to annualized adjusted EBITDA ratio of 12.4x [31] - The RMR Group's Annual Sustainability Report was published, highlighting the company's commitment to long-term ESG goals [21] Q&A Session Summary Question: Will the combination of cash on hand and dividend availability allow for refinancing the bridge loan? - Management confirmed that the extra liquidity from the dividend reduction provides additional flexibility for refinancing options [36] Question: What is the status of the joint venture discussions? - Management indicated that discussions with multiple groups have paused due to market volatility [38] Question: What are the plans for the 30 properties withdrawn from marketing? - Management stated they are flexible and will consider remarketing based on market conditions [40] Question: Has the process for joint venturing other properties started? - Management has not identified specific properties yet but has potential opportunities with fixed-rate debt in place [42] Question: What is the current interest rate environment affecting refinancing? - Management noted that every 50 basis points increase in interest rates translates to about $0.04 of FFO per quarter [58] Question: Is there a pullback in leasing activity from tenants? - Management reported that demand remains strong despite inflationary pressures and rising interest rates [59] Question: What is the impact of the impairment charge on the properties? - The impairment charge reflects the decision to reclassify properties from held for sale to held for use due to market conditions [27][62]