Property and Acquisition Details - As of June 30, 2022, the company owned 412 consolidated properties with approximately 59.7 million rentable square feet, achieving an occupancy rate of 98.9%[104] - The company completed the acquisition of MNR on February 25, 2022, acquiring 124 Class A industrial properties with a total of approximately 25.7 million rentable square feet for an aggregate value of $3.73 billion[105] - The acquisition of MNR on February 25, 2022, included 124 Class A properties with a total of approximately 25,745,000 rentable square feet and a remaining weighted average lease term of eight years[123] - The aggregate value of the consideration paid in the MNR merger was $3,734,485, which included the assumption of $323,432 in mortgage debt[123] - Major tenants include Federal Express Corporation, which accounts for 21.8% of leased square feet and 29.2% of annualized rental revenues[116] Financial Performance - Rental income increased to $56,888, up 8.6% from $52,388 in the same period last year, primarily due to acquisition activities and leasing activity[130] - Net operating income rose to $45,395, reflecting a 10.8% increase compared to $41,499 in the prior year[130] - The company recorded a significant loss on impairment of real estate amounting to $100,747, impacting the overall financial results[137] - General and administrative expenses increased by 129.3% to $9,709, driven by higher business management fees related to acquisition activities[136] - Interest expense surged to $77,548, attributed to higher average interest rates on larger outstanding balances due to acquisitions[139] - The net loss attributable to common shareholders was $(143,539), compared to a net income of $18,831 in the previous year[142] - The company reported a loss on equity securities of $9,450 related to the acquisition of MNR[140] - Total operating expenses were $20,328, a 71.8% increase from $11,830 in the same quarter last year[130] - The company experienced a decrease in equity in earnings of investees, down 14.2% to $1,610 compared to $1,876 in the prior year[141] - The company reported a net loss per common share of $(2.30) for the six months ended June 30, 2022, compared to earnings of $0.58 per share in 2021[1] Lease and Rental Activity - The average effective rental rate per square foot for all properties increased to $7.26 for the three months ended June 30, 2022, compared to $6.29 for the same period in 2021, reflecting a year-over-year increase of 15.5%[110] - During the three months ended June 30, 2022, the company entered into new leases totaling 2.65 million square feet, with a weighted average rental rate change of 104.7%[112] - Approximately 2.1% of total leased square feet and 2.2% of total annualized rental revenues are scheduled to expire by December 31, 2022[114] - The company has a weighted average remaining lease term of 8.8 years across its properties as of June 30, 2022[115] - The company intends to seek rents equal to or higher than historical rents during lease renewals or extensions, although market conditions may impact this ability[121] Economic and Market Conditions - The company faces potential economic challenges due to rising interest rates and concerns about a recession, which could impact tenant lease renewals and rental payments[107] - Hawaii Properties represented approximately 29.0% of annualized rental revenues as of June 30, 2022, with future rental rates dependent on prevailing market conditions[118] - The company’s Hawaii Properties have historically seen revenue increases due to rent resets, but future increases depend on market conditions[118] Debt and Financing - The company has an aggregate principal amount of $4,451,429 of debt scheduled to mature between 2022 and 2038[173] - The consolidated joint venture assumed an aggregate $323,432 of former MNR mortgages secured by 11 properties[172] - The company plans to sell additional equity interests in its consolidated joint venture to reduce outstanding indebtedness[174] - The company has $2,785,158 in aggregate floating rate debt, which includes a $1,400,000 Floating Rate Loan and a $1,385,158 Bridge Loan[206] - The annual interest expense for the outstanding floating rate debt at June 30, 2022, is $114,799, which would increase to $142,651 with a one percentage point increase in interest rates[207] - The company purchased interest rate caps with a SOFR strike rate of 2.70% for the Bridge Loan and 3.40% for the Floating Rate Loan to hedge against interest rate risks[206] Cash Flow and Distributions - The net cash provided by operating activities for the six months ended June 30, 2022, was $80,931 thousand, an increase from $62,607 thousand in the same period of 2021[164] - The company reported net cash used in investing activities of $(3,416,022) thousand for the six months ended June 30, 2022, primarily due to the acquisition of MNR[164] - The company reduced its quarterly cash distribution rate to $0.01 per share, ensuring compliance with REIT distribution requirements[166] - During the six months ended June 30, 2022, the company paid quarterly cash distributions to shareholders totaling $43,167[185] - A quarterly distribution of $0.01 per common share, approximately $650, is expected to be paid to shareholders on or about August 18, 2022[186]

Financial Data and Key Metrics Changes - Total portfolio same property cash basis NOI for Q1 2022 increased by 3.1% year-over-year, with a negative impact of approximately 200 basis points due to a pending lease termination in Hawaii [31] - Adjusted EBITDA for Q1 2022 was $52.5 million, reflecting a 30% year-over-year increase [32] - First quarter normalized FFO was $27.6 million, or $0.42 per share, affected by $0.03 due to the sale of six properties and $0.03 from lease termination charges [33] Business Line Data and Key Metrics Changes - Same property cash basis NOI in Hawaii increased by 8.5%, while on the Mainland it grew by 1.9% [32] - First quarter leasing activity totaled 885,000 square feet with a 27.9% roll-up over prior rents, marking the 10th consecutive quarter of double-digit growth [23] - New leases in Hawaii averaged a 61% roll-up in rent, while a renewal in Northern New Jersey achieved a 29% roll-up [24] Market Data and Key Metrics Changes - New US industrial leasing activity surpassed 200 million square feet for the sixth consecutive quarter, with national average asking rents reaching $7.89 per square foot, a 15.2% increase year-over-year [12] - The national vacancy rate dropped to a record low of 3.3%, with Hawaii's industrial market vacancy rate at 1.4% [12][13] Company Strategy and Development Direction - The acquisition of Monmouth Real Estate Investment Corporation added 126 e-commerce-focused properties, enhancing tenant and geographic diversity [10] - The company plans to reduce leverage through selling additional equity interests in the joint venture and marketing 30 legacy Monmouth properties for sale [37] - The focus is on capitalizing on the strong demand environment and robust industry fundamentals to drive long-term growth [38] Management's Comments on Operating Environment and Future Outlook - Management believes the acquisition will enhance growth prospects despite macroeconomic challenges [11] - The company is optimistic about exiting the bridge loan by the end of Q3 2022 through various financing strategies [45] - Management expressed confidence in the portfolio's performance and the successful integration of Monmouth properties [63] Other Important Information - The company has a weighted average remaining lease term of approximately nine years, with over 75% of revenues coming from investment-grade rated tenants [20][19] - The integration of Monmouth properties is complete, with significant contributions from the RMR Group [15] Q&A Session Summary Question: Clarification on higher expenses in Q1 - Management noted seasonal one-time expenses but confirmed no specific impact from the Hawaii tenant lease [41][42] Question: Impact of interest rates on Monmouth transaction outlook - Management remains confident in exiting the bridge loan by Q3 through various strategies [45] Question: Details on lease termination charge in Hawaii - The lease termination was necessary to secure a new investment-grade tenant, increasing the profile of the Hawaii portfolio [55] Question: Differences between properties being sold and those retained - The properties for sale are representative of the larger portfolio, with a mix of non-FedEx and FedEx properties in strong markets [47] Question: Expectations for new joint venture partner valuation - Current discussions indicate no re-trading on valuation, with expectations to maintain similar valuation as the first partner [61]

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, 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 or Other Jurisdiction of Incorporation or Organ ...

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q4 2021 Earnings Conference Call February 16, 2022 10:00 AM ET Company Participants Kevin Barry - Director of IR John Murray - CEO Rick Siedel - CFO Yael Duffy - COO Conference Call Participants Bryan Maher - B. Riley Jason Idoine - RBC Capital Markets Tom Catherwood - BTIG Jamie Feldman - Bank of America Operator Good morning, and welcome to the Industrial Logistics Properties Trust Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] I w ...

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, 2021 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) (IRS Employer Identification No.) T ...

Industrial Logistics Properties Trust Brands, Inc. (NASDAQ:ILPT) Q3 2021 Earnings Conference Call October 28, 2021 10:00 AM ET Company Participants Kevin Barry - Manager, IR John Murray - President, CEO & Managing Trustee Yael Duffy - VP & COO Richard Siedel - CFO & Treasurer Conference Call Participants Bryan Maher - B. Riley Securities Jason Idoine - RBC Capital Markets Operator Good morning, and welcome to the Industrial Logistics Properties Trust Third Quarter 2021 Earnings Conference Call. [Operator In ...

Property and Occupancy - As of September 30, 2021, the company owned 294 properties with approximately 36.5 million rentable square feet, achieving a consolidated occupancy rate of 99.0%[70] - The average remaining lease term for consolidated properties was approximately 9.0 years as of September 30, 2021[70] - As of September 30, 2021, only 0.1% of total leased square feet and 0.2% of total annualized rental revenues were scheduled to expire by December 31, 2021[81] - Tenants representing 1% or more of total annualized rental revenues accounted for 53.0% of total leased square feet and 48.3% of annualized rental revenues[84] Rental Income and Rates - The average effective rental rate per square foot for all properties increased to $6.22 for the three months ended September 30, 2021, compared to $6.03 for the same period in 2020, reflecting a growth of 3.2%[75] - During the three months ended September 30, 2021, the company completed new leases for 17,000 square feet with a weighted average rental rate change of 24.2%[77] - The company completed rent resets for approximately 47,000 square feet in Hawaii, achieving rental rates approximately 34.5% higher than prior rates[79] - Mainland Properties contributed approximately 50.7% of annualized rental revenues, with expectations for lease renewals due to tenant investments[85] - Hawaii Properties represented approximately 49.3% of annualized rental revenues, with rents periodically resetting based on fair market values[86] - Scheduled rent resets at Hawaii Properties total $27,763,000, with significant resets occurring in 2026 and thereafter[89] Financial Performance - Rental income for Q3 2021 was $53,138, a 2.7% increase from $51,741 in Q3 2020, while consolidated rental income decreased by 15.6% to $54,981 from $65,106[100] - Net operating income for Q3 2021 was $40,194, reflecting a 3.0% decrease from $41,397 in Q3 2020, with consolidated net operating income down 15.1% to $42,947 from $50,559[100] - Net income attributable to common shareholders increased by 29.9% to $18,307 in Q3 2021 from $14,089 in Q3 2020, resulting in a basic earnings per share of $0.28, up 27.3% from $0.22[100] - Rental income for the nine months ended September 30, 2021, was $163,378, a decrease of 16.0% compared to $194,494 in 2020[1] - Net operating income (NOI) for the nine months ended September 30, 2021, was $127,291, down 16.2% from $151,982 in 2020[1] - Net income attributable to common shareholders increased by 35.3% to $56,475 for the nine months ended September 30, 2021, compared to $41,756 in 2020[1] Expenses and Costs - Total other expenses decreased by 26.9% to $17,422 in Q3 2021 from $23,846 in Q3 2020, primarily due to lower depreciation and amortization costs[100] - Interest expense decreased by 29.5% to $9,084 in Q3 2021 from $12,886 in Q3 2020, attributed to lower average outstanding indebtedness[108] - General and administrative expenses decreased by 8.7% to $4,728 in Q3 2021 from $5,180 in Q3 2020, mainly due to reduced business management fees[107] - Total operating expenses decreased by 15.1% to $36,087 for the nine months ended September 30, 2021, from $42,512 in 2020[1] - Depreciation and amortization expenses decreased by 32.7% to $37,202 for the nine months ended September 30, 2021, compared to $55,303 in 2020[1] - Interest expense decreased by 34.8% to $26,468 for the nine months ended September 30, 2021, from $40,610 in 2020[1] Acquisitions and Investments - During the nine months ended September 30, 2021, the company acquired four industrial properties and one parcel of land for a total of $134,730,000[91] - An agreement was made in October 2021 to acquire a property in Detroit for $120,000,000, pending conditions[92] - A joint venture with an Asian institutional investor involved 12 properties, generating $108,676,000 for a 39% equity interest[93] - The company recorded an increase in the fair value of its joint venture investment of $5,455,000 for the nine months ended September 30, 2021[97] - Cash distributions from the joint venture amounted to $1,980,000 during the nine months ended September 30, 2021[97] Debt and Financing - The principal debt obligations included $650,000 in non-recourse mortgage loans scheduled to mature in 2029[137] - As of September 30, 2021, the company was in compliance with all covenants and terms under its credit agreement and mortgage loan agreement, which require a minimum consolidated net worth of at least $250,000 and liquidity of at least $15,000[153] - The company's fixed rate debt includes mortgage notes for 186 properties in Hawaii, with a principal balance of $650,000 and an annual interest rate of 4.31%, resulting in annual interest payments of $28,015[156] - A one percentage point increase in interest rates would increase the annual interest cost of the fixed rate mortgage notes by approximately $6,500[157] - The company has $354,000 in floating rate debt under its revolving credit facility, which matures on December 29, 2021[159] - A one percentage point increase in interest rates would raise the annual floating rate interest expense from $4,921 to $8,461, impacting earnings per share by $(0.13)[161] Shareholder Distributions - The company paid quarterly cash distributions totaling $64,653 to shareholders during the nine months ended September 30, 2021[145] - A regular quarterly distribution of $0.33 per common share, totaling approximately $21,600, was declared on October 14, 2021[146] Other Financial Metrics - The company recognized $1.168 million in accounts receivable related to deferred rent amounts as of September 30, 2021[71] - The company reported a non-cash straight-line rent adjustment of approximately $5,673 for the 2021 period[1] - The company’s equity in earnings of investees was $5,455 for the nine months ended September 30, 2021, compared to no earnings in 2020[1] - For the three months ended September 30, 2021, FFO attributable to common shareholders was $30,278, compared to $29,939 for the same period in 2020, reflecting a 1.1% increase[130] - For the nine months ended September 30, 2021, Normalized FFO attributable to common shareholders was $91,549, up from $90,845 in 2020, indicating a 0.8% increase[130]

Industrial Logistics Properties Trust (NASDAQ:ILPT) Q2 2021 Earnings Conference Call July 29, 2021 10:00 AM ET Company Participants Kevin Barry – Manager of Investor Relations John Murray – Chief Executive Officer Yael Duffy – Chief Operating Officer Rick Siedel – Chief Financial Officer Conference Call Participants Bryan Maher – B. Riley Securities Elvis Rodriguez – Bank of America Tom Catherwood – BTIG Aaron Hecht – JMP Securities Operator Good morning, and welcome to Industrial Logistics Properties Trust ...

9475 East Pendleton Pike Lawrence, IN 534,769 Square Feet 1 | --- | --- | --- | --- | --- | --- | |-------------------------------------------|-------|-------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | SECOND QUARTER 2021 | | | | | | | Supplemental Operating | | | | | | | and Financial Data | | | | | | | ALL AMOUNTS IN THIS REPORT ARE UNAUDITED. | | | | | | Table of Contents CORPORATE INFORMATION Company Profile ...

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, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (State or Other Jurisdiction of Incorporation or Organization) (IRS Employer Identification No.) Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634 (Address of Princip ...