Industrial Logistics Properties Trust(US:ILPT)2025-10-28 20:39Financial Performance - The net loss attributable to common shareholders was $21.6 million, or $0.33 per diluted share, compared to a net loss of $24.99 million in Q3 2024[15]. - Normalized FFO attributable to common shareholders was $17.4 million, or $0.26 per diluted share, reflecting an increase from $13.8 million in Q3 2024[15]. - The net loss attributable to common shareholders for Q3 2025 was $21,565, compared to a loss of $24,990 in Q3 2024, showing an improvement of 13.0%[20]. - Total rental income for the three months ended September 30, 2025, was $68.528 million, with a net loss attributable to common shareholders of $21.565 million[51]. - The net loss for the three months ended September 30, 2025, was $22,764,000, compared to a net loss of $26,737,000 for the same period in 2024, indicating an improvement[66]. - The net loss for the three months ended September 30, 2025, was $163 thousand, a significant improvement from a net loss of $944 thousand in the same period of 2024[68]. - For the three months ended September 30, 2025, the net loss attributable to common shareholders was $21,565,000, compared to a net loss of $24,101,000 for the same period in 2024, representing a 10.5% improvement[78]. Revenue and Income - Rental income for Q3 2025 was $110,936, a 1.0% increase from $108,945 in Q3 2024[20]. - The annualized rental income for the three months ended September 30, 2025, was $42,126,000, slightly down from $42,189,000 in the same period of 2024[66]. - For the three months ended September 30, 2025, rental income was $19,163 thousand, an increase from $18,206 thousand in the same period of 2024, representing a growth of 5.3%[68]. - For the nine months ended September 30, 2025, rental income totaled $57,471 thousand, up from $55,626 thousand in the same period of 2024, indicating a growth of 3.3%[68]. Expenses and Liabilities - Total expenses increased to $81,687 in Q3 2025 from $74,678 in Q3 2024, representing a 9.0% rise[20]. - The total liabilities as of September 30, 2025, were $4.3 billion, with total equity at $913.6 million[19]. - The total interest expense for the nine months ended September 30, 2025, was $201,197,000, compared to $220,797,000 for the same period in 2024, showing a reduction of 8.9%[78]. - The total liabilities of the consolidated joint venture were $1,749,362,000 as of September 30, 2025, compared to $1,757,801,000 at the end of 2024[62]. Cash and Assets - The company ended the quarter with $83.2 million in cash on hand, excluding restricted cash, to meet operating and debt service requirements[15]. - Cash and cash equivalents decreased to $83,173 as of September 30, 2025, from $131,706 as of December 31, 2024, a drop of 36.8%[21]. - The company had approximately $39 billion in assets under management as of September 30, 2025, indicating strong management capabilities in the commercial real estate sector[80]. - The total assets decreased to $5,218,846 as of September 30, 2025, from $5,406,331 as of December 31, 2024, a decline of 3.5%[21]. Leasing Activity - In Q3 2025, Industrial Logistics Properties Trust (ILPT) executed approximately 836,000 square feet of leasing activity at weighted average rental rates that were 22.4% higher than prior rates for the same space[15]. - The percentage of properties leased was 94.5% as of September 30, 2025, up from 94.4% in the same period last year[40]. - New leases generated a 14.0% increase in GAAP rent, while renewals saw a 25.8% increase[43]. - Leasing activity for the quarter included 839,000 square feet, with a weighted average lease term of 7.8 years[51]. Property and Tenant Information - As of September 30, 2025, approximately 76% of annualized rental revenues were generated from investment grade tenants or their subsidiaries[15]. - The top 10 tenants contributed 46.7% of total annualized rental revenues, with FedEx Corporation alone accounting for 28.3%[46]. - The occupancy rate for the Mountain Industrial REIT LLC properties was reported at 100% as of September 30, 2025, with a total of 94 properties across 27 states[62]. - Major tenants accounted for 80.3% of annualized rental revenues, with FedEx Corporation contributing 54.9%[56]. Capital Expenditures and Investments - Capital expenditures for Q3 2025 totaled $6,737, compared to $5,151 in Q2 2025, indicating a 30.8% increase[35]. - The company reported capital expenditures of $15,847,000 for the nine months ended September 30, 2025, compared to $11,842,000 for the same period in 2024, indicating an increase of 33.0%[79]. Financial Metrics - The weighted average interest rate on debt was 5.43% as of September 30, 2025[23]. - The net debt to total gross assets ratio was 69.3% as of September 30, 2025, slightly down from 69.9% in the previous quarter[32]. - The company's cash basis NOI for the three months ended September 30, 2025, was $84,749 thousand, compared to $82,503 thousand in the same period of 2024, marking an increase of 2.7%[75]. - Same property NOI for the three months ended September 30, 2025, was $86,417 thousand, up from $83,986 thousand in the same period of 2024, reflecting a growth of 2.9%[75].