Financial Data and Key Metrics Changes - The company achieved a record quarterly leasing volume of nearly 4 million sq ft with a weighted average rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth [5][9] - Normalized FFO grew 113% year-over-year, reaching $18.9 million or $0.29 per share, which was at the high end of guidance [12][5] - Same property cash basis NOI increased by 5.2% year-over-year [5] - Total shareholder return exceeded 55% in 2025, ranking the company third among all U.S. REITs [5] Business Line Data and Key Metrics Changes - The company completed 42 new and renewal leases and two rent resets totaling 7.3 million sq ft, expected to generate an increase of approximately $10.6 million in annualized rental revenue [7] - Renewals represented the majority of leasing activity, with a tenant retention rate of 96% [9] - Notable lease renewals included Amazon and Restoration Hardware, with significant roll-ups in rent [9][10] Market Data and Key Metrics Changes - Consolidated occupancy at year-end was 94.5%, a 40 basis point increase from Q3 [7] - The company owns 409 properties across 39 states, totaling approximately 60 million sq ft, with a weighted average lease term of seven years [6] Company Strategy and Development Direction - The company is focused on leasing priorities, particularly a 2.2 million sq ft land parcel in Hawaii and a 535,000 sq ft property in Indianapolis [8] - The company aims to generate organic cash flow growth and reduce leverage, which has declined from 12.4x to 11.8x over the last year [8] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum, positioning the company well for 2026 [8] - The company noted that tenant retention remains strong, and there are no material known move-outs expected [23][25] - Management indicated that while construction has slowed, the company has not seen significant issues with competing supply [45] Other Important Information - The company successfully refinanced $1.2 billion of floating rate debt into fixed rate debt, resulting in annual cash savings of over $8 million [6] - The company ended the quarter with cash on hand of $95 million and restricted cash of $88 million, with a total net debt to total assets ratio of 69% [14] Q&A Session Summary Question: What is the non-cash interest amount for the quarter? - The non-cash interest amount for the quarter is $4.5 million [20] Question: Can you provide an update on another asset that was under contract for sale? - The company had a property under LOI for about $50 million, but the tenant preferred to engage in a renewal discussion instead of purchasing the property [21] Question: Are there any known move-outs we need to be aware of? - There are no material known move-outs at this point, and progress is being made on expirations [22][23] Question: Are there any changes in the marketing process for the Indianapolis and Hawaii vacancies? - Progress is being made in Indianapolis, and discussions are ongoing in Hawaii, but no concessions can be made due to the nature of the ground lease [24][25] Question: How did interest expense change from Q4 to Q1? - The change is primarily due to the number of days in the quarter, with 92 days in Q4 and 90 in Q1 [26] Question: What is the thought process around refinancing the Monmouth JV loan? - The company is actively evaluating refinance opportunities and has flexibility due to the extension option [42]

Financial Data and Key Metrics Changes - The company achieved a record quarterly leasing volume of nearly 4 million sq ft with a weighted average rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth [5][10] - Normalized FFO grew 113% year-over-year, reaching $18.9 million or $0.29 per share, which was at the high end of guidance [5][13] - Same property cash basis NOI increased by 5.2% year-over-year, totaling $85.7 million [5][13] - Total shareholder return exceeded 55% in 2025, ranking the company third among all U.S. REITs [5] Business Line Data and Key Metrics Changes - The company completed 42 new and renewal leases and two rent resets, totaling 7.3 million sq ft during 2025 [7] - Notable lease renewals included Amazon for 2.3 million sq ft with a roll-up in rent of 26.8% and Restoration Hardware for 1.2 million sq ft with a roll-up of 29% [10][11] - The tenant retention rate was reported at 96% for the quarter [10] Market Data and Key Metrics Changes - Consolidated occupancy at year-end was 94.5%, a 40 basis point increase from the previous quarter [7] - The company’s portfolio includes 409 properties across 39 states, totaling approximately 60 million sq ft, with a weighted average lease term of seven years [6] Company Strategy and Development Direction - The company is focused on leasing priorities, particularly a 2.2 million sq ft land parcel in Hawaii and a 535,000 sq ft property in Indianapolis [9] - The company aims to generate organic cash flow growth and reduce leverage, which has improved from 12.4x to 11.8x over the last year [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strong performance and momentum, positioning the company well for 2026 [9][16] - The company noted that while construction has slowed, tenant retention remains strong, and there is no significant concern regarding competing supply in core markets [45] Other Important Information - The company successfully refinanced $1.2 billion of floating rate debt into fixed rate debt, resulting in annual cash savings of over $8 million [6] - The annualized dividend was increased from $0.04 to $0.20 per share [6] Q&A Session Summary Question: What is the non-cash interest amount for the quarter? - The non-cash interest amount for the quarter is $4.5 million [20] Question: Can you provide an update on another asset that was under contract for sale? - The property was under LOI for about $50 million, but the tenant preferred to engage in a renewal discussion instead of purchasing [21] Question: Are there any known move-outs we need to be aware of? - There are no material move-outs at this point, and progress is being made on expirations for 2026 and 2027 [22] Question: Are there any changes in the marketing process for the Indianapolis and Hawaii vacancies? - Progress is being made in Indianapolis, with lease comments currently being exchanged [24] - In Hawaii, discussions are ongoing, but the complexity of the parcel presents timing delays [25] Question: How did interest expense change from Q4 to Q1? - The interest expense is forecasted to be $61.5 million for Q1, influenced by the number of days in the quarter [26] Question: What is the thought process around refinancing the Monmouth JV loan? - The company is actively evaluating refinance opportunities and has flexibility due to the extension option [42]

Company Overview - Horizon Industrial Parks, backed by Blackstone, is India's largest industrial and logistics infrastructure developer, having filed its Draft Red Herring Prospectus (DRHP) for an equity share sale [1][9] - The company aims to raise over $300 million (Rs 2,600 crore) through its maiden equity share sale, following a pre-IPO round that raised $200 million (Rs 1,650 crore) [9] Portfolio and Operations - The company has a pan-India footprint of approximately 60 million sq ft, with around 27 million sq ft completed and 46 assets across 10 cities [2][9] - A significant part of its portfolio includes an in-city logistics network with 17 assets in seven cities, designed to meet last-mile logistics needs and provide access to over 20 million end-consumers [2][9] - The portfolio boasts a committed occupancy rate of 95% and serves over 100 companies, with around 60% being large firms [6][9] Business Model and Growth - Horizon Industrial Parks operates an integrated model that includes fulfilment centres, industrial facilities, and in-city centres, supported by an end-to-end operating ecosystem [5][9] - The growth of the company has been driven by demand from manufacturing, e-commerce, and consumption-led sectors [6][9] Leadership - Blackstone is the sole promoter of Horizon Industrial Parks, with Urvish Rambhia as CEO and Kunal Shah as CFO, both of whom have extensive experience in the industry [7][9] Market Outlook - The company's outlook is closely tied to broader economic trends, as India is the fastest-growing major economy, bolstered by manufacturing and domestic consumption [8][9] - Demand for industrial and logistics real estate is being fueled by growth in the manufacturing sector, rising consumption, and the increasing needs of e-commerce and quick commerce [8][9] - In-city centres are experiencing strong demand from quick commerce and on-demand service providers, amid limited availability of Grade A stock in urban and residential areas [8][9]

Financial Performance - ILPT's Normalized FFO attributable to common shareholders was $17385 thousand, or $026 per diluted share[15, 18] - Adjusted EBITDAre reached $841 million[15] - Same property NOI increased by 29% to $864 million compared to Q3 2024[15] - Same property Cash Basis NOI increased by 30% to $842 million compared to Q3 2024[15] - Interest expense decreased by $105 million, or 142%, compared to Q3 2024[15] Portfolio & Leasing Activities - ILPT executed approximately 836000 square feet of total leasing activity[10, 15] - Weighted average rental rates were 224% higher than prior rental rates for the same space[10, 15] - Renewal activity accounted for 70% of leasing activity[10] - Approximately 76% of annualized rental revenues are generated from investment grade tenants or their subsidiaries and Hawaii land leases[14, 15] - Portfolio occupancy stood at 941%[15, 45] Capital & Liquidity - ILPT declared a quarterly cash distribution to common shareholders of $005 per share[12, 15] - ILPT ended the quarter with $832 million of cash on hand[15] - Three properties totaling 867000 square feet are in various stages of disposition and are expected to sell for approximately $55 million[15]

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]