Financial Performance - Net loss attributable to common shareholders was $21532000, or $033 per diluted share[17] - Normalized FFO attributable to common shareholders was $13490000, or $020 per diluted share[17] - NOI increased by 17% to $87502000 and Cash Basis NOI increased by 19% to $83780000, compared to the first quarter of 2024[17] - Adjusted EBITDAre increased by 11% to $85324000 compared to the first quarter of 2024[17] Portfolio and Leasing Activity - Executed 2319000 square feet of total leasing activity at weighted average rental rates that were 189% higher than prior rental rates for the same space and with a weighted average lease term of 60 years[17] - Lease renewals accounted for approximately 75% of leased square footage, highlighting strong tenant retention[17] - Approximately 76% of annualized rental revenues are generated from investment grade tenants (or their subsidiaries) and Hawaii land leases[17] - Portfolio occupancy stood at 946% with a weighted average lease term of 78 years[17] Debt and Financing - Mountain JV exercised the second of its three, one-year extension options for the maturity date of its $14 billion floating rate loan and purchased a one-year interest rate cap for $15000000 with a SOFR strike rate equal to 310%[17] - ILPT had $108000000 of cash, excluding restricted cash[17]
Industrial Logistics Properties Trust(ILPT) - 2025 Q1 - Earnings Call Presentation