NASDAQ : ILPT
Industrial Logistics Properties Trust — Financial statements
Real Estate · REIT - Industrial · United States
Last price 6.8 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 455.48M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Rental Revenue | 461.26M | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M |
| Total Revenue | 461.26M | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M |
| Property Expenses | 65.84M | 61.68M | 62.56M | 60.34M | 51.21M | 31.27M |
| Selling, General & Administrative | 40.64M | 36.96M | 30.45M | 31.16M | 32.88M | 16.72M |
| Depreciation & Amortization | 163.10M | 165.23M | 171.99M | 178.73M | 160.98M | 50.60M |
| Other Operating Expenses | 36.42M | 37.06M | 38.55M | 38.19M | 30.86M | 18.68M |
| Total Operating Expenses | 306.00M | 300.92M | 303.55M | 308.42M | 275.92M | 117.27M |
| Operating Income | 155.25M | 147.93M | 138.77M | 128.91M | 112.23M | 102.61M |
| Interest Expense | -247.35M | -264.56M | -292.54M | -288.54M | -280.05M | -35.62M |
| Interest & Investment Income | 6.93M | 6.72M | 11.43M | 7.91M | 2.66M | |
| Income (Loss) on Equity Investments | 1.21M | 19.98M | 5.33M | 902.00K | 7.08M | 40.92M |
| EBT Excluding Unusual Items | -83.96M | -89.94M | -137.01M | -150.81M | -158.08M | 107.90M |
| Gain (Loss) on Sale of Investments | -5.76M | |||||
| Gain (Loss) on Sale of Assets | -1.38M | -1.38M | 1.71M | -10.00K | 12.05M | |
| Asset Writedown | -6.08M | -156.00K | -100.75M | |||
| Other Unusual Items | -3.83M | -5.07M | -359.00K | -22.20M | ||
| Pretax Income | -89.16M | -102.46M | -137.01M | -149.62M | -286.80M | 119.95M |
| Income Tax Expense | 197.00K | 104.00K | 162.00K | 104.00K | 45.00K | 273.00K |
| Earnings From Continuing Operations | -89.36M | -102.57M | -137.17M | -149.72M | -286.84M | 119.68M |
| Minority Interest in Earnings | 33.48M | 36.38M | 41.50M | 41.73M | 60.12M | |
| Net Income | -55.88M | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M |
| Preferred Dividends & Other Adjustments | 44.00K | 44.00K | 11.00K | 10.00K | 131.00K | 307.00K |
| Net Income to Common | -55.93M | -66.23M | -95.68M | -108.00M | -226.85M | 119.38M |
| Basic Shares Outstanding | 66.23M | 66.01M | 65.70M | 65.43M | 65.25M | 65.17M |
| Diluted Shares Outstanding | 66.23M | 66.01M | 65.70M | 65.43M | 65.25M | 65.21M |
| EPS (Basic) | -0.84 | -1.00 | -1.46 | -1.65 | -3.48 | 1.83 |
| EPS (Diluted) | -0.84 | -1.00 | -1.46 | -1.65 | -3.48 | 1.83 |
| Dividend Per Share | 0.30 | 0.16 | 0.04 | 0.04 | 0.36 | 1.32 |
| Operating Margin | 33.66% | 32.96% | 31.37% | 29.48% | 28.91% | 46.67% |
| Profit Margin | -12.12% | -14.76% | -21.63% | -24.70% | -58.45% | 54.29% |
| EBITDA | 312.13M | 307.26M | 306.03M | 304.11M | 267.03M | 151.72M |
| EBITDA Margin | 67.67% | 68.46% | 69.19% | 69.54% | 68.80% | 69.00% |
| D&A For Ebitda | 156.87M | 159.34M | 167.26M | 175.20M | 154.81M | 49.11M |
| EBIT | 155.25M | 147.93M | 138.77M | 128.91M | 112.23M | 102.61M |
| EBIT Margin | 33.66% | 32.96% | 31.37% | 29.48% | 28.91% | 46.67% |
| Funds From Operations (FFO) | 75.25M | 52.81M | 35.35M | 31.04M | 1.41M | 122.13M |
| Adjusted Funds From Operations (AFFO) | 52.81M | 35.35M | 31.04M | 1.41M | 122.13M | |
| FFO Payout Ratio | 22.16% | 15.10% | 7.46% | 8.46% | 3,161.12% | 70.61% |
| Effective Tax Rate | 0.23% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Property, Plant & Equipment | 4.45B | 4.54B | 4.66B | 4.78B | 4.91B | 1.58B |
| Cash & Equivalents | 130.66M | 94.81M | 131.71M | 112.34M | 48.26M | 29.40M |
| Accounts Receivable | 145.55M | 136.67M | 129.16M | 119.17M | 107.01M | 75.88M |
| Other Intangible Assets | 141.13M | 9.33M | 10.81M | 12.86M | 15.71M | 7.50M |
| Restricted Cash | 48.88M | 88.22M | 110.77M | 133.38M | 92.52M | |
| Trading Asset Securities | 1.63M | 16.92M | 30.58M | 73.13M | ||
| Deferred Long-Term Charges | 183.37M | 212.08M | 251.31M | 299.74M | 55.94M | |
| Other Long-Term Assets | 169.33M | 140.54M | 134.20M | 127.29M | 132.07M | 158.50M |
| Total Assets | 5.09B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B |
| Current Portion of Long-Term Debt | 1.42B | 2.63B | ||||
| Long-Term Debt | 4.19B | 2.77B | 1.67B | 4.31B | 4.24B | 828.12M |
| Long-Term Leases | 3.46M | 3.82M | 4.29M | 4.65M | 5.15M | |
| Accounts Payable | 82.44M | 63.98M | 65.69M | 61.03M | 61.46M | 20.83M |
| Accrued Expenses | 6.78M | 6.78M | 6.78M | 6.94M | 6.94M | |
| Other Long-Term Liabilities | 19.05M | 21.48M | 19.71M | 23.50M | 27.35M | 14.62M |
| Total Liabilities | 4.29B | 4.29B | 4.40B | 4.40B | 4.35B | 870.52M |
| Common Stock | 670.00K | 667.00K | 661.00K | 658.00K | 656.00K | 654.00K |
| Additional Paid-In Capital | 1.02B | 1.02B | 1.02B | 1.02B | 1.01B | 1.01B |
| Distributions in Excess of Earnings | -596.56M | -529.12M | -454.96M | -356.65M | -246.04M | |
| Retained Earnings | 25.16M | |||||
| Comprehensive Income & Other | -836.00K | -1.06M | 10.17M | 21.90M | ||
| Total Common Equity | 424.87M | 489.70M | 562.02M | 669.95M | 790.72M | 1.04B |
| Minority Interest | 369.98M | 411.00M | 447.31M | 491.82M | 540.05M | |
| Shareholders' Equity | 794.85M | 900.70M | 1.01B | 1.16B | 1.33B | 1.04B |
| Total Liabilities & Equity | 5.09B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B |
| Total Debt | 4.19B | 4.20B | 4.30B | 4.31B | 4.25B | 828.12M |
| Net Cash (Debt) | -4.06B | -4.10B | -4.16B | -4.17B | -4.13B | -798.73M |
| Net Cash Per Share | -61.28 | -62.12 | -63.26 | -63.70 | -63.27 | -12.25 |
| Filing Date Shares Outstanding | 66.98M | 66.65M | 66.14M | 65.84M | 65.57M | 65.40M |
| Total Common Shares Outstanding | 67.00M | 66.65M | 66.14M | 65.84M | 65.57M | 65.40M |
| Book Value Per Share | 6.34 | 7.35 | 8.50 | 10.17 | 12.06 | 15.87 |
| Tangible Book Value | 283.75M | 480.37M | 551.21M | 657.10M | 775.01M | 1.03B |
| Tangible Book Value Per Share | 4.23 | 7.21 | 8.33 | 9.98 | 11.82 | 15.76 |
| Land | 1.11B | 1.11B | 1.11B | 1.11B | 1.12B | 699.04M |
| Buildings | 4.08B | 4.07B | 4.07B | 4.06B | 4.06B | 1.05B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -55.88M | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M |
| Depreciation & Amortization | 156.87M | 159.34M | 167.26M | 175.20M | 154.81M | 49.11M |
| Other Amortization | 11.16M | 7.30M | 16.13M | 29.36M | 98.65M | 2.96M |
| Gain (Loss) on Sale of Assets | 1.38M | 1.38M | -1.71M | 10.00K | -12.05M | |
| Gain (Loss) on Sale of Investments | 8.09M | 30.66M | 42.88M | 24.58M | 1.03M | |
| Asset Writedown | 6.08M | 156.00K | 100.75M | |||
| Stock-Based Compensation | 3.02M | 2.06M | 1.92M | 1.74M | 2.22M | |
| Income (Loss) on Equity Investments | 3.34M | -16.02M | -1.37M | 3.06M | 3.96M | -38.28M |
| Change in Accounts Receivable | -2.79M | 1.96M | 429.00K | 1.44M | -19.60M | 54.00K |
| Change in Accounts Payable | -391.00K | 2.54M | -932.00K | 1.92M | 3.03M | 2.52M |
| Change in Other Net Operating Assets | -15.25M | 6.24M | -11.49M | -9.81M | 14.57M | -8.42M |
| Other Operating Activities | -50.52M | -74.67M | -117.19M | -111.89M | -49.46M | -4.93M |
| Operating Cash Flow | 59.03M | 60.67M | 1.96M | 6.06M | 83.25M | 110.65M |
| Acquisition of Real Estate Assets | -14.99M | -18.64M | -5.70M | -19.41M | -3.61B | -139.64M |
| Sale of Real Estate Assets | 3.72M | 3.72M | 24.30M | 1.21M | ||
| Net Sale / Acq. of Real Estate Assets | -11.27M | -14.92M | -5.70M | 4.88M | -3.61B | -138.44M |
| Investment in Marketable & Equity Securities | 5.94M | 161.25M | 161.31M | |||
| Other Investing Activities | 9.68M | 18.88M | 22.12M | 56.91M | ||
| Investing Cash Flow | -1.60M | 3.96M | 16.42M | 67.74M | -3.45B | 22.88M |
| Short-Term Debt Issued | 1.39B | |||||
| Long-Term Debt Issued | 1.16B | 91.00M | 3.34B | 301.00M | ||
| Total Debt Issued | 1.62B | 1.16B | 91.00M | 4.72B | 301.00M | |
| Short-Term Debt Repaid | -1.39B | |||||
| Long-Term Debt Repaid | -1.26B | -18.12M | -55.42M | -203.07M | -340.00M | |
| Total Debt Repaid | -1.62B | -1.26B | -18.12M | -55.42M | -1.59B | -340.00M |
| Net Debt Issued (Repaid) | -1.53M | -98.86M | -18.12M | 35.58M | 3.13B | -39.00M |
| Repurchase of Common Stock | -989.00K | -451.00K | -312.00K | -163.00K | -242.00K | -922.00K |
| Common Dividends Paid | -16.67M | -7.97M | -2.64M | -2.63M | -44.48M | -86.24M |
| Other Financing Activities | -36.41M | -16.79M | -560.00K | -1.65M | 383.79M | -804.00K |
| Net Cash Flow | 1.83M | -59.45M | -3.24M | 104.94M | 111.38M | 6.56M |
| Levered Free Cash Flow | 173.78M | 109.13M | 106.47M | 52.92M | 67.76M | 105.62M |
| Unlevered Free Cash Flow | 322.12M | 271.30M | 276.36M | 206.34M | 145.82M | 125.86M |
| Cash Interest Paid | 233.78M | 235.09M | 237.12M | 237.59M | 178.84M | 33.28M |
| Cash Income Tax Paid | 183.00K | -80.00K | 85.00K | 228.00K | 485.00K | |
| Change in Working Capital | -18.43M | 10.74M | -12.00M | -6.45M | -1.99M | -5.84M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 455.48M | 369.29M | 241.43M | 309.47M | 214.41M | 1.64B |
| Enterprise Value | 4.51B | 4.90B | 4.84B | 4.99B | 4.92B | 2.59B |
| Last Close Price | 6.80 | 5.31 | 3.41 | 4.35 | 2.98 | 22.10 |
| PE Ratio | 13.72 | |||||
| PS Ratio | 0.99 | 0.82 | 0.55 | 0.71 | 0.55 | 7.45 |
| PB Ratio | 1.07 | 0.41 | 0.24 | 0.27 | 0.16 | 1.58 |
| P/OCF Ratio | 7.72 | 6.09 | 122.99 | 51.08 | 2.58 | 14.81 |
| EV/Sales Ratio | 9.79 | 10.92 | 10.95 | 11.40 | 12.67 | 11.80 |
| EV/EBITDA Ratio | 14.46 | 15.95 | 15.83 | 16.40 | 18.41 | 17.10 |
| EV/EBIT Ratio | 29.08 | 33.13 | 34.91 | 38.69 | 43.82 | 25.28 |
| Debt / Equity Ratio | 5.27 | 4.66 | 4.26 | 3.71 | 3.19 | 0.80 |
| Debt / EBITDA Ratio | 13.21 | 13.48 | 13.92 | 14.06 | 15.82 | 5.46 |
| Net Debt / Equity Ratio | 5.11 | 4.55 | 4.12 | 3.59 | 3.10 | 0.77 |
| Net Debt / EBITDA Ratio | 13.00 | 13.35 | 13.58 | 13.70 | 15.46 | 5.26 |
| Asset Turnover | 0.09 | 0.09 | 0.08 | 0.08 | 0.10 | 0.12 |
| Quick Ratio | 3.35 | 0.16 | 0.10 | 3.87 | 3.34 | 3.79 |
| Current Ratio | 3.94 | 0.22 | 0.14 | 5.83 | 4.69 | 3.79 |
| Return on Equity (ROE) | -10.46% | -10.74% | -12.64% | -12.01% | -24.22% | 11.73% |
| Return on Assets (ROA) | 1.88% | 1.75% | 1.58% | 1.43% | 1.85% | 3.35% |
| Return on Invested Capital (ROIC) | 3.10% | 2.84% | 2.57% | 2.33% | 3.01% | 5.48% |
| Earnings Yield | -12.42% | -17.92% | -39.63% | -34.89% | -105.74% | 7.31% |
| Dividend Yield | 5.88% | 2.89% | 1.10% | 0.85% | 11.01% | 5.27% |
| Payout Ratio | 72.05% | |||||
| Buyback Yield / Dilution | -0.46% | -0.47% | -0.41% | -0.28% | -0.06% | -0.15% |
| Total Shareholder Return | 5.42% | 2.42% | 0.69% | 0.57% | 10.95% | 5.12% |