Industrial Logistics Properties Trust ILPT
We are a REIT organized under Maryland law in 2017. We own and lease industrial and logistics properties throughout the United States.
As of December 31, 2025, our portfolio was comprised of 409 properties containing approximately 59,604,000 rentable square feet located in 39 states with 94.5% occupancy, including properties owned by Mountain Industrial REIT LLC, or Mountain JV, or our consolidated joint venture. As of December 31, 2025, we also owned a 22% equity interest in The Industrial Fund REIT LLC, or the unconsolidated joint venture.
Our portfolio as of December 31, 2025 is summarized below (square feet in thousands):
(1)Based on annualized rental revenues as of December 31, 2025.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| SG&A | $37.0M | $30.5M | $31.2M | $32.9M | $16.7M | $200.0K | $17.2M | $11.3M | $16.8M | $9.2M |
| Total operating expenses | $307.0M | $303.6M | $308.6M | $376.7M | $117.3M | $146.2M | $127.1M | $72.2M | $73.9M | $64.1M |
| Interest expense | $264.6M | $292.5M | $288.5M | $280.1M | $35.6M | $51.6M | $50.8M | $16.1M | $2.4M | $2.3M |
| Pre-tax income | -$122.4M | -$142.3M | -$150.5M | -$293.9M | $79.0M | $81.0M | $52.0M | $74.4M | $80.1M | $86.9M |
| Income tax | $104.0K | $162.0K | $104.0K | $45.0K | $273.0K | $277.0K | $171.0K | $32.0K | $44.0K | $44.0K |
| Net income | -$66.2M | -$95.7M | -$108.0M | -$226.7M | $119.7M | $82.1M | $52.5M | $74.4M | $80.1M | $86.9M |
| EPS, basic | -1.00 | -1.46 | -1.65 | -3.47 | 1.83 | 1.26 | 0.81 | — | — | — |
| EPS, diluted | -1.00 | -1.46 | -1.65 | -3.47 | 1.83 | 1.26 | 0.81 | 1.16 | 1.78 | 1.93 |
| Shares, diluted (wtd. avg.) | $66.0M | $65.7M | $65.4M | $65.2M | $65.2M | $65.1M | $65.1M | $64.1M | $45.0M | $45.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $94.8M | $131.7M | $112.3M | $140.8M | $29.4M | $22.8M | $34.5M | $9.6M | $0 | $0 |
| Other intangibles | $164.2M | $199.2M | $243.5M | $297.4M | $63.4M | $83.6M | $138.6M | $75.8M | $79.1M | — |
| Total assets | $5.19B | $5.41B | $5.56B | $5.68B | $1.91B | $1.92B | $2.45B | $1.53B | $1.41B | — |
| Long-term debt | $4.19B | $4.30B | $4.31B | $1.24B | $828.1M | $866.6M | $1.41B | $462.2M | $799.4M | — |
| Total liabilities | $4.29B | $4.40B | $4.40B | $4.35B | $870.5M | $912.6M | $1.46B | $506.3M | $849.5M | — |
| Retained earnings | -$152.7M | -$86.5M | $9.2M | $117.2M | $343.9M | $224.2M | $142.2M | $89.7M | $15.3M | — |
| Total equity | $489.7M | $562.0M | $1.16B | $1.33B | $1.04B | $1.00B | $995.7M | $1.03B | $562.2M | $1.31B |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $60.7M | $2.0M | $6.1M | $83.3M | $110.7M | $114.6M | $116.3M | $96.8M | $103.5M | $109.3M |
| Depreciation and amortisation | $127.6M | $126.5M | $125.3M | $106.2M | $32.5M | $43.8M | $38.2M | $18.8M | $17.7M | $17.6M |
| Capital expenditure | $18.6M | $5.7M | $19.4M | $17.7M | $4.9M | $5.9M | $17.2M | $5.0M | $6.0M | $1.4M |
| Investing cash flow | $4.0M | $16.4M | $67.7M | -$3.45B | $22.9M | -$4.5M | -$893.4M | -$135.5M | -$6.3M | -$1.4M |
| Financing cash flow | -$124.1M | -$21.6M | $31.1M | $3.47B | -$127.0M | -$121.8M | $802.0M | $48.4M | -$97.1M | -$107.9M |
| Dividends paid | $8.0M | $2.6M | $2.6M | $44.5M | $86.2M | $86.1M | $85.9M | $60.5M | $0 | $0 |
| Buybacks | $451.0K | $312.0K | $163.0K | $242.0K | $922.0K | $382.0K | $253.0K | $52.0K | $0 | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001717307-26-000012.
Others in SIC 6798
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| WELL | WELLTOWER INC. | $166.72B | 169.9x | 40.2% |
| PLD | Prologis, Inc. | $128.05B | 38.6x | 7.2% |
| EQIX | EQUINIX INC | $102.22B | 75.3x | 5.4% |
| AMT | AMERICAN TOWER CORP /MA/ | $81.93B | 32.6x | 20.8% |
| SPG | SIMON PROPERTY GROUP INC. | $67.86B | 14.8x | 6.7% |
| DLR | DIGITAL REALTY TRUST, INC. | $66.20B | 52.6x | 10.0% |
| O | REALTY INCOME CORP | $57.96B | 52.4x | 9.1% |
| PSA | Public Storage | $53.04B | 33.5x | 2.7% |