Industrial Logistics Properties Trust ILPT

Real estate SIC 6798 - Real Estate Investment Trusts NAICS Real Estate and Rental and Leasing › Real Estate › Lessors of Real Estate derived Nasdaq

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.

Last close 7.05 2026-10-23
Market cap $470.6M 2026-06-30 share count
52-week range 4.92 - 9.43

Valuation FY2025 figures against the last close

P/S—
P/E—
P/FCF11.2x
EV/EBITDA—
Dividend yield1.7%
Diluted EPS-1.00

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 -1.00-1.46-1.65-3.471.831.260.81———
EPS, diluted -1.00-1.46-1.65-3.471.831.260.811.161.781.93
Shares, diluted (wtd. avg.) 66.0M65.7M65.4M65.2M65.2M65.1M65.1M64.1M45.0M45.0M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -300M -200M -100M 0 100M 200M Net income, FY2016: 86.9M Net income, FY2017: 80.1M Net income, FY2018: 74.4M Net income, FY2019: 52.5M Net income, FY2020: 82.1M Net income, FY2021: 119.7M Net income, FY2022: -226.7M Net income, FY2023: -108M Net income, FY2024: -95.7M Net income, FY2025: -66.2M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue — — — — — — — — — —
Gross profit — — — — — — — — — —
Net income $86.9M $80.1M $74.4M $52.5M $82.1M $119.7M -$226.7M -$108.0M -$95.7M -$66.2M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Material agreement terminated An agreement that mattered has ended. Often the other half of a deal that fell through. Item 1.02
  • New debt or obligation The company has taken on debt or a comparable obligation. Item 2.03
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Officer or director change Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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