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Mar 31, 2020
ILPT Q1 2020 Earnings Report
ILPT's financial performance for Q1 2020 was announced, featuring a net income of $0.20 per share and a normalized FFO of $0.46 per share.
Key Takeaways
Industrial Logistics Properties Trust (ILPT) reported a net income attributable to common shareholders of $12.8 million, or $0.20 per diluted share, for the quarter ended March 31, 2020. Normalized FFO attributable to common shareholders was $30.2 million, or $0.46 per diluted share. The company formed a joint venture, acquired a Class A e-commerce distribution facility, and maintained its regular quarterly distribution to shareholders.
Net income attributable to common shareholders was $12.8 million, or $0.20 per diluted share.
Normalized FFO attributable to common shareholders increased 12.2% to $30.2 million, or $0.46 per diluted share.
Formed a $680 million joint venture with an Asian institutional investor.
Acquired a Class A e-commerce distribution facility near Phoenix, AZ, 100% leased to a single tenant.
Forward Guidance
ILPT is focused on the impact of the COVID-19 pandemic but believes it is well-positioned to weather disruptions. The company's liquidity remains strong, and it faces minimal lease expirations and debt maturities in the near term. ILPT plans to expand its joint venture and expects it to support continued growth.
Positive Outlook
- ILPT believes it is well-positioned to weather disruptions related to the COVID-19 pandemic.
- The industrial and logistics sector and ILPT's tenants are critical to sustaining a resilient supply chain.
- ILPT's liquidity remains strong with approximately $20 million of cash and nearly $500 million of availability under its revolving credit facility.
- ILPT faces minimal lease expirations and debt maturities over the next 12 months.
- ILPT plans to expand the joint venture and expects it to support continued growth.
Challenges Ahead
- If the economic downturn continues for an extended period, demand for goods would likely decline, which would reduce the level of demand in the supply chain.
- ILPT's tenants' businesses, operations, and liquidity may be materially harmed, which could result in their inability or unwillingness to pay ILPT rent.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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