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Mar 31, 2022
ILPT Q1 2022 Earnings Report
Announced first quarter 2022 results, reporting a net loss attributable to common shareholders of $(0.10) per share and normalized FFO attributable to common shareholders of $0.42 per share.
Key Takeaways
Industrial Logistics Properties Trust (ILPT) reported a net loss of $(0.10) per share and Normalized FFO of $0.42 per share for Q1 2022. The company completed the acquisition of Monmouth Real Estate Investment Corporation and saw a 3.1% increase in same property cash basis NOI compared to the same period last year. Leasing activity remained strong with higher rental rates.
Net loss attributable to common shareholders was $(0.10) per share.
Normalized FFO attributable to common shareholders was $0.42 per share.
Same property cash basis NOI increased by 3.1% compared to the same period last year.
Completed acquisition of Monmouth Real Estate Investment Corporation.
Forward Guidance
ILPT is focused on selling an additional equity interest in newly formed joint venture and divesting 30 former MNR properties with the aim of significantly reducing ILPT’s leverage before year end 2022.
Positive Outlook
- Acquisition of MNR has enhanced ILPT’s scale with increased tenant and geographic diversity.
- Completed integration efforts.
- Attractive operating environment.
- Persistent demand for industrial assets continued to support solid leasing activity.
- Robust leasing spreads and strong portfolio occupancy at ILPT.
Challenges Ahead
- Increased financing costs weighed on ILPT’s GAAP results.
- Increased financing costs weighed on Normalized FFO.
- Sales of properties depend on the economic and market conditions and such sales may not occur on a timely basis or on terms ILPT expects or at all.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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