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Jun 30, 2020
ILPT Q2 2020 Earnings Report
Reported net income of $0.23 per share and normalized FFO of $0.47 per share, with same property cash basis NOI increasing by 3.4%.
Key Takeaways
Industrial Logistics Properties Trust announced strong second quarter results with a net income of $14.8 million, or $0.23 per diluted share, and Normalized FFO of $30.6 million, or $0.47 per diluted share. The company reported high occupancy of nearly 99% and a 3.4% increase in same property cash basis NOI.
Net income attributable to common shareholders was $14.8 million, or $0.23 per diluted share.
Normalized FFO attributable to common shareholders was $30.6 million, or $0.47 per diluted share.
Same property cash basis NOI increased by 3.4% compared to the same period last year.
The company completed lease renewals and rent resets for over 1.9 million square feet, resulting in weighted average rental rates 23.1% higher than prior rates.
Forward Guidance
The report expresses optimism about the company's position and potential benefits from continued tailwinds in the industrial and logistics sector, but also acknowledges risks related to the COVID-19 pandemic and economic conditions.
Positive Outlook
- Industrial and logistics real estate has remained in strong demand.
- Accelerated shift by consumers to e-commerce throughout the COVID-19 pandemic.
- Majority of tenants are considered essential businesses.
- Liquidity remains strong.
- Minimal negative impact on operating results and financial condition.
Challenges Ahead
- COVID-19 pandemic could continue to have a negative impact on economic conditions.
- Economic downturn could continue for an extended period.
- E-commerce demand could decline.
- Tenants' businesses, operations, and liquidity could be materially adversely impacted.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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