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Jun 30, 2021
ILPT Q2 2021 Earnings Report
Announced second quarter 2021 results with net income attributable to common shareholders of $0.29 per share and normalized FFO attributable to common shareholders of $0.47 per share.
Key Takeaways
Industrial Logistics Properties Trust (ILPT) reported strong second-quarter results, demonstrating robust demand for its properties with solid leasing momentum and 99% occupancy. The company executed 564,000 square feet of leases and rent resets, resulting in weighted average rental rates approximately 18% higher than prior rates. ILPT completed the acquisition of an industrial property in Columbus, Ohio, increasing the consolidated portfolio to 35.2 million square feet and remains focused on external growth through strategic acquisitions.
Net income attributable to common shareholders was $18.8 million, or $0.29 per diluted share.
Normalized funds from operations (FFO) attributable to common shareholders reached $30.6 million, or $0.47 per diluted share.
Occupancy remained high at 99% at the end of the quarter.
The company completed the acquisition of an industrial property in Columbus, Ohio, expanding its portfolio.
Forward Guidance
ILPT remains well positioned to enhance ILPT’s performance through its external growth strategy focused on acquiring high quality assets with stable cash flows in strong rental growth markets and that ILPT continues to work on new investment opportunities with its over $530 million of liquidity at quarter end and moderate leverage, which will allow ILPT the opportunity to continue to grow its industrial portfolio, increase cash flow and enhance returns to shareholders over the long term.
Positive Outlook
- ILPT is well positioned to enhance performance through external growth.
- Focus on acquiring high-quality assets with stable cash flows.
- Targeting strong rental growth markets.
- Over $530 million of liquidity at quarter end.
- Moderate leverage provides opportunities for growth.
Challenges Ahead
- ILPT may not succeed in executing its growth strategy.
- May not realize expected benefits from the growth strategy.
- ILPT may increase its leverage in the future.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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