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Dec 31, 2021
ILPT Q4 2021 Earnings Report
Announced fourth quarter results with net income attributable to common shareholders of $0.97 per share.
Key Takeaways
Industrial Logistics Properties Trust (ILPT) reported strong leasing momentum and solid financial growth for Q4 2021. Portfolio occupancy reached 99.2% at year end, with weighted average rental rates over 15% higher than prior rates. Normalized FFO grew by 6.5%, and same property cash basis NOI increased by 4.5%.
Net income attributable to common shareholders was $63.2 million, or $0.97 per diluted share.
Normalized FFO attributable to common shareholders was $31.7 million, or $0.49 per diluted share.
Same property cash basis NOI increased by 4.5% compared to the same period last year.
Entered into a definitive agreement to acquire Monmouth Real Estate Investment Corporation (NYSE: MNR).
Forward Guidance
ILPT is poised for significant growth from its planned acquisition of Monmouth Real Estate Investment Corporation, expected to close in the first quarter of 2022. This acquisition is anticipated to create a stronger ILPT with enhanced scale, additional high-quality e-commerce focused mainland properties, and increased geographic and tenant diversity.
Positive Outlook
- The Monmouth Transaction will add 126 new, Class A, single tenant, net leased, e-commerce focused industrial properties containing over 26 million square feet.
- The acquired properties have a weighted average remaining lease term of approximately eight years.
- ILPT intends to finance the Monmouth Transaction through a joint venture, new mortgage debt, and the assumption of existing Monmouth mortgage debt.
- ILPT has obtained commitments from lenders to make a bridge loan of up to $4.0 billion available.
- The Monmouth Transaction is expected to close in the first quarter of 2022.
Challenges Ahead
- The Monmouth Transaction is subject to the satisfaction of conditions, including the receipt of requisite approval by Monmouth’s stockholders.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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