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).
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.
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