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Dec 31, 2025
ILPT Q4 2025 Earnings Report
ILPT reported improved Normalized FFO and higher same property NOI in the fourth quarter of 2025 despite a net loss attributable to common shareholders.
Key Takeaways
For Q4 2025, ILPT reported rental income of 113910000 and a net loss attributable to common shareholders of 1780000, or -0.03 per share. Normalized FFO attributable to common shareholders was 18878000, or 0.29 per share. Same property NOI increased 4.9% year over year to 88189000, with consolidated occupancy at 94.5%.
Rental income totaled 113910000 for the quarter.
Net loss attributable to common shareholders was 1780000, or -0.03 per share.
Normalized FFO attributable to common shareholders was 18878000, or 0.29 per share.
Portfolio was 94.5% leased with 409 properties totaling 59604000 rentable square feet.
Forward Guidance
Management highlighted strong leasing momentum entering 2026, a robust leasing pipeline and opportunities to further strengthen the balance sheet.
Positive Outlook
- Record quarterly leasing volume of approximately 3989000 square feet.
- Weighted average GAAP rent increase of 25.7% on leasing activity.
- Same property Cash Basis NOI increased 5.2% year over year.
- Improved interest expense due to lower outstanding debt and rates.
- Strong tenant credit profile with 76% of annualized rental revenues from investment grade tenants or Hawaii land leases.
Challenges Ahead
- Net loss attributable to common shareholders for the quarter.
- High leverage with net debt to annualized Adjusted EBITDAre of 11.8x.
- Significant secured debt of 4214036000 outstanding.
- Exposure to variable rate debt representing 34.7% of net debt.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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