Bankruptcy ImpactA top-tenant bankruptcy could create some rent disruption, though management appears confident the situation is likely just headline risk, rather than operational.
Leverage ConcernsLeverage trends down, still too high. ILPT is slowly chipping away at its leverage, as net debt/EBITDA sits at 11.9x, down from 12.1x in the prior quarter.
Operating PerformanceThe quarter saw occupancy decline to its lowest level since the company’s IPO, as Home Depot exited 2msf in Hawaii.