Industrial Logistics Properties Trust (ILPT)
NASDAQ:ILPT
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Earnings Data
Report Date
Aug 04, 2026Before Open (Confirmed)
Period Ending
2026 (Q2)Consensus EPS Forecast
-0.21Last Year’s EPS
-0.32Same Quarter Last Year
Moderate Buy
Based on 1 Analysts Ratings
Earnings Call Summary
Earnings Call Sentiment|Positive
The call presented strong operational momentum and a materially improved capital structure highlighted by a $1.6 billion fixed-rate JV refinance, double-digit leasing spreads (26.3% roll-up), substantial FFO growth (63% YoY) and improved NOI. These positives are tempered by still-elevated leverage (net debt to assets 68.8%, leverage 11.6x), a 24-month lockout limiting near-term dispositions, and Q1 results partly aided by $1.1 million of one-time items. Management provided clear guidance and pipeline visibility (6.0M sqft pipeline, Indianapolis lease expected in June), suggesting the company is positioned for continued cash flow growth while some balance sheet and timing risks remain.Company Guidance
Consolidated JV Financing Strengthens Capital Structure
Priced $1.6 billion of five-year fixed-rate, interest-only mortgage financing for the consolidated JV at 5.71%; as a result, all consolidated debt will be fixed-rate and non-amortizing with a weighted average interest rate of ~5.48% (reported <5.5%) and no maturities until 2029. The refinance is expected to close in early May and will unlock nearly $20 million of annual cash flow by eliminating amortizing debt and removing the need for interest rate caps.
Normalized FFO Beat and Strong Growth
Reported Q1 normalized FFO of $22.0 million, or $0.33 per share, which exceeded the high end of guidance by $0.20 per share. Normalized FFO grew 63% year-over-year and 16% sequentially.
NOI and Adjusted EBITDAre Improvement
Same property NOI totaled $90.3 million and same property cash-basis NOI was $87.4 million. Adjusted EBITDAre was $87.0 million. Same property cash-basis NOI increased more than 4% year-over-year, and these operating metrics improved both year-over-year and sequentially.
Strong Leasing Performance and Rent Growth
Leased 862,000 square feet at a weighted average rent roll-up of 26.3%, marking the sixth consecutive quarter of double-digit rent growth. Renewals represented ~70% of activity, and consolidated occupancy was 94.6%.
Healthy Leasing Pipeline and Embedded Upside
Pipeline stands at ~6 million square feet with more than 2 million square feet in advanced negotiation or documentation. 8.1 million square feet (11.5% of total annualized revenue) is scheduled to expire by 2027, providing runway for embedded mark-to-market rent growth. Company expects to fully lease the 535,000 square foot vacancy in Indianapolis in June (a key 2026 objective).
Improved Liquidity and Modest Balance Sheet Gains
Ended the quarter with $100 million of cash and $86 million of restricted cash. Net debt to total assets declined modestly to 68.8%, and net debt leverage improved slightly to 11.6x from 11.8x.
Forward Guidance Provided
Q2 2026 guidance: interest expense ~$61.5 million (cash $59.0M), adjusted EBITDAre $85.5M–$86.5M, normalized FFO $0.31–$0.33 per share. Full year 2026 guidance: interest expense ~$245 million (cash $234.5M), adjusted EBITDAre $344M–$349M, normalized FFO $1.27–$1.34 per share. Guidance reflects the JV refinance and assumes Indianapolis lease in June.
ILPT Earnings History
The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.
Beat
Missed
ILPT Earnings-Related Price Changes
Report Date | Price 1 Day Before | Price 1 Day After | Percentage Change |
|---|---|---|---|
Apr 29, 2026 | $7.51 | $7.43 | -1.07% |
Feb 18, 2026 | $5.51 | $5.72 | +3.96% |
Oct 28, 2025 | $5.70 | $5.17 | -9.31% |
Jul 29, 2025 | $5.38 | $5.25 | -2.36% |
Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.
FAQ
When does Industrial Logistics Properties Trust (ILPT) report earnings?
Industrial Logistics Properties Trust (ILPT) is schdueled to report earning on Aug 04, 2026, Before Open (Confirmed).
What is Industrial Logistics Properties Trust (ILPT) earnings time?
Industrial Logistics Properties Trust (ILPT) earnings time is at Aug 04, 2026, Before Open (Confirmed).
Where can I see when companies are reporting earnings?
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What companies are reporting earnings today?
You can see a list of the companies which are reporting today on TipRanks earnings calendar.
What is ILPT EPS forecast?
ILPT EPS forecast for the fiscal quarter 2026 (Q2) is -0.21.