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Industrial Logistics Properties Trust (ILPT)
NASDAQ:ILPT
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Industrial Logistics Properties
(NASDAQ:ILPT)
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Rating:50Neutral
Price Target:
$5.50
â–¼(-0.36% Downside)
The overall stock score is primarily influenced by the company's strong earnings call performance, which highlights significant improvements in FFO and occupancy rates. However, financial performance concerns, such as high leverage and negative profitability, weigh down the score. Technical analysis and valuation also present challenges, with bearish trends and a negative P/E ratio.
Positive Factors
Revenue Growth
Positive revenue growth indicates strong demand for ILPT's logistics properties, driven by e-commerce trends, supporting long-term revenue potential.
High Occupancy Rates
High occupancy rates reflect strong tenant demand and effective property management, ensuring steady rental income and financial stability.
Successful Leasing Activities
Higher rental rates on new leases indicate pricing power and strong market demand, enhancing long-term revenue and profitability.
Negative Factors
High Leverage
High leverage increases financial risk and limits flexibility, potentially impacting the company's ability to invest in growth opportunities.
Negative Profit Margins
Negative profit margins indicate challenges in cost management or pricing strategy, which could hinder long-term financial health and growth.
Impairment Charges
Impairment charges reflect asset devaluation, potentially impacting asset quality and financial performance, posing a risk to future earnings.
Industrial Logistics Properties (ILPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$401.29M
Dividend Yield2.2%
Average Volume (3M)289.37K
Price to Earnings (P/E)―
Beta (1Y)0.79
Revenue Growth1.08%
EPS Growth14.30%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.33
Shares Outstanding66,659,230
10 Day Avg. Volume361,675
30 Day Avg. Volume289,369
Financial Highlights & Ratios
PEG Ratio0.22
Price to Book (P/B)0.43
Price to Sales (P/S)0.54
P/FCF Ratio122.16
Enterprise Value/Market Cap11.02
Enterprise Value/Revenue9.92
Enterprise Value/Gross Profit11.51
Enterprise Value/Ebitda14.29
Forecast
1Y Price Target
$7.00Price Target Upside26.81% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Industrial Logistics Properties Business Overview & Revenue Model
Company DescriptionILPT is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
How the Company Makes MoneyILPT generates revenue primarily through leasing its industrial properties to a diverse mix of tenants, including e-commerce companies, third-party logistics providers, and traditional retailers. The company's revenue model is built on long-term lease agreements, which typically include rent escalations and options for renewal, providing a stable income stream. Key revenue streams include rental income from its portfolio of industrial properties and ancillary income from services related to property management. Additionally, ILPT benefits from the growing demand for logistics and warehousing space driven by e-commerce growth, making it well-positioned to capitalize on current market trends. The company's strong relationships with tenants and its focus on acquiring strategically located properties further contribute to its earnings potential.
Industrial Logistics Properties Earnings Call Summary
Earnings Call Date:Oct 28, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Feb 17, 2026
Earnings Call Sentiment Positive
The call highlighted strong financial performance with significant increases in FFO and occupancy rates, successful leasing activities, and advantages from recent debt refinancing. However, there were challenges such as impairment charges and specific low leasing spreads. Despite these issues, the overall sentiment leans toward a positive outlook due to strategic advancements in leasing and financial metrics.Q3-2025 Updates
Positive Updates
Strong Financial Performance
Normalized FFO increased by 116% year-over-year, reaching $17.4 million or $0.26 per share, and same-property cash basis NOI increased by 3% compared to the same period a year ago.
High Occupancy Rates
Consolidated occupancy reached 94.1%, outperforming the U.S. industrial average by 150 basis points.
Successful Leasing Activities
Completed 836,000 square feet of leasing with weighted average rental rates 22% higher than previous rates and an average lease term of 8 years.
Debt Refinancing Benefits
Interest expense decreased by $4.4 million following a $1.16 billion fixed rate debt refinancing completed in June.
Strong Tenant Base
Over 76% of annualized revenues come from investment-grade rated tenants or secure Hawaii land leases.
Negative Updates
Impairment Charge
Recognized a $6.1 million impairment charge on one of the properties held for sale.
Low GAAP Leasing Spread for Mainland Assets
Mainland wholly owned assets saw only a 1.8% increase in GAAP rent, primarily due to a specific deal with the United States Postal Service.
Vacant Asset Challenges
Some properties remain vacant, leading to ongoing efforts to lease up assets in locations like Indianapolis and Hawaii.
Company Guidance
During the Industrial Logistics Properties Trust's third-quarter 2025 financial results call, several key metrics and guidance were provided. The company reported a 3% increase in same-property cash basis NOI compared to the previous year, driven by strong tenant renewal activity and rent growth. Normalized funds from operations (FFO) saw a substantial year-over-year increase of 116%, largely due to a significant refinancing completed in June. The portfolio's consolidated occupancy stood at 94.1%, outperforming the U.S. industrial average by 150 basis points. ILPT completed 836,000 square feet of leasing at rental rates 22% higher than prior rates, with an average lease term of 8 years. Looking ahead, the company anticipates normalized FFO per share to be between $0.27 and $0.29 in the fourth quarter of 2025, excluding incentive fees, and expects adjusted EBITDAre to be between $84 million and $85 million. Additionally, ILPT plans to sell three properties totaling 867,000 square feet for approximately $55 million, with proceeds partially repaying a $700 million loan.Industrial Logistics Properties Financial Statement Overview
Summary
Industrial Logistics Properties shows strong revenue growth but faces significant challenges in profitability and financial stability. The high leverage and negative return on equity are key concerns, while cash flow management appears to be improving. The company needs to focus on improving its profitability and reducing its debt burden to enhance financial health.Income Statement
The income statement shows a mixed performance. Revenue has grown significantly in the TTM period, indicating strong top-line growth. However, the company is struggling with profitability, as evidenced by the negative net profit margin and declining EBIT margin. The gross profit margin remains high, suggesting efficient cost management, but the persistent net losses are concerning.Balance Sheet
The balance sheet reveals high leverage with a debt-to-equity ratio that has increased significantly over the years, indicating potential financial risk. The return on equity is negative, reflecting the company's inability to generate profit from shareholders' equity. The equity ratio is low, further highlighting the reliance on debt financing.Cash Flow
Cash flow analysis shows improvement in free cash flow growth in the TTM period, which is a positive sign. The operating cash flow to net income ratio is low, indicating that cash generation from operations is not sufficient to cover net losses. However, the free cash flow to net income ratio is favorable, suggesting that the company is managing its cash flow effectively despite profitability challenges.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 445.46M | 442.32M | 437.34M | 388.15M | 219.87M | 254.57M |
| Gross Profit | 384.22M | 379.76M | 377.29M | 337.53M | 189.74M | 199.81M |
| EBITDA | 309.29M | 322.19M | 316.75M | 147.16M | 165.26M | 176.74M |
| Net Income | -88.51M | -95.67M | -107.99M | -226.72M | 119.68M | 82.07M |
Balance Sheet | ||||||
| Total Assets | 5.22B | 5.41B | 5.56B | 5.68B | 1.91B | 1.92B |
| Cash, Cash Equivalents and Short-Term Investments | 83.17M | 131.71M | 112.34M | 48.26M | 29.40M | 22.83M |
| Total Debt | 4.21B | 4.32B | 4.32B | 4.27B | 840.56M | 866.58M |
| Total Liabilities | 4.31B | 4.40B | 4.40B | 4.35B | 870.52M | 912.55M |
| Stockholders Equity | 494.12M | 562.02M | 669.95M | 790.72M | 1.04B | 1.00B |
Cash Flow | ||||||
| Free Cash Flow | 39.03M | 1.96M | 6.06M | 65.52M | 105.74M | 108.71M |
| Operating Cash Flow | 39.03M | 1.96M | 6.06M | 83.25M | 110.65M | 114.56M |
| Investing Cash Flow | -4.98M | 16.42M | 67.74M | -3.45B | 22.88M | -4.52M |
| Financing Cash Flow | -121.27M | -21.63M | 31.14M | 3.47B | -126.96M | -121.76M |
Industrial Logistics Properties Technical Analysis
Positive
5.52
Price Trends
5.53
Positive
5.69
Positive
4.83
Positive
Market Momentum
0.06
Negative
64.16
Neutral
81.47
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ILPT, the sentiment is Positive. The current price of 5.52 is below the 20-day moving average (MA) of 5.60, below the 50-day MA of 5.53, and above the 200-day MA of 4.83, indicating a bullish trend. The MACD of 0.06 indicates Negative momentum. The RSI at 64.16 is Neutral, neither overbought nor oversold. The STOCH value of 81.47 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for ILPT.
Industrial Logistics Properties Risk Analysis
Industrial Logistics Properties disclosed 46 risk factors in its most recent earnings report. Industrial Logistics Properties reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Industrial Logistics Properties Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | $7.08B | 29.27 | 7.17% | 4.02% | 9.62% | 31.08% | |
74 Outperform | $8.04B | 33.12 | 8.97% | 2.98% | 9.66% | -23.17% | |
74 Outperform | $9.40B | 28.73 | 4.03% | 4.30% | 10.27% | 15.25% | |
73 Outperform | $2.99B | 26.43 | 5.62% | 5.33% | 6.98% | 465.32% | |
67 Neutral | $987.76M | 10.97 | 20.14% | 4.39% | -4.99% | 10123.98% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
50 Neutral | $401.29M | -4.48 | -16.39% | 2.20% | 1.08% | 14.30% |
* Real Estate Sector Average
ILPT
Industrial Logistics Properties
6.02
2.57
74.49%
STAG
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37.93
6.21
19.58%
FR
First Industrial Realty
58.89
11.00
22.97%
LXP
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50.58
12.98
34.52%
REXR
Rexford Industrial Realty
40.36
3.34
9.02%
PLYM
Plymouth Industrial Reit
21.93
5.86
36.47%
Industrial Logistics Properties Corporate Events
Executive/Board Changes
Industrial Logistics Properties Appoints New CEO
Neutral
Dec 9, 2025
On December 8, 2025, Industrial Logistics Properties announced the appointment of Yael Duffy as a Managing Trustee and as President and Chief Executive Officer, effective January 1, 2026. Ms. Duffy, who has been with the company in various roles since 2019, will succeed Matthew P. Jordan, who resigned effective December 31, 2025. The company clarified that Mr. Jordan’s resignation was not due to any disagreements with the company’s operations or policies. Ms. Duffy’s appointment does not involve any special arrangements or relationships requiring disclosure.
The most recent analyst rating on (ILPT) stock is a Hold with a $5.50 price target. To see the full list of analyst forecasts on Industrial Logistics Properties stock, see the ILPT Stock Forecast page.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.