Industrial Logistics Properties Trust (ILPT)
NASDAQ:ILPT
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Industrial Logistics Properties
(NASDAQ:ILPT)
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Rating:55Neutral
Price Target:
$8.00
â–²(44.93% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by weak financial quality—ongoing net losses and high leverage despite positive operating cash flow. Earnings call guidance and the fixed-rate refinancing improve outlook and reduce refinancing/interest-rate risk, while technicals show a strong uptrend but are becoming overbought. Valuation remains constrained by loss-making earnings, with only modest support from the dividend yield.
Positive Factors
Fixed-rate JV refinancing
Locking a $1.6B five-year fixed-rate mortgage converts consolidated debt to fixed, removes amortization and interest-rate cap needs, and is expected to free ~$20M of annual cash flow. This materially reduces near-term refinancing and rate volatility risk, improving cash flow predictability and capital planning over the next 2–5 years.
Negative Factors
Elevated leverage
Historically very high leverage materially constrains financial flexibility. Even after refinancing, large absolute debt and thin cash coverage raise refinancing and covenant sensitivity risks, limit capacity for acquisitions or opportunistic investments, and increase the impact of any property cash‑flow shortfalls on solvency and credit costs.
Read all positive and negative factors
Positive Factors
Negative Factors
Fixed-rate JV refinancing
Locking a $1.6B five-year fixed-rate mortgage converts consolidated debt to fixed, removes amortization and interest-rate cap needs, and is expected to free ~$20M of annual cash flow. This materially reduces near-term refinancing and rate volatility risk, improving cash flow predictability and capital planning over the next 2–5 years.
Read all positive factors
Industrial Logistics Properties (ILPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$572.32M
Dividend Yield2.2%
Average Volume (3M)343.36K
Price to Earnings (P/E)―
Beta (1Y)0.96
Revenue Growth2.57%
EPS Growth42.59%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.82
Shares Outstanding66,665,474
10 Day Avg. Volume310,835
30 Day Avg. Volume343,364
Financial Highlights & Ratios
PEG Ratio0.18
Price to Book (P/B)0.75
Price to Sales (P/S)0.81
P/FCF Ratio8.70
Enterprise Value/Market Cap8.17
Enterprise Value/Revenue10.31
Enterprise Value/Gross Profit94.85
Enterprise Value/Ebitda14.66
Forecast
1Y Price Target
$10.00Price Target Upside81.16% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.84
Revenue Forecast (FY)$468.71M
Industrial Logistics Properties Business Overview & Revenue Model
Company Description
ILPT 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 managemen...
How the Company Makes Money
ILPT makes money primarily by renting its industrial and logistics properties to tenants under lease agreements. Its core revenue stream is rental income (base rent) collected from tenants occupying its warehouses and distribution facilities. In a...
Industrial Logistics Properties Earnings Call Summary
Earnings Call Date:Apr 29, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Jul 28, 2026
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.Positive Updates
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.
Negative Updates
Elevated Leverage Remains
Despite modest improvement, leverage metrics remain high: net debt to total assets at 68.8% and net debt leverage at 11.6x, which represent ongoing balance sheet risk relative to peers and potential sensitivity to property performance.
Read all updates
Q1-2026 Updates
Positive
Negative
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.
Read all positive updates
Company Guidance
Management guided Q2 2026 interest expense of $61.5 million (cash interest $59.0M; non‑cash amortization $2.5M), adjusted EBITDAre of $85.5M–$86.5M and normalized FFO of $0.31–$0.33 per share; for full‑year 2026 they forecast interest expense of approximately $245M (cash $234.5M; non‑cash $10.5M), adjusted EBITDAre $344M–$349M and normalized FFO $1.27–$1.34 per share. The outlook reflects the consolidated JV’s $1.6 billion five‑year fixed‑rate, interest‑only financing priced at 5.71% (expected close ~May 8), which leaves all consolidated debt fixed at a weighted average rate of ~5.48% (management cited <5.5%), no maturities until 2029, and an expected ~$20M of annual unlocked cash flow; the guidance assumes the 535,000‑SF Indianapolis vacancy is leased in June 2026 and excludes any lease‑up of the Hawaii land parcel.Industrial Logistics Properties Financial Statement Overview
Summary
Income Statement
36
Negative
Balance Sheet
22
Negative
Cash Flow
49
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 453.36M | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M |
| Gross Profit | 49.27M | 56.72M | 379.76M | 377.29M | 337.53M | 189.74M |
| EBITDA | 318.73M | 327.93M | 322.19M | 316.75M | 147.16M | 165.26M |
| Net Income | -54.08M | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M |
Balance Sheet | ||||||
| Total Assets | 5.17B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B |
| Cash, Cash Equivalents and Short-Term Investments | 99.50M | 183.03M | 131.71M | 112.34M | 48.26M | 29.40M |
| Total Debt | 4.20B | 4.22B | 4.32B | 4.32B | 4.27B | 840.56M |
| Total Liabilities | 4.28B | 4.29B | 4.40B | 4.40B | 4.35B | 870.52M |
| Stockholders Equity | 479.72M | 489.70M | 562.02M | 669.95M | 790.72M | 1.04B |
Cash Flow | ||||||
| Free Cash Flow | 65.19M | 42.03M | 1.96M | 6.06M | 65.52M | 105.74M |
| Operating Cash Flow | 65.19M | 60.67M | 1.96M | 6.06M | 83.25M | 110.65M |
| Investing Cash Flow | 10.95M | 3.96M | 16.42M | 67.74M | -3.45B | 22.88M |
| Financing Cash Flow | -127.06M | -124.08M | -21.63M | 31.14M | 3.47B | -126.96M |
Industrial Logistics Properties Technical Analysis
Positive
5.52
Price Trends
6.74
Positive
6.23
Positive
5.91
Positive
Market Momentum
0.49
Negative
71.44
Negative
80.96
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 7.89, below the 50-day MA of 6.74, and below the 200-day MA of 5.91, indicating a bullish trend. The MACD of 0.49 indicates Negative momentum. The RSI at 71.44 is Negative, neither overbought nor oversold. The STOCH value of 80.96 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 45 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $8.67B | 13.39 | 12.77% | 2.98% | 8.82% | 28.07% | |
71 Outperform | $7.29B | 27.77 | 6.95% | 4.02% | 9.98% | -2.19% | |
66 Neutral | $3.08B | -2,814.46 | 4.61% | 5.33% | -3.81% | 52.53% | |
66 Neutral | $8.17B | 20.49 | 2.71% | 4.30% | 2.02% | -23.68% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
55 Neutral | $572.32M | -9.97 | -10.91% | 2.20% | 2.57% | 42.59% |
* Real Estate Sector Average
ILPT
Industrial Logistics Properties
8.59
5.61
188.67%
STAG
Stag Industrial
38.15
5.35
16.30%
FR
First Industrial Realty
63.28
16.74
35.97%
LXP
LXP Industrial Trust
52.24
13.50
34.85%
REXR
Rexford Industrial Realty
36.18
3.09
9.34%
Industrial Logistics Properties Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Industrial Logistics Properties Secures Major Long-Term Mortgage Financing
Positive
May 8, 2026
On May 8, 2026, Mountain Industrial REIT LLC, a consolidated joint venture of Industrial Logistics Properties, secured a $1.62 billion mortgage loan from a syndicate of major banks, including Wells Fargo, Citi, Morgan Stanley, Bank of America, Ban...
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.