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Industrial Logistics Properties
(NASDAQ:ILPT)
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Rating:54Neutral
Price Target:
$9.00
â–²(3.09% Upside)
Action:Reiterated
Date:07/31/26
ILPT’s score is held back primarily by weak financial quality—multiple years of net losses and very high leverage—despite improving revenue and positive cash generation. The latest earnings call was a meaningful positive (raised guidance, strong leasing/occupancy, and refinancing that fixed debt and pushed maturities out), while technicals are moderately supportive and valuation is mixed due to a negative P/E despite a moderate dividend yield.
Positive Factors
High occupancy and long lease terms
Near-full (99%) occupancy combined with an ~8-year weighted average lease term provides durable, predictable rental cash flows and lowers vacancy risk. Long leases smooth revenue volatility, support contractual rent roll-ups and enhance tenant retention versus shorter-term industrial exposures.
Negative Factors
Extremely high leverage
Heavy debt levels materially constrain financial flexibility and amplify earnings volatility. High leverage increases refinancing and covenant risk, raises interest burden relative to cash flow, and limits the firm’s ability to absorb shocks or opportunistically invest in growth.
Read all positive and negative factors
Positive Factors
Negative Factors
High occupancy and long lease terms
Near-full (99%) occupancy combined with an ~8-year weighted average lease term provides durable, predictable rental cash flows and lowers vacancy risk. Long leases smooth revenue volatility, support contractual rent roll-ups and enhance tenant retention versus shorter-term industrial exposures.
Read all positive factors
Industrial Logistics Properties Key Performance Indicators (KPIs)
Any
Number of Properties
Counts how many industrial and logistics buildings the company owns. A larger, well‑diversified portfolio can stabilize income, spread market risk, and indicate growth via acquisitions.
Counts how many industrial and logistics buildings the company owns. A larger, well‑diversified portfolio can stabilize income, spread market risk, and indicate growth via acquisitions.
Data provided by:
The Fly
The FlyIndustrial Logistics Properties (ILPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$574.68M
Dividend Yield2.9%
Average Volume (3M)343.36K
Price to Earnings (P/E)―
Beta (1Y)0.99
Revenue Growth2.69%
EPS Growth48.87%
CountryUS
EmployeesN/A
SectorReal Estate
Sector Strength53
IndustryREIT - Industrial
Share Statistics
EPS (TTM)-0.72
Shares Outstanding66,745,880
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price Target
$11.50Price Target Upside31.73% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.72
Revenue Forecast (FY)$467.14M
Industrial Logistics Properties Business Overview & Revenue Model
Company Description
Industrial Logistics Properties Trust (ILPT) operates as a Real Estate Investment Trust (REIT) specializing in the ownership and leasing of industrial and logistics facilities nationwide. Its management is handled by an operating subsidiary of The...
How the Company Makes Money
ILPT primarily makes money by leasing its industrial and logistics properties to tenants under contractual lease agreements. Its main revenue stream is rental income (base rent) paid by tenants for the right to occupy and use its warehouses and di...
Industrial Logistics Properties Earnings Call Summary
Earnings Call Date:Jul 29, 2026
(Q2-2026)
| Next Earnings Date:Oct 28, 2026
Earnings Call Sentiment Positive
The call conveyed strong operational momentum driven by a record leasing quarter, substantial normalized FFO growth (+51% YoY), higher occupancy (99%), successful refinancing that fixed all consolidated debt and improved interest expense, a doubled dividend and raised full-year guidance. These positives materially outweigh the near-term challenges: elevated leverage ratios, a higher CAD payout this quarter due to elevated leasing commissions, some one-time accounting reserves (including a Hawaii tenant bad-debt reserve) and timing differences between GAAP and cash recognition for the large Hawaii lease. Management emphasized durable cash flow, pipeline visibility and prudent balance sheet management.Positive Updates
Strong Normalized FFO Growth
Normalized FFO of $20.8M, or $0.31 per share, representing a 51% year-over-year increase and in line with guidance.
Negative Updates
Elevated Leverage Metrics
Net debt to total assets increased to 69.2% and net debt leverage reported at 11.5x, indicating leverage remains elevated despite refinancing benefits.
Read all updates
Q2-2026 Updates
Positive
Negative
Strong Normalized FFO Growth
Normalized FFO of $20.8M, or $0.31 per share, representing a 51% year-over-year increase and in line with guidance.
Read all positive updates
Company Guidance
ILPT updated its forward guidance: for 3Q26 the company expects interest expense of $61.0M (cash interest $59.0M; $2.0M non‑cash amortization), Adjusted EBITDAre of $87.5M–$88.5M and normalized FFO of $0.34–$0.36 per share; for full‑year 2026 it now forecasts capital expenditures of $29M–$34M, total interest expense of ~ $245M (cash interest ~$234.5M; non‑cash ~$10.5M), Adjusted EBITDAre of $348M–$353M (a $4M increase at the midpoint) and normalized FFO of $1.31–$1.39 per share (a $0.05 increase at the midpoint); management noted it raised full‑year guidance after Q2 and that reconciliations for the non‑GAAP guidance items are not being provided.Industrial Logistics Properties Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
18
Very Negative
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 455.39M | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M |
| Gross Profit | 50.05M | 56.72M | 379.76M | 377.29M | 337.53M | 189.74M |
| EBITDA | 325.83M | 327.93M | 322.19M | 316.75M | 147.16M | 165.26M |
| Net Income | -47.23M | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M |
Balance Sheet | ||||||
| Total Assets | 5.12B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B |
| Cash, Cash Equivalents and Short-Term Investments | 181.81M | 183.03M | 131.71M | 112.34M | 48.26M | 29.40M |
| Total Debt | 4.19B | 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 | 461.66M | 489.70M | 562.02M | 669.95M | 790.72M | 1.04B |
Cash Flow | ||||||
| Free Cash Flow | 68.82M | 42.03M | 1.96M | 6.06M | 65.52M | 105.74M |
| Operating Cash Flow | 68.82M | 60.67M | 1.96M | 6.06M | 83.25M | 110.65M |
| Investing Cash Flow | 8.52M | 3.96M | 16.42M | 67.74M | -3.45B | 22.88M |
| Financing Cash Flow | -54.59M | -124.08M | -21.63M | 31.14M | 3.47B | -126.96M |
Industrial Logistics Properties Technical Analysis
Positive
8.73
Price Trends
8.73
Positive
7.65
Positive
6.58
Positive
Market Momentum
0.04
Positive
49.53
Neutral
50.30
Neutral
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 8.73 is below the 20-day moving average (MA) of 8.82, above the 50-day MA of 8.73, and above the 200-day MA of 6.58, indicating a neutral trend. The MACD of 0.04 indicates Positive momentum. The RSI at 49.53 is Neutral, neither overbought nor oversold. The STOCH value of 50.30 is Neutral, 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 |
|---|---|---|---|---|---|---|---|
75 Outperform | $9.02B | 23.94 | 13.42% | 2.82% | 8.44% | 34.29% | |
71 Outperform | $7.38B | 29.43 | 6.94% | 3.70% | 9.63% | 3.17% | |
71 Outperform | $3.57B | 60.42 | 3.14% | 4.56% | -4.21% | -28.11% | |
67 Neutral | $8.42B | -20.64 | -4.75% | 4.44% | 0.58% | -234.18% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
54 Neutral | $574.68M | -12.01 | -9.81% | 2.86% | 2.69% | 48.87% |
* Real Estate Sector Average
ILPT
Industrial Logistics Properties
8.68
2.73
45.85%
STAG
Stag Industrial
37.77
3.90
11.52%
FR
First Industrial Realty
64.15
16.99
36.01%
LXP
LXP Industrial Trust
60.55
22.72
60.06%
REXR
Rexford Industrial Realty
37.00
1.77
5.04%
Industrial Logistics Properties Corporate Events
Executive/Board ChangesShareholder Meetings
Industrial Logistics Properties Adds Independent Trustee, Affirms Governance
Positive
Jun 10, 2026
On June 9, 2026, Industrial Logistics Properties expanded its Board of Trustees from seven to eight members and elected Elena B. Poptodorova as an Independent Trustee with a term expiring at the 2027 annual meeting, assigning her to the Audit, Com...
Business Operations and StrategyFinancial Disclosures
Industrial Logistics Properties Updates Investor Presentation and Outlook
Neutral
Jun 1, 2026
On June 1, 2026, Industrial Logistics Properties Trust posted an investor presentation outlining its operational profile, portfolio composition and key financial metrics as of the quarter ended March 31, 2026. The presentation emphasized ILPT̵...
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.