Industrial Logistics Properties Trust (ILPT)
NASDAQ:ILPT
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Industrial Logistics Properties
(NASDAQ:ILPT)
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Rating:51Neutral
Price Target:
$6.50
â–²(17.75% Upside)
Action:ReiteratedDate:02/19/26
The score is held back primarily by weak financial performance (multi-year net losses and historically high leverage), partly offset by positive cash flow resilience. Earnings-call commentary and guidance were meaningfully better (strong leasing/FFO momentum), while technicals are neutral and valuation is constrained by the negative P/E despite a moderate dividend yield.
Positive Factors
Embedded Leasing Growth
A deep leasing pipeline and large advanced negotiations create durable revenue visibility and embedded rent escalations. Converting 3.8M sqft at multi‑quarter roll‑ups boosts recurring rental cash flows and supports organic FFO growth without relying on one‑off transactions.
Negative Factors
Historically Very High Leverage
Persistently elevated leverage and declining equity have constrained financial flexibility and increased refinancing risk. Even with recent fixes, high net leverage limits capacity to absorb shocks, raises interest sensitivity and can force asset sales or equity raises if conditions sour.
Read all positive and negative factors
Positive Factors
Negative Factors
Embedded Leasing Growth
A deep leasing pipeline and large advanced negotiations create durable revenue visibility and embedded rent escalations. Converting 3.8M sqft at multi‑quarter roll‑ups boosts recurring rental cash flows and supports organic FFO growth without relying on one‑off transactions.
Read all positive factors
Industrial Logistics Properties (ILPT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$369.26M
Dividend Yield2.2%
Average Volume (3M)343.36K
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)-0.03
Shares Outstanding66,653,130
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 Ratio6.03
Enterprise Value/Market Cap11.94
Enterprise Value/Revenue9.83
Enterprise Value/Gross Profit77.76
Enterprise Value/Ebitda13.45
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.79
Revenue Forecast (FY)$460.76M
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 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 l...
Industrial Logistics Properties Earnings Call Summary
Earnings Call Date:Feb 18, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 29, 2026
Earnings Call Sentiment Positive
The call presents strong operating and financial momentum: record leasing activity, meaningful rent roll-ups, large normalized FFO growth (+113% YoY), improved occupancy and NOI, notable shareholder returns and balance sheet actions that reduced interest-rate exposure. Headwinds include concentration risk with major tenants, remaining leverage and JV refinance timing, limited near-term disposition optionality, and some vacant / hard-to-place large assets (notably a Hawaii land parcel). On balance, the positives — including outsized FFO growth, high retention, robust leasing pipeline and demonstrated balance sheet improvements — materially outweigh the measurable risks called out on the call.Positive Updates
Record Quarterly Leasing Volume and Strong Rent Growth
Executed nearly 4.0 million square feet of leasing in Q4 at a weighted-average lease term of 9.5 years and a rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth.
Negative Updates
Concentration Risk with Largest Tenants
Amazon and FedEx accounted for 2.8 million sq ft or 38% of annual leasing volume in the quarter, indicating material tenant concentration risk in the portfolio.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly Leasing Volume and Strong Rent Growth
Executed nearly 4.0 million square feet of leasing in Q4 at a weighted-average lease term of 9.5 years and a rent roll-up of 25.7%, marking the fifth consecutive quarter of double-digit rent growth.
Read all positive updates
Company Guidance
ILPT guided first-quarter 2026 normalized FFO of $0.29–$0.31 per share and adjusted EBITDAre of $84–$85 million, and forecasted total interest expense of $61.5 million (comprised of $57.0 million cash interest and $4.5 million non‑cash amortization of deferred financing fees and interest‑rate cap costs); management said it expects to exercise the Mountain JV loan extension (maturing March 2027) and purchase an interest‑rate cap for approximately $4 million (with the cap purchase impacting Q2), and noted it will not provide reconciliations for certain non‑GAAP guidance because required information is not available without unreasonable effort.Industrial Logistics Properties Financial Statement Overview
Summary
Income Statement
42
Neutral
Balance Sheet
28
Negative
Cash Flow
55
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M |
| Gross Profit | 56.72M | 379.76M | 377.29M | 337.53M | 189.74M |
| EBITDA | 327.93M | 322.19M | 316.75M | 147.16M | 165.26M |
| Net Income | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M |
Balance Sheet | |||||
| Total Assets | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B |
| Cash, Cash Equivalents and Short-Term Investments | 183.03M | 131.71M | 112.34M | 48.26M | 29.40M |
| Total Debt | 4.22B | 4.32B | 4.32B | 4.27B | 840.56M |
| Total Liabilities | 4.29B | 4.40B | 4.40B | 4.35B | 870.52M |
| Stockholders Equity | 489.70M | 562.02M | 669.95M | 790.72M | 1.04B |
Cash Flow | |||||
| Free Cash Flow | 60.67M | 1.96M | 6.06M | 65.52M | 105.74M |
| Operating Cash Flow | 60.67M | 1.96M | 6.06M | 83.25M | 110.65M |
| Investing Cash Flow | 3.96M | 16.42M | 67.74M | -3.45B | 22.88M |
| Financing Cash Flow | -124.08M | -21.63M | 31.14M | 3.47B | -126.96M |
Industrial Logistics Properties Technical Analysis
Neutral
5.52
Price Trends
5.79
Negative
5.68
Negative
5.60
Positive
Market Momentum
-0.11
Positive
44.49
Neutral
38.85
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ILPT, the sentiment is Neutral. The current price of 5.52 is below the 20-day moving average (MA) of 5.83, below the 50-day MA of 5.79, and below the 200-day MA of 5.60, indicating a neutral trend. The MACD of -0.11 indicates Positive momentum. The RSI at 44.49 is Neutral, neither overbought nor oversold. The STOCH value of 38.85 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 |
|---|---|---|---|---|---|---|---|
71 Outperform | $7.29B | 25.24 | 7.85% | 4.02% | 9.62% | 31.08% | |
71 Outperform | $8.29B | 24.05 | 9.32% | 2.98% | 9.66% | -23.17% | |
68 Neutral | $2.94B | 25.58 | 5.49% | 5.33% | 6.98% | 465.32% | |
66 Neutral | $7.87B | 42.45 | 2.44% | 4.30% | 10.27% | 15.25% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
51 Neutral | $369.26M | -51.49 | -12.96% | 2.20% | 1.08% | 14.30% |
* Real Estate Sector Average
ILPT
Industrial Logistics Properties
5.54
3.11
127.70%
STAG
Stag Industrial
38.15
7.99
26.51%
FR
First Industrial Realty
60.68
16.58
37.59%
LXP
LXP Industrial Trust
49.72
14.18
39.91%
REXR
Rexford Industrial Realty
33.96
2.94
9.48%
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 s...
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.