Industrial Logistics Properties Trust Files 2023 10-K

TL;DR

<b>Industrial Logistics Properties Trust has filed its annual 10-K report for the fiscal year ending December 31, 2023.</b>

AI Summary

Industrial Logistics Properties Trust (ILPT) filed a Annual Report (10-K) with the SEC on February 20, 2024. Filed 10-K for the fiscal year ended December 31, 2023. Company is Industrial Logistics Properties Trust, SIC code 6798. Incorporated in Maryland, fiscal year ends December 31. Business and mailing address: Two Newton Place, 255 Washington Street, Suite 300, Newton, MA 02458. Phone number: 617-796-8303.

Why It Matters

For investors and stakeholders tracking Industrial Logistics Properties Trust, this filing contains several important signals. This filing provides a comprehensive overview of the company's financial performance and operational status for the past fiscal year. Investors and analysts can use this report to assess the company's financial health, strategic direction, and potential risks.

Risk Assessment

Risk Level: medium — Industrial Logistics Properties Trust shows moderate risk based on this filing. The filing is a standard 10-K, which provides a broad overview of the company's financial and operational status. Specific financial performance metrics or significant strategic shifts are not detailed in the header information alone, requiring a deeper dive into the full document for a precise risk assessment.

Analyst Insight

Review the full 10-K filing to identify specific financial performance metrics, operational highlights, and risk factors for Industrial Logistics Properties Trust.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed Period of Report)
• 2024-02-20 — Filing Date (Filed as of Date)
• 92 — Public Document Count (Total number of documents in the filing)

Key Players & Entities

• Industrial Logistics Properties Trust (company) — Filer name
• 6798 (dollar_amount) — Standard Industrial Classification
• MD (company) — State of Incorporation
• Newton, MA (company) — Business Address City, State
• 02458 (dollar_amount) — Business Address ZIP
• 617-796-8303 (dollar_amount) — Business Phone

FAQ

Industry Context

Industrial Logistics Properties Trust operates within the Real Estate Investment Trusts (REITs) sector, specifically focusing on industrial and logistics properties.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to report annual financial information.

What Investors Should Do

1. Analyze the full 10-K document for detailed financial statements.
2. Examine the Management's Discussion and Analysis section for operational insights.
3. Review the Risk Factors section for potential investment concerns.

Year-Over-Year Comparison

This is the initial header information for the 2023 10-K filing. A comparison to the previous year's filing would require access to that document.

Key Financial Figures

• $3.30 — roximately $ 213.3 million based on the $3.30 closing price per common share on The N

Filing Documents

• ilpt-20231231.htm (10-K) — 5404KB
• ilpt_12312023xexhibitx81.htm (EX-8.1) — 10KB
• ilpt_12312023xexhibitx211.htm (EX-21.1) — 8KB
• ilpt_12312023xexhibitx231.htm (EX-23.1) — 2KB
• ilpt_12312023xexhibitx311.htm (EX-31.1) — 13KB
• ilpt_12312023xexhibitx312.htm (EX-31.2) — 13KB
• ilpt_12312023xexhibitx313.htm (EX-31.3) — 12KB
• ilpt_12312023xexhibitx314.htm (EX-31.4) — 13KB
• ilpt_12312023xexhibitx321.htm (EX-32.1) — 11KB
• ilpt_12312023xexhibitx971.htm (EX-97.1) — 4KB
• image1a.jpg (GRAPHIC) — 13KB
• imagea.jpg (GRAPHIC) — 7KB
• 0001717307-24-000010.txt (&nbsp;) — 23583KB
• ilpt-20231231.xsd (EX-101.SCH) — 165KB
• ilpt-20231231_cal.xml (EX-101.CAL) — 99KB
• ilpt-20231231_def.xml (EX-101.DEF) — 648KB
• ilpt-20231231_lab.xml (EX-101.LAB) — 1515KB
• ilpt-20231231_pre.xml (EX-101.PRE) — 901KB
• ilpt-20231231_htm.xml (XML) — 4833KB

Business

Business 1 Item 1A.

Risk Factors

Risk Factors 29 Item 1B. Unresolved Staff Comments 44 I tem 1C. C y bersec urity 45 Item 2.

Properties

Properties 45 Item 3.

Legal Proceedings

Legal Proceedings 47 Item 4. Mine Safety Disclosures 47 Part II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 48 Item 6. [Reserved] 48 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 48 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 61 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 62 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 62 Item 9B. Other Information 63 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 63 Part III Item 10. Directors, Executive Officers and Corporate Governance 64 Item 11.

Executive Compensation

Executive Compensation 64 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 64 Item 13. Certain Relationships and Related Transactions, and Director Independence 64 Item 14. Principal Accountant Fees and Services 64 Part IV Item 15. Exhibits and Financial Statement Schedules 65 Item 16. Form 10-K Summary 67

Signatures

Signatures Tabl e of Contents PART I

Business

Item 1. Business Our Company We are a REIT organized under Maryland law in 2017. We own and lease industrial and logistics properties throughout the United States. As of December 31, 2023, our portfolio was comprised of 411 properties containing approximately 59,951,000 rentable square feet located in 39 states, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet (all square footage amounts included within this Annual Report on Form 10-K are unaudited) that were primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 185 properties containing approximately 43,222,000 rentable square feet that were industrial and logistics properties located in 38 other states, or our Mainland Properties. As of December 31, 2023, we also owned a 22% equity interest in an unconsolidated joint venture, or the unconsolidated joint venture. As of December 31, 2023, our Mainland Properties represented 72.1% of our annualized rental revenues and our Hawaii Properties represented 27.9% of our annualized rental revenues. We define the term annualized rental revenues used in this Annual Report on Form 10-K as the annualized contractual base rents from our tenants pursuant to their leases as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to us, and excluding lease value amortization. Our principal executive offices are located at Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634, and our telephone number is (617) 219-1460. Acquisition of Monmouth Real Estate Investment Corporation On February 25, 2022, we completed the acquisition of Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger. MNR's portfolio included 124 class A, single tenant, net leased, e-commerce focused industria

View Full Filing

View this 10-K filing on SEC EDGAR