Industrial Logistics Properties Trust Q2 2024 10-Q Filing

TL;DR

ILPT filed Q2 10-Q. Financials look steady, no major red flags.

AI Summary

Industrial Logistics Properties Trust filed its 10-Q for the period ending June 30, 2024. The filing covers the second quarter and first half of the fiscal year. Key financial data and operational details for the real estate investment trust are presented.

Why It Matters

This filing provides investors with a detailed look at the financial health and operational performance of Industrial Logistics Properties Trust for the second quarter of 2024, impacting investment decisions.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report with no immediate indicators of significant financial distress or unusual events.

Key Numbers

• 20240630 — Period End Date (Indicates the end of the reporting period for the 10-Q.)
• 20240730 — Filing Date (The date the report was officially submitted to the SEC.)

Key Players & Entities

• Industrial Logistics Properties Trust (company) — Filer of the 10-Q
• 0001717307-24-000030 (filing_id) — Accession Number for the filing
• 20240630 (date) — Period of report
• 20240730 (date) — Filing date
• NEWTON, MA (location) — Company's business and mail address

FAQ

Filing Documents

• ilpt-20240630.htm (10-Q) — 1408KB
• ilpt_06302024xexhibitx311.htm (EX-31.1) — 12KB
• ilpt_06302024xexhibitx312.htm (EX-31.2) — 13KB
• ilpt_06302024xexhibitx313.htm (EX-31.3) — 13KB
• ilpt_06302024xexhibitx314.htm (EX-31.4) — 13KB
• ilpt_06302024xexhibitx321.htm (EX-32.1) — 10KB
• 0001717307-24-000030.txt ( ) — 5676KB
• ilpt-20240630.xsd (EX-101.SCH) — 38KB
• ilpt-20240630_cal.xml (EX-101.CAL) — 58KB
• ilpt-20240630_def.xml (EX-101.DEF) — 187KB
• ilpt-20240630_lab.xml (EX-101.LAB) — 435KB
• ilpt-20240630_pre.xml (EX-101.PRE) — 296KB
• ilpt-20240630_htm.xml (XML) — 744KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets — June 3 0 , 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Si x Months Ended June 3 0 , 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity — Three and Si x Months Ended June 30 , 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — Six Months Ended June 30 , 2024 and 2023 6 Notes to Condensed Consolidated Financial Statements 8 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 17 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 30 Item 4.

Controls and Procedures

Controls and Procedures 31 Warning Concerning Forward-Looking Statements 32 33 PART II Other Information 34 Item 1A.

Risk Factors

Risk Factors 34 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 34 Item 6. Exhibits 35

Signatures

Signatures 36 References in this Quarterly Report on Form 10-Q to the Company, we, us or our include Industrial Logistics Properties Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise. 2 Table of Contents

Financial Information

PART I. Financial Information

Financial Statements

Item 1. Financial Statements INDUSTRIAL LOGISTICS PROPERTIES TRUST CONDENSED CONSOLIDATED BALANCE SHEETS (dollars in thousands, except per share data) (unaudited) June 30, December 31, 2024 2023 ASSETS Real estate properties: Land $ 1,113,714 $ 1,113,723 Buildings and improvements 4,059,694 4,055,829 Total real estate properties, gross 5,173,408 5,169,552 Accumulated depreciation ( 460,526 ) ( 397,454 ) Total real estate properties, net 4,712,882 4,772,098 Investment in unconsolidated joint venture 117,451 115,360 Acquired real estate leases, net 219,975 243,521 Cash and cash equivalents 146,150 112,341 Restricted cash and cash equivalents 112,419 133,382 Rents receivable, including straight line rents of $ 100,750 and $ 94,309 , respectively 118,173 119,170 Other assets, net 62,772 67,803 Total assets $ 5,489,822 $ 5,563,675 LIABILITIES AND EQUITY Mortgages and notes payable, net $ 4,306,586 $ 4,305,941 Accounts payable and other liabilities 74,021 72,455 Assumed real estate lease obligations, net 16,692 18,534 Due to related persons 4,756 4,966 Total liabilities 4,402,055 4,401,896 Commitments and contingencies Equity: Equity attributable to common shareholders: Common shares of beneficial interest, $ .01 par value: 100,000,000 shares authorized; 65,992,509 and 65,843,387 shares issued and outstanding, respectively 660 658 Additional paid in capital 1,016,980 1,015,777 Cumulative net (deficit) income ( 37,382 ) 9,196 Cumulative other comprehensive income 5,235 10,171 Cumulative common distributions ( 367,165 ) ( 365,848 ) Total equity attributable to common shareholders 618,328 669,954 Noncontrolling interest 469,439 491,825 Total equity 1,087,767 1,161,779 Total liabilities and equity $ 5,489,822 $ 5,563,675 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 3 Table of Contents INDUSTRIAL LOGISTICS PROPERTIES TRUST CONDENSED CONSOLIDATED STATEMENTS

View Full Filing

View this 10-Q filing on SEC EDGAR