Industrial Logistics Properties Trust Q3 2024 10-Q Filed

TL;DR

**ILPT filed its Q3 2024 10-Q. Financials and operations detailed.**

AI Summary

Industrial Logistics Properties Trust filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures relevant to investors are presented within this report.

Why It Matters

This 10-Q filing provides investors with crucial financial and operational details for Industrial Logistics Properties Trust, impacting investment decisions and market perception.

Risk Assessment

Risk Level: medium — As a real estate investment trust, ILPT is subject to market fluctuations, interest rate changes, and property-specific risks.

Key Numbers

• 2024-09-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial information is reported.)
• 2024-10-29 — Filing Date (The date the 10-Q report was officially submitted to the SEC.)

Key Players & Entities

• Industrial Logistics Properties Trust (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of the reporting period
• 2024-10-29 (date) — Filing date
• 0001717307 (company) — Central Index Key for Industrial Logistics Properties Trust

FAQ

Filing Documents

• ilpt-20240930.htm (10-Q) — 1512KB
• ilpt_09302024xexhibitx311.htm (EX-31.1) — 12KB
• ilpt_09302024xexhibitx312.htm (EX-31.2) — 13KB
• ilpt_09302024xexhibitx313.htm (EX-31.3) — 13KB
• ilpt_09302024xexhibitx314.htm (EX-31.4) — 13KB
• ilpt_09302024xexhibitx321.htm (EX-32.1) — 10KB
• 0001717307-24-000038.txt ( ) — 6112KB
• ilpt-20240930.xsd (EX-101.SCH) — 39KB
• ilpt-20240930_cal.xml (EX-101.CAL) — 57KB
• ilpt-20240930_def.xml (EX-101.DEF) — 233KB
• ilpt-20240930_lab.xml (EX-101.LAB) — 434KB
• ilpt-20240930_pre.xml (EX-101.PRE) — 336KB
• ilpt-20240930_htm.xml (XML) — 827KB

Financial Statements (unaudited)

Financial Statements (unaudited) 3 Condensed Consolidated Balance Sheets — September 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Comprehensive Income ( Loss ) — Three and Nine Months Ended S ep t e mber 30, 2024 and 2023 4 Condensed Consolidated Statements of Shareholders' Equity — Three and Nine Months Ended Sept e mber 30, 2024 and 2023 5 Condensed Consolidated Statements of Cash Flows — Nine Months Ended S eptember 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 18 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 4.

Controls and Procedures

Controls and Procedures 32 Warning Concerning Forward-Looking Statements 33 34 PART II Other Information 35 Item 1A.

Risk Factors

Risk Factors 35 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 35 Item 6. Exhibits 36

Signatures

Signatures 37 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) September 30, December 31, 2024 2023 ASSETS Real estate properties: Land $ 1,113,711 $ 1,113,723 Buildings and improvements 4,062,588 4,055,829 Total real estate properties, gross 5,176,299 5,169,552 Accumulated depreciation ( 492,135 ) ( 397,454 ) Total real estate properties, net 4,684,164 4,772,098 Investment in unconsolidated joint venture 117,622 115,360 Acquired real estate leases, net 208,785 243,521 Cash and cash equivalents 153,863 112,341 Restricted cash and cash equivalents 111,068 133,382 Rents receivable, including straight line rents of $ 102,591 and $ 94,309 , respectively 122,730 119,170 Other assets, net 56,576 67,803 Total assets $ 5,454,808 $ 5,563,675 LIABILITIES AND EQUITY Mortgages and notes payable, net $ 4,304,868 $ 4,305,941 Accounts payable and other liabilities 85,566 72,455 Assumed real estate lease obligations, net 15,795 18,534 Due to related persons 5,820 4,966 Total liabilities 4,412,049 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; 66,144,422 and 65,843,387 shares issued and outstanding, respectively 661 658 Additional paid in capital 1,017,172 1,015,777 Cumulative net (deficit) income ( 62,372 ) 9,196 Cumulative other comprehensive (loss) income ( 1,749 ) 10,171 Cumulative common distributions ( 367,824 ) ( 365,848 ) Total equity attributable to common shareholders 585,888 669,954 Noncontrolling interest 456,871 491,825 Total equity 1,042,759 1,161,779 Total liabilities and equity $ 5,454,808 $ 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 CONSOLI

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View this 10-Q filing on SEC EDGAR