Industrial Logistics Properties Trust (ILPT) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with Normalized FFO up 63% year-over-year to $22 million ($0.33/share), driven by robust leasing momentum and reduced financing costs.

• Portfolio comprised 409 properties totaling 59.6 million rentable sq. ft. across 39 states, with consolidated occupancy at 94.6% as of March 31, 2026.

• Leased 862,000 sq. ft. at a 26.3% rent roll-up, marking six consecutive quarters of double-digit rent growth.

• 77% of annualized rental revenues are from investment grade tenants or Hawaii land leases.

• Net loss attributable to common shareholders was $9.4 million for Q1 2026, an improvement from $21.5 million loss in Q1 2025.

Financial highlights

• Q1 2026 Normalized FFO was $22 million ($0.33/share), up 16% sequentially and 63% year-over-year.

• Same Property NOI reached $90.3 million, up 3.2% year-over-year; Same Property Cash Basis NOI was $87.4 million, up 4.1% year-over-year.

• Adjusted EBITDAre totaled $87 million, up year-over-year and sequentially.

• Interest expense decreased by 11.6% year-over-year to $61.7 million.

• Ended quarter with $100 million cash and $86 million restricted cash.

Outlook and guidance

• Q2 2026 guidance: Normalized FFO of $20.5–$21.5 million ($0.31–$0.33/share); full year 2026: $84–$89 million ($1.27–$1.34/share).

• NOI guidance for Q2: $88.5–$89.5 million; full year: $357–$362 million.

• Guidance assumes full leasing of a vacant Indianapolis property in June 2026 and continued vacancy in a Hawaii property.

• Sufficient liquidity and cash flow expected to meet obligations and distributions for the next 12 months and beyond.