FOR IMMEDIATE RELEASE
Olivia Snyder, Manager, Investor Relations
Industrial Logistics Properties Trust Announces Third Quarter 2018 Results
Third Quarter Net Income of $0.28 Per Share
Third Quarter Normalized FFO of $0.39 Per Share
Third Quarter Same Property Cash Basis NOI Increased by 1.5%
Newton, MA (October 26, 2018): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced financial results for the quarter and nine months ended September 30, 2018.
John Popeo, President and Chief Executive Officer of ILPT, made the following statement:
"We are pleased to announce that during the third quarter we acquired two properties for an aggregate purchase price of $49.3 million and entered an agreement to acquire one additional property for $27.7 million, which we closed in October 2018. These transactions involve newly constructed properties close to major highways with access to highly populated market areas. Also, during the quarter, we acquired a land parcel to be used for a 194,000 square foot expansion for one of our existing investment grade rated tenants for an estimated yield of 6.7% on a project cost of approximately $15.0 million, and we entered new and renewal leases for more than 320,000 square feet that resulted in weighted average (by square feet) rental rates that were approximately 12.1% higher than prior rental rates for the same space. In addition, we completed rent resets for 516,000 square feet of land in Hawaii at weighted average (by square feet) rental rates that were approximately 20.3% higher than prior rental rates for the same space. We continue to be encouraged about our external growth prospects, supported by more than $340.0 million of current borrowing availability under our revolving credit facility to fund future acquisitions and expansions, and our internal growth prospects, including possible expansion and development projects with existing tenants as well as more than $7.0 million of our Hawaii annual rents remaining to be scheduled to reset during 2019."
Results for the Quarter Ended September 30, 2018:
Net income for the quarter ended September 30, 2018 was $18.1 million, or $0.28 per diluted share, compared to $22.9 million for the same quarter last year. Normalized funds from operations, or Normalized FFO, for the quarter ended September 30, 2018 were $25.3 million, or $0.39 per diluted share, compared to $29.0 million for the same quarter last year.
ILPT was formed in 2017 as a wholly owned subsidiary of Select Income REIT (Nasdaq: SIR). On January 17, 2018, ILPT sold approximately 30.8% of its common shares in an initial public offering, or the IPO, and became a
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
The following information was filed by Industrial Logistics Properties Trust (ILPT) on Friday, October 26, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.