Tue, Oct 29, 9:12 PM (64 days ago)
Industrial Logistics Properties Trust (ILPT) reported its financial results for the quarter ending September 30, 2024. The company experienced a slight decline in rental income, totaling $108,945 compared to $110,142 in the same period last year, primarily due to vacancies. Operating expenses decreased to $74,678, yielding a net loss of $35,407, slightly improved from a loss of $36,191 in Q3 2023. The company maintained a 94.4% occupancy rate across 411 properties, with notable contributions from e-commerce and supply chain resilience driving demand. Cash flow from operating activities was $15,426, reflecting higher property cash flows. Total assets decreased to $5,454,808, while total liabilities slightly increased to $4,412,049. The company’s debt totaled $4,312,421, with a weighted average interest rate of 5.36%. ILPT's management acknowledged economic uncertainties, including high interest rates and inflation, which may impact future operations and tenant renewals. Despite these challenges, ILPT remains focused on maintaining occupancy and leveraging long-term trends in industrial property demand.