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Industrial Logistics Properties Trust is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of December 31, 2025, ILPT's portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 76% of ILPT's annualized rental revenues as of December 31, 2025, are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group, a leading U.S. alternative asset management company with over 37 billion US dollars in assets under management as of December 31, 2025, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. Industrial Logistics Properties Trust was incorporated in 2017 in Maryland, USA.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $449M | $307M | $-66M | $61M | -13.5% | 1.5% | -30.8% |
| 2024 | $442M | $322M | $-96M | $2M | -17.0% | 1.1% | -11.4% |
| 2023 | $437M | $317M | $-108M | $6M | -16.1% | 12.7% | -52.4% |
| 2022 | $388M | $147M | $-227M | $83M | -28.7% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 388.15 | 437.34 | 442.32 | 448.85 |
| Operating Revenue | - | 388.15 | 437.34 | 442.32 | 448.85 |
| Cost Of Revenue | - | 50.62 | 60.05 | 62.56 | 61.68 |
| Gross Profit | - | 337.53 | 377.28 | 379.76 | 387.17 |
| Operating Expense | - | 224.71 | 248.08 | 240.99 | 239.24 |
| Selling General And Administration | - | 32.88 | 31.16 | 30.45 | 36.96 |
| Total Expenses | - | 275.34 | 308.14 | 303.55 | 300.92 |
| Operating Income | - | 112.81 | 129.20 | 138.77 | 147.93 |
| EBITDA | - | 147.16 | 316.75 | 322.18 | 307.34 |
| Normalized EBITDA | - | 276.46 | 315.84 | 322.18 | 319.87 |
| EBIT | - | -13.82 | 138.02 | 150.20 | 142.11 |
| Interest Income | - | 2.66 | 7.91 | 11.43 | 6.72 |
| Interest Expense | - | 280.05 | 288.54 | 292.54 | 264.56 |
| Net Interest Income | - | -277.39 | -280.63 | -281.11 | -257.84 |
| Other Income Expense | 10.92 | -129.30 | 0.91 | - | -12.53 |
| Interest Income Non Operating | - | 2.66 | 7.91 | 11.43 | 6.72 |
| Interest Expense Non Operating | - | 280.05 | 288.54 | 292.54 | 264.56 |
| Net Non Operating Interest Income Expense | - | -277.39 | -280.63 | -281.11 | -257.84 |
| Pretax Income | - | -293.87 | -150.52 | -142.34 | -122.44 |
| Tax Provision | - | 0.04 | 0.10 | 0.16 | 0.10 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -27.15 | 0.19 | 0 | -2.63 |
| Net Income Continuous Operations | - | -286.84 | -149.72 | -137.17 | -102.57 |
| Net Income From Continuing And Discontinued Operation | - | -226.72 | -107.99 | -95.67 | -66.19 |
| Net Income From Continuing Operation Net Minority Interest | - | -226.72 | -107.99 | -95.67 | -66.19 |
| Net Income | - | -226.72 | -107.99 | -95.67 | -66.19 |
| Net Income Common Stockholders | - | -226.85 | -108 | -95.68 | -66.19 |
| Net Income Including Noncontrolling Interests | - | -286.84 | -149.72 | -137.17 | -102.57 |
| Normalized Income | - | -124.58 | -108.71 | -95.67 | -56.29 |
| Diluted NI Availto Com Stockholders | - | -226.85 | -108 | -95.68 | -66.19 |
| Basic Average Shares | - | 65.25 | 65.43 | 65.70 | 66.01 |
| Diluted Average Shares | - | 65.25 | 65.43 | 65.70 | 66.01 |
| Reconciled Depreciation | - | 154.81 | 175.20 | 167.26 | 159.34 |
| Reconciled Cost Of Revenue | - | 56.80 | 63.58 | 67.29 | 67.57 |
| Total Unusual Items | - | -129.30 | 0.91 | 0 | -12.53 |
| Total Unusual Items Excluding Goodwill | - | -129.30 | 0.91 | 0 | -12.53 |
| Minority Interests | - | 60.12 | 41.73 | 41.50 | 36.38 |
| Earnings From Equity Interest Net Of Tax | - | 7.08 | 0.90 | 5.33 | 19.98 |
| Special Income Charges | - | -123.53 | -0.80 | 0 | -11.15 |
| Other Special Charges | - | 22.20 | 0.36 | - | 5.07 |
| Impairment Of Capital Assets | - | 100.75 | 0.16 | 0 | 6.08 |
| Restructuring And Mergern Acquisition | - | 0.59 | 0.29 | 0 | 0 |
| Gain On Sale Of Security | 12.05 | -5.77 | 1.71 | - | -1.38 |
| Depreciation Amortization Depletion Income Statement | - | 160.98 | 178.73 | 171.99 | 165.23 |
| Depreciation And Amortization In Income Statement | - | 160.98 | 178.73 | 171.99 | 165.23 |
| General And Administrative Expense | - | 32.88 | 31.16 | 30.45 | 36.96 |
| Other Gand A | - | 32.88 | 31.16 | 30.45 | 36.96 |
| Other Operating Expenses | - | 30.86 | 38.19 | 38.55 | 37.06 |
| Otherunder Preferred Stock Dividend | 0.31 | 0.13 | 0.01 | 0.01 | - |
Real Estate sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Industrial Logistics Properties Trustthis co. | ILPT | $589M | -8.90 | 1.20 | -13.5% | 15.29 |
| AH REALTY TRUST INC | AHRT | $660M | 117.68 | 1.44 | 1.2% | 12.87 |
| Franklin BSP Realty Trust, Inc. | FBRT | $658M | 8.00 | 0.56 | 7.0% | 50.11 |
| TPG RE Finance Trust, Inc. | TRTX | $653M | 10.83 | 0.61 | 5.6% | - |
| Summit Hotel Properties, Inc. |
| 2021 | - | - | - | - | - | - | - |
| INN |
| $645M |
| - |
| 0.75 |
| -2.7% |
| 9.23 |
| Gladstone Commercial Corporation | GOOD | $616M | 31.92 | 3.58 | 11.2% | 12.18 |
| Universal Health Realty Income Trust | UHT | $560M | 31.82 | 3.68 | 11.6% | 13.90 |
| Chatham Lodging Trust | CLDT | $555M | 36.84 | 0.75 | 2.0% | 8.96 |
| Brandywine Realty Trust | BDN | $542M | -3.04 | 0.68 | -22.5% | 22.43 |
| Peer Median | - | 31.82 | 0.75 | 3.8% | 12.87 | |