Industrial Logistics Properties Trust
For the period ended Sep 30, 2024. Filed Oct 29, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Oct 29, 2024
ILPT$6.05+2.9%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 1. Financial Statements (unaudited)
Item 1. Financial Statements
CONDENSED CONSOLIDATED BALANCE SHEETS
| 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 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in thousands, except per share data)
| Three Months EndedSeptember 30, | Nine Months EndedSeptember 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Rental income | $108,945 | $110,142 | $331,801 | $328,443 |
| Expenses: | ||||
| Real estate taxes | 15,339 | 14,926 | 46,349 | 46,493 |
| Other operating expenses | 8,897 | 9,907 | 28,426 | 27,744 |
| Depreciation and amortization | 43,205 | 43,912 | 130,203 | 134,278 |
| General and administrative | 7,237 | 7,712 | 22,865 | 23,750 |
| Loss on impairment of real estate | — | — | — | 254 |
| Total expenses | 74,678 | 76,457 | 227,843 | 232,519 |
| Interest income | 3,134 | 2,397 | 8,921 | 5,340 |
| Interest expense | (73,936) | (72,941) | (220,797) | (215,558) |
| Loss on sale of real estate | — | — | — | (974) |
| Loss on early extinguishment of debt | — | — | — | (359) |
| Loss before income taxes and equity in earnings of unconsolidated joint venture | (36,535) | (36,859) | (107,918) | (115,627) |
| Income tax expense | (33) | (51) | (102) | (113) |
| Equity in earnings of unconsolidated joint venture | 1,161 | 719 | 5,232 | 7,423 |
| Net loss | (35,407) | (36,191) | (102,788) | (108,317) |
| Net loss attributable to noncontrolling interest | 10,417 | 10,079 | 31,220 | 31,568 |
| Net loss attributable to common shareholders | (24,990) | (26,112) | (71,568) | (76,749) |
| Other comprehensive income (loss): | ||||
| Unrealized loss on derivatives | (8,972) | (6,635) | (15,328) | (3,392) |
| Less: unrealized loss on derivatives attributable to noncontrolling interest | 1,988 | 2,290 | 3,408 | 3,631 |
| Other comprehensive (loss) income attributable to common shareholders | (6,984) | (4,345) | (11,920) | 239 |
| Comprehensive loss attributable to common shareholders | $(31,974) | $(30,457) | $(83,488) | $(76,510) |
| Weighted average common shares outstanding (basic and diluted) | 65,769 | 65,488 | 65,651 | 65,389 |
| Per common share data (basic and diluted): | ||||
| Net loss attributable to common shareholders | $(0.38) | $(0.40) | $(1.09) | $(1.17) |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.