Industrial Logistics Properties Trust
For the period ended Sep 30, 2025. Filed Oct 28, 2025.
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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, 2025 · Filed Oct 28, 2025
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2025
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Commission File Number 001-38342
(Exact Name of Registrant as Specified in Its Charter)
| Maryland | 82-2809631 |
|---|---|
| (State or Other Jurisdiction of Incorporation or Organization) | (I.R.S. Employer Identification No.) |
| Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634 | |
|---|---|
| (Address of Principal Executive Offices) | (Zip Code) |
617-219-1460
(Registrant’s Telephone Number, Including Area Code)
Securities Registered Pursuant to Section 12(b) of the Act:
| Title of Each Class | Trading Symbol(s) | Name Of Each Exchange On Which Registered |
|---|---|---|
| Common Shares of Beneficial Interest | ILPT | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | ☐ | Accelerated filer | ☒ |
|---|---|---|---|
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
Number of registrant’s common shares of beneficial interest, $.01 par value per share, outstanding as of October 24, 2025:66,659,235.
FORM 10-Q
September 30, 2025
INDEX
| Page | ||
|---|---|---|
| PART I | Financial Information | 3 |
| Item 1. | Financial Statements (unaudited) | 3 |
| Condensed Consolidated Balance Sheets — September 30, 2025 and December 31, 2024 | 3 | |
| Condensed Consolidated Statements of Comprehensive Income (Loss) — Three and Nine Months EndedSeptember 30, 2025 and 2024 | 4 | |
| Condensed Consolidated Statements of Shareholders’ Equity — Three and Nine Months EndedSeptember 30, 2025 and 2024 | 5 | |
| Condensed Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2025 and 2024 | 6 | |
| Notes to Condensed Consolidated Financial Statements | 8 | |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 18 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 29 |
| Item 4. | Controls and Procedures | 30 |
| Warning Concerning Forward-Looking Statements | 31 | |
| Statement Concerning Limited Liability | 32 | |
| PART II | Other Information | 33 |
| Item 1A. | Risk Factors | 33 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 33 |
| Item 6. | Exhibits | 34 |
| Signatures | 35 | |
References in this Quarterly Report on Form 10-Q to the Company, we, us or our include Industrial Logistics Properties Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.