ILPT - Industrial Logistics Properties Q2 earnings beat rents rise revenue misses

2023-07-25 17:03:48 ET

Industrial Logistics Properties Trust ( NASDAQ: ILPT ) stock rose 2.1% in Tuesday after-hours trading after Q2 earnings topped Wall Street expectations even as revenue fell short.

Q2 normalized FFO per share of $0.12, exceeding the $0.10 consensus, was flat with the prior quarter and $0.43 a year ago.

Q2 rental revenue of $108.0M, missing the $109.4M consensus,declined from $110.3M in Q1 and edged up from $107.2M in Q2 2022.

The industrial REIT completed 1.967M square feet of leasing activity during the quarter at 29.6% higher rents.

Same-property occupancy totaled 99.1% as of June 30, 2023, compared with 99.0% at March 31.

Q2 same-property cash net operating income rose 0.5% from a year ago vs. +3.2% Y/Y growth in Q1 2023.

As of July 25, 2023, the company has agreed to sell three wholly owned properties for $65.3M, excluding closing costs. After paying debt associated with the properties, ILPT estimated its net proceeds at ~$20.4M.

Conference call on July 26 at 10:00 AM ET.

Earlier, Industrial Logistics Properties ( ILPT ) FFO of $0.12 beats by $0.02, rental income of $108M misses by $1.43M

More on Industrial Logistics Properties:

• Industrial Logistics Properties Trust: Maturities Are Looming Over Its Fate
• A look at ILPT's past income statements
• Industrial Logistics Properties: The Stabilization Has Started, But The Problems Are Not Over Yet

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