ILPT - Industrial Logistics Properties Q3 earnings slip; closed on $1.2B of debt financing

Industrial Logistics Properties Trust ( NASDAQ: ILPT ) Q3 earnings dropped from the prior quarter and from a year ago as the industrial REIT digests its acquisition of Monmouth Real Estate Investment Corp.

Q3 adjusted FFO of $0.23, trailing the $0.32 consensus estimate, fell from $0.43 in Q2 and from $0.46 in the year-ago quarter.

Q3 revenue of $103.2M vs. average analyst estimate of $105.8M, vs. $107.2M in the prior quarter and $55.0M in the year-ago quarter.

During the quarter, Industrial Logistics Properties ( ILPT ) closed on a $1.2B debt financing that allowed the REIT to repay the $1.4B bridge loan facility used to partly finance the acquisition of Monmouth Real Estate Investment Corp., which was completed in February.

"Given the challenging debt market conditions, we were pleased with the outcome of this transaction, which extended our weighted average debt maturity and provided us flexibility as we evaluate opportunities to strengthen ILPT's balance sheet and reduce leverage," President and Chief Operating Officer Yael Duffy said.

ILPT had net mortgages and notes payable of $4.24B at Sept. 30, 2022 vs. $645M at Dec. 31, 2021.

Expenses were $80.4M in Q3 2022, down from $173.5M in Q2 but higher than $29.5M in Q3 2021.

Adjusted EBITDAre was $76.1M vs. $80.8M in the prior quarter and $41.2M in the year-ago quarter.

Net operating income of $81.0M vs. $86.9M in prior quarter and $42.9M in year-ago period. Same-property cash basis NOI of $38.6M slipped 1.9% Y/Y.

Leasing activity for new and renewal leases and rent resets were for 1.69M square feet vs. 3.9M square feet in Q2.

Same-property occupancy for the quarter at 99.3% was unhanged from the prior quarter and was up from 98.9% in the year-ago quarter.

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

Earlier, Industrial Logistics Properties ( ILPT ) FFO of $0.23 misses by $0.09, revenue of $103.22M misses by $2.57M

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