ILPT - Industrial Logistics Properties Q4 earnings in line with expectations stock up 4%
Industrial Logistics Properties ( NASDAQ: ILPT ) on Tuesday posted Q4 results in line with expectations, sending its stock 4.2% higher after the bell.
Q4 FFO of $0.08 vs. $0.49 in Q4 2021, while revenue grew 88.2% Y/Y to $106.34M.
Same property net operating income and same property cash basis NOI for the quarter increased 1.4% and 0.3% Y/Y, respectively.
The REIT reduced its reserves for uncollectible revenues from certain tenants by $0.4M during Q4 2021. Excluding this, same property NOI and same property cash basis NOI increased 2.3% and 1.3%, respectively.
Same property occupancy stood at 99.1% as of December 31, 2022 vs. 99.2% at December 31, 2021 and 99.3% at September 30, 2022. Leasing activity for new and renewal leases and rent resets for Q4 totaled ~1.4M sq. ft.
"With a 99.1% leased portfolio, exceptional tenant roster and no near-term debt maturities, we will continue to be patient as we evaluate opportunities to strengthen our balance sheet and reduce leverage," said Yael Duffy, COO, Industrial Logistics ( ILPT ).
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Industrial Logistics Properties Q4 earnings in line with expectations, stock up 4%