- Industrial Logistics Properties Trust ( NASDAQ: ILPT ) announced Friday it has secured $1.235B debt financing with a maturity of Oct. 9, 2027.
- Stock is down 5% in pre-market trading.
- The Massachusetts-based real estate investment trust stated the financing is secured by a portfolio of 104 industrial properties, which is 96.8% occupied with a weighted average remaining lease term of approximately 10.5 years.
- The financing comprises of $1.1B mortgage and a $135M mezzanine loan. The loans are interest-only, five-year floating rate loans with two-year initial terms and three one-year extension options, and carry a total weighted average interest rate of SOFR plus 3.93% per annum.
- "This debt financing enabled us to fully repay our $1.385 billion bridge loan due in February 2023 with debt that has a final maturity date in October 2027 and excess cash. ILPT currently has no near term debt maturities but maintains flexibility to repay significant debt and reduce leverage in the future through prepayment options," commented ILPT President and COO Yael Duffy.
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Industrial Logistics Properties falls after $1.235B debt financing