Industrial Logistics Properties Trust (ILPT) reported its financial results for the three and nine months ended September 30, 2024, highlighting a mixed performance amid challenging economic conditions. The company recorded rental income of $108.9 million for Q3 2024, a slight decrease of 1.1% from $110.1 million in Q3 2023. For the nine-month period, rental income increased by 1.1% to $331.8 million compared to $328.3 million in the prior year.
Net loss for Q3 2024 was $35.4 million, an improvement from a loss of $36.2 million in Q3 2023. The net loss attributable to common shareholders also decreased to $25.0 million from $26.1 million year-over-year. For the nine months ended September 30, 2024, the net loss was $102.8 million, down from $108.3 million in the same period of 2023. The net loss per share for Q3 2024 was $(0.38), compared to $(0.40) in Q3 2023.
Total expenses for Q3 2024 were $74.7 million, down from $76.5 million in Q3 2023. The decrease in expenses was attributed to lower general and administrative costs, although other operating expenses rose due to increased insurance and repair costs. Net Operating Income (NOI) for Q3 2024 was $84.7 million, a decrease from $85.3 million in Q3 2023.
ILPT's total equity attributable to common shareholders decreased to $585.9 million as of September 30, 2024, from $670.0 million at the end of 2023. The total equity of the company also declined to $1.04 billion from $1.16 billion during the same period. Cash and cash equivalents increased to $153.9 million from $112.3 million at the end of 2023.
The company continues to manage a portfolio of 411 properties, with an occupancy rate of 94.4% as of September 30, 2024. The portfolio includes 226 properties in Hawaii and 185 properties across 38 states on the mainland. Notably, subsidiaries of FedEx and Amazon accounted for 29.3% and 6.8% of annualized rental revenues, respectively.
ILPT's financial strategy includes managing interest rate risks through interest rate cap agreements. As of September 30, 2024, total outstanding indebtedness was approximately $4.3 billion, with a weighted average interest rate of 5.36%. The company declared a quarterly distribution of $0.01 per share on October 16, 2024, for shareholders of record on October 28, 2024.
About Industrial Logistics Properties Trust
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