Industrial Logistics Properties Trust (ILPT) financial statements: income statement, balance sheet and cash flow

Industrial Logistics Properties Trust's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Industrial Logistics Properties Trust reported net income of ($102.6M) (+25.2% year on year).

Income statement

Industrial Logistics Properties Trust income statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Rental income	$448.8M	$442.3M	$437.3M	$388.2M
Real estate taxes	$61.7M	$62.6M	$60.1M	$50.6M
Other operating expenses	$37.1M	$38.5M	$38.2M	$30.9M
Depreciation and amortization	$165.2M	$172.0M	$178.7M	$161.0M
General and administrative	$37.0M	$30.5M	$31.2M	$32.9M
Acquisition and other transaction related costs	$0	$0	$287.0K	$586.0K
Loss on impairment of real estate	$6.1M	$0	$156.0K	$100.7M
Total expenses	$307.0M	$303.6M	$308.6M	$376.7M
Interest and other income	$6.7M	$11.4M	$7.9M	$2.7M
Interest expense	($264.6M)	($292.5M)	—	—
(Loss) gain on sale of real estate	($1.4M)	$0	$1.7M	($10.0K)
Loss on extinguishment of debt	($5.1M)	$0	($359.0K)	($22.2M)
Loss before income taxes and equity in earnings of unconsolidated joint venture	($122.4M)	($142.3M)	($150.5M)	($293.9M)
Income tax expense	($104.0K)	($162.0K)	($104.0K)	($45.0K)
Equity in earnings of unconsolidated joint venture	$20.0M	$5.3M	$902.0K	$7.1M
Net loss	($102.6M)	($137.2M)	($149.7M)	($286.8M)
Net loss attributable to noncontrolling interests	$36.4M	$41.5M	$41.7M	$60.1M
Net loss attributable to common shareholders	($66.2M)	($95.7M)	($108.0M)	($226.7M)
Unrealized gain (loss) on derivatives	$360.0K	($13.9M)	($18.0M)	$30.2M
Less: unrealized (gain) loss on derivatives attributable to noncontrolling interests	($131.0K)	$2.7M	$6.3M	($8.3M)
Other comprehensive gain (loss) attributable to common shareholders	$229.0K	($11.2M)	($11.7M)	$21.9M
Comprehensive loss attributable to common shareholders	($66.0M)	($106.9M)	($119.7M)	($204.8M)
Weighted average common shares outstanding (basic) (in shares)	66.0M	65.7M	65.4M	65.2M
Weighted average common shares outstanding - diluted (in shares)	66.0M	65.7M	65.4M	65.2M
Net loss per share attributable to common shareholders, basic (in dollars per share)	-$1.00	-$1.46	-$1.65	-$3.47
Net loss per share attributable to common shareholders, diluted (in dollars per share)	-$1.00	-$1.46	-$1.65	-$3.47

Industrial Logistics Properties Trust income statement, quarters

Line item	Jun 30, 2026 · Q2	Mar 31, 2026 · Q1	Sep 30, 2025 · Q3	Jun 30, 2025 · Q2
Rental income	$114.1M	$116.4M	$110.9M	$112.1M
Real estate taxes	$16.9M	$16.0M	$15.2M	$15.7M
Other operating expenses	$8.6M	$10.1M	$8.8M	$8.9M
Depreciation and amortization	$40.8M	$40.8M	$41.0M	$41.4M
General and administrative	$12.0M	$9.5M	$10.6M	$9.7M
Total expenses	$78.3M	$76.4M	$81.7M	$75.6M
Interest and other income	$3.4M	—	$1.6M	$2.0M
Interest expense	($61.1M)	($61.7M)	($63.5M)	($67.9M)
Loss on extinguishment of debt	($3.8M)	—	$0	($5.1M)
Loss before income taxes and equity in earnings of unconsolidated joint venture	($25.7M)	($20.6M)	($32.6M)	($34.5M)
Income tax expense	($59.0K)	($114.0K)	($31.0K)	($30.0K)
Equity in earnings of unconsolidated joint venture	$2.7M	$2.9M	$2.2M	$4.1M
Net loss	($23.1M)	($17.9M)	($30.4M)	($30.4M)
Net loss attributable to noncontrolling interests	$8.6M	$8.4M	$8.9M	$9.1M
Net loss attributable to common shareholders	($14.5M)	($9.4M)	($21.6M)	($21.3M)
(Loss) gain on derivatives	($2.6M)	$4.0M	($626.0K)	$1.1M
Less: loss (gain) on derivatives attributable to noncontrolling interests	$1.0M	($1.6M)	$244.0K	($346.0K)
Other comprehensive (loss) income attributable to common shareholders	($1.6M)	$2.4M	($382.0K)	$712.0K
Comprehensive loss attributable to common shareholders	($16.1M)	($7.0M)	($21.9M)	($20.6M)
Weighted average common shares outstanding - basic (in shares)	66.2M	66.2M	66.1M	65.9M
Weighted average common shares outstanding - diluted (in shares)	66.2M	66.2M	66.1M	65.9M
Net loss per share attributable to common shareholders, basic (in dollars per share)	-$0.22	-$0.14	-$0.33	-$0.32
Net loss per share attributable to common shareholders, diluted (in dollars per share)	-$0.22	-$0.14	-$0.33	-$0.32

Balance sheet

Industrial Logistics Properties Trust balance sheet, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Land	$1.1B	$1.1B	$1.1B	$1.1B
Buildings and improvements	$4.1B	$4.1B	$4.1B	$4.1B
Total real estate properties, gross	$5.2B	$5.2B	$5.2B	$5.2B
Accumulated depreciation	($648.3M)	($523.9M)	($397.5M)	($273.5M)
Total real estate properties, net	$4.5B	$4.7B	$4.8B	$4.9B
Investment in unconsolidated joint venture	$132.8M	$116.7M	$115.4M	$124.4M
Acquired real estate leases, net	$164.2M	$199.2M	$243.5M	$297.4M
Cash and cash equivalents	$94.8M	$131.7M	$112.3M	$48.3M
Restricted cash and cash equivalents	$88.2M	$110.8M	$133.4M	$92.5M
Rents receivable, including straight line rents of $114,199 and $104,730, respectively	$136.7M	$129.2M	$119.2M	$107.0M
Other assets, net	$41.7M	$62.3M	$67.8M	$103.9M
Total assets	$5.2B	$5.4B	$5.6B	$5.7B
Mortgage notes payable, net	$4.2B	$4.3B	$4.3B	$4.2B
Accounts payable and other liabilities	$84.4M	$81.5M	$77.4M	$73.5M
Assumed real estate lease obligations, net	$11.7M	$14.9M	$18.5M	$22.5M
Total liabilities	$4.3B	$4.4B	$4.4B	$4.3B
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,653,129 and 66,144,308 shares issued and outstanding, respectively	667.0K	661.0K	658.0K	656.0K
Additional paid in capital	$1.0B	$1.0B	$1.0B	$1.0B
Cumulative net deficit	($152.7M)	($86.5M)	$9.2M	$117.2M
Cumulative other comprehensive loss	($836.0K)	($1.1M)	$10.2M	$21.9M
Cumulative common distributions	($376.5M)	($368.5M)	($365.8M)	($363.2M)
Total equity attributable to common shareholders	$489.7M	$562.0M	$670.0M	$790.7M
Noncontrolling interests	$411.0M	$447.3M	$491.8M	$540.0M
Total equity	$900.7M	$1.0B	$1.2B	$1.3B
Total liabilities and equity	$5.2B	$5.4B	$5.6B	$5.7B

Industrial Logistics Properties Trust balance sheet, quarters

Line item	Jun 30, 2026	Mar 31, 2026	Sep 30, 2025	Jun 30, 2025
Land	$1.1B	$1.1B	$1.1B	$1.1B
Buildings and improvements	$4.1B	$4.1B	$4.0B	$4.0B
Total real estate properties, gross	$5.2B	$5.2B	$5.1B	$5.2B
Accumulated depreciation	($711.5M)	($680.3M)	($608.5M)	($579.7M)
Total real estate properties, net	$4.5B	$4.5B	$4.5B	$4.6B
Investment in unconsolidated joint venture	$135.9M	$134.4M	$119.1M	$117.9M
Acquired real estate leases, net	$148.4M	$156.1M	$172.3M	$181.0M
Cash and cash equivalents	$135.3M	$99.5M	$83.2M	$58.6M
Restricted cash and cash equivalents	$46.5M	$86.3M	$94.5M	$100.5M
Rents receivable, including straight line rents of $119,290 and $114,199, respectively	$139.0M	$137.6M	$130.1M	$130.9M
Other assets, net	$44.5M	$51.5M	$52.9M	$50.7M
Total assets	$5.1B	$5.2B	$5.2B	$5.2B
Mortgage notes payable, net	$4.2B	$4.2B	$4.2B	$4.2B
Accounts payable and other liabilities	$87.6M	$82.7M	$95.9M	$76.9M
Assumed real estate lease obligations, net	$10.3M	$11.0M	$12.4M	$13.2M
Total liabilities	$4.3B	$4.3B	$4.3B	$4.3B
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,762,231 and 66,653,129 shares issued and outstanding, respectively	668.0K	667.0K	667.0K	663.0K
Additional paid in capital	$1.0B	$1.0B	$1.0B	$1.0B
Cumulative net deficit	($176.6M)	($162.1M)	($150.9M)	($129.3M)
Cumulative other comprehensive loss	$0	$1.6M	($1.3M)	($899.0K)
Cumulative common distributions	($383.1M)	($379.8M)	($373.1M)	($369.8M)
Total equity attributable to common shareholders	$461.7M	$479.7M	$494.1M	$519.1M
Noncontrolling interests	$379.5M	$404.0M	$419.5M	$428.6M
Total equity	$841.2M	$883.7M	$913.6M	$947.8M
Total liabilities and equity	$5.1B	$5.2B	$5.2B	$5.2B

Cash flow statement

Industrial Logistics Properties Trust cash flow statement, fiscal years

Line item	Dec 31, 2025 · FY	Dec 31, 2024 · FY	Dec 31, 2023 · FY	Dec 31, 2022 · FY
Net loss	($102.6M)	($137.2M)	($149.7M)	($286.8M)
Depreciation	$127.6M	$126.5M	$125.3M	$106.2M
Amortization of interest rate caps	$30.7M	$42.9M	—	—
Net amortization of debt issuance costs, premiums and discounts	$3.2M	$12.9M	$26.9M	$97.0M
Amortization of acquired real estate leases and assumed real estate lease obligations	$31.7M	$40.7M	$49.9M	$48.6M
Amortization of deferred leasing costs	$4.1M	$3.2M	$2.4M	$1.7M
Straight line rental income	($9.5M)	($10.4M)	($13.6M)	($11.5M)
Loss (gain) on sale of real estate	$1.4M	$0	($1.7M)	$10.0K
Loss on impairment of real estate	$6.1M	$0	$156.0K	$100.7M
Loss on extinguishment of debt	$5.1M	$0	$359.0K	$22.2M
Proceeds from settlement of interest rate caps	($33.9M)	($65.3M)	($56.9M)	—
General and administrative expenses paid in common shares	2.1M	1.9M	—	—
Distributions of earnings from unconsolidated joint venture	$4.0M	$4.0M	$4.0M	$5.3M
Equity in earnings of unconsolidated joint venture	($20.0M)	($5.3M)	($902.0K)	($7.1M)
Rents receivable	$2.0M	$429.0K	$1.4M	($19.6M)
Other assets	$1.2M	($11.3M)	($10.0M)	$12.3M
Accounts payable and other liabilities	$2.5M	($932.0K)	$1.9M	$3.0M
Due to related persons	$5.0M	($192.0K)	$142.0K	$2.6M
Net cash provided by operating activities	$60.7M	$2.0M	$6.1M	$83.3M
Real estate improvements	($18.6M)	($5.7M)	($19.4M)	($17.7M)
Purchase of interest rate caps	($15.0M)	($43.1M)	—	—
Distributions in excess of earnings from unconsolidated joint venture	$0	$0	$5.9M	$20.5M
Proceeds from sale of real estate, net	$3.7M	$0	$24.3M	$0
Proceeds from settlement of interest rate caps	$33.9M	$65.3M	$56.9M	—
Net cash provided by investing activities	$4.0M	$16.4M	$67.7M	($3.4B)
Proceeds from issuance of mortgage notes payable	$1.2B	$0	$91.0M	$3.3B
Repayment of ILPT Floating Rate Loan and related costs	($1.2B)	—	—	—
Repayment of mortgage notes payable	($18.8M)	($18.1M)	($55.4M)	($18.1M)
Payment of debt issuance costs	($16.7M)	($234.0K)	($1.4M)	($212.0M)
Distributions to common shareholders	($8.0M)	($2.6M)	($2.6M)	($44.5M)
Repurchase of common shares	-451.0K	-312.0K	-163.0K	-242.0K
Distributions to noncontrolling interests	($60.0K)	($326.0K)	($225.0K)	($1.4M)
Net cash (used in) provided by financing activities	($124.1M)	($21.6M)	$31.1M	$3.5B
(Decrease) increase in cash and cash equivalents and restricted cash and cash equivalents	($59.4M)	($3.2M)	$104.9M	$111.4M
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	$242.5M	$245.7M	$140.8M	$29.4M
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$183.0M	$242.5M	—	—
Interest paid	$235.1M	$237.1M	$237.6M	$178.8M
Income taxes (received) paid	$0	($80.0K)	—	—
Real estate improvements accrued not paid	$1.7M	$6.5M	$1.2M	$2.5M
Cash and cash equivalents	$94.8M	$131.7M	$112.3M	$48.3M
Restricted cash and cash equivalents	$88.2M	$110.8M	$133.4M	$92.5M
Total cash and cash equivalents and restricted cash	$183.0M	$242.5M	—	—

Industrial Logistics Properties Trust cash flow statement, quarters

Line item	Jun 30, 2026 · YTD	Mar 31, 2026 · Q1	Sep 30, 2025 · YTD	Jun 30, 2025 · YTD
Net loss	($40.9M)	($17.9M)	($92.0M)	($61.6M)
Depreciation	$64.0M	$32.0M	$95.5M	$63.7M
Amortization of interest rate caps	$3.6M	$3.2M	$26.2M	$17.5M
Amortization of debt issuance costs, premiums and discounts	$3.0M	$1.2M	$2.0M	$750.0K
Amortization of acquired real estate leases and assumed real estate lease obligations	$14.4M	$7.4M	$24.0M	$16.2M
Amortization of deferred leasing costs	$2.5M	$1.1M	$3.1M	$2.1M
Straight line rental income	($5.1M)	($2.7M)	($7.4M)	($5.7M)
Loss on extinguishment of debt	$3.8M	—	$5.1M	$5.1M
Proceeds from settlement of interest rate caps	($2.9M)	($2.1M)	($28.3M)	($18.8M)
General and administrative expenses paid in common shares	1.7M	365.0K	1.8M	1.1M
Distributions of earnings from unconsolidated joint venture	$2.4M	$1.2M	$3.0M	$2.0M
Equity in earnings of unconsolidated joint venture	($5.6M)	($2.9M)	($5.3M)	($3.1M)
Rents receivable	$2.8M	$1.7M	$6.2M	$3.6M
Other assets	($8.8M)	($6.5M)	($5.5M)	$7.2M
Accounts payable and other liabilities	$3.3M	$3.2M	$14.2M	($2.1M)
Due to related persons	($238.0K)	($3.4M)	$4.0M	$1.8M
Net cash provided by operating activities	$37.9M	$15.9M	$52.5M	$29.8M
Real estate improvements	($5.3M)	($3.1M)	($14.7M)	($9.6M)
Purchase of interest rate cap	($3.7M)	($3.7M)	($15.0M)	($15.0M)
Proceeds from settlement of interest rate caps	$2.9M	$2.1M	$28.3M	$18.8M
Proceeds from sale of interest rate cap	$4.9M	—	—	—
Net cash used in investing activities	($1.2M)	($4.7M)	($1.4M)	($5.8M)
Proceeds from issuance of mortgage notes payable	$1.6B	—	$1.2B	$1.2B
Repayment of mortgage notes payable	($1.6B)	($4.8M)	($14.0M)	($9.3M)
Payment of debt issuance costs	($19.5M)	($132.0K)	($16.7M)	($16.7M)
Distributions to common shareholders	($6.7M)	($3.3M)	($4.6M)	($1.3M)
Repurchase of common shares	-49.0K	-16.0K	-434.0K	-32.0K
Distributions to noncontrolling interests	($15.0M)	($150.0K)	($60.0K)	($30.0K)
Net cash used in financing activities	($37.9M)	($8.4M)	($115.9M)	($107.4M)
Decrease in cash and cash equivalents and restricted cash and cash equivalents	($1.2M)	$2.8M	($64.8M)	($83.4M)
Cash and cash equivalents and restricted cash and cash equivalents at beginning of period	$183.0M	$183.0M	$242.5M	$242.5M
Cash and cash equivalents and restricted cash and cash equivalents at end of period	$181.8M	$185.8M	$177.7M	$159.1M
Interest paid	$117.5M	$57.2M	$177.9M	$114.8M
Income taxes paid	$0	$0	$0	$0
Real estate improvements accrued not paid	$1.9M	$268.0K	$2.7M	$2.5M
Cash and cash equivalents	$135.3M	$99.5M	$83.2M	$58.6M
Restricted cash and cash equivalents	$46.5M	$86.3M	$94.5M	$100.5M
Total cash and cash equivalents and restricted cash	$181.8M	$185.8M	$177.7M	$159.1M

Industrial Logistics Properties Trust score and earnings-call analysis · All covered companies

Figures as reported in SEC filings. General information, not investment advice.