Industrial Logistics Properties Trust (ILPT) reported its financial results for the first quarter of 2025, revealing a slight decrease in rental income and a net loss attributable to common shareholders. For the three months ended March 31, 2025, ILPT generated rental income of $111.9 million, down from $112.2 million in the same period last year. The company reported a net loss of $21.5 million, or $0.33 per share, compared to a net loss of $23.4 million, or $0.36 per share, in the prior year. The decrease in rental income was attributed primarily to vacancies at certain properties, although this was partially offset by leasing activity.
In terms of operational performance, ILPT's total assets decreased to $5.36 billion as of March 31, 2025, from $5.41 billion at the end of 2024. The company’s total liabilities also saw a slight decline, totaling $4.39 billion, down from $4.40 billion. The equity attributable to common shareholders decreased to $539.5 million from $562.0 million, reflecting the net loss incurred during the quarter. The company maintained a portfolio of 411 properties with approximately 59.9 million rentable square feet, achieving an occupancy rate of 94.6%, down from 99.0% a year earlier.
ILPT engaged in strategic leasing activities during the quarter, entering into new and renewal leases totaling 2.2 million square feet, with a weighted average rental rate increase of 18.5%. The company also completed rent resets for approximately 144,000 square feet of land in Hawaii, achieving rental rates that were 34.6% higher than previous rates. As of March 31, 2025, subsidiaries of FedEx and Amazon represented 28.7% and 6.7% of ILPT's total annualized rental revenues, respectively.
Looking ahead, ILPT expressed optimism regarding the demand for industrial properties, driven by consumer expectations and the need for supply chain resiliency. However, the company acknowledged potential challenges posed by economic uncertainties, including interest rate fluctuations, inflation, and geopolitical tensions, which could impact tenant operations and financial performance. The company plans to continue focusing on maintaining high occupancy levels and managing operating costs effectively to navigate these challenges.
About Industrial Logistics Properties Trust
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