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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 


For the quarterly period ended September 30, 2022

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 

Commission File Number 001-38342 

INDUSTRIAL LOGISTICS PROPERTIES TRUST
(Exact Name of Registrant as Specified in Its Charter)
Maryland 82-2809631
(State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.)
Two Newton Place, 255 Washington Street, Suite 300, Newton, Massachusetts 02458-1634
(Address of Principal Executive Offices)(Zip Code)

617-219-1460
(Registrant’s Telephone Number, Including Area Code)

Securities Registered Pursuant to Section 12(b) of the Act:
Title of Each ClassTrading Symbol(s)Name Of Each Exchange On Which Registered
Common Shares of Beneficial InterestILPTThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes ☐ No ☒
Number of registrant’s common shares of beneficial interest, $.01 par value per share, outstanding as of October 24, 2022: 65,568,560

Table of Contents

INDUSTRIAL LOGISTICS PROPERTIES TRUST
 
FORM 10-Q
 
September 30, 2022
 
INDEX
 
  Page
   
   
 
   
 
   
 
   
 
   
   
   
   
 
   
 
   
   
   
 
 
References in this Quarterly Report on Form 10-Q to the Company, we, us or our include Industrial Logistics Properties Trust and its consolidated subsidiaries unless otherwise expressly stated or the context indicates otherwise.
2
Table of Contents
PART I Financial Information
 
Item 1.  Financial Statements
 
INDUSTRIAL LOGISTICS PROPERTIES TRUST 
CONDENSED CONSOLIDATED BALANCE SHEETS
(dollars in thousands, except per share data)
(unaudited) 
 September 30, December 31,
 20222021
ASSETS  
Real estate properties:  
Land $1,117,801 $699,037 
Buildings and improvements 4,053,913 1,049,796 
Total real estate properties, gross5,171,714 1,748,833 
Accumulated depreciation (242,481)(167,490)
Total real estate properties, net4,929,233 1,581,343 
Investment in unconsolidated joint venture145,693 143,021 
Acquired real estate leases, net 313,444 63,441 
Cash and cash equivalents26,381 29,397 
Restricted cash100,288 — 
Rents receivable, including straight line rents of $77,343 and $69,173, respectively
100,347 75,877 
Other assets, net104,249 15,479 
Total assets $5,719,635 $1,908,558 
  
LIABILITIES AND EQUITY  
Revolving credit facility$— $182,000 
Mortgages and notes payable, net4,243,271 646,124 
Assumed real estate lease obligations, net 23,633 12,435 
Accounts payable and other liabilities86,727 27,772 
Due to related persons4,494 2,185 
Total liabilities4,358,125 870,516 
Commitments and contingencies
Equity:
Equity attributable to common shareholders:
Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 65,568,704 and 65,404,592 shares issued and outstanding, respectively
656 654 
Additional paid in capital 1,013,802 1,012,224 
Cumulative net income148,228 343,908 
Cumulative other comprehensive income12,300 — 
Cumulative common distributions(362,565)(318,744)
Total equity attributable to common shareholders812,421 1,038,042 
Total equity attributable to noncontrolling interest549,089 — 
Total equity1,361,510 1,038,042 
Total liabilities and equity $5,719,635 $1,908,558 
The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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Table of Contents
INDUSTRIAL LOGISTICS PROPERTIES TRUST 
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(amounts in thousands, except per share data)
(unaudited)
 
 Three Months Ended September 30, Nine Months Ended September 30,
 2022202120222021
Rental income$103,215 $54,981 $281,812 $163,378 
Expenses:    
Real estate taxes13,749 7,617 36,460 22,353 
Other operating expenses8,453 4,417 22,278 13,734 
Depreciation and amortization48,519 12,694 114,096 37,202 
Acquisition and other transaction related costs586 — 586 646 
General and administrative9,110 4,728 24,896 12,718 
Loss on impairment of real estate— — 100,747 — 
Total expenses 80,417 29,456 299,063 86,653 
Interest and other income1,068 — 1,900 — 
Interest expense (including net amortization of debt issuance costs, premiums and discounts of $35,496, $505, $90,265 and $1,516, respectively)
(89,739)(9,084)(208,286)(26,468)
Gain (loss) on sale of real estate— 940 (10)940 
Loss on equity securities— — (5,758)— 
Loss on early extinguishment of debt(21,370)— (22,198)— 
(Loss) income before income tax expense and equity in earnings of unconsolidated joint venture(87,243)17,381 (251,603)51,197 
Income tax expense(28)(72)(113)(177)
Equity in earnings of unconsolidated joint venture3,297 998 6,634 5,455 
Net (loss) income(83,974)18,307 (245,082)56,475 
Net loss attributable to noncontrolling interest38,347 — 49,402 — 
Net (loss) income attributable to common shareholders$(45,627)$18,307 $(195,680)$56,475 
Other comprehensive income:
Unrealized gain on derivatives8,847 — 18,917 — 
 Less: unrealized gain on derivatives attributable to noncontrolling interest(4,119)— (6,617)— 
Other comprehensive income attributable to common shareholders4,728 — 12,300 — 
Comprehensive (loss) income attributable to common shareholders$(40,899)$18,307 $(183,380)$56,475 
Weighted average common shares outstanding - basic65,25065,17865,22865,154
Weighted average common shares outstanding - diluted65,25065,23065,22865,205
 
Per common share data (basic and diluted):
Net (loss) income attributable to common shareholders$(0.70)$0.28 $(3.00)$0.86 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.



4
Table of Contents
INDUSTRIAL LOGISTICS PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
CumulativeTotal EquityTotal Equity
Number ofAdditionalOtherCumulativeAttributable toAttributable to
CommonCommonPaid InCumulativeComprehensiveCommonCommonNoncontrollingTotal
SharesSharesCapitalNet IncomeIncomeDistributionsShareholdersInterestEquity
Balance at December 31, 202165,404,592 $654 $1,012,224 $343,908 $— $(318,744)$1,038,042 $— $1,038,042 
Net (loss) income— — — (6,514)— — (6,514)(3,273)(9,787)
Share grants— — 407 — — — 407 — 407 
Share repurchases(333)— (7)— — — (7)— (7)
Share forfeitures(400)— (2)— — — (2)— (2)
Net current period other comprehensive income— — — — 3,908— 3,908 1,724 5,632 
Contributions from noncontrolling interest— — — — — — — 591,268 591,268 
Distributions to common shareholders— — — — — (21,584)(21,584)— (21,584)
Balance at March 31, 202265,403,859 654 1,012,622 337,394 3,908 (340,328)1,014,250 589,719 1,603,969 
Net (loss) income— — — (143,539)— — (143,539)(7,782)(151,321)
Share grants24,500 — 800 — — — 800 — 800 
Share forfeitures(900)— (4)— — — (4)— (4)
Net current period other comprehensive income— — — — 3,664 — 3,664 774 4,438 
Distributions to noncontrolling interest— — — — — — — (1,365)(1,365)
Distributions to common shareholders— — — — — (21,583)(21,583)— (21,583)
Balance at June 30, 202265,427,459 654 1,013,418 193,855 7,572 (361,911)853,588 581,346 1,434,934 
Net (loss) income— — — (45,627)— — (45,627)(38,347)(83,974)
Share grants173,300 2 620 — — — 622 — 622 
Share repurchases(31,455)— (232)— — — (232)— (232)
Share forfeitures(600)— (4)— — — (4)— (4)
Net current period other comprehensive income— — — — 4,728 — 4,728 4,119 8,847 
Contributions from noncontrolling interest— — — — — — — 1,971 1,971 
Distributions to common shareholders— — — — — (654)(654)— (654)
Balance at September 30, 202265,568,704 $656 $1,013,802 $148,228 $12,300 $(362,565)$812,421 $549,089 $1,361,510 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.




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INDUSTRIAL LOGISTICS PROPERTIES TRUST
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
(dollars in thousands)
(unaudited)
Number ofAdditionalCumulative
CommonCommonPaid InCumulativeCommonTotal
SharesSharesCapitalNet IncomeDistributionsEquity
Balance at December 31, 202065,301,088 $653 $1,010,819 $224,226 $(232,508)$1,003,190 
Net income— — — 19,337 — 19,337 
Share grants— — 239 — — 239 
Distributions to common shareholders— — — — (21,550)(21,550)
Balance at March 31, 202165,301,088 653 1,011,058 243,563 (254,058)1,001,216 
Net income— — — 18,831 — 18,831 
Share grants21,000 — 780 — — 780 
Share repurchases(7,733)— (202)— — (202)
Distributions to common shareholders— — — — (21,549)(21,549)
Balance at June 30, 202165,314,355 653 1,011,636 262,394 (275,607)999,076 
Net income— — — 18,307 — 18,307 
Share grants118,800 1 916 — — 917 
Share repurchases(27,576)— (713)— — (713)
Share forfeitures(700)— (4)— — (4)
Distributions to common shareholders— — — — (21,554)(21,554)
Balance at September 30, 202165,404,879 $654 $1,011,835 $280,701 $(297,161)$996,029 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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INDUSTRIAL LOGISTICS PROPERTIES TRUST 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in thousands)
(unaudited)
 Nine Months Ended September 30,
20222021
CASH FLOWS FROM OPERATING ACTIVITIES:  
Net (loss) income $(245,082)$56,475 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation 75,014 23,500 
Loss on impairment of real estate100,747 — 
Net amortization of debt issuance costs, premiums and discounts90,265 1,516 
Amortization of acquired real estate leases and assumed real estate lease obligations33,680 12,567 
Amortization of deferred leasing costs 1,170 620 
Loss (gain) on sale of real estate10 (940)
Loss on equity securities5,758 — 
Straight line rental income (8,170)(5,673)
Loss on early extinguishment of debt22,198 — 
Other non-cash expenses4,443 1,932 
Distributions of earnings from unconsolidated joint venture3,962 1,980 
Equity in earnings of unconsolidated joint venture(6,634)(5,455)
Change in assets and liabilities:
Rents receivable (16,299)960 
Deferred leasing costs (7,139)(2,758)
Due from related persons— 2,665 
Other assets 3,615 (5,596)
Accounts payable and other liabilities5,398 1,657 
Rents collected in advance15,739 4,012 
Security deposits923 393 
Due to related persons2,309 1,065 
Net cash provided by operating activities 81,907 88,920 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
Real estate acquisitions and deposits(3,589,085)(134,730)
Real estate improvements(8,741)(2,373)
Proceeds from sale of marketable securities140,792 — 
Proceeds from sale of real estate— 1,206 
Proceeds from sale of joint venture— 804 
Net cash used in investing activities (3,457,034)(135,093)
 
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of mortgages and notes payable3,335,000 — 
Repayment of mortgage notes payable(12,591)— 
Proceeds from secured bridge loan facility1,385,158 — 
Repayment of secured bridge loan facility(1,385,158)— 
Borrowings under revolving credit facility3,000 246,000 
Repayments of revolving credit facility(185,000)(113,000)
Payment of debt issuance costs(211,996)— 
Distributions to common shareholders(43,821)(64,653)
Proceeds from sale of noncontrolling interest, net589,411 — 
Repurchase of common shares(239)(915)
Distributions to noncontrolling interest(1,365)— 
Net cash provided by financing activities3,472,399 67,432 
Increase in cash, cash equivalents and restricted cash 97,272 21,259 
Cash, cash equivalents and restricted cash at beginning of period 29,397 22,834 
Cash, cash equivalents and restricted cash at end of period $126,669 $44,093 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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INDUSTRIAL LOGISTICS PROPERTIES TRUST 
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (CONTINUED)
(dollars in thousands)
(unaudited)


 Nine Months Ended September 30,
20222021
SUPPLEMENTAL DISCLOSURES:
Interest paid $113,748 $24,708 
Income taxes paid $223 $386 
Interest capitalized$68 $— 
NON-CASH INVESTING ACTIVITIES:
Real estate acquired by assumption of mortgage notes payable$323,432 $— 
Real estate improvements accrued, not paid$7,165 $799 
NON-CASH FINANCING ACTIVITIES:
Assumption of mortgage notes payable$(323,432)$— 

SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH:
The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
As of September 30,
20222021
Cash and cash equivalents$26,381 $44,093 
Restricted cash (1)
100,288 — 
Total cash, cash equivalents and restricted cash shown in the statements of cash flows$126,669 $44,093 
(1) Restricted cash consists of amounts escrowed for capital expenditures at certain of our mortgaged properties and cash held for the operations of our consolidated joint venture arrangement in which we own a 61% equity interest.

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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INDUSTRIAL LOGISTICS PROPERTIES TRUST 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands, except per share data)


Note 1. Basis of Presentation

The accompanying condensed consolidated financial statements of Industrial Logistics Properties Trust and its consolidated subsidiaries, or the Company, ILPT, we, us or our, are unaudited. Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted. We believe the disclosures made are adequate to make the information presented not misleading. However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2021, or our 2021 Annual Report. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair statement of results for the interim period have been included. All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated. Our operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.
On February 25, 2022, we acquired Monmouth Real Estate Investment Corporation, or MNR, pursuant to the merger of MNR with and into one of our wholly owned subsidiaries, or the Merger, as further described below. In connection with the Merger, we entered into a new joint venture arrangement for 95 of the acquired MNR properties, including two then committed, but not yet then completed, property acquisitions, located in the mainland United States, in which we retained a 61% equity interest. We have determined that this joint venture is not a variable interest entity, or VIE, as defined under the Consolidation Topic of the Financial Accounting Standards Board, or FASB, Accounting Standards Codification, or ASC, and we evaluated such entity under the voting model and concluded we should consolidate the entity. Under the voting model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting rights and that other equity holders do not have substantive participating rights. The other joint venture investor’s interest in this consolidated entity is reflected as noncontrolling interest in our condensed consolidated financial statements. See Notes 2, 9 and 11 for further information regarding this joint venture.
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles.
Note 2. Real Estate Investments

As of September 30, 2022, our portfolio was comprised of 413 consolidated properties containing approximately 59,962,000 rentable square feet, including 226 buildings, leasable land parcels and easements containing approximately 16,729,000 rentable square feet of primarily industrial lands located on the island of Oahu, Hawaii, or our Hawaii Properties, and 187 properties containing approximately 43,233,000 rentable square feet of industrial properties located in 38 other states, or our Mainland Properties, which includes 94 properties owned by a consolidated joint venture arrangement in which we own a 61% equity interest. As of September 30, 2022, we also owned a 22% equity interest in an unconsolidated joint venture which owns 18 properties located in 12 states totaling approximately 11,726,000 rentable square feet.
We operate in one business segment: ownership and leasing of properties that include industrial and logistics buildings and leased industrial lands. For the three months ended September 30, 2022 and 2021, approximately 26.8% and 50.5%, respectively, of our rental income was from our Hawaii Properties. For the nine months ended September 30, 2022 and 2021, approximately 30.6% and 50.7%, respectively, of our rental income was from our Hawaii properties.
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INDUSTRIAL LOGISTICS PROPERTIES TRUST 
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(dollars in thousands, except per share data)

As of September 30, 2022, we had a concentration of properties leased to tenants, including their applicable subsidiaries, that leased over 5% of our total rentable square footage. The impact of these tenants on our revenue are as follows:
Weighted
% ofAverage
RentableNumberRemaining
SquareofLease TermRental IncomeRental Income
FeetStates(in years)Three Months EndedNine Months Ended
TenantAs of September 30, 20229/30/20229/30/20219/30/20229/30/2021
Federal Express Corporation/ FedEx Ground Package System, Inc.22.0 %347.3$31,697 30.7 %$2,706 4.9 %$76,227 27.0 %$8,152 5.0 %
Amazon.com Services, Inc./ Amazon.com Services LLC7.7 %66.27,244 7.0 %5,231 9.5 %20,095 7.1 %16,117 9.9 %
Home Depot U.S.A., Inc.5.7 %326.33,346 3.2 %1,322 2.4 %10,169 3.6 %3,948 2.4 %
Total35.4 %3413.3$42,287 40.9 %$54,982 16.8 %$106,491 37.7 %$163,378 17.3 %
Acquisition Activities
On February 25, 2022, we completed the acquisition of MNR pursuant to the Agreement and Plan of Merger, dated as of November 5, 2021 and as amended on February 7, 2022, or the Merger Agreement, by and among us, Maple Delaware Merger Sub LLC, a Delaware limited liability company and our wholly owned subsidiary, or Merger Sub, and MNR. At the effective time on February 25, 2022, or the Effective Time, MNR merged with and into Merger Sub, with Merger Sub continuing as the surviving entity, and the separate existence of MNR ceased. MNR’s portfolio included 124 Class A, single tenant, net leased, e-commerce focused industrial properties containing approximately 25,745,000 rentable square feet and two then committed, but not yet then completed, property acquisitions. The aggregate value of the consideration paid in the Merger was $3,739,048, including the assumption of $323,432 aggregate principal amount of former MNR mortgage debt, the repayment of $885,269 of MNR debt and the payment of certain transaction fees and expenses, net of MNR’s cash on hand, and excluding two then pending property acquisitions for an aggregate purchase price of $78,843, excluding acquisition related costs.
Pursuant to the terms set forth in the Merger Agreement, at the Effective Time, each share of common stock, par value $