Industrial Logistics Properties Trust Reports Strong Q2 Performance and Raised Guidance
Industrial Logistics Properties Trust (NASDAQ:ILPT) reported strong second-quarter results in July 2026, with normalized FFO of $0.31 per share, up 51% year-over-year. The company achieved a record leasing volume of 5.4 million square feet at GAAP and cash rent spreads of 35% and 14%, respectively, boosting occupancy to an impressive 99%. ILPT also completed a $1.62 billion refinancing that converted all consolidated debt to fixed-rate with no maturities until 2029. The company raised its full-year guidance for adjusted EBITDAre to between $348 million and $353 million, while normalized FFO per share is now expected in the range of $1.31-$1.39. ILPT also doubled its quarterly dividend to $0.10 per share. Despite these positives, leverage remains high at 11.5 times net debt-to-EBITDA and a 69.2% net debt-to-total-assets ratio. Key leasing activity included long-term agreements with FedEx in Indianapolis and a construction company in Hawaii, both offering significant rent roll-ups. ILPT's portfolio now includes 409 properties totaling 60 million square feet.
Topics: Industrial Logistics Properties Trust leasing momentum Q2 Earnings Call refinancing activity