Industrial Logistics Properties Trust (ILPT) Misses Q2 EPS by 2c
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Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q2 EPS of $0.29, $0.02 worse than the analyst estimate of $0.31.
Second Quarter Normalized FFO Attributable to Common Shareholders of $0.47 Per Share
John Murray, President and Chief Executive Officer of ILPT, made the following statement:
“ILPT’s second quarter results continue to illustrate the strong demand for our properties with solid leasing momentum and occupancy of 99% at quarter end. We executed 564,000 square feet of leases and rent resets, which resulted in weighted average rental rates that were approximately 18% higher than prior rental rates for the same space with a weighted average lease term of nearly eight years. This performance speaks to the quality of our portfolio and the ongoing strength of the industrial real estate market.
We also remain well positioned to enhance ILPT’s performance through our external growth strategy focused on acquiring high quality assets with stable cash flows in strong rental growth markets. During the quarter, we completed the previously announced acquisition of an industrial property in Columbus, Ohio, increasing our consolidated portfolio to 35.2 million square feet. We continue to work on new investment opportunities with over $530 million of liquidity at quarter end and moderate leverage. This will allow us the opportunity to continue to grow our industrial portfolio, increase cash flow and enhance returns to shareholders over the long term.”
For earnings history and earnings-related data on Industrial Logistics Properties Trust (ILPT) click here.
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