Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q4 EPS of $0.28, $0.02 worse than the analyst estimate of $0.30. Revenue for the quarter came in at $42.07 million versus the consensus estimate of $39.25 million.

"During the fourth quarter, we continued to execute on our business plan with strong leasing activity and the previously disclosed acquisitions of one property in Maple Grove, Minnesota, and one land parcel in Ankeny, Iowa, which we plan to use for an expansion project for an existing tenant. We entered new and renewal leases and completed rent resets for approximately 1.9 million square feet that resulted in weighted average rental rates that were 23.7% higher than prior rental rates for the same space, with a weighted average lease term of 14.4 years for the new and renewal leases.

"In February 2019, ILPT entered agreements to acquire a portfolio of eight properties with 4.2 million square feet for an aggregate purchase price of $280.0 million and a portfolio of 18 properties with 8.7 million square feet for an aggregate purchase price of $625.3 million. ILPT completed the acquisition of seven properties in the eight property portfolio on February 14, 2019. The acquisitions of the remaining properties in both portfolios are expected to occur by April 15, 2019. In addition, we announced a 10-year $650 million mortgage financing on a portfolio of our Hawaii properties, proceeds of which were used to term out our floating rate debt and to fund acquisitions. This less than 50% loan-to-value financing highlights and unlocks the under appreciated value and quality in our Hawaii assets."

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