Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q1 EPS of $0.26, $0.13 worse than the analyst estimate of $0.39. Revenue for the quarter came in at $45.99 million versus the consensus estimate of $42.66 million.

John Murray, President and Chief Executive Officer of ILPT, made the following statement:

"We are pleased with our activity to date in 2019, closing on more than $900 million of acquisitions, which were more than 70% funded by our recent mortgage financing in Hawaii that helped to unlock the underappreciated value of certain of our unique Hawaiian assets. We raised $650 million of mortgage financing for certain of our Hawaii properties at an appraised value of more than $1.4 billion, which had a net book value of approximately $492 million. During the first quarter, we entered lease renewals for approximately 271,000 square feet that resulted in weighted average rental rates that were approximately 15.8% higher than prior rental rates for the same space with a weighted average lease term of 9.4 years. We also completed rent resets for approximately 483,000 square feet, which resulted in weighted average rental rates that were approximately 28.0% higher than prior rental rates for the same space. We expect that our leasing activity and our recent acquisitions of well-located, high-quality properties leased to high credit quality tenants may increase our future cash flows and enhance our ability to increase our distributions to shareholders in the near term."

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