Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q2 EPS of $0.23, $0.02 worse than the analyst estimate of $0.25. Revenue for the quarter came in at $65.11 million versus the consensus estimate of $62.94 million.

“Despite a challenging economic environment during the second quarter, industrial and logistics real estate has remained in strong demand, evidenced by an accelerated shift by consumers to e-commerce throughout the COVID-19 pandemic. We believe we are operating from a position of strength because the majority of our tenants are considered essential businesses, our liquidity remains strong and we have seen a minimal negative impact on our operating results and financial condition. We are pleased to report continued high occupancy of nearly 99%, growing FFO, and healthy same property cash basis NOI growth of 3.4%. We completed lease renewals and rent resets for over 1.9 million square feet, which resulted in weighted average rental rates that are 23.1% higher than prior rates. After giving effect to modest rent deferrals granted to certain tenants, we collected 97% of our contractual rents for the quarter, highlighting the health and durability of our tenant base. Our joint venture also performed well during its first full quarter and we continue to assess ways to potentially grow the joint venture and unlock value for our shareholders. We are encouraged by the strength of our portfolio and believe we are well positioned to benefit from continued tailwinds in the industrial and logistics sector.”

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