Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q1 EPS of $0.30, $0.15 worse than the analyst estimate of $0.45. Revenue for the quarter came in at $54.22 million versus the consensus estimate of $55.92 million.

“This quarter’s results reflect growth in Normalized FFO and strong leasing activity. We entered new and renewal leases for approximately 620,000 square feet, reflecting progress on our efforts to renew leases expiring next year in Hawaii. This leasing activity resulted in weighted average rental rates that were 16% higher than prior rental rates for the same space with a weighted average lease term of nearly 12 years. Occupancy increased to 98.6%, reflecting demand for ILPT's high quality industrial and logistics properties.

We have a pipeline of attractive investment opportunities, capacity to fund portfolio growth with more than $550 million of liquidity and moderate leverage. In March, ILPT agreed to purchase a newly built 358,000 square foot Class A industrial building located near the Rickenbacker intermodal terminal and airport in Columbus, Ohio. The property is 100% leased to a high quality credit tenant for approximately seven more years and includes excess land that can support future expansion of over 100,000 square feet.

Earlier this month we announced our regular quarterly distribution to shareholders. Our dividend remains well covered.”

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