The following is a summary of the Industrial Logistics Properties Trust (ILPT) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Industrial Logistics Properties Trust reported normalized FFO increased 19% and 17% on a year-over-year and sequential quarter basis, respectively.

• The company executed leases for almost 2 million square feet and total occupancy reached 99%.

• Same-property cash basis NOI grew 2.3% compared to the same period last year.

• Reported GAAP and cash basis NOI of $86.1 million and $82.2 million respectively have increased on a year-over-year and sequential quarter basis.

Business Progress:

• The company's portfolio at the end of Q1 2024 consisted of 411 warehouse and distribution properties in 39 states, totaling approximately 60 million square feet, which includes 16.7 million square feet of properties in Hawaii.

• Company's top 10 tenants account for nearly half of the total annualized rental revenues and 77% of the revenues come from investment-grade rated tenants or from secure Hawaii land leases.

• ILPT is currently tracking 41 future deals in their pipeline for over 7.5 million square feet that is expected to yield average rent roll-ups of 20% on the mainland and 30% in Hawaii.

• The company has renewed its commitment to sustainability practices and enhancing ESG transparency and disclosure.

More details: Industrial Logistics Properties Trust IR

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