Industrial Logistics Properties Trust (ILPT) announced its financial results for the second quarter ended June 30, 2025. The company reported Normalized Funds From Operations (FFO) of $13.8 million, or $0.21 per share, marking a substantial 54% increase year-over-year. This significant growth in FFO demonstrates strong operational and financial improvement.
Net Operating Income (NOI) for the quarter grew by 1.5% year-over-year to $87.6 million, while Cash Basis NOI increased by 2.1% to $84.7 million. These improvements are attributed to increased net leasing activity and rent resets, partially offset by vacancies. The company executed 171,000 square feet of leasing, primarily renewals, at weighted average rental rates 21.1% higher than prior rates for the same space.
ILPT maintained a consolidated occupancy of 94.3% as of June 30, 2025. The company provided guidance for the third quarter of 2025, projecting Normalized FFO to be between $0.25 and $0.27 per share. This positive outlook is supported by an expected decline in third-quarter interest expense to approximately $63.5 million, comprising $58.5 million in cash interest and $5 million in noncash amortization.
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