Industrial Logistics Properties Trust (ILPT) announced its financial results for the first quarter ended March 31, 2025. The company reported Normalized Funds From Operations (FFO) of $0.20 per share, a significant increase from $0.14 per share in the prior year. This substantial year-over-year FFO growth demonstrates improved financial performance.
Leasing velocity remained robust during the quarter, with ILPT completing over 2.3 million square feet of leasing, including rent resets. These transactions resulted in weighted average rental rates that were 18.9% higher than prior rental rates for the same space. Renewal activity constituted 75% of the total leasing volume, indicating strong tenant retention.
The company's portfolio as of March 31, 2025, consisted of 411 properties, totaling approximately 59.9 million rentable square feet across 39 states. Approximately 76% of ILPT’s annualized rental revenues were derived from investment-grade tenants, their subsidiaries, or Hawaii land leases. These results highlight the strong operating fundamentals of the portfolio.
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