10-K · February 18, 2026
Industrial Logistics Properties Trust (ILPT) presents a large, concentrated industrial/logistics portfolio: 409 properties totaling ~59,604,000 rentable square feet with 94.5% occupancy as of December 31, 2025. The…
Earnings analysis · 10-Q
ILPT earnings analysis
Filed April 29, 2026 · Our reading of the company's report
The latest report
Industrial Logistics Properties Trust (ILPT) reported Q1 2026 results showing revenue of $116.42 million, exceeding expectations by 1.5%. EPS came in at $0.33, beating the consensus estimate of $0.31. The company…
Read full summary
Industrial Logistics Properties Trust (ILPT) reported Q1 2026 results showing revenue of $116.42 million, exceeding expectations by 1.5%. EPS came in at $0.33, beating the consensus estimate of $0.31. The company maintained a robust 94.6% occupancy across its portfolio, with positive trends in lease renewals and rental increases.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.33
- Gross margin
- 100%
What stood out
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Revenue Growth
Reported revenue was $116.42 million, up from $114 million in Q4 2025, representing a 2.7% increase.
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EPS Beat
Earnings per share were $0.33, compared to $0.02 in Q4 2025, showing significant improvement.
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Improved Gross Margin
Gross margin improved to 100% from 39.1% in Q4 2025, indicating stronger management of operating expenses.
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Occupancy Rate Stability
Occupancy remained high at 94.6%, consistent with Q1 2025.
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Strong Lease Fundamentals
Average rental rate per square foot increased to $8.26 compared to $7.92 in Q1 2025.
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Free Cash Flow Positive
Free cash flow for the quarter increased to $5 million from a negative cash flow in the prior quarter.
What to watch
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Tenant Financial Stability
Management highlighted the risk of tenant performance affecting lease renewals and obligations.
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Interest Rate Fluctuations
Exposure to market risk with floating-rate debt, which could increase financial obligations as rates rise.
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Concentration Risks
76.9% of annualized revenues come from investment grade rated tenants, creating dependency risks.
Management's outlook
Management expects continued demand for industrial properties, though specific numeric guidance is deferred.
Earlier filings 4
10-Q · July 29, 2025
Industrial Logistics Properties Trust reported Q2 rental income of $112,097,000 (up $1,476,000 vs Q2 2024) with operating income of $36,452,000 (operating margin ~32.5%). Net loss attributable to common shareholders…
10-K · February 19, 2025
Industrial Logistics Properties Trust (ILPT) presents a large, high‑occupancy industrial portfolio (411 properties, ~59.89M rentable sq ft) with differentiated Hawaii exposure where periodic rent resets support internal…
10-Q · October 25, 2023
Q3 2023 rental revenue increased to $110,142 (vs. $103,215 in Q3 2022) and operating profit (rental income less total expenses) widened to $33,685, improving operating margin to ~30.6%. However, the company reported a…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.