Industrial Logistics Properties Trust (ILPT) Misses Q2 EPS by 2c, Beats on Revenues

Industrial Logistics Properties Trust (NASDAQ: ILPT) reported Q2 EPS of $0.29, $0.02 worse than the analyst estimate of $0.31. Revenue for the quarter came in at $39.42 million versus the consensus estimate of $37.2 million.

John Popeo, President and Chief Executive Officer of ILPT, made the following statement:

"During the second quarter, we continued our positive leasing activity, entering leases for approximately 218,000 square feet that resulted in weighted average rental rates that were approximately 34.5% higher than prior rental rates for the same space, and a weighted average lease term of more than 11 years. In addition, we executed one rent reset in Hawaii for approximately 34,000 square feet of land at a rental rate that was approximately 18.0% higher than the prior rate. Even though occupancy declined slightly to 99.1% as of the end of the quarter, same property cash basis net operating income increased by 3.3% during the quarter because of rent increases. We are also pleased to announce our first acquisition since our IPO; in June 2018, we acquired a 240,000 square foot property located in Doral, Florida for $43.1 million."

For earnings history and earnings-related data on Industrial Logistics Properties Trust (ILPT) click here.

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