ILPT News & Events

Industrial Logistics Properties Trust announced the execution of two significant new leases, totaling more than 2.7 million square feet across its U.S. mainland and Hawaii portfolios. Together, these leases fully address the two largest vacancies in ILPT's portfolio, both of which were strategic priorities for 2026, and increase ILPT's portfolio occupancy to approximately 98%, as follows: A lease for a 532,364 square foot warehouse and distribution facility located at 9215-9347 E. Pendleton Pike in Indianapolis, Indiana. The approximately 10-year lease commenced on May 1, 2026, returning this high-quality facility to full occupancy after being vacant since August 2024. A long-term ground lease for 2,237,547 square feet at 91-399 Kauhi Street in Kapolei, Hawaii. Commencing on July 1, 2026, the 53-year lease is expected to unlock value from one of the largest parcels in ILPT's valuable Hawaii land portfolio.

CEO Yael Duffy said, "ILPT began the year with exceptional first quarter results, highlighted by earnings growth that exceeded our expectation and strong leasing momentum across our industrial portfolio. Normalized FFO increased more than 60%, and same property Cash Basis NOI grew 4.1%, year over year. Operationally, we leased 862,000 square feet at a weighted average rent roll-up of 26.3%, marking our sixth consecutive quarter of double digit rent growth, and we ended the period with consolidated occupancy of 94.6%. Last week, we successfully priced $1.6 billion of fixed rate, interest only mortgage debt, which we expect to use to refinance the floating rate and amortizing debts of ILPT's consolidated joint venture, strengthening our balance sheet and providing nearly $20 million of annual cash flow. Looking ahead, our priorities remain focused on converting leasing opportunities in our pipeline at attractive mark-to-market spreads, generating organic cash flow growth and continuing to create long term value for our shareholders."