ILPT

This article first appeared on GuruFocus. Normalized FFO: $20.8 million, or $0.31 per share, a 51% increase year-over-year. Same Property Cash Basis NOI: Increased 2% year-over-year. Consolidated Occupancy: Rose 450 basis points to 99%. Leasing Volume: Completed 5.4 million square feet in the quarter. Leasing Spreads: GAAP leasing spreads of 35% and cash leasing spreads of 14%. Adjusted EBITDAre: $87.4 million, a 3% increase year-over-year. Dividend: Quarterly dividend doubled to $0.10 per share. CAD Payout Ratio: Rose to 50% from 29% in the prior quarter. Capital Expenditures: Totaled approximately $14 million for the quarter, with $10 million tied to leasing commissions. Net Debt Leverage Ratio: Improved to 11.5 times. Net Debt to Total Assets Ratio: Increased to 69.2%. Full Year 2026 Normalized FFO Guidance: Increased to a range of $1.31 to $1.39 per share. Full Year 2026 Adjusted EBITDAre Guidance: Increased to a range of $348 million to $353 million. Warning! GuruFocus has detected 10 Warning Signs with ILPT. High Yield Dividend Stocks in Gurus' Portfolio This Powerful Chart Made Peter Lynch 29% A Year For 13 Years How to calculate the intrinsic value of a stock? Is ILPT fairly valued? Test your thesis with our free DCF calculator. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Normalized FFO grew 51% year-over-year, driven by a record leasing quarter with 5.4 million square feet at 35% leasing spreads. Consolidated occupancy rose 450 basis points to 99%, reflecting successful lease-up of two large vacancies in Indianapolis and Hawaii. 100% of ILPT's consolidated debt is now fixed rate with no maturities until 2029, reducing financial risk and enhancing cash flow predictability. The quarterly dividend was doubled to $0.10 per share, signaling confidence in durable earnings and commitment to shareholder returns. ILPT shares delivered a 63% total return in the first half of 2026, outperforming the industrial REIT benchmark by 55 percentage points. Net debt to total assets ratio remains elevated at 69.2%, indicating high leverage despite recent refinancing. Same property cash basis NOI growth was only 2%, impacted by a bad debt reserve for a Hawaii tenant. Capital expenditures totaled $14 million in the quarter, with $10 million tied to leasing commissions, pressuring cash flows. The CAD payout ratio rose to 50% from 29% in the prior quarter, largely due to elevated leasing commissions. A three-year free rent period on the new Hawaii ground lease will delay cash rent recognition until 2029. Here are the key highlights from Industrial Logistics Properties Trust (NASDAQ:ILPT)'s Q2 2026 earnings call. Q: What drove the strong financial results and the raised guidance for 2026? A: (Yael Duffy, President & CEO) Normalized FFO grew 51% year-over-year, driven by a record leasing quarter of 5.4 million square feet at 35% GAAP leasing spreads. This performance, along with the successful refinancing of $1.6 billion in floating-rate debt to fixed-rate debt, allowed us to raise our full-year 2026 normalized FFO guidance to a range of $1.31 to $1.39 per share. Q: How did the company resolve its two large vacancies, and what was the financial impact? A: (Yael Duffy, President & CEO) We resolved both vacancies. In Indianapolis, we signed a 10-year lease with FedEx for 532,000 square feet at a 14% GAAP rent roll-up. In Hawaii, we completed a 53-year ground lease on 2.2 million square feet with a construction company at a 162% GAAP rent roll-up. These deals pushed consolidated occupancy up 450 basis points to 99%. Q: What is the outlook for the leasing pipeline and future rent growth? A: (Mark Crum, Vice President) Our leasing pipeline stands at 3.4 million square feet, with 2.2 million square feet of upcoming expirations already in advanced negotiations. On this activity, we expect average rent roll-ups of 20% on the mainland and 30% in Hawaii, providing clear visibility into durable organic cash flow growth. Q: What was the impact of the debt refinancing on the company's financial position? A: (Tiffany Sy, CFO) In May, we closed a $1.62 billion five-year interest-only mortgage at a fixed rate of 5.71% for our consolidated joint venture. As a result, 100% of ILPT's consolidated debt is now fixed-rate with no maturities until 2029, materially reducing financial risk and providing greater predictability of future cash flows. Q: Why did the company double its quarterly dividend, and is it sustainable? A: (Yael Duffy, President & CEO) The dividend increase to $0.10 per share underscores our confidence in the durability of our earnings. While the Q2 CAD payout ratio rose to 50% due to elevated leasing commissions from record leasing volume, we believe the new dividend rate remains well covered by underlying cash flows with ample capacity to fund our priorities. Q: What caused the same property NOI growth to be only 2% despite strong leasing? A: (Yael Duffy, President & CEO) The 2% growth was impacted by two factors: the timing of when new leases commence and a one-time bad debt reserve we took for a tenant in Hawaii. Excluding that reserve, our cash NOI year-over-year would have been 3.8%, which is more in line with our underlying trends. Q: How should we think about the use of excess cash flow now that the debt is refinanced? A: (Yael Duffy, President & CEO) For now, we are comfortable building cash reserves. While we have no maturities until 2029, we would like to be in a position to potentially reduce our leverage when the Hawaii portfolio comes due in 2029, using some of that cash to pay down debt and refinance at a lower level. Q: What is the outlook for capital expenditures in the near term? A: (Yael Duffy, President & CEO) Q2 CapEx was elevated at $14 million, largely due to $10 million in leasing commissions from our record leasing activity. Our run rate for building improvements is typically $2 million to $4 million per quarter. We may see some one-time redevelopment capital in 2027 for a potential tenant expansion. Q: What are the typical annual rent escalators on your leases? A: (Mark Crum, Vice President) We are seeing escalators generally in the 2% to 3% range, though in some markets we are seeing them as high as 4%. An average of 3% is a good way to think about it. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Our analysts just identified a stock with the potential to be the next Nvidia. Tell us how you invest and we'll show you why it's our #1 pick. Tap here. Achieved a record leasing quarter with 5.4 million square feet completed at 35% spreads, marking the fifth consecutive quarter of accelerating mark-to-market growth. Successfully resolved major vacancies in Indianapolis and Hawaii, driving consolidated occupancy to 99%, which is 590 basis points above the national industrial average. Completed a $1.6 billion refinancing of floating rate debt into fixed rate debt, effectively eliminating variable rate exposure and extending the maturity profile to 2029. Realized a significant 162% GAAP rent roll-up on a 53-year ground lease in Hawaii, demonstrating the irreplaceable nature and long-term value of the company's land holdings. Doubled the quarterly dividend to $0.10 per share, reflecting management's confidence in the durability of earnings and improved predictability of future cash flows. Maintained disciplined capital allocation with costs and concessions averaging $0.23 per square foot, consistent with historical trends despite record leasing volume. Attributed the 51% year-over-year growth in normalized FFO to lower interest expenses following refinancing and sustained organic rent growth across the portfolio. Increased full-year 2026 Adjusted EBITDAre and normalized FFO guidance based on strong operating momentum and the impact of the Hawaii ground lease. Anticipates continued organic cash flow growth with approximately 70% of the quarter's $8.2 million in annualized rental revenue gains yet to be realized in late 2026 or 2027. Projects average rent roll-ups of 20% on the mainland and 30% in Hawaii for the 2.2 million square feet of expirations currently in advanced negotiations. Intends to build cash reserves in the absence of a revolving credit facility to potentially reduce leverage ahead of the 2029 Hawaii portfolio maturities. Expects building capital to ramp up seasonally in the second half of 2026 for projects like roofing and parking lots, though full-year capital expenditures are guided to a range of $29 million to $34 million. Recorded a bad debt reserve for a tenant in Hawaii, which negatively impacted same-property cash NOI; management is pursuing direct deals with existing subtenants to mitigate revenue loss. Recognized a one-time $1.5 million adjustment to normalized FFO related to the loss on debt extinguishment from the May refinancing activity. Noted that the new Hawaii ground lease includes a three-year free rent period, meaning cash growth from this transaction will not be realized until 2029, though tax recoveries begin immediately. Identified a potential redevelopment capital requirement in 2027 driven by a specific tenant's request for building expansion. One stock. Nvidia-level potential. 30M+ investors trust Moby to find it first. Get the pick. Tap here. Management plans to build cash reserves rather than deploy capital immediately, citing the lack of a current revolver and a desire to deleverage. The goal is to be positioned to pay down or refinance the Hawaii portfolio at lower levels when it matures in 2029. The 2% same-property NOI growth was dampened by a conservative bad debt reserve for a Hawaii tenant; excluding this, cash NOI would have been 3.8%. Management is optimistic about recovering the revenue by converting subtenants to direct leases, viewing the reserve as a temporary accounting requirement. Standard lease escalators are currently averaging around 3%, with some markets achieving annual increases as high as 4%. Management noted that demand remains healthy enough to push these annual growth rates despite elevated market supply. With the joint venture debt now fixed and distributions commencing, management believes the Mountain JV could be an attractive vehicle for potential new investors. While no immediate sales are planned, the stabilization of the portfolio's largest vacancies makes the JV structure more marketable.

Interested in Industrial Logistics Properties Trust? Here are five stocks we like better. Strong leasing momentum lifted occupancy to 99%: ILPT leased 5.4 million square feet in the second quarter at a 35% GAAP rent spread and a 14% cash spread, adding $8.2 million in annualized rental revenue. The company’s pipeline includes 3.4 million square feet, with expected roll-ups of about 20% on mainland properties and 30% in Hawaii. Refinancing eliminated floating-rate debt exposure: ILPT’s joint venture closed a $1.62 billion, five-year fixed-rate mortgage at 5.71%, making all consolidated debt fixed-rate with no maturities until 2029. Leverage remains high, however, at 11.5 times net debt leverage and 69.2% net debt to total assets. ILPT raised its 2026 outlook: Full-year adjusted EBITDAre guidance increased to $348 million-$353 million, while normalized FFO guidance rose to $1.31-$1.39 per share. Second-quarter normalized FFO reached $0.31 per share, up 51% year over year, and the company recently doubled its quarterly dividend to $0.10 per share. 3 Small Cap Stocks That May Someday be Large Caps Industrial Logistics Properties Trust (NASDAQ:ILPT) reported second-quarter 2026 normalized funds from operations, or FFO, of $20.8 million, or $0.31 per share, up 51% from a year earlier and in line with its guidance. The industrial real estate investment trust raised its full-year outlook after a quarter marked by record leasing volume, higher occupancy and a refinancing that fixed the interest rate on all of its consolidated debt. President and Chief Executive Officer Yael Duffy said the company completed 5.4 million square feet of leasing activity during the quarter at GAAP and cash leasing spreads of 35% and 14%, respectively. The activity represented ILPT’s seventh consecutive quarter of double-digit rent growth and fifth straight quarter of accelerating mark-to-market spreads, according to Duffy. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now As of June 30, ILPT owned 409 properties totaling 60 million square feet, with a weighted-average lease term of eight years. Portfolio occupancy rose 450 basis points during the quarter to 99%, which Vice President Marc Krohn said was 590 basis points above the national industrial average. The company signed 14 new and renewal leases, along with one rent reset, covering 5.4 million square feet. The leases carried a weighted-average term of 18.6 years and are expected to add $8.2 million of annualized rental revenue. Krohn said about 70% of that increase has not yet been realized and is expected to commence during the second half of 2026 or in 2027. → 3 Value ETFs to Consider as Growth Stocks Lag Behind ILPT also addressed two large vacancies during the period. In Indianapolis, the company signed a 10-year lease with FedEx for a 532,000-square-foot property. The transaction produced GAAP and cash rent roll-ups of 14% and 4%, respectively. In Hawaii, ILPT completed a 53-year ground lease covering 2.2 million square feet with a construction company. The lease had GAAP and cash rent roll-ups of 162% and 52%, respectively. However, Duffy said the tenant took possession on July 1 and has a three-year free-rent period. The company will recognize the lease’s GAAP impact immediately, while cash rent growth is not expected for three years. The tenant will pay real estate taxes of about $800,000 annually, which ILPT expects to recover immediately. → 5 AI Stocks Are Pulling Back—Which Growth Catalysts Still Look Strongest? Other notable transactions included a 10-year, 218,000-square-foot lease with Southern States in Georgia at a 35% rent roll-up, following one month of downtime after the former tenant’s expiration. ILPT also renewed Shaw Industries for 832,000 square feet in Georgia and ABC Technology Solutions for 581,000 square feet in Ohio, with each renewal generating a 21% rent roll-up and carrying seven-year terms. Krohn said ILPT’s current pipeline totals 3.4 million square feet, including 2.2 million square feet tied to leases expiring over the next 12 months that are in advanced negotiation or documentation. The company expects average roll-ups of 20% on mainland properties and 30% in Hawaii on that activity. In May, ILPT’s consolidated joint venture closed a $1.62 billion, five-year interest-only mortgage loan at a fixed rate of 5.71%. The proceeds refinanced a $1.4 billion floating-rate loan and $205 million of fixed-rate amortizing debt secured by 90 mainland properties. The refinancing means that 100% of ILPT’s consolidated debt is now fixed rate, with no maturities until 2029. Duffy said leverage remains elevated but that the company has reduced financial risk by eliminating variable-rate debt exposure. The transaction also allowed the joint venture to release cash previously reserved for debt amortization and interest-rate caps. The venture distributed $38 million in the quarter, including more than $23 million to ILPT, which owns 61% of the venture. ILPT ended the quarter with $135 million of cash and $46 million of restricted cash. Its net debt-to-total-assets ratio was 69.2%, while its net debt leverage ratio improved to 11.5 times. During the question-and-answer session, Duffy said the company is comfortable building cash reserves at the wholly owned ILPT level. While there are no maturities before 2029, she said ILPT could use accumulated cash to reduce leverage when its Hawaii portfolio debt comes due and potentially refinance at a lower level. She also noted ILPT currently does not have a revolving credit facility. Same-property net operating income was $88.6 million, while same-property cash-basis NOI was $85.7 million, with both measures increasing 2% year over year. Adjusted EBITDAre rose 3% to $87.4 million. Duffy said same-property cash-basis NOI growth was affected by timing of lease commencements and a bad-debt reserve for a Hawaii tenant. Excluding the reserve, she said cash-basis NOI growth would have been 3.8%. ILPT is in discussions regarding the tenant and said it may seek direct arrangements with subtenants occupying the parcel. Capital expenditures totaled approximately $14 million in the second quarter, including $10 million in leasing commissions associated with the elevated volume of leasing. Costs and concessions averaged $0.23 per square foot per year. Duffy said building-improvement spending has generally run at $2 million to $4 million per quarter, while Chief Financial Officer and Treasurer Tiffany Sy said capital spending is typically heavier in the third and fourth quarters because roofing and parking-lot work is easier to complete in warmer weather. Earlier in July, ILPT doubled its quarterly dividend to $0.10 per share. The company’s second-quarter cash available for distribution payout ratio increased to 50% from 29% in the first quarter, which Duffy attributed largely to leasing commissions tied to the record leasing activity. For the third quarter, ILPT expects adjusted EBITDAre of $87.5 million to $88.5 million and normalized FFO of $0.34 to $0.36 per share. It forecast interest expense of $61 million, including $59 million of cash interest expense. For full-year 2026, the company raised its adjusted EBITDAre guidance to $348 million to $353 million, an increase of $4 million at the midpoint. It raised normalized FFO guidance to $1.31 to $1.39 per share, an increase of $0.05 at the midpoint. ILPT expects full-year capital expenditures of $29 million to $34 million and interest expense of about $245 million, including $234.5 million of cash interest expense. Sy said the range of outcomes in the outlook reflects timing of leasing activity and potential fluctuations in general and administrative expenses. Industrial Logistics Properties Trust (NASDAQ: ILPT) is a real estate investment trust focused on acquiring, owning and operating industrial logistics properties across the United States. The company specializes in modern distribution centers, cross-dock facilities and last-mile delivery hubs designed to support e-commerce, retail, manufacturing and third-party logistics customers. ILPT’s assets are characterized by high ceilings, ample loading docks and clear spans to accommodate a wide range of warehouse functions. Formed as a spin-off from STAG Industrial, Inc in January 2022, ILPT commenced operations with a portfolio of strategically located facilities and a disciplined acquisition strategy. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Industrial Logistics Properties Trust Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

NEWTON, Mass., July 09, 2026--(BUSINESS WIRE)--Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that its Board of Trustees has increased its quarterly cash distribution on its common shares from $0.05 per share to $0.10 per share ($0.40 per share per year). This distribution will be paid on or about August 13, 2026, to ILPT’s shareholders of record as of the close of business on July 20, 2026. Tiffany Sy, Chief Financial Officer and Treasurer of ILPT, made the following statement: "ILPT has made significant strides over the past year, including increasing occupancy to over 98%, continuing to grow rents and refinancing debt to eliminate exposure to variable interest rates. As a result, the Board has approved a meaningful increase to our quarterly dividend, reflecting the durability of our portfolio, the sustainability of our cash flows and our commitment to delivering shareholder value." About Industrial Logistics Properties Trust ILPT is a real estate investment trust, or REIT, focused on owning and leasing high quality industrial and logistics properties. As of March 31, 2026, ILPT’s portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 77% of ILPT’s annualized rental revenues as of March 31, 2026 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of March 31, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com. WARNING CONCERNING FORWARD-LOOKING STATEMENTS This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon ILPT’s present intent, beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond ILPT’s control. These statements include, among others, statements regarding ILPT’s distribution rate, which may imply that ILPT will continue to pay quarterly distributions at that rate in the future, and statements regarding the performance of ILPT’s portfolio, the sustainability of its cash flows and ILPT’s commitment to delivering shareholder value. However, ILPT’s portfolio may not continue to perform consistent with prior or expected levels which may impact ILPT’s ability to generate sustainable cash flows and deliver shareholder value as it currently expects, in each case for various reasons beyond its control. ILPT’s distribution rate may be set and reset from time to time by ILPT’s Board of Trustees. ILPT’s Board of Trustees considers many factors when setting or resetting ILPT’s distribution rate, including ILPT’s funds from operations and normalized funds from operations, cash available for distribution, requirements to maintain ILPT’s qualification for taxation as a REIT, the then current and expected needs and availability of cash to pay ILPT’s obligations and fund its investments, limitations in ILPT’s debt agreements, the availability to ILPT of debt and equity capital, ILPT’s dividend yield and its dividend yield compared to the dividend yields of other REITs, ILPT’s expectation of its future capital requirements and operating performance and other factors deemed relevant by ILPT’s Board of Trustees in its discretion. Accordingly, any future distributions to ILPT’s shareholders may be increased, decreased, suspended or discontinued, and ILPT cannot be sure as to the rate at which future distributions, if any, will be paid. As a result, ILPT may not be able to deliver shareholder value. The information contained in ILPT’s filings with the Securities and Exchange Commission, or SEC, including under the caption "Risk Factors" in ILPT’s periodic reports, or incorporated therein, identifies other important factors that could cause differences from ILPT’s forward-looking statements. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon forward-looking statements. Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise. A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust. View source version on businesswire.com: https://www.businesswire.com/news/home/20260708053182/en/ Contacts Kevin Barry, Senior Director, Investor Relations(617) 219-1410

NEWTON, Mass., July 01, 2026--(BUSINESS WIRE)--Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced that it will issue a press release containing its second quarter 2026 financial results after the Nasdaq closes on Wednesday, July 29, 2026. On Thursday, July 30, 2026 at 10:00 a.m. Eastern Time, President and Chief Executive Officer Yael Duffy, Chief Financial Officer and Treasurer Tiffany Sy and Vice President Marc Krohn will host a conference call to discuss these results. The conference call telephone number is (877) 418-4826. Participants calling from outside the United States and Canada should dial (412) 902-6758. No pass code is necessary to access the call from either number. Participants should dial in about 15 minutes prior to the scheduled start of the call. A replay of the conference call will be available through 11:59 p.m. on Thursday, August 6, 2026. To access the replay, dial (855) 669-9658. The replay pass code is 6713740. A live audio webcast of the conference call will also be available in a listen-only mode on the company’s website, which is located at www.ilptreit.com. Participants wanting to access the webcast should visit the company’s website about five minutes before the call. The archived webcast will be available for replay on the company’s website after the call. About Industrial Logistics Properties Trust ILPT is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of March 31, 2026, ILPT’s portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 77% of ILPT’s annualized rental revenues as of March 31, 2026 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $37 billion in assets under management as of March 31, 2026 and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com. A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust. View source version on businesswire.com: https://www.businesswire.com/news/home/20260630633898/en/ Contacts Kevin Barry, Senior Director, Investor Relations(617) 219-1489

Interested in The RMR Group Inc.? Here are five stocks we like better. The RMR Group said fiscal Q2 2026 results came in at or above the high end of guidance, with distributable earnings of $0.44 per share and Adjusted EBITDA of $18.5 million. Management also said the company earned $23.6 million in incentive fees for 2025 and expects more incentive fees this year. RMR highlighted progress at its managed REITs, including stronger operating trends at Diversified Healthcare Trust, a major deleveraging move at Service Properties Trust, and better-than-expected results and refinancing at Industrial Logistics Properties Trust. Office Properties Income Trust also received court approval for its reorganization plan and is expected to emerge from bankruptcy by the end of the quarter. The company said its private capital platform has grown to nearly $12 billion in assets under management, even as fundraising remains challenged by geopolitical uncertainty. RMR also entered the Greenwich multifamily market with a roughly $350 million acquisition, and management guided for Q3 distributable earnings of $0.48 to $0.50 per share. The RMR Group (NASDAQ:RMR) reported fiscal second-quarter 2026 results at or above the high end of its outlook, as management highlighted incentive fees from managed REITs, ongoing private capital fundraising efforts and recent balance sheet investments. President and CEO Adam Portnoy said RMR generated distributable earnings of $0.44 per share and Adjusted EBITDA of $18.5 million for the quarter. He said the results came “despite operating in what remains an unsettled economic environment,” citing market volatility and geopolitical uncertainty. → Insider Sales: Top AST SpaceMobile Insider Cuts Postion Over 30% RMR earned $23.6 million of incentive fees for 2025, and Portnoy said the company is on track to earn incentive fees again this year, with both Diversified Healthcare Trust and Industrial Logistics Properties Trust accruing incentive fees during the quarter. Portnoy reviewed several developments across RMR’s managed REITs, saying the company has been active in executing clients’ strategic initiatives. → Light Speed Returns: Corning Cashes In on NVIDIA Growth At Diversified Healthcare Trust, or DHC, Portnoy said the company has focused on improving senior housing operating performance after transitioning 116 senior living communities to new operators in the second half of 2025. DHC generated first-quarter Normalized FFO of $33 million, or $0.14 per share, and Adjusted EBITDA of $74 million, both above analyst consensus estimates, according to Portnoy. Same-property NOI in the senior housing operating portfolio rose 13.5% year over year, while occupancy increased 110 basis points. DHC also sold 13 unencumbered non-core communities in March for gross proceeds of approximately $23 million. Portnoy said asset sales are expected to slow in 2026 after DHC completed about $605 million of sales in 2025, with management now focused on improving NOI in the retained portfolio. He also noted that Moody’s upgraded DHC’s debt ratings in April and revised its outlook to positive from stable. → Years in the Making, AMD’s Upside Movement Has Just Begun At Service Properties Trust, or SVC, Portnoy said RMR helped complete a $575 million equity offering that accelerated deleveraging, eliminated near-term refinancing risk and provided flexibility to improve hotel performance and pursue additional asset sales. RMR participated in the offering with a $50 million anchor investment. Portnoy said the proceeds allowed SVC to eliminate all unsecured debt maturities until 2028. For Industrial Logistics Properties Trust, or ILPT, Portnoy said first-quarter Normalized FFO of $0.33 per share and Adjusted EBITDA of $87 million exceeded the high end of management’s guidance. ILPT completed about 862,000 square feet of leasing during the quarter at rental rates 26% above prior rents. RMR also assisted ILPT with the refinancing of $1.6 billion of debt for its consolidated Mountain Joint Venture, replacing floating-rate and amortizing debt with interest-only fixed-rate debt at a 5.7% rate. Seven Hills Realty Trust originated three loans totaling $67.5 million during the quarter and generated distributable earnings of $0.24 per share, Portnoy said. Total loan commitments reached approximately $776 million, a record high for the portfolio. Portnoy also said Office Properties Income Trust, or OPI, received court approval for its plan of reorganization and is expected to emerge from bankruptcy by the end of the fiscal second quarter. He said RMR expects to continue managing OPI under previously disclosed terms, including a five-year term and a flat business management fee of $14 million per year for the first two years, while property management economics remain unchanged. Chief Operating Officer Matt Jordan said RMR’s private capital business has grown from “essentially zero” assets under management in 2020 to nearly $12 billion today. He said RMR is building brand awareness with global investors and has met with nearly 200 global investors representing almost $7 trillion in assets under management. Jordan said fundraising has been disrupted by the ongoing conflict in the Middle East, with global fundraising in the first quarter of 2026 down 50% from the prior year. However, he said North American real estate still attracted 65% of all dollars raised, and value-add strategies accounted for 56% of fundraising. RMR’s residential business now represents more than $4.7 billion in value-add residential real estate across 18,500 owned and managed units, Jordan said. In April, RMR closed on the acquisition of a multifamily portfolio in Greenwich, Connecticut, for almost $350 million. The transaction was sourced off-market and marks RMR’s entry into what Jordan described as one of the country’s most supply-constrained and affluent housing markets. RMR Residential will manage the properties and pursue a multiyear strategy to modernize communities, enhance the resident experience and improve efficiencies. The acquisition was completed through a joint venture in which RMR is a co-general partner and invested $6 million for a 5% ownership interest. Jordan said the remaining approximately $120 million of equity was raised from two institutional partners. RMR expects to recognize $600,000 of revenue from the transaction in fiscal Q3 and earn ongoing operating fees of about $750,000 annually. Jordan said the venture is expected to generate annual cash-on-cash returns of approximately 7.5% over the longer term, with potential carried interest as investment hurdles are met. Chief Financial Officer Matt Brown said recurring service revenues were $42 million in the quarter, down about $1 million sequentially, primarily due to hotel sales, lower enterprise values at SVC and DHC as those companies paid down debt, and the wind-down of AlerisLife’s business. Brown said RMR expects recurring service revenues to rise to about $44 million next quarter, driven by revenue from the Greenwich acquisition, higher construction management fees and enterprise value improvements at certain managed REITs. Recurring cash compensation was $37.7 million, up modestly from the prior quarter due to payroll tax and benefit resets, and is expected to remain consistent in fiscal Q3. Recurring general and administrative expense was $10.1 million, excluding $600,000 in annual director share grants, and is expected to remain around that level for the rest of the fiscal year. For fiscal Q3, Brown guided for Adjusted EBITDA of approximately $19 million to $21 million and distributable earnings of $0.48 to $0.50 per share. He said RMR will no longer provide guidance for adjusted net income because investments in leveraged real estate have reduced the metric’s usefulness due to depreciation and interest expense. Brown said RMR’s current liquidity is approximately $133 million, including $75 million of capacity on its revolving credit facility, after the $50 million SVC investment and the $6 million Greenwich joint venture investment. The SVC investment is expected to generate about $420,000 of incremental quarterly dividends. During the question-and-answer session, Portnoy said RMR’s multifamily investments are likely to remain private and continue to be structured through joint ventures and small portfolio investments. He said RMR is also trying to build a dedicated fund around the strategy, but he does not expect a transaction that would roll up the full $4.7 billion multifamily portfolio into a public vehicle. Portnoy said development and credit remain priorities, though development is difficult in the current market because of uncertainty and elevated required returns. He said Seven Hills has close to $500 million of capacity for new investments over the next year, supported by new capital and expected loan payoffs. Asked about RMR’s cash position, Portnoy said the company remains “all systems go” for the right opportunities, with more than $100 million of liquidity between cash and revolver capacity. He added that RMR is optimistic it could recover cash if it successfully syndicates its Enhanced Growth Venture tied to the multifamily strategy. Jordan said fundraising for equity remains challenging, with geopolitical volatility slowing conversations with investors. He said allocations to real estate remain in place over the long term, but fundraising cycles are taking longer. The RMR Group, Inc (NASDAQ: RMR) is a publicly traded asset management company that specializes in providing comprehensive real estate and investment management services to both public and private entities. Acting as an external manager, RMR offers a range of services encompassing property management, asset management, fund administration, accounting, investor relations and compliance oversight. Its client base includes real estate investment trusts (REITs), real estate operating companies (REOCs), closed-end real estate funds and institutional investors. Founded in 1986, RMR Group has built a business model centered on recurring fee revenue generated through long-term service agreements with its managed entities. The article "The RMR Group Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for May 2026.

ILPT’s consolidated JV priced a $1.6 billion fixed‑rate, interest‑only loan at 5.71% (expected close ~May 8), converting all consolidated debt to fixed rate with a weighted average of 5.48%, no maturities until 2029 and an expected ~$20 million uplift to annual cash flow by eliminating amortizing debt and interest caps. Operationally ILPT reported its sixth consecutive quarter of double‑digit rent growth, leasing 862,000 sq ft at a 26.3% weighted average rent roll‑up and 94.6% consolidated occupancy, and expects to fully lease a key 535,000‑sq‑ft Indianapolis vacancy in June with cash benefits starting in H2. Q1 Normalized FFO was $22 million ($0.33/share), beating guidance by $0.02 per share partly due to $1.1 million of one‑time items, and full‑year 2026 guidance calls for Normalized FFO of $1.27–$1.34/share and Adjusted EBITDAre of $344–$349 million, with interest expense around $245 million. Interested in Industrial Logistics Properties Trust? Here are five stocks we like better. 3 Small Cap Stocks That May Someday be Large Caps Industrial Logistics Properties Trust (NASDAQ:ILPT) used its first-quarter 2026 earnings call to emphasize a major refinancing at its consolidated joint venture and to detail continued leasing gains that management said are supporting cash flow and earnings growth. President and CEO Yael Duffy opened by highlighting a financing milestone announced the prior week: ILPT’s consolidated joint venture “successfully priced $1.6 billion of fixed rate interest only debt” at an interest rate of 5.71%. → Palantir Is Down 30%: Noise? Or a Signal to Accumulate? Duffy said the outcome “was achieved despite geopolitical headwinds and capital markets volatility,” and attributed it to “the strength of our high quality industrial portfolio, the credit worthiness of our tenants, and the depth of the banking relationships our manager, The RMR Group, has built.” Chief Financial Officer and Treasurer Tiffany Sy said ILPT expects to close the loan “on or about May 8th” and intends to use proceeds to refinance the JV’s existing $1.4 billion floating-rate loan and $205 million of fixed-rate amortizing debt. The new borrowing is secured by “the same 90 mainland properties as the existing borrowing,” she said. → Corning Beats Q1 Estimates but Drops 9% on Guidance Miss Sy said the refinancing will “unlock nearly $20 million in annual cash flow by eliminating its amortizing debt and the need to purchase interest rate caps.” Following the transaction, she said “all of ILPT’s consolidated debt will be fixed rate,” with a weighted average interest rate of 5.48% and “no debt maturities until 2029.” Duffy similarly noted that the refinancing would “substantially strengthen” the joint venture’s capital structure and “insulat[e] it from interest rate swings.” Sy reported first-quarter Normalized FFO of $22 million, or $0.33 per share, which exceeded the high end of the company’s guidance by $0.02 per share. She said the beat was “driven by one-time revenues and fees totaling $1.1 million.” → Did Qualcomm Just Put Apple in Check? Normalized FFO grew 16% sequentially and 63% versus the same quarter a year ago, Sy said. She also reported: Same Property NOI: $90.3 million Same Property Cash Basis NOI: $87.4 million Adjusted EBITDAre: $87 million Duffy said Same Property Cash Basis NOI increased “more than four percent year-over-year,” while Normalized FFO grew “more than 60%,” which she said reflected progress on both “reducing financing costs and driving rent growth.” In response to an analyst question about the quarter’s one-time items, Sy said $650,000 related to “percentage rent that gets trued up” and $450,000 was “a one-time remediation fee related to a move-out that has already been released.” She added that the percentage-rent true-up is “always a 1Q item,” though the amount can vary and may not occur every year. Management pointed to continued leasing momentum, including what Duffy described as the sixth consecutive quarter of double-digit rent growth. During the quarter, ILPT leased 862,000 square feet at a weighted average rent roll-up of 26.3%, she said. Renewals represented about 70% of leasing activity, and Duffy reported consolidated occupancy of 94.6%. Duffy also quantified near-term lease expiration exposure and embedded mark-to-market opportunity, stating that 8.1 million square feet—representing 11.5% of total annualized revenue—was scheduled to expire by the end of 2027. She said ILPT’s leasing pipeline stood at about 6 million square feet, with more than 2 million square feet in advanced negotiation or lease documentation. A key operational focus discussed on the call was a 535,000-square-foot vacancy in Indianapolis. Duffy said the company anticipates “fully leasing” the space in June, calling it a “key 2026 initiative.” Asked about timing and economics, Duffy said the lease is expected to be signed in June, with “minimal free rent of four months.” She added, “We’ll start seeing the cash in the back half of the year, and it will be at a roll-up in rent.” Sy said ILPT ended the quarter with $100 million of cash on hand and $86 million of restricted cash. She also reported that the net debt to total assets ratio “declined modestly to 68.8%,” and that the company’s net debt leverage ratio improved to 11.6x from 11.8x. On capital allocation, Duffy said management was “evaluating all of our options” and stressed the need to maintain liquidity to address tenant needs. She said the company is in early discussions with “a couple tenants” about potential building expansions where tenants want ILPT to partner with them. When asked about acquisitions, Duffy said, “Given where our leverage is today, I don’t see us looking to acquire any properties, at least in the short term, unless it’s a very specific situation or an opportunistic one.” Sy also said first-quarter capital expenditures were unusually low. “Current quarter was an anomaly,” she said, adding that while first quarter can sometimes be seasonally lower, “That’s not what we are forecasting going forward.” Sy said ILPT introduced full-year 2026 guidance in addition to its quarterly outlook. For the second quarter of 2026, the company expects: Interest expense: $61.5 million (including $59 million cash interest and $2.5 million non-cash amortization of deferred financing fees) Adjusted EBITDAre: $85.5 million to $86.5 million Normalized FFO: $0.31 to $0.33 per share For full-year 2026, ILPT guided to: Interest expense: approximately $245 million (including $234.5 million cash interest and $10.5 million non-cash interest) Adjusted EBITDAre: $344 million to $349 million Normalized FFO: $1.27 to $1.34 per share Sy said the guidance reflects the impact of the consolidated joint venture’s refinancing and assumes the Indianapolis vacant property is leased in June 2026. She added that the outlook “does not include the lease up of our Hawaii land parcel.” During the Q&A, Sy said a key driver between the low and high ends of guidance relates to potential one-time items, such as “one-time reimbursements” or “one-time fees,” which she described as typically not large. Asked whether the new debt structure provides flexibility for asset sales, Sy noted a “24-month lockout period” in the new debt. Duffy added that completing the Indianapolis lease would give the company “flexibility on the $1.16 billion debt to be able to look to sell properties in that pool,” though she indicated dispositions within the newly refinanced pool would not be possible in the near term. Closing the call, Duffy said management believes it has momentum across “a meaningfully strengthened capital structure, continued double-digit leasing spreads, and a healthy pipeline of embedded mark-to-market opportunities,” and she said the company looks forward to meeting with investors at the Nareit conference in June. Industrial Logistics Properties Trust (NASDAQ: ILPT) is a real estate investment trust focused on acquiring, owning and operating industrial logistics properties across the United States. The company specializes in modern distribution centers, cross-dock facilities and last-mile delivery hubs designed to support e-commerce, retail, manufacturing and third-party logistics customers. ILPT’s assets are characterized by high ceilings, ample loading docks and clear spans to accommodate a wide range of warehouse functions. Formed as a spin-off from STAG Industrial, Inc in January 2022, ILPT commenced operations with a portfolio of strategically located facilities and a disciplined acquisition strategy. The article "Industrial Logistics Properties Trust Q1 Earnings Call Highlights" was originally published by MarketBeat.

Image source: The Motley Fool. Thursday, April 30, 2026 at 10 a.m. ET President and Chief Executive Officer — Yael Duffy Chief Financial Officer and Treasurer — Tiffany R. Sy Senior Director of Investor Relations — Kevin Barry Vice President — Marc Krohn Need a quote from a Motley Fool analyst? Email [email protected] Operator: Good morning, and welcome to Industrial Logistics Properties Trust's first quarter 2026 financial results conference call. I would now like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please go ahead. Kevin Barry: Good morning, and thank you for joining Industrial Logistics Properties Trust's first quarter 2026 earnings call. With me on today's call are President and Chief Executive Officer, Yael Duffy, Chief Financial Officer and Treasurer, Tiffany R. Sy, and Vice President, Marc Krohn. In just a moment, they will provide details about our business and quarterly results, followed by the question and answer session with sell side analysts. Please note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, including guidance with respect to certain second quarter and full year 2026 financial measures. These forward looking statements are based on Industrial Logistics Properties Trust's beliefs and expectations as of today, 04/30/2026, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission which can be accessed from our website ilptreit.com. Investors are cautioned not to place undue reliance upon any forward looking statements. In addition, we will be discussing non GAAP financial measures during this call including normalized funds from operations or normalized FFO, adjusted EBITDAre, net operating income or NOI, and cash basis NOI. A reconciliation of these non GAAP measures to net income is available in our financial results package, which can be found on our website. Lastly, we will be providing guidance on this call including estimated normalized FFO and adjusted EBITDAre. We are not providing a reconciliation of these non GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all. I will now turn the call over to Yael. Yael Duffy: Thank you, Kevin, and good morning. To begin, I would like to highlight the announcement we made last week that our consolidated joint venture successfully priced $1.6 billion of fixed rate interest only debt at an attractive interest rate of 5.71%. This outcome was achieved despite geopolitical headwinds and capital markets volatility. It also speaks to the strength of our high quality portfolio, the creditworthiness of our tenants, and the depth of the banking relationships our manager, The RMR Group, has built. As Tiffany will cover shortly, this financing takes out the JV's floating rate and amortizing debt, substantially strengthening its capital structure, insulating it from interest rate swings, and driving stronger cash flow. As a result, all of Industrial Logistics Properties Trust's consolidated debt will now be fixed rate and non amortizing, at a weighted average interest rate of less than 5.5%. Turning to our results, I am pleased to report another quarter of strong earnings growth that outpaced our expectations, which was supported by continued leasing momentum across our portfolio. Same property cash basis NOI increased more than 4% year over year and normalized FFO grew more than 60%, demonstrating the meaningful progress we have made reducing financing costs and driving rent growth. 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. Renewals accounted for approximately 70% of the activity, reflecting continued strong tenant retention and portfolio stability, with consolidated occupancy of 94.6%. Today, 8.1 million square feet, or 11.5% of Industrial Logistics Properties Trust's total annualized revenue, is scheduled to expire by 2027, which provides us a substantial runway to capture embedded rent growth and drive organic cash flow. Currently, our leasing pipeline stands at 6 million square feet with more than 2 million square feet already in advanced stages of negotiation or lease documentation. We are especially pleased to share that we anticipate fully leasing the 535,000 square foot vacancy in Indianapolis in June, accomplishing a key 2026 initiative for the company. Before I turn the call over to Tiffany, I want to underscore the momentum we have built across fronts: a meaningfully strengthened capital structure, continued double digit leasing spreads, and a healthy pipeline of embedded mark to market opportunities still available to us. Looking ahead, we believe we have a clear path to continued cash flow growth and delivering value to our shareholders. I will now turn the call over to Tiffany R. Sy for the financial results. Tiffany R. Sy: Thank you, Yael, and good morning, everyone. Yesterday, we reported first quarter normalized FFO of $22 million, or $0.33 per share. These results exceeded the high end of our guidance by $0.20 per share, driven by one time revenues and fees totaling $1.1 million. Normalized FFO grew 16% on a sequential quarter basis and 63% compared to the same quarter a year ago. Same property NOI was $90.3 million, same property cash basis NOI was $87.4 million, and adjusted EBITDAre totaled $87 million, each increasing on a year over year and sequential quarter basis. Turning to our balance sheet, we ended the quarter with cash on hand of $100 million and restricted cash of $86 million. Our net debt to total assets ratio declined modestly to 68.8% and our net debt leverage ratio improved to 11.6 times from 11.8 times. Last week, we priced $1.6 billion of five year fixed rate, interest only mortgage financing for our consolidated joint venture at 5.71%. We expect to close the loan on or about May 8, and plan to use the proceeds to refinance the joint venture's existing $1.4 billion floating rate loan and $[inaudible] of fixed rate amortizing debt. The new debt is secured by the same 90 mainland properties as the existing borrower. With this refinancing, our consolidated joint venture will unlock nearly $20 million in annual cash flow by eliminating its amortizing debt and the need to purchase interest rate caps. Additionally, all of Industrial Logistics Properties Trust's consolidated debt will be fixed rate, limiting our exposure to market interest rate volatility, with a weighted average interest rate of 5.48% and no debt maturities until 2029. Turning to our outlook, we introduced full year guidance in our earnings presentation issued last night, in addition to the quarterly guidance we have been providing. For the second quarter of 2026, we expect interest expense of $61.5 million, including $59 million of cash interest expense and $2.5 million of non cash amortization of deferred financing fees, adjusted EBITDAre between $85.5 million and $86.5 million, and normalized FFO between $0.31 to $0.33 per share. For the full year 2026, we are guiding to interest expense of approximately $245 million with cash interest of $234.5 million and non cash interest of $10.5 million, adjusted EBITDAre between $344 million and $349 million, and normalized FFO of between $1.27 to $1.34 per share. This guidance reflects the impact of our consolidated joint venture's refinance. It also assumes our vacant property in Indianapolis is leased in June 2026 and does not include the lease up of our Hawaii land parcel. In closing, we are pleased with the meaningful progress that Industrial Logistics Properties Trust has made over the past year, refinancing our floating rate debt and enhancing cash flow. As we look ahead to the remainder of 2026, we are focused on building on this momentum, advancing our growth initiatives, and creating long term value for our shareholders. That concludes our prepared remarks. We will now open the call for questions. Operator: Thank you very much. We will now begin the question and answer session. If you are using a speakerphone, please pick up your handset before pressing the keys. Our first question comes from Mitchell Germain with Citizens Bank. Please go ahead. Mitchell Germain: Thank you very much. Can you provide some sensitivity from the top to the bottom end of the guidance range, please? Meaning, what will impact the bottom, and what factors take you to the high end of the range? Tiffany R. Sy: Sure. Sometimes we have one time reimbursements or one time fees. They are usually not very large, so that accounts for the $1 million range in the guidance. Mitchell Germain: Got it. Okay. That is helpful. Obviously, interest rate is pretty much fixed at this point. So maybe provide some perspective on the Indianapolis lease. I know this has been a big priority strategically. Do you believe it becomes income paying in June? How should we think about that, and maybe provide some perspective on the economics? Are we looking at rents going higher? Yael Duffy: Sure. We anticipate the lease to be signed in June. There will be a minimal free rent period of four months, so we will start seeing the cash in the back half of the year, and it will be at a roll up in rent. Mitchell Germain: Great. And then last question from me: with regards to the recent debt, does it offer more flexibility from a covenant perspective with regard to your ability to potentially look to sell some assets? And then more broadly, do you think that asset sales might become more of a strategic priority? Tiffany R. Sy: There is a 24 month lockout period in the new debt. Yael Duffy: I will add that with the leasing of this property in Indianapolis, it will allow us flexibility on the $1.16 billion debt to be able to look to sell properties in that pool. So while we might not be able to, in the short term, have dispositions within that mountain of debt, we will have greater flexibility now that we have gotten this Indianapolis lease completed. Mitchell Germain: Thanks, and I appreciate the guidance. Kevin Barry: Thanks, Mitch. Operator: Thank you. Our next question comes from John Massocca with B. Riley. Please go ahead. John Massocca: Good morning. Maybe can you walk us through what the $1.1 million of one time items were in the quarter? And is that why guidance is calling for a step down in 2Q versus 1Q at the midpoint? Tiffany R. Sy: Yes, that is exactly why. There was $150,000 of percentage rent that gets trued up. That happened this quarter. And then we also had $450,000 of a one time remediation fee related to a move out that has already been released. John Massocca: Okay. And the percentage rent true up, is that something that could hit in any given quarter, or is that usually a 1Q item? Tiffany R. Sy: It is always a 1Q item. We just do not know what the amount will be, or even if it will be incremental to us. John Massocca: And post the debt transaction, now that your balance sheet is pretty set, how are you thinking about utilizing the cash balance today? You talked a little bit about dispositions, maybe using that cash to pay down debt potentially. Or would you even potentially look into the acquisition market? Just curious how you are thinking of managing the cash outstanding, given there is a little more certainty from a debt side of your balance sheet. Yael Duffy: We are evaluating all of our options right now. We want to make sure that we have cash on the balance sheet to address our tenants' needs. We have a couple of tenants we are in early discussions with who are looking at potential building expansions that they want us to partner with them on, so we want to make sure that we have that cash available to us. It is early stages. We will see where we shake out and then go from there. John Massocca: I know those are potentially unique situations, but how do you think about a return threshold if you get back into the market of deploying capital? Tiffany R. Sy: We are certainly in a better position today than we were even a year ago, so that is something we are always considering with the Board. John Massocca: Was I asking about property acquisitions or even other investments? If you were to get back into the market, how would you view the current cap rate environment versus where you would want to deploy capital? Are there things out there today, especially given it would probably be coming from cash on hand rather than newly raised capital? Yael Duffy: Given where our leverage is today, I do not see us looking to acquire any properties at least in the short term, unless it is a very specific or opportunistic situation. John Massocca: And lastly, the CapEx spending was down a little bit. I know 1Q can be a relatively weak period seasonally for CapEx spend, but is that a more typical run rate, or was the current quarter a bit of an anomaly? Tiffany R. Sy: The current quarter was an anomaly. Q1 can be down sometimes. That is not what we are forecasting going forward. John Massocca: That is it for me. Thank you very much. Kevin Barry: Operator, I believe that concludes our Q&A. Yael Duffy: Thank you for joining today's call, and we look forward to meeting with many of you at the NAREIT conference in June. Please reach out to Investor Relations if you are interested in scheduling a meeting with Industrial Logistics Properties Trust. Operator, that concludes our call. Operator: Thank you. The conference has now concluded. 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See the 10 stocks » *Stock Advisor returns as of April 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ILPT Q1 2026 Earnings Call Transcript was originally published by The Motley Fool