One-glance verdict
Overvalued
$-45.78 our estimate vs market $7.37
Wall Street consensus: $11.17 (-124.4% lower than our fair-value estimate)
116% below our estimate, beyond the bull case
Fundamentals snapshot
Industrial Logistics Properties Trust
ILPT · NMS · Real Estate · REIT - Industrial
Current price
$7.37
52-week range
$4.92 - $9.43
Market cap
$491.92M
Balance sheet
Distressed
0.56x Concerning
Net debt $4.05B. Interest coverage shows how many times profit covers the interest bill.
What stands out
3 Rewards
1 Risk
3 rewards · 1 risks
- Reward Revenue grew 1.5% last year.
- Reward Free cash flow was positive in 8/10 years.
- Reward Dividend yield is 3.4% with 9-year payout history.
- Risk Return on equity was -9.2% last year — the company lost money on shareholders' equity.
What this company does
Industrial Logistics Properties Trust
Industrial Logistics Properties Trust is a real estate company that owns and rents out large warehouses and distribution centers where other businesses store and ship their products. The company earns most of its money from rent paid by very financially stable corporate tenants, which makes its income stream more predictable and reliable because these high-quality renters are very likely to pay on time.
How the company got here
Industrial Logistics Properties Trust, or ILPT for short, was created in 2018 when it was separated from a larger real estate company called Select Income REIT. This move allowed ILPT to focus specifically on owning and leasing buildings used for industry and logistics, like warehouses and distribution centers. A major turning point was in 2022, when ILPT bought another company, Monmouth Real Estate Investment Corporation, for about $4 billion. This purchase significantly grew its collection of properties across the mainland United States, more than doubling its portfolio in that region.
What it actually does
ILPT is a special type of company called a REIT (Real Estate Investment Trust), which is a company that owns and often operates income-producing real estate. Think of it like a landlord, but for huge industrial properties instead of apartments. It buys warehouses, distribution centers, and other logistics buildings and then rents them out to other businesses. These tenants (the businesses that rent the space) then use the properties for things like storing products, packing online orders, and managing their supply chain (the entire process of making and selling goods, from getting the raw materials to delivering the final product to a customer).
Mainland Properties
This is the larger part of ILPT's business, making up about 71% of its rental income. It consists of warehouses and distribution centers located across 38 states on the U.S. mainland. Companies that need to store and ship goods to customers across the country pay ILPT rent to use these buildings. Many of these tenants are investment-grade (meaning they are considered to have a low risk of not being able to pay their debts), which provides a steady and reliable stream of income for ILPT.
Hawaii Properties
A unique and important part of ILPT's business is its properties in Hawaii, mostly on the island of Oahu, which bring in about 29% of its rental income. This segment includes not just buildings but also large parcels of land that other companies lease for long periods. Because there is limited industrial land available in Hawaii, these properties are particularly valuable and give ILPT strong pricing power (the ability to charge higher rents). Many tenants have long-term ground leases, where they rent the land and have often built their own facilities on it.
What management is betting on now
Management's current focus is on taking advantage of the continued growth in e-commerce, which drives high demand for logistics and distribution properties. After the large acquisition of Monmouth, the company is concentrating on improving the performance of its existing properties and strengthening its balance sheet (a snapshot of the company's financial health). They are also focused on increasing rents when leases are renewed, especially in their unique Hawaii market where land is scarce. The company has also been working to refinance its debt to reduce its exposure to changing interest rates.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q3
$-5.95M
FY2024 Q4
$-13.91M
FY2025 Q1
$5.02M
FY2025 Q2
$15.16M
FY2025 Q3
$17.63M
FY2025 Q4
$4.22M
FY2026 Q1
$12.80M
FY2026 Q2
$19.79M
Revenue
—
Net income
$-14.46M
Diluted EPS
-0.22
Operating cash flow
$22.04M
Free cash flow
$19.79M
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Sources
Revenue
—
Net income
$-9.43M
Diluted EPS
-0.14
Operating cash flow
$15.89M
Free cash flow
$12.80M
Fetching…
Sources
Revenue
—
Net income
$-1.78M
Diluted EPS
-0.02
Operating cash flow
$8.18M
Free cash flow
$4.22M
Fetching…
Sources
Revenue
—
Net income
$-21.57M
Diluted EPS
-0.33
Operating cash flow
$22.71M
Free cash flow
$17.63M
Fetching…
Sources
Revenue
—
Net income
$-21.31M
Diluted EPS
-0.32
Operating cash flow
$18.41M
Free cash flow
$15.16M
Fetching…
Sources
Revenue
—
Net income
$-21.53M
Diluted EPS
-0.33
Operating cash flow
$11.37M
Free cash flow
$5.02M
Fetching…
Sources
Revenue
—
Net income
$-24.10M
Diluted EPS
-0.37
Operating cash flow
$-13.46M
Free cash flow
$-13.91M
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Sources
Revenue
—
Net income
$-24.99M
Diluted EPS
-0.38
Operating cash flow
$-3.41M
Free cash flow
$-5.95M
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Sources
Is it cheap or expensive?
Fair value $-45.78 vs current price $7.37
Wall Street consensus is the average analyst price target: $11.17 (-124.4% lower than our fair-value estimate).
Our most-likely fair value is $-45.78 a share — about 721.2% below today's price of $7.37, so the stock currently looks expensive (overvalued).
Is it drowning in debt?
Distressed
Net debt $4.1B. Interest coverage 0.6x.
Net debt
$4.05B
Interest coverage
0.56x
Industrial Logistics Properties Trust's profit covers its interest bill about 0.6 times over. which is weaker than most peers shown here.
Distressed
Worse cushion
Baseline
Better cushion
ILPT
BASELINE
Industrial Logistics Properties Trust
Total debt $4.19B Interest coverage 0.56x This is the baseline the peer rows are being compared against.
Total debt $3.48B Interest coverage 2.42x +333% vs ILPT Carries about 4.3x more debt cushion than ILPT.
Total debt $2.58B Interest coverage 3.62x +548% vs ILPT Carries about 6.5x more debt cushion than ILPT.
Total debt $3.27B Interest coverage 3.63x +549% vs ILPT Carries about 6.5x more debt cushion than ILPT.
Total debt $1.65B Interest coverage 9.82x +1,656% vs ILPT Carries about 17.6x more debt cushion than ILPT.
Total debt $948.29M Interest coverage 5.86x +947% vs ILPT Carries about 10.5x more debt cushion than ILPT.
What you should know
The case for and against ILPT
3 Rewards
1 Risk
Rewards
-
Revenue grew 1.5% last year.
-
Free cash flow was positive in 8/10 years.
-
Dividend yield is 3.4% with 9-year payout history.
Risks
-
Return on equity was -9.2% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-8.38x
P/B
1.07x
P/S
1.08x
EV/EBITDA
16.02x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
85.8%
Operating margin
31.4%
Net margin
-10.4%
ROE
-9.2%
ROA
1.8%
Health
Liquidity and balance-sheet strength
Debt / equity
4.98x
Current ratio
4.31x
Quick ratio
3.68x
Total debt
$4.19B
Total cash
$135.33M
Growth
How the business has been compounding
Revenue TTM
$455.39M
Revenue 5Y CAGR
5.0%
EPS TTM
-0.71
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$68.82M
Free CF TTM
$42.03M
FCF margin
9.2%
Dividend
Shareholder payout
Yield
3.4%
Payout ratio
92.3%
Last ex-div date
2026-07-20