ILPT

MKT CAP:$486M

Industrial Logistics Properties Trust

Market Cap

$486M

Real Estate·REIT - Industrial·🇺🇸 United States·NASDAQ

Real Estate·REIT - Industrial·🇺🇸·NASDAQ

Stock Price

$7.16+$1.63 (+29.48%)

Apr 23, 2026

Company Details

ILPT is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset ma...

CEO

Yael Duffy

IPO Date

Jan 12, 2018

Website

www.ilptreit.com

Key Metrics TTM

Revenue

$383M

+71.2% YoY

Net Income

-$29M

EPS (Diluted)

-$0.44

Free Cash Flow

$23M

Revenue / Share

$5.83

Gross Margin

86.0%

Operating Margin

50.6%

Net Margin

-7.6%

FCF Margin

6.0%

P/S

1.3x

P/E

—

Earnings Reports

Q3 2024

Apr 29, 2026

PENDING

Q2 2024

Jul 30, 2024

$111MEPS -$0.35

Q1 2024

Apr 30, 2024

$112MEPS -$0.36

Q3 2022

Oct 25, 2022

$103M+87.7%EPS -$0.70

FY 2021

Feb 15, 2022

$220MEPS $1.83

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 18	$41M	$36M	$23M
Q2 18	$39M	$35M	$22M
Q3 18	$40M	$35M	$22M
Q4 18	$42M	$37M	$23M
Q1 19	$46M	$40M	$24M
Q2 19	$60M	$53M	$27M
Q3 19	$61M	$52M	$26M
Q4 19	$62M	$53M	$49M
Q4 20	$60M	$52M	$47M
Q1 21	$54M	$47M	$43M
Q2 21	$54M	$46M	$42M
Q3 21	$55M	$47M	$43M
Q4 21	$56M	$48M	$44M
Q3 22	$103M	$89M	$80M
Q1 24	$112M	$96M	$35M
Q2 24	$111M	$95M	$35M

Valuation

Quarter	P/S	P/E
Q1 18	3.1x	6.2x
Q2 18	3.1x	6.4x
Q3 18	3.0x	6.8x
Q4 18	3.0x	6.5x
Q1 19	2.9x	6.8x
Q2 19	2.6x	7.3x
Q3 19	2.3x	8.2x
Q4 19	2.1x	9.3x
Q4 20	2.0x	6.4x
Q1 21	2.0x	5.9x
Q2 21	2.1x	5.4x
Q3 21	2.2x	5.0x
Q4 21	2.2x	4.1x
Q3 22	1.8x	8.9x
Q1 24	1.5x	38.9x
Q2 24	1.3x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 18	$22M	$22M
Q2 18	$24M	$24M
Q3 18	$24M	$24M
Q4 18	$27M	$27M
Q1 19	$28M	$28M
Q2 19	$36M	$36M
Q3 19	$25M	$25M
Q4 19	$27M	$27M
Q4 20	$22M	$22M
Q1 21	$30M	$30M
Q2 21	$33M	$32M
Q3 21	$26M	$25M
Q4 21	$22M	$22M
Q3 22	-$11M	-$14M
Q1 24	$8M	$6M
Q2 24	$11M	$9M

Capital Expenditures

Quarter	CapEx
Q1 18	$0
Q2 18	$0
Q3 18	$0
Q4 18	$0
Q1 19	$0
Q2 19	$0
Q3 19	$0
Q4 19	$0
Q4 20	$0
Q1 21	$0
Q2 21	$562.0K
Q3 21	$1M
Q4 21	$0
Q3 22	$3M
Q1 24	$2M
Q2 24	$1M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 18	+3.0%	-5.1%
Q2 18	+2.1%	+4.4%
Q3 18	+3.5%	+17.4%
Q4 18	+6.8%	-17.9%
Q1 19	+13.3%	+27.2%
Q2 19	+52.4%	+93.5%
Q3 19	+50.8%	+93.7%
Q4 19	+47.8%	-33.3%
Q4 20	+30.6%	-41.2%
Q1 21	-9.8%	-66.9%
Q2 21	-11.1%	-65.1%
Q3 21	-11.6%	-3.4%
Q4 21	-6.0%	-6.7%
Q3 22	+90.4%	+113.1%
Q1 24	+107.2%	+526.2%
Q2 24	+101.2%	+513.3%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 18	$0	0.0%
Q2 18	$0	0.0%
Q3 18	$0	0.0%
Q4 18	$927.0K	2.2%
Q1 19	$0	0.0%
Q2 19	$0	0.0%
Q3 19	$0	0.0%
Q4 19	$0	0.0%
Q4 20	$0	0.0%
Q1 21	$0	0.0%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q3 22	$0	0.0%
Q1 24	$0	0.0%
Q2 24	$0	0.0%

OpEx Breakdown

Quarter	G&A
Q1 18	$3M
Q2 18	$3M
Q3 18	$3M
Q4 18	$3M
Q1 19	$4M
Q2 19	$5M
Q3 19	$4M
Q4 19	$4M
Q4 20	$5M
Q1 21	$4M
Q2 21	$4M
Q3 21	$5M
Q4 21	$4M
Q3 22	$9M
Q1 24	$8M
Q2 24	$8M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$275M	$0	$275M
Q2 22	$292M	$0	$292M
Q3 22	$26M	$0	$26M
Q4 22	$48M	$0	$48M
Q1 23	$61M	$0	$61M
Q2 23	$72M	$0	$72M
Q3 23	$83M	$51M	$135M
Q4 23	$112M	$0	$112M
Q1 24	$128M	$0	$128M
Q2 24	$146M	$0	$146M
Q3 24	$154M	$111M	$265M
Q4 24	$132M	$0	$132M
Q1 25	$108M	$0	$108M
Q2 25	$159M	$0	$159M
Q3 25	$83M	$0	$83M
Q4 25	$183M	$0	$183M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 18	61M	-5.5%	-5.5%
Q2 18	65M	+5.8%	+0.0%
Q3 18	65M	+0.0%	+0.0%
Q4 18	65M	+0.0%	+0.0%
Q1 19	65M	+0.0%	+5.9%
Q2 19	65M	+0.0%	+0.0%
Q3 19	65M	+0.0%	+0.1%
Q4 19	65M	+0.0%	+0.1%
Q4 20	65M	+0.1%	+0.2%
Q1 21	65M	+0.0%	+0.2%
Q2 21	65M	+0.0%	+0.2%
Q3 21	65M	+0.0%	+0.2%
Q4 21	65M	+0.0%	+0.1%
Q3 22	65M	+0.0%	+0.1%
Q1 24	66M	+0.5%	+0.5%
Q2 24	66M	+0.1%	+0.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 18	$73.8K	550
Q2 18	$71.7K	550
Q3 18	$73.5K	550
Q4 18	$70.1K	600
Q1 19	$76.6K	600
Q2 19	$100.2K	600
Q3 19	$101.6K	600
Q4 19	$103.7K	600
Q4 20	$100.1K	600
Q1 21	$90.4K	600
Q2 21	$90.3K	600
Q3 21	$91.6K	600
Q4 21	$94.2K	600
Q3 22	$172.0K	600
Q1 24	$102.0K	1K
Q2 24	$100.6K	1K

Revenue / Employee