The company's financial position remains vulnerable, evidenced by a debt-to-equity ratio of 4.75x and a substantial $4.2 billion total debt burden as of 2026Q1.
| Total Assets | 5.17B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B | 1.92B | 2.45B | 1.53B | 1.41B | 1.42B | 1.44B |
| Asset Growth % | -16.58% | -4% | -2.83% | -1.98% | 197.41% | -0.38% | -21.96% | 59.97% | 8.71% | -0.75% | -1.45% | - |
| Real Estate & Other Assets | 4.55B | 40.03M | 4.72B | 293.82M | 5.01B | 1.6B | 83.56M | 141.15M | -228.18M | 1.2B | 1.2B | 1.2B |
| PP&E (Net) | 156.13M | 0 | 199.19M | 4.78B | 297.44M | 63.44M | 1.67B | 2.2B | 75.8M | 79.1M | 89.63M | 100.15M |
| Investment Securities | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | -1000K | -1000K | 0 |
| Total Current Assets | 323.38M | 319.7M | 371.64M | 364.89M | 247.79M | 105.27M | 95.01M | 98.84M | 67.94M | 51.67M | 47.05M | 41.41M |
| Cash & Equivalents | 99.5M | 183.03M | 131.71M | 112.34M | 48.26M | 29.4M | 22.83M | 28.41M | 9.61M | -20.38M | -22.47M | -24.58M |
| Receivables | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K |
| Other Current Assets | 86.29M | 0 | 110.77M | 133.38M | 92.52M | 0 | 2.67M | 6.13M | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 164.19M | 0 | 12.86M | 0 | 0 | 8.92M | 10.42M | 75.8M | 79.1M | 89.63M | 100.15M |
| Total Liabilities | 4.28B | 4.29B | 4.4B | 4.4B | 4.35B | 870.52M | 912.55M | 1.46B | 506.34M | 849.48M | 109.15M | 109.05M |
| Total Debt | 4.2B | 4.22B | 4.32B | 4.32B | 4.27B | 840.56M | 866.58M | 1.41B | 480.51M | 819.81M | 86.74M | 89.16M |
| Net Debt | 4.1B | 4.04B | 4.18B | 4.21B | 4.22B | 811.16M | 843.75M | 1.38B | 470.9M | 840.2M | 109.21M | 113.74M |
| Long-Term Debt | 4.19B | 2.79B | 4.3B | 4.28B | 4.24B | 646.12M | 866.58M | 1.41B | 462.19M | 49.43M | 64.27M | 89.16M |
| Short-Term Borrowings | 0 | 1.42B | 0 | 20.99M | 0 | 182M | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 52.14M | 15.5M | 14.94M | 18.53M | 22.52M | 12.44M | 0 | 0 | 18.32M | 20.38M | 0 | 0 |
| Total Current Liabilities | 82.65M | 1.42B | 81.53M | 77.42M | 78.37M | 211.96M | 14.72M | 16.48M | 432.7M | 773.99M | 16.77M | 14.29M |
| Accounts Payable | 76.25M | 0 | 76.75M | 60.95M | 73.55M | 27.77M | 7.78M | 9.54M | 12.04M | 11.08M | 3.07M | 2.72M |
| Deferred Revenue | 0 | 0 | 0 | -20.99M | 0 | 8.39M | 0 | 0 | 6M | 5.79M | 6.54M | 4.42M |
| Other Liabilities | 0 | 65.05M | 0 | 20.99M | 0 | 0 | 31.26M | 36.13M | 7.78M | 762.79M | 28.11M | 10.01M |
| Total Equity | 883.69M | 900.7M | 1.01B | 1.16B | 1.33B | 1.04B | 1B | 995.69M | 1.5B | 1.38B | 1.4B | 1.33B |
| Equity Growth % | -45.56% | -10.76% | -13.12% | -12.7% | 28.2% | 3.47% | 0.75% | -33.58% | 8.48% | -1.28% | 4.93% | - |
| Shareholders Equity | 479.72M | 489.7M | 562.02M | 669.95M | 790.72M | 1.04B | 1B | 995.69M | 1.03B | 562.21M | 1.31B | 1.33B |
| Minority Interest | 403.97M | 411M | 447.31M | 491.82M | 540.05M | 0 | 0 | 0 | 470.9M | 819.81M | 86.74M | 0 |
| Common Stock | 667K | 667K | 661K | 658K | 656K | 654K | 653K | 652K | 651K | 450K | 1.31B | 1.33B |
| Additional Paid-in Capital | 1.02B | 1.02B | 1.02B | 1.02B | 1.01B | 1.01B | 1.01B | 999.3M | 998.45M | 546.49M | 0 | 0 |
| Retained Earnings | -162.09M | -529.12M | -86.47M | 9.2M | 117.19M | 343.91M | 0 | 0 | 89.66M | 15.27M | 0 | 0 |
| Preferred Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 29.18M | 15.27M | 0 | 0 |
| Return on Assets (ROA) | -1.04% | -1.25% | -1.74% | -1.92% | -5.98% | 6.26% | 3.76% | 2.63% | 5.05% | 5.65% | 6.07% | 4.96% |
| Return on Equity (ROE) | -5.93% | -6.93% | -8.81% | -8.66% | -19.14% | 11.73% | 8.21% | 4.21% | 5.16% | 5.76% | 6.36% | 5.37% |
| Debt / Assets | 81.3% | 81.39% | 79.82% | 77.73% | 75.17% | 44.04% | 45.23% | 57.3% | 31.31% | 58.07% | 6.1% | 6.18% |
| Debt / Equity | 4.75x | 4.69x | 4.28x | 3.72x | 3.21x | 0.81x | 0.86x | 1.41x | 0.32x | 0.59x | 0.06x | 0.07x |
| Net Debt / EBITDA | 13.41x | 12.90x | 13.46x | 13.68x | 15.41x | 5.26x | 3.15x | 8.52x | 4.00x | 7.73x | 0.95x | 1.16x |
| Book Value per Share | 13.35 | 13.65 | 15.36 | 17.76 | 20.40 | 15.92 | 15.41 | 15.31 | 23.37 | 21.26 | 20.59 | 19.62 |
Excessive debt-to-equity leverage
As reported in recent financial statements, ILPT maintains a debt-to-equity ratio of 4.75x as of 2026Q1, a figure that underscores the company's reliance on debt financing and suggests limited capacity for further balance sheet expansion without significant deleveraging or asset divestitures.
The elevated leverage profile appears to be a structural byproduct of the Monmouth acquisition, which continues to weigh on the company's capital structure. Investors should monitor whether the current debt load necessitates further asset sales to joint ventures, as the high debt-to-equity ratio leaves little room for operational volatility.
Based on the 2026Q1 balance sheet, ILPT holds $99.5 million in cash, a reduction from the $183.0 million reported in 2025Q4, which suggests that the company is actively utilizing its cash reserves to manage debt obligations and navigate a challenging interest rate environment.
The decline in cash balances warrants further investigation into the company's ability to fund ongoing maintenance capital expenditures and potential development requirements. Given the negative net income, the reliance on existing liquidity to bridge the gap between operating cash flow and debt service appears to be a primary concern.
According to historical balance sheet data, total equity has contracted from $670.0 million in 2023Q4 to $479.7 million in 2026Q1, reflecting the cumulative impact of persistent net losses and the potential dilution or impairment of shareholder value over the observed period.
This downward trend in equity suggests that the company's capital base is being eroded by its inability to generate positive net income. The reduction in equity, coupled with stable debt levels, has mechanically pushed the debt-to-equity ratio higher, further complicating the firm's financial position.
As indicated by the fluctuation in net property, plant, and equipment, which dropped to $156.1 million in 2026Q1 from $4.8 billion in 2023Q4, the company's balance sheet appears to be undergoing significant accounting reclassifications or asset impairments that obscure the true value of its portfolio.
This dramatic shift in reported PPE suggests that the underlying asset base may be subject to complex accounting treatments, potentially involving joint venture structures or fair value adjustments. Investors should be cautious, as these accounting nuances may mask the true extent of the company's exposure to its mainland logistics assets.
Quick answers to the most common questions about buying ILPT stock.
As of 2025, Industrial Logistics Properties Trust (ILPT) had total assets of $5.19B including $319.7M in current assets.
Industrial Logistics Properties Trust (ILPT) carries total debt of $4.22B. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Industrial Logistics Properties Trust (ILPT) has total shareholders' equity (book value) of $489.7M ($13.65 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Industrial Logistics Properties Trust (ILPT) reported a current ratio of 0.23x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.