Leverage has climbed materially as the debt-to-equity ratio rose from 3.97 to 5.28 over ten quarters against roughly $4.2B of stable debt, while net PPE declined about 29% to $156.1M, indicating a shrinking equity base and asset runoff.
Industrial Logistics Properties Trust (ILPT) balance sheet — 11-year assets, liabilities & shareholders' equity history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 |
|---|
| Total Assets | 5.09B | 5.19B | 5.41B | 5.56B | 5.68B | 1.91B | 1.92B | 2.45B | 1.53B | 1.41B | 1.42B | 1.44B |
| Asset Growth % | -12.43% | -4% | -2.83% | -1.98% | 197.41% | -0.38% | -21.96% | 59.97% | 8.71% | -0.75% | -1.45% | - |
| Real Estate & Other Assets | 56.93M | 37.93M | 4.72B | 293.82M | 5.01B | 1.6B | 83.56M | 141.15M | -228.18M | 1.2B | 1.2B | 1.2B |
| PP&E (Net) | 0 | 4.54B | 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 | 325.08M | 319.7M | 371.64M | 364.89M | 247.79M | 105.27M | 95.01M | 98.84M | 67.94M | 51.67M | 47.05M | 41.41M |
| Cash & Equivalents | 179.53M | 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 | 0 | 0 | 110.77M | 133.38M | 92.52M | -105.27M | 2.67M | 6.13M | 0 | 0 | 0 | 0 |
| Intangible Assets | 141.13M | 164.19M | 0 | 12.86M | 0 | 0 | 8.92M | 10.42M | 75.8M | 79.1M | 89.63M | 100.15M |
| Total Liabilities | 4.29B | 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 | 4.02B | 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 | 42.65M | 15.5M | 14.94M | 18.53M | 22.52M | 12.44M | 0 | 0 | 18.32M | 20.38M | 0 | 0 |
| Total Current Liabilities | 95.28M | 1.42B | 81.53M | 77.42M | 78.37M | 211.96M | 14.72M | 16.48M | 432.7M | 773.99M | 16.77M | 14.29M |
| Accounts Payable | 85.9M | 74.57M | 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 | 95.28M | 65.05M | 0 | 20.99M | 0 | 0 | 31.26M | 36.13M | 7.78M | 762.79M | 28.11M | 10.01M |
| Total Equity | 794.85M | 900.7M | 1.01B | 1.16B | 1.33B | 1.04B | 1B | 995.69M | 1.5B | 1.38B | 1.4B | 1.33B |
| Equity Growth % | -44.55% | -10.76% | -13.12% | -12.7% | 28.2% | 3.47% | 0.75% | -33.58% | 8.48% | -1.28% | 4.93% | - |
| Shareholders Equity | 424.87M | 489.7M | 562.02M | 669.95M | 790.72M | 1.04B | 1B | 995.69M | 1.03B | 562.21M | 1.31B | 1.33B |
| Minority Interest | 369.98M | 411M | 447.31M | 491.82M | 540.05M | 0 | 0 | 0 | 470.9M | 819.81M | 86.74M | 0 |
| Common Stock | 670K | 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 | -206.76M | -152.66M | -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) | -1.09% | -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) | -6.54% | -6.93% | -8.81% | -8.66% | -19.14% | 11.73% | 8.21% | 4.21% | 5.16% | 5.76% | 6.36% | 5.37% |
| Debt / Assets | 82.5% | 81.39% | 79.82% | 77.73% | 75.17% | 44.04% | 45.23% | 57.3% | 31.31% | 58.07% | 6.1% | 6.18% |
| Debt / Equity | 5.28x | 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 | 15.14x | 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 | 11.98 | 13.65 | 15.36 | 17.76 | 20.40 | 15.92 | 15.41 | 15.31 | 23.37 | 21.26 | 20.59 | 19.62 |
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.
Key Metrics
Top Statement Risk
Equity erosion with rising leverage
Metrics are mathematically derived from official filings.
Shrinking Equity Base Against Stable Debt
Based on reported figures, ILPT's total equity fell from $618.3M in 2024Q2 to $424.9M in 2026Q3, a decline of roughly 31% while total debt held near $4.2B across the period.
The reduction in equity with debt essentially flat suggests the balance sheet is weakening through capitalization erosion rather than asset-driven deleveraging. Total assets moved from $5.5B to $5.1B, which points to asset shrinkage that appears to be outpacing debt reduction. Investors should monitor whether this trajectory reflects impairments, distributions in excess of earnings, or disposition activity, as the supplied data does not isolate these drivers.
Debt-to-Equity Ratio Climbing Steadily
As reported in financial statements, ILPT's debt-to-equity ratio rose from 3.97 in 2024Q2 to 5.28 in 2026Q3, indicating that leverage relative to book equity has increased materially over ten quarters.
Because the rise is driven by equity contraction rather than new borrowing, the increase in leverage reflects a thinner equity cushion rather than a more aggressive debt strategy. For a REIT with property-level financing, a book D/E above 5x warrants scrutiny of whether property values support the debt load. The supplied data does not include debt maturity profile, secured versus unsecured mix, or interest rate exposure, so the risk profile cannot be fully assessed from this sheet alone.
PPE Runoff Signals Asset Base Reduction
Based on ILPT's reported figures, net property, plant and equipment declined from $220.0M in 2024Q2 to $156.1M in 2026Q1, a drop of about 29%, with the line reported as zero in the latest quarter.
The steady runoff of net PPE alongside shrinking total assets suggests ongoing depreciation, impairment, or disposition activity that is not offset by new investment. The zero reading in 2026Q3 is likely a reporting presentation issue rather than a true asset disposal, and should be treated as data unavailable pending confirmation. Portfolio quality cannot be evaluated from occupancy, lease terms, or tenant concentration, which are absent from the supplied data.
Cash Position Volatile and Thinning
According to recent SEC filings, ILPT's cash balance moved from $264.9M in 2024Q3 to $179.5M in 2026Q3, with a low of $58.6M in 2025Q2, indicating meaningful intra-period swings in liquidity.
Cash balances have been volatile rather than trending in one direction, which limits confidence in near-term liquidity buffers against a $4.2B debt base. Given that operating cash flow turned negative in at least one period in the prior cash flow analysis, the cash cushion appears to depend on timing of capital activity. Fixed charge coverage, revolver headroom, and covenant levels are not disclosed in the supplied data and should be obtained before drawing firm liquidity conclusions.
Equity Erosion Outpaces Retained Earnings
Based on reported figures, ILPT's return on equity remained negative in every quarter, ranging from -0.2% to -3.7%, consistent with continued equity erosion rather than retained earnings build.
Persistent negative ROE alongside declining book equity suggests distributions and depreciation-driven losses are reducing the equity base over time. The data does not show share issuance, buybacks, or ATM activity, so dilution cannot be assessed directly from this sheet. Investors should monitor whether future equity erosion is mitigated by external capital or continues to compress book value per share.
Book Equity Decline May Understate Asset Value
As reported in financial statements, ILPT's book equity compression may not reflect underlying property economics, since NOI held near $90M to $100M per quarter while equity fell by roughly $190M over the same window.
Book value under GAAP depreciation can diverge sharply from the market value of income-producing real estate, so the apparent equity erosion may partly reflect accounting drag rather than economic loss. The supplied data does not include appraisals, cap rates, or impairment disclosures, so this possibility cannot be confirmed. Investors should monitor whether the equity decline reflects impairments or depreciation before treating book D/E as a definitive measure of solvency.