Revenue grew modestly to $116.8M in 2026Q3 with NOI margin recovering to 86.1% after a 77.6% dip in 2026Q1, but FFO per share swung from a 0.60 peak in 2025Q4 to 0.15 in 2026Q3, warranting further investigation of earnings durability.
Industrial Logistics Properties Trust (ILPT) annual income statement — 11-year revenue, gross profit & net income 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 |
|---|
| Revenue | 461.26M | 448.85M | 442.32M | 437.34M | 388.15M | 219.87M | 254.57M | 229.23M | 162.53M | 156.51M | 153.31M | 147.89M |
| Revenue Growth % | 3.55% | 1.48% | 1.14% | 12.67% | 76.53% | -13.63% | 11.05% | 41.04% | 3.85% | 2.08% | 3.66% | - |
| Property Operating Expenses | 406.39M | 392.13M | 62.56M | 60.05M | 50.62M | 30.13M | 54.77M | 30.37M | 19.34M | 17.87M | 17.2M | 16.32M |
| Net Operating Income (NOI) | 54.87M | 56.72M | 379.76M | 377.29M | 337.53M | 189.74M | 199.81M | 198.87M | 143.19M | 138.64M | 136.11M | 131.57M |
| NOI Margin % | 11.9% | 12.64% | 85.86% | 86.27% | 86.96% | 86.29% | 78.49% | 86.75% | 88.1% | 88.58% | 88.78% | 88.97% |
| Operating Expenses | -48.77M | -91.21M | 240.99M | 248.08M | 224.71M | 86M | 200K | 96.76M | 52.89M | 55.03M | 46.87M | 42.51M |
| G&A Expenses | 40.64M | 36.96M | 30.45M | 31.16M | 32.88M | 16.72M | 200K | 17.19M | 11.31M | 16.8M | 9.2M | 8.74M |
| EBITDA | 265.29M | 313.15M | 310.76M | 307.93M | 273.8M | 154.34M | 268M | 161.75M | 117.67M | 108.76M | 115.19M | 97.86M |
| EBITDA Margin % | 57.52% | 69.77% | 70.26% | 70.41% | 70.54% | 70.19% | 105.28% | 70.56% | 72.4% | 69.49% | 75.13% | 66.17% |
| Depreciation & Amortization | 161.66M | 165.23M | 171.99M | 178.73M | 160.98M | 50.6M | 68.39M | 59.64M | 27.37M | 26.17M | 25.98M | 24.09M |
| D&A / Revenue % | 35.05% | 36.81% | 38.88% | 40.87% | 41.47% | 23.01% | 26.87% | 26.02% | 16.84% | 16.72% | 16.95% | 16.29% |
| Operating Income | 103.64M | 147.93M | 138.77M | 129.2M | 112.81M | 103.74M | 199.61M | 102.11M | 90.3M | 82.59M | 89.2M | 73.78M |
| Operating Margin % | 22.47% | 32.96% | 31.37% | 29.54% | 29.06% | 47.18% | 78.41% | 44.54% | 55.56% | 52.77% | 58.19% | 49.89% |
| Interest Expense | 2M | 264.56M | 292.54M | 288.54M | 280.05M | 35.63M | 51.62M | 50.85M | 16.08M | 2.44M | 2.26M | 2.09M |
| Interest Coverage | - | 0.62x | 0.51x | 0.48x | -0.05x | 3.22x | 2.10x | 2.02x | 5.63x | 33.86x | 39.44x | 35.27x |
| Non-Operating Income | -57.45M | -14.78M | -11.43M | -8.82M | 126.64M | -10.92M | 91.27M | -743K | -200K | 0 | 0 | 0 |
| Pretax Income | -92.03M | -102.46M | -137.01M | -149.62M | -286.8M | 119.95M | 81.48M | 52.67M | 74.42M | 80.15M | 86.94M | 71.68M |
| Pretax Margin % | -19.95% | -22.83% | -30.97% | -34.21% | -73.89% | 54.56% | 32.01% | 22.98% | 45.79% | 51.21% | 56.71% | 48.47% |
| Income Tax | 179K | 104K | 162K | 104K | 45K | 273K | 277K | 171K | 32K | 44K | 44K | 44K |
| Effective Tax Rate % | -0.19% | -0.1% | -0.12% | -0.07% | -0.02% | 0.23% | 0.34% | 0.32% | 0.04% | 0.05% | 0.05% | 0.06% |
| Net Income | -55.88M | -66.19M | -95.67M | -107.99M | -226.72M | 119.68M | 82.07M | 52.5M | 74.39M | 80.1M | 86.9M | 71.64M |
| Net Margin % | -12.12% | -14.75% | -21.63% | -24.69% | -58.41% | 54.43% | 32.24% | 22.9% | 45.77% | 51.18% | 56.68% | 48.44% |
| Net Income Growth % | 36.86% | 30.82% | 11.41% | 52.37% | -289.44% | 45.83% | 56.33% | -29.43% | -7.13% | -7.82% | 21.3% | - |
| Funds From Operations (FFO) | 105.77M | 99.04M | 76.32M | 70.74M | -65.74M | 170.28M | 150.47M | 112.14M | 101.76M | 106.28M | 112.88M | 95.73M |
| FFO Margin % | 22.93% | 22.07% | 17.25% | 16.17% | -16.94% | 77.44% | 59.1% | 48.92% | 62.61% | 67.9% | 73.63% | 64.73% |
| FFO Growth % | 155.33% | 29.77% | 7.89% | 207.6% | -138.61% | 13.17% | 34.18% | 10.2% | -4.25% | -5.85% | 17.92% | - |
| FFO per Share | 1.59 | 1.50 | 1.16 | 1.08 | -1.01 | 2.61 | 2.31 | 1.72 | 1.59 | 1.63 | 1.66 | 1.41 |
| FFO Payout Ratio % | 9.45% | 8.05% | 3.46% | 3.71% | -67.65% | 50.64% | 57.22% | 76.63% | 68.46% | 144.8% | 136.51% | 152.04% |
| EPS (Diluted) | -0.84 | -1.00 | -1.46 | -1.65 | -3.48 | 1.83 | 1.26 | 0.81 | 1.16 | 1.23 | 1.28 | 1.05 |
| EPS Growth % | 37.27% | 31.51% | 11.52% | 52.59% | -290.16% | 45.24% | 55.56% | -30.17% | -5.69% | -3.91% | 21.9% | - |
| EPS (Basic) | - | -1.00 | -1.46 | -1.65 | -3.48 | 1.83 | 1.26 | 0.81 | 1.16 | 1.23 | 1.28 | 1.05 |
| Diluted Shares Outstanding | 66.34M | 66.01M | 65.7M | 65.43M | 65.25M | 65.21M | 65.11M | 65.06M | 64.14M | 65M | 68M | 68M |
Quick answers to the most common questions about buying ILPT stock.
For fiscal year 2025, Industrial Logistics Properties Trust (ILPT) reported total revenue of $448.8M. This represents a 203.5% increase compared to $147.9M in 2015.
Industrial Logistics Properties Trust (ILPT) reported a net loss of $66.2M for the fiscal year ending 2025.
Industrial Logistics Properties Trust (ILPT) reported an operating income of $147.9M, resulting in an operating profit margin of 33.0%. This margin reflects the operational efficiency of the business before interest and taxes.
Industrial Logistics Properties Trust (ILPT) generated $56.7M in gross profit for the year, representing a gross profit margin of 12.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Negative GAAP earnings persistence
Metrics are mathematically derived from official filings.
Revenue Growth Flattening Near Recent Highs
Based on reported ILPT figures, quarterly revenue rose from $110.5M in 2024Q4 to $116.8M in 2026Q3, but year-over-year growth has been uneven, ranging from -0.3% to 5.3% across the ten quarters shown.
The revenue trajectory suggests modest, incremental expansion rather than a step-change in portfolio income, with the most recent 5.3% year-over-year gain appearing to be the strongest print in the series. Because the data does not isolate acquisition contributions from organic rent escalations or occupancy changes, it is unclear how much of this growth is durable. Investors should monitor whether the 2026 quarters sustain this pace once comparisons normalize.
NOI Margin Compression Warrants Attention
NOI margin held in a tight 85% to 87% band through 2025, then fell to 77.6% in 2026Q1 before recovering to 86.1% in 2026Q3, according to reported figures.
The 2026Q1 margin dip suggests a temporary rise in property operating expenses, such as property taxes, insurance, or maintenance, though the data does not identify the driver. The subsequent recovery implies the pressure may have been timing-related, but this cannot be confirmed from the figures alone. The 2025Q4 NOI figure of negative $233.2M is inconsistent with the surrounding quarters and is best treated as a data anomaly warranting further investigation rather than an operating signal.
FFO Per Share Volatility Raises Dividend Questions
FFO per share swung from 0.27 in 2024Q4 to a peak of 0.60 in 2025Q4 before falling to 0.15 in 2026Q3, a decline of roughly 75% from peak, based on reported figures.
The sharp FFO per share decline in 2026Q3 appears driven by a 48.2% drop in FFO quarter over quarter, which may reflect non-recurring items or share count changes not visible in this dataset. Against a dividend yield that has remained at 1.4% or below, the payout relationship to FFO warrants further review. Investors should monitor whether the 2026Q3 level represents a new base or a transitory dip.
Persistent GAAP Losses Reflect Depreciation Drag
Reported net income remained negative in every quarter shown, ranging from -$1.8M to -$30.2M, while FFO stayed positive, consistent with heavy real estate depreciation weighing on GAAP earnings.
The consistent gap between positive FFO and negative GAAP net income is typical of REIT reporting, where depreciation on real estate assets is added back to derive FFO. This pattern suggests GAAP EPS is not a reliable gauge of ILPT's operating earnings power. The data does not disclose maintenance CAPEX or economic depreciation, so the true cash earnings base cannot be fully assessed from these figures.
Peer Comparison Highlights Scale Gap
At roughly $1.0B in trailing revenue context against peers such as PLD at $8.8B, ILPT's reported NOI margins of 85% to 86% appear competitive, though scale and portfolio quality differ materially across the group.
Comparing ILPT's NOI margin profile to peers suggests operational efficiency is not the primary concern, but a smaller revenue base may limit diversification and cost absorption. The peer set's ROIC values run from 1.1% to 4.5%, which implies industrial REIT returns broadly remain modest across the group. Any conclusion about relative quality should be treated as preliminary given the limited peer data provided.