(ILPT) Industrial Logistics - Overview
Sector: Real Estate | Industry: REIT - Industrial | Exchange: NASDAQ (USA) | Market Cap: 572m USD | Total Return: 169.4% in 12m
Avg Turnover: 3.29M
Qual. Beats: 0
Rev. Trend: 93.8%
Qual. Beats: 2
Warnings
High Debt/EBITDA (12.9) with thin interest coverage (0.6)
Interest Coverage Ratio 0.6 is critical
Beneish M-Score 1.00 > -1.5 - likely earnings manipulation
Altman Z'' -1.33 < 1.0 - financial distress zone
Choppy
Tailwinds
Rs Leader, Idiosyncratic Leader, Tailwind
Industrial Logistics Properties Trust (ILPT) is a real estate investment trust (REIT) specializing in the ownership and leasing of industrial and logistics facilities across the United States. As of March 31, 2026, the company managed a portfolio of 409 properties totaling approximately 59.6 million rentable square feet across 39 states. The portfolio is characterized by a high concentration of investment-grade tenants and strategic land leases in Hawaii, which provide a stable revenue base.
The industrial REIT sector typically benefits from the expansion of e-commerce and the resulting demand for last-mile distribution centers and large-scale warehouses. ILPT utilizes an external management model through The RMR Group, an alternative asset management firm that oversees the companys acquisitions, financing, and daily operations. External management structures can offer institutional-scale resources but often involve specific fee arrangements that differ from internally managed REITs.
Investors may find it useful to examine ValueRay for deeper insights into the companys valuation metrics and historical performance. Headquartered in Newton, Massachusetts, ILPT has been publicly traded since its 2018 initial public offering and remains a small-cap participant within the broader industrial real estate market.
- High leverage and interest expense pressure adjusted funds from operations
- Hawaii land lease resets drive organic rental income growth
- Occupancy levels and retention rates among investment grade tenants
- Asset disposition program progress to reduce consolidated debt load
| Net Income: -54.1m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.00 > 0.02 and ΔFCF/TA -0.20 > 1.0 |
| NWC/Revenue: -241.8% < 20% (prev -214.5%; Δ -27.27% < -1%) |
| CFO/TA 0.01 > 3% & CFO 65.2m > Net Income -54.1m |
| Net Debt (4.11b) to EBITDA (318.7m): 12.90 < 3 |
| Current Ratio: 0.23 > 1.5 & < 3 |
| Outstanding Shares: last quarter (66.2m) vs 12m ago 0.52% < -2% |
| Gross Margin: 10.87% > 18% (prev 0.86%; Δ 1.00k% > 0.5%) |
| Asset Turnover: 8.61% > 50% (prev 8.24%; Δ 0.37% > 0%) |
| Interest Coverage Ratio: 0.63 > 6 (EBITDA TTM 318.7m / Interest Expense TTM 257.1m) |
| A: -0.21 (Total Current Assets 323.4m - Total Current Liabilities 1.42b) / Total Assets 5.17b |
| B: -0.03 (Retained Earnings -162.1m / Total Assets 5.17b) |
| C: 0.03 (EBIT TTM 163.0m / Avg Total Assets 5.27b) |
| D: -0.04 (Book Value of Equity -159.8m / Total Liabilities 4.28b) |
| Altman-Z'' = -1.33 = CCC |
| DSRI: 1.02 (Receivables 137.6m/131.5m, Revenue 453.4m/442.0m) |
| GMI: 7.93 (GM 10.87% / 86.23%) |
| AQI: 13.29 (AQ_t 0.91 / AQ_t-1 0.07) |
| SGI: 1.03 (Revenue 453.4m / 442.0m) |
| TATA: -0.02 (NI -54.1m - CFO 65.2m) / TA 5.17b) |
| Beneish M = 10.56 (Cap -4..+1) = D |
As of May 26, 2026, the stock is trading at USD 8.59 with a total of 438,500 shares traded.
Over the past week, the price has changed by +9.22%,
over one month by +13.26%,
over three months by +45.19% and
over the past year by +169.38%.
Industrial Logistics has received a consensus analysts rating of 3.67. Therefore, it is recommended to hold ILPT.
- StrongBuy: 1
- Buy: 0
- Hold: 2
- Sell: 0
- StrongSell: 0
| Analysts Target Price | 9.7 | 12.3% |
P/E Forward = 17.4216
P/S = 1.2624
P/B = 1.1937
Revenue TTM = 453.4m USD
EBIT TTM = 163.0m USD
EBITDA TTM = 318.7m USD
Long Term Debt = 4.19b USD (from longTermDebt, last quarter)
Short Term Debt = 1.42b USD (from shortTermDebt, last fiscal year)
Debt = 4.21b USD (from shortLongTermDebtTotal, last quarter) + Leases 11.0m
Net Debt = 4.11b USD (calculated: Debt 4.21b - CCE 99.5m)
Enterprise Value = 4.68b USD (572.3m + Debt 4.21b - CCE 99.5m)
Interest Coverage Ratio = 0.63 (Ebit TTM 163.0m / Interest Expense TTM 257.1m)
EV/FCF = 188.1x (Enterprise Value 4.68b / FCF TTM 24.9m)
FCF Yield = 0.53% (FCF TTM 24.9m / Enterprise Value 4.68b)
FCF Margin = 5.49% (FCF TTM 24.9m / Revenue TTM 453.4m)
Net Margin = -11.93% (Net Income TTM -54.1m / Revenue TTM 453.4m)
Gross Margin = 10.87% ((Revenue TTM 453.4m - Cost of Revenue TTM 404.1m) / Revenue TTM)
Gross Margin QoQ = 77.57% (prev none%)
Tobins Q-Ratio = 0.91 (Enterprise Value 4.68b / Total Assets 5.17b)
Interest Expense / Debt = 6.10% (Interest Expense 257.1m / Debt 4.21b)
Taxrate = 21.0% (US default 21%)
NOPAT = 128.8m (EBIT 163.0m * (1 - 21.00%))
Current Ratio = 0.22 (Total Current Assets 323.4m / Total Current Liabilities 1.50b)
Debt / Equity = 8.78 (Debt 4.21b / totalStockholderEquity, last quarter 479.7m)
Debt / EBITDA = 12.90 (Net Debt 4.11b / EBITDA 318.7m)
Debt / FCF = 165.1 (Net Debt 4.11b / FCF TTM 24.9m)
Total Stockholder Equity = 495.7m (last 4 quarters mean from totalStockholderEquity)
RoA = -1.03% (Net Income -54.1m / Total Assets 5.17b)
RoE = -8.22% (Net Income TTM -54.1m / Total Stockholder Equity 657.7m)
RoCE = 3.36% (EBIT 163.0m / Capital Employed (Equity 657.7m + L.T.Debt 4.19b))
RoIC = 2.01% (NOPAT 128.8m / Invested Capital 6.40b)
WACC = 5.21% (E(572.3m)/V(4.78b) * Re(8.10%) + D(4.21b)/V(4.78b) * Rd(6.10%) * (1-Tc(0.21)))
Discount Rate = 8.10% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 100.00 | Cagr: 0.42%
[DCF] Terminal Value 73.10% ; FCFF base≈29.5m ; Y1≈25.9m ; Y5≈20.9m
[DCF] Fair Price = N/A (negative equity: EV 335.8m - Net Debt 4.11b = -3.78b; debt exceeds intrinsic value)
EPS Correlation: N/A | EPS CAGR: N/A | SUE: 0.62 | # QB: 0
Revenue Correlation: 93.85 | Revenue CAGR: 1.56% | SUE: 1.13 | # QB: 2
EPS current Quarter (2026-06-30): EPS=-0.21 | Chg30d=-10.53% | Revisions=+20% | Analysts=1
EPS next Quarter (2026-09-30): EPS=-0.19 | Chg30d=+0.00% | Revisions=N/A | Analysts=1
EPS current Year (2026-12-31): EPS=-0.72 | Chg30d=+6.49% | Revisions=+20% | GrowthEPS=+28.0% | GrowthRev=+4.4%
EPS next Year (2027-12-31): EPS=-0.64 | Chg30d=+3.03% | Revisions=+20% | GrowthEPS=+11.1% | GrowthRev=+2.2%