Weighted average lease term for new and renewal leases (by square feet) Leasing activity for new and renewal leases and rent resets (square feet) Reconciliations of net income (loss) determined in accordance with GAAP to net operating income, or NOI, and Cash Basis NOI, and a reconciliation of NOI to same property NOI and calculation of same property Cash Basis NOI for the quarters ended Jand 2021, also appear later in this press release. Further, reconciliations of net income (loss) determined in accordance with GAAP to earnings before interest, taxes, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDA re, and Adjusted EBITDA re for the quarters ended Jand 2021 appear later in this press release. generally accepted accounting principles, or GAAP, to funds from operations, or FFO, attributable to common shareholders and Normalized FFO attributable to common shareholders for the quarters ended Jand 2021 appear later in this press release. Reconciliations of net income (loss) attributable to common shareholders determined in accordance with U.S. Net (loss) income attributable to common shareholders Normalized FFO attributable to common shareholders per share Net (loss) income attributable to common shareholders per share (dollars in thousands, except per share data) Normalized funds from operations, or Normalized FFO, attributable to common shareholders of approximately $28.3 million, or $0.43 per share. Net loss attributable to common shareholders was ($143.5) million, or ($2.20) per share, inclusive of a $100.7 million, or $1.54 per diluted share, loss on impairment of real estate on properties reclassified from held for sale to held and used. Regardless, ILPT continues to benefit from strong secular tailwinds, a portfolio leased primarily to investment grade tenants and nearly $300 million of cash on hand.” As a result, the implementation of our long-term financing plan for the Monmouth acquisition is taking longer than originally expected. Since committing to acquire Monmouth Real Estate Investment Corporation in November 2021, there have been unanticipated increases in interest rates and a deterioration in real estate market conditions. This quarter’s leasing activity illustrates how ILPT is well positioned to take advantage of robust operating dynamics through tenant retention, mark-to-market opportunities and leveraging expanded tenant relationships to grow cash flows. We executed 3.9 million square feet of leasing, including rent resets, at weighted average rental rates that were 61.3% higher than prior rental rates for the same space. “During the second quarter, ILPT experienced continued favorable operating trends, which included record leasing activity and same property occupancy of 99.3%.
Yael Duffy, President and Chief Operating Officer of ILPT, made the following statement:
Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended June 30, 2022. Same Property Cash Basis NOI Increased 2.6% Compared to the Same Period Last Year Normalized FFO Attributable to Common Shareholders of $0.43 Per Share Net Loss Attributable to Common Shareholders of ($2.20) Per Share Executed 3.9 Million Square Feet of Leasing at 61% Higher Rental Rates
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