1 Industrial Logistics Properties Trust Fourth Quarter 2024 Financial Results and Supplemental Information February 18, 2025 Exhibit 99.2 996 Paragon Way Rock Hill, SC 945,023 Square Feet ILPT Ownership: 100%
2Q4 2024RETURN TO TABLE OF CONTENTS QUARTERLY RESULTS Industrial Logistics Properties Trust Announces Fourth Quarter 2024 Financial Results ...................................................................... 4 Fourth Quarter 2024 Highlights ........................................................................................................................................................................ 5 FINANCIALS Key Financial Data ............................................................................................................................................................................................... 7 Condensed Consolidated Statements of Income (Loss) .............................................................................................................................. 8 Condensed Consolidated Balance Sheets ..................................................................................................................................................... 9 Debt Summary .................................................................................................................................................................................................... 10 Debt Maturity Schedule ...................................................................................................................................................................................... 11 Leverage and Coverage Ratios ......................................................................................................................................................................... 12 Capital Expenditures Summary ......................................................................................................................................................................... 13 PORTFOLIO INFORMATION Same Property Results ........................................................................................................................................................................................ 15 Occupancy and Leasing Summary ................................................................................................................................................................... 16 Tenant Credit Characteristics and Concentration ......................................................................................................................................... 17 Portfolio Lease Expiration and Reset Schedules ........................................................................................................................................... 18 Key Financial Data by Investment Portfolio .................................................................................................................................................... 19 JOINT VENTURES Consolidated Joint Venture - Mountain Industrial REIT LLC ....................................................................................................................... 21 - 24 Unconsolidated Joint Venture - The Industrial Fund REIT LLC ................................................................................................................... 25 APPENDIX Calculation and Reconciliation of NOI and Cash Basis NOI ........................................................................................................................ 27 Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI ...................................................... 28 Calculation of EBITDA, EBITDAre and Adjusted EBITDAre ......................................................................................................................... 29 Calculation of FFO, Normalized FFO and CAD ............................................................................................................................................. 30 - 31 Company Profile, Research Coverage and Governance Information ....................................................................................................... 32 Non-GAAP Financial Measures and Certain Definitions .............................................................................................................................. 33 - 35 WARNING CONCERNING FORWARD-LOOKING STATEMENTS 36 Table of Contents All amounts in this presentation are unaudited. Please refer to Non-GAAP Financial Measures and Certain Definitions for terms used throughout this document. Trading Symbols: Common Shares: ILPT Investor Relations Contact Bryan Maher, Senior Vice President (617) 219-1489 Bryan.maher@ilptreit.com Corporate Headquarters Two Newton Place 255 Washington Street, Suite 300 Newton, Massachusetts 02458-1634
3Q4 2024RETURN TO TABLE OF CONTENTS Quarterly Results
4Q4 2024RETURN TO TABLE OF CONTENTS "We finished the year with continued strong demand for our high-quality portfolio as we achieved annual leasing of nearly 6,100,000 square feet. During the quarter, we completed 731,000 square feet of leasing at weighted average rental rates that were 39.3% higher than prior rents for the same space. As we look ahead to 2025, we remain focused on our ability to realize organic cash flow growth through the leasing of our vacancies, leveraging favorable market conditions to increase rents, maintaining strong relationships with existing tenants to ensure high retention rates and identifying synergies in property operations to enhance net operating income. Simultaneously, we will continue to strategically evaluate opportunities to reduce leverage, in an effort to strengthen our balance sheet and enhance financial flexibility." Yael Duffy President and Chief Operating Officer INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES FOURTH QUARTER 2024 FINANCIAL RESULTS Newton, MA (February 18, 2025): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended December 31, 2024. Distribution On January 16, 2025, ILPT declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on January 27, 2025. This distribution will be paid on or about February 20, 2025. Conference Call A conference call to discuss ILPT's fourth quarter results will be held on Wednesday, February 19, 2025 at 1:00 p.m. Eastern Time. The conference call may be accessed by dialing (877) 418-4826 or (412) 902-6758 (if calling from outside the United States and Canada); a pass code is not required. A replay of the conference call will be available for one week by dialing (877) 344-7529; the replay pass code is 5593087. A live audio webcast of the conference call will also be available in a listen- only mode on ILPT’s website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT’s website after the call. The transcription, recording and retransmission in any way of ILPT's fourth quarter conference call are strictly prohibited without the prior written consent of ILPT. About Industrial Logistics Properties Trust ILPT is a real estate investment trust, or REIT, focused on owning and leasing high quality industrial and logistics properties. As of December 31, 2024, ILPT’s portfolio consisted of 411 properties containing approximately 59.9 million rentable square feet located in 39 states. Approximately 77% of ILPT’s annualized rental revenues as of December 31, 2024 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with over $40 billion in assets under management as of December 31, 2024 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.
5Q4 2024RETURN TO TABLE OF CONTENTS Portfolio Update • Executed approximately 731,000 square feet of total leasing activity at weighted average rental rates that were 39.3% higher than prior rental rates for the same space and with a weighted average lease term (by annualized rental revenues) of 11.5 years. • Lease renewals accounted for approximately 80% of leased square footage, which continues to highlight strong tenant retention and demand for ILPT’s high quality warehouse and distribution properties. • A 94.4% leased portfolio benefits from stable cash flows, of which 77% of annualized rental revenues are generated from investment grade tenants (or their subsidiaries) and Hawaii land leases, with a weighted average lease term (by annualized rental revenues) of 7.8 years. Financial Results • Net loss attributable to common shareholders was $24.1 million, or $0.37 per diluted share. • Normalized FFO attributable to common shareholders was $8.9 million, or $0.13 per diluted share. • NOI was $84.2 million, cash basis NOI was $81.6 and Adjusted EBITDAre was $82.2 million. Financing and Liquidity • ILPT exercised the first of its three, one year extension options for the maturity date of its $1.2 billion floating rate loan. As part of the extension, ILPT purchased a one year interest rate cap for $17.0 million with a SOFR strike rate equal to 2.78%. • ILPT had $131.7 million of cash, excluding restricted cash, to meet its operating and capital obligations, pay its debt service obligations and fund future financing needs. • In February 2025, Mountain JV provided notification of its intent to exercise the second option to extend the maturity of its $1.4 billion floating rate loan and purchased a one year interest rate cap for $15.0 million with a SOFR strike rate equal to 3.10%. Fourth Quarter 2024 Highlights (As of and for the three months ended December 31, 2024, unless otherwise noted)
6Q4 2024RETURN TO TABLE OF CONTENTS Financials
7Q4 2024RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended As of 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 Selected Income Statement Data: Capitalization: Rental income $ 110,521 $ 108,945 $ 110,621 $ 112,235 $ 108,895 Total common shares 66,144,308 Net loss $ (34,380) $ (35,407) $ (33,479) $ (33,902) $ (41,402) Closing price $ 3.65 Net loss attributable to common shareholders $ (24,101) $ (24,990) $ (23,175) $ (23,403) $ (31,240) Equity market capitalization $ 241,427 NOI $ 84,186 $ 84,709 $ 86,265 $ 86,052 $ 84,887 Debt 4,307,829 Cash Basis NOI $ 81,610 $ 82,503 $ 82,935 $ 82,196 $ 81,453 Total market capitalization $ 4,549,256 Adjusted EBITDAre $ 82,156 $ 83,947 $ 85,057 $ 84,400 $ 83,072 FFO attributable to common shareholders $ 8,877 $ 8,063 $ 8,965 $ 9,450 $ 7,799 Net Debt: Normalized FFO attributable to common shareholders $ 8,877 $ 8,063 $ 8,965 $ 9,450 $ 8,086 Principal balance $ 4,307,829 CAD attributable to common shareholders $ 7,696 $ 11,247 $ 14,005 $ 11,928 $ 8,948 Cash and cash equivalents (131,706) Rolling four quarter CAD attributable to common shareholders $ 44,876 $ 46,128 $ 45,386 $ 41,184 $ 39,438 Restricted cash and cash equivalents (110,774) Net debt $ 4,065,349 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.37) $ (0.38) $ (0.35) $ (0.36) $ (0.48) FFO attributable to common shareholders $ 0.13 $ 0.12 $ 0.14 $ 0.14 $ 0.12 Normalized FFO attributable to common shareholders $ 0.13 $ 0.12 $ 0.14 $ 0.14 $ 0.12 CAD attributable to common shareholders $ 0.12 $ 0.17 $ 0.21 $ 0.18 $ 0.14 Rolling four quarter CAD attributable to common shareholders $ 0.68 $ 0.70 $ 0.69 $ 0.63 $ 0.60 Dividends: Annualized dividends paid per share $ 0.04 $ 0.04 $ 0.04 $ 0.04 $ 0.04 Annualized dividend yield (at end of period) 1.1% 0.8% 1.1% 0.9% 0.9% Annualized Normalized FFO attributable to common shareholders payout ratio 7.7% 8.3% 7.1% 7.1% 8.3% CAD attributable to common shareholders payout ratio 8.3% 5.9% 4.8% 5.6% 7.1% Rolling four quarter CAD attributable to common shareholders payout ratio 5.9% 5.7% 5.8% 6.3% 6.7% Selected Balance Sheet Data: Total cash and cash equivalents $ 131,706 $ 153,863 $ 146,150 $ 128,394 $ 112,341 Total gross assets $ 5,930,217 $ 5,946,943 $ 5,950,348 $ 5,956,536 $ 5,961,129 Total assets $ 5,406,331 $ 5,454,808 $ 5,489,822 $ 5,527,569 $ 5,563,675 Total liabilities $ 4,397,001 $ 4,412,049 $ 4,402,055 $ 4,405,069 $ 4,401,896 Total equity $ 1,009,330 $ 1,042,759 $ 1,087,767 $ 1,122,500 $ 1,161,779 (dollars in thousands, except per share data) Key Financial Data 1151 South Graham Road Greenwood, IN 615,284 Square Feet ILPT Ownership: 61%
8Q4 2024RETURN TO TABLE OF CONTENTS Condensed Consolidated Statements of Income (Loss) Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Rental income $ 110,521 $ 108,895 $ 442,322 $ 437,338 Expenses: Real estate taxes 16,214 13,560 62,563 60,053 Other operating expenses 10,121 10,448 38,547 38,192 Depreciation and amortization 41,784 44,450 171,987 178,728 General and administrative 7,589 7,414 30,454 31,164 Acquisition and other transaction related costs — 287 — 287 (Recovery) loss on impairment of real estate (1) — (98) — 156 Total expenses 75,708 76,061 303,551 308,580 Interest income 2,506 2,571 11,427 7,911 Interest expense (71,739) (72,979) (292,536) (288,537) Gain on sale of real estate — 2,684 — 1,710 Loss on early extinguishment of debt — — — (359) Loss before income taxes and equity in earnings of unconsolidated joint venture (34,420) (34,890) (142,338) (150,517) Income tax (expense) benefit (60) 9 (162) (104) Equity in earnings (losses) of unconsolidated joint venture 100 (6,521) 5,332 902 Net loss (34,380) (41,402) (137,168) (149,719) Net loss attributable to noncontrolling interest 10,279 10,162 41,499 41,730 Net loss attributable to common shareholders $ (24,101) $ (31,240) $ (95,669) $ (107,989) Weighted average common shares outstanding (basic and diluted) 65,833 65,551 65,697 65,430 Net loss per share attributable to common shareholders (basic and diluted) $ (0.37) $ (0.48) $ (1.46) $ (1.65) (amounts in thousands, except per share data) 158 West Yard Road Feura Bush, NY 354,000 Square Feet ILPT Ownership: 100% (1) During the fourth quarter of 2023, ILPT recovered estimated selling costs for one property that was previously classified as held for sale and subsequently reclassified to held and used.
9Q4 2024RETURN TO TABLE OF CONTENTS Condensed Consolidated Balance Sheets December 31, 2024 2023 ASSETS Real estate properties $ 5,180,385 $ 5,169,552 Accumulated depreciation (523,886) (397,454) Total real estate properties, net 4,656,499 4,772,098 Investment in unconsolidated joint venture 116,732 115,360 Acquired real estate leases, net 199,193 243,521 Cash and cash equivalents 131,706 112,341 Restricted cash and cash equivalents 110,774 133,382 Rents receivable 129,162 119,170 Other assets, net 62,265 67,803 Total assets $ 5,406,331 $ 5,563,675 LIABILITIES AND EQUITY Mortgages and notes payable, net $ 4,300,537 $ 4,305,941 Accounts payable and other liabilities 76,753 72,455 Assumed real estate lease obligations, net 14,937 18,534 Due to related persons 4,774 4,966 Total liabilities 4,397,001 4,401,896 Commitments and contingencies Equity attributable to common shareholders 562,019 669,954 Noncontrolling interest 447,311 491,825 Total equity 1,009,330 1,161,779 Total liabilities and equity $ 5,406,331 $ 5,563,675 (dollars in thousands) 235 Great Pond Road Windsor, CT 113,753 Square Feet ILPT Ownership: 100%
10Q4 2024RETURN TO TABLE OF CONTENTS (1) Interest rates reflect the impact of interest rate caps, as applicable. (2) This loan has two remaining one year extension options, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 3.93%. ILPT purchased an interest rate cap through October 2025 with a SOFR strike rate equal to 2.78%. (3) This loan has two remaining one year extension options, subject to the satisfaction of certain conditions, and requires that interest be paid at an annual rate of SOFR plus a weighted average premium of 2.77%. Mountain JV purchased an interest rate cap through March 2025 with a SOFR strike rate equal to 3.04%. In February 2025, Mountain JV provided notice to exercise the second extension option for the maturity of this loan and in connection therewith purchased a one year interest rate cap for $15,010 with a SOFR strike rate equal to 3.10%. Interest Principal Maturity Years to Entity Type Secured By Rate (1) Balance Date Maturity ILPT Floating rate - interest only (2) 69 mainland and 35 Hawaii properties 6.71% $ 1,235,000 10/09/2025 0.8 ILPT Fixed rate - interest only 186 Hawaii properties 4.31% 650,000 02/07/2029 4.1 ILPT Fixed rate - interest only 17 mainland properties 4.42% 700,000 03/09/2032 7.2 Mountain JV Floating rate - interest only (3) 82 mainland properties 5.81% 1,400,000 03/09/2025 0.2 Mountain JV Fixed rate - interest only Four mainland properties 6.25% 91,000 06/10/2030 5.4 Mountain JV Fixed rate - amortizing One mainland property 3.67% 10,020 05/01/2031 6.3 Mountain JV Fixed rate - amortizing One mainland property 4.14% 11,636 07/01/2032 7.5 Mountain JV Fixed rate - amortizing One mainland property 4.02% 26,200 10/01/2033 8.8 Mountain JV Fixed rate - amortizing One mainland property 4.13% 36,684 11/01/2033 8.8 Mountain JV Fixed rate - amortizing One mainland property 3.10% 22,637 06/01/2035 10.4 Mountain JV Fixed rate - amortizing One mainland property 2.95% 36,655 01/01/2036 11.0 Mountain JV Fixed rate - amortizing One mainland property 4.27% 41,491 11/01/2037 12.8 Mountain JV Fixed rate - amortizing One mainland property 3.25% 46,506 01/01/2038 13.0 Weighted average / total 5.51% $ 4,307,829 2.7 Debt Summary (dollars in thousands) As of December 31, 2024 52 Pettengill Road Londonderry, NH 614,240 Square Feet ILPT Ownership: 100%
11Q4 2024RETURN TO TABLE OF CONTENTS (1) This loan matures in March 2025, subject to two remaining one year extension options. In February 2025, Mountain JV provided notice to exercise the second extension option for the maturity of this loan. (2) This loan matures in October 2025, subject to two remaining one year extension options. Debt Maturity Schedule (dollars in millions) As of December 31, 2024 Current Maturity Date Pr in ci p al $1,235.0 — — — — — $1,400.0 $18.8 $19.5 $20.2 $21.0 $671.8 $921.5 Secured fixed rate debt Secured floating rate debt of consolidated joint venture Secured floating rate debt 2025 2026 2027 2028 2029 Thereafter $0 $500 $1,000 $1,500 $2,000 $2,500 $3,000 (1) 1509 Leestown Road Frankfort, KY 599,840 Square Feet ILPT Ownership: 61% (2)
12Q4 2024RETURN TO TABLE OF CONTENTS As of and for the Three Months Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 Leverage Ratios: Net debt / total gross assets 68.6% 68.1% 68.2% 68.6% 68.4% Net debt / gross book value of real estate assets 71.3% 71.0% 71.2% 71.7% 71.3% Net debt / total market capitalization 89.4% 87.5% 89.0% 88.7% 88.0% Secured debt / total assets 79.7% 79.1% 78.6% 78.2% 77.8% Variable rate debt / net debt 64.8% 65.1% 64.9% 64.5% 64.6% Coverage Ratios: Net debt / annualized Adjusted EBITDAre 12.4x 12.1x 11.9x 12.1x 12.3x Adjusted EBITDAre / interest expense 1.1x 1.1x 1.2x 1.2x 1.1x Leverage and Coverage Ratios 1901 Meadowville Technology Parkway Chester, VA 1,016,281 Square Feet ILPT Ownership: 100%
13Q4 2024RETURN TO TABLE OF CONTENTS (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Tenant improvements $ 916 $ 433 $ 142 $ 444 $ 1,423 $ 1,935 $ 3,316 Leasing costs 1,265 2,695 184 2,127 1,196 6,271 5,082 Building improvements 3,176 2,509 2,506 802 2,406 8,993 6,779 Recurring capital expenditures 5,357 5,637 2,832 3,373 5,025 17,199 15,177 Development, redevelopment and other activities — — — — 381 — 8,086 Total capital expenditures $ 5,357 $ 5,637 $ 2,832 $ 3,373 $ 5,406 $ 17,199 $ 23,263 Capital Expenditures Summary 2552 South 98th Street Edwardsville, KS 280,019 Square Feet ILPT Ownership: 61%
14Q4 2024RETURN TO TABLE OF CONTENTS Portfolio Information
15Q4 2024RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) As of and for the Three Months Ended As of and for the Year Ended 12/31/2024 12/31/2023 12/31/2024 12/31/2023 Properties 411 411 411 411 Rentable square feet 59,890 59,951 59,890 59,951 Percent leased 94.4% 98.8% 94.4% 98.8% Rental income $ 110,521 $ 108,895 $ 442,322 $ 437,233 NOI $ 84,186 $ 84,910 $ 341,248 $ 339,060 NOI % change (0.9) % 0.7% Cash Basis NOI $ 81,610 $ 81,476 $ 329,280 $ 324,331 Cash Basis NOI % change 0.2 % 1.5% Same Property Results 5 Logistics Drive Carlisle, PA 205,090 Square Feet ILPT Ownership: 22%
16Q4 2024RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) As of and for the As of and for the Three Months Ended Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 Properties 411 411 411 411 411 411 Rentable square feet 59,890 59,890 59,893 59,893 59,951 59,890 Percentage leased 94.4% 94.4% 95.4% 99.0% 98.8% 94.4% Leasing Activity (Sq. Ft.): New leases 148 17 73 90 276 328 Renewals 583 2,740 555 1,785 1,220 5,663 Rent resets — — — 106 38 106 Total 731 2,757 628 1,981 1,534 6,097 Expirations (682) (3,358) (2,832) (1,811) (1,563) (8,683) % Change in GAAP Rent: New leases 43.1% 4.1% 43.5% 48.1% 65.9% 40.0% Renewals 37.5% 7.0% 11.2% 38.5% 16.2% 16.0% Rent resets —% —% —% 27.5% 28.0% 27.5% Weighted average (by sq. ft.) 39.3% 7.0% 15.8% 38.3% 19.7% 18.2% Leasing Costs and Concession Commitments: New leases $ 1,515 $ 113 $ 587 $ 717 $ 1,528 $ 2,932 Renewals 505 2,794 290 2,754 2,122 6,343 Total $ 2,020 $ 2,907 $ 877 $ 3,471 $ 3,650 $ 9,275 Leasing Costs and Concession Commitments per Sq. Ft.: New leases $ 10.27 $ 6.77 $ 8.03 $ 7.96 $ 5.53 $ 8.96 Renewals $ 0.87 $ 1.02 $ 0.52 $ 1.54 $ 1.74 $ 1.12 Weighted average $ 2.76 $ 1.05 $ 1.40 $ 1.85 $ 2.44 $ 1.55 Weighted Average Lease Term by Sq. Ft. (Years): New leases 21.3 3.9 14.6 19.4 3.9 18.4 Renewals 7.8 6.2 5.8 5.6 7.3 6.1 Weighted average 10.5 6.2 6.8 6.2 6.7 6.8 Leasing Costs and Concession Commitments per Sq. Ft. per Year: New leases $ 0.48 $ 1.75 $ 0.55 $ 0.41 $ 1.41 $ 0.49 Renewals $ 0.11 $ 0.17 $ 0.09 $ 0.28 $ 0.24 $ 0.18 Weighted average $ 0.26 $ 0.17 $ 0.21 $ 0.30 $ 0.37 $ 0.23 Occupancy and Leasing Summary (1) (1) Reflects leases executed during the periods indicated.
17Q4 2024RETURN TO TABLE OF CONTENTS As of December 31, 2024 % of Total Annualized Tenant Credit Characteristics Rental Revenues Investment grade rated 18.1% Subsidiaries of investment grade rated parent entities 37.5% Other leased Hawaii lands 21.1% Subtotal investment grade rated, subsidiaries of investment grade rated parent entities and other leased Hawaii lands 76.7% Other unrated or non-investment grade 23.3% 100.0% Tenant Credit Characteristics and Concentration % of Total % of Total Annualized No. of Leased Leased Rental Top 10 Tenants (1) Location Properties Square Feet Square Feet Revenues 1 FedEx Corporation Various (33 States) 78 12,781 22.6% 29.1% 2 Amazon.com Services, Inc. AL, IN, OK, SC, TN, VA 8 4,539 8.0% 6.8% 3 Home Depot U.S.A., Inc. GA, HI 3 991 1.8% 2.3% 4 American Tire Distributors, Inc. (2) CO, LA, NE, NY, OH 5 722 1.3% 1.6% 5 UPS Supply Chain Solutions, Inc. NH, NY 3 794 1.4% 1.5% 6 Restoration Hardware, Inc. MD 1 1,195 2.1% 1.5% 7 Servco Pacific, Inc. HI 7 629 1.1% 1.4% 8 DHL Group SC 1 945 1.7% 1.2% 9 TD SYNNEX Corporation OH 2 939 1.7% 1.1% 10 Berkshire Hathaway Inc. GA 1 832 1.5% 1.0% 109 24,367 43.2% 47.5% (dollars and sq. ft. in thousands) (1) Includes any applicable subsidiaries of tenant. (2) In October 2024, American Tire Distributors, Inc. filed for Chapter 11 bankruptcy. As of February 18, 2025, this tenant has no outstanding rental obligations due to ILPT and has indicated that it does not intend to vacate any of its leases with ILPT but may seek to modify the terms of its existing leases with ILPT. 3779 Lake Shore Road Hamburg, NY 338,584 Square Feet ILPT Ownership: 61%
18Q4 2024RETURN TO TABLE OF CONTENTS Cumulative Cumulative % of Total % of Total % of Total % of Total Leased Leased Leased Annualized Annualized Annualized No. of Square Feet Square Feet Square Feet Rental Revenues Rental Revenues Rental Revenues Year Leases Expiring Expiring Expiring Expiring Expiring Expiring 2025 30 2,801 5.0% 5.0% $ 15,005 3.4% 3.4% 2026 30 3,504 6.2% 11.2% 23,185 5.3% 8.7% 2027 43 8,306 14.7% 25.9% 51,780 11.8% 20.5% 2028 41 6,220 11.0% 36.9% 46,815 10.7% 31.2% 2029 38 6,879 12.2% 49.1% 45,380 10.3% 41.5% Thereafter 206 28,847 50.9% 100.0% 256,889 58.5% 100.0% Total 388 56,557 100.0% $ 439,054 100.0% Weighted average remaining lease term (years) 7.0 7.8 Portfolio Lease Expiration and Reset Schedules (dollars and sq. ft. in thousands) As of December 31, 2024 Scheduled Rent Resets at Hawaii Properties: 2025 2026 2027 2028 2029 Thereafter Total Reset square feet 204 154 86 — 1,859 1,081 3,384 Percent (1) 1.4% 1.1% 0.6% —% 12.9% 7.5% Annualized rental revenues $ 1,010 $ 1,316 $ 805 $ — $ 8,517 $ 11,225 $ 22,873 Percent (1) 0.8% 1.1% 0.7% —% 6.9% 9.1% (1) Percentages are based on leased square feet and annualized rental revenues at Hawaii properties only. 7303 Rickenbacker Parkway West Columbus, OH 357,504 Square Feet ILPT Ownership: 100%
19Q4 2024RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands, except per sq. ft. data) Key Financial Data by Investment Portfolio As of and for the Three Months Ended December 31, 2024 ILPT Wholly Owned Properties Mountain Industrial ILPT Mainland Hawaii Total REIT LLC (1) Other (2) Consolidated Ownership % 100% 100% 100% 61% Properties 90 226 316 94 1 411 Rentable square feet 22,119 16,729 38,848 20,978 64 59,890 Occupancy % 96.3% 86.2% 92.0% 99.0% 100.0% 94.4% Selected Balance Sheet Data: Total gross assets $ 1,812,894 $ 726,392 $ 2,539,286 $ 3,118,781 $ 272,150 $ 5,930,217 Total debt (principal) $ 1,722,070 $ 862,930 $ 2,585,000 $ 1,722,829 $ — $ 4,307,829 Selected Income Statement Data: Rental income $ 38,062 $ 29,722 $ 67,784 $ 42,399 $ 338 $ 110,521 Net (loss) income $ (17,196) $ 8,021 $ (9,175) $ (26,417) $ 1,212 $ (34,380) Net (loss) income attributable to common shareholders $ (17,196) $ 8,021 $ (9,175) $ (16,114) $ 1,188 $ (24,101) NOI $ 29,269 $ 21,396 $ 50,665 $ 33,316 $ 205 $ 84,186 Cash Basis NOI $ 28,887 $ 20,071 $ 48,958 $ 32,453 $ 199 $ 81,610 Adjusted EBITDAre $ 26,903 $ 20,449 $ 47,352 $ 30,521 $ 4,283 $ 82,156 Normalized FFO attributable to common shareholders $ (2,201) $ 8,767 $ 6,566 $ (312) $ 2,623 $ 8,877 CAD attributable to common shareholders $ (249) $ 6,006 $ 5,757 $ (203) $ 2,142 $ 7,696 Key Ratios: Annualized Cash Basis NOI / total gross assets 6.4% 11.1% 7.7% 4.2% 5.5% Net debt / annualized Adjusted EBITDAre 15.9x 10.5x 13.6x 13.3x 12.4x Select Quarterly Leasing Activity: Leasing activity (sq. ft.): 338 158 496 234 1 731 % change in GAAP rent (weighted average by sq. ft.): 67.7% 41.3% 53.3% 14.7% 8.3% 39.3% Weighted average lease term by sq. ft. (years): 10.0 19.9 13.2 5.0 3.0 10.5 (1) With the exception of measures attributable to common shareholders, amounts shown reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof. Amounts presented are derived from GAAP information and may not be comparable to amounts reflected in this joint venture's standalone financial information. (2) Other includes data for: 100% ownership interest of one consolidated mainland property containing approximately 64 rentable square feet located in New Jersey in which ILPT has an approximate 67% ownership interest attributable to common shareholders, not ILPT's proportionate share thereof; any corporate assets and liabilities including ILPT's equity investment in its unconsolidated joint venture; and adjustments to remove the noncontrolling interest of Mountain JV from the balance sheet and income statement data.
20Q4 2024RETURN TO TABLE OF CONTENTS Joint Ventures
21Q4 2024RETURN TO TABLE OF CONTENTS GA: 12.5% TX: 10.2% OH: 9.9% IN: 8.5% NC: 5.9% FL: 5.1%MI: 4.6% NJ: 3.9% IL: 3.8% MS: 3.6% KS: 3.6% 16 Other States: 28.4% Consolidated Joint Venture - Mountain Industrial REIT LLC (dollars in thousands) Number of Leases Expiring 3 11 13 7 10 36 % of Total Annualized Rental Revenues Expiring (1) 3.3% 5.2% 12.3% 10.4% 7.6% 61.2% A nn ua liz ed R en ta l R ev en ue s Ex p ir in g 2025 2026 2027 2028 2029 Thereafter 0 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000 90,000 100,000 110,000 Lease Expiration Schedule As of December 31, 2024 Major Tenants % of Annualized Rental Top 10 Tenants (1) Revenues (2) FedEx Corporation 56.3% Amazon.com Services, Inc. 7.1% Home Depot U.S.A., Inc. 3.8% Berkshire Hathaway Inc. 2.7% Techtronic Industries Company Limited 2.6% Ulta Beauty, Inc. 2.5% Autoneum Holding AG 2.4% DSV Solutions Holding A/S 1.6% Beam Suntory Inc. 1.4% Treehouse Foods, Inc. 1.4% Geographic Diversification (2) (1) Includes any applicable subsidiaries of tenant. (2) Based on the aggregate annualized rental revenues of ILPT's consolidated joint venture as of December 31, 2024.
22Q4 2024RETURN TO TABLE OF CONTENTS (dollars and sq. ft. in thousands) ILPT Number of Square Joint Venture Ownership Presentation Properties States Feet Mountain Industrial REIT LLC 61% Consolidated 94 27 20,978 (1) Amounts shown on this page reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof unless otherwise stated. (2) ILPT's proportionate share of the principal amount of debt based on its ownership percentage of Mountain JV as of December 31, 2024 is $1,050,926. None of the debt is recourse to ILPT, subject to certain limitations. As of December 31, 2024 Consolidated Balance Sheets to the Consolidated Joint Venture December 31, 2024 2023 ASSETS Real estate properties $ 2,843,834 $ 2,840,142 Accumulated depreciation (222,621) (143,757) Total real estate properties, net 2,621,213 2,696,385 Acquired real estate leases, net 136,239 163,307 Cash, cash equivalents and restricted cash 103,559 131,159 Other assets, net 35,149 35,343 Total assets $ 2,896,160 $ 3,026,194 LIABILITIES Mortgages and notes payable, net (2) $ 1,722,015 $ 1,736,426 Other liabilities 35,786 37,954 Total liabilities $ 1,757,801 $ 1,774,380 Noncontrolling interest (39%) $ 443,960 $ 488,012 Consolidated Joint Venture - Mountain Industrial REIT LLC (1) 3150 Highway 42 Locust Grove, GA 657,518 Square Feet ILPT Ownership: 61%
23Q4 2024RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended December 31, Year Ended December 31, Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Rental income $ 42,399 $ 39,642 $ 168,963 $ 165,976 $ 25,863 $ 24,182 $ 103,066 $ 101,246 Real estate taxes 5,782 3,135 21,751 21,482 3,527 1,912 13,268 13,103 Other operating expenses 3,301 3,587 13,878 12,958 2,014 2,188 8,466 7,904 Depreciation and amortization 25,905 26,831 105,930 108,751 15,802 16,367 64,618 66,339 General and administrative 3,920 3,767 15,847 15,910 2,390 2,298 9,666 9,705 Total expenses 38,908 37,320 157,406 159,101 23,733 22,765 96,018 97,051 Interest income 1,125 1,576 5,183 4,946 686 961 3,162 3,017 Interest expense (30,953) (29,937) (123,153) (117,583) (18,881) (18,262) (75,123) (71,726) Loss on sale of real estate — — — (974) — — — (594) Loss before income taxes (26,337) (26,039) (106,413) (106,736) (16,065) (15,884) (64,913) (65,108) Loss on early extinguishment of debt — — — (359) — — — (219) Income tax expense (80) (3) (145) (76) (49) (2) (89) (46) Net loss $ (26,417) $ (26,042) $ (106,558) $ (107,171) $ (16,114) $ (15,886) $ (65,002) $ (65,373) Net loss $ (26,417) $ (26,042) $ (106,558) $ (107,171) $ (16,114) $ (15,886) $ (65,002) $ (65,373) Plus: depreciation and amortization 25,905 26,831 105,930 108,751 15,802 16,367 64,618 66,339 Plus: loss on sale of real estate — — — 974 — — — 594 FFO (512) 789 (628) 2,554 (312) 481 (384) 1,560 Plus: loss on early extinguishment of debt — — — 359 — — — 219 Normalized FFO $ (512) $ 789 $ (628) $ 2,913 $ (312) $ 481 $ (384) $ 1,779 (dollars in thousands) (1) See page 34 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture. Consolidated Joint Venture - Mountain Industrial REIT LLC
24Q4 2024RETURN TO TABLE OF CONTENTS Operating Information of the Consolidated Joint Venture (100%) Pro-Rata Operating Information of the Consolidated Joint Venture (ILPT Share) (1) Three Months Ended December 31, Year Ended December 31, Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 2024 2023 2024 2023 Normalized FFO $ (512) $ 789 $ (628) $ 2,913 $ (312) $ 481 $ (384) $ 1,779 Plus: non-cash interest expense 6,627 4,157 25,013 16,566 4,042 2,536 15,257 10,105 Minus: non-cash revenues (863) (1,223) (4,178) (5,017) (526) (746) (2,548) (3,060) Minus: recurring capital expenditures (993) (893) (4,798) (7,149) (606) (545) (2,926) (4,361) Minus: principal amortization (4,592) (4,425) (18,116) (19,508) (2,801) (2,699) (11,051) (11,900) CAD $ (333) $ (1,595) $ (2,707) $ (12,195) $ (203) $ (973) $ (1,652) $ (7,437) Net loss $ (26,417) $ (26,042) $ (106,558) $ (107,171) $ (16,114) $ (15,886) $ (65,002) $ (65,373) Plus: interest expense 30,953 29,937 123,153 117,583 18,881 18,262 75,123 71,726 Plus: income tax expense 80 3 145 76 49 2 89 46 Plus: depreciation and amortization 25,905 26,831 105,930 108,751 15,802 16,367 64,618 66,339 EBITDA 30,521 30,729 122,670 119,239 18,618 18,745 74,828 72,738 Plus: loss on sale of real estate — — — 974 — — — 594 EBITDAre 30,521 30,729 122,670 120,213 18,618 18,745 74,828 73,332 Plus: loss on early extinguishment of debt — — — 359 — — — 219 Adjusted EBITDAre $ 30,521 $ 30,729 $ 122,670 $ 120,572 $ 18,618 $ 18,745 $ 74,828 $ 73,551 (dollars in thousands) (1) See page 34 for more information regarding Pro-Rata Operating Information of Consolidated Joint Venture. Consolidated Joint Venture - Mountain Industrial REIT LLC
25Q4 2024RETURN TO TABLE OF CONTENTS Unconsolidated Joint Venture - The Industrial Fund REIT LLC (1) As of December 31, 2024 ILPT ILPT Number of Square Investment in Joint Venture Ownership Properties States Feet Joint Venture The Industrial Fund REIT LLC 22% 18 12 11,726 $ 116,732 Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 Rental income $ 18,396 $ 17,845 $ 74,022 $ 70,178 Real estate taxes 2,602 2,559 10,543 10,173 Other operating expenses 2,129 2,176 8,349 8,098 Depreciation and amortization 7,742 7,946 31,026 32,117 General and administrative 936 910 3,751 3,704 Total expenses 13,409 13,591 53,669 54,092 Interest income 183 148 684 559 Interest expense (6,364) (6,152) (25,329) (22,479) Loss before income taxes (1,194) (1,750) (4,292) (5,834) Income tax (expense) benefit (4) 16 (13) 2 Net loss $ (1,198) $ (1,734) $ (4,305) $ (5,832) Distributions received (2) $ 990 $ 2,530 $ 3,960 $ 9,900 Type Secured by Interest Rate Maturity Date Principal Balance Fixed rate - interest only One mainland property 6.96% 11/01/2028 $ 65,000 Floating rate - interest only (3) Six mainland properties 5.30% 10/01/2027 123,700 Fixed rate - interest only 11 mainland properties 3.33% 11/07/2029 350,000 Weighted average / total 4.22% $ 538,700 (1) Amounts shown on this page reflect 100% ownership interest of this joint venture, not ILPT's proportionate share thereof unless otherwise stated. (2) Represents ILPT's distributions from this joint venture, including distributions of proceeds from this joint venture's financing activities, if any. (3) The $123,700 loan requires that interest be paid at an annual rate of SOFR plus a premium of 1.80%. The Industrial Fund REIT LLC has purchased an interest rate cap through October 2025 with a SOFR strike rate equal to 3.50%. (dollars and sq. ft. in thousands) 3350 Laurel Ridge Avenue Ruskin, FL 1,017,693 Square Feet ILPT Ownership: 22%
26Q4 2024RETURN TO TABLE OF CONTENTS Appendix
27Q4 2024RETURN TO TABLE OF CONTENTS Calculation and Reconciliation of NOI and Cash Basis NOI (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Calculation of NOI and Cash Basis NOI: Rental income $ 110,521 $ 108,945 $ 110,621 $ 112,235 $ 108,895 $ 442,322 $ 437,338 Real estate taxes (16,214) (15,339) (15,149) (15,861) (13,560) (62,563) (60,053) Other operating expenses (10,121) (8,897) (9,207) (10,322) (10,448) (38,547) (38,192) NOI 84,186 84,709 86,265 86,052 84,887 341,212 339,093 Non-cash revenues (2,576) (2,206) (3,330) (3,856) (3,434) (11,968) (14,729) Cash Basis NOI $ 81,610 $ 82,503 $ 82,935 $ 82,196 $ 81,453 $ 329,244 $ 324,364 Reconciliation of net loss to NOI and Cash Basis NOI: Net loss $ (34,380) $ (35,407) $ (33,479) $ (33,902) $ (41,402) $ (137,168) $ (149,719) Equity in (earnings) losses of unconsolidated joint venture (100) (1,161) (2,348) (1,723) 6,521 (5,332) (902) Income tax expense (benefit) 60 33 36 33 (9) 162 104 Loss before income taxes and equity in earnings (losses) of unconsolidated joint venture (34,420) (36,535) (35,791) (35,592) (34,890) (142,338) (150,517) Loss on early extinguishment of debt — — — — — — 359 Gain on sale of real estate — — — — (2,684) — (1,710) Interest expense 71,739 73,936 73,631 73,230 72,979 292,536 288,537 Interest income (2,506) (3,134) (2,935) (2,852) (2,571) (11,427) (7,911) (Recovery) loss on impairment of real estate — — — — (98) — 156 Acquisition and other transaction related costs — — — — 287 — 287 General and administrative 7,589 7,237 7,939 7,689 7,414 30,454 31,164 Depreciation and amortization 41,784 43,205 43,421 43,577 44,450 171,987 178,728 NOI 84,186 84,709 86,265 86,052 84,887 341,212 339,093 Non-cash revenues (2,576) (2,206) (3,330) (3,856) (3,434) (11,968) (14,729) Cash Basis NOI $ 81,610 $ 82,503 $ 82,935 $ 82,196 $ 81,453 $ 329,244 $ 324,364
28Q4 2024RETURN TO TABLE OF CONTENTS Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI (dollars in thousands) For the Three Months Ended December 31, For the Year Ended December 31, 2024 2023 2024 2023 Reconciliation of NOI to Same Property NOI: Rental income $ 110,521 $ 108,895 $ 442,322 $ 437,338 Real estate taxes (16,214) (13,560) (62,563) (60,053) Other operating expenses (10,121) (10,448) (38,547) (38,192) NOI 84,186 84,887 341,212 339,093 NOI of properties not included in same property results — 23 36 (33) Same property NOI $ 84,186 $ 84,910 $ 341,248 $ 339,060 Calculation of Same Property Cash Basis NOI: Same property NOI $ 84,186 $ 84,910 $ 341,248 $ 339,060 Less: Non-cash revenues (2,576) (3,434) (11,968) (14,729) Same property Cash Basis NOI $ 81,610 $ 81,476 $ 329,280 $ 324,331 1800 Union Airpark Boulevard Union, OH 1,791,246 Square Feet ILPT Ownership: 22%
29Q4 2024RETURN TO TABLE OF CONTENTS Calculation of EBITDA, EBITDAre and Adjusted EBITDAre (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net loss $ (34,380) $ (35,407) $ (33,479) $ (33,902) $ (41,402) $ (137,168) $ (149,719) Plus: interest expense 71,739 73,936 73,631 73,230 72,979 292,536 288,537 Plus: income tax expense (benefit) 60 33 36 33 (9) 162 104 Plus: depreciation and amortization 41,784 43,205 43,421 43,577 44,450 171,987 178,728 EBITDA 79,203 81,767 83,609 82,938 76,018 327,517 317,650 (Recovery) loss on impairment of real estate — — — — (98) — 156 Gain on sale of real estate — — — — (2,684) — (1,710) Equity in (earnings) losses of unconsolidated joint venture (100) (1,161) (2,348) (1,723) 6,521 (5,332) (902) Share of EBITDAre from unconsolidated joint venture 2,842 2,895 2,872 2,846 2,717 11,455 10,728 EBITDAre 81,945 83,501 84,133 84,061 82,474 333,640 325,922 Plus: acquisition and other transaction related costs — — — — 287 — 287 Plus: general and administrative expense paid in common shares (1) 211 446 924 339 311 1,920 1,741 Plus: loss on early extinguishment of debt — — — — — — 359 Adjusted EBITDAre $ 82,156 $ 83,947 $ 85,057 $ 84,400 $ 83,072 $ 335,560 $ 328,309 (1) Amounts represent equity based compensation to ILPT's trustees and officers and certain other employees of RMR.
30Q4 2024RETURN TO TABLE OF CONTENTS Calculation of FFO, Normalized FFO and CAD (dollars in thousands) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Net loss attributable to common shareholders $ (24,101) $ (24,990) $ (23,175) $ (23,403) $ (31,240) $ (95,669) $ (107,989) Equity in (earnings) losses of unconsolidated joint venture (100) (1,161) (2,348) (1,723) 6,521 (5,332) (902) Gain on sale of real estate — — — — (2,684) — (1,710) (Recovery) loss on impairment of real estate — — — — (98) — 156 Depreciation and amortization 41,784 43,205 43,421 43,577 44,450 171,987 178,728 Share of FFO from unconsolidated joint venture 1,440 1,496 1,484 1,459 1,367 5,879 5,783 FFO adjustments attributable to noncontrolling interest (10,146) (10,487) (10,417) (10,460) (10,517) (41,510) (43,031) FFO attributable to common shareholders 8,877 8,063 8,965 9,450 7,799 35,355 31,035 Loss on early extinguishment of debt — — — — — — 359 Acquisition and other transaction related costs — — — — 287 — 287 Normalized FFO adjustments attributable to noncontrolling interest — — — — — — (140) Normalized FFO attributable to common shareholders $ 8,877 $ 8,063 $ 8,965 $ 9,450 $ 8,086 $ 35,355 $ 31,541
31Q4 2024RETURN TO TABLE OF CONTENTS (amounts in thousands, except per share data) For the Three Months Ended For the Year Ended 12/31/2024 9/30/2024 6/30/2024 3/31/2024 12/31/2023 12/31/2024 12/31/2023 Normalized FFO attributable to common shareholders $ 8,877 $ 8,063 $ 8,965 $ 9,450 $ 8,086 $ 35,355 $ 31,541 Plus (minus): Non-cash interest expense 11,523 15,092 15,355 13,859 12,883 55,829 51,481 Non-cash revenues (2,576) (2,206) (3,330) (3,856) (3,434) (11,968) (14,729) General and administrative expense paid in common shares (1) 211 446 924 339 311 1,920 1,741 Recurring capital expenditures (5,357) (5,637) (2,832) (3,373) (5,025) (17,199) (15,177) Principal amortization (4,592) (4,550) (4,508) (4,466) (4,425) (18,116) (19,508) Share of Normalized FFO from unconsolidated joint venture (1,440) (1,496) (1,484) (1,459) (1,367) (5,879) (5,783) Distributions from unconsolidated joint venture 990 990 990 990 990 3,960 3,960 CAD adjustments attributable to noncontrolling interest 60 545 (75) 444 929 974 5,912 CAD attributable to common shareholders $ 7,696 $ 11,247 $ 14,005 $ 11,928 $ 8,948 $ 44,876 $ 39,438 Weighted average common shares outstanding (basic and diluted) 65,833 65,769 65,626 65,556 65,551 65,697 65,430 Per Common Share Data (basic and diluted): Net loss attributable to common shareholders $ (0.37) $ (0.38) $ (0.35) $ (0.36) $ (0.48) $ (1.46) $ (1.65) FFO attributable to common shareholders $ 0.13 $ 0.12 $ 0.14 $ 0.14 $ 0.12 $ 0.54 $ 0.47 Normalized FFO attributable to common shareholders $ 0.13 $ 0.12 $ 0.14 $ 0.14 $ 0.12 $ 0.54 $ 0.48 CAD attributable to common shareholders $ 0.12 $ 0.17 $ 0.21 $ 0.18 $ 0.14 $ 0.68 $ 0.60 (1) Amounts represent equity based compensation to ILPT's trustees and officers and certain other employees of RMR. Calculation of FFO, Normalized FFO and CAD
32Q4 2024RETURN TO TABLE OF CONTENTS Company Profile, Research Coverage and Governance Information Management: ILPT is managed by The RMR Group (Nasdaq: RMR). RMR is an alternative asset management company that is focused on commercial real estate and related businesses. As of December 31, 2024, RMR had over $40 billion in assets under management and the combined RMR managed companies had more than $5 billion of annual revenues, approximately 2,000 properties and over 18,000 employees. ILPT believes that being managed by RMR is a competitive advantage for ILPT because of RMR’s depth of management and experience in the real estate industry. ILPT also believes RMR provides management services to it at a lower cost than it would have to pay for similar quality services if it were self managed. Board of Trustees Bruce M. Gans Lisa Harris Jones Matthew P. Jordan Lead Independent Trustee Independent Trustee Managing Trustee Joseph L. Morea Kevin C. Phelan Adam D. Portnoy Independent Trustee Independent Trustee Chair of the Board and Managing Trustee June S. Youngs Independent Trustee Equity Research Coverage BTIG JMP Securities Thomas Catherwood Mitchell Germain tcatherwood@btig.com mgermain@jmpsecurities.com (212) 738-6140 (212) 906-3537 ILPT is followed by the analysts listed on this page. Please note that any opinions, estimates or forecasts regarding ILPT’s performance made by these analysts do not represent opinions, forecasts or predictions of ILPT or its management. ILPT does not by its reference above imply its endorsement of or concurrence with any information, conclusions or recommendations provided by any of these analysts. Executive Officers Yael Duffy Tiffany R. Sy Marc Krohn President and Chief Financial Officer Vice President Chief Operating Officer and Treasurer
33Q4 2024RETURN TO TABLE OF CONTENTS Unless otherwise noted, all data presented in this presentation excludes the properties owned by an unconsolidated joint venture in which ILPT owns a 22% equity interest. See page 25 for information regarding this joint venture and related mortgage notes. Non-GAAP Financial Measures: ILPT presents certain “non-GAAP financial measures” within the meaning of the applicable rules of the Securities and Exchange Commission, or the SEC, including net operating income, or NOI, Cash Basis NOI, same property NOI, same property Cash Basis NOI, earnings before interest, income tax, depreciation and amortization, or EBITDA, EBITDA for real estate, or EBITDAre, Adjusted EBITDAre, funds from operations, or FFO, normalized funds from operations, or Normalized FFO, and cash available for distribution, or CAD. These measures do not represent cash generated by operating activities in accordance with GAAP and should not be considered as alternatives to net loss or net loss attributable to common shareholders, as indicators of ILPT's operating performance or as measures of its liquidity. These measures should be considered in conjunction with net loss and net loss attributable to common shareholders as presented in ILPT's condensed consolidated statements of income (loss). ILPT considers these non-GAAP measures to be appropriate supplemental measures of operating performance for a REIT, along with net loss and net loss attributable to common shareholders. ILPT believes these measures provide useful information to investors because by excluding the effects of certain historical amounts, such as depreciation and amortization expense, they may facilitate a comparison of its operating performance between periods and with other REITs and, in the case of NOI and Cash Basis NOI, reflecting only those income and expense items that are generated and incurred at the property level may help both investors and management to understand the operations of ILPT's properties. NOI and Cash Basis NOI: The calculations of NOI and Cash Basis NOI exclude certain components of net loss in order to provide results that are more closely related to ILPT's property level results of operations. ILPT calculates NOI and Cash Basis NOI as shown on page 27 and same property NOI and same property Cash Basis NOI as shown on page 28. ILPT defines NOI as income from its rental of real estate less its property operating expenses. NOI excludes depreciation and amortization. ILPT defines Cash Basis NOI as NOI excluding non-cash revenues and lease termination fees, if any. ILPT uses NOI and Cash Basis NOI to evaluate individual and company-wide property level performance. ILPT calculates same property NOI and same property Cash Basis NOI in the same manner that it calculates the corresponding NOI and Cash Basis NOI amounts, except that ILPT only includes same properties in calculating same property NOI and same property Cash Basis NOI. Other real estate companies and REITs may calculate NOI and Cash Basis NOI differently than ILPT does. FFO Attributable to Common Shareholders and Normalized FFO Attributable to Common Shareholders: ILPT calculates FFO attributable to common shareholders and Normalized FFO attributable to common shareholders as shown on page 30. FFO attributable to common shareholders is calculated on the basis defined by The National Association of Real Estate Investment Trusts, or Nareit, which is: (1) net loss attributable to common shareholders calculated in accordance with GAAP, excluding (i) any recovery or loss on impairment of real estate, (ii) any gain or loss on sale of real estate and (iii) equity in earnings or losses of unconsolidated joint venture; (2) plus (i) real estate depreciation and amortization and (ii) ILPT's proportionate share of FFO from unconsolidated joint venture properties; (3) minus FFO adjustments attributable to noncontrolling interest; and (4) certain other adjustments currently not applicable to ILPT. In calculating Normalized FFO attributable to common shareholders, ILPT adjusts for certain nonrecurring items shown on page 30, including adjustments for such items related to the unconsolidated joint venture, if any. FFO attributable to common shareholders and Normalized FFO attributable to common shareholders are among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to its shareholders. Other factors include, but are not limited to, requirements to maintain ILPT's qualification for taxation as a REIT, the then current and expected needs for and availability of cash to pay ILPT's obligations and fund ILPT's investments, limitations in the agreements governing its debt, the availability to ILPT of debt and equity capital, its distribution rate as a percentage of the trading price of ILPT's common shares, or dividend yield, and ILPT's dividend yield compared to the dividend yields of other REITs and ILPT's expectation of its future capital requirements and operating performance. Other real estate companies and REITs may calculate FFO attributable to common shareholders and Normalized FFO attributable to common shareholders differently than ILPT does. Non-GAAP Financial Measures and Certain Definitions
34Q4 2024RETURN TO TABLE OF CONTENTS Non-GAAP Financial Measures and Certain Definitions (Continued) Cash Available for Distribution: ILPT calculates CAD as shown on page 31. ILPT defines CAD as Normalized FFO minus ILPT's proportionate share of Normalized FFO from unconsolidated joint venture properties, plus operating cash flow distributions received from ILPT's unconsolidated joint venture, recurring real estate related capital expenditures, adjustments for other non-cash and nonrecurring items, certain amounts excluded from Normalized FFO but settled in cash, excluding CAD adjustments attributable to noncontrolling interest, equity based compensation, and principal amortization, as well as certain other adjustments currently not applicable to ILPT. CAD is among the factors considered by ILPT's Board of Trustees when determining the amount of distributions to ILPT's shareholders. Other real estate companies and REITs may calculate CAD differently than ILPT does. EBITDA, EBITDAre and Adjusted EBITDAre: ILPT calculates EBITDA, EBITDAre and Adjusted EBITDAre as shown on page 29. EBITDAre is calculated on the basis defined by Nareit, which is EBITDA, including ILPT's proportionate share of EBITDAre from unconsolidated joint venture properties, and excluding any gain or loss on the sale of real estate, equity in earnings or losses of unconsolidated joint venture, recovery or loss on impairment of real estate, as well as certain other adjustments currently not applicable to ILPT. In calculating Adjusted EBITDAre, ILPT adjusts for the items shown on page 29. Other real estate companies and REITs may calculate EBITDA, EBITDAre and Adjusted EBITDAre differently than ILPT does. Pro-Rata Operating Information of Consolidated Joint Venture: ILPT believes this financial presentation of its consolidated joint venture information provides useful information to investors by providing additional insight into the financial performance of its consolidated joint venture, in which ILPT owns a 61% equity interest. This information may not accurately depict the impact of these investments in accordance with GAAP. Pro-rata information should not be considered in isolation or as a substitute for ILPT's condensed consolidated financial statements in accordance with GAAP. Certain Definitions: Annualized dividend yield - Annualized dividend yield is the annualized dividend paid during the applicable period divided by the closing price of ILPT's common shares at the end of the relevant period. Annualized rental revenues - Annualized rental revenues is the annualized contractual base rents from ILPT's tenants pursuant to its lease agreements as of the measurement date, including straight line rent adjustments and estimated recurring expense reimbursements to be paid to ILPT, and excluding lease value amortization. Building improvements - Building improvements generally include expenditures to replace obsolete building components and expenditures that extend the useful life of existing assets. Development, redevelopment and other activities - Development, redevelopment and other activities generally include capital expenditure projects that reposition a property or result in new sources of revenue. GAAP - GAAP refers to U.S. generally accepted accounting principles. Gross book value of real estate assets - Gross book value of real estate assets is real estate assets at cost, plus certain acquisition related costs, if any, before depreciation and impairments, if any.
35Q4 2024RETURN TO TABLE OF CONTENTS ILPT Wholly Owned Properties - ILPT Wholly Owned Properties refers to of 316 properties that are wholly owned by ILPT, including 226 buildings, leasable land parcels and easements containing approximately 16.7 million rentable square feet that are primarily industrial lands located on the island of Oahu, Hawaii, or the Hawaii Portfolio, and 90 properties containing approximately 22.1 million rentable square feet located in 34 other states, or the Mainland Portfolio. Information included in this presentation with respect to the Mainland Portfolio and the Hawaii Portfolio include certain allocations of interest expense on debts secured by properties in each portfolio and of general and administrative expense based upon the gross asset value of properties in each portfolio. ILPT believes the information presented for these portfolios is useful to investors to provide insight into the financial performance of these portfolios. Leased square feet - Leased square feet is pursuant to existing leases as of December 31, 2024, and includes space being fitted out for occupancy, if any, and space which is leased but is not occupied, if any. Leasing costs - Leasing costs include leasing related costs, such as brokerage commissions and tenant inducements. Leasing costs and concession commitments - Leasing costs and concession commitments include commitments made for leasing expenditures and concessions, such as tenant improvements, leasing commissions, tenant reimbursements and free rent. Mountain JV - Mountain Industrial REIT LLC, or Mountain JV, owns 94 mainland properties containing approximately 21.0 million rentable square feet located in 27 states. ILPT owns a 61% equity interest in this joint venture. ILPT consolidates 100% of this joint venture in its financial statements in accordance with GAAP. Net debt - Net debt is the total outstanding principal of ILPT's debt less cash and cash equivalents and restricted cash and cash equivalents. Non-cash interest expense - Non-cash interest expense includes the amortization of debt discounts, premiums, issuance costs and interest rate caps. Non-cash revenues - Non-cash revenues include lease value amortization and straight line rent adjustments, if any. n/m - Not meaningful. Percent change in GAAP rent - Percent change in GAAP rent is the percent change from prior rents charged for same space. Rents include estimated recurring expense reimbursements and exclude lease value amortization. Same space represents the same land area and building area (with leasing rates for vacant space based upon the most recent rental rate for the same space). Rentable square feet - Represents total square feet available for lease as of the measurement date. Square footage measurements are subject to changes when space is remeasured or reconfigured for new tenants. Rolling four quarter CAD - Represents CAD for the preceding twelve month period as of the respective quarter end date. Same property - For the three months ended December 31, 2024 and 2023, same property NOI and Cash Basis NOI are based on properties that ILPT owned as of December 31, 2024 and that it owned continuously since October 1, 2023. For the year ended December 31, 2024 and 2023, same property NOI and Cash Basis NOI are based on properties that ILPT owned as of December 31, 2024 and that it owned continuously since January 1, 2023. SOFR - SOFR is the secured overnight financing rate. Tenant improvements - Tenant improvements include capital expenditures used to improve tenants' space or amounts paid directly to tenants to improve their space. Total gross assets - Total gross assets is total assets plus accumulated depreciation. Total market capitalization - Total market capitalization is the total principal amount of debt plus the market value of ILPT's common shares at the end of the applicable period. Non-GAAP Financial Measures and Certain Definitions (Continued)
36Q4 2024RETURN TO TABLE OF CONTENTS Warning Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws that are subject to risks and uncertainties. These statements may include words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions. These forward-looking statements include, among others, statements about: ILPT's leasing demand; ILPT's ability to realize organic cash flow growth, reduce leverage and strengthen its balance sheet and enhance financial flexibility; ILPT's rent growth, tenant retention and property operations; debt maturities; ILPT's and/or Mountain JV's expected or potential exercise of extension options for the maturity date of loans; and ILPT’s capital expenditure plans and commitments. Forward-looking statements reflect ILPT’s current expectations, are based on judgments and assumptions, are inherently uncertain and are subject to risks, uncertainties and other factors, which could cause ILPT’s actual results, performance or achievements to differ materially from expected future results, performance or achievements expressed or implied in those forward-looking statements. Some of the risks, uncertainties and other factors that may cause its actual results, performance or achievements to differ materially from those expressed or implied by forward-looking statements include, but are not limited to, the following: whether ILPT's tenants will renew or extend their leases or whether ILPT will obtain replacement tenants on terms as favorable to it as the terms of its existing leases; ILPT's ability to successfully compete for tenancies, the likelihood that the rents it realizes will increase when ILPT renews or extends its leases, enters new leases, or its rents reset at ILPT’s properties located in Hawaii; ILPT’s ability to maintain high occupancy at its properties; ILPT’s ability to reduce its leverage, generate cash flow and take advantage of mark-to-market leasing opportunities; ILPT's ability to cost-effectively raise and balance its use of debt or equity capital; ILPT’s ability to purchase cost effective interest rate caps; ILPT’s ability to pay interest on and principal of its debt; ILPT's expected capital expenditures and leasing costs; ILPT’s ability to maintain sufficient liquidity; demand for industrial and logistics properties; ILPT’s ability and the ability of its tenants to operate under unfavorable market and commercial real estate industry conditions, due to uncertainties surrounding interest rates and inflation, supply chain disruptions, emerging technologies, volatility in the public equity and debt markets, pandemics, geopolitical instability and tensions, economic downturns or a possible recession, labor market conditions or changes in real estate utilization; whether the industrial and logistics sector and the extent to which ILPT's tenants' businesses are critical to sustaining a resilient supply chain and that ILPT's business will benefit as a result; ILPT’s tenants’ ability and willingness to pay their rent obligations to ILPT; the credit qualities of ILPT’s tenants; changes in the security of cash flows from ILPT’s properties; potential defaults of ILPT's leases by its tenants; ILPT's tenant and geographic concentrations; ILPT’s ability to pay distributions to its shareholders and to increase or sustain the amount of such distributions; ILPT’s ability to sell properties at prices it target; ILPT’s ability to prudently pursue, and successfully and profitably complete, expansion and renovation projects at its properties and to realize its expected returns on those projects; risks and uncertainties regarding the development, redevelopment or repositioning of ILPT’s properties, including as a result of inflation, cost overruns, supply chain challenges, labor market conditions, construction delays or ILPT's inability to obtain necessary permits; ILPT’s ability to lease space at these properties at targeted returns and volatility in the commercial real estate markets; ILPT’s ability to sell additional equity interests in, or contribute additional properties to, its existing joint ventures, to enter into additional real estate joint ventures or to attract co-venturers and benefit from its existing joint ventures or any real estate joint ventures ILPT may enter into; ILPT's ability to complete sales without delay, or at all, pursuant to existing agreement terms; non-performance by the counterparties to ILPT's interest rate caps; the ability of ILPT’s manager, RMR, to successfully manage it; changes in environmental laws or in their interpretations or enforcement as a result of climate change or otherwise, or ILPT’s incurring environmental remediation costs or other liabilities; competition within the commercial real estate industry, particularly for industrial and logistics properties in those markets in which ILPT’s properties are located; compliance with, and changes to, federal, state and local laws and regulations, accounting rules, tax laws and similar matters; limitations imposed by and ILPT’s ability to satisfy complex rules to maintain its qualification for taxation as a REIT for U.S. federal income tax purposes; actual and potential conflicts of interest with ILPT’s related parties, including its managing trustees, RMR and others affiliated with them; acts of terrorism, outbreaks of pandemics or other public health safety events or conditions, war or other hostilities, global climate change or other manmade or natural disasters beyond ILPT's control; and other matters. These risks, uncertainties and other factors are not exhaustive and should be read in conjunction with other cautionary statements that are included in ILPT’s periodic filings. The information contained in ILPT’s filings with the SEC, including under the caption “Risk Factors” in ILPT’s periodic reports, or incorporated therein, identifies important factors that could cause differences from ILPT’s forward-looking statements in this presentation. ILPT’s filings with the SEC are available on the SEC’s website at www.sec.gov. You should not place undue reliance upon ILPT’s forward-looking statements. Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
