ILPT Q2 2023 Financial Results
Debt Summary
As of June 30, 2023
(dollars in thousands)
Entity
ILPT
ILPT
ILPT
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Mountain JV (4)
Туре
(3)
Floating Rate - Interest only
Fixed Rate - Interest only
(5)
Fixed Rate - Interest only
Floating Rate Interest only
Fixed Rate - Interest only
Fixed Rate - - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Fixed Rate - Amortizing
Total / weighted average debt
Holland
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Secured By
69 Mainland and 35 Hawaii Properties
186 Hawaii Properties
17 Mainland Properties
82 Mainland Properties
Four Mainland Properties
One Mainland Property
One Mainland Property
One Mainland Property
One Mainland Property
One Mainland Property
One Mainland Property
One Mainland Property
One Mainland Property
Current
Interest
(1)
Rate
Principal
Balance
(2)
Maturity
Date
6.18% $1,235,000
4.31 % 650,000
4.42 % 700,000
6.17 % 1,400,000
6.25 %
3.67%
4.14%
4.02 %
4.13 %
3.10 %
2.95 %
4.27 %
3.25 %
5.46 %
Due at
Maturity
10/9/2024 $1,235,000
2/7/2029 650,000
3/9/2032 700,000
3/9/2024 1,400,000
91,000 6/10/2030
91,000
12,042
5/1/2031
7/1/2032
13,536
29,797
41,636
25,310
40,759
10/1/2033
11/1/2033
6/1/2035
1/1/2036
11/1/2037
1/1/2038
44,991
50,684
$4,334,755
$4,076,000
Years to
Maturity
INDUSTRIAL LOGISTICS
PROPERTIES TRUST
(1) Interest rates are as of June 30, 2023 and
reflect the impact of interest rate caps, as
applicable.
(2) Principal balance excludes unamortized
debt issuance costs related to these debts.
Total debt outstanding as of June 30,
2023, including unamortized debt issuance
costs totaling $33,479, was $4,301,276.
1.3
5.6
8.7 (3) The $1,235,000 floating rate loan has an
initial maturity date of October 9, 2024,
0.7
with three, one year extension options,
subject to the satisfaction of certain
conditions, and requires that interest be
paid at an annual rate of secured overnight
financing rate, or SOFR, plus a weighted
average premium of 3.93%. ILPT also
purchased an interest rate cap through
October 2024 with a SOFR strike rate equal
to 2.25%. The current interest rate reflects
the impact of this interest rate cap.
7.0
7.8
9.0
10.3
10.3
11.9
12.5
14.4
14.5
3.7
(4) Mountain JV is Mountain Industrial REIT
LLC, ILPT's consolidated joint venture in
which ILPT owns a 61% equity interest. See
pages 22-25 for more information.
(5) The $1,400,000 floating rate loan has an
original maturity date of March 9, 2024
with three, one year extension options, and
requires that interest be paid at an annual
rate of SOFR plus a premium of 2.77%.
Mountain JV has also purchased an interest
rate cap through March 2024 with a SOFR
strike rate equal to 3.40%. The current
interest rate reflects the impact of this
interest rate cap.
Earnings Presentation Q2 2023 10View entire presentation