# Industrial Logistics Properties Trust (ILPT)

> Source: Nexqual · https://nexqual.com/ILPT · data as of 2026-10-23 18:13 UTC · cite as "Nexqual, Industrial Logistics Properties Trust (ILPT), nexqual.com/ILPT" · informational, not investment advice.

**Price:** USD 7.04 (-1.74% today) · US market open, as of October 23, 2026 at 18:13 UTC; quotes may be delayed. Prev close 7.17 · day 7–7.21 · 52w 4.92–9.43 · market cap $470M · NMS

## Key facts
- Insider open-market purchases, last ~7 months: 1 Form 4 filing, $18K; 1 by opportunistic insiders, 0 by routine insiders.
- Analysts: Buy (mean 2.25 on a 1–5 scale) (4 analysts), mean target USD 11.17 (range 11–11.5).
- Total return with dividends: 1Y +24.8% vs S&P 500 +14.5%; 5Y -71.6% vs S&P 500 +77.1%.
- Next earnings: 2026-10-28, EPS estimate USD -0.14, revenue estimate $117M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Net income | $120M | -$227M | -$108M | -$95.7M | -$66.2M | -$47.2M |
| EPS (diluted) | $1.83 | -$3.47 | -$1.65 | -$1.46 | -$1.00 | — |
| Free cash flow | $106M | $65.5M | -$13.4M | -$3.7M | $42.0M | $54.4M |
| Cash + short-term investments | $29.4M | $48.3M | $112M | $132M | $94.8M | — |
| Total debt | $828M | $4.24B | $4.31B | $4.30B | $4.19B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/FCF 8.6x · P/B 1.0x · FCF yield 11.59% · Earnings yield -10.05% · Dividend yield (paid, TTM) 2.83% · Buyback yield (TTM) 0.10% · Net debt $4.05B · EV $4.52B

## Insider purchases (SEC Form 4, open-market, last ~7 months)
1 purchase, $18K. Private placements, offerings, dividend reinvestment and employee stock purchase plan buys are excluded.
| Trade date | Insider | Role | Shares | Value | Avg price | Insider type |
|---|---|---|---|---|---|---|
| 2026-05-22 | Phelan Kevin C | Director | 2,000 | $18K | 8.87 | Opportunistic (traded every year 2023–2025, no repeating month) |
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 2.25 on a 1–5 scale), 4 analysts; mean target USD 11.17 (low 11, high 11.5).

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | +24.8% | -71.6% |
| S&P 500 (SPY) | +14.5% | +77.1% |
| Per year | +24.8% | -22.3% |
| Volatility (annualized) | 41.4% | 62.9% |
| Max drawdown | -28.4% (Jun 2026→Oct 2026) | -93.3% (Oct 2021→May 2023) |

## Peers (REIT - Industrial)
IIPR (Innovative Industrial Propertie) USD 53.98 -1.06% · SMA (SmartStop Self Storage REIT, In) USD 35.53 +0.25% · LXP (LXP Industrial Trust) USD 61.1 +0.01% · COLD (Americold Realty Trust, Inc.) USD 14.25 +0.18% · TRNO (Terreno Realty Corporation) USD 64.71 -1.42% · STAG (Stag Industrial, Inc.) USD 36.4 -0.30%

## More
Full page: https://nexqual.com/ILPT · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in ILPT's own 10-K filed 2026-02-18 (https://www.sec.gov/Archives/edgar/data/1717307/000171730726000012/ilpt-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Partner | The RMR Group | "In addition, RMR provides management services to our joint ventures." |

## Customer concentration

Period ended 2026-06-30: 27.8%, 7.4% of revenue from unnamed direct customers (10-Q, filed 2026-07-29).

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.14 | $-0.19 | -26.3% | $117.5M | 2 |
| Next quarter (ends 2026-12-31) | $-0.13 | $-0.19 | -34.2% | $118.5M | 2 |
| Current fiscal year (ends 2026-12-31) | $-0.64 | $-0.72 | -11.8% | $466.5M | 2 |
| Next fiscal year (ends 2027-12-31) | $-0.46 | $-0.64 | -28.9% | $479.8M | 2 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2027-01-15 (includes earnings 2026-10-28): ±23.0%; last 8 reports averaged ±3.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2027-01-15 | 84 | 58.3% | ±23.0% |