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Industrial Logistics Properties Trust (NASDAQ:ILPT), currently trading at $4.61 and considered undervalued according to InvestingPro analysis, announced Tuesday that certain subsidiaries entered into a $1.16 billion mortgage loan agreement with a group of lenders, including Citi Real Estate Funding Inc., Bank of America, Morgan Stanley (NYSE:MS) Mortgage Capital Holdings LLC, Bank of Montreal, Royal Bank of Canada, and UBS AG New York Branch. The agreement, dated June 26, 2025, is secured by 101 properties and matures in July 2030 with a weighted average fixed interest rate of 6.399% per annum. With a current ratio of 0.3 and total debt of $4.3 billion, this refinancing is crucial for the company’s debt management strategy.
According to a press release statement, the company used the net proceeds from the new loan, along with cash on hand, to fully repay $1.235 billion in aggregate principal outstanding under a previous floating rate loan with a similar group of mortgage and mezzanine lenders. The agreements governing the prior floating rate loan were terminated in accordance with their terms and without penalty.
The new loan agreement includes customary covenants and allows for acceleration of payment if certain events of default occur. Industrial Logistics Properties Trust also provided a guaranty for certain limited recourse obligations related to the loan.
The lenders and their affiliates have previously engaged, and may continue to engage, in investment banking, commercial banking, and other commercial dealings with Industrial Logistics Properties Trust, receiving customary fees and commissions for these services.
All information is based on a statement from the company’s recent SEC filing.
In other recent news, Industrial Logistics Properties Trust (ILPT) reported its first-quarter 2025 earnings, revealing a larger-than-expected loss per share of $0.33, which missed analysts’ expectations. Despite this, the company exceeded revenue forecasts by achieving $111.91 million, surpassing the anticipated $111.4 million. The earnings call highlighted the company’s strong leasing activity, with over 2.3 million square feet executed, and a 94.6% occupancy rate. ILPT also reported a 43% year-over-year increase in normalized funds from operations (FFO) to $13.5 million. The company is considering property sales to reduce leverage, with no debt maturities until 2027.
In another development, B.Riley initiated coverage of ILPT with a Buy rating and set a price target of $5.00, citing the REIT’s robust portfolio of industrial assets. However, B.Riley noted the challenges posed by ILPT’s high leverage and significant debt obligations, which mature in 2027. Despite these concerns, the firm believes the valuation compensates for potential risks, highlighting the company’s attractive dividend yield and the strength of its industrial properties. Analysts also noted that ILPT’s strategic Hawaii land holdings could drive tenant demand amid tariff impacts.
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