$ILPT
Industrial Logistics Properties Trust

2019 Q2 Form 10-Q Financial Statement

#000171730719000046 Filed on July 30, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2
Revenue $60.09M $39.42M
YoY Change 52.44% 2.11%
Cost Of Revenue $7.500M $4.580M
YoY Change 63.76% 5.53%
Gross Profit $52.60M $34.84M
YoY Change 50.98% 1.66%
Gross Profit Margin 87.54% 88.38%
Selling, General & Admin $4.860M $2.890M
YoY Change 68.17% 12.89%
% of Gross Profit 9.24% 8.3%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $15.90M $6.600M
YoY Change 140.91% 0.0%
% of Gross Profit 30.23% 18.94%
Operating Expenses $25.76M $12.60M
YoY Change 104.44% 3.96%
Operating Profit $26.84M $22.24M
YoY Change 20.71% 0.41%
Interest Expense $13.92M $3.552M
YoY Change 292.0% 534.29%
% of Operating Profit 51.88% 15.97%
Other Income/Expense, Net
YoY Change
Pretax Income $13.05M $18.73M
YoY Change -30.36% -13.21%
Income Tax $60.00K $8.000K
% Of Pretax Income 0.46% 0.04%
Net Earnings $13.12M $18.73M
YoY Change -29.96% -13.21%
Net Earnings / Revenue 21.83% 47.5%
Basic Earnings Per Share $0.20
Diluted Earnings Per Share $0.20 $288.1K
COMMON SHARES
Basic Shares Outstanding 65.04M shares 65.01M shares
Diluted Shares Outstanding 65.04M shares 65.01M shares

Balance Sheet

Concept 2019 Q2 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $15.40M $15.60M
YoY Change -1.28%
Cash & Equivalents $15.35M $15.57M
Short-Term Investments
Other Short-Term Assets
YoY Change
Inventory
Prepaid Expenses
Receivables $59.80M $54.10M
Other Receivables $800.0K $2.900M
Total Short-Term Assets $76.00M $72.60M
YoY Change 4.68%
LONG-TERM ASSETS
Property, Plant & Equipment $2.183B $1.304B
YoY Change 67.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.300M
YoY Change
Other Assets $9.800M $10.40M
YoY Change -5.77%
Total Long-Term Assets $2.353B $1.389B
YoY Change 69.4%
TOTAL ASSETS
Total Short-Term Assets $76.00M $72.60M
Total Long-Term Assets $2.353B $1.389B
Total Assets $2.429B $1.461B
YoY Change 66.19%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.70M $10.30M
YoY Change 81.55%
Accrued Expenses
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.40M $17.60M
YoY Change 61.36%
LONG-TERM LIABILITIES
Long-Term Debt $1.358B $384.3M
YoY Change 253.24%
Other Long-Term Liabilities $27.00M $25.20M
YoY Change 7.14%
Total Long-Term Liabilities $1.385B $409.5M
YoY Change 238.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.40M $17.60M
Total Long-Term Liabilities $1.385B $409.5M
Total Liabilities $1.413B $427.0M
YoY Change 230.85%
SHAREHOLDERS EQUITY
Retained Earnings $119.6M $53.23M
YoY Change 124.62%
Common Stock $999.5M $998.6M
YoY Change 0.08%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.016B $1.034B
YoY Change
Total Liabilities & Shareholders Equity $2.429B $1.461B
YoY Change 66.19%

Cashflow Statement

Concept 2019 Q2 2018 Q2
OPERATING ACTIVITIES
Net Income $13.12M $18.73M
YoY Change -29.96% -13.21%
Depreciation, Depletion And Amortization $15.90M $6.600M
YoY Change 140.91% 0.0%
Cash From Operating Activities $36.20M $23.70M
YoY Change 52.74% -17.99%
INVESTING ACTIVITIES
Capital Expenditures -$2.600M -$200.0K
YoY Change 1200.0% -88.24%
Acquisitions
YoY Change
Other Investing Activities -$570.8M -$43.30M
YoY Change 1218.24%
Cash From Investing Activities -$573.4M -$43.50M
YoY Change 1218.16% 2458.82%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 536.4M 15.50M
YoY Change 3360.65% -156.99%
NET CHANGE
Cash From Operating Activities 36.20M 23.70M
Cash From Investing Activities -573.4M -43.50M
Cash From Financing Activities 536.4M 15.50M
Net Change In Cash -800.0K -4.300M
YoY Change -81.4%
FREE CASH FLOW
Cash From Operating Activities $36.20M $23.70M
Capital Expenditures -$2.600M -$200.0K
Free Cash Flow $38.80M $23.90M
YoY Change 62.34% -21.9%

Facts In Submission

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OtherNoncashIncomeExpense
-417000 USD
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-418000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
534000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
0 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
-128000 USD
us-gaap Increase Decrease In Leasing Receivables
IncreaseDecreaseInLeasingReceivables
672000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
261000 USD
us-gaap Increase Decrease In Deferred Leasing Fees
IncreaseDecreaseInDeferredLeasingFees
318000 USD
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
-564000 USD
us-gaap Increase Decrease In Due From Related Parties
IncreaseDecreaseInDueFromRelatedParties
2955000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-1620000 USD
us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
-4561000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
5077000 USD
us-gaap Increase Decrease In Other Accounts Payable And Accrued Liabilities
IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities
-208000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
2322000 USD
us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
58000 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
384000 USD
us-gaap Increase Decrease In Security Deposits
IncreaseDecreaseInSecurityDeposits
128000 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
1486000 USD
us-gaap Increase Decrease In Due To Related Parties
IncreaseDecreaseInDueToRelatedParties
-5635000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
64532000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
45802000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
852152000 USD
us-gaap Payments To Acquire Real Estate
PaymentsToAcquireRealEstate
43326000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
3144000 USD
us-gaap Payments For Capital Improvements
PaymentsForCapitalImprovements
1461000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-855296000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-44787000 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 USD
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
444309000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
650000000 USD
us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
653000000 USD
us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
55000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
458000000 USD
us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
470000000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
5517000 USD
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4183000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
42949000 USD
us-gaap Payments Of Dividends
PaymentsOfDividends
17551000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
28000 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
0 USD
us-gaap Proceeds From Contributions From Parent
ProceedsFromContributionsFromParent
16162000 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
0 USD
us-gaap Payments Of Distributions To Affiliates
PaymentsOfDistributionsToAffiliates
9187000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
796506000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14550000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
5742000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
15565000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
9608000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
0 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15350000 USD
CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15565000 USD
us-gaap Interest Paid Net
InterestPaidNet
17663000 USD
us-gaap Interest Paid Net
InterestPaidNet
6703000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
64000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
0 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
56980000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
0 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
56980000 USD
us-gaap Noncash Or Part Noncash Acquisition Value Of Liabilities Assumed1
NoncashOrPartNoncashAcquisitionValueOfLiabilitiesAssumed1
0 USD
us-gaap Use Of Estimates
UseOfEstimates
<div style="line-height:120%;text-indent:48px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates. Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets, impairments of real estate and related intangibles. </span></div>
CY2019Q2 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
9483000 USD
us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
17764000 USD
CY2019Q2 ilpt Operating Lease Tenant Reimbursements
OperatingLeaseTenantReimbursements
9483000 USD
ilpt Operating Lease Tenant Reimbursements
OperatingLeaseTenantReimbursements
16602000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
LessorOperatingLeasePaymentsToBeReceivedRemainderOfFiscalYear
98978000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
LessorOperatingLeasePaymentsToBeReceivedTwoYears
198482000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
LessorOperatingLeasePaymentsToBeReceivedThreeYears
194074000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
LessorOperatingLeasePaymentsToBeReceivedFourYears
184277000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
LessorOperatingLeasePaymentsToBeReceivedFiveYears
164602000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
LessorOperatingLeasePaymentsToBeReceivedThereafter
1249076000 USD
CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received
LessorOperatingLeasePaymentsToBeReceived
2089489000 USD
CY2019Q2 ilpt Numberof Real Estate Properties Owned
NumberofRealEstatePropertiesOwned
298 property
CY2019Q2 us-gaap Net Rentable Area
NetRentableArea
42353000 sqft
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
ilpt Operating Leases Committed Expenditures On Leases Executed In Period
OperatingLeasesCommittedExpendituresOnLeasesExecutedInPeriod
560000 USD
CY2019Q2 ilpt Net Rentable Area New Tenant Improvements
NetRentableAreaNewTenantImprovements
630000 sqft
CY2019Q2 ilpt Operating Leases Committed Expenditureson Leases Executedin Period Committedbut Unspent Tenant Related Obligations
OperatingLeasesCommittedExpendituresonLeasesExecutedinPeriodCommittedbutUnspentTenantRelatedObligations
662000 USD
CY2019Q2 us-gaap Environmental Exit Costs Assets Previously Disposed Liability For Remediation
EnvironmentalExitCostsAssetsPreviouslyDisposedLiabilityForRemediation
6940000 USD
CY2019Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
650000000 USD
CY2019Q1 ilpt Number Of Real Estate Buildings Collateralized
NumberOfRealEstateBuildingsCollateralized
186 property
CY2019Q1 ilpt Real Estate Collateralized
RealEstateCollateralized
9600000 sqft
CY2019Q1 us-gaap Debt Instrument Interest Rate Stated Percentage
DebtInstrumentInterestRateStatedPercentage
0.0431
CY2019Q2 ilpt Number Of Real Estate Buildings Collateralized
NumberOfRealEstateBuildingsCollateralized
188 property
CY2019Q2 us-gaap Secured Debt
SecuredDebt
749485000 USD
CY2019Q2 us-gaap Stock Issued During Period Shares New Issues
StockIssuedDuringPeriodSharesNewIssues
3000 shares
CY2019Q2 us-gaap Share Price
SharePrice
18.73
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.33
CY2019Q1 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21474000 USD
CY2019Q2 us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0.33
CY2019Q2 us-gaap Dividends Common Stock Cash
DividendsCommonStockCash
21475000 USD
CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65039000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65011000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
65035000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
63238000 shares
CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
4000 shares
CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
7000 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65043000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65011000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
65042000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
63238000 shares
CY2017Q3 ilpt Numberof Real Estate Properties Owned
NumberofRealEstatePropertiesOwned
266 property
CY2017Q3 us-gaap Net Rentable Area
NetRentableArea
28540000 sqft
CY2019Q2 dei Entity Number Of Employees
EntityNumberOfEmployees
0 employee

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