Industrial Logistics Properties Trust financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Industrial Logistics Properties Trust files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	153	157	163
General and administrative	9.2	16.8	11.3	17.2	0.2	16.7	32.9	31.2	30.5	37
Interest expense	2.26	2.44	16.1	50.8	51.6	35.6	280	289	293	265
Interest income	0	0	0.2	0.74	0.11	0	2.66	7.91	11.4
Pre-tax income	86.9	80.1	74.4	52	81	79	-294	-151	-142	-122
Income tax	0.04	0.04	0.03	0.17	0.28	0.27	0.05	0.1	0.16	0.1
Net income to minority interests			0	0	-0.87	0	-60.1	-41.7	-41.5	-36.4
Net income	86.9	80.1	74.4	52.5	82.1	120	-227	-108	-95.7	-66.2
EPS, basic	1.93	1.78	1.16	0.81	1.26	1.83	-3.47	-1.65	-1.46	-1.00
EPS, diluted	1.93	1.78	1.16	0.81	1.26	1.83	-3.47	-1.65	-1.46	-1.00
Shares, basic (weighted)	45	45	64.1	65	65.1	65.2	65.2	65.4	65.7	66
Shares, diluted (weighted)	45	45	64.1	65.1	65.1	65.2	65.2	65.4	65.7	66
Dividend per share		0.93	0.93	1.32	1.32	1.32	0.68	0.04	0.04	0.12

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	0	0	9.61	28.4	22.8	29.4	48.3	112	132	94.8
Lease right-of-use assets							5.08	4.65	4.19	3.73
Intangible assets		79.1	75.8	139	83.6	63.4	297	244	199	164
Total assets		1,412	1,535	2,455	1,916	1,909	5,676	5,564	5,406	5,190
Total liabilities		849	506	1,459	913	871	4,345	4,402	4,397	4,289
Total debt		799	462	1,407	867	828	4,245	4,306	4,301	4,193
Paid-in capital		546	998	999	1,011	1,012	1,014	1,016	1,017	1,019
Retained earnings		15.3	89.7	142	224	344	117	9.2	-86.5	-153
Other comprehensive income			0			0	21.9	10.2	-1.07	-0.84
Shareholders' equity	1,313	562	1,028	996	1,003	1,038	791	670	562	490
Minority interests				0		0	540	492	447	411
Total equity	1,313	562	1,028	996	1,003	1,038	1,331	1,162	1,009	901
Total liabilities and equity		1,412	1,535	2,455	1,916	1,909	5,676	5,564	5,406	5,190
Shares outstanding		45	65.1	65.2	65.3	65.4	65.6	65.8	66.1	66.7

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	86.9	80.1	74.4	52.5	81.2	120	-287	-150	-137	-103
Depreciation and amortization	27.1	27.3	28.6	61.9	70.5	50.6	161	179	172	165
Stock-based compensation			0.93	1.11	2.33	2.33	2.22	1.74	1.92	2.06
Cash from operations	109	103	96.8	116	115	111	83.3	6.06	1.96	60.7
Capital expenditures	-1.36	-6.03	-5	-17.2	-5.86	-4.91	-17.7	-19.4	-5.7	-18.6
Sales and maturities of investments					0	0	141	0	0
Cash from investing	-1.36	-6.31	-136	-893	-4.52	22.9	-3,446	67.7	16.4	3.96
Stock issued	0	0	444	0	0
Share buybacks	0	0	-0.05	-0.25	-0.38	-0.92	-0.24	-0.16	-0.31	-0.45
Dividends paid	0	0	-60.5	-85.9	-86.1	-86.2	-44.5	-2.63	-2.64	-7.97
Cash from financing	-108	-97.1	48.4	802	-122	-127	3,474	31.1	-21.6	-124
Net change in cash	0	0	9.61	24.9	-11.7	6.56	111	105	-3.24	-59.4
Free cash flow	108	97.4	91.8	99.1	109	106	65.5	-13.4	-3.74	42
Interest paid	2.55	2.75	14.7	46.1	50.4	33.3	179	238	237	235
Income taxes paid		0	0	0.16	0.21	0.49	0.23	0.09	-0.08	0

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $7.37 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-10.2%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.

Growth

Metric	Value	How it is calculated
Operating cash flow growth, 1y	2,991.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-10.0%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow CAGR, 3y	-13.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-17.3%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	200.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	-43.9%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	-38.1%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-12.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-14.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-13.4%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-4.0%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-2.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	22.1%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	0.5%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	0.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	0.3%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	9.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	81.7%	Total debt / total assets.
Liabilities / assets	83.6%	Total liabilities / total assets.
Net debt	$4.05B	Total debt - cash - short-term investments. Negative means more cash than debt.
Goodwill and intangibles / assets	2.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	$313.3M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Capex / operating cash flow	20.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.71	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
FCF per share	$0.82	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.04	Cash from operations / diluted weighted shares.
Book value per share	$6.91	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$4.69	Tangible book value / shares outstanding.
Cash per share	$2.03	(Cash + short-term investments) / shares outstanding.
Dividends / FCF	24.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.9%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$491.9M	Share price x shares outstanding.
Enterprise value	$4.54B	Market cap + total debt - cash - short-term investments.
P/B	1.07x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	1.57x	Market cap / tangible book value, when positive.
P/FCF	9.03x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	7.15x	Market cap / cash from operations, when positive.
EV/FCF	83.4x	Enterprise value / free cash flow, when both are positive.
FCF yield	11.1%	Free cash flow / market cap.
Earnings yield	-9.6%	Net income / market cap (the inverse of P/E).
Dividend yield	2.7%	Dividends paid over the period / market cap.
Shareholder yield	2.8%	(Dividends paid + share buybacks) / market cap.

Was Industrial Logistics Properties Trust profitable in fiscal 2025?

No. It reported a net loss of $66.2M.

How much free cash flow did Industrial Logistics Properties Trust generate in fiscal 2025?

Cash from operations of $60.7M minus capital expenditures of $18.6M left free cash flow of $42.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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