ILPT 2026年第3四半期決算説明会：FFOは42％増加、NOIガイダンスを上方修正

要点

• インダストリアル・ロジスティクス・プロパティーズ・トラスト（ILPT）が発表した2026年第3四半期のノーマライズドFFOは、稼働率の上昇および借り換えによる支払利息の減少に伴い、前年同期比42%増の2,130万ドル（1株当たり0.32ドル）となりました。
• 同一物件NOIは、ハワイおよびインディアナポリスの以前の空室物件による約300万ドルのNOI増加を含め、5.7%増加しました。同一物件キャッシュベースNOIは、賃料減免により短期的なキャッシュ認識が抑えられたため、1.9%の増加にとどまりました。
• ILPTは64万5,000平方フィートの賃貸契約を締結し、GAAPベースおよびキャッシュベースの賃料スプレッドはそれぞれ163%と99%、加重平均賃貸期間は16年近くとなりました。
• 連結稼働率は前年同期比で420ベースポイント上昇し、98.3%に達しました。2026年9月30日時点のポートフォリオは、409物件、総面積約6,000万平方フィートで構成されています。
• 経営陣は2026年通期のNOIガイダンスの中央値を200万ドル引き上げました。改定後のノーマライズドFFOガイダンスは8,200万〜8,300万ドル（1株当たり1.23〜1.25ドル）です。
• すべての負債は加重平均金利5.48%の固定金利であり、2029年まで返済期限を迎える負債はありません。レバレッジ倍率は前年同期の12.2倍から11.6倍に低下しました。

主要財務データ

事業および営業業績

ILPTのポートフォリオは、年間賃貸収入の約79%を投資適格格付けを有するテナント、その子会社、またはハワイの借地契約から獲得しています。加重平均残存賃貸期間は8年でした。

当四半期の賃貸実績には、フェニックスにおける28万8,000平方フィートの16年契約更新（GAAPベース賃料が200%増加）が含まれます。ハワイでは、敷地浄化期間中の名目的な支払い期間を経て賃料を再設定し、21万4,000平方フィートの借地契約について30年間の更新を完了しました。またセントルイスでは、2ヶ月の空室期間を経て、賃料8%増で10万平方フィートの新規契約を締結しました。

直近12ヶ月間で、ILPTは以前の水準を35%上回る賃料で約1,100万平方フィートの賃貸契約を締結しました。第3四半期は8四半期連続で2桁台の賃料値上げを記録しました。

賃貸パイプラインは合計500万平方フィートに達しました。その約90%にあたる約400万平方フィートは今後の契約更新関連であり、加重平均で約30%の賃料値上げが見込まれています。2028年末までに失効する年間賃貸収入の割合は16%未満です。

経営陣による業績見通し

このガイダンスには、9月30日までに未払計上された840万ドル（1株当たり0.13ドル）のインセンティブ管理手数料が含まれます。経営陣は、2026年12月31日までのベンチマーク指数に対するILPTの株主総利回りに依存するため、最終的な金額が大きく異なる可能性があると警告しました。

経営陣は、賃料減免の終了に伴いキャッシュベースNOIの成長が加速すると予想しています。インディアナポリスでは8月にフリーレント期間が終了して現金賃料の支払いが開始されたため、第4四半期にはフル四半期分の現金賃料が含まれる見込みです。ハワイの220万平方フィートの賃貸契約には3年間のフリーレント期間がありますが、テナントは直ちに年間80万ドル以上の固定資産税を負担しました。

リスクと注視点

• 未払インセンティブ管理手数料はILPTの株価や相対的な株主総利回りによって変動する可能性があり、ノーマライズドFFO、調整後EBITDAre、CADに影響を与えます。
• ハワイでの長期にわたる賃料減免は、GAAPベースNOIとキャッシュベースNOIの間にタイミングのギャップを生じさせますが、テナントが即座に固定資産税を負担することになっています。
• 7月にオハイオ州コロンバスの物件でテナント退去がありました。経営陣は賃貸需要への関心を挙げ、現地市場は堅調だと説明したものの、新規着工数がやや高水準であることも指摘しました。
• レバレッジ倍率は11.6倍にとどまっています。経営陣は営業キャッシュフローを留保し、現金残高を構築することで自力でのデレバレッジを推進する方針です。

アナリスト質疑応答のハイライト

経営陣は、2027年に契約満期を迎えるポートフォリオの約8%について「通常通り」と表現し、重大な退去は予想していないと述べました。

ハワイについて、経営陣は土地の希少性が引き続き需要と賃料の上昇を後押ししていると述べました。異例の大きさである220万平方フィートの区画を除き、通常の空室期間は約3ヶ月、厳しいケースでも最大6ヶ月となっています。

ILPTは現在、短期的な買収を想定していません。潜在的な開発支出は、既存テナントによる拡張オプションの行使に伴うものである可能性が最も高いです。経営陣は、現在の金利水準を考慮すると、このような投資には「10%を上回る」リターンが必要であると示唆しました。

同社は直ちに負債を返済するのではなく現金を留保する計画です。経営陣は、この手法が自然なデレバレッジを助け、テナントの拡張や物件投資のための柔軟性を維持できると述べました。

決算説明会トランスクリプト全文

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Good day, and welcome to the Industrial Logistics Properties Trust Third Quarter 2026 Earnings Call. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Mr. Kevin Barry, Senior Director of Investor Relations. Please go ahead.

Kevin Barry

Good morning, and thank you for joining ILPT's Third Quarter 2026 Earnings Call. With me on today's call are President and Chief Executive Officer, Yael Duffy; Chief Financial Officer and Treasurer, Anthony Paula; and Vice President, Marc Krohn. In just a moment, they will provide details about our business and quarterly results, followed by a question-and-answer session with sell-side analysts. Please note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company.

Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, including guidance with respect to certain fourth quarter and full year 2026 financial measures. These forward-looking statements are based on ILPT's beliefs and expectations as of today, October 29, 2026, and actual results may differ materially from those that we project.

The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website, ilptreit.com. Investors are cautioned not to place undue reliance upon any forward-looking statements.

In addition, we will be discussing non-GAAP financial measures during this call, including normalized funds from operations or normalized FFO, cash available for distribution, or CAD, adjusted EBITDAre, net operating income or NOI and cash basis NOI. A reconciliation of these non-GAAP measures to net income is available in our financial results package, which can be found on our website.

Beginning this quarter, our calculations of normalized FFO, adjusted EBITDAre and CAD include estimated incentive management fees accrued under GAAP and prior periods have been recast to conform to this presentation.

Lastly, we will be providing guidance on this call, including estimated normalized FFO and adjusted EBITDAre. We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all. I will now turn the call over to Yael.

Yael Duffy

Thank you, Kevin, and good morning. Before we begin, I would like to welcome Anthony Paula, who joined ILPT as our Chief Financial Officer and Treasurer on October 1. Anthony has been with RMR for more than 15 years and brings deep real estate financial expertise to the role. We're pleased to have him on the team. ILPT's momentum continued in the third quarter with normalized FFO increasing 42% year-over-year, primarily the result of the refinancing we completed earlier this year.

Same-property NOI increased 5.7%, driven by strong rent growth across the portfolio, including at our previously vacant properties in Hawaii and Indianapolis, which generated nearly $3 million of incremental NOI during the quarter. While these properties are already contributing to NOI growth, the benefit to cash NOI has yet to be fully realized. In Indianapolis, the tenant's free rent period ended in August and Q4 will reflect a full quarter of cash rent. In Hawaii, the new 2.2 million square foot lease includes a period of free rent with the tenant assuming immediate responsibility for real estate taxes.

As a result, same-property cash basis NOI grew 1.9% this quarter, which we expect to accelerate as these rent abatement periods roll off. In addition to our strong operating performance, we have also materially strengthened our balance sheet over the past 18 months. In June 2025, we replaced our $1.2 billion floating rate loan with fixed rate financing. In addition, this past May, our Mountain JV closed a $1.62 billion fixed rate interest-only loan at 5.71%. The proceeds were used to refinance this $1.4 billion floating rate loan and retire $205 million of amortizing debt.

Accordingly, all of our debt is now fixed at a weighted average rate of 5.48% with no maturities until 2029. We are no longer exposed to fluctuations in SOFR or the cost of interest rate caps, enhancing the stability and predictability of our cash flows in today's capital markets environment. Our leasing results this quarter once again demonstrated strong demand for our properties.

We completed 645,000 square feet of leasing at GAAP rents that were 163% above prior rents with a weighted average lease term of nearly 16 years. Over the past 12 months, we have signed approximately 11 million square feet of leases at rents 35% above prior levels, and this quarter marks our eighth consecutive quarter of double-digit rent increases. Our strong operating and financial performance has translated into exceptional shareholder value creation.

Over the past three years, ILPT has delivered a total shareholder return of more than 200%, placing us among the top three performing REITs in the United States and significantly outperforming the MSCI U.S. REIT Industrial Index. Looking ahead, our priorities include capturing the embedded rent growth in our portfolio, maintaining high tenant retention and growing our cash position to support continued deleveraging.

With a fully fixed balance sheet, a long maturity runway and a robust leasing pipeline, ILPT is well positioned to deliver durable earnings growth and long-term value for our shareholders. With that, I'll turn the call over to Marc to discuss our leasing activity and pipeline in more detail, followed by Anthony, who will review our financial results.

Marc Krohn

Thank you, Yael, and good morning. As of September 30, 2026, ILPT's portfolio consisted of 409 properties totaling nearly 60 million square feet with a weighted average lease term of eight years. Our cash flows are supported by a high-quality tenant base with approximately 79% of annualized rental revenues derived from investment-grade rated tenants, their subsidiaries or our Hawaii land leases. During the quarter, we signed 645,000 square feet of leasing at a weighted average lease term of nearly 16 years, generating GAAP and cash leasing spreads of 163% and 99%, respectively.

This activity adds approximately $3.5 million of annualized rental revenue, the majority of which is already in effect or will be by year-end. We ended the quarter with consolidated occupancy of 98.3%, which is an increase of 420 basis points over last year. Our leasing activity this quarter was driven by the following transactions, in the Phoenix market, we renewed 288,000 square feet with a beverage bottling manufacturer for 16 years at a 200% rent GAAP roll-up, underscoring the mark-to-market opportunity across our Mainland portfolio.

In Hawaii, we completed a 30-year renewal on a 214,000 square foot land lease, resetting rents to market levels following a period of nominal rent while the tenant remediated the site. And in the St. Louis market, we signed a new 100,000 square foot lease at an 8% rent roll-up, re-leasing the space after only two months of downtime. Looking ahead, our lease expiration schedule is well balanced with less than 16% of annualized rental revenues expiring through the end of 2028. Our leasing pipeline stands at 5 million square feet and roughly 90% is related to upcoming expirations with an expected weighted average rent roll-up of approximately 30%.

We believe this gives us clear visibility into durable organic cash flow and positions ILPT to continue building upon the momentum we have delivered over the past year. I will now turn the call over to Anthony to review our financial results.

Anthony Paula

Thank you, Marc, and good morning, everyone. Before I review our results, I would like to walk through a change in how we present our non-GAAP financial measures. Following the review of our annual report on Form 10-K, the SEC staff provides interpretation that incentive management fees accrued under GAAP should be included in normalized FFO and adjusted EBITDAre. Historically, we excluded the incentive fee in these measures and recognize the incentive fee in CAD if an incentive fee was actually paid.

While we believe our prior approach was appropriate and supported period-to-period comparability, we agreed to adopt the SaaS interpretation and change our presentation. Beginning this quarter, normalized FFO, adjusted EBITDAre and CAD include estimated incentive management fees as they accrued under GAAP and have recast prior periods to conform. To be clear, this is a change in presentation only. It does not affect our GAAP results or our cash flows and does not change how the incentive fee is calculated or the amount that would ultimately be payable to RMR.

Because the fee is based on ILPT's total shareholder return relative to a benchmark index over a three-year period ending December 31, the accrual will fluctuate from quarter-to-quarter with our share price. For the third quarter, normalized FFO and adjusted EBITDAre include $1.9 million or $0.03 per share of accrued incentive fees. And year-to-date, we've accrued $6.3 million or $0.09 per share. Page 7 of our earnings presentation includes a bridge between our third quarter results and previously issued guidance.

We believe this bridge will assist our investors with comparability between our revised normalized FFO and adjusted EBITDAre calculations in prior guidance. During the quarter, our normalized FFO was $21.3 million or $0.32 per share, representing a 42% increase year-over-year. Our year-over-year increase in normalized FFO was driven by increased occupancy of 420 basis points and refinancing activity that reduced our interest expense. We are pleased with our third quarter results as NOI was the high end of the guidance we provided last quarter.

As a result of our positive leasing momentum, we are increasing our full year 2026 NOI guidance at the midpoint by $2 million and narrowing our full year guidance ranges as follows: NOI of $363 million to $364 million, adjusted EBITDAre of $344 million to $345 million, normalized FFO of $82 million to $83 million and normalized FFO per share of $1.23 to $1.25. As Yael mentioned, ILPT has been one of the best-performing REITs from a total shareholder return standpoint over the past three years.

As a result, our full year guidance includes $8.4 million or $0.13 per share of incentive management fees based on the amount accrued as of September 30. The final amount, if any, will be based on our total return relative to the benchmark index through December 31 and could differ materially from the amount accrued today. We'll share our 2027 guidance on our next earnings call. As of September 30, we had approximately $131 million of unrestricted cash. Our unrestricted cash temporarily declined sequentially due to the timing of our real estate tax and annual property insurance payments.

We remain focused on growing our cash position over time through retained operating cash flow and positioning ILPT to further delever its balance sheet. Our leverage decreased year-over-year to 11.6x from 12.2x, driven by our positive leasing activity. This leverage calculation also reflects the change in adjusted EBITDAre described previously.

As a result of our refinancing activity over the last 18 months, all of our debt is fixed and our next maturity is not until 2029. With strong growth in rents and NOI and continued growth in cash balances over time, we are confident that our leverage will continue to decrease organically. Our recently increased dividend of $0.10 per quarter is well covered, and our focus remains on creating long-term value for our shareholders. That concludes our prepared remarks. Operator, please open the line for questions.

Operator

[Operator Instructions] And our first question for today will come from Christine Chan with Citizens Bank.

質疑応答

Mitch Germain

It's Mitch here with Christine. You've got about 8% of the portfolio coming due next year. Anything that we should expect? Are there any big move-outs that are planned? Or is it pretty much business as usual?

Yael Duffy

Mitch, I would say it's business as usual, nothing material.

Mitch Germain

Great. And if I think about that 5 million square foot pipeline, is that -- that's not all new. That includes some of your existing customers that are -- that you're negotiating renewals with, correct? Is that the way to think about it?

Yael Duffy

Yes. If you look at the pipeline in totality of the 5 million square feet, about $4 million is associated with lease renewals.

Mitch Germain

Got you. Got you. Last one for me. Just I haven't revisited Hawaii in a while. And I'm just curious if the region is still experiencing the same type of positive leasing dynamics that we've historically seen there.

Yael Duffy

It is. The scarcity of land continues. So as we get either tenants decide to move out or ground leases become available, we've been finding that there's very little downtime, three months, maybe six in a worst-case scenario. Of course, the big parcel was a little bit of an outlier just given its size. But we're continuing to see good roll-ups in rent and strong demand.

Operator

The next question will come from John Massocca with B. Riley.

John Massocca

So look at the occupancy, provide a little color maybe on why that ticked down kind of quarter-over-quarter and to the extent it was something that is a move out or a tenant leaving the prospects for backfilling that space?

Yael Duffy

Sure. So I can start and Marc can give some more detail. But we had one tenant vacate in the Columbus, Ohio market in July. And so we've been marketing that space. We've had good activity. It's a pretty strong market, and Marc can give you some more details on the market and kind of our expectations on re-leasing.

Marc Krohn

Yes. We believe that the Columbus market is a solid market. The vacancy has been ticking down quarter-over-quarter and year-over-year. Vacancy there right now is about 4.7%. Construction starts are a little bit elevated. But by the time a lot of that new product comes online, we feel pretty confident that we'll have the vacancy within that pocket of the Southeast submarket, which is a really strong submarket, at least before a lot of that new product comes online.

John Massocca

Okay. And then in the past, you've talked about not really being in the market for kind of true de novo acquisitions, but maybe some opportunities to invest in existing properties. How is the current macro environment impacting that? Is that still something we could potentially see here over the next 12 to 18 months?

Yael Duffy

So we have several tenants that have expansion options within their leases. And so I think if we were going to be doing any development, it would come within those circumstances. I think as tenants are evaluating the cost to relocate and disrupt their businesses, it seems much more -- it's an easier path to just stay in place and expand their footprint while continuing their operations. So I think any big redevelopment capital will come from that. And otherwise, I don't think -- at least currently, we don't have any acquisitions in our immediate future.

John Massocca

Okay. If you were to do those type of transactions, I mean, what kind of yields would you be looking for to kind of make them attractive? By which you mean development de novo acquisitions.

Yael Duffy

Yes, it's a good question. I think it will be most likely calculated return on capital. And I mean, because where interest rates are today, I think we would need to get a healthy return. So I mean, upwards of 10%.

John Massocca

Okay. And does the interest rate environment change at all how you're thinking about utilizing your cash balance? Is there a point where that could get to a place where you would want to pay down debt? Or do you think of the current interest rate environment, given where your debt is priced today, you kind of want to hold to what you have and keep just building cash balance over time?

Marc Krohn

Yes. So our view on our cash position is we're going to continue to retain that cash and it's for a couple of reasons. One, it lets us naturally delever the balance sheet; and two, provides us optionality to when we have potential tenant expansions or whatnot, we like the optionality of being able to pursue those routes and have the cash on the balance sheet to address that as it comes due.

Operator

[Operator Instructions] Our next question will come from Craig Kucera with Lucid Capital Markets.

Craig Kucera

I'm trying to parse the $0.04 per share increase in straight-line rent that was booked here in the third quarter. Can you talk about how much of that was related to rent abatements and sort of how to think about that going forward?

Marc Krohn

You're right. So a lot of that's going to be related to our Hawaii lease-up. So there is a free rent period that goes along with that, which we're still in. So most of the change is going to come from that one lease. We also have a free rent period for our Indianapolis lease-up. That did end in August. So we will have a full quarter of cash rent reflected in the fourth quarter.

Craig Kucera

And can you give us a sense of how much free rent was given to Indianapolis? And remind me how long the Hawaii lease-up will be free?

Yael Duffy

Sure. So the Hawaii lease was 53 years. And the free rent period is three years. As you might recall, this is an undeveloped land parcel. So for the tenant to be able to get the infrastructure in place, it needs to create roads, put in utilities. So there's a lot of work to be done.

And so that's why we gave them, I mean, I would say, an outsized free rent period for the market for at least historically, we don't give such long free rent in Hawaii, but this is just a unique circumstance. And I would also say that they're going to continue to pay -- they're going to pay real estate taxes immediately, which is over $800,000 a year. So there's upside there as well.

Craig Kucera

Okay. All right. I'll try to parse through that in the queue. In the past, and this is getting in the weeds, but I just want to make sure I understand sort of the new adjustments to NFFO and AFFO. In the past, you didn't -- you added incentive fees back to NFFO and then you took a cash adjustment in the first quarter of the following year. Are you going to do that and then reverse the NFFO adjustments for incentive fees or just not make that adjustment in that going forward?

Marc Krohn

No. So what we're going to do is if it's recognized on the GAAP income statement, we're going to let that flow through on all of our non-GAAP metrics. So the presentation will be the same for normalized FFO, adjusted EBITDAre and CAD with CAD starting at normalized FFO that will naturally just have the incentive fee included within that number.

Operator

And this will conclude our question-and-answer session. I would like to turn the conference back over to Yael Duffy, President and Chief Executive Officer, for any closing remarks. Please go ahead.

Yael Duffy

Thank you for joining today's call. Please reach out to Investor Relations if you are interested in scheduling a meeting with ILPT. Operator, that concludes our call.

Operator

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.