Industrial Logistics Properties Trust (ILPT) 2026 Q1 法說會逐字稿

Good morning, and welcome to Industrial Logistics Properties Trust's first-quarter 2026 financial results conference call. I would now like to turn the call over to Kevin Barry, Senior Director of Investor Relations. Please go ahead.

早安，歡迎參加 Industrial Logistics Properties Trust 2026 年第一季財務業績電話會議。接下來我想把電話交給投資人關係資深總監 Kevin Barry。請開始。

Good morning and thank you for joining ILPT's first-quarter 2026 earnings call. With me on today's call are President and Chief Executive Officer, Yael Duffy; Chief Financial Officer and Treasurer, Tiffany Sy; and Vice President, Mark 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.

早安，感謝各位參加 ILPT 2026 年第一季財報電話會議。今天與我一同出席的有總裁暨執行長 Yael Duffy；財務長暨司庫 Tiffany Sy；以及副總裁 Mark Krohn。稍後他們將說明我們的業務與本季業績，之後將與賣方分析師進行問答。

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 second-quarter and full year 2026 financial measures.

請注意，未經公司事先書面同意，禁止錄音及轉播今日的電話會議。另請注意，今日電話會議包含《1995 年私人證券訴訟改革法》及其他證券法所定義的前瞻性陳述，包括對 2026 年第二季及全年若干財務衡量指標的指引。

These forward-looking statements are based on ILPT's beliefs and expectations as of today, April 30, 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.

這些前瞻性陳述係基於 ILPT 截至今日（2026 年 4 月 30 日）的信念與預期，實際結果可能與我們的預測有重大差異。公司不承擔修訂或公開發布對今日電話會議所作任何前瞻性陳述之修訂結果的義務。有關可能導致差異之因素的更多資訊，載於我們向美國證券交易委員會提交的文件中，可自我們網站 ilptreit.com 查閱。

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, 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.

提醒投資人勿過度依賴任何前瞻性陳述。此外，我們將在本次電話會議中討論非 GAAP 財務衡量指標，包括常態化營運資金（normalized funds from operations，或 normalized FFO）、調整後 EBITDAre、營運淨收益（net operating income，或 NOI）以及現金基礎 NOI（Cash Basis NOI）。上述非 GAAP 指標與淨利之調節表載於我們的財務業績資料包，可於我們網站取得。

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.

最後，我們將在本次電話會議提供指引，包括預估的 normalized FFO 與調整後 EBITDAre。我們未在指引中提供這些非 GAAP 指標的調節表，因為進行該等調節所需的某些資訊若非付出不合理的努力將無法取得，或根本無法取得。現在我把電話交給 Yael。

Thank you, Kevin, and good morning. To begin, I would like to highlight the announcement we made last week that our consolidated joint venture successfully priced $1.6 billion of fixed rate interest-only debt at an attractive interest rate of 5.7%. This outcome was achieved despite geopolitical headwinds and capital markets volatility. It also speaks to the strength of our high-quality industrial portfolio, the creditworthiness of our tenants and the depth of the banking relationships our manager, the RMR Group has built.

謝謝你，Kevin，早安。首先，我想強調我們上週的公告：我們的合併合資企業成功以具吸引力的 5.7% 利率，定價完成 16 億美元固定利率、僅付息的債務融資。在地緣政治逆風與資本市場波動之下仍能達成此成果。這也反映出我們高品質工業不動產投資組合的實力、承租戶的信用狀況，以及我們的管理人 RMR Group 所建立之深厚銀行關係。

As Tiffany will cover shortly, this financing takes out the JV's floating rate and amortizing debt, substantially strengthening its capital structure, insulating it from interest rate swings, and driving stronger cash flow. As a result, all of ILPT's consolidated debt will now be fixed rate and non-amortizing at a weighted average interest rate of less than 5.5%.

如 Tiffany 稍後將說明，這筆融資將取代合資企業的浮動利率與攤還型債務，顯著強化其資本結構，使其免受利率波動影響，並帶來更強勁的現金流。因此，ILPT 的所有合併債務現在都將為固定利率且非攤還，按加權平均利率計低於 5.5%。

Turning to our results. We're pleased to report another quarter of strong earnings growth that outpaced our expectations, which was supported by continued leasing momentum across our portfolio. Same-property Cash Basis NOI increased more than 4% year-over-year and normalized FFO grew more than 60%, demonstrating the meaningful progress we've made reducing financing costs and driving rent growth.

接著談我們的業績。我們很高興回報本季再度實現強勁的獲利成長，且優於我們的預期，主要受惠於投資組合持續的租賃動能。同店現金基礎 NOI 年增超過 4%，normalized FFO 成長超過 60%，顯示我們在降低融資成本與推動租金成長方面取得了顯著進展。

We leased 862,000 square feet at a weighted average rent roll-up of 26.3%, marking our sixth consecutive quarter of double-digit rent growth. Renewals accounted for approximately 70% of the activity, reflecting continued strong tenant retention and portfolio stability with consolidated occupancy of 94.6% Today, 8.1 million square feet or 11.5% of ILPT's total annualized revenue is scheduled to expire by the end of 2027, which provides us a substantial runway to capture embedded rent growth and drive organic cash flow.

我們出租 862,000 平方英尺，按加權平均計算的租金調升幅度為 26.3%，這是我們連續第六季達成雙位數租金成長。續租約占約 70% 的租賃活動，反映承租戶留存率持續強勁與投資組合穩定性，合併入住率為 94.6%。目前，至 2027 年底前到期的面積為 810 萬平方英尺，約占 ILPT 年化總營收的 11.5%，為我們提供充足的時間跑道以掌握內含租金成長並推動有機現金流。

Currently, our leasing pipeline stands at approximately 6 million square feet with more than 2 million square feet already in advanced stages of negotiation or lease documentation. We're especially pleased to share that we anticipate fully leasing the 535,000 square foot vacancy in Indianapolis in June, accomplishing a key 2026 initiative for the company.

目前，我們的租賃洽談管線約為 600 萬平方英尺，其中超過 200 萬平方英尺已進入深入談判或租約文件作業的後期階段。我們也特別高興分享：我們預期將於 6 月把印第安納波利斯 535,000 平方英尺的空置面積全數出租，完成公司 2026 年的一項關鍵目標。

Before I turn the call over to Tiffany, I want to take a moment to underscore the momentum we have built across three fronts. A meaningfully strengthened capital structure, continued double-digit leasing spreads and a healthy pipeline of embedded mark-to-market opportunities still available to us. Looking ahead, we believe we have a clear path to continued cash flow growth and delivering value to our shareholders. Tiffany?

在我把電話交給 Tiffany 之前，我想花點時間強調我們在三個面向所建立的動能。顯著強化的資本結構、持續的雙位數租賃價差，以及仍可把握的、健康的內含市價調整（mark-to-market）機會管線。展望未來，我們相信我們有清晰的路徑持續推動現金流成長，並為股東創造價值。Tiffany？

Thank you, Yael, and good morning, everyone. Yesterday, we reported first-quarter normalized FFO of $22 million or $0.33 per share. These results exceeded the high end of our guidance by $0.02 per share, driven by onetime revenues and fees totalling $1.1 million. Normalized FFO grew 16% on a sequential quarter basis and 63% compared to the same quarter a year ago. Same-property NOI was $90.3 million. Same-property Cash Basis NOI was $87.4 million and adjusted EBITDAre totalled $87 million, each increasing on a year-over-year and sequential quarter basis.

謝謝你，Yael，大家早安。昨天，我們公布第一季 normalized FFO 為 2,200 萬美元，或每股 0.33 美元。此結果較我們指引區間上緣高出每股 0.02 美元，主要受一次性收入與費用合計 110 萬美元所帶動。normalized FFO 以季比計成長 16%，較去年同期成長 63%。同店 NOI 為 9,030 萬美元。同店現金基礎 NOI 為 8,740 萬美元，調整後 EBITDAre 為 8,700 萬美元，兩者皆較去年同期及前一季成長。

Turning to our balance sheet. We ended the quarter with cash on hand of $100 million and restricted cash of $86 million. Our net debt to total assets ratio declined modestly to 68.8%, and our net debt leverage ratio improved to 11.6 times from 11.8 times. Last week, we priced $1.6 billion of five-year fixed rate interest-only mortgage financing for our consolidated joint venture at 5.71%. We expect to close the loan on or about May 8 and plan to use the proceeds to refinance the joint venture's existing $1.4 billion floating rate loan and $205 million of fixed rate amortizing debt.

接著談資產負債表。本季期末，我們持有現金 1 億美元，受限制現金 8,600 萬美元。淨負債占總資產比率小幅下降至 68.8%，淨負債槓桿倍數由 11.8 倍改善至 11.6 倍。上週，我們為合併合資企業定價完成 16 億美元、五年期固定利率、僅付息的抵押貸款融資，利率為 5.71%。我們預期將於 5 月 8 日左右完成交割，並計畫以所得款項再融資合資企業既有的 14 億美元浮動利率貸款及 2.05 億美元固定利率攤還型債務。

The new debt is secured by the same 90 Mainland properties as the existing borrowings. With this refinancing, our consolidated joint venture will unlock nearly $20 million in annual cash flow by eliminating its amortizing debt and the need to purchase interest rate caps. Additionally, all of ILPT's consolidated debt will be fixed rate, limiting our exposure to market interest rate volatility with a weighted average interest rate of 5.48% and no debt maturities until 2029.

新債務以與既有借款相同的 90 項美國本土（Mainland）物業作為擔保。透過此次再融資，我們的合併合資企業將因消除攤還型債務及不再需要購買利率上限（interest rate caps），而釋放每年近 2,000 萬美元的現金流。此外，ILPT 的所有合併債務都將為固定利率，使我們對市場利率波動的曝險受限；加權平均利率為 5.48%，且在 2029 年之前沒有任何債務到期。

Turning to our outlook. We introduced full year guidance in our earnings presentation issued last night in addition to the quarterly guidance we have been providing. For the second-quarter of 2026, we expect interest expense of $61.5 million, including $59 million of cash interest expense and $2.5 million of non-cash amortization of deferred financing fees.

接著談展望。除了我們一直提供的季度指引外，我們也在昨晚發布的財報簡報中首次提供全年指引。對於 2026 年第二季，我們預期利息費用為 6,150 萬美元，其中包括 5,900 萬美元的現金利息費用，以及 250 萬美元的遞延融資費用非現金攤銷。

Adjusted EBITDAre between $85.5 million and $86.5 million and normalized FFO between $0.31 to $0.33 per share. For the full year 2026, we are guiding to interest expense of approximately $245 million with cash interest of $234.5 million and noncash interest of $10.5 million.

調整後 EBITDAre 介於 8,550 萬至 8,650 萬美元之間，normalized FFO 介於每股 0.31 至 0.33 美元之間。對於 2026 年全年，我們指引利息費用約為 2.45 億美元，其中現金利息為 2.345 億美元，非現金利息為 1,050 萬美元。

Adjusted EBITDAre between $344 million and $349 million and normalized FFO between $1.27 to $1.34 per share. This guidance reflects the impact of our consolidated joint ventures refinance. It also assumes our vacant property in Indianapolis is leased in June 2026 and does not include the lease-up of our Hawaii land parcel.

調整後 EBITDAre 介於 3.44 億美元至 3.49 億美元之間，標準化 FFO 為每股 1.27 美元至 1.34 美元。此指引反映了我們合併合資企業再融資的影響。此外亦假設我們位於印第安納波利斯的空置物業將於 2026 年 6 月出租，且未納入我們夏威夷土地地塊的出租進度。

In closing, we are pleased with the meaningful progress that ILPT has made over the past year, refinancing our floating rate debt and enhancing cash flow. As we look ahead to the remainder of 2026, we are focused on building on this momentum, advancing our growth initiatives and creating long-term value for our shareholders.

最後，我們對 ILPT 在過去一年所取得的實質進展感到滿意，包括為浮動利率債務再融資並提升現金流。展望 2026 年剩餘期間，我們將專注於延續這股動能，推進成長計畫，並為股東創造長期價值。

That concludes our prepared remarks. Operator, please open the lines for questions.

以上為我們事先準備的發言。接線員，請開放提問。

(Operator Instructions)

(接線員指示)

Mitch Germain, Citizens Bank.

Mitch Germain，Citizens Bank。

Can you guys provide some sensitivity from the top to the bottom end of the guidance range, please?

你們可以說明一下，從指引區間的上緣到下緣的敏感度嗎？

Meaning what will impact?

也就是說，哪些因素會造成影響？

Exactly. Like what factors bring you from the bottom and what factors take you to the high end of the range?

沒錯。例如哪些因素會讓你們落在區間下緣，哪些因素會讓你們到達區間上緣？

Sure. I mean sometimes we have onetime reimbursements, those types of things or onetime fees. They're usually not very large. So that's the accounting for the $1 million range in the guidance.

當然。我的意思是，有時候會有一次性的補償款之類的項目，或一次性費用。通常金額不大。所以這就是指引中 100 萬美元區間差異的原因。

Got you. Okay. That's helpful. Obviously, your interest rate is pretty much fixed at this point. So maybe provide some perspective on the Indianapolis lease. I know that this has been a big burden for you guys, a big priority strategically. Do you believe it becomes income paying June? How should I think -- and maybe just provide some perspective on the economics. Are we looking at rents going higher? Maybe if you can provide some details on that, please?

了解。好的。這很有幫助。顯然你們的利率目前幾乎已經固定了。那能否談談印第安納波利斯的租賃情況？我知道這一直是你們很大的負擔，也是策略上的重要優先事項。你們認為 6 月就會開始產生租金收入嗎？我該如何理解——也請提供一些經濟條件的觀點。我們看到的租金會更高嗎？如果可以的話，請提供一些細節。

Sure. Mitch, so we anticipate the lease to be signed in June. There will be a minimal free rent of four months. So we'll start seeing the cash in the back half of the year, and it will be at a roll-up in rent.

好的。Mitch，我們預期租約會在 6 月簽署。免租期很短，為 4 個月。因此我們會在下半年開始看到現金流入，而且租金會上調（roll-up）。

Great. And then last question for me with regards to the recent debt. Does it offer some more flexibility from a covenant perspective with regards to your ability to potentially look to sell some assets? And then maybe just broadly speaking, do you think that asset sales might become more of a strategic priority?

很好。那我最後一個問題是關於近期的債務。從契約條款（covenant）的角度來看，這是否提供更多彈性，讓你們有能力考慮出售部分資產？另外更廣泛地說，你們是否認為資產出售可能會成為更重要的策略優先事項？

Mitch, so there is a 24-month lockout period in the new debt.

Mitch，新債務有 24 個月的鎖定期（lockout period）。

And then I will add, I think with the leasing of this property in Indianapolis, it does -- it will allow us flexibility on the $1.16 billion debt to be able to look to sell properties in that pool. So while we might not be able to, in the short term, have dispositions within Mountain, we will have greater flexibility now that we've gotten this Indianapolis lease completed.

另外我補充一下，我認為隨著印第安納波利斯這個物業完成出租，確實——這將使我們在 11.6 億美元的債務上更具彈性，能夠考慮出售該資產池中的物業。因此，雖然短期內我們可能無法在 Mountain 項下進行處分，但在完成印第安納波利斯租賃後，我們將擁有更大的彈性。

(Operator instructions)

(接線員指示)

John Massocca, B. Riley.

John Massocca，B. Riley。

So maybe can you walk us through what the $1.1 million of onetime items were in the quarter? And I guess, is that kind of why guidance is calling for, I guess, a step down in 2Q versus 1Q at the midpoint?

那也許你們可以帶我們了解一下，本季 110 萬美元的一次性項目是什麼？另外我想，這是否就是為什麼指引在中位數上顯示第二季相較第一季會下滑？

Yes, that's exactly why. So there was $650,000 of percentage rent that gets trued up that happened this quarter. And then we also had $450,000 of a onetime remediation fee related to a move-out that has already been re-leased.

是的，正是如此。本季有 65 萬美元的百分比租金（percentage rent）調整（true-up）。另外我們也有 45 萬美元的一次性整治費（remediation fee），與一位已搬離且該空間已重新出租的租戶相關。

Okay. And the percentage rent kind of true-up, is that something that could hit in any given quarter? Or is that usually a 1Q item?

好的。那這個百分比租金的調整，是否可能在任何一季發生？還是通常是第一季的項目？

It's always a 1Q item. We just never know what the amount will be or even if it will be incremental to us.

它一直都是第一季的項目。只是我們從來不知道金額會是多少，甚至不確定是否會對我們帶來額外增量。

And kind of post the debt transaction and now kind of your balance sheet really pretty set, how are you thinking about utilizing the kind of cash balance today? You talked a little bit about dispositions, maybe using that in the cash to pay down debt potentially? Or would you even potentially look into the acquisition market? Just kind of curious how you're thinking of kind of managing the cash outstanding given there's a little more certainty from the debt side of your balance sheet.

在完成這筆債務交易之後，你們的資產負債表現在基本上已經相當穩定，那你們如何思考運用目前的現金餘額？你們稍早提到一些處分，是否可能用現金來償還債務？或者你們甚至會考慮進入收購市場？我只是好奇，在債務端更具確定性之下，你們如何管理目前的在手現金。

I think that's a good question. I think we're kind of evaluating all of our options right now. We want to make sure that we have cash on the balance sheet to address our tenants' needs. We have a couple of tenants we're in early discussions with who are looking at potential building expansions that they want us to partner with them on. So we want to make sure that we have that cash available to us. So I think it's early stages. We'll see where we shake out and then go from there.

我認為這是個好問題。我們目前正在評估所有選項。我們希望確保資產負債表上有足夠現金，以滿足租戶的需求。我們有幾位租戶正處於初步討論階段，他們在評估可能的建物擴建，並希望我們與其合作。因此我們希望確保手上有可用的現金。所以我認為目前仍在早期階段。我們會看最後結果如何，再往下推進。

And I know those are potentially unique situations, but how do you think about like a return threshold if you get back to the market of deploying capital?

我知道這些可能是較特殊的情況，但如果你們回到市場部署資本，你們會如何看待報酬門檻（return threshold）？

I think that we're certainly in a better position today than we were even a year ago. So I think that's something that we're always considering with the Board.

我認為我們今天的處境確實比一年前好得多。因此這也是我們一直與董事會共同考量的事情。

Okay. And then lastly.

好的。那最後。

No, I didn't know if you were asking about property acquisitions specifically.

不，我不確定你是否是在問特別指物業收購。

Property acquisitions or even kind of investment -- I mean, I know investments with existing tenants, there's other considerations at play there. But if you were to get back into the market, like how would you kind of view the current cap rate environment versus where you'd want to deploy capital? Are there things that are attractive out there today, especially given it would probably be coming from cash on hand rather than newly raised capital?

物業收購或甚至是投資——我的意思是，我知道與既有租戶相關的投資還會有其他考量。但如果你們要回到市場，你們會如何看待目前的資本化率（cap rate）環境，相較於你們希望部署資本的水準？是否有一些目前看起來具吸引力的機會，尤其是因為資金可能來自手上現金，而不是新募集的資本？

I think given where our leverage is today, I don't see us looking to acquire any properties at least in the short term unless it's a very specific situation or an opportunistic one.

我認為以我們目前的槓桿水準來看，至少在短期內，我不認為我們會尋求收購任何物業，除非是非常特定的情況或是機會型的交易。

Okay. And then lastly, the CapEx spending was down a little bit. I know 1Q can be a relatively weak period seasonally for CapEx spend. But is that kind of more typical run rate should be? Or was the current quarter a little bit of an anomaly?

好的。最後，資本支出（CapEx）略有下降。我知道第一季在季節性上可能是資本支出相對偏弱的期間。但這是否更接近你們典型的支出水準？還是本季有點異常？

Current quarter was an anomaly. I think Q1 can be down sometimes. That's not what we are forecasting going forward.

本季是異常情況。我認為第一季有時會偏低。這不是我們對未來的預測走勢。

Operator, I believe that concludes our Q&A.

接線員，我想問答環節到此結束。

Thank you for joining today's call, and we look forward to meeting with many of you at the NAREIT conference in June. Please reach out to Investor Relations if you're interested in scheduling a meeting with ILPT. Operator, that concludes our call.

感謝各位參加今天的電話會議，我們期待在 6 月的 NAREIT 年會上與各位中的許多人見面。若您有興趣與 ILPT 安排會議，請聯繫投資人關係部門。接線員，本次電話會議到此結束。

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

謝謝。本次電話會議已結束。感謝您參加今天的簡報。您現在可以掛線。