Industrial Logistics Properties Trust

ILPT

REIT - Industrial · Real Estate

Price

$8.86

-0.11 (-1.23%)

Market Cap

$590.7M

Exchange

NASDAQ

Winston Score

Winston is serious

Mixed quality — meaningful strengths and weaknesses.

Share count rising — dilution

+1.2% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 65.2M (2021) → 66.0M (2025)

Industrial Logistics Properties Trust (ILPT) is a real estate company that owns warehouses and distribution centers across the United States. These buildings are rented out to businesses that need space to store and ship goods — think large retailers, e-commerce companies, and logistics firms. ILPT owns roughly 400 properties, with a significant concentration of land in Hawaii leased to tenants on long-term ground leases.

ILPT makes money by collecting rent from its tenants, which is the standard model for a real estate investment trust (REIT). It operates entirely in the U.S., with its mainland portfolio focused on industrial properties and its Hawaiian land holdings providing stable, long-term income. The company carries a heavy debt load taken on during a large acquisition in 2022, and reducing that leverage is the central financial challenge the business faces going forward.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.0% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+57.6% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

15.9%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$100M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth context

Industrial Logistics Properties Trust is growing revenue at 4% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

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Quality

Gross Margin

77.6%

Premium pricing power — 77.6% gross margin

Operating Margin

34.4%

Excellent — 34.4% operating margin

ROCE

0.9%

Weak — 0.9% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+2.6%

Nearly flat sales (2.6% YoY)

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

14.4%

Converts sales into free cash efficiently (14.4%)

FCF margin between 10% and 20%. Every $100 in sales becomes $10 to $20 in real cash.

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Stability

Debt / Equity

8.73

Heavy debt load (8.73)

Interest Cover

0.58x

Dangerous — barely covers interest (0.6x)

Interest coverage below 1. Their profits don't cover the interest bill.

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

2.47%

Moderate income — 2.47% yield

Standard yield zone for stable dividend payers. A meaningful piece of total return.

Dividend Growth

+400.0%

Dividend growing fast (400.0% YoY)

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