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Industrial Logistics Properties
ILPT Small CapReal Estate · REIT - Industrial
Updated: May 22, 2026, 22:06 UTC
Key Metrics
Valuation Analysis
About the Company
Industrial Logistics Properties Trust is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of March 31, 2026, ILPT's portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 77% of ILPT's annualized rental revenues as of March 31, 2026, are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group, a leading U.S. alternative asset management company with over 37 billion US dollars in assets under management as of March 31, 2026, and 40 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquar
Industrial Logistics Properties Stock at a Glance
Industrial Logistics Properties (ILPT) is currently trading at $8.59 with a market capitalization of $572.3M. The 52-week range spans from $3.03 to $8.89; the current price is 3.4% below the yearly high. Year-over-year revenue growth stands at +4.0%.
💰 Dividend
Industrial Logistics Properties pays an annual dividend of $0.20 per share, representing a yield of 2.33%. The payout ratio stands at 92.31%. The elevated payout ratio reflects a mature dividend policy.
📊 Analyst Rating
2 analysts rate Industrial Logistics Properties (ILPT) on consensus: None. The average price target is $9.65, implying +12.41% from the current price. Analyst price targets range from $9.30 to $10.00.
Investment Thesis: Strengths & Weaknesses
- High gross margin of 85.98% — indicates pricing power
- Solid dividend yield of 2.33%
- Positive free cash flow
- –Currently unprofitable
- –High leverage (D/E 474.5)
- –High volatility (Beta 2.47)
Technical Snapshot
Price trades above both the 50- and 200-day moving averages, with 50d above 200d — a classic bullish setup (golden-cross alignment).
Risk Profile
The data points to above-average price swings, higher leverage relative to equity.
Trading Data
💵 Dividend Info
Related Stocks in the Same Sector
Industrial Logistics Properties Trust (ILPT) 2026: 7,86 USD US Industrial-and-Logistics REIT with 409-Property Portfolio, RMR Group External Management and Deep-Discount-to-NAV Setup
The Real Story
Industrial Logistics Properties Trust (NASDAQ: ILPT) is a Newton, Massachusetts-headquartered industrial-and-logistics REIT focused on high-quality industrial-and-logistics properties. As of Q1 2026, ILPT's portfolio consisted of 409 properties containing approximately 60 million sf of industrial-and-logistics real estate. Externally-managed by The RMR Group.
Mavrick Mountain Industrial (50/50 JV with affiliate-of-RMR-and-Wisconsin-Pension-fund) plus Mainland-Hawaii portfolio focus. The 2024-2025 period: higher-for-longer-rates compressed REIT valuations, ILPT executed dividend cut to current 0,20 USD per quarter (0,80 USD annual run-rate, 2,54 percent yield).
What Smart Money Thinks
ILPT has external-management structure. The RMR Group holds management contract plus 1,4 percent equity. BlackRock at approximately 14,1 percent, Vanguard at approximately 12,2 percent represent passive flows. Short-interest sits at approximately 11 percent of float as of May 2026.
Explore the BMI Smart-Money Tracker →
📈 The 3 Real Bull Points
ILPT's 1,09x P/B reflects deep-cyclical-trough valuation versus historical 1,2-1,4x P/B mid-cycle. Re-rating supports 9,50-11,50 USD share-price range.
60 million sf industrial-and-logistics portfolio provides defensive recurring-NOI base. Industrial-and-logistics REITs benefit from e-commerce-and-supply-chain-reshoring structural tailwind.
Mainland-and-Hawaii diversification plus long-duration lease structure (average 9+ years remaining) provides structural-downside protection.
📉 The 3 Real Bear Points
Higher-for-longer rate environment compresses REIT valuations. ILPT has approximately 1,2 billion USD of debt maturing 2026-2028 at significantly higher rates.
RMR external-management structure historically creates governance-overhang and conflict-of-interest concerns versus internally-managed industrial-REITs (Prologis, Duke).
Multiple dividend cuts since 2022 create investor-trust overhang. Further cuts if cycle deteriorates would extend overhang.
Valuation in Context
ILPT at 7,86 USD per share with approximately 66,7 million shares outstanding has a market capitalization of approximately 524 million USD. Book value per share approximately 7,20 USD — 1,09x P/B. With approximately 3,5 billion USD net-debt, enterprise value approximately 4,0 billion USD against approximately 60 million sf industrial portfolio at consensus 60-65 USD per sf — supports approximately 3,6-3,9 billion USD asset-value.
NAV per share estimated 11-14 USD per consensus REIT-analyst estimates. Re-rating supports 10-13 USD price range. Bear-case 5,50-6,30 USD. Bull-case 14-17 USD over 24-36 months. 2,54 percent dividend.
🗓️ Next 3 Catalyst Dates
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2026 Q3:
Q2 2026 earnings (early August 2026). Watch-items: industrial-occupancy, refinancing progression, dividend coverage.
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2026 Q4:
Q3 2026 earnings (early November 2026).
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2027 Q1:
Fiscal-2026 full-year results plus 2027 guidance.
💬 Daniel's Take
Industrial Logistics Properties Trust is a deep-value US industrial-and-logistics REIT with 409-property portfolio, RMR-external-management governance overhang, and deep-discount-to-NAV setup. Position-sizing: 0,3–0,8 percent in deep-value-REIT sleeve.
Sources (3)
Disclaimer: This article is not investment advice. Investing in stocks carries risks, including total loss.
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