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ILPT Industrial Logistics Properties Trust

Quarterly report

Comparable	Non-Comparable		Properties Results			Properties Results			Consolidated Results
Three Months Ended		Three Months Ended			Three Months Ended
September 30, (1)		September 30, (2)			September 30,
$		%			$			$			%
2024		2023			Change			Change			2024			2023			Change			2024			2023	Change	Change
Rental income		$	108,945	$	110,142	$	(1,197)	(1.1)%	$			—	$	—	$	—	$	108,945	$	110,142	$	(1,197)	(1.1)%
Operating expenses:		Real estate taxes			15,339		14,920	419	2.8%	—			6	(6)	15,339	14,926	413	2.8%
Other operating expenses		8,893		9,900	(1,007)	(10.2)%	4			7	(3)	8,897	9,907	(1,010)	(10.2)%
Total operating expenses		24,232		24,820	(588)	(2.4)%	4			13	(9)	24,236	24,833	(597)	(2.4)%
NOI (3)		$	84,713	$	85,322	$	(609)	(0.7)%	$			(4)	$	(13)	$	9	84,709	85,309	(600)	(0.7)%
Other expenses:		Depreciation and amortization			43,205		43,912	(707)	(1.6)%
General and administrative																										7,237		7,712	(475)	(6.2)%
Total other expenses		50,442		51,624	(1,182)	(2.3)%
Interest income																										3,134		2,397	737	30.7%
Interest expense																										(73,936)		(72,941)	(995)	1.4%
Loss before income taxes and equity in earnings of unconsolidated joint venture		(36,535)		(36,859)	324	(0.9)%
Income tax expense																										(33)		(51)	18	(35.3)%
Equity in earnings of unconsolidated joint venture																										1,161		719	442	61.5%
Net loss																										(35,407)		(36,191)	784	(2.2)%
Net loss attributable to noncontrolling interest																										10,417		10,079	338	3.4%
Net loss attributable to common shareholders																										$	(24,990)	$	(26,112)	$	1,122	(4.3)%
Weighted average common shares outstanding (basic and diluted)																										65,769		65,488	281	0.4%
Per common share data (basic and diluted):		Net loss attributable to common shareholders			$	(0.38)	$	(0.40)	$	0.02	(5.0)%

Three Months Ended September 30,	Nine Months Ended September 30,
		2024	2023			2024			2023
Beginning balance		$	117,451	$	129,082	$	115,360	$	124,358	Equity in earnings of unconsolidated joint venture	1,161	719	5,232	7,423	Distributions from unconsolidated joint venture	(990)	(5,390)	(2,970)	(7,370)	Ending balance	$	117,622	$	124,411	$	117,622	$	124,411

Three Months Ended September 30,	Nine Months Ended September 30,
2024		2023	2024			2023
Tenant improvements (1)		$	433	$	194	$	1,019	$	1,893	Leasing costs (1)	2,695	1,047	5,006	3,886	Building improvements (2)	2,509	2,720	5,817	4,373	Development, redevelopment and other activities (3)	—	1,314	—	7,705	$	5,637	$	5,275	$	11,842	$	17,857

	September 30,		December 31,
		2024		2023
ASSETS
Real estate properties:		Land		$	1,113,711	$	1,113,723	Buildings and improvements	4,062,588		4,055,829	Total real estate properties, gross	5,176,299		5,169,552	Accumulated depreciation	(492,135)		(397,454)	Total real estate properties, net	4,684,164		4,772,098	Investment in unconsolidated joint venture	117,622		115,360	Acquired real estate leases, net	208,785		243,521	Cash and cash equivalents	153,863		112,341	Restricted cash and cash equivalents	111,068		133,382	Rents receivable, including straight line rents of $102,591 and $94,309, respectively	122,730		119,170	Other assets, net	56,576	67,803	Total assets	$	5,454,808	$	5,563,675	LIABILITIES AND EQUITY	Mortgages and notes payable, net	$	4,304,868	$	4,305,941	Accounts payable and other liabilities	85,566	72,455	Assumed real estate lease obligations, net	15,795	18,534	Due to related persons	5,820	4,966	Total liabilities	4,412,049	4,401,896	Commitments and contingencies
Equity:		Equity attributable to common shareholders:		Common shares of beneficial interest, $.01 par value: 100,000,000 shares authorized; 66,144,422 and 65,843,387 shares issued and outstanding, respectively	661			658	Additional paid in capital	1,017,172		1,015,777	Cumulative net (deficit) income	(62,372)		9,196	Cumulative other comprehensive (loss) income	(1,749)		10,171	Cumulative common distributions	(367,824)		(365,848)	Total equity attributable to common shareholders	585,888		669,954	Noncontrolling interest	456,871		491,825	Total equity	1,042,759		1,161,779	Total liabilities and equity	$		5,454,808	$	5,563,675

SUPPLEMENTAL DISCLOSURE OF CASH, CASH EQUIVALENTS AND RESTRICTED CASH AND CASH EQUIVALENTS:
The following table provides a reconciliation of cash and cash equivalents and restricted cash and cash equivalents reported within the condensed consolidated balance sheets to the amounts shown in the condensed consolidated statements of cash flows:
As of September 30,
2024	2023
Cash and cash equivalents	$	153,863	$	83,283	Restricted cash and cash equivalents (1)	111,068	139,220	Total cash and cash equivalents and restricted cash	$	264,931	$	222,503

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