ILPT - Earnings call transcript Q4 2021 | Industrial Logistics Properties Trust

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Operator

Good morning, and welcome to the Industrial Logistics Properties Trust Fourth Quarter 2021 Earnings Conference Call. [Operator Instructions] I would now like to turn the conference over to Kevin Barry, Director of Investor Relations. Please go ahead.

Kevin Barry

Good morning, everyone, and thank you for joining us today. With me on the call are ILPT’s Chief Executive Officer, John Murray; Chief Financial Officer, Rick Siedel; and Chief Operating Officer, Yael Duffy. sell-side they for details XXXX, the a session moment, and our followed a question-and-answer performance our fourth with just will about provide business by In analysts. quarter of

forward-looking and the note Act contains First, I today’s based today’s revision today, securities call the revise forward-looking other from to note company are the of to statements prohibited is that call. the may and of consent of and on statements the The written company. expectations retransmission within ILPT’s made conference obligation prior any materially that as Wednesday, actual Private or forward-looking statements beliefs without the These publicly of those would differ Reform of recording conference today’s XXXX Securities to XXXX, project. no Litigation like and Also that release laws. we February conference in meaning the XX, call undertakes of results results

could website, those cautioned is can place the or Additional upon to information and accessed the cause statements. reliance Commission, website. forward-looking Investors differences SEC’s our any or concerning undue our contained from filings SEC, be Exchange which not Securities with ilptreit.com that are factors in

and will available the for our A call, also NOI. will and reconciliation non-GAAP we over on calculate now or be or cash-based cash of operating can I financial and John. be in call With components normalized the non-GAAP In addition, which supplemental that, FFO, turn website. EBITDA to are package, to basis distribution, CAD, funds numbers these including available data our found to during discussing from this normalized adjusted or income income net operations net cash figures operating

John Murray

fourth On morning, update everyone, the call, finished fourth welcome our over call solid today’s to turn Logistics you, and additional I’ll Trust. Properties the with Rick Investment quarter growth. momentum give to earnings Kevin. performance Real leasing on the a year for for Corporation. Monmouth provide We the our call of quarter of an for I’ll Industrial color summary Estate acquisition Thank to leasing Good and results. Yael strong planned activity then ILPT’s and financial and and

to demonstrates illustrates own this weighted quality of proceeds ILPT’s of average remaining Upon with mortgage equity and sale During space. same space. square X.X venture, approximately FFO and ILPT renewal also rental industrial transaction growth net were debt to four a square joint of Portfolio over we rates completion a partners. increased for XX.X $XXX property and venture years. and a entered on rent joint resets they we in approximately and value total the of high new NOI space, six and year weighted recently completed achieve million the feet relationships states cash we our the strong the properties XX% the institutional owns million. This million portfolio properties. feet private of debt potential With to feet normalized leases occupancy rate million for XX% price continues rates basis be these prior of have end. We strength X% than million average same now the quarter December, industrial announced and related at and six X.X%. a XX.X% a gain six from at joint for capital that rental contained place industrial growth XX X%. below of XX joint properties will square sale with approximately cap in a venture acquired million, late financing, total lease properties of $XXX term of to to of growth $XX In a plan interest million of a aggregate accelerated higher venture to ILPT’s $XXX representing X.X The an

track portfolio asset debt estate ILPT range agreed strategy a our to confident we private executing represents Monmouth balance that the sales asset to billion remains support to to since ready we’re equity with has assumed that and been new the line have ILPT. our joint so enable joint meeting $X possible as vote growth manager this sheet have by depth plans Tomorrow record and portfolio. executing integrate us to approximately the Since we’ve for management financing a proven in equity to RMR on newly secured expertise our our capital acquisitions level a successfully enhance announcement of and Level and access priorities. through we assets venture of capital placed of real November Our acquire proposed sources ILPT raise ILPT a the asset discussed initial November. of for venture are efficiently successfully complete to integration and property capital equity shareholder and will to compelling the with will value transaction. provided focused accretive and operations ILPT’s on Monmouth merger into group

We in to Assuming mainland Monmouth very to benefits acquisition for vote. this the of this creates focus the Monmouth with stronger of ILPT financing our acquisition increase company. a additional plan greater our and expect later scale, advance about properties we close transaction quality excited on shareholder approval, not shareholder enhanced tomorrow It tenant provide diversity. high do remain month in detail the of e-commerce geographic and

specific in vote, provide the positive a later expect we month. transaction following to of the press details closing more release this the Assuming

Now to I’ll over call turn the Yael.

Yael Duffy

online XXXX market of six steps of ahead portfolio joint with update on provide I integrate Thanks, will John. expiration. of as following From venture. ILPT’s everyone. activity a And the an an overview well and the will start morning sale and good leasing for to the To additional fourth summarize are there look provide overview XXXX taking the as we end, I quarter a to into properties brief trends and for with industry I’ll the and levels. of inventory conjunction just in philosophy e-commerce exceptional on industrial space into continues of the shift acting to and at case ours. in expansion Consumer environment rates to and increased both portfolio historical outpace stores created the Monmouth retail rents. from time contributing This goods is available Demand management has spending in vacancy with the in of record supply lack low just an sector. in to

As point of points December an and approximately XX portfolio occupancy totaling XXX of The increase square XX.X% feet. portfolio achieved consisted warehouse of sequentially distribution XX, XX XXXX in a and prior compared ILPT’s states basis increase representing to year. XX basis XX properties million

quarter balance XXX% Hawaii which XX properties has by subsidiaries, XX square approximately million profiles more remaining rated rental e-commerce. lease or nearly of anchored basis XX.X tenants strong revenues years was includes our account tenants benefit land the portfolio secure half a well Occupancy will in totaling term investment come the square leased. to with approximately is that comprised acceleration end of of million of prior and portfolio of portfolio industrial Hawaii. improvement in ILPT’s nine from XX point recognized The of brands our grade than and weighted or revenues from states of XXX our to annualized land tenants average for XX.X% mainland year. XX% top the business from continue properties leases. total feet XX.X Our Hawaii represents compared that feet are ILPT’s in at and

rated parent grade account grade are On the ILPT’s half revenues. investment for entities tenants of investment subsidiaries rated mainland of

an lease concessions During than XX capital million average per X.X renewal new and leases prior XX.X% XXXX, XXXX. volume with foot years times for $X.XX three we lease of nearly commitments square term and leasing rent square entered year. per higher leasing was approximately the were feet X.X and of Rents for

the commitments with We term fourth capital attributable spent than XX prior of XX.X leasing fourth approximately were on rates land predominantly in of mainland. quarter, rental feet XX.X% completed years thirds new year. an average two X.X and quarter, square higher million leasing renewal improvements completed the lease Hawaii rent square and at leases rates. $X.XX XXX,XXX In per also lease rental per approximately we capital XX foot $X.X conditions million to leases Of for totaling and square expenditures of that in the the are on tenant for feet,

driven strong Additionally, leasing achieve to rent to momentum we totaled resulted anticipate prior love X.X% by in million as prior square lease feet year. up favorable leasing X.X% a fourth mainly X.X continue and rental of rates. into over renewal. to XXXX, XX.X% roll Overall, market We strong revenue XXXX for where we of revenue seven is ILPT’s Hawaii, quarter higher with rolling, XX.X% were that capitalize feet resets than is square dynamics In total annualized tenants terms. the annualized on of completed XXX,XXX up

XX given for Hawaii deals feet million on anticipate pipeline, X.X deals million stages are we term feet a near currently Our of square million leasing pipeline the square is square X.X that including lease tracking our approximately and advanced deals X.X We mainland. or strong feet, million documentation. roughly is in of of of XX for an eight activity X.X square current and negotiation for conversion feet XX%

properties which the of Since our of to Monmouth team partnered Monmouth. merger, access the are portfolio, announcement centers and existing ideally properties ILPT’s seaports, highways, with all with now has RMR to the chain. hubs, the the group and interstate supply to rail Turning the key deepen of airports, tenants. planned Like are Monmouth located prominent acquisition components population of the understanding and the transportation near

Additionally, a provided to to for will introductions allow on to provide ILPT integration. has its Monmouth seamless which builders, developer merchant its relationships expand

As transaction finance the dispositions. announced, previously of portion to through a we intend property

Geographically in to markets quality properties Monmouth tenant portfolio. demand a high have We are identified are portfolio there properties the base. experiencing diverse a representative of larger robust that leads growth,

this the call broker end and to to the XXXX. ILPT’s month market we summary, by to we and XXXX the these close provide to in on now mid look a to in be in turn accomplished of results. growth in properties to and engaged have are forward sale expect encouraged I’ll In the all XXXX. the quarter by over Rick aid of We financial details in have continued

Rick Siedel

property the a This increase basis, same $XX.X portfolio or increased was result morning, Fourth normalized our per Hawaii, in X.X% new performance, Thanks, activity which year-over-year. of a everyone. FFO Yael. fourth year-over-year, expense. with share million Good reflects and ended quarter was leasing sequential occupancy year-over-year basis. Total $X.XX quarter times, NOI property X% quarter EBITDA XX% with same year-over-year. business by increase up quarter the a higher one driven cash combined for the on $XX.X our at Adjusted with declines which of and management million in share of based in EBITDA lower general along to fees expense, turn X.X primarily driven came administrative in approximately we XX% by is quarter debt and decrease for compensation the

the from During of credit sale to facility proceeds down revolving $XXX.X the our fourth of quarter, million we JV. paid six with properties net the

As $XXX ILPT approximately near of in the credit earlier, debt cash intend on these and ILPT we to our of in $XX John properties additional play million. million ended facility on will hand year proceeds million. with result secured mentioned availability million, which of the total on revolving $XX $XXX in liquidity, including future, to

to with we weigh for our credit During loan we a exercised of XXXX a fund we the June to of our previous Monmouth. by until months, of short-term expect venture quarter, joint the of option financing facility. extend secured currently options and transaction facility our acquisition the as bridge to provide the debt six Consistent maturity combination with disclosures, our equity, flexibility

to closing our order we yield approximately shareholders our quarterly an mentioned, in we per the represents to current January, distribution the a following price. In of leverage of As property of X% plan Yael which share, declared reduce program of regular share dividend $X.XX undertake transaction. annualized disposition

a questions. FFL at remarks. That XX%. below ratio forum dividend Our please covered normalized well prepared Operator, for concludes payout a our remains open

Operator

Riley. the comes will first from Instructions] B. Maher We with now session. begin Our [Operator question-and-answer Bryan question

may You now go ahead.

Bryan Maher

you. that I to has amount information dollar dollar but Monmouth bit, kind there in little to and the And talked know you’re don’t you or it of change out or than that going assets a I being Nov you the in But be range sold been touched can the think tenant about might thank you there on materially or I and go give specific property going of to idea was an package us know that he’s Yael morning market? the amount give type of a is any more deck. Good transaction. in

Yael Duffy

So original million our think estimates X.X XXX were to I billion.

or really midpoint now. the I And so that And for is estimate it portfolio. really would in least so it indicative the the is, greater portfolio of of Monmouth at is

as properties FedEx aren’t also to leased other So there will be there, some well but properties FedEx. that

Bryan Maher

a get kind suffice models, for and should midpoint try provide can just say, X.X that for of to on our XXXX standpoint, to a modeling to take more handle after XXXX what you a now you’re what and from of suggesting So X.X we is we’re until looking it detail?

Rick Siedel

is Rick. the it’s SEC will vote requirements. filing transaction I important, there will Bryan once this closes, we the think goes do some be through

So as work accordingly. I are we end up for think solid, if still probably to more as we pretty we’ll And now think that and the think we’ve be you to pry I the I lower you the the set right will we ranges, get closed. providing towards be to try in go information everything color. is can. kind slide just out provided sales our deck is additional now, as can The or get so. soon model and But the ranges But November of equity expectation will provided that our probably midpoint JV back

Bryan Maher

gears, X.X And provided information some expectations rolling. of Yael XXXX again, on and revs you the shifting

XXXX, you little the the the be we in to a you safe success for less? Given be that will bit increases XXXX had quarter, it in seem fourth shall Or similar like to rents does specifically in XXXX? model in to

Yael Duffy

be with XXXX. it’ll think consistent I

Bryan Maher

And out upward to given expect Rick, how extend on might rates then you that that it you like, the tenure? upsize are credit the what and look facility the June. in late I it’s guess for you trajectory about thinking Would to

Rick Siedel

the put kind revolving facility Monmouth interest month again, our a obviously, that future. just comes bridge think of on bridge will scenario did is recap all Sure, making a available us. for we way bridge transaction the that impact. collateral close in big loan, out, in I portion we’ve credit extension I sure we a There it the out have think, we well the the I pretty when new close then, likely loan place take flexibility, with and provide mean, to a six And a we’ll credit the as will the facility got in of of

moved on have we comfortable little over certainly a we’re few are since But rates with indicative months. pretty think So pricing. where bit the I still last based

to threes low mid on probably we’re and and two quarter floating the think over I a rate in to on rate. two fixed sulphur probably

So pretty positioned again, think we’re get we well for to this done.

Bryan Maher

like at of X.X for quarter. the net debt me. With fourth last to And just EBITDA end times the

think and out kind what the With Monmouth to? And goal the ILPT to? be that peeks down transaction when you what that of would of roughly do to get it back

Yael Duffy

how in kind expect is peak it’ll we tougher of much depend I many eight how end or The on JV in But to into the equity that then looking range. to XXXX towards comes of and to XXXX, we think predict times assets because six sell. be

Operator

Capital comes with question RBC Jason next Our from Idoine Markets.

may You now ahead. go

Jason Idoine

everyone. morning, Good

capitalization? also Just closed? structure in there conjunction? once with be in announced is you’re deal the the be M&R range those beginning. down the JV two that line? things that lower coming capitalization in it’s deal, the like another going And the be Is a determined final So end will potential of that partner of to maybe It to sounds at in bring will

John Murray

bring is range, I it’s talking easiest scenario think that of largely in where I kind later closed, about it And probably, clearly just getting we then multiple of close of do. is partners. in interest can which or guess and partner think it the I range the one ourselves, just indicative shown we’ve partner the we a

as closes. to up that. that I to do be we’re we is it start partner as order in get soon preference more looking just think and lined will information But a everything on provide to trying our with to

Rick Siedel

I closes, And how what before think might changes a the press that, on that detail expected after are issue will end the there transaction we of initially provide that’ll financed be And release month. the be. that it. those the we’ll to after changes extent soon

Jason Idoine

if the give the have potential those now. bit contributions quarter, how about some But that like could struck. JV rates space those those? lower made rate determined, think to were you compressed deal industrial insight sounds cap initial as quite future us and maybe curious a Obviously, at are valuations the just we you And contributions was then since on to the during a the it cap

Rick Siedel

Sure. specifically those I guess to I’ll just properties. speak

end venture with we’re and underwriting and a of sharing have existing that having We interested And our six partners in a of we properties, it’s variety other us And once venture. talking joint good and by transactions, a we up reasons, working two the partners to were a relationship cost slightly months. acquired financing they with the to were awarded acquisitions before, path didn’t nine properties. those four first about we And point, had we even those our went maybe properties down added started the out. our sort for and joint the with that

value joint pace of reflects think side. wasn’t which and partners issue cost. the venture at the that that the We passage time, first they their good though an two get we because And passage of finance the the acquisition even partners our we to contribute recognize initially, the X% so have the a to rather is properties to on pricing I in properties relationship time the continue them the at working though going financing financing properties than the separately, of did to place, been with we increase time, a the we pull which our passage necessarily do were of the in so of have properties the of the our six the property, and because agreed time, even debt it we’re to together of yet discussed not financing to on the try buying

going venture we’re to joint pricing the the agreed So the long properties to story at acquisitions. these short, into making the agreed and we time

initial as our the was same price. so pricing partners on for the And was from aside was it increase X% purchase the the to the to pricing

Jason Idoine

Got it.

Okay, thank you.

Operator

[Operator Instructions] Catherwood with Tom Our comes question next from BTIG.

may You go now ahead.

Thomas Catherwood

contributing Thanks to points same sense compression selling guess us that your wholly bit those go either that out then a period market last year But or industrial and your a to you think Do like happened everyone. when Do joint on on value to in agree assets venture. as what of open of market. more the you go obviously, the you would valuation have you us rate the term that however open the these transaction been seems seemed up that existing last well? others with it that to question. some bit I sticking of to? sell so through? We you a as hold over if have low agreed cap set roughly good it kind out it happened, on parties John, specific you to makes these thing in transactions process just this of or jumped to basis broadly It third and What prices there did into have morning, effectively more market were the compared contribute maybe them. more market little is XX

on would valuation any the of be kind process on So third-party color broader helpful.

John Murray

sort the mean, pricing I agree on of properties those yes, we the acquired time year when and upfront. we transpired we sold two did but a them, first between Sure,

the other venture have them some good partners, formula couple I or joint acquired were current we value ago conditions. partners. than were joint increase slight concern. consider we we we that agreements we’ve We at would to of years if we provide, but time, that a with spirit So contributing a to your a agreed If of based in properties on in don’t market selling into the specific being to our or venture got the understand

market attributes We’re including think tenant with properties in industrial to the I we every properties, day, the and markets a in the good market various the have evaluating pretty on various transactions, for what quality. pulse is

should And that so and the venture be, the value. pricing to properties we know we at offer the I think where that joint would

It we for we that’s they And And that felt when them we were The value case buying what in that at. that’s was. a why to it that’s time add what So, was kind this pricing a of them was, proved the around what loop. identified venture. financing, the was thrown to fact challenging. complication first agreed like the everybody and that’s

Thomas Catherwood

you thank color, John. the Understood, for

I assets have? at where you sure understand recently, any more you’ve purchase on make there that to that venture similar price you agreement Just into them acquired have selling joint are a the the

John Murray

No, that’s just us.

Thomas Catherwood

it. Thank Got you.

that coming And chunk Is in big higher switching early is renewal you? end leasing some or of the of saw done that quarter. XXX,XXX to much which some you’ve over leasing, there expiration some the a done maybe the no you than a of When just mainland look to and beyond though kind try portfolio XXX,XXX of renewables of whether had, is XXXX, from little to and think pulling this fair forward kind that which that back get it take this tenants is like you potentially is seemed off activity feet in less and more XXXX Or feet kind I square XX of early? more risk past, Okay, a table a percentage. you than of were to XQ obviously, the suggests obviously, than just renewals the assessment? square we left was even in

Yael Duffy

this the additional thinking of little consolidate a went try for we term. facility Yes, And so its predominantly extend them big to we was another to it’s out state years in a to lend locations of of was got square and of tenant where mainland lease proactively so unique to seven property work one and out and the we situation feet knew Ohio. was XXX,XXX really bit where lease for

give incentivize some totality. them So in we and did got tear any We we up kind the of XX building. but at years TI of term to rent them didn’t stay

component area. very a industrial of mostly of in and bit situation a a building little a a that office, large is residential this has while unique So which because

didn’t in all but arm a check quarter, from if boxes So, of it's up the of guess market XX%. versus excluded the deal of would booming roll the we I rents industrial just to it know that kind XX% of specifics

So, work, happy at the secure down with outcome we’re was that we term the it restructure to tenants. it but because given just did the had roll still a we

Tom Catherwood

you, the for Yael. and of more And from the of for the a kind pandemic. market Understood. looks that it last on That's to more In as pipeline high the recovery that you and given colour on kind been some me. prepared of question But getting that leasing trending slower downturns demand seems bit Can in guys us that that far that comes rebounded. the done some give square and past a has how leasing like vacancy XX,XXX how 'XX? mentioned what portfolio. it Thank touch in it's when feet a renewals of like it neighbourhood between you then kind you remarks, as tourism In your is Hawaii, done. in obviously XQ market did got of slow you talked in about little the means

Yael Duffy

Yes.

us an come XXXX haven’t us. about the either and to option a or of to usually to to them on left kind pushback renewal have very we've nervous able and feel kind to really to especially to length much In deals that had tenants expansion wake activity a they opportunity asking two slower us of provide and they're don’t that we've their in in we renew think and coming been or been really they finalized I to proactively we seeing for continue and for get they're push So, that we the general table Hawaii are of our process. our month and the respond have good a in

So, for. we to the we're square the us at pretty XX,XXX marketing. achieve feet be we able year vacancy we're good that aiming one back actively that end what do came feel that of we'll XXXX, In have

So, we feel good.

Tom Catherwood

it. Got everyone. Thanks,

Yael Duffy

you. Thank

Operator

next Jamie Feldman Our comes of question with from America. Bank

ahead. You now may go

Jamie Feldman

Hawaii. sticking guess you. That's great, with thank you're I

is in pretty recess comment market? So, in that your what outlook 'XX, 'XX, to for similar on can saw rent the you you

Yael Duffy

Yes.

Jamie Feldman

Yes? Okay.

Yael Duffy

XX%. about been We've achieving

So, we feel good, that. will continue

Jamie Feldman

if that there? you to else Hawaii the going then, the was store Mainland is fourth due stats your same of And or With is something positive. quarter, that, negative, Okay. lease at look on Ohio there the was

Rick Siedel

say but Rick. Jamie parking would that Now, cap. this cash NOI operating straight it the job sale is flat, reimbursable portfolio one to exceeded negative and our really the lot really Mainland comes was I was tenants pretty slightly down

you take were we'd to positive. if out, So, slightly that be

So again, it's pretty something in back do strong. we could have Yael it have steady is get could like Mainland time-to-time mentioned but parcel goes from overall a portfolio time-to-time repair in -- really we we or the or Hawaii either as from but the

Jamie Feldman

would store is say like what So, rates you the for normalized same Mainland? your run

Rick Siedel

Alright.

a around I X%. probably to it's think X.X% a

were acquired. fairly and some of We in leases long and are in got a some long-term leases as Yael the mentioned her prepared we've remarks, wall

the new have Mainland. are some but considering rent we to in team is are doing the somewhat of through inflationary where at larger that looking going growth were probably the that the new deals So, steps on cost

Jamie Feldman

of a good is Okay. number? that's of like Do you think next X.X% the in even couple kind years to X%

Rick Siedel

I job kind NOI talking while of to that things steps to portfolio's increases. strong the really next multiple three leases come I'm and are and offset our thing team will are up now from of that managing up years, doing time-to-time is the six some months rent cost but with wouldn’t again isn’t go the a but assets great not

Jamie Feldman

escalators? are for your What average Okay. bump

Yael Duffy

X.X%. X.X% it's Mainland then Hawaii to X.X% the and on X% So, about to

Jamie Feldman

Okay.

I X% then about that the X.X% down am thinking non-reimbursable that get you're it So past saying expenses right? to again, drag X% loss and to to is occupancy says

Yael Duffy

but Mainland it some at moment expenses. that the on We their the on the don’t a occupancy cap works tenants have have have is any way rise we operating I think

so charge recoverable doing and for only That's $XXX,XXX $XXX,XXX that So, for a can project. a the project lot $XXX,XXX. of only that's portion we a parking example a back and is

And the sometimes leases over multiple to don’t in we try to do years us some push it that. allow but back cases

in we could reimbursement income. there that So, write

Jamie Feldman

just the that's the Mainland it Hawaii is or And same issue? Okay. store in

Yael Duffy

Yes. It's the larger tenants their a negotiating we're it's that leases. issue, into Mainland really sophisticated

Jamie Feldman

you will do the same store means it in And terms Monmouth of growth? different Okay. portfolio your be what think for

Yael Duffy

the at the looked it all mean and that's think I at we've I leases. looking

I so, think to And of and themselves capital the all XXX%, the will and do operating it's any similar recover portfolio some tenants ILPT's a able to tenants the where cap. existing be pay some some

a be So, I don’t think it should change. material

Jamie Feldman

Okay.

it say sounds just key to on structure. coming still is from Hawaii long-term, like the growth So, portfolio the from in be the the going

Yael Duffy

in anywhere in growth but Hawaii exceptional or else see Hawaii. We me I which hard to think is

Jamie Feldman

Okay. I And the be the get the or those when guess think will about wouldn’t can you Do be then, deal you before lag JV. done? right just closes thinking time those

John Murray

the, I'm sale? on sorry, the On

Jamie Feldman

the asset Monmouth. Yes, sales from

John Murray

that’s launch sort the vote took with shareholder sales I time reasonably it's very be to We'll market going in of to and think the the simultaneously Property. a quickly. the with happen Industrial

an period transaction. long a be today's or a when very won't So, market, transaction in typically day agreement being get within awarded access diligence you marketing starts a so

So, days. and is the XX the from maybe transaction awarded timing closing

the be end quarter sometime second completed. of will asset the probably think the I So, around sales

Jamie Feldman

ventures you're asset sale the saying in And and joint schedule? the

John Murray

we're where with joint connection asset our Monmouth the about contemplating there transaction. preference The the know sales not venture yet. in that you talking I'm is No. we're

rails to see then Our get that be joint or but we're the close if close have to of joint can reduction and into preference venture. venture financing on to the timing the we works into we this all venture bridge able joint close would the whether how

the venture joint We'll very the on colour end be soon. more of provide set will up the month. that by So,

Jamie Feldman

to been Okay. And or so after the be clear, And guys after it that then, the okay. essay closing before shareholder vote provided, closing? just the that'll is but the those is -- be so you

John Murray

After closing. the

Jamie Feldman

Okay. of more the has some then of filing data? Then you that you SEC out put the

John Murray

I think a the issue people release, close how it business to plan would probably the after I press we would and tell be got we would day the done.

Jamie Feldman

between structure shareholders in really communication no the And the Okay. closing? vote or on anything

Yael Duffy

days, It's business only five days.

winter. short pretty a it's So,

Jamie Feldman

a great Thank that's point. Yes, you.

group? me, ventures joint are joint existing from Okay. And venture a be then last it'll I already do mean question and or new these the you think active partners,

John Murray

We'll tell you shortly.

Jamie Feldman

colour. I the for it. thanks Alright, Okay. appreciate

John Murray

you. Thank

Yael Duffy

Jamie. Thanks,

Operator

turn remarks. the CEO any to over like I'd conference session. closing to for answer back Murray, and question your John concludes President This and

John Murray

you much us for today. very Thank joining

Operator

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

You may disconnect. now

Industrial Logistics Properties Trust (ILPT) 16 Feb 222021 Q4 Earnings call transcript