ILPT Q4 net income $0.97/share, Normalized FFO $0.49 (+6.5% YoY); announces $4B Monmouth acquisition

Industrial Logistics Properties Trust

2021-FY EPS reported $1.83

Net income $63.2M ($0.97/diluted); Normalized FFO $31.7M ($0.49/diluted), up 6.5% YoY.
Same property cash basis NOI rose 4.5% to $38.8M; portfolio occupancy 99.2% at year-end.
Leased 1.6M sq ft at 15.1% rent increases; Monmouth deal adds 126 properties for ~$4.0B.
Sold six properties to JV for $205.8M, recognized $11.1M gain, used to cut credit line.
Liquidity: $29.4M cash, $568M available on $750M revolver.

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