ILPT Q3 net loss $0.70/sh on bridge loan charges; Normalized FFO $0.23, down 50% YoY

Industrial Logistics Properties Trust

2022-Q3 EPS reported -$3.00

Net loss attributable to common shareholders of $45.6M ($0.70/diluted share) vs net income of $18.3M ($0.28) in Q3 2021.
Normalized FFO per share $0.23, down 50% YoY from $0.46; includes $31.4M amortized bridge loan costs and $21.4M loss on debt extinguishment.
$1.2B debt financing completed, fully repaying $1.4B bridge loan facility; loans mature Oct 2024 with three 1-yr extension options.
Leased 1.685M sq ft at 77.5% higher rental rates; same property NOI down 0.3% (up 2.6% excluding $1.2M bad debt reserve).
Occupancy 99.2%; acquired 226k sq ft property in Augusta, GA for $38M via 61% JV; terminated other committed MNR acquisition.

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