Company Provides Business Update Regarding COVID-19
NEWTON, Mass.--(BUSINESS WIRE)-- Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced a regular quarterly cash dividend on its common shares of $0.33 per share ($1.32 per share per year), unchanged from its previous dividend level. This dividend will be paid to ILPT’s common shareholders of record as of the close of business on April 16, 2020 and distributed on or about May 21, 2020.
John Murray, President and Chief Executive Officer provided the following business update:
“ILPT is actively monitoring the developments of the COVID-19 pandemic. The welfare of employees as well as tenants and their businesses is of utmost importance in these challenging times. We believe the industrial logistics sector may be well-positioned to weather the disruptions related to the COVID-19 pandemic, due to a potential for increased reliance on e-commerce and logistics to support retailers and communities with essential services throughout the U.S. Many of our tenants are critical to the supply chain and responsible for a quick and reliable delivery of goods, which we believe will continue to support demand for industrial and logistics real estate like ours.
“Today’s dividend declaration underscores our Board of Trustee’s continued confidence in our capital position and ability to operate our business effectively through the current challenging market environment. As of December 31, 2019, we had $28.4 million in cash and approximately $440 million of availability under our $750 million revolving credit facility. In addition, we believe that our portfolio possesses a number of defensive qualities that may help mitigate the current disruptions facing the U.S. economy. For instance, more than 73% of our revenue comes from investment grade rated tenants, subsidiaries of investment grade rated parent entities or Hawaii land leases. Moreover, our portfolio is 99.3% occupied with a long average remaining lease term of 9.6 years and well-laddered lease maturities including 93.3% of annualized rent expiring after 2021.”
Industrial Logistics Properties Trust is a real estate investment trust, or REIT, that owns and leases industrial and logistics properties throughout the United States. ILPT is managed by the operating subsidiary of The RMR Group Inc. (Nasdaq: RMR), an alternative asset management company that is headquartered in Newton, MA.
WARNING CONCERNING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. These forward-looking statements are based upon ILPT’s present beliefs and expectations, but these statements and the implications of these statements are not guaranteed to occur and may not occur for various reasons, some of which are beyond ILPT’s control. For example:
The information contained in ILPT’s filings with the Securities and Exchange Commission, or SEC, including under the caption “Risk Factors” in ILPT’s periodic reports or incorporated therein, identifies important factors that could cause ILPT’s actual results to differ materially from those stated or implied by ILPT’s forward-looking statements. ILPT’s filings with the SEC are available at the SEC’s website at www.sec.gov.
You should not place undue reliance upon forward-looking statements.
Except as required by law, ILPT does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.
A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq. No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.
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Olivia Snyder, Manager, Investor Relations (617) 219-1489
Source: Industrial Logistics Properties Trust