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| Statement |
|---|
| Our portfolio remains strong with nearly full occupancy, investment-grade tenants and rising rents across our portfolio |
| ILPT's portfolio has a weighted average remaining lease term of 8.1 years, anchored by tenants with strong business profiles and well-recognized brands that continue to benefit from e-commerce |
| It's long-term leased right now and producing solid NOI |
| Renewals drove most of our leasing accounting for 80% of total activity, which reinforces our strong tenant retention |
| We expect that ILPT will continue to benefit from the demand for its high-quality industrial real estate |
| As we head into 2024, I would like to reiterate that we believe there are continued opportunities to generate organic cash flow growth and reduce leverage which has declined from 13.1x to 12.3x over the last year |
| Once executed, we expect these leases will yield average roll-ups and rents of 20% on the Mainland and 30% in Hawaii, further illustrating the strength of our portfolio |
| And our net debt coverage ratio declined to 12.3x compared to 13.1x on a year-over-year basis, driven by the improvement in our adjusted EBITDAre and the continued paydown of our amortizing debt |
| Rents were 20.5% higher than prior rental rates for the same space |
| Same-property NOI and same-property cash basis NOI increased 3.3% and 4.5% compared to the prior year |
| Adjusted EBITDAre was $328.3 million, an increase of 13.7% compared to our 2022 results and cash basis NOI was $324.4 million, an increase of 11.6% |
| And while it's a unique opportunity for a tenant, it also - you need to find the right person who is willing to take a 2.2 million square foot parcel |
| Great |
| Great |
| Great |
| Accordingly, we are focused on tenant retention, maximizing mark-to-market rent growth opportunities and reducing operating expenses |
| Thanks, everyone |
| Bryan Maher Thank you, and good morning |
| Good morning, everyone |
| Mitch Germain Thank you |
| Stephen Colbert Good morning |
| Mitch Germain Great |
| The impact of this activity is an increase of $7.4 million in annualized rental revenue, of which more than 40% will take effect in 2024 |
| Tiffany Sy Thank you, Yael, and good morning, everyone |
| Thank you very much |
| Thanks |
| Thank you |
| Thank you |
| Yael Duffy Thank you, Stephen, and good morning |
| Since ILPT's inception in 2018, ILPT has maintained portfolio occupancy over 98%, and this quarter was no exception at 98.8% |
| Statement |
|---|
| So that actually fell out of diligence because we were having some delays getting the property released from the debt |
| As we have discussed on prior calls, we expect future disposition opportunities to be limited given our ability to transact is dependent on pricing and the impact to our operating metrics and debt covenants |
| And so with the rent roll-ups we don't really give forward-looking guidance, but we would expect it to continue to naturally decline |
| But we do expect it to continue to decline |
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