Industrial Logistics Properties Trust

ILPT
About the company

Industrial Logistics Properties Trust is a real estate investment trust focused on owning and leasing high quality industrial and logistics properties. As of June 30, 2026, ILPT's portfolio consisted of 409 properties containing approximately 59.6 million rentable square feet located in 39 states. Approximately 79% of ILPT's annualized rental revenues as of June 30, 2026, are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases.

Country: United StatesPrice: $6.07Market Cap: $406.6M

Investment snapshot

6%positive consensus
Scored 1d ago

Positive

1

BUY / PASS

Neutral / negative

3 / 12

NEUTRAL / FAIL

Median fair value

$12.42

+104.6% vs price

Models with upside

3 / 17

Positive margin of safety

Strongest signal

ILPT undervalued: all 3 models price fair value above $6.07 (median $12.42)

Key risk

All 12 investors flag ILPT's debt & leverage

Framework analysis

VerdictMeaning
BUYPositive purchase signal: the framework's buy requirements are met.
PASSThe company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRALNeither a positive nor negative conclusion. It does not mean to hold an existing position.
FAILThe company does not clear the framework's requirements.
RankedRanked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

MetricGraham

Defensive Value

Buffett

Quality Compounder

Lynch

GARP

Greenblatt

Magic Formula

Piotroski

F-Score

Dreman

Contrarian Value

Munger

Quality Focus

Pabrai

Dhandho Framework

Akre

Three-Legged Stool

Marks

Risk-Aware Value

Ackman

Activist Value

Templeton

Global Bargain Hunter

Sleep

Scale Economies Shared

Asness

Systematic Factors

Neff

Low-P/E Total Return

Schloss

Asset-Value Discipline

O'Shaughnessy

Systematic Factor Composite

VerdictFAILFAILFAILNot rankedFAILFAILPASSNEUTRALFAILFAILFAILFAILFAILNEUTRALFAILFAILNEUTRAL
Score
AnalysisChecking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…Checking access…
Intrinsic Value (annual)N/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/AN/A
Margin of SafetyN/AN/AN/A+55.5%N/AN/AN/A+51.1%+19.8%N/AN/AN/AN/AN/AN/AN/AN/A
Financial Basis

Annual history · FY 2025

Latest source filing: 2026-02-18

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30 · TTM ended 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-18

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-18

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Qualitative assessment · Annual history · FY 2025

Latest source filing: 2026-02-18

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment · Balance sheet at 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Qualitative assessment

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Market data at 2026-11-01

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · Price history 2025-01-01–2026-11-01 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · Qualitative assessment

Latest source filing: 2026-02-18

Score computed: 2026-11-14

TTM ended 2026-09-30 · Balance sheet at 2026-09-30 · Price history 2025-01-01–2026-11-01 · Annual history · FY 2025

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025

Latest source filing: 2026-02-18

Score computed: 2026-11-14

Annual history · FY 2025 · Balance sheet at 2026-09-30

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Annual history · FY 2025 · TTM ended 2026-09-30 · Price history 2025-01-01–2026-11-01

Latest source filing: 2026-10-28

Score computed: 2026-11-14

Where It Passes

  • Valuation models100% pass✓ 3▾

    ILPT undervalued: all 3 models price fair value above $6.07 (median $12.42)

    Greenblatt fair value$13.65
    ✓Greenblatt+55.5% margin vs $6.07
    Pabrai fair value$12.42
    ✓Pabrai+51.1% margin vs $6.07
    Akre fair value$7.57
    ✓Akre+19.8% margin vs $6.07

Where It Falls Short

  • Debt & Leverage0% pass✗ 15▾

    All 12 investors flag ILPT's debt & leverage

    LT Debt vs Net Current Assets
    ✗GrahamLT Debt <= Net Current Assets
    Debt/Equity & Interest CoverageD/E: 9.85, IC: 0.6x
    ✗BuffettD/E < 0.5 AND Interest Coverage > 5x
    Total Debt / Equity9.85
    ✗Lynch< 0.33
    Cash - Long-term Debt$-4.1B
    ✗LynchPositive preferred
    LT Debt / Total Assets Change79.55% -> 80.79%
    ✗PiotroskiDecreased YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
    Total Debt / Shareholders' Equity9.85
    ✗Dreman< 0.8✗Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✗SchlossD/E < 1.00x
    Debt Levels9.85
    ✗MungerDebt/Equity < 0.5✗AkreDebt/Equity < 0.3
    Interest Coverage & Debt/EBITDAIC=0.6x, D/EBITDA=13.1x
    ✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
    Total Debt / Shareholders Equity9.85
    ✗Ackman<= 1.0
    Negative debt-to-equity (higher means less debt)-9.8520; #4152/4210 (top 98.6%)
    ✗AsnessTop 30% of eligible cross-section
  • Growth0% pass✓ 2✗ 11▾

    No clean pass — all 8 investors flag at least one growth criterion

    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    Inventory Growth vs Revenue GrowthN/A (no inventory)
    ✓LynchInventory growth < Revenue growth
    EPS Growth Direction
    ✗DremanPositive over recent years
    EPS CAGR
    ✗Dreman> 5% annualized
    Positive Net Income Frequency6/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    3yr Median Revenue Growth
    ✗Ackman>= 5%
    Positive EPS Growth Frequency4/5 years with positive EPS growth
    ✓AckmanPositive EPS growth in >= 3 of last 5 years
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    5-year Revenue CAGR
    ✗SleepCAGR > 7%
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
  • Efficiency0% pass✗ 11▾

    All 8 investors flag ILPT's efficiency

    Current Ratio
    ✗Graham>= 2.0
    ROIC (3-5 yr avg)
    ✗Buffett> 10%
    ROIC - WACC
    ✗BuffettPositive (WACC = 10%)
    EBIT / (NWC + Net Fixed Assets)
    ✗Greenblatt> 25%
    Current Ratio Change YoY
    ✗PiotroskiIncreased YoY
    Revenue / Total Assets Change YoY
    ✗PiotroskiImproved YoY
    Current Assets / Current Liabilities
    ✗Dreman> 1.5
    Return on Invested Capital
    ✗Munger> 15%
    ROIC (high and growing)FY2023: ROIC=unavailable; FY2024: ROIC=unavailable; FY2025: ROIC=unavailable
    ✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
    Reinvestment Rate x ROIC
    ✗AkreReinvestment Rate * ROIC > 10%
    ROIC (5-year)
    ✗SleepROIC > 12% in a majority of years
  • Profitability6% pass✓ 3✗ 32▾

    15 of 16 flag ILPT's profitability — Graham, Buffett, Lynch +12 more

    Positive EPS (10 years)6/11 years positive
    ✗GrahamPositive EPS every year for 10 years
    EPS Growth (3-yr avg, 10-yr window)
    ✗Graham>= 33% growth
    Net Income Positive (10+ years)6/11 years positive
    ✗BuffettPositive every year for 10+ years
    ROE (up to 5-year arithmetic mean)-12.8%
    ✗Buffett> 15% arithmetic mean (app rule)
    Operating Margin (10-yr trend)
    ✗BuffettStable or rising over 10 years
    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Earnings Variance (10-yr CoV)
    ✗BuffettCoV < 0.3
    Retained Earnings Effectiveness
    ✗Buffett$1 retained -> > $1 market value created
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    3-5 Year EPS CAGR
    ✗Lynch15-30% (Fast Grower); > 0% to pass
    ROE-13.2%
    ✗Lynch> 15%
    EBIT / Enterprise Value2.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.5%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Net Income / Total Assets-1.28%
    ✗PiotroskiROA > 0
    ROA Change YoY-1.77% -> -1.28% (delta: +0.49%)
    ✓PiotroskiCurrent ROA > Prior ROA
    (CFO / Total Assets) vs ROACFO/Assets=1.17%, ROA=-1.28%
    ✓PiotroskiCFO/Assets > ROA
    Gross Margin Change YoY
    ✗PiotroskiImproved YoY
    Pre-Tax Income / Revenue
    ✗Dreman>= 8%
    Net Income / Shareholders' Equity-13.2%
    ✗Dreman> 12%
    Margin of SafetyP/FFO=4.0x
    ✓PabraiP/FFO < 15
    Return on Equity-15.6% (3-yr avg)
    ✗AkreROE > 20% (3-year avg)
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Positive Net Income Frequency6/10 years positive
    ✗MarksPositive net income in >= 7 of last 10 years
    Operating Income / Revenue
    ✗Ackman>= 15%
    Net Income / Shareholders Equity-13.2%
    ✗Ackman>= 15%
    5-Year EPS CAGR
    ✗Templeton> 0% (5-year EPS CAGR)
    Operating Margin Trend
    ✗TempletonNon-negative operating-margin trend over 3 years
    Revenue growth vs. gross and operating margin trend
    ✗SleepRevenue rising; gross margin flat or falling; operating margin holding
    Net income / market capitalization-13.74%; #4336/6340 (top 68.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Gross profit / total assets
    ✗AsnessTop 30% of eligible cross-section
    Net income / positive book equity-13.15%; #3515/5226 (top 67.3%)
    ✗AsnessTop 30% of eligible cross-section
    Negative 5-year standard deviation of ROA-0.0353; #2114/5884 (top 35.9%)
    ✗AsnessTop 30% of eligible cross-section
    3-5 Year Diluted EPS CAGR
    ✗Neff7%-20% annualized
    Positive Diluted-EPS Years6/10 years positive
    ✗Schloss>= 70% positive over 5-10 observed years (app rule)
  • Verdicts8% pass✓ 1✗ 12▾

    Split decision: 12 FAIL · 3 NEUTRAL · 1 PASS

    Overall verdict
    ✗GrahamFAIL (1/7)✗BuffettFAIL (0/9)✗LynchFAIL (2/7)•GreenblattNot ranked✗PiotroskiFAIL (F-Score 3)✗DremanFAIL (3/10)✓MungerPASS (2/4)•PabraiNEUTRAL (2/3)✗AkreFAIL (0/6)✗MarksFAIL (2/5)✗AckmanFAIL (3/9)✗TempletonFAIL (3/8)✗SleepFAIL (1/6)•AsnessNEUTRAL (Not ranked)✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
  • Valuation38% pass✓ 9✗ 16▾

    8 of 13 flag ILPT's valuation — Lynch, Greenblatt, Marks +5 more

    Price / Book Value per Share0.8x
    ✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
    Price / FFO per Share4.0x
    ✓Graham<= 15x✓Dreman< 12x✓Ackman<= 25
    Basic earnings-growth PEG (dividends excluded)
    ✗Lynch< 1.0 (ideally < 0.5)
    EBIT / Enterprise Value2.5%
    ✗Greenblatt> 10%
    Earnings Yield + ROC AssessmentEY=2.5%, ROC=None
    ✗GreenblattBoth EY > 10% and ROC > 25%
    Price / (CFO / Shares)6.7x
    ✓Dreman< 8x
    Valuation ReasonablenessOE Yield=24.5%
    ✓MungerP/E < 25 or Owner Earnings Yield > 5%
    P/FFO or FFO YieldP/FFO=4.0x, FFO Yield=24.7%
    ✓PabraiP/FFO < 15 or FFO Yield > 10%
    P/B or P/E vs. Historical AverageP/B=0.8x
    ✓MarksP/E < 15 or P/B < 2.0
    Discount to Intrinsic ValueN/A (negative normalized EPS)
    ✗Marks>= 20% below intrinsic value
    Price / EPS
    ✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
    Price vs. Trailing Low232% of trailing low ($2.62)
    ✗Templeton<= 120% of trailing low (certified split-adjusted live window)
    Net income / market capitalization-13.74%; #4336/6340 (top 68.4%)
    ✗AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
    Positive book equity / market capitalization+1.0450; #1413/6449 (top 21.9%)
    ✓AsnessTop 30% of eligible cross-section
    Price / Diluted EPS
    ✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
    (EPS CAGR % + Dividend Yield %) / P/E
    ✗Neff> 0.7 (Neff's published traditional edge)
    Price / Tangible Book Value per Share1.24x
    ✗SchlossP/TBV <= 1.00x (app cutoff)
    Book Value per Share Change-52.2%
    ✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
    Revenue / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section
    Trailing six-month price return through the evaluation date+9.57%; #1876/6202 (top 30.2%)
    ✗OshaughnessyTop 10% of eligible cross-section
  • Cash Flow50% pass✓ 4✗ 3▾

    3 of 6 pass — Buffett, Neff and Oshaughnessy object

    Free Cash Flow Proxy
    ✗BuffettPositive and growing
    Operating Cash Flow$60.7M
    ✓PiotroskiCFO > 0
    (CFO / Total Assets) vs ROACFO/Assets=1.17%, ROA=-1.28%
    ✓PiotroskiCFO/Assets > ROA
    Price / (CFO / Shares)6.7x
    ✓Dreman< 8x
    Positive Operating Cash Flow frequency10/10 years positive
    ✓SleepPositive OCF in >= 70% of available years
    Operating Cash Flow - Capital Expenditures
    ✗Neff> $0 (app proxy for a strong fundamental case)
    (Operating cash flow - capex) / market capitalization
    ✗OshaughnessyTop 10% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2025. Current investor scores may use newer quarterly data.

Company Profile

Industry: Trading
SIC Sector: Holding & Investment Offices
Size: Small Cap($406.6M)
Revenue: N/A
Net Income: $66.2M+30.8% YoY

Financial Snapshot

Operating Margin--
Return on Equity-13.5%
Debt / Equity8.56
Current Ratio--
EPS (Diluted)$-1.00
Buybacks (1y)$451.0K
Buybacks (2y)$763.0K
Shares Retired−0.8% / −1.2% 2y

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Sector-adjusted criteria: REIT

Depreciation distorts REIT earnings and book value, so FFO-based criteria replace P/E and free-cash-flow tests, and P/B tests are omitted.

Shareholder Return

Fiscal 2025

Issued 0.8% of shares last year, 1.2% issued over two.

Buybacks
$451.0K
Dividends
$8.0M

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

The latest annual period end is unavailable. Showing the latest fiscal cycle’s quarters; quarter and annual columns may overlap. Quarterly shows the full quarter history.

MetricTTM · 2026-09-30

2025-10-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: net income, pre tax income, interest expense, operating cash flow, depreciation amortization, dividends paid, buybacks.

Q3 FY 2026

2026-07-01 – 2026-09-30

Sources · derived quarter values

Derived from cumulative filings: net income, operating cash flow, dividends paid, buybacks.

Q2 FY 2026

2026-04-01 – 2026-06-30

Sources · derived quarter values

Derived from cumulative filings: operating cash flow, dividends paid, buybacks.

Q1 FY 2026

2026-01-01 – 2026-03-31

Sources
FY 2025
Sources
  • 10-K · 2026-02-18
FY 2024
Sources
  • 10-K · 2025-02-19
FY 2023
Sources
  • 10-K · 2024-02-20
FY 2022
Sources
  • 10-K · 2023-02-14
FY 2021
Sources
  • 10-K · 2023-02-14
Market Cap$406.6Mcurrent------$352.1Mest.$254.0Mest.$250.9Mest.$272.9Mest.$1.4Best.
Revenue------------------
Operating Income------------------
Net Income-$55.9M↑37%-$30.2M↓40%-$14.5M↑32%-$9.4M↑56%-$66.2M↑31%-$95.7M↑11%-$108.0M↑52%-$226.7M↓289%$119.7M
EPS (Diluted)--$-0.46↓39%$-0.22↑31%$-0.14↑58%$-1.00↑32%$-1.46↑12%$-1.65↑52%$-3.47↓290%$1.83
Gross Margin—————————
Operating Margin—————————
ROE-13.2%↑27%———-13.5%↑21%-17.0%↓6%-16.1%↑44%-28.7%↓349%11.5%
Total Debt$4.2B$4.2B$4.2B$4.2B↓2%$4.2B↓2%$4.3B$4.3B↑1%$4.2B↑413%$828.1M
Shareholders' Equity$424.9M↓14%$424.9M↓14%$461.7M↓11%$479.7M↓11%$489.7M↓13%$562.0M↓16%$670.0M↓15%$790.7M↓24%$1.0B
Current Ratio—————————
Debt / Equity9.85↑16%9.85↑16%9.06↑12%8.73↑10%8.56↑12%7.65↑19%6.43↑20%5.37↑573%0.80
Operating Cash Flow$59.0M↑51%$12.9M↓43%$22.0M↑20%$15.9M↑40%$60.7M↑2991%$2.0M↓68%$6.1M↓93%$83.3M↓25%$110.7M
Free Cash Flow------------------

Score history

Historical Score Timeline

Industry peers

Industry Peers

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ILPT vs Peers — Financial Grading

RevenueN/A
Net Income$66.2MBottom 25%
ROE-13.5%Bottom 25%
D/E8.56Bottom 25%
Op. Margin—
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RAYMOND JAMES FINANCIAL INCRJF$32.4B$168.64$15.9B$2.1B17.1%0.28——3/93/93/71/3F-Score 64/11
ROYAL GOLD INCRGLD$21.7B$256.89$1.0B$466.3M6.5%0.1361.9%3.124/92/94/70/3F-Score 44/11
iShares Ethereum Trust ETFETHA$19.4B$44.02—$2.3B——————————
KIMCO REALTY CORPKIM$17.0B$25.55$2.1B$584.7M5.6%0.7436.0%—3/72/94/70/3F-Score 75/10
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