Industrial Logistics Properties Trust : Second Quarter 2023 Financial Results

309 Dulty's Lane	Exhibit 99.2
Burlington, NJ
633,836 Square Feet
ILPT Ownership 100%

Industrial Logistics Properties Trust

Second Quarter 2023

Financial Results and

Supplemental Information

July 25, 2023

Table of Contents

QUARTERLY RESULTS
Industrial Logistics Properties Trust Announces Second Quarter 2023 Financial Results	4
Second Quarter 2023 Highlights	5
FINANCIALS
Key Financial Data	7
Condensed Consolidated Statements of Income (Loss)	8
Condensed Consolidated Balance Sheets	9
Debt Summary	10	Trading Symbols:
Debt Maturity Schedule	11
Leverage Ratios and Coverage Ratios	12	Common Shares: ILPT
Capital Expenditures Summary	13
Property Acquisitions and Dispositions Since 1/1/2023	14	Investor Relations Contact
PORTFOLIO INFORMATION		Stephen Colbert, Director
Same Property Results	16
[phone]
Occupancy and Leasing Summary	17
[e-mail]
Tenant Concentration and Credit Characteristics	18
Portfolio Lease Expiration and Reset Schedules	19	Corporate Headquarters
Key Financial Data - By Investment Portfolio	20
JOINT VENTURES		Two Newton Place
Consolidated Joint Venture - Mountain Industrial REIT LLC	22	255 Washington Street, Suite 300
Consolidated Joint Venture - Financial Information	23- 24	Newton, Massachusetts 02458-1634
Consolidated Joint Venture - Portfolio Information	25
Unconsolidated Joint Venture - The Industrial Fund REIT LLC	26
APPENDIX
Company Profile and Research Coverage	28
Governance Information	29
Non-GAAPFinancial Measures and Certain Definitions	30- 32
Calculation and Reconciliation of NOI and Cash Basis NOI	33
Reconciliation of NOI to Same Property NOI and Calculation of Same Property Cash Basis NOI	34
Calculation of EBITDA, EBITDAre and Adjusted EBITDAre	35	All amounts in this presentation are unaudited.
Calculation of FFO, Normalized FFO and CAD	36- 37
WARNING CONCERNING FORWARD-LOOKING STATEMENTS	38	Please refer to the Non-GAAP Financial Measures
		and Certain Definitions for terms used throughout
		this document.
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Quarterly Results

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Earnings Presentation Q2 2023 3

INDUSTRIAL LOGISTICS PROPERTIES TRUST ANNOUNCES SECOND QUARTER 2023 FINANCIAL RESULTS

"We remain encouraged by the continued demand for ILPT's high quality portfolio and the strength in industrial real estate fundamentals. We completed two million square feet of leasing, including rent resets, in the second quarter at weighted average rental rates that were 30% higher than prior rental rates for the same space. With no near-term debt maturities and a 99.1% occupied portfolio primarily leased to investment grade rated tenants, we continue to focus on enhancing ILPT's performance through embedded opportunities within the portfolio."

Yael Duffy, President and

Chief Operating Officer

Newton, MA (July 25, 2023): Industrial Logistics Properties Trust (Nasdaq: ILPT) today announced its financial results for the quarter ended June 30, 2023.

Dividend

ILPT has declared a quarterly distribution on its common shares of $0.01 per share to shareholders of record as of the close of business on July 24, 2023. This distribution will be paid on or about August 17, 2023.

Conference Call

A conference call to discuss ILPT's second quarter results will be held on Wednesday, July 26, 2023 at 10:00 a.m. Eastern Time. The conference call may be accessed by dialing [phone] or [phone] (if calling from outside the United States and Canada); a pass code is not required. A replay will be available for one week by dialing [phone]; the replay pass code is 6832934. A live audio webcast of the conference call will also be available in a listen-only mode on ILPT's website, at www.ilptreit.com. The archived webcast will be available for replay on ILPT's website after the call. The transcription, recording and retransmission in any way are strictly prohibited without the prior written consent of ILPT.

About Industrial Logistics Properties Trust

Industrial Logistics Properties Trust (Nasdaq: ILPT) is a real estate investment trust, or REIT, focused on owning and leasing high quality distribution and logistics properties that serve the growing needs of e-commerce. As of June 30, 2023, ILPT's portfolio consisted of 413 properties containing approximately 60.0 million rentable square feet located in 39 states. Approximately 77% of ILPT's annualized rental revenues as of June 30, 2023 are derived from investment grade tenants, tenants that are subsidiaries of investment grade rated entities or Hawaii land leases. ILPT is managed by The RMR Group (Nasdaq: RMR), a leading U.S. alternative asset management company with approximately $36 billion in assets under management as of June 30, 2023 and more than 35 years of institutional experience in buying, selling, financing and operating commercial real estate. ILPT is headquartered in Newton, MA. For more information, visit www.ilptreit.com.

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Earnings Presentation Q2 2023 4

Second Quarter 2023 Highlights

Portfolio

Update

Financial

Results

Disposition

Activities

Financing

Activities

• Portfolio occupancy grew to 99.1% representing an increase of 40 basis points quarter-over-quarter.
• Executed 20 leases totaling 1,967,000 square feet at 29.6% higher rents.
• Continued strong fundamentals in Hawaii resulted in 855,171 square feet of leasing at 41.7% higher GAAP rents.
• Stable cash flows from a portfolio of 77.2% investment grade rated tenants and Hawaii land with a weighted average lease term of 8.4 years (by annualized revenue).
• Net loss attributable to common shareholders was $25.8 million, or $0.40 per diluted share.
• Normalized FFO attributable to common shareholders was $7.6 million, or $0.12 per diluted share.
• Adjusted EBITDAre was $81.3 million.
• Rent growth this quarter was partially offset by increases in operating expenses, leading to a 0.5% increase in same property cash basis NOI compared to the prior year quarter.
• Same property NOI decreased 3.5% compared to the prior year quarter; however, excluding the impact of a $3.4 million write off of a below market lease liability related to a lease termination recorded in the 2022 period, same property NOI increased by 0.5%.
• As of July 25, 2023, ILPT has entered into agreements to sell three wholly-owned properties in three states containing an aggregate of 762,000 rentable square feet for an aggregate sales price of $65.3 million, excluding closing costs. After the repayment of debt associated with two of these properties, estimated net proceeds to ILPT from these sales is expected to be approximately $20.4 million.
• In May 2023, ILPT's consolidated joint venture obtained a $91.0 million interest only mortgage loan secured by four properties with a fixed interest rate of 6.25% and a maturity date in June 2030. A portion of the proceeds was used to repay four outstanding mortgage loans of ILPT's consolidated joint venture with an aggregate outstanding principal balance of $35.9 million.

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Earnings Presentation Q2 2023 5