Industrial Logistics Properties Trust Financial Ratios — ILPT

Profitability (USD)

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Return on Common Equity (%)	- -	- -	1,019.19	140.32	45.04	44.64	42.03	-98.06	-169.14	- -	- -
Return on Assets (%)	- -	6.07	5.65	5.05	2.63	3.76	6.26	-5.98	-1.92	-1.74	-1.25
Return on Capital (%)	- -	101.38	17.9	12.86	9.65	10.05	13.55	- -	- -	- -	- -
Return on Invested Capital (%)	- -	6.32	6.01	6.25	5.18	5.03	5.6	- -	- -	- -	- -
Gross Margin (%)	88.97	88.78	88.58	88.1	86.75	86.18	86.29	86.96	86.27	85.86	86.26
EBITDA Margin (%)	76.51	75.16	70.15	72.4	70.56	69.5	69.52	68.95	69.6	69.19	68.46
Operating Margin (%)	60.22	58.21	53.42	55.56	44.54	42.64	47.18	29.06	29.54	31.37	32.96
Incremental Operating Margin (%)	- -	3.17	-176.1	111.06	17.7	25.39	13.84	5.39	33.32	192.01	140.27
Pretax Margin (%)	48.47	56.71	51.21	45.79	22.69	31.8	35.95	-75.71	-34.42	-32.18	-27.28
Profit Margin (%)	48.44	56.68	51.18	45.77	22.9	32.24	54.43	-58.41	-24.69	-21.63	-14.75
Net Income to Common Margin (%)	48.44	56.68	51.18	45.77	22.9	32.24	54.43	-58.41	-24.69	-21.63	-14.75
Effective Tax Rate (%)	0.06	0.05	0.05	0.04	0.33	0.34	0.35	- -	- -	- -	- -
Dvd Payout Ratio (%)	203.16	177.33	192.11	93.66	163.7	107.16	72.05	-12.82	-1.37	-1.48	-5.74
Sustainable Growth Rate (%)	- -	- -	-938.79	8.9	-28.69	-3.2	11.75	-110.63	-171.46	- -	- -

Credit (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Total Debt	89	87	820	481	1,424	881	841	4,267	4,324	4,315	4,205
ST Debt	- -	- -	750	413	310	221	182	- -	- -	- -	- -
LT Debt	89	87	70	68	1,114	660	659	4,267	4,324	4,315	4,205
Total Debt/EBITDA	0.79	0.75	7.47	4.08	8.8	4.98	5.5	15.94	14.21	14.1	13.68
Net Debt/EBITDA	0.57	0.56	7.28	3.85	8.52	4.77	5.23	15.68	13.78	13.62	13.34
Total Debt/EBIT	1	0.97	9.81	5.32	13.95	8.12	8.1	37.82	33.47	31.1	28.43
Net Debt/EBIT	0.73	0.72	9.56	5.01	13.5	7.77	7.7	37.2	32.46	30.04	27.71
EBITDA to Interest Expense	54.09	50.94	45.01	7.32	3.18	3.43	4.29	0.96	1.05	1.05	1.16
EBITDA-CapEx/Interest Expense	54.09	50.94	45.01	7.32	3.18	3.43	4.29	0.96	1.05	1.05	1.16
EBIT to Interest Expense	42.58	39.45	34.28	5.62	2.01	2.1	2.91	0.4	0.45	0.47	0.56
Interest Expense	2	2	2	16	51	52	36	280	289	293	265
Common Equity/Total Assets	- -	- -	1.11	5.88	5.82	11.74	18.05	2.08	0.18	-1.59	-2.93
Long-Term Debt/Equity (%)	6.68	6.61	12.42	6.57	111.89	65.81	63.44	320.64	372.23	427.56	466.85
Long-Term Debt/Capital (%)	100	100	8.36	11.83	71.1	59.69	55.57	86.64	89.6	92.27	94.2
Long-Term Debt/Total Assets (%)	6.18	6.1	4.95	4.4	45.38	34.46	34.51	75.17	77.73	79.82	81.02
Total Debt/Equity (%)	6.68	6.61	145.82	46.73	143.03	87.84	80.98	320.64	372.23	427.56	466.85
Total Debt/Capital (%)	100	100	98.12	84.18	90.89	79.67	70.93	86.64	89.6	92.27	94.2
Total Debt/Total Assets (%)	6.18	6.1	58.07	31.31	58.01	46	44.04	75.17	77.73	79.82	81.02
Net Debt to Equity	4.84	4.89	142.19	44.01	138.42	84.11	76.95	315.32	360.96	413.03	455.02
Net Debt/Capital (%)	72.43	74.09	95.68	80.64	89.58	77.89	69.11	86.05	88.96	91.72	93.8
EBITDA	113	115	110	118	162	177	153	268	304	306	307
EBITDA-CapEx	113	115	110	118	162	177	153	268	304	306	307
Operating Income (Loss)	89	89	84	90	102	109	104	113	129	139	148

Liquidity (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Cash Ratio	- -	- -	- -	0.02	0.08	0.09	0.14	0.62	1.45	1.62	1.12
Current Ratio	2.9	2.81	0.07	0.16	0.29	0.39	0.5	3.16	4.71	4.56	3.79
Quick Ratio	2.9	2.81	0.07	0.16	0.27	0.39	0.5	1.98	2.99	3.2	2.74
CFO/Avg Current Liab	- -	7.04	0.26	0.16	0.3	0.39	0.48	0.57	0.08	0.02	0.73
Common Equity/Total Assets	- -	- -	1.11	5.88	5.82	11.74	18.05	2.08	0.18	-1.59	-2.93
Long-Term Debt/Equity (%)	6.68	6.61	12.42	6.57	111.89	65.81	63.44	320.64	372.23	427.56	466.85
Long-Term Debt/Capital (%)	100	100	8.36	11.83	71.1	59.69	55.57	86.64	89.6	92.27	94.2
Long-Term Debt/Total Assets (%)	6.18	6.1	4.95	4.4	45.38	34.46	34.51	75.17	77.73	79.82	81.02
Total Debt/Equity (%)	6.68	6.61	145.82	46.73	143.03	87.84	80.98	320.64	372.23	427.56	466.85
Total Debt/Capital (%)	100	100	98.12	84.18	90.89	79.67	70.93	86.64	89.6	92.27	94.2
Total Debt/Total Assets (%)	6.18	6.1	58.07	31.31	58.01	46	44.04	75.17	77.73	79.82	81.02
CFO/Total Liabilities	80.22	100.1	12.18	19.11	7.97	12.55	12.71	1.92	0.14	0.04	1.41
CFO/CapEx	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Altman's Z-Score	0.35	0.36	-0.31	1.28	0.71	1.28	1.54	0.23	0.26	0.24	0.24

Working Capital (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Accounts Receivable Turnover	- -	3.47	3.17	2.99	3.83	3.85	3.02	4.24	3.87	3.56	3.38
Days Sales Outstanding	- -	105.3	115.12	121.96	95.31	94.84	120.68	85.99	94.38	102.46	108.09
Inventory Turnover	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Days Inventory Outstanding	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Accounts Payable Turnover	- -	1.71	1.68	1.67	2.13	2.26	1.42	1	0.82	0.84	0.82
Accounts Payable Turnover Days	- -	213.28	217.69	218.17	171.37	161.78	257.32	365.26	443.7	435.25	447.75
Cash Conversion Cycle	- -	-107.99	-102.57	-96.21	-76.06	-66.95	-136.64	-279.27	-349.31	-332.79	-339.66
Inventory to Cash Days	- -	105.3	115.12	121.96	95.31	94.84	120.68	85.99	94.38	102.46	108.09
Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Enterprise Value (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Market Capitalization	- -	- -	- -	992	1,222	1,355	1,536	207	304	239	366
- Cash & Cash Equivalents	- -	- -	- -	10	28	23	29	48	112	132	95
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	540	492	447	411
+ Total Debt	89	87	820	481	1,424	881	841	4,267	4,324	4,315	4,205
Enterprise Value	89	87	820	1,463	2,618	2,213	2,347	4,966	5,008	4,870	4,887
Total Capital	89	87	836	571	1,567	1,106	1,185	4,925	4,826	4,677	4,464
Total Debt/Capital (%)	100	100	98.12	84.18	90.89	79.67	70.93	86.64	89.6	92.27	94.2
Total Debt / EV	1	1	1	0.33	0.54	0.4	0.36	0.86	0.86	0.89	0.86
EV/Sales	0.6	0.57	5.24	9	11.42	8.69	10.68	12.79	11.45	11.01	10.89
EV/EBITDA	0.79	0.75	7.47	12.43	16.19	12.51	15.36	18.56	16.45	15.91	15.9
EV/EBIT	1	0.97	9.81	16.2	25.64	20.39	22.63	44.02	38.76	35.1	33.04
EV/Cash Flow to Firm	1	0.78	7.74	12.97	15.68	13.33	16.06	13.67	16.99	16.52	15.02
EV/Free Cash Flow to Firm	1	0.78	7.74	12.97	15.68	13.33	16.06	13.67	16.99	16.52	15.02
Diluted Market Cap	- -	- -	- -	992	1,222	1,355	1,537	207	304	239	366
Diluted Enterprise Value	89	87	820	1,463	2,618	2,213	2,348	4,966	5,008	4,870	4,887
EV per Share	1.37	1.33	12.61	22.81	40.25	33.99	36.02	76.11	76.53	74.13	74.03
TTM Sales	148	153	157	163	229	255	220	388	437	442	449
TTM EBITDA	113	115	110	118	162	177	153	268	304	306	307
TTM Operating Income	89	89	84	90	102	109	104	113	129	139	148
TTM Cash Flow to Firm	90	112	106	113	167	166	146	363	295	295	325
TTM Free Cash Flow to Firm	90	112	106	113	167	166	146	363	295	295	325

Multiples (USD)

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	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Price/Free Cash Flow	- -	- -	- -	10.25	10.51	11.83	13.89	2.49	50.11	121.82	6.03
EV/EBIT	1	0.97	9.81	16.2	25.64	20.39	22.63	44.02	38.76	35.1	33.04
Enterprise Value	89	87	820	1,463	2,618	2,213	2,347	4,966	5,008	4,870	4,887
Low Price	- -	- -	- -	17.21	18.03	12.95	21.01	3.05	1.65	3.15	2.45
EV/Sales	0.6	0.57	5.24	9	11.42	8.69	10.68	12.79	11.45	11.01	10.89
EV/EBITDA	0.79	0.75	7.47	12.43	16.19	12.51	15.36	18.56	16.45	15.91	15.9
Price/Earnings	- -	- -	- -	13.34	23.28	16.51	12.83	- -	- -	- -	- -
Price/Earnings Average	- -	- -	- -	14.43	21.03	14.24	12.51	-3.61	-1.96	-2.81	-4.59
Price/Earnings High	- -	- -	- -	21.3	28.7	19.33	15.61	-7.4	-3.02	-3.74	-6.55
Price/Earnings Low	- -	- -	- -	14.84	22.34	10.27	11.44	-0.88	-1	-2.16	-2.44
Price/Book Value	- -	- -	- -	10.99	8.56	6.02	4.46	1.76	30.81	-2.79	-2.41
Price/Book Value Average	- -	- -	- -	11.88	7.73	5.2	4.35	6.94	21.45	-3.14	-2
Price/Book Value High	- -	- -	- -	17.54	10.55	7.06	5.42	14.25	33.07	-4.17	-2.85
Price/Book Value Low	- -	- -	- -	12.22	8.21	3.75	3.97	1.69	10.96	-2.41	-1.06
Price/Tangible Book Value	- -	- -	- -	1.04	1.43	1.35	1.48	0.16	0.26	0.24	0.41
Price/Tangible Book Value Average	- -	- -	- -	1.13	1.29	1.16	1.44	0.61	0.18	0.27	0.34
Price/Tangible Book Value High	- -	- -	- -	1.66	1.76	1.58	1.8	1.26	0.28	0.35	0.48
Price/Tangible Book Value Low	- -	- -	- -	1.16	1.37	0.84	1.32	0.15	0.09	0.21	0.18
Price/Sales	- -	- -	- -	6.1	5.33	5.32	6.99	0.53	0.69	0.54	0.81
Price/Sales Average	- -	- -	- -	6.6	4.82	4.59	6.81	2.11	0.48	0.61	0.68
Price/Sales High	- -	- -	- -	9.75	6.57	6.23	8.49	4.33	0.75	0.81	0.97
Price/Sales Low	- -	- -	- -	6.79	5.12	3.31	6.23	0.51	0.25	0.47	0.36
Price/Cash Flow	- -	- -	- -	10.25	10.51	11.83	13.88	2.49	50.11	121.82	6.03
Price/Cash Flow Average	- -	- -	- -	11.09	9.49	10.2	13.53	9.82	34.88	137.06	5.01
Price/Cash Flow High	- -	- -	- -	16.37	12.95	13.85	16.88	20.17	53.78	182.4	7.15
Price/Cash Flow Low	- -	- -	- -	11.41	10.08	7.36	12.37	2.39	17.82	105.42	2.67
Price/Free Cash Flow Average	- -	- -	- -	11.09	9.5	10.2	13.54	9.82	34.88	137.06	5.01
Price/Free Cash Flow High	- -	- -	- -	16.37	12.96	13.85	16.89	20.17	53.78	182.4	7.15
Price/Free Cash Flow Low	- -	- -	- -	11.41	10.09	7.36	12.38	2.39	17.82	105.42	2.67
EV/Sales Average	0.6	0.57	5.24	9.5	10.91	7.96	10.5	14.37	11.24	11.08	10.75
EV/Sales High	0.6	0.57	5.24	12.64	12.66	9.6	12.18	16.59	11.5	11.28	11.04
EV/Sales Low	0.6	0.57	5.24	9.69	11.2	6.68	9.92	12.77	11	10.94	10.43
EV/EBITDA Average	0.79	0.75	7.47	13.12	15.46	11.46	15.1	20.84	16.15	16.01	15.7
EV/EBITDA High	0.79	0.75	7.47	17.46	17.94	13.82	17.53	24.06	16.52	16.3	16.13
EV/EBITDA Low	0.79	0.75	7.47	13.38	15.88	9.62	14.26	18.53	15.81	15.81	15.24
EV/EBIT Average	1	0.97	9.81	17.1	24.48	18.68	22.25	49.43	38.04	35.31	32.62
EV/EBIT High	1	0.97	9.81	22.76	28.42	22.53	25.82	57.06	38.93	35.95	33.49
EV/EBIT Low	1	0.97	9.81	17.44	25.16	15.68	21.02	43.95	37.24	34.86	31.66
Last Price	- -	- -	- -	15.47	18.79	20.81	23.57	3.18	4.64	3.64	5.54
High Price	- -	- -	- -	24.7	23.16	24.37	28.66	25.73	4.98	5.45	6.57
Enterprise Value Average	89	87	820	1,544	2,500	2,027	2,309	5,577	4,915	4,900	4,825
Enterprise Value High	89	87	820	2,055	2,902	2,445	2,679	6,438	5,030	4,989	4,955
Enterprise Value Low	89	87	820	1,575	2,569	1,701	2,180	4,958	4,812	4,838	4,683

	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y	2024 Y	2025 Y
Shares Outstanding	65	65	65	65	65	65	65	66	66	66	67
Diluted Weighted Avg Shares	65	65	65	64	65	65	65	65	65	66	66
Basic Weighted Avg Shares	65	65	65	64	65	65	65	65	65	66	66
Revenue per Share	2.28	2.36	2.41	2.53	3.52	3.91	3.37	5.95	6.68	6.73	6.8
EBITDA per Share	1.74	1.77	1.69	1.83	2.49	2.72	2.35	4.1	4.65	4.66	4.66
Operating Income per Share	1.37	1.37	1.29	1.41	1.57	1.67	1.59	1.73	1.97	2.11	2.24
Basic EPS, GAAP	1.1	1.34	1.23	1.16	0.81	1.26	1.84	-3.47	-1.65	-1.46	-1
Basic EPS from Cont Ops	1.1	1.34	1.23	1.16	0.81	1.25	1.84	-4.4	-2.29	-2.09	-1.55
Diluted EPS, GAAP	1.1	1.34	1.23	1.16	0.81	1.26	1.84	-3.47	-1.65	-1.46	-1
Diluted EPS from Cont Ops	1.1	1.34	1.23	1.16	0.81	1.25	1.84	-4.4	-2.29	-2.09	-1.55
Dividend per Share	2.24	2.37	2.37	1.09	1.32	1.32	1.32	0.68	0.04	0.04	0.12
Cash Flow per Share	1.35	1.68	1.59	1.51	1.79	1.76	1.7	1.28	0.09	0.03	0.92
Free Cash Flow per Basic Share	1.35	1.68	1.59	1.51	1.79	1.76	1.7	1.28	0.09	0.03	0.92
Cash & Equivalents per Share	- -	- -	- -	0.15	0.44	0.35	0.45	0.74	1.72	2	1.44
Book Value per Share	- -	- -	0.24	1.41	2.2	3.45	5.29	1.81	0.15	-1.31	-2.3
Tangible Book Value per Share	18.98	18.82	7.43	14.85	13.18	15.41	15.93	20.4	17.76	15.36	13.65

Industrial Logistics Properties Trust

Profitability (USD)

Credit (USD)

Liquidity (USD)

Working Capital (USD)

Enterprise Value (USD)

Multiples (USD)

Per Share Data Items (USD)