Industrial Logistics Properties Trust (ILPT) Balance Sheet
ILPT balance sheet, 2025
December 31, 2025 · U.S. dollars$5.19B assets = $4.29B liabilities + $900.7M equity
Both columns are drawn to the same scale: what ILPT owns equals what it owes plus shareholders’ equity. Hover a block for its value.
ILPT financial health
Descriptive bands, not a rating. Fiscal 2025.
ILPT balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $1.42B2016 | $5.19B2025 | +15.5%/yr | |
| Total liabilities | $109.2M2016 | $4.29B2025 | +50.4%/yr | |
| Shareholders’ equity | $1.31B2016 | $489.7M2025 | −10.4%/yr | |
| Cash & short-term investments | −$22.5M2016 | $183.0M2025 | — | |
| Total debt | $86.7M2016 | $4.22B2025 | +54.0%/yr | |
| Net cash (debt) | −$109.2M2016 | −$4.04B2025 | −$3.9B | |
| Working capital | $30.3M2016 | −$1.10B2025 | −$1.1B | |
| Book value per share | $20.202016 | $7.422025 | −10.5%/yr | |
| Current ratio | 2.812016 | 0.232025 | −2.58 | |
| Debt / equity | 0.072016 | 8.632025 | +8.56 | |
| Shares outstanding | 65.0M2016 | 66.0M2025 | +0.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ILPT assets
ILPT liabilities and equity
ILPT debt vs cash
Debt includes short- and long-term borrowings and, where reported, lease obligations.
ILPT balance sheet
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $183.0M | $131.7M | $112.3M | $48.3M | $29.4M | $22.8M | $28.4M | $9.6M | −$20.4M | −$22.5M |
| Cash & equivalents | $183.0M | $131.7M | $112.3M | $48.3M | $29.4M | $22.8M | $28.4M | $9.6M | −$20.4M | −$22.5M |
| Short-term investments | — | $110.8M | $30.6M | $124.4M | $143.0M | — | — | — | — | — |
| Receivables | $136.7M | $129.2M | $119.2M | $107.0M | $75.9M | $69.5M | $64.3M | $58.3M | $51.7M | $47.0M |
| Inventory | $0 | $0 | $498.3M | −$73.1M | $0 | $92.3M | $1 | $1 | −$1.39B | −$1.40B |
| Other current assets | $0 | $110.8M | $0 | $165.7M | $0 | $0 | $6.1M | $0 | $1.41B | $1.42B |
| Total current assets | $319.7M | $371.6M | $364.9M | $247.8M | $105.3M | $95.0M | $98.8M | $67.9M | $51.7M | $47.0M |
| Property, plant & equipment (net) | $4.54B | $199.2M | $4.78B | $297.4M | $63.4M | $1.67B | $138.6M | $75.8M | $79.1M | $89.6M |
| Goodwill & intangible assets | $164.2M | $10.8M | $12.9M | $15.7M | $7.5M | $8.9M | $138.6M | $75.8M | $79.1M | $89.6M |
| Long-term investments | $132.8M | $116.7M | $115.4M | $124.4M | $143.0M | $60.6M | $298,000 | $8.6M | $0 | $0 |
| Other non-current assets | $37.9M | $4.71B | $293.8M | $4.99B | $1.59B | $83.6M | $2.08B | $1.31B | $1.20B | $1.20B |
| Total assets | $5.19B | $5.41B | $5.56B | $5.68B | $1.91B | $1.92B | $2.45B | $1.53B | $1.41B | $1.42B |
| Liabilities | ||||||||||
| Accounts payable | $74.6M | $76.8M | $61.0M | $73.5M | $27.8M | $7.8M | $16.5M | $12.0M | $11.1M | $3.1M |
| Short-term debt | $1.42B | $2.65B | $21.0M | $22.4M | $182.0M | $221.0M | $310.0M | $413.0M | $750.0M | $64.3M |
| Deferred revenue | — | — | −$21.0M | −$22.4M | $8.4M | $7.8M | $9.4M | $6.0M | $5.8M | $6.5M |
| Total current liabilities | $1.42B | $81.5M | $77.4M | $78.4M | $212.0M | $14.7M | $338.4M | $432.7M | $774.0M | $16.8M |
| Long-term debt | $4.19B | $4.30B | $4.31B | $4.24B | $646.1M | $645.6M | $1.36B | $462.2M | $49.4M | $64.3M |
| Lease obligations | $11.7M | $14.9M | $18.5M | $22.5M | $12.4M | $14.6M | $17.5M | $18.3M | $20.4M | $22.5M |
| Other long-term liabilities | $0 | $14.9M | $18.5M | $22.5M | $12.4M | $252.3M | $0 | $0 | $26.1M | $28.1M |
| Total liabilities | $4.29B | $4.40B | $4.40B | $4.35B | $870.5M | $912.6M | $1.46B | $506.3M | $849.5M | $109.2M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $667,000 | $661,000 | $658,000 | $656,000 | $654,000 | $653,000 | $652,000 | $651,000 | $450,000 | $1.31B |
| Retained earnings (deficit) | −$152.7M | −$86.5M | $9.2M | $117.2M | $343.9M | $224.2M | $142.2M | $89.7M | $15.3M | — |
| Accumulated other comprehensive income | −$836,000 | −$1.1M | $10.2M | $21.9M | $0 | −$8.3M | −$4.3M | −$52.6M | −$44.6M | −$34.4M |
| Minority interest | $411.0M | $447.3M | $491.8M | $540.0M | — | — | — | — | — | — |
| Total shareholders' equity | $489.7M | $562.0M | $670.0M | $790.7M | $1.04B | $1.00B | $995.7M | $1.03B | $562.2M | $1.31B |
| Key figures | ||||||||||
| Total debt | $4.22B | $4.32B | $4.32B | $4.27B | $840.6M | $866.6M | $1.67B | $875.2M | $819.8M | $86.7M |
| Net cash (debt) | −$4.04B | −$4.18B | −$4.21B | −$4.22B | −$811.2M | −$843.7M | −$1.64B | −$865.6M | −$840.2M | −$109.2M |
| Working capital | −$1.10B | $290.1M | $287.5M | $169.4M | −$106.7M | $80.3M | −$239.6M | −$364.8M | −$722.3M | $30.3M |
| Tangible book value | $325.5M | $551.2M | $657.1M | $775.0M | $1.03B | $994.3M | $857.1M | $952.5M | $483.1M | $1.22B |
| Book value per share | $7.42 | $8.55 | $10.24 | $12.12 | $15.92 | $15.41 | $15.31 | $16.03 | $8.65 | $20.20 |
| Shares outstanding | 66.0M | 65.7M | 65.4M | 65.2M | 65.2M | 65.1M | 65.1M | 64.1M | 65.0M | 65.0M |
| Current ratio | 0.23 | 4.56 | 4.71 | 3.16 | 0.50 | 6.46 | 0.29 | 0.16 | 0.07 | 2.81 |
| Quick ratio | 0.23 | 3.20 | 2.99 | 1.98 | 0.50 | 6.28 | 0.27 | 0.16 | 0.04 | 1.47 |
| Debt / equity | 8.63 | 7.68 | 6.45 | 5.40 | 0.81 | 0.86 | 1.68 | 0.85 | 1.46 | 0.07 |
| Equity / assets | 9.4% | 10.4% | 12.0% | 13.9% | 54.4% | 52.4% | 40.6% | 67.0% | 39.8% | 92.3% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $181.8M | $99.5M | $94.8M | $83.2M | $58.6M | $108.0M | $131.7M | $264.9M | $146.2M | $128.4M | $112.3M | $134.6M |
| Cash & equivalents | $181.8M | $99.5M | $94.8M | $83.2M | $58.6M | $108.0M | $131.7M | $153.9M | $146.2M | $128.4M | $112.3M | $83.3M |
| Short-term investments | — | — | — | — | — | — | — | $111.1M | $30.9M | $44.7M | $30.6M | $51.3M |
| Receivables | $139.0M | $137.6M | $136.7M | $130.1M | $130.9M | $131.5M | $129.2M | $122.7M | $118.2M | $116.2M | $119.2M | $113.7M |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $1 | $498.3M | −$51.3M |
| Other current assets | $0 | $86.3M | $88.2M | $125.5M | $126.2M | $128.8M | $110.8M | $0 | $112.4M | $108.1M | $0 | $196.8M |
| Total current assets | $320.8M | $323.4M | $319.7M | $338.8M | $315.7M | $368.2M | $371.6M | $387.7M | $376.7M | $352.6M | $364.9M | $393.8M |
| Property, plant & equipment (net) | $148.4M | $156.1M | $164.2M | $172.3M | $181.0M | $190.1M | $199.2M | $208.8M | $220.0M | $231.6M | $4.78B | $255.0M |
| Goodwill & intangible assets | $148.4M | $0 | $164.2M | $0 | $181.0M | $190.1M | $10.8M | $208.8M | $220.0M | $231.6M | $12.9M | $255.0M |
| Long-term investments | $135.9M | $134.4M | $132.8M | $119.1M | $117.9M | $114.7M | $116.7M | $117.6M | $117.5M | $116.1M | $115.4M | $124.4M |
| Other non-current assets | $4.37B | $4.55B | $4.41B | $4.59B | $4.44B | $4.50B | $4.71B | $4.53B | $4.56B | $4.60B | $293.8M | $4.61B |
| Total assets | $5.12B | $5.17B | $5.19B | $5.22B | $5.24B | $5.36B | $5.41B | $5.45B | $5.49B | $5.53B | $5.56B | $5.63B |
| Liabilities | ||||||||||||
| Accounts payable | $78.1M | $76.3M | $74.6M | $87.1M | $70.3M | $71.3M | $76.8M | $85.6M | $74.0M | $73.9M | $61.0M | $81.2M |
| Short-term debt | — | — | $1.42B | $4.8M | $9.5M | $1.25B | $2.65B | $2.63B | $1.24B | $1.24B | $21.0M | — |
| Deferred revenue | — | — | — | — | — | — | — | — | $1.24B | — | −$21.0M | — |
| Total current liabilities | $87.6M | $82.7M | $84.4M | $96.0M | $77.2M | $76.5M | $81.5M | $2.73B | $1.31B | $79.5M | $77.4M | $93.1M |
| Long-term debt | $4.18B | $4.19B | $4.19B | $4.20B | $4.20B | $4.30B | $4.30B | $1.67B | $3.07B | $4.31B | $4.31B | $4.30B |
| Lease obligations | $10.3M | $11.0M | $11.7M | $12.4M | $13.2M | $14.1M | $14.9M | $15.8M | $16.7M | $17.6M | $18.5M | $19.5M |
| Other long-term liabilities | $10.3M | $11.0M | $11.7M | $12.4M | $13.2M | $14.1M | $14.9M | $15.8M | $16.7M | $17.6M | $18.5M | $19.5M |
| Total liabilities | $4.28B | $4.28B | $4.29B | $4.31B | $4.29B | $4.39B | $4.40B | $4.41B | $4.40B | $4.41B | $4.40B | $4.42B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | $668,000 | $667,000 | $667,000 | $667,000 | $663,000 | $661,000 | $661,000 | $661,000 | $660,000 | $658,000 | $658,000 | $658,000 |
| Retained earnings (deficit) | −$176.6M | −$162.1M | −$152.7M | −$150.9M | −$129.3M | −$108.0M | −$86.5M | −$62.4M | −$37.4M | −$14.2M | $9.2M | −$324.8M |
| Accumulated other comprehensive income | — | $1.6M | −$836,000 | −$1.3M | −$899,000 | −$1.6M | −$1.1M | −$1.7M | $5.2M | $7.2M | $10.2M | $22.1M |
| Minority interest | $379.5M | $404.0M | $411.0M | $419.5M | $428.6M | — | — | — | — | — | — | — |
| Total shareholders' equity | $461.7M | $479.7M | $489.7M | $494.1M | $519.1M | $539.5M | $562.0M | $585.9M | $618.3M | $643.2M | $670.0M | $713.5M |
| Key figures | ||||||||||||
| Total debt | $4.19B | $4.20B | $4.20B | $4.21B | $4.21B | $4.31B | $4.32B | $4.32B | $4.32B | $4.33B | $4.32B | $4.32B |
| Net cash (debt) | −$4.01B | −$4.10B | −$4.11B | −$4.13B | −$4.15B | −$4.20B | −$4.18B | −$4.06B | −$4.18B | −$4.20B | −$4.21B | −$4.19B |
| Working capital | $233.2M | $240.7M | $235.3M | $242.8M | $238.5M | $291.7M | $290.1M | −$2.34B | −$937.0M | $273.2M | $287.5M | $300.7M |
| Tangible book value | $313.3M | $479.7M | $325.5M | $494.1M | $338.1M | $349.4M | $551.2M | $377.1M | $398.4M | $411.6M | $657.1M | $458.5M |
| Book value per share | $6.97 | $7.25 | $7.40 | $7.48 | $7.87 | $8.20 | $8.54 | $8.91 | $9.42 | $9.81 | $10.22 | $10.90 |
| Shares outstanding | 66.2M | 66.2M | 66.2M | 66.1M | 65.9M | 65.8M | 65.8M | 65.8M | 65.6M | 65.6M | 65.6M | 65.5M |
| Current ratio | 3.66 | 3.91 | 3.79 | 3.53 | 4.09 | 4.81 | 4.56 | 0.14 | 0.29 | 4.44 | 4.71 | 4.23 |
| Quick ratio | 3.66 | 2.87 | 2.74 | 2.22 | 2.45 | 3.13 | 3.20 | 0.14 | 0.20 | 3.08 | 2.99 | 2.67 |
| Debt / equity | 9.08 | 8.76 | 8.59 | 8.52 | 8.12 | 7.99 | 7.68 | 7.37 | 6.99 | 6.72 | 6.45 | 6.06 |
| Equity / assets | 9.0% | 9.3% | 9.4% | 9.5% | 9.9% | 10.1% | 10.4% | 10.7% | 11.3% | 11.6% | 12.0% | 12.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 18, 2026); data from EODHD.
ILPT financial position
At the end of fiscal 2025 (December 31, 2025), Industrial Logistics Properties had total assets of $5.2 billion (down 4.0% from a year earlier), total liabilities of $4.3 billion and shareholders' equity of $489.7 million. It held $183.0 million in cash and short-term investments against $4.2 billion of debt, net debt of $4.0 billion. Its current ratio was 0.23. In the latest quarter (ended June 30, 2026) total assets were $5.1 billion and equity $461.7 million.
Related: ILPT income statement, ILPT cash flow statement, ILPT key metrics. See the ILPT stock overview for the latest quote and news.
ILPT balance sheet FAQ
What are Industrial Logistics Properties's total assets?
Industrial Logistics Properties reported total assets of $5.2 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.4 billion a year earlier.
How much debt does Industrial Logistics Properties have?
Industrial Logistics Properties had $4.2 billion of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 8.63.
How much cash does Industrial Logistics Properties have?
Industrial Logistics Properties held $183.0 million in cash and short-term investments at the end of fiscal 2025; with $4.2 billion of debt that is net debt of $4.0 billion.
What is Industrial Logistics Properties's book value?
Industrial Logistics Properties's shareholders' equity (book value) was $489.7 million at the end of fiscal 2025, or $7.42 per share.
What is Industrial Logistics Properties's current ratio?
Industrial Logistics Properties had current assets of $319.7 million and current liabilities of $1.4 billion, a current ratio of 0.23 (current liabilities exceed current assets).
How much goodwill does Industrial Logistics Properties have?
Industrial Logistics Properties carried $164.2 million of goodwill and intangible assets, 3.2% of total assets, at the end of fiscal 2025.