Industrial Logistics Properties Trust

Good day and welcome to the Industrial Logistics Properties Trust third quarter 2026 earnings call. All participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Kevin Berry, Senior Director of Investor Relations. Please go ahead.

Good morning, and thank you for joining ILPT's third quarter 2026 earnings call. With me on today's call are President and Chief Executive Officer Yael Duffy, Chief Financial Officer and Treasurer Anthony Paula, and Vice President Marc Krohn. In just a moment, they will provide details about our business and quarterly results, followed by a question and answer session with sell-side analysts. Please note that the recording and retransmission of today's conference call is prohibited without the prior written consent of the company. Also note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws, including guidance with respect to certain fourth quarter and full year 2026 financial measures. These forward-looking statements are based on ILPT's beliefs and expectations as of today, October 29th, 2026, and actual results may differ materially from those that we project. The company undertakes no obligation to revise or publicly release the results of any revision to the forward-looking statements made in today's conference call. Additional information concerning factors that could cause those differences is contained in our filings with the Securities and Exchange Commission, which can be accessed from our website, ILPTREIT.com. Investors are cautioned not to place undue reliance upon any forward-looking statements. In addition, we will be discussing non-GAAP financial measures during this call, including normalized funds from operations of normalized FFO, cash available for distribution, or CAD, adjusted EBITDA RE, Net Operating Income, or NOI, and Cash Basis NOI. A reconciliation of these non-GAAP measures to net income is available in our financial results package, which can be found on our website. Beginning this quarter, our calculations of normalized FFO, adjusted EBITDA RE, and CAD include estimated incentive management fees accrued under GAAP, and prior periods have been recast to conform to this presentation. Lastly, we will be providing guidance on this call, including estimated normalized FFO and adjusted EBIT to RE. We are not providing a reconciliation of these non-GAAP measures as part of our guidance because certain information required for such reconciliation is not available without unreasonable efforts or at all. I will now turn the call over to Yael.

Thank you, Kevin, and good morning. Before we begin, I would like to welcome Anthony Paula, who joined ILPT as our Chief Financial Officer and Treasurer on October 1st. Anthony has been with RMR for more than 15 years and brings deep real estate financial expertise to the role. We're pleased to have him on the team. ILTT's momentum continued in the third quarter with normalized FFO increasing 42% year-over-year, primarily the result of the refinancing we completed earlier this year. Same property NOI increased 5.7%, driven by strong rent growth across the portfolio, including at our previously vacant properties in Hawaii and Indianapolis. which generated nearly $3 million of incremental NOI during the quarter. While these properties are already contributing to NOI growth, the benefit to cash NOI has yet to be fully realized. In Indianapolis, the tenant's free rent period ended in August and Q4 will reflect a full quarter of cash rent. In Hawaii, the new 2.2 million square foot lease includes a period of free rent with the tenant assuming immediate responsibility for real estate taxes. As a result, same property cash basis NOI grew 1.9% this quarter, which we expect to accelerate as these rent abatement periods roll off. In addition to our strong operating performance, we have also materially strengthened our balance sheet over the past 18 months. In June 2025, we replaced our $1.2 billion floating rate loan with fixed rate financing. In addition, this past May, our Mountain JV closed a $1.62 billion fixed rate interest only loan at 5.71%. The proceeds were used to refinance its $1.4 billion floating rate loan and retire $205 million of amortizing debt. Accordingly, all of our debt is now fixed at a weighted average rate of 5.48% with no maturities until 2029. We are no longer exposed to fluctuations in SOFR or the cost of interest rate caps, enhancing the stability and predictability of our cash flows in today's capital markets environment. Our leasing results this quarter once again demonstrated strong demand for our properties. We completed 645,000 square feet of leasing at gap rents that were 163% above prior rents, with a weighted average lease term of nearly 16 years. Over the past 12 months, we have signed approximately 11 million square feet of leases at rents 35% above prior levels, and this quarter marks our eighth consecutive quarter of double-digit rent increases. Our strong operating and financial performance has translated into exceptional shareholder value creation. Over the past three years, ILPT has delivered a total shareholder return of more than 200%, placing us among the top three performing REITs in the United States and significantly outperforming the MSCI U.S. REIT Industrial Index. Looking ahead, our priorities include capturing the embedded rent growth in our portfolio, maintaining high tenant retention, and growing our cash position to support continued deleveraging. With a fully fixed balance sheet, a long maturity runway, and a robust leasing pipeline, ILPT is well positioned to deliver durable earnings growth and long-term value for our shareholders. With that, I'll turn the call over to Marc to discuss our leasing activity and pipeline in more detail, followed by Anthony, who will review our financial results.