MeritValue

Industrial Logistics Properties Trust

ILPTdata completeness 88%10 fiscal years on file

Data notes: no data for concept 'revenue'

The thesis, from the filings

Industrial Logistics Properties Trust earns about 1% on invested capital, with a roughly flat share count. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue—————
Net income$119.7M1−$226.7M2−$108M3−$95.7M3−$66.2M3
Operating cash flow$110.7M4$83.3M5$6.06M6$1.96M6$60.7M6
Capital expenditure$4.91M7$17.7M8$19.4M9$5.7M9$18.6M9
Free cash flow (derived)$105.7M4$65.5M5−$13.4M6−$3.74M6$42M6
Total debt$828.1M10$4.24B11$4.31B12$4.3B13$4.19B13
Cash & equivalents$29.4M14$48.3M15$112.3M16$131.7M16$94.8M16
Diluted shares65.2M65.2M65.4M65.7M66.0M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$74.19
your share of equity
Profit it earned you last year
−$10.03
Free cash flow it threw off
$6.37
Debt you’d be carrying
$635.27

10 shares is a claim on $74.19 of net worth that earned you −$10.03 and generated $6.37 of cash last year, against $635.27 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
1% avg · 5y
FY21 6%FY22 -0%FY23 2%FY24 -2%FY25 -2%

It earned an average 1% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+1% shares · 5y

Share count is roughly flat over 5 years — little dilution, little buyback. Total debt has risen 406% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-12-31 · accession 0001717307-24-000010 (NetIncomeLoss)
  2. 10-K · period ending 2022-12-31 · accession 0001717307-25-000009 (NetIncomeLoss)
  3. 10-K · period ending 2023-12-31 · accession 0001717307-26-000012 (NetIncomeLoss)
  4. 10-K · period ending 2021-12-31 · accession 0001717307-24-000010 (NetCashProvidedByUsedInOperatingActivities)
  5. 10-K · period ending 2022-12-31 · accession 0001717307-25-000009 (NetCashProvidedByUsedInOperatingActivities)
  6. 10-K · period ending 2023-12-31 · accession 0001717307-26-000012 (NetCashProvidedByUsedInOperatingActivities)
  7. 10-K · period ending 2021-12-31 · accession 0001717307-24-000010 (PaymentsForCapitalImprovements)
  8. 10-K · period ending 2022-12-31 · accession 0001717307-25-000009 (PaymentsForCapitalImprovements)
  9. 10-K · period ending 2023-12-31 · accession 0001717307-26-000012 (PaymentsForCapitalImprovements)
  10. 10-K · period ending 2021-12-31 · accession 0001717307-23-000013 (LongTermDebt)
  11. 10-K · period ending 2022-12-31 · accession 0001717307-24-000010 (LongTermDebt)
  12. 10-K · period ending 2023-12-31 · accession 0001717307-25-000009 (LongTermDebt)
  13. 10-K · period ending 2024-12-31 · accession 0001717307-26-000012 (LongTermDebt)
  14. 10-K · period ending 2021-12-31 · accession 0001717307-24-000010 (CashAndCashEquivalentsAtCarryingValue)
  15. 10-K · period ending 2022-12-31 · accession 0001717307-25-000009 (CashAndCashEquivalentsAtCarryingValue)
  16. 10-K · period ending 2023-12-31 · accession 0001717307-26-000012 (CashAndCashEquivalentsAtCarryingValue)