Industrial Logistics Shares Climb After Debt Refinancing

Dow Jones

2025/06/16

By Sarina Isaacs

Shares of Industrial Logistics Properties Trust climbed after the real estate investment trust said it would save on a significant chunk of interest expenses by refinancing its debt.

The stock was recently up 23% at $4.21, bringing shares well into positive territory for the year.

The Newton, Mass., REIT said it priced $1.16 billion of five-year, interest-only fixed-rate mortgage financing that, together with $75 million of cash on hand, would be used to repay $1.235 billion of floating-rate mortgage debt.

Finance Chief Tiffany Sy said the refinancing will generate annual cash savings of about $8.5 million, or 13 cents per share, by trimming Industrial Logistics' debt levels and locking in a lower fixed-interest rate, as well as eliminating the need to purchase future interest-rate caps on this tranche of debt.

Industrial Logistics, which owns and leases distribution and logistics properties, said the new financing is secured by a portfolio of 101 industrial properties located on the U.S. mainland and Hawaii.

The financing is expected to close on or about June 26.

Write to Sarina Isaacs at sarina.isaacs@wsj.com

(END) Dow Jones Newswires

June 16, 2025 11:46 ET (15:46 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.

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