All right, great. Thanks everybody. Appreciate your time. My name is Mitch Germain. I'm a Sell-Side Analyst with Citizens Bank. It's my pleasure and honor to introduce you to the Industrial Logistics Properties Trust presentation. Joining me on the stage with the management team, I have Yael Duffy, right next to me, President and CEO, Tiffany Sy, Chief Financial Officer and Treasurer. Management's going to take five or seven minutes to talk about background on the company. We're going to shift over to Q&A. If you have a question, just raise your hand, and I'll make sure it gets answered. Thank you very much. Thanks, Mitch. For those of you who aren't familiar with our story, we own 409 properties in 39 states, about 60 million square feet. The portfolio is 95% leased, with a weighted average lease term of just under 7.5 years. I think part of what makes our portfolio unique is our Hawaii footprint. We have about 226 properties in Hawaii that are mostly ground leased. I know Mitch is going to ask me more about that later, so I'm going to wait for that question to give you more about what makes Hawaii unique for us. Our largest tenant is FedEx. They represent about 20% of our annualized revenue, followed by Amazon at just under 7%. Included in our portfolio is a 61% ownership of our Mountain Industrial joint venture, which we spun out as part of the acquisition of Monmouth in 2022. That portfolio is about 94 properties, 100% leased, 21 million square feet, and a WALT of just under six years. I think, just for a little history on ILPT, we were spun out of Select Income REIT in January of 2018 to unlock value of our industrial and logistics properties that were mostly in Hawaii and some on the mainland. At the time of our IPO, our portfolio was 266 properties and just under 29 million sq uare feet. Really, we grew the portfolio significantly when we acquired Monmouth in 2022. We had had some portfolio acquisitions, 13-property portfolio and an eight-property portfolio prior to that. It was really with Monmouth that we grew our scale to where it is today. I think really the story of ILPT, we've had really great success over the last year. We have been top three of the best-performing REITs. This year we're on trend to be the second best performing, at least so far. Not to toot our own horns, we're very proud of that. I think a lot of what has sparked that increase in shareholder sentiment is we've been able to fix some of our floating rate debt. We did two big financings, one last year and one just in April. I think that's really the big stories, I guess the big headlines for ILPT. Great. Thank you for that. You said I was going to ask about Hawaii. Let's start there. I actually think that your Hawaii exposure is underappreciated and often overlooked. Let's talk about the market. Let's talk about what you own. Maybe provide some history of the portfolio and what is so unique about the Hawaii market when it comes to industrial assets or commercial real estate. Yep. We've actually, through different ownerships before they've actually ended up with ILPT, we've owned this portfolio of properties since 2003. We have really two large portfolios. One that is in really the CBD, the seaport, the airport, so prime location to Honolulu. All of those are ground lease, so we have very little exposure to any operating expenses because the tenants are responsible for everything. If insurance, real estate taxes, the tenants are responsible for all of that, and we're just getting paid ground rent. Over the years, a lot of industrial zone land has been converted to highest and best use. It's become a hotel or a shopping center. Really for businesses and even mainland tenants that are looking to be on the island, there is very little place for them to lease land. Historically, we've had a concept which is really unique to Hawaii, where a tenant will lease a parcel for 30 years, 40 years, 50 years, depending. Every 10 years usually, there's something called a rent reset, and with that rent reset, their rent, while they're not adding any new term, is going to market. They have a fixed rent for the first 10 years, and then it goes to market. The market isn't necessarily for ground lease. It's just the highest and best use. Over the years, we've seen 30%, 50%, 60% rent roll-ups as part of this rent reset. We've really tried, I think over the last five, six years, trying to get away from that and go to more normalized annual rent increases because it's better for us because we see continued rent growth, but also better for our tenants who aren't getting sticker shock when this rent reset comes up. That's the concept that we have for all of our Hawaii land leases, we also have another parcel of group of properties where it is much more heavily zoned industrial land. Really it's same concept, but it's just a little bit further away from the CBD, the airport, and the port, and so the rents are very different. In Mapunapuna, you can get $8, $9 per square foot on the ground lease. In Kapolei, it could be $1- $1.50. Really a big discrepancy in rent. Still we've been very successful, and we've generally have been very well leased on in Hawaii in huge rent roll-ups. Yeah. Just making sure I understand this. You guys are the largest industrial landlord in Hawaii, right? Correct. And- Apart from the government. Yes. If I'm not mistaken, single-digit percent of the land is earmarked for commercial. The rest of it is really conservation, right? Correct. Yep. That's really the opportunity to grow rents is not near term or not previous, but probably going forward as well. Correct. Yeah. One of the things, some of our tenants in Hawaii are more local users, and I think within our portfolio, we have really good tenant credit, but sometimes some of these smaller Hawaii tenants sometimes default on their leases. If we have any AR issues within our portfolio, it's usually in Hawaii. Since there's such little land available, just in general, the Hawaii vacancy rate is under 1%. If a tenant fails, there's usually someone right behind it looking to lease the space, and we're usually able to lease it, terminate the lease of the failing tenant, sign the lease of the new tenant the next day, and usually see 20%-30% roll-up in rent. For us, when tenants default in Hawaii, it's usually good news versus bad news. Great. I wanted to talk a little bit about the balance sheet strengthening. You mentioned, there are two really big loans, right? One which was executed back in 2025. Yep. Other of which, in your consolidated joint venture earlier this year. Maybe if we can just discuss those two transactions, and what it's meant for the company. Sure. Great. Last year in 2025, spring of 2025, we had $1.235 billion of floating rate debt that was on the consolidated balance sheet. It was floating rate. We were subject to volatility, especially with what's going on or what has been going on in the market with interest rates. We were required to buy interest rate caps, and the pricing of those fluctuated. At one point, we bought a $26 million cap. They went down to $3 million. There was a lot of volatility there. Last year, we were able to fix that. We paid that down $75 million. Overall, we're able to really reduce our interest expense, not only from a GAAP perspective, but also from a cash flow perspective. This year, we had $1.4 billion of floating rate debt that sat at our consolidated joint venture. Similar issue, right? We've got floating rate debt. We've got to buy caps. We just in May refinanced that. Not only did we take that $1.4 billion of floating rate debt that was coming due next year, but we also packaged that up with $200 million of amortizing debt that did sit at the consolidated joint venture, which we were spending around $20 million of cash annually to reduce the principal. We packaged that all up into $1.62 billion of fixed rate debt. It's interest only, along with the other one that I mentioned. We're able to free up $20 million of cash in our joint venture. Now we've fixed our entire debt portfolio. All in, we have $4.2 billion on a consolidated basis. Our weighted average rate is now 5.48%, and our next maturity date isn't until 2029. We feel really good about these recent transactions. It's allowing us to be able to avoid the volatility in the market and really plan around that. Obviously preserve more cash, which is certainly key. Preserve more cash. Yes. The leverage is still a little bit high, right? It is. These balance sheet-enhancing transactions will help create a little bit more cash flow. Your property operations have been strong, so you're creating more EBITDA. Maybe just talk a little bit about the long-term strategy with regards to what's next for the balance sheet. I think for us, doing these two financings were really imperative for us just because, as Tiffany mentioned, we had just so much volatility with the interest rates. Just as a little history, when we had first bought Monmouth, our business plan had been that if we're going to buy the properties, we're going to spin off a joint venture, for 94 properties, which we did. We brought in one partner, we had been pretty heavily marketing for a second partner, that could take maybe another 39% stake. We have one partner that has 39% already. As we were going through that marketing process, Russia invaded Ukraine, interest rates went up, and people got a little bit squeamish about investing, just where we had floating rate debt. I think now that we've fixed the rate on this Mountain debt, I think it presents an opportunity where it might be attractive for a potential second partner. We haven't started marketing it yet, just because, as Tiffany said, we just executed last month. I think this could be a good opportunity, and it could organically help us de-lever. I think it could be in a better position to be with our peers. Great. Let's talk about the operating portfolio. I know, if you look at some of the year-to-date achievements, on the operating side, one has been on the leasing side, right? So, obviously you backfilled the largest vacancy you had in the mainland, right, which was over 500,000 sq ft in Indianapolis. I know it was obviously a key pillar to your plan. Maybe just talk a little bit about how that process evolved. Yeah. We have really, I think for the past six or seven quarters, we've been talking about two major vacancies within our portfolio that really have been needle movers for us. One, as you said, Mitch, is a 532,000 sq ft property in the suburbs of Indianapolis. That one has been vacant since 2024. We've had some start and stops with some leasing efforts. We actually, last month, signed FedEx for a 10-year lease there. It's great for us because FedEx is a large tenant in our portfolio. We know them. We have some properties that are this size with FedEx, which they use it as a distribution or 3PL, and then we have some last-mile facilities that are much smaller. Kind of within FedEx, we have the whole gamut of portfolio size. I think it was a big lease for us, and I think we're really happy with the execution there. I think the other major vacancy that we talk about all the time. I didn't ask about it. I know, but you were going to ask. You volunteered this one. You were going to ask. We have a 2.2 million square foot parcel in Hawaii. I know 10 minutes ago, I was telling you how we have tenants lining up on our doorsteps to lease our Hawaii properties, but this one is a little bit of a unique situation. It's 2.2 million square feet, and for those who can't wrap their head around that's about 50 acres. It's undeveloped. It is really an open field, trees. I think we've had tenants or prospective tenants go, and they see pigs running around on the site. It is, when I say undeveloped land, it is really undeveloped land. We've had that one. We had previously, that had been leased to a tenant that had really leased it just for a defensive purpose, and so they had leased it for 30 years and had done nothing with it, hence why vegetation is growing. We, in 2022, had signed a lease with Home Depot, who had a right to terminate their lease as they kind of went through their diligence process. I think it wasn't really the site, but it was just operating fundamentals for their own business that they ended up terminating the lease. We've been working really hard to try to lease that property, and we've had a lot of interest, but it just takes a lot of work for somebody to get comfortable with how big of a project it's going to be. I think anybody who's investing could be investing not tens of millions, but hundreds of millions of dollars. It isn't such an easy thing for somebody to just get comfortable with. We've actually, in the last couple of months, have gotten a little more traction and a group really digging in. I'm hopeful that we might actually be able to get this one leased sometime in the near future. It's actually the leasing momentum in the portfolio has been pretty strong. I think it's 6 million or so square feet year-to-date. That doesn't include kind of Indianapolis. Yeah. Clearly that number continues to rise. You've got a pretty large pipeline, 6 or so million square feet. Yep. Maybe just talk about overall demand trends that you're seeing, please. Our process is that we really try to get ahead of these lease expirations of our tenants pretty much as far in advance as we can get them to start talking to us. It's very hard for a 1 million square foot tenant to decide, three months left on their lease, if they're going to stay or go. It's also hard for us to try to lease it if we don't know what their plans are. We're always talking to our tenants, but we try to talk to them and try to understand their plans. If it seems to be going like 50/50, we hire brokers, we start trying to market the property in advance. I think that's really given us good success because we've been able to, if a tenant decides to leave, we usually have enough runway to find another tenant to backfill the space. I think generally what we've been seeing in the market is that tenants. They're engaging, but they just don't know. I think some are blaming, they don't know what's going on geopolitically and the impacts to their business. They're concerned. I always laugh a little bit because rent is such a small portion for some of these industrial tenants, because labor and fuel is much bigger needle movers for them. I think they're just being a little gun-shy to make decisions that are for a five or 10-year lease. There have been some tenants that are just kind of kicking the can and wanting to do short-term renewals. Depending on the market, we could be open to that, just because we've been seeing great market rent growth. In other cases, I think we try to hold their feet to the fire and have them exercise their renewal options that they have, because it just is better security for us. It's funny you say that, because broadly speaking, we're hearing a little bit more active or maybe more abrupt decision-making, particularly when you compare it to early 2025, when we had all the threat about what the tariffs were going to be. Yeah. The impact of the tariffs. Would you say it's a little bit better, or would you say it's still? It's definitely better, but I think it's taking longer than it did in 2022, where people just couldn't get enough. They were gobbling up the space, and they couldn't get enough, and they wanted to make sure they locked it in before the rents went up higher. Yeah. I think they're just being a little more- Yeah. cautious, but I think tariffs, I don't know. I think there was a lot of talk of tariffs, but I don't know that it necessarily made its way through the decision-making ultimately. I think it was the reason that tenants delayed, but I don't know that it changed their decision-making. Now, despite the slower decision-making, the economics around the leases have been pretty spectacular. Rents increasing, I think it's four consecutive quarters north of 20%? Six. Okay. I'll let you take it from here then. Again, not to go back to COVID, but I think part of during COVID, I think a lot of our peers were seeing this enormous growth in their portfolios. For us, our WALT is seven and a half years. We, in some ways, have the benefit of a long-term WALT because we know that we have consistent annualized revenue that we're going to be getting. We really missed a lot of the opportunity in 2022 and 2023, where our peers were seeing these huge rollovers in their leases, and they were capitalizing on that market rent growth. For us, it's just taking longer for it to come to fruition because these leases that were signed in 2020 or 2019 are just starting to roll. We're seeing tenants are having sticker shock because they signed a $375 per square foot. Now their market rent is $9. It is what it is. It is what it is. Yeah. I think it's just taken a while for it to come through our financials. Also, as I mentioned, we're getting ahead of some of these leases ahead of their expiration. If we sign a lease today for a tenant in 2027, we're not going to see the benefit of that cash NOI until 2027. Takes a little bit longer to hit. We definitely have been, the last six quarters, benefiting from that. You've been providing guidance on a quarterly basis. This past quarter, you offered us full-year guidance. Yes. I'd love to get some insight on, A, what prompted the change, and maybe you can highlight some of the parameters of what your expectations are. Sure. We felt as though investors and analysts would appreciate the transparency. We have the capability to give that guidance. We feel pretty comfortable about our ability to forecast, especially with the interest rate volatility being locked down, now we feel pretty comfortable with that. Hopefully, it seems as though it was appreciated. It definitely was. It definitely was. Do you want me to speak specifics? Please. Sure. NOI for this year, this is what you're looking for? Just- All right. NOI for this year. Just hit on it. We're forecasting $357 million-$362 million. Our adjusted EBITDAre, we expect to be between $344 million and $349 million. Normalized FFO between $84 million and $89 million. Per share, we expect to be around $1.34. All of that being growth from the prior year. All of that being growth from the prior year. I'll point out the ranges are pretty tight in our guidance. We do feel pretty comfortable in our ability to forecast there. Hopefully, that's helpful. Great. Anybody? Great. Go ahead. If you were to either sell or lease that property in Hawaii, how much of an impact would it be to your guidance? That would be a $0.03 per share annual improvement. If we were to replace it with what was previously there, right? We don't know if that's what would happen, but it's $0.03. I don't know if we've said this or not, but it is a much larger impact on occupancy or occupancy percentage than it is on our actual revenues. I mean, from a revenue perspective, it was 0.79% of our annualized revenue. It represents 3.6% of occupancy. It's a big headline for us because it's just such a big number from a occupancy impact, and so much more meaningful occupancy versus revenue. Right. On the bottom line, the Indianapolis lease has a real meaningful impact. Exactly right. Yeah. Less on occupancy. It's the complete opposite. That's right. Yeah. Backdrops improving, balance sheet strengthening. Final thoughts for everybody? I think we have more room. We were just talking about this earlier. I think there's much more room in the share price. I think, again, we continue to see market rent growth. Our portfolio's very strong in its performance, operating performance. We're not denying that we have a lot of leverage, but we're working on it, and I think there's more to come. Great. Thank you so much. It's an honor to be up here, and I appreciate everyone's time. Thank you. Thank you.