Yael Duffy, President and Chief Operating Officer of ILPT, made the following statement, "During the first quarter, we executed 1.1 million square feet of new and renewal leases at weighted average rental rates that were 15.1% higher than prior rental rates for the same space. Same property cash basis NOI grew by over 3% compared to the same period last year and we finished the quarter with portfolio occupancy of 98.7%. With no near-term debt maturities, a cash flowing portfolio and continued stability in the industrial sector, we are focused on generating organic cash flow through mark-to-market rent increase opportunities."
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