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Percent Leased
Shows the share of rentable space that is currently occupied; high or rising occupancy reduces vacancy risk, supports cash flow and rent-setting power, while declines point to weakening demand or tenant turnover.Occupancy slipped from near‑99% to a new plateau around 94–95% in 2024–25 — a material 4–5pp hit to cash flow. Management reports consolidated occupancy at 94.6% and expects the 535k‑sf Indianapolis vacancy to be leased in June, but four months of free rent will delay cash benefits. The downside is partially offset by consecutive double‑digit rent roll‑ups and rising NOI/FFO, and a $1.6B fixed‑rate refinance that cuts interest risk. Watch timing of lease‑ups, the 2027 expirations bucket and the JV lockout to see if occupancy rebounds or this becomes the new baseline.
Date | Percent Leased |
|---|---|
Jun 30, 2026 | 99.10 |
Mar 31, 2026 | 94.60 |
Dec 31, 2025 | 94.50 |
Sep 30, 2025 | 94.50 |
Jun 30, 2025 | 94.30 |
Mar 31, 2025 | 94.60 |
Dec 31, 2024 | 94.60 |
Sep 30, 2024 | 94.40 |
Jun 30, 2024 | 95.30 |
Mar 31, 2024 | 94.40 |