Industrial Logistics Properties — Earnings Quality Grade F
ILPT · Real Estate
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 111 days, change +5 days YoY
AR outpaced revenue for 2 consecutive years
Revenue 1.5%, CFFO 2990.8%. Cash follows revenue
Expense Quality
No material inventory
Insufficient data
SG&A/Gross Profit = 9.5%, excellent (<30%)
Gross margin 86.3%, change +0.4pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF $0.1B, FCF/NI = -0.92
Accruals ratio = -2.4%. Low accruals
Cash $0.1B covers only 2% of debt $4.2B
Balance Sheet Health
No goodwill. Clean balance sheet
Debt/EBITDA = 13.7x (>4x). Interest coverage = 0.6x (<2x). Financial stress
Other assets -33.1% vs revenue 1.5%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions positive
No goodwill
Manipulation Score
M-Score = -2.59 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score — Not Applicable
Industrial Logistics Properties is a financial company. Z-Score is designed for non-financial companies.
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25