industrial logistics properties trust hawaii
Good morning, everyone, and welcome to ILPT's second-quarter earnings call. And I think we might have an opportunity to show just how opportunistic our recent acquisitions were, if we were to take a handful or select number of those properties and demonstrate that we got a good deal on them.The next question comes from Alexander Pernokas of Bank of America Merrill Lynch. Our share price suggests that we are not getting credit for the high and well-covered yield and the Board questioned whether bringing yield higher will draw more investors to the stock or scoop them. Please go ahead.Hi, again. Industrial Logistics Properties Trust BAML Global Real Estate Conference September 2018 ILPT owns three built to suit logistics facilities (over three million sq. About Us As of market close on 8/13/2020 But I don't think there's anything particularly interesting changing with the resets that we're currently working on.This concludes our question-and-answer session. Normalized FFO for the second quarter of 2019 was $29.8 million or $0.46 per share, up from $0.39 per share for the second quarter of 2018. Print. Our top three markets after Hawaii at 41% are Indiana, Ohio and Virginia representing 10%, 8.2% and 5.2% of our total annualized rental revenues, respectively.A quarterly dividend of $0.33 per share continued to be well covered with a payout ratio of 71.7%. [Operator instructions]. The one thing I would just point out, that leverage metric that you mentioned kind of net debt-to-total gross assets does look a little high at 53% compared to some of our other REITs. This is Rick, I guess, I don't think that the financing is necessarily a problem. Retirement We generally do try to make sure that we do see stable growth over the period. With me on the call is ILPT's President John Murray, Chief Financial Officer Rick Siedel and Vice President Yael Duffy. Listing Status . As Rick said, we do have a small amount of capacity, if the right transaction came along and wasn't -- was bite size, we might take advantage of the opportunity. We try to target properties that are new. ft. ILPT 2 THIS PRESENTATION CONTAINS FORWARD LOOKING STATEMENTS WITHIN THE MEANING OF THE PRIVATE SECURITIES LITIGATION …
Also, note that today's conference call contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws.
Our leasing team, has begun discussions with the tenant and we expect to have further clarity in the coming months.The industrial market continues to display strong fundamentals nationally as industrial sector jobs maintain their steady upward trend in industrials zone land continues to increase in value. It was less than a year old at that point and just determined that we were able to get better pricing using other sources of capital.I think -- longer term I think we'd like to eventually get an investment grade credit rating like some of the other RMR REITs because it allows you to access the very deep capital market and to do so pretty quickly. That's partly for the tenants, so that they're not shocked with a giant increase one year and it also helps us as we look to reduce our leverage and increase our cash in Hawaii year after year.It's been a little bit more palatable that way. Our current dividend yield is nearly twice the industrial peer group average. During the second quarter, leasing activity was focused within our Hawaii portfolio. So I guess one of the things that might be helpful to remember is that over 40% of our Hawaiian revenue either rolls or resets the market through 2023.
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