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Select Income REIT unit files for IPO

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Select Income REIT unit files for IPO

Select Income REIT subsidiary Industrial Logistics Properties Trust filed for an IPO of an undisclosed number of common shares of beneficial interest.

The company proposed a maximum offering price of $100.0 million, estimated solely to calculate the registration fee.

Industrial Logistics Properties Trust was formed recently to own and lease industrial and logistics properties across the U.S. The company owns 266 properties encompassing roughly 28.5 million square feet across the mainland U.S. and on the island of Oahu, Hawaii. As of Sept. 30, the properties were about 99.9% leased to 240 tenants, with a weighted average remaining lease term of roughly 11.4 years.

Organized as a Maryland real estate investment trust, the company will seek to qualify as a REIT, starting with the taxable year ending Dec. 31, and will apply to list its shares on The Nasdaq Stock Market LLC under the ILPT ticker.

The company aims to allocate roughly $2 million of the net proceeds for working capital purposes and will use the balance of the proceeds to decrease the amount outstanding under its credit facility.

The joint book-running managers of the IPO are UBS Investment Bank, Citigroup and RBC Capital Markets.