vs
Side-by-side financial comparison of Industrial Logistics Properties Trust (ILPT) and Piedmont Realty Trust, Inc. (PDM). Click either name above to swap in a different company.
Piedmont Realty Trust, Inc. is the larger business by last-quarter revenue ($143.3M vs $113.9M, roughly 1.3× Industrial Logistics Properties Trust). Industrial Logistics Properties Trust runs the higher net margin — -1.6% vs -31.4%, a 29.8% gap on every dollar of revenue. On growth, Industrial Logistics Properties Trust posted the faster year-over-year revenue change (3.1% vs 0.4%). Over the past eight quarters, Industrial Logistics Properties Trust's revenue compounded faster (0.7% CAGR vs 0.0%).
Industrial Logistics Properties Trust is a real estate investment trust that owns and operates a portfolio of industrial and logistics real estate assets primarily across the United States. Its holdings include distribution centers, warehouses, and last-mile delivery properties, serving e-commerce, retail, manufacturing and supply chain operators to meet their storage and logistics operation needs.
Piedmont Realty Trust, Inc. is a publicly traded real estate investment trust (REIT) that owns, operates, and invests in high-quality office properties primarily located in high-growth metropolitan areas across the United States. It serves corporate tenants across multiple industry sectors including technology, professional services, and healthcare, and pursues stable long-term returns for stakeholders via strategic property management and portfolio optimization.
ILPT vs PDM — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $113.9M | $143.3M |
| Net Profit | $-1.8M | $-45.0M |
| Gross Margin | — | — |
| Operating Margin | -22.1% | — |
| Net Margin | -1.6% | -31.4% |
| Revenue YoY | 3.1% | 0.4% |
| Net Profit YoY | 92.6% | -27.9% |
| EPS (diluted) | $-0.02 | $-0.10 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $143.3M | ||
| Q4 25 | $113.9M | $142.9M | ||
| Q3 25 | $110.9M | $139.2M | ||
| Q2 25 | $112.1M | $140.3M | ||
| Q1 25 | $111.9M | $142.7M | ||
| Q4 24 | $110.5M | $143.2M | ||
| Q3 24 | $108.9M | $139.3M | ||
| Q2 24 | $110.6M | $143.3M |
| Q1 26 | — | $-45.0M | ||
| Q4 25 | $-1.8M | $-43.2M | ||
| Q3 25 | $-21.6M | $-13.5M | ||
| Q2 25 | $-21.3M | $-16.8M | ||
| Q1 25 | $-21.5M | $-10.1M | ||
| Q4 24 | $-24.1M | $-30.0M | ||
| Q3 24 | $-25.0M | $-11.5M | ||
| Q2 24 | $-23.2M | $-9.8M |
| Q1 26 | — | — | ||
| Q4 25 | -22.1% | — | ||
| Q3 25 | -29.4% | — | ||
| Q2 25 | -30.8% | — | ||
| Q1 25 | -26.9% | — | ||
| Q4 24 | -31.1% | — | ||
| Q3 24 | -33.5% | — | ||
| Q2 24 | -32.4% | — |
| Q1 26 | — | -31.4% | ||
| Q4 25 | -1.6% | -30.3% | ||
| Q3 25 | -19.4% | -9.7% | ||
| Q2 25 | -19.0% | -12.0% | ||
| Q1 25 | -19.2% | -7.1% | ||
| Q4 24 | -21.8% | -20.9% | ||
| Q3 24 | -22.9% | -8.3% | ||
| Q2 24 | -20.9% | -6.8% |
| Q1 26 | — | $-0.10 | ||
| Q4 25 | $-0.02 | $-0.34 | ||
| Q3 25 | $-0.33 | $-0.11 | ||
| Q2 25 | $-0.32 | $-0.14 | ||
| Q1 25 | $-0.33 | $-0.08 | ||
| Q4 24 | $-0.37 | $-0.25 | ||
| Q3 24 | $-0.38 | $-0.09 | ||
| Q2 24 | $-0.35 | $-0.08 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $94.8M | $2.3M |
| Total DebtLower is stronger | $4.2B | — |
| Stockholders' EquityBook value | $489.7M | $1.5B |
| Total Assets | $5.2B | $4.0B |
| Debt / EquityLower = less leverage | 8.56× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $2.3M | ||
| Q4 25 | $94.8M | $731.0K | ||
| Q3 25 | $83.2M | $3.0M | ||
| Q2 25 | $58.6M | $3.3M | ||
| Q1 25 | $108.0M | $2.9M | ||
| Q4 24 | $131.7M | $109.6M | ||
| Q3 24 | $153.9M | $133.6M | ||
| Q2 24 | $146.2M | $138.5M |
| Q1 26 | — | — | ||
| Q4 25 | $4.2B | $2.2B | ||
| Q3 25 | $4.2B | $2.2B | ||
| Q2 25 | $4.2B | $2.2B | ||
| Q1 25 | $4.3B | $2.2B | ||
| Q4 24 | $4.3B | $2.2B | ||
| Q3 24 | $4.3B | $2.2B | ||
| Q2 24 | $4.3B | $2.2B |
| Q1 26 | — | $1.5B | ||
| Q4 25 | $489.7M | $1.5B | ||
| Q3 25 | $494.1M | $1.5B | ||
| Q2 25 | $519.1M | $1.5B | ||
| Q1 25 | $539.5M | $1.6B | ||
| Q4 24 | $562.0M | $1.6B | ||
| Q3 24 | $585.9M | $1.6B | ||
| Q2 24 | $618.3M | $1.7B |
| Q1 26 | — | $4.0B | ||
| Q4 25 | $5.2B | $4.0B | ||
| Q3 25 | $5.2B | $4.0B | ||
| Q2 25 | $5.2B | $4.0B | ||
| Q1 25 | $5.4B | $4.0B | ||
| Q4 24 | $5.4B | $4.1B | ||
| Q3 24 | $5.5B | $4.1B | ||
| Q2 24 | $5.5B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 8.56× | 1.49× | ||
| Q3 25 | 8.49× | 1.43× | ||
| Q2 25 | 8.09× | 1.41× | ||
| Q1 25 | 7.96× | 1.40× | ||
| Q4 24 | 7.65× | 1.40× | ||
| Q3 24 | 7.35× | 1.36× | ||
| Q2 24 | 6.96× | 1.34× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $60.7M | — |
| Free Cash FlowOCF − Capex | $42.0M | — |
| FCF MarginFCF / Revenue | 36.9% | — |
| Capex IntensityCapex / Revenue | 16.4% | 110.3% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $79.8M | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $60.7M | $140.6M | ||
| Q3 25 | $22.7M | $35.8M | ||
| Q2 25 | $18.4M | $50.1M | ||
| Q1 25 | $11.4M | $3.7M | ||
| Q4 24 | $2.0M | $198.1M | ||
| Q3 24 | $-3.4M | $42.9M | ||
| Q2 24 | $10.8M | $66.8M |
| Q1 26 | — | — | ||
| Q4 25 | $42.0M | — | ||
| Q3 25 | $17.6M | — | ||
| Q2 25 | $15.2M | — | ||
| Q1 25 | $5.0M | — | ||
| Q4 24 | $-3.7M | — | ||
| Q3 24 | $-5.9M | — | ||
| Q2 24 | $9.4M | — |
| Q1 26 | — | — | ||
| Q4 25 | 36.9% | — | ||
| Q3 25 | 15.9% | — | ||
| Q2 25 | 13.5% | — | ||
| Q1 25 | 4.5% | — | ||
| Q4 24 | -3.4% | — | ||
| Q3 24 | -5.5% | — | ||
| Q2 24 | 8.5% | — |
| Q1 26 | — | 110.3% | ||
| Q4 25 | 16.4% | — | ||
| Q3 25 | 4.6% | — | ||
| Q2 25 | 2.9% | — | ||
| Q1 25 | 5.7% | — | ||
| Q4 24 | 5.2% | — | ||
| Q3 24 | 2.3% | — | ||
| Q2 24 | 1.3% | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
