INDUSTRIAL LOGISTICS PROPERTIES TRUST, ACQUISITION PRESENTATION
November 5, 2021. Source M2: https://s22.q4cdn.com/903350330/files/doc_presentations/2021/11/ILPT_MNR-Investor-Presentation_November-2021_FINAL.pdf
Selected faithful excerpts, slide numbers as printed. This is a proposed transaction and financing plan, not final financing.

Slide 2, notes: "references to 'annualized rental revenues' mean the annualized contractual rents, as of September 30, 2021, including straight line rent adjustments and excluding lease value amortization, adjusted for tenant concessions, including free rent and amounts reimbursed to tenants, plus estimated recurring expense reimbursements from tenants (annualized rental revenues may differ from actual historical rental revenues calculated pursuant to U.S. Generally Accepted Accounting Principles (GAAP))".

Slide 3, acquired portfolio: 126 industrial and logistics properties, approximately 26 million rentable square feet, 99.7% occupancy.

Slide 4, transaction overview:
"Consideration of $21.00 per MNR common share."
"Total Transaction value of ~$4.0B, inclusive of MNR contracted acquisitions / expansions and transaction expenses."
"ILPT plans to finance the transaction by entering into a joint venture with one or more institutional investors for equity investments of between approximately $430M and $1.3B."
"The balance of the purchase price will be financed with proceeds of new mortgage debt and the assumption of approximately $409M of existing MNR mortgage debt."
"Depending on the ultimate size of the joint venture equity investments, ILPT may also use proceeds from the sale of up to $1.6B of MNR properties to finance the transaction."
"To ensure ILPT can finance the closing of the transaction, ILPT has secured commitments from lenders for a $4.0B bridge loan facility."

Slide 5: "Year one cash cap rate on this acquisition is 4.0% and the GAAP cap rate is approximately 4.3%." These are ILPT expectations for the acquisition, not measured Halfmoon NOI.

The slides do not disclose an actual borrowing amount or binding bridge coupon at November 2021. Debt balances, property-disposition proceeds, cost of debt, and JV ownership cannot be solved by subtracting these approximate overlapping headline amounts. A committed bridge facility is a capacity ceiling, not funded principal. Label every interest-rate change hypothetical.
