Welcome to our dedicated page for Plymouth Industrial REIT news (Ticker: PLYM), a resource for investors and traders seeking the latest updates and insights on Plymouth Industrial REIT stock.
Plymouth Industrial REIT, Inc. (NYSE American: PLYM) is a self-managed and vertically integrated real estate investment trust (REIT) specializing in acquiring and operating single and multi-tenant industrial properties in strategic secondary and select primary markets across the United States. As a Maryland corporation, Plymouth Industrial REIT focuses on properties that yield both income and growth, leveraging its expertise in property management, asset repositioning, and disciplined capital deployment to enhance shareholder value.
Plymouth's extensive portfolio encompasses 210 industrial buildings, totaling 34.2 million square feet as of June 30, 2023. These properties are predominantly located in key states such as Florida, Ohio, Indiana, Tennessee, Illinois, and Georgia. The company generates income primarily through rental revenues from its properties, which include distribution centers, warehouses, and light industrial facilities.
Recent achievements highlight Plymouth's robust financial health and strategic growth. As of July 31, 2023, the company's cash balance was approximately $12.4 million, with an additional $287.5 million available under its unsecured line of credit. Notably, during the second quarter of 2023, Plymouth secured new leases totaling over 2.1 million square feet, resulting in a significant 19.3% increase in rental rates on a cash basis. This includes a remarkable 36.0% rental rate increase for new leases and an 11.2% increase for renewal leases, demonstrating the company's strong leasing activity and market demand for its properties.
Plymouth Industrial REIT also places great emphasis on active asset management and strategic leasing to maintain high occupancy levels, which stood at 98.0% in the second quarter of 2023. The company regularly hosts earnings conference calls and webcasts to provide updates on financial performance and strategic initiatives, ensuring transparency and engagement with investors and stakeholders.
In its commitment to delivering value, Plymouth utilizes key performance metrics such as Net Operating Income (NOI), EBITDAre, Funds from Operations (FFO), and Adjusted Funds from Operations (AFFO). These measures provide a comprehensive view of the company's operational efficiency and financial performance, excluding non-cash items like depreciation and amortization.
For more information or investor inquiries, please contact Tripp Sullivan at SCR Partners via email at IR@plymouthreit.com or phone at (615) 942-7077.
Plymouth Industrial REIT (NYSE: PLYM) has acquired a portfolio of nine small bay industrial properties in Cincinnati, Ohio for $20.1 million, yielding an initial NOI of 6.8%. The properties span 258,082 square feet and are 96.9% leased to 23 tenants with a 2.75-year weighted average lease term.
Additionally, PLYM has contracted a second tranche of four buildings totaling 240,578 square feet for $17.9 million, expected to close in Q1 2025. This portion yields 7.3% initially and is 98% leased to nine tenants with a 3.75-year weighted average lease term. The acquisition strengthens PLYM's Cincinnati presence to over 3 million square feet, with properties purchased below replacement cost and potential for improved returns through leasing and management.
Plymouth Industrial REIT (NYSE: PLYM) has declared a quarterly cash dividend of $0.24 per share for Q4 2024. The dividend will be paid on January 31, 2025, to stockholders of record as of December 31, 2024. This quarterly dividend translates to an annualized rate of $0.96 per common share.
Plymouth Industrial REIT reported Q3 2024 financial results with a net loss of $(0.35) per share, Core FFO of $0.44 per share, and AFFO of $0.40 per share. Same-store NOI decreased 1.2% on a GAAP basis but increased 0.6% on a cash basis. The company executed leases for 5.8M square feet with a 17.2% increase in rental rates. Key developments include a strategic partnership with Sixth Street Partners providing $500M in capital, acquisition of a 1.6M square-foot Memphis portfolio for $100.5M, and refinancing of credit facilities to $1.5B. The company adjusted its 2024 guidance for Core FFO to $1.83-$1.85 per share.
Plymouth Industrial REIT has secured a new $600 million unsecured credit facility, increasing its total borrowing capacity to $1.5 billion. The facility includes a $500 million revolving credit facility (up from $350 million) maturing in November 2028 and a $100 million term loan also maturing in November 2028. Both components include one-year extension options. This complements existing term loans: a $200 million loan maturing in February 2027 with SOFR fixed at 1.527% and a $150 million loan maturing in May 2027 with SOFR fixed at 2.904%. The expanded facility features five new lending institutions joining the syndicate.
Plymouth Industrial REIT (NYSE: PLYM) provided an activity update for Q3 2024. Key highlights include:
- Leasing: 1,095,115 sq ft leased in Q3, with 12.2% cash basis rental rate increase. Total portfolio occupancy at 94.2%.
- Development: Final project in Jacksonville expected in November 2024. Cincinnati project now 100% leased.
- Acquisitions: Purchased 1,621,241 sq ft portfolio in Memphis for $100.5 million, yielding 8.0% initial NOI.
- Dispositions: Sold 527,127 sq ft property in Columbus for $21.1 million.
- Joint Venture: Closing expected mid-November 2024 for Chicago properties with Sixth Street.
The company will host its Q3 2024 earnings call on November 7, 2024.
Plymouth Industrial REIT (NYSE: PLYM) has declared a regular quarterly cash dividend of $0.24 per share of common stock for the third quarter of 2024. This dividend translates to an annualized rate of $0.96 per common share. The payment is scheduled for October 31, 2024, and will be distributed to stockholders of record as of the close of business on September 30, 2024. This announcement demonstrates Plymouth Industrial REIT's commitment to providing consistent returns to its shareholders, maintaining its dividend policy in the industrial real estate sector.
Plymouth Industrial REIT (NYSE: PLYM) has announced a strategic partnership with Sixth Street, securing approximately $500 million in capital for acquisitions. The deal includes a $250 million investment from Sixth Street, comprising a 65% joint venture ownership of Plymouth's Chicago portfolio and a non-convertible preferred equity investment. Plymouth will contribute its Chicago-area properties at a 6.2% capitalization rate, retaining 35% ownership of the 5.9 million-square-foot portfolio.
The transaction is leverage-neutral, with overall leverage expected to decline in Q4 2024. Plymouth affirmed its 2024 Core FFO guidance of $1.88 to $1.90 per share. The partnership aims to accelerate earnings growth and scale the platform in key industrial markets without relying solely on public equity markets.
Plymouth Industrial REIT (NYSE: PLYM) reported its Q2 2024 financial results, highlighting net income of $0.03 per share, Core FFO of $0.48 per share, and AFFO of $0.49 per share. The company experienced a 3.3% increase in same-store NOI on a GAAP basis and a 9.7% increase on a cash basis. Leasing activity showed strong performance with an 18.8% increase in rental rates on new and renewal leases. Plymouth acquired a 14-building portfolio in Memphis for $100.5 million with an initial NOI yield of 8.0%. The company tightened its full-year 2024 guidance range for Core FFO and maintained its quarterly dividend of $0.24 per share.
Plymouth Industrial REIT (NYSE: PLYM) announced its leasing and development activity for Q2 2024. New leases totaled 1,811,939 sq ft, with an 18.8% increase in rental rates. Total occupancy was 97%, and same-store occupancy was 98.2%.
Leases scheduled to begin in 2024 total 4,654,825 sq ft, contributing to a 15.7% increase in rental rates. Plymouth is also focusing on its 769,500 sq ft industrial building in St. Louis, currently working with six prospects for leasing.
Development includes a fully leased 52,920 sq ft building in Jacksonville and a 154,692 sq ft industrial building in Cincinnati, which is close to being fully leased. Plymouth will hold its Q2 earnings call on August 1, 2024.
Plymouth Industrial REIT announced a quarterly cash dividend of $0.24 per share for Q2 2024. This brings the annualized dividend rate to $0.96 per share.
The dividend will be paid on July 31, 2024, to shareholders who hold the stock by June 28, 2024.
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