Welcome to our dedicated page for Plymouth Industr news (Ticker: PLYM), a resource for investors and traders seeking the latest updates and insights on Plymouth Industr stock.
Plymouth Industr REIT (PLYM) provides investors with essential updates through this centralized news hub tracking all corporate developments. Access official press releases and verified news covering strategic initiatives, property acquisitions, and financial performance for this vertically integrated industrial real estate specialist.
This resource delivers timely updates on earnings reports, portfolio expansions, and management strategies critical for understanding PLYM's position in Class B industrial properties. Users gain insights into the REIT's operational focus on secondary markets and its active asset management approach to warehouse and distribution center investments.
Key updates include leasing activity, capital recycling programs, and market expansion efforts that shape the company's performance. Investors and analysts can monitor how PLYM's self-managed structure and disciplined capital allocation impact its diversified industrial portfolio.
Bookmark this page for direct access to Plymouth Industr's verified announcements, eliminating the need to aggregate information from multiple sources. Check regularly for updates reflecting the REIT's ongoing commitment to industrial property value creation and stakeholder transparency.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced the upcoming release of its fourth-quarter earnings for the period ending December 31, 2020. The earnings release is set for February 26, 2021, before the market opens, followed by a conference call at 9:00 a.m. ET. Interested parties can join the call at (412) 717-9587, with a replay available until March 5, 2021. Plymouth focuses on acquiring and managing industrial properties, aiming to enhance shareholder value through strategic asset management.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has appointed John W. Guinee III as an independent director on its Board, contributing his extensive REIT experience. Guinee, formerly Managing Director at Stifel, brings insights from covering 40 REITs and serving as CIO at Duke Realty and Charles E. Smith Residential Realty. Chairman Jeff Witherell emphasized Guinee's unique perspective as critical to Plymouth's growth strategy. Guinee expressed enthusiasm about enhancing shareholder value through Plymouth's distinctive low basis investment strategy in the industrial sector.
Plymouth MIR JV LLC, a joint venture between Plymouth Industrial REIT (NYSE: PLYM) and Madison International Realty, has acquired a portfolio of 28 industrial buildings in the Memphis area for $86 million. The deal is expected to yield an initial return of approximately 7.7%. The acquisition was financed with $30 million in cash and a $56 million mortgage at a fixed interest rate of 3.15% over seven years. The properties, totaling 2.3 million square feet, are 96% leased to 53 tenants with an average lease term of 2.75 years.
Plymouth Industrial REIT, with ticker symbol PLYM, has declared a quarterly cash dividend of $0.20 per diluted share for Q4 2020, amounting to an annualized $0.80. This dividend is set for payment on January 29, 2021, to stockholders recorded as of December 31, 2020. The company focuses on acquiring and operating industrial properties across the U.S. to enhance shareholder value through active asset management and disciplined capital deployment.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of $0.46875 per share for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA). The dividend, totaling an annualized amount of $1.875 per share, is set to be paid on December 31, 2020, to stockholders on record as of December 15, 2020.
The company is focused on acquiring and managing industrial properties to enhance shareholder value through strategic asset management and disciplined capital deployment.
Plymouth Industrial REIT (NYSE: PLYM) has successfully completed the acquisition of a 2.1 million square foot portfolio of industrial buildings in Akron and Canton, Ohio, at a cost of approximately $94 million. This portfolio consists of 10 buildings, 98% leased to 15 tenants across various sectors, with an expected annual yield of 7.5%. Following this acquisition, Plymouth's total industrial footprint in the Cleveland area has expanded to 3.6 million square feet and its total portfolio to 23.3 million square feet nationwide.
Plymouth Industrial REIT (NYSE: PLYM) has signed a definitive agreement to acquire a portfolio of 10 Class B industrial buildings in Akron and Canton, Ohio, totaling 2.1 million square feet for approximately $94 million. The acquisition, expected to close by November 30, 2020, will yield an annual current return of about 7.5%. The properties are nearly fully leased (98.7%) to 16 tenants across varied sectors, enhancing Plymouth's presence in the Cleveland market to over 3.5 million square feet and expanding its Ohio portfolio to over 7 million square feet.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $7.1 million for Q3 2020, equating to $(0.36) per share. Despite this loss, the company collected approximately 99.1% of its rent for the quarter. Net Operating Income (NOI) was $17.5 million, with Funds from Operations (FFO) of $0.42 per share. Recent acquisitions included five industrial buildings totaling 855,158 square feet for $51.1 million. The company also raised $104.5 million through an equity offering, improving its capital structure. Guidance for 2020 was reinstated, forecasting FFO between $1.83 and $1.85 per share.
Plymouth Industrial REIT (NYSE: PLYM) has formed a $150 million equity joint venture with Madison International Realty. Plymouth will hold a 20% stake, while Madison retains 80%. The joint venture aims to acquire value-add and opportunistic industrial properties, starting with a 28-property portfolio in Memphis, totaling 2.3 million square feet. Plymouth will manage the venture and earn a 1% annual asset management fee, along with additional incentives. Funding for the acquisition will comprise 60-65% secured financing and equity contributions from both partners.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has secured a new $300 million unsecured credit facility, consisting of a $200 million revolving credit facility and a $100 million term loan. This replaces an existing $100 million secured facility due in August 2023. The new facility, which matures in October 2024, has a potential expansion up to $500 million. The term loan will mature in October 2025 and will incur lower interest rates compared to previous arrangements. The company will utilize $81 million of the term loan to repay existing debt, enhancing its capital structure for growth.
