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) 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.
Plymouth Industrial REIT (NYSE: PLYM) announced that it will be presenting at Nareit's REITweek 2024 Investor Conference. The event is scheduled for Wednesday, June 5, 2024, from 11:00 a.m. to 11:30 a.m. ET.
Investors and interested parties can access the presentation via a webcast on Plymouth's investor relations website. This announcement aims to provide investors with insights into Plymouth's recent performance and future prospects.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) reported financial results for Q1 2024, with net income of $0.14 per share, Core FFO of $0.45 per share, and AFFO of $0.45 per share. The Company experienced a 2.9% SS NOI increase on a GAAP basis and a 7.0% increase on a cash basis. Lease commencements saw a 17.1% increase in rental rates. Completed 54,008 square feet of development leasing. Notable gain on sale of real estate. Increased dividend by 6.7%. Reaffirmed 2024 guidance for Core FFO. Positive outlook for 2024 with a focus on leasing, portfolio enhancement, and growth opportunities.
FAQ
What is the current stock price of Plymouth Industrial REIT (PLYM)?
What is the market cap of Plymouth Industrial REIT (PLYM)?
What does Plymouth Industrial REIT, Inc. do?
Where are Plymouth Industrial REIT's properties located?
How does Plymouth Industrial REIT generate income?
What are some recent achievements of Plymouth Industrial REIT?
What is the company's financial condition as of the latest update?
How does Plymouth Industrial REIT measure its financial performance?
What is the significance of Plymouth's leasing activity in recent quarters?
How can investors stay updated with Plymouth Industrial REIT's developments?
What type of properties does Plymouth Industrial REIT focus on?
Who can I contact for investor relations at Plymouth Industrial REIT?
