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 Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on industrial properties, and its news flow reflects that focus. On this page, readers can review company-issued updates and other coverage relating to Plymouth’s acquisition activity, leasing performance, financial results and corporate transactions.
Recent news has highlighted Plymouth’s expansion through the purchase of industrial portfolios and single assets in markets such as Columbus, Cincinnati and Cleveland, Ohio, and the Atlanta, Georgia area. Releases describe the size of these portfolios in square feet, occupancy levels, remaining lease terms and initial net operating income yields, illustrating how the company evaluates and communicates the economics of new investments. Plymouth also regularly reports on leasing activity across its portfolio, including renewal and new leases, changes in rental rates on a cash basis and occupancy metrics for its same store and total portfolios.
Investors following PLYM news will also find quarterly earnings announcements, where Plymouth reports net income or loss attributable to common stockholders, net operating income, funds from operations and adjusted funds from operations, along with commentary on factors such as acquisitions, joint ventures and capital structure. The company’s updates have included details on share repurchase activity, use of its unsecured revolving credit facility and guidance ranges for key performance measures.
An important component of recent news is the Agreement and Plan of Merger with PIR Ventures LP and related entities. Plymouth’s announcements describe the agreed cash consideration per share, the expected timing of closing, the board’s unanimous approval and the intention for the company to become private and have its shares de-registered and removed from trading on the New York Stock Exchange if the transaction is completed. Visitors can use this news page to track developments related to the merger process, including proxy statement filings, litigation disclosures and other events described in the company’s communications. Bookmark this page to access a consolidated view of Plymouth Industrial REIT news and updates over time.
Plymouth Industrial REIT (NYSE: PLYM) has released details about the tax treatment of its 2024 dividends for common stockholders. The company distributed a total of $0.96 per share throughout 2024, paid in four equal quarterly installments of $0.24 per share.
The dividends were distributed on the following dates: April 30, July 31, October 31, 2024, and January 31, 2025 (for stockholders of record on March 28, June 28, September 30, and December 31, 2024, respectively). Of the total distribution, $0.96 per share was classified as ordinary dividends, with approximately $0.46 per share qualifying as unrecaptured Section 1250 gain. There were no capital gain distributions or return of capital components in the 2024 dividends.
Plymouth Industrial REIT (NYSE: PLYM) has disclosed the tax treatment of its 2024 dividends for common stockholders. The company distributed quarterly dividends of $0.24 per share throughout 2024, with payment dates in April, July, October 2024, and January 2025. The total distribution for 2024 amounted to $0.967658 per share. The entire distribution was classified as capital gain, with $0.466565 being unrecaptured Section 1250 gain. Notably, there was no ordinary dividend component or return of capital in the 2024 distributions.
Plymouth Industrial REIT (NYSE: PLYM) provided an activity update for Q4 2024 and announced details for its earnings conference call on February 27, 2025. The company reported a strong finish to 2024, with cash rental rate increases of 17.4% in its Consolidated Portfolio. Q4 leasing activity totaled 1,467,245 square feet, with a 19.5% increase in rental rates on a cash basis. Same-store occupancy was 95.7%, and total portfolio occupancy was 92.5% at year-end, impacted by tenancy issues in Cleveland and new acquisitions in Cincinnati.
For 2024, Plymouth executed leases totaling 5,827,136 square feet, including renewal and new leases, reflecting a 17.3% increase in rental rates on a cash basis. A significant lease agreement was reached for a 769,500-square-foot Class A industrial building in St. Louis with a major logistics service provider.
Plymouth acquired a Cincinnati portfolio for $20.1 million, with an anticipated initial NOI yield of 6.8%. A second tranche, under contract for $17.9 million, is expected to close in Q1 2025. The Sixth Street Joint Venture saw Plymouth contributing equity interests in 34 properties for $356.6 million.
The Q4 earnings call is scheduled for February 27, 2025, at 9:00 a.m. ET, with a replay available until March 6, 2025.
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.