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 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 achieved significant sustainability milestones by receiving Green Globes certification for all four projects in its development program. This certification underscores its commitment to enhancing building operations and reducing carbon emissions. Plymouth has reported that three projects received a Two Green Globes ranking, while a fourth achieved Three Green Globes. The company also highlighted investments in LED lighting, cool roofs, and solar power installations, which have positively impacted both operational efficiency and tenant satisfaction. Notably, Plymouth's environmental initiatives account for approximately 44% of its portfolio utilizing LED lighting, contributing to an 8% reduction in total electricity consumption.
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