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) announced its fourth-quarter leasing activity and earnings call scheduled for February 23, 2023. The company reported an impressive 18.5% increase in rental rates and a 99.0% occupancy rate for 2022, up from 97.4% in 2021. In Q4 alone, leases totaled 2,298,606 square feet, with an 18.1% increase in rental rates. Over 40% of 2023 lease expirations have already been addressed. Plymouth aims to sustain organic growth through leasing, alongside the launch of their development program.
Plymouth Industrial REIT (NYSE: PLYM) has announced a quarterly cash dividend of $0.22 per share for Q4 2022, translating to an annualized rate of $0.88 per share. The dividend is payable on January 31, 2023, to shareholders of record as of December 30, 2022. Plymouth continues to focus on the acquisition and management of industrial properties, providing effective and safe spaces for tenants.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of $0.46875 per share, amounting to an annualized dividend of $1.875 per share for its Series A Cumulative Redeemable Preferred Stock (PLYM-PrA) for Q4 2022. This dividend is scheduled to be paid on January 3, 2023, to shareholders of record on December 15, 2022. The company's focus remains on the acquisition, ownership, and management of industrial properties, aiming to provide cost-effective spaces for tenants.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $(0.19) per share for Q3 2022, with total revenues increasing to $47.8 million from $36.0 million in Q3 2021. Net Operating Income (NOI) rose to $33.3 million, and same-store NOI grew by 8.4% on a GAAP basis. The company declared a quarterly dividend of $0.22 for common stock and $0.46875 for preferred stock. Plymouth tightened its full-year guidance for Core FFO to a range of $1.82 to $1.84 per share, driven by higher occupancy rates and rental rates that increased by 17.6% during the quarter.
Plymouth Industrial REIT (NYSE: PLYM) reported significant leasing and acquisition activities for Q3 2022. The company signed leases totaling 2,552,339 square feet with projected cash rental rate increases of 17.6%. Its portfolio is 98.8% occupied. Plymouth acquired a 197,518-square-foot industrial property in Cleveland for $16.5 million. Additionally, 93% of its debt is fixed and the company sustained no damage from Hurricane Ian. A Q3 earnings call is scheduled for November 3, 2022.
Plymouth Industrial REIT (NYSE: PLYM) has declared a regular quarterly cash dividend of $0.22 per share for Q3 2022. This dividend, amounting to an annualized rate of $0.88 per common share, is scheduled for payment on October 31, 2022, to shareholders on record as of September 30, 2022. Plymouth focuses on acquiring and managing industrial properties in major U.S. markets, including warehouses and distribution centers.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has announced a quarterly cash dividend of $0.46875 per share, amounting to an annualized $1.875 per share, for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA). This dividend will be payable on September 30, 2022, to shareholders recorded as of September 15, 2022. The company focuses on acquiring and managing industrial properties across the United States, enhancing its commitment to delivering value to shareholders.
Plymouth Industrial REIT (NYSE: PLYM) announced a balance sheet improvement through the early conversion of Series B Preferred Stock into approximately 1.9 million shares of common stock. This conversion, supported by Madison International Realty, simplifies the company's financials without increasing leverage. Plymouth also executed a $150 million interest rate swap, fixing rates on 95% of its debt. The company expects to meet its previously issued full-year 2022 guidance. CEO Jeff Witherell noted the strengthening of the balance sheet, while Madison expressed commitment to Plymouth's growth.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $(0.17) per share for Q2 2022, an improvement from $(0.25) in Q2 2021. Core FFO was $0.47 per share, up 14.6% year-over-year, with total revenue increasing to $45.6 million from $32.9 million. Same Store NOI rose 9.4% on a GAAP basis and 15.8% on a cash basis, reflecting strong leasing activity with a 22.2% increase in rental rates. The Company maintained its full-year guidance with Core FFO projected between $1.80 and $1.85 per share, while addressing 92% of lease expirations for 2022.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) reported robust leasing and acquisition activity for Q2 2022, highlighting a record 1.48 million square feet leased, with a 22.1% cash rental rate increase. The company acquired five industrial buildings, totaling 464,449 square feet for $48.9 million, and an additional Cleveland property for $16.5 million, achieving initial yields of 5.7% and 6.25%, respectively. Their portfolio occupancy stands at 97.3%. An earnings call is scheduled for August 3, 2022, to discuss these developments further.
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