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 strong leasing and acquisition activity for Q1 2022. The company initiated leases totaling 1.3 million square feet, featuring a 16.7% cash rental rate increase. Its portfolio reached 97% occupancy. Plymouth acquired 38 industrial buildings for $188.4 million, with a weighted average yield of 6.2%. Notably, the acquisition included properties in prime locations with varying occupancy rates. Additionally, the company raised $17.2 million through its ATM program by issuing 614,800 shares at an average price of $28.43.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has acquired Madison International Realty’s 80% interest in Plymouth MIR JV LLC for
Plymouth Industrial REIT (NYSE: PLYM) announced a quarterly cash dividend of $0.46875 per share, amounting to an annualized dividend of $1.875 per share, for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA) for Q1 2022. The dividend is scheduled to be paid on March 31, 2022, to shareholders of record as of March 15, 2022. This declaration highlights the company’s commitment to returning value to shareholders.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $8.1 million for Q4 2021, or $(0.23) per share, despite a 33% revenue increase to $39.9 million. The company's net operating income (NOI) rose to $26.6 million, with same-store NOI up 4.4% on a GAAP basis. The firm acquired 15 buildings totaling 3.2 million square feet for $216.5 million, realizing a weighted average initial yield of 6.2%. A quarterly cash dividend of $0.21 was declared, with a 4.8% increase planned for Q1 2022. 2022 guidance indicates continued growth potential, despite the current net loss forecast of $(0.41) to $(0.36) per share.
Plymouth Industrial REIT (NYSE: PLYM) has announced a 4.8% increase in its quarterly cash dividend to $0.22 per share, reflecting strong growth in its portfolio. This adjustment translates to an annualized rate of $0.88 per share. The dividend will be payable on April 29, 2022, to stockholders of record as of March 31, 2022. Jeff Witherell, CEO, noted this increase marks the second consecutive year of dividend growth, driven by robust leasing and acquisition activity.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is set to release its fourth-quarter and full-year results for 2021 on February 23, 2022, before market opening. The company will hold a conference call at 9:00 a.m. ET on the same day, which will be accessible to the public. The call will be available for replay until March 2, 2022. Plymouth focuses on acquiring and managing industrial properties across the U.S., including warehouses and distribution centers, primarily in key industrial corridors.
Plymouth Industrial REIT (NYSE: PLYM) announced the tax treatment for its 2021 dividends, providing essential details for common stockholders. Notable dividends include a total cash distribution of $0.82 per share for 2021, with ordinary dividends totaling $0.812788 per share and a return of capital of $0.007212 per share. Preferred stockholders received a cash distribution of $1.8750 per share. Stockholders are encouraged to consult tax advisors regarding the implications of these dividends, with more information available on their website.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) reported strong performance for Q4 2021, highlighted by significant leasing and acquisition activities. The company acquired 6.4 million square feet of industrial properties for $371 million in 2021, with Q4 acquisitions alone totaling 2.9 million square feet for $194.5 million. Leasing activity saw over 666,000 square feet leased in Q4, resulting in a 22.1% rental rate increase. The portfolio remains 97.4% occupied, with over 99.7% of rents collected. Additionally, Plymouth raised $51.8 million through share issuance in its ATM program.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of
Plymouth Industrial REIT (NYSE: PLYM) has announced a succession plan for its Chief Financial Officer. Dan Wright will step down on February 25, 2022, but will remain as an advisor. Anthony Saladino, the current Chief Accounting Officer, will take over as CFO. CEO Jeff Witherell praised Wright's contributions to the company's growth and transformation since 2014, which included successful capital access strategies. Saladino brings experience from public accounting and has already improved financial reporting within the organization.
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