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 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.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of $0.46875 per share, resulting in an annualized dividend of $1.875 for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA). This dividend is payable on December 31, 2021, to stockholders of record on December 15, 2021. This financial decision underscores the company's commitment to returning value to its shareholders amidst ongoing operations in acquiring and managing industrial properties across the United States.
Plymouth Industrial REIT (NYSE: PLYM) will be added to the MSCI US REIT Index (RMZ) effective November 30, 2021. This index encompasses about 99% of the U.S. REIT universe and is weighted by free float-adjusted market capitalization. Plymouth’s inclusion highlights its focus on the ‘first mile to the last mile’ strategy in diverse industrial markets, providing increased visibility and access to the investment community, according to CEO Jeff Witherell.
Plymouth Industrial REIT reported a net loss of $7.1 million or $(0.22) per share for Q3 2021, unchanged from the same period last year. The company achieved net operating income (NOI) of $23.8 million and Core FFO of $0.43 per share. The occupancy rate is at 96.3%, with a same store NOI increase of 6.2% on a cash basis. Plymouth acquired 10 buildings for $218.5 million, enhancing its portfolio. The company issued 3.5 million common shares, raising $76.6 million, and closed a $500 million credit facility to support its growth strategy.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing and acquisition activities for Q3 2021, reporting significant growth. The company completed 5.6 million square feet of transactions worth $323.5 million. Q3 leasing totaled 1,538,268 square feet, with a cash basis rental rate increase of 9.7%. Occupancy reached 96.3%, with over 99.3% of rents collected. Recent acquisitions include four buildings totaling 1.8 million square feet for $101.5 million. The company plans to announce Q3 earnings on November 5, 2021.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of $0.21 per share for Q3 2021, translating to an annualized rate of $0.84 per share. This dividend will be payable on October 29, 2021, to stockholders on record as of September 30, 2021. The company focuses on acquiring and managing industrial properties across the U.S., including warehouses and distribution centers, targeting prime industrial corridors.
Plymouth Industrial REIT has announced a quarterly cash dividend of $0.46875 per share for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA) for Q3 2021. This equates to an annualized dividend of $1.875 per share. The dividend will be payable on September 30, 2021, to shareholders on record as of September 15, 2021.
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?
