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) has secured a combined $500 million unsecured credit facility, enhancing its borrowing capacity. This consists of an amended $200 million revolving credit facility, a $100 million amended term loan, and a new $200 million term loan. The facility offers the potential to increase total borrowing capacity up to $1 billion. The revolving credit facility matures in August 2025, while the new term loan matures in February 2027. The facility aims to provide flexibility and efficiency in funding growth, with improved borrowing costs.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $7.4 million for Q2 2021, or $(0.25) per share, a slight increase from a $7.2 million loss a year earlier. Revenues rose to $32.9 million from $26.1 million. Despite a 2.6% increase in Same Store NOI on a GAAP basis, it decreased by 1.6% on a cash basis. The company acquired 4 buildings for $30.3 million and secured a $500 million unsecured credit facility, enhancing its financial position and operational flexibility. A quarterly cash dividend of $0.21 was declared, representing a 5% increase.
Plymouth Industrial REIT (NYSE: PLYM) reported robust leasing and acquisition activity for Q2 2021. The company achieved lease agreements for 1,605,000 square feet, with a notable 9.2% increase in rental rates. As of June 30, 2021, the portfolio occupancy stood at 96.2%. Plymouth also closed on acquisitions totaling approximately 230,000 square feet for $14.1 million, with an initial yield of 7.2%. The company's pipeline remains strong with $85 million in attractive acquisitions year-to-date.
Plymouth Industrial REIT (NYSE: PLYM) has declared a regular quarterly cash dividend of $0.46875 per share for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA). This amounts to an annualized dividend of $1.875 per share. The dividend is scheduled for payment on June 30, 2021, to stockholders of record as of June 15, 2021. This announcement reflects the company's commitment to providing shareholder returns through consistent dividends.
Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $6.4 million for Q1 2021, equating to $(0.24) per share, an improvement from a loss of $7.6 million in Q1 2020. Total revenue rose to $31.9 million, up from $26.2 million year-over-year. Net operating income was $20.4 million, while Core Funds from Operations stood at $0.40 per share. The company collected 99.6% of its rent, though same store NOI decreased by 1.8%. They acquired 5 buildings for $61 million and announced a quarterly dividend increase to $0.21 per share for Q2 2021.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has announced a 5% increase in its quarterly cash dividend, raising it from $0.20 to $0.21 per share. This translates to an annualized rate of $0.84 per common share. The dividend will be payable on July 30, 2021, to shareholders on record as of June 30, 2021. The Chairman and CEO, Jeff Witherell, attributed this increase to strong portfolio performance and solid market fundamentals, reaffirming the company's commitment to providing returns to its shareholders.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has appointed Caitlin Murphy to its Board of Directors, effective April 5, 2021, expanding the board to eight members. Ms. Murphy, founder and CEO of Global Gateway Logistics, brings extensive logistics experience, having worked in various capacities across the industry. Chairman Jeff Witherell emphasized that her expertise aligns with the company's focus on logistics and supply chain operations, which are crucial for driving demand in their industrial markets.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is set to release its first-quarter earnings on May 7, 2021, before the market opens. A conference call will follow at 9:00 a.m. Eastern Time, allowing the public to participate. Investors can access a replay until May 14, 2021. Plymouth Industrial REIT specializes in acquiring and managing industrial properties across the U.S., focusing on key distribution and logistics areas.
Plymouth Industrial REIT (NYSE: PLYM) reported strong leasing and acquisition activity for Q1 2021. The company achieved leases totaling 1,256,000 square feet with a 12.0% cash rental rate increase, addressing over 68% of 2021 lease expirations. Plymouth acquired five industrial buildings spanning 1.4 million square feet for $61.0 million, reflecting a weighted average price of $47 per square foot and a 7.7% initial yield. The total portfolio was 96.6% occupied with a 99.0% rent collection rate, maintaining consistency with historical trends.
Plymouth Industrial REIT (NYSE: PLYM) has declared a quarterly cash dividend of $0.20 per diluted share, amounting to an annualized dividend of $0.80. This dividend will be payable on April 30, 2021, to stockholders on record as of March 31, 2021. As a real estate investment trust, Plymouth focuses on acquiring and managing various industrial properties across the U.S., enhancing its portfolio in key markets.
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