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Plymouth Industrial REIT, Inc. - PLYM STOCK NEWS

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.

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Plymouth Industrial REIT, Inc. (NYSE: PLYM) has appointed John W. Guinee III as an independent director on its Board, contributing his extensive REIT experience. Guinee, formerly Managing Director at Stifel, brings insights from covering 40 REITs and serving as CIO at Duke Realty and Charles E. Smith Residential Realty. Chairman Jeff Witherell emphasized Guinee's unique perspective as critical to Plymouth's growth strategy. Guinee expressed enthusiasm about enhancing shareholder value through Plymouth's distinctive low basis investment strategy in the industrial sector.

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Plymouth MIR JV LLC, a joint venture between Plymouth Industrial REIT (NYSE: PLYM) and Madison International Realty, has acquired a portfolio of 28 industrial buildings in the Memphis area for $86 million. The deal is expected to yield an initial return of approximately 7.7%. The acquisition was financed with $30 million in cash and a $56 million mortgage at a fixed interest rate of 3.15% over seven years. The properties, totaling 2.3 million square feet, are 96% leased to 53 tenants with an average lease term of 2.75 years.

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Plymouth Industrial REIT, with ticker symbol PLYM, has declared a quarterly cash dividend of $0.20 per diluted share for Q4 2020, amounting to an annualized $0.80. This dividend is set for payment on January 29, 2021, to stockholders recorded as of December 31, 2020. The company focuses on acquiring and operating industrial properties across the U.S. to enhance shareholder value through active asset management and disciplined capital deployment.

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Plymouth Industrial REIT, Inc. (NYSE: PLYM) has declared a quarterly cash dividend of $0.46875 per share for its 7.50% Series A Cumulative Redeemable Preferred Stock (PLYM-PrA). The dividend, totaling an annualized amount of $1.875 per share, is set to be paid on December 31, 2020, to stockholders on record as of December 15, 2020.

The company is focused on acquiring and managing industrial properties to enhance shareholder value through strategic asset management and disciplined capital deployment.

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Plymouth Industrial REIT (NYSE: PLYM) has successfully completed the acquisition of a 2.1 million square foot portfolio of industrial buildings in Akron and Canton, Ohio, at a cost of approximately $94 million. This portfolio consists of 10 buildings, 98% leased to 15 tenants across various sectors, with an expected annual yield of 7.5%. Following this acquisition, Plymouth's total industrial footprint in the Cleveland area has expanded to 3.6 million square feet and its total portfolio to 23.3 million square feet nationwide.

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Plymouth Industrial REIT (NYSE: PLYM) has signed a definitive agreement to acquire a portfolio of 10 Class B industrial buildings in Akron and Canton, Ohio, totaling 2.1 million square feet for approximately $94 million. The acquisition, expected to close by November 30, 2020, will yield an annual current return of about 7.5%. The properties are nearly fully leased (98.7%) to 16 tenants across varied sectors, enhancing Plymouth's presence in the Cleveland market to over 3.5 million square feet and expanding its Ohio portfolio to over 7 million square feet.

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Plymouth Industrial REIT (NYSE: PLYM) reported a net loss of $7.1 million for Q3 2020, equating to $(0.36) per share. Despite this loss, the company collected approximately 99.1% of its rent for the quarter. Net Operating Income (NOI) was $17.5 million, with Funds from Operations (FFO) of $0.42 per share. Recent acquisitions included five industrial buildings totaling 855,158 square feet for $51.1 million. The company also raised $104.5 million through an equity offering, improving its capital structure. Guidance for 2020 was reinstated, forecasting FFO between $1.83 and $1.85 per share.

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Plymouth Industrial REIT (NYSE: PLYM) has formed a $150 million equity joint venture with Madison International Realty. Plymouth will hold a 20% stake, while Madison retains 80%. The joint venture aims to acquire value-add and opportunistic industrial properties, starting with a 28-property portfolio in Memphis, totaling 2.3 million square feet. Plymouth will manage the venture and earn a 1% annual asset management fee, along with additional incentives. Funding for the acquisition will comprise 60-65% secured financing and equity contributions from both partners.

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Plymouth Industrial REIT, Inc. (NYSE: PLYM) has secured a new $300 million unsecured credit facility, consisting of a $200 million revolving credit facility and a $100 million term loan. This replaces an existing $100 million secured facility due in August 2023. The new facility, which matures in October 2024, has a potential expansion up to $500 million. The term loan will mature in October 2025 and will incur lower interest rates compared to previous arrangements. The company will utilize $81 million of the term loan to repay existing debt, enhancing its capital structure for growth.

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Plymouth Industrial REIT, Inc. (NYSE: PLYM) has scheduled the release of its third-quarter earnings results for September 30, 2020. The earnings release will be available before market opening on November 6, 2020, followed by a conference call at 9:00 a.m. Eastern Time. Investors can participate via teleconference or through a live audio webcast, accessible on the Company’s Investor Relations website.

The REIT focuses on acquiring and managing industrial properties in the U.S., aiming to enhance shareholder value through active asset management and disciplined capital deployment.

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FAQ

What is the current stock price of Plymouth Industrial REIT (PLYM)?

The current stock price of Plymouth Industrial REIT (PLYM) is $18 as of December 20, 2024.

What is the market cap of Plymouth Industrial REIT (PLYM)?

The market cap of Plymouth Industrial REIT (PLYM) is approximately 789.8M.

What does Plymouth Industrial REIT, Inc. do?

Plymouth Industrial REIT, Inc. acquires and operates single and multi-tenant industrial properties in strategic markets across the U.S., focusing on distribution centers, warehouses, and light industrial facilities.

Where are Plymouth Industrial REIT's properties located?

Plymouth's properties are primarily located in states such as Florida, Ohio, Indiana, Tennessee, Illinois, and Georgia.

How does Plymouth Industrial REIT generate income?

The company generates income primarily through rental revenues from its properties.

What are some recent achievements of Plymouth Industrial REIT?

Recent achievements include a significant increase in rental rates from new and renewal leases, a robust cash balance, and a high occupancy rate of 98.0%.

What is the company's financial condition as of the latest update?

As of July 31, 2023, Plymouth had a cash balance of approximately $12.4 million and $287.5 million available under its unsecured line of credit.

How does Plymouth Industrial REIT measure its financial performance?

The company uses metrics such as Net Operating Income (NOI), EBITDAre, Funds from Operations (FFO), and Adjusted Funds from Operations (AFFO) to assess financial performance.

What is the significance of Plymouth's leasing activity in recent quarters?

Plymouth experienced a 19.3% increase in rental rates from new leases and renewals in Q2 2023, indicating strong market demand and successful leasing strategies.

How can investors stay updated with Plymouth Industrial REIT's developments?

Investors can stay updated by participating in the company's earnings conference calls and webcasts, and by reviewing press releases and financial reports.

What type of properties does Plymouth Industrial REIT focus on?

Plymouth focuses on Class B industrial properties, including distribution centers, warehouses, and light industrial properties.

Who can I contact for investor relations at Plymouth Industrial REIT?

For investor relations, contact Tripp Sullivan at SCR Partners via email at IR@plymouthreit.com or phone at (615) 942-7077.

Plymouth Industrial REIT, Inc.

NYSE:PLYM

PLYM Rankings

PLYM Stock Data

789.77M
40.47M
1.41%
109.94%
1.31%
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