Plymouth Industrial REIT Provides Activity Update for First Quarter 2025
Plymouth Industrial REIT (NYSE: PLYM) reported strong Q1 2025 leasing activity with 2.4M square feet of new leases, including 1.5M square feet of renewals and 896K square feet of new leases. Rental rates increased 16.2% on a cash basis (excluding St. Louis lease), with renewal leases up 15.0% and new leases up 22.1%.
The company achieved 94.3% total portfolio occupancy as of March 31, 2025. During Q1, Plymouth acquired six industrial buildings totaling 801,161 square feet for $65.1 million with a weighted average NOI yield of 6.8%. These properties are 100% leased with a 4.4-year weighted average remaining lease term.
For 2025, Plymouth has already secured leases for 4.65M square feet, representing 56.3% of total 2025 expirations, with rental rates showing a 21.8% increase on a cash basis (excluding St. Louis lease).
Plymouth Industrial REIT (NYSE: PLYM) ha riportato una forte attività di locazione nel primo trimestre del 2025, con 2,4 milioni di piedi quadrati di nuovi contratti, tra cui 1,5 milioni di piedi quadrati di rinnovi e 896.000 piedi quadrati di nuovi contratti. I tassi di affitto sono aumentati del 16,2% su base cash (escludendo il contratto di St. Louis), con i rinnovi in aumento del 15,0% e i nuovi contratti in aumento del 22,1%.
La società ha raggiunto un tasso di occupazione totale del portafoglio del 94,3% al 31 marzo 2025. Durante il primo trimestre, Plymouth ha acquisito sei edifici industriali per un totale di 801.161 piedi quadrati per 65,1 milioni di dollari, con un rendimento medio ponderato del NOI del 6,8%. Queste proprietà sono completamente locate con una durata media ponderata residua del contratto di 4,4 anni.
Per il 2025, Plymouth ha già assicurato contratti per 4,65 milioni di piedi quadrati, che rappresentano il 56,3% delle scadenze totali del 2025, con i tassi di affitto che mostrano un aumento del 21,8% su base cash (escludendo il contratto di St. Louis).
Plymouth Industrial REIT (NYSE: PLYM) reportó una fuerte actividad de arrendamiento en el primer trimestre de 2025, con 2,4 millones de pies cuadrados de nuevos contratos, incluyendo 1,5 millones de pies cuadrados de renovaciones y 896,000 pies cuadrados de nuevos contratos. Las tarifas de alquiler aumentaron un 16,2% sobre una base de efectivo (excluyendo el contrato de St. Louis), con renovaciones en aumento del 15,0% y nuevos contratos en aumento del 22,1%.
La empresa alcanzó una ocupación total del portafolio del 94,3% al 31 de marzo de 2025. Durante el primer trimestre, Plymouth adquirió seis edificios industriales que suman 801,161 pies cuadrados por 65,1 millones de dólares, con un rendimiento promedio ponderado de NOI del 6,8%. Estas propiedades están 100% arrendadas con un plazo medio ponderado restante de arrendamiento de 4,4 años.
Para 2025, Plymouth ya ha asegurado contratos para 4,65 millones de pies cuadrados, representando el 56,3% de las expiraciones totales de 2025, con tarifas de alquiler mostrando un aumento del 21,8% sobre una base de efectivo (excluyendo el contrato de St. Louis).
플리머스 산업 리츠 (NYSE: PLYM)는 2025년 1분기에 240만 평방피트의 신규 임대 계약을 체결하며 강력한 임대 활동을 보고했습니다. 이 중 150만 평방피트는 갱신 계약이며, 896,000 평방피트는 신규 계약입니다. 임대료는 현금 기준으로 16.2% 증가했습니다 (세인트루이스 계약 제외), 갱신 계약은 15.0% 증가하고 신규 계약은 22.1% 증가했습니다.
회사는 2025년 3월 31일 기준으로 총 포트폴리오 점유율 94.3%를 달성했습니다. 1분기 동안 플리머스는 801,161 평방피트의 산업 건물 6채를 6,510만 달러에 인수했으며, NOI 평균 가중 수익률은 6.8%입니다. 이 자산은 100% 임대되어 있으며 평균 잔여 임대 기간은 4.4년입니다.
2025년을 위해 플리머스는 이미 465만 평방피트의 임대 계약을 확보했으며, 이는 2025년 총 만료의 56.3%를 차지하며, 임대료는 현금 기준으로 21.8% 증가했습니다 (세인트루이스 계약 제외).
Plymouth Industrial REIT (NYSE: PLYM) a rapporté une forte activité de location au premier trimestre 2025, avec 2,4 millions de pieds carrés de nouveaux baux, dont 1,5 million de pieds carrés de renouvellements et 896 000 pieds carrés de nouveaux baux. Les taux de location ont augmenté de 16,2 % sur une base de liquidités (hors bail de St. Louis), avec des renouvellements en hausse de 15,0 % et de nouveaux baux en hausse de 22,1 %.
L'entreprise a atteint un taux d'occupation total du portefeuille de 94,3 % au 31 mars 2025. Au cours du premier trimestre, Plymouth a acquis six bâtiments industriels totalisant 801 161 pieds carrés pour 65,1 millions de dollars, avec un rendement NOI moyen pondéré de 6,8 %. Ces propriétés sont entièrement louées avec une durée moyenne pondérée restante de bail de 4,4 ans.
Pour 2025, Plymouth a déjà sécurisé des baux pour 4,65 millions de pieds carrés, représentant 56,3 % des expirations totales de 2025, avec des taux de location montrant une augmentation de 21,8 % sur une base de liquidités (hors bail de St. Louis).
Plymouth Industrial REIT (NYSE: PLYM) berichtete von einer starken Vermietungsaktivität im ersten Quartal 2025 mit 2,4 Millionen Quadratfuß neuer Mietverträge, darunter 1,5 Millionen Quadratfuß Verlängerungen und 896.000 Quadratfuß neue Verträge. Die Mietpreise stiegen um 16,2% auf Barbasis (ohne den Vertrag in St. Louis), wobei die Verlängerungen um 15,0% und die neuen Verträge um 22,1% zulegten.
Das Unternehmen erreichte eine Gesamtportfolioauslastung von 94,3% zum 31. März 2025. Im ersten Quartal erwarb Plymouth sechs Industriegebäude mit insgesamt 801.161 Quadratfuß für 65,1 Millionen Dollar mit einer gewichteten durchschnittlichen NOI-Rendite von 6,8%. Diese Immobilien sind zu 100% vermietet und haben eine gewichtete durchschnittliche verbleibende Mietdauer von 4,4 Jahren.
Für 2025 hat Plymouth bereits Mietverträge über 4,65 Millionen Quadratfuß gesichert, was 56,3% der gesamten Abläufe im Jahr 2025 entspricht, wobei die Mietpreise auf Barbasis um 21,8% gestiegen sind (ohne den Vertrag in St. Louis).
- Strong rental rate growth: 16.2% increase on new leases (ex-St. Louis)
- High portfolio occupancy at 94.3%
- Strategic acquisitions of 6 properties at 6.8% NOI yield
- 56.3% of 2025 lease expirations already secured
- 100% occupancy in newly acquired properties
- Lower rental rate growth when including St. Louis lease (9.6% vs 16.2%)
- 70-basis-point negative impact from other leasing activity in Q1
Insights
Plymouth Industrial REIT's Q1 2025 update reveals robust operational performance across multiple fronts. The company achieved
The acquisition of six industrial buildings totaling 801,161 square feet for
The portfolio's same-store occupancy of
While the St. Louis lease somewhat dilutes the overall rental growth statistics (reducing new lease growth from
Announces Details for First Quarter Earnings Conference Call
BOSTON, April 07, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company” or “Plymouth”) provided an activity update for the first quarter of 2025. The Company also announced details for its first quarter earnings conference call and webcast to be held on May 2, 2025.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “Our strong leasing activity in the first quarter underscores the continued demand for well-located, functional industrial space across our markets. Additionally, our acquisition activity remains disciplined and strategic, as we continue to expand our footprint in key logistics hubs with assets that we expect will offer immediate cash flow and long-term value creation.”
Leasing Activity
Leases commencing during the first quarter ended March 31, 2025, all of which have terms of at least six months, totaled an aggregate of 2,437,267 square feet. These leases included 1,540,756 square feet of renewal leases and 896,511 square feet of new leases. Excluding the effect of the previously announced executed two-year lease at our 769,500-square-foot Class A building in St. Louis (the “St. Louis lease”) that commenced on January 15, 2025, rental rates under these leases reflect a
Same store occupancy at March 31, 2025, was
Executed leases that will commence during 2025, all of which have terms of at least six months, totaled an aggregate of 4,652,684 square feet. These leases, which represent
Acquisition Activity
During the first quarter of 2025, Plymouth closed on the acquisition of six industrial buildings totaling 801,161 square feet for a total of
- 263,000 square foot industrial building in Cincinnati, Ohio for
$23.3 million and an initial estimated NOI yield of6.7% . - Madison International’s
98% joint venture interest in a 297,583 square-foot warehouse facility in Atlanta, Georgia with100% occupancy for$23.9 million and an initial estimated NOI yield of6.8% . - The second tranche of the previously announced Cincinnati small bay industrial portfolio consisting of four buildings totaling 240,578 square feet for
$17.9 million and representing an estimated NOI yield of7.0% .
Market Portrait Series
We issued our second Market Portrait with Avison Young highlighting the Memphis industrial market - America’s Distribution Center. The Portrait can be found on our corporate website under Portfolio / Portfolio Map / Memphis.
Known as “America’s Distribution Center,” Memphis’ freight transportation infrastructure connects companies to nearly every major national and international market. Home to the FedEx World SuperHub, Memphis offers local companies an advantage as the cutoff time to drop off packages for next day delivery is later than counterparts in other U.S. cities. The market is served by five Class 1 railroads and is a key market where the eastern railroads CSX and NS can interconnect with western railroads BNSF and UP. In addition, Canadian National offers a key connection from the Gulf Coast to Canada via Memphis. The Memphis region is serviced by six interstate highways, the most significant being I-55 connecting Chicago to New Orleans and I-40 connecting California to North Carolina.
As of December 31, 2024, Memphis was our largest wholly-owned single market position with 63 buildings across approximately 6.4 million square feet.
First Quarter 2025 Earnings Call
The Company plans to issue its earnings release, supplemental financial information and prepared commentary after the market closes on Thursday, May 1, 2025. Plymouth will host a conference call and live audio webcast, both open for the general public to hear, on Friday, May 2, 2025, at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through May 9, 2025, by dialing (877) 344-7529 (international callers: (412) 317-0088) and entering the replay access code, 3304674.
The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.plymouthreit.com. The online replay will be available approximately one hour after the end of the call and archived for one year.
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
Forward-Looking Statements
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements include, but are not limited to, statements regarding future leasing and acquisition activity. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, as well as statements regarding estimated NOI yields, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
| Contact: | ||
| John Wilfong | ||
| SCR Partners | ||
| IR@plymouthreit.com |
FAQ
What was Plymouth Industrial REIT's (PLYM) leasing performance in Q1 2025?
How many properties did PLYM acquire in Q1 2025 and at what cost?
What is PLYM's portfolio occupancy rate as of March 31, 2025?
How much of PLYM's 2025 lease expirations are already secured?
What was PLYM's largest acquisition in Q1 2025?
