Plymouth Industrial REIT Provides Activity Update for Fourth Quarter 2024
Plymouth Industrial REIT (NYSE: PLYM) provided an activity update for Q4 2024 and announced details for its earnings conference call on February 27, 2025. The company reported a strong finish to 2024, with cash rental rate increases of 17.4% in its Consolidated Portfolio. Q4 leasing activity totaled 1,467,245 square feet, with a 19.5% increase in rental rates on a cash basis. Same-store occupancy was 95.7%, and total portfolio occupancy was 92.5% at year-end, impacted by tenancy issues in Cleveland and new acquisitions in Cincinnati.
For 2024, Plymouth executed leases totaling 5,827,136 square feet, including renewal and new leases, reflecting a 17.3% increase in rental rates on a cash basis. A significant lease agreement was reached for a 769,500-square-foot Class A industrial building in St. Louis with a major logistics service provider.
Plymouth acquired a Cincinnati portfolio for $20.1 million, with an anticipated initial NOI yield of 6.8%. A second tranche, under contract for $17.9 million, is expected to close in Q1 2025. The Sixth Street Joint Venture saw Plymouth contributing equity interests in 34 properties for $356.6 million.
The Q4 earnings call is scheduled for February 27, 2025, at 9:00 a.m. ET, with a replay available until March 6, 2025.
Plymouth Industrial REIT (NYSE: PLYM) ha fornito un aggiornamento sulle attività per il Q4 2024 e ha annunciato i dettagli della sua conference call sugli utili del 27 febbraio 2025. L'azienda ha riportato una forte chiusura del 2024, con un aumento del tasso di affitto in contante del 17,4% nel suo Portafoglio Consolidato. L'attività di locazione del Q4 ha totalizzato 1.467.245 piedi quadrati, con un incremento del 19,5% dei tassi di affitto su base di cassa. L'occupazione allo stesso negozio era del 95,7%, e l'occupazione totale del portafoglio era del 92,5% a fine anno, influenzata da problemi di locazione a Cleveland e nuove acquisizioni a Cincinnati.
Per il 2024, Plymouth ha stipulato contratti di locazione totali per 5.827.136 piedi quadrati, comprese rinnovazioni e nuovi contratti, riflettendo un aumento del 17,3% dei tassi di affitto su base di cassa. È stato raggiunto un importante accordo di locazione per un edificio industriale di classe A di 769.500 piedi quadrati a St. Louis con un importante fornitore di servizi logistici.
Plymouth ha acquisito un portafoglio a Cincinnati per 20,1 milioni di dollari, con un rendimento iniziale di NOI anticipato del 6,8%. Una seconda tranche, in contratto per 17,9 milioni di dollari, è prevista per concludersi nel Q1 2025. La Joint Venture di Sixth Street ha visto Plymouth contribuire con interessi azionari in 34 proprietà per 356,6 milioni di dollari.
La conference call sugli utili del Q4 è programmata per il 27 febbraio 2025, alle 9:00 ET, con una registrazione disponibile fino al 6 marzo 2025.
Plymouth Industrial REIT (NYSE: PLYM) proporcionó una actualización de actividades para el Q4 2024 y anunció detalles sobre su llamada de conferencia de ganancias el 27 de febrero de 2025. La empresa reportó un fuerte cierre del 2024, con aumentos en la tasa de alquiler en efectivo del 17,4% en su Portafolio Consolidado. La actividad de arrendamiento del Q4 totalizó 1.467.245 pies cuadrados, con un incremento del 19,5% en las tasas de alquiler en términos de efectivo. La ocupación en tiendas comparables fue del 95,7%, y la ocupación total del portafolio fue del 92,5% al final del año, afectada por problemas de arrendamiento en Cleveland y nuevas adquisiciones en Cincinnati.
Para el 2024, Plymouth ejecutó contratos de arrendamiento por un total de 5.827.136 pies cuadrados, incluidas renovaciones y nuevos contratos, reflejando un aumento del 17,3% en las tasas de alquiler en efectivo. Se alcanzó un acuerdo de arrendamiento significativo para un edificio industrial de Clase A de 769.500 pies cuadrados en St. Louis con un importante proveedor de servicios logísticos.
Plymouth adquirió un portafolio en Cincinnati por 20,1 millones de dólares, con un rendimiento inicial de NOI anticipado del 6,8%. Se espera que una segunda tanda, bajo contrato por 17,9 millones de dólares, se cierre en el Q1 2025. La Joint Venture de Sixth Street vio a Plymouth contribuir con intereses de capital en 34 propiedades por 356,6 millones de dólares.
La llamada de ganancias del Q4 está programada para el 27 de febrero de 2025, a las 9:00 a.m. ET, con una repetición disponible hasta el 6 de marzo de 2025.
Plymouth Industrial REIT (NYSE: PLYM)은 2024년 4분기 활동 업데이트를 제공하고 2025년 2월 27일에 예정된 실적 컨퍼런스 콜에 대한 세부 정보를 발표했습니다. 이 회사는 2024년을 강력하게 마감했으며, 통합 포트폴리오에서 현금 임대료가 17.4% 증가했다고 보고했습니다. 4분기 임대 활동은 1,467,245 평방피트를 기록했으며 현금 기준으로 임대료는 19.5% 증가했습니다. 동종 매장 점유율은 95.7%였고, 연말 포트폴리오 점유율은 92.5%로, 클리블랜드의 세입자 문제와 신시내티의 신규 인수에 의해 영향을 받았습니다.
2024년 동안 Plymouth는 5,827,136 평방피트에 대한 임대 계약을 체결했으며, 이에는 갱신 및 신규 계약이 포함되어 있으며, 현금 기준으로 임대료는 17.3% 증가했습니다. 세인트루이스에 있는 769,500 평방피트 규모의 A등급 산업 건물에 대해 주요 물류 서비스 제공업체와 중요한 임대 계약이 체결되었습니다.
Plymouth는 2010만 달러에 신시내티 포트폴리오를 인수했으며, 예상 초기 NOI 수익률은 6.8%입니다. 두 번째 트랜치는 1790만 달러에 진행 중이며, 2025년 1분기에 마감될 것으로 기대됩니다. Sixth Street 합작 투자에서는 Plymouth가 3억5660만 달러에 34개 자산에 대한 지분을 기여했습니다.
4분기 실적 발표는 2025년 2월 27일 오전 9시에 예정되어 있으며, 2025년 3월 6일까지 재생이 가능합니다.
Plymouth Industrial REIT (NYSE: PLYM) a fourni une mise à jour d'activité pour le T4 2024 et a annoncé les détails de sa conférence téléphonique sur les résultats le 27 février 2025. L'entreprise a rapporté une solide conclusion pour 2024, avec une augmentation de 17,4% des taux de loyer en espèces dans son Portefeuille Consolidé. L'activité de location du T4 a totalisé 1.467.245 pieds carrés, avec une augmentation de 19,5% des taux de loyer sur une base de liquidités. L'occupation des mêmes magasins était de 95,7% et l'occupation totale du portefeuille était de 92,5% à la fin de l'année, impactée par des problèmes de location à Cleveland et de nouvelles acquisitions à Cincinnati.
Pour 2024, Plymouth a exécuté des baux totalisant 5.827.136 pieds carrés, y compris des renouvellements et de nouveaux baux, ce qui reflète une augmentation de 17,3% des taux de loyer sur une base de liquidités. Un accord de location significatif a été conclu pour un bâtiment industriel de classe A de 769.500 pieds carrés à St. Louis avec un important fournisseur de services logistiques.
Plymouth a acquis un portefeuille à Cincinnati pour 20,1 millions de dollars, avec un rendement initial des NOI anticipé de 6,8%. Une deuxième tranche, sous contrat pour 17,9 millions de dollars, devrait se clôturer au T1 2025. Le partenariat Joint Venture de Sixth Street a vu Plymouth contribuer des intérêts en actions dans 34 propriétés pour 356,6 millions de dollars.
La conférence téléphonique sur les résultats du T4 est prévue pour le 27 février 2025 à 9h00 ET, avec une rediffusion disponible jusqu'au 6 mars 2025.
Plymouth Industrial REIT (NYSE: PLYM) hat ein Aktivitätsupdate für das Q4 2024 bereitgestellt und Details zu seiner Ergebnis-Konferenzschaltung am 27. Februar 2025 bekannt gegeben. Das Unternehmen meldete einen starken Abschluss für 2024, mit einem Anstieg der Barkaltmieten um 17,4% in seinem Konsolidierten Portfolio. Die Leasing-Aktivität im Q4 belief sich auf 1.467.245 Quadratfuß, mit einem Anstieg der Mietpreise um 19,5% auf Bargeldbasis. Die Belegung der gleichen Geschäfte betrug 95,7%, und die Gesamtbelegung des Portfolios lag zum Jahresende bei 92,5%, beeinflusst durch Mietprobleme in Cleveland und neue Akquisitionen in Cincinnati.
Für 2024 schloss Plymouth Mietverträge über insgesamt 5.827.136 Quadratfuß ab, einschließlich Verlängerungen und neuen Mietverträgen, was einem Anstieg der Mietpreise um 17,3% auf Bargeldbasis entspricht. Ein bedeutender Mietvertrag wurde für ein 769.500 Quadratfuß großes Industriegebäude der Klasse A in St. Louis mit einem großen Logistikdienstleister unterzeichnet.
Plymouth hat ein Portfolio in Cincinnati für 20,1 Millionen Dollar erworben, mit einer erwarteten anfänglichen NOI-Rendite von 6,8%. Eine zweite Tranche, die für 17,9 Millionen Dollar unter Vertrag steht, wird voraussichtlich im Q1 2025 abgeschlossen. Das Joint Venture Sixth Street sah Plymouth, das Eigenkapitalinteressen an 34 Immobilien für 356,6 Millionen Dollar beisteuerte.
Die Q4-Ergebnispräsentation ist für den 27. Februar 2025 um 9:00 Uhr ET angesetzt, mit einer Wiederholung, die bis zum 6. März 2025 verfügbar ist.
- Cash rental rate increases of 17.4% in 2024.
- Q4 leasing activity totaled 1,467,245 square feet with a 19.5% increase in rental rates.
- Same-store occupancy at 95.7% at year-end.
- Executed leases totaling 5,827,136 square feet in 2024, reflecting a 17.3% rental rate increase.
- Acquired Cincinnati portfolio for $20.1 million with a 6.8% anticipated initial NOI yield.
- Second tranche of Cincinnati portfolio under contract for $17.9 million with a 7.3% anticipated initial yield.
- Significant lease agreement for 769,500 square feet in St. Louis.
- Total portfolio occupancy at 92.5%, impacted by tenancy issues in Cleveland.
- Net leasing activity caused a 70-basis-point negative impact on portfolio occupancy.
Insights
The Q4 2024 update reveals strong operational performance in Plymouth Industrial REIT's portfolio. The
The total portfolio occupancy of
The Cincinnati portfolio acquisition strategy focusing on multi-tenant, small-bay industrial properties diversifies tenant risk and provides stable cash flows with
The industrial real estate sector dynamics are clearly reflected in Plymouth's performance metrics. The
The Chicago portfolio restructuring through the Sixth Street Joint Venture optimizes capital structure while maintaining operational control. This partnership model could become increasingly important as REITs seek to leverage institutional capital while managing inflation and interest rate pressures. The
Announces Details for Fourth Quarter Earnings Conference Call
BOSTON, Jan. 10, 2025 (GLOBE NEWSWIRE) -- —(January 10, 2025) Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company” or “Plymouth”) provided an activity update for the fourth quarter of 2024. The Company also announced details for its fourth quarter earnings conference call and webcast to be held on February 27, 2025.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “We had a strong finish to 2024 with cash rental rate increases of
Leasing Activity
Leases commencing during the fourth quarter ended December 31, 2024, all of which have terms of at least six months, totaled an aggregate of 1,467,245 square feet. These leases include 1,042,732 square feet of renewal leases and 424,513 square feet of new leases. Rental rates under these leases reflect a
Executed leases commencing during 2024, all of which had terms of at least six months, totaled an aggregate of 5,827,136 square feet. These leases, which represent
Plymouth has agreed to terms on a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri. The lease is for 600,000 square feet during the first year and 450,000 square feet during the second year with a major international logistics service provider. The Company expects this lease to be signed in January with expected commencement upon execution. While the prospective tenant has expansion rights into the balance of the space during their term, Plymouth is diligently marketing the property to fill the remainder of the building.
Acquisition Activity
During the fourth quarter of 2024, Plymouth acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for
Sixth Street Joint Venture
On November 13, 2024, Plymouth Industrial OP, LP completed the previously announced contribution of
Fourth Quarter 2024 Earnings Call
The Company plans to issue its earnings release, supplemental financial information and prepared commentary after the market closes on Wednesday, February 26, 2025. Plymouth will host a conference call and live audio webcast, both open for the general public to hear, on Thursday, February 27, 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 March 6, 2025, by dialing (877) 344-7529 and entering the replay access code, 9572499.
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, 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
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