Plymouth Industrial REIT Reports Fourth Quarter Results
Plymouth Industrial REIT (NYSE: PLYM) has reported its Q4 and full-year 2024 financial results. Key highlights include Q4 net income of $3.25 per share and Core FFO of $0.46 per unit. Same-store NOI increased 1.1% on a GAAP basis in Q4 2024.
The company completed significant transactions including: forming a $356.6M joint venture with Sixth Street Partners involving 34 Chicago properties, securing a $600M amended unsecured credit facility, and acquiring Cincinnati properties for $20.1M. The board authorized a $90M share repurchase program.
Leasing performance showed strength with Q4 commenced leases experiencing a 19.4% increase in rental rates. The company's portfolio consisted of 129 industrial properties across eleven states, totaling 29.3M square feet, with 92.5% occupancy as of December 2024. Management issued 2025 guidance with Core FFO projected at $1.85-$1.89 per unit.
Plymouth Industrial REIT (NYSE: PLYM) ha riportato i risultati finanziari del Q4 e dell'intero anno 2024. I punti salienti includono un reddito netto nel Q4 di $3,25 per azione e un Core FFO di $0,46 per unità. Il NOI delle stesse proprietà è aumentato dell'1,1% su base GAAP nel Q4 2024.
L'azienda ha completato transazioni significative, tra cui: la formazione di una joint venture da $356,6 milioni con Sixth Street Partners che coinvolge 34 proprietà a Chicago, l'ottenimento di una linea di credito non garantita modificata da $600 milioni e l'acquisizione di proprietà a Cincinnati per $20,1 milioni. Il consiglio ha autorizzato un programma di riacquisto di azioni da $90 milioni.
Le performance di leasing hanno mostrato forza, con i contratti di locazione avviati nel Q4 che hanno registrato un aumento del 19,4% nei tassi di affitto. Il portafoglio dell'azienda comprendeva 129 proprietà industriali in undici stati, per un totale di 29,3 milioni di piedi quadrati, con un'occupazione del 92,5% a dicembre 2024. La direzione ha emesso previsioni per il 2025 con un Core FFO previsto tra $1,85 e $1,89 per unità.
Plymouth Industrial REIT (NYSE: PLYM) ha reportado sus resultados financieros del cuarto trimestre y del año completo 2024. Los aspectos destacados incluyen un ingreso neto en el cuarto trimestre de $3,25 por acción y un Core FFO de $0,46 por unidad. El NOI de las mismas propiedades aumentó un 1,1% en base GAAP en el cuarto trimestre de 2024.
La compañía completó transacciones significativas, incluyendo: la formación de una joint venture de $356,6 millones con Sixth Street Partners que involucra 34 propiedades en Chicago, asegurando una línea de crédito no garantizada enmendada de $600 millones, y la adquisición de propiedades en Cincinnati por $20,1 millones. La junta autorizó un programa de recompra de acciones de $90 millones.
El desempeño de arrendamiento mostró fortaleza, con los arrendamientos iniciados en el cuarto trimestre experimentando un aumento del 19,4% en las tarifas de alquiler. El portafolio de la compañía consistía en 129 propiedades industriales en once estados, totalizando 29,3 millones de pies cuadrados, con una ocupación del 92,5% a diciembre de 2024. La dirección emitió orientación para 2025 con un Core FFO proyectado entre $1,85 y $1,89 por unidad.
플리머스 산업 REIT (NYSE: PLYM)는 2024년 4분기 및 전체 연도 재무 결과를 보고했습니다. 주요 하이라이트에는 4분기 주당 순이익 $3.25와 단위당 Core FFO $0.46이 포함됩니다. 동일 매장 NOI는 2024년 4분기 GAAP 기준으로 1.1% 증가했습니다.
회사는 34개의 시카고 부동산과 관련된 $356.6M의 공동 투자 형성, $600M의 수정된 무담보 신용 시설 확보, 그리고 $20.1M에 신시내티 부동산 인수 등 중요한 거래를 완료했습니다. 이사회는 $90M의 자사주 매입 프로그램을 승인했습니다.
임대 성과는 강세를 보였으며, 4분기 개시된 임대 계약은 임대료가 19.4% 증가했습니다. 회사의 포트폴리오는 11개 주에 걸쳐 129개의 산업 부동산으로 구성되어 있으며, 총 면적은 29.3M 제곱피트로, 2024년 12월 기준으로 점유율은 92.5%입니다. 경영진은 2025년 가이던스를 발표했으며, Core FFO는 단위당 $1.85-$1.89로 예상됩니다.
Plymouth Industrial REIT (NYSE: PLYM) a publié ses résultats financiers pour le quatrième trimestre et l'année complète 2024. Les points clés incluent un revenu net de 3,25 $ par action au quatrième trimestre et un Core FFO de 0,46 $ par unité. Le NOI des mêmes propriétés a augmenté de 1,1 % sur une base GAAP au quatrième trimestre 2024.
L'entreprise a réalisé des transactions significatives, notamment : la création d'un partenariat de 356,6 millions de dollars avec Sixth Street Partners impliquant 34 propriétés à Chicago, la sécurisation d'une ligne de crédit non garantie amendée de 600 millions de dollars, et l'acquisition de propriétés à Cincinnati pour 20,1 millions de dollars. Le conseil a autorisé un programme de rachat d'actions de 90 millions de dollars.
Les performances de location ont montré de la force avec des baux commencés au quatrième trimestre ayant connu une augmentation de 19,4 % des taux de location. Le portefeuille de l'entreprise se composait de 129 propriétés industrielles dans onze États, totalisant 29,3 millions de pieds carrés, avec un taux d'occupation de 92,5 % en décembre 2024. La direction a publié des prévisions pour 2025 avec un Core FFO projeté entre 1,85 $ et 1,89 $ par unité.
Plymouth Industrial REIT (NYSE: PLYM) hat seine finanziellen Ergebnisse für das 4. Quartal und das gesamte Jahr 2024 veröffentlicht. Zu den wichtigsten Highlights gehören ein Nettogewinn im 4. Quartal von 3,25 $ pro Aktie und ein Core FFO von 0,46 $ pro Einheit. Der NOI der gleichen Immobilien stieg im 4. Quartal 2024 um 1,1% auf GAAP-Basis.
Das Unternehmen hat bedeutende Transaktionen abgeschlossen, darunter: die Gründung eines Joint Ventures über 356,6 Millionen USD mit Sixth Street Partners, das 34 Immobilien in Chicago umfasst, die Sicherstellung einer geänderten unbesicherten Kreditfazilität über 600 Millionen USD und den Erwerb von Immobilien in Cincinnati für 20,1 Millionen USD. Der Vorstand genehmigte ein Aktienrückkaufprogramm über 90 Millionen USD.
Die Leasing-Leistung zeigte Stärke, wobei die im 4. Quartal begonnenen Mietverträge einen Anstieg der Mietpreise um 19,4% verzeichneten. Das Portfolio des Unternehmens bestand aus 129 Industrieimmobilien in elf Bundesstaaten mit einer Gesamtfläche von 29,3 Millionen Quadratfuß und einer Auslastung von 92,5% im Dezember 2024. Das Management gab eine Prognose für 2025 heraus, mit einem Core FFO, das auf 1,85 $ bis 1,89 $ pro Einheit geschätzt wird.
- Net income increased to $3.25 per share in Q4 2024 from $0.20 in Q4 2023
- 19.4% increase in Q4 rental rates on cash basis
- Secured $600M amended unsecured credit facility with expanded capacity
- $356.6M strategic joint venture with Sixth Street Partners
- 92.5% portfolio occupancy rate
- 17.1% increase in rental rates for full-year 2024
- Q4 revenues declined to $47.6M from $50.8M year-over-year
- Q4 NOI decreased to $33.2M from $35.6M year-over-year
- Core FFO per share decreased to $0.46 in Q4 2024 from $0.47 in Q4 2023
- Projected net loss of $0.26 to $0.23 per share for 2025
Insights
Plymouth Industrial REIT's Q4 2024 results reveal a company strategically repositioning itself while capturing significant rent growth in its industrial portfolio. The headline $3.25 EPS was primarily driven by the $136.8 million gain from contributing 34 Chicago properties to a new joint venture with Sixth Street Partners at a $356.6 million valuation. While this transaction boosted short-term results, the long-term strategic benefits are more nuanced.
The company's Core FFO of $0.46 per share slightly declined year-over-year, reflecting the temporary dilutive impact of the joint venture structure. However, this transaction significantly strengthens Plymouth's balance sheet flexibility by reducing leverage and enhancing liquidity through its newly expanded $600 million unsecured credit facility. With approximately $457 million available on its credit line, Plymouth now has substantial dry powder for opportunistic acquisitions.
The most compelling aspect of Plymouth's performance is its leasing economics. Renewal leases in Q4 achieved 12.6% cash rent increases while new leases secured an impressive 30.2% premium, demonstrating strong pricing power in its markets. With nearly one-third of leases expiring over the next two years, this embedded mark-to-market opportunity represents significant organic growth potential that isn't fully reflected in the modest 1.1% same-store NOI growth.
The company's recent Cincinnati acquisition at a 6.8% initial yield appears accretive given Plymouth's cost of capital, and the follow-on tranche at 7.3% further enhances returns. These small-bay industrial properties typically command higher yields and offer greater rent growth potential than larger distribution facilities.
Management's $90 million share repurchase authorization (approximately 12% of market cap) signals confidence that shares are undervalued relative to private market values for industrial assets. This capital allocation flexibility, combined with 2025 FFO guidance of $1.85-$1.89 (modest growth from 2024's $1.83), positions Plymouth to generate attractive risk-adjusted returns as it continues optimizing its industrial portfolio focused on the logistics-intensive "Golden Triangle" region.
BOSTON, Feb. 26, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (–“Plymouth” or the “Company”) today announced its financial results for the fourth quarter, fiscal year ended December 31, 2024 and other recent developments.
Fourth Quarter, Full Year 2024 and Subsequent Highlights
- Reported results for the fourth quarter of 2024 reflect net income attributable to common stockholders of
$3.25 per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of$0.46 per weighted average common share and units; and Adjusted FFO (“AFFO”) of$0.40 per weighted average common share and units. Reported results for the full year 2024 reflect net income attributable to common stockholders of$3.06 per weighted average common share; Core FFO of$1.83 per weighted average common share and units; and AFFO of$1.74 per weighted average common share and units. - Same store NOI (“SS NOI”) increased
1.1% on a GAAP basis excluding early termination income for the fourth quarter compared with the same period in 2023; where it decreased0.5% on a cash basis excluding early termination income. SS NOI increased1.5% on a GAAP basis excluding early termination income for 2024 compared with the same period in 2023; where it increased4.1% on a cash basis excluding early termination income. - Commenced leases during the fourth quarter experienced a
19.4% increase in rental rates on a cash basis from leases greater than six months. Commenced leases during the full year 2024 experienced a17.1% increase in rental rates on a cash basis from leases greater than six months. Through February 24, 2025, executed leases scheduled to commence during 2025, excluding leases associated with new construction, total an aggregate of 4,276,832 square feet, all of which are associated with terms of at least six months. The Company will experience a12.7% increase in rental rates on a cash basis from these leases. - On November 6, entered into a
$600 million amended and restated unsecured credit facility that provides expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt. - On November 13, completed the previously announced contribution of 34 properties located in and around the Chicago MSA to a joint venture with Sixth Street Partners, LLC for a total purchase price of
$356.6 million . - On December 19, acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio totaling 258,082 square feet for
$20.1 million , which equates to an anticipated initial NOI yield of6.8% . - On February 5, 2025, sold a 33,688-square-foot flex building in Memphis, TN to an end user at a price of
$2.4 million . The building was part of a portfolio acquired in July 2024 for$100.5 million . - On February 26, 2025, the board of directors of the Company authorized a share repurchase program for up to an aggregate amount of
$90.0 million of the Company’s outstanding common stock. - Issued full year 2025 guidance ranges for net loss per weighted average common share of
$0.26 t o$0.23 and Core FFO of$1.85 t o$1.89 per weighted average common share and units along with accompanying assumptions.
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth, noted, “During 2024, our focus on driving organic growth through leasing and improved property operations resulted in a
Financial Results for the Fourth Quarter of 2024
On November 13, 2024, Plymouth Industrial OP, LP completed the previously announced contribution of
Net income attributable to common stockholders for the quarter ended December 31, 2024 was
Consolidated total revenues for the quarter ended December 31, 2024 were
NOI for the quarter ended December 31, 2024 was
EBITDAre for the quarter ended December 31, 2024 was
Core FFO for the quarter ended December 31, 2024 was
AFFO for the quarter ended December 31, 2024 was
See “Non-GAAP Financial Measures” for complete definitions of NOI, EBITDAre, Core FFO and AFFO and the financial tables accompanying this press release for reconciliations of net income to NOI, EBITDAre, Core FFO and AFFO.
Liquidity and Capital Markets Activity
As of February 24, 2025, the Company’s current cash balance was approximately
As previously disclosed, on November 6, 2024, Plymouth entered into a
The new unsecured credit facility is comprised of a revolving credit facility that expanded from
Quarterly Distributions to Stockholders
On January 31, 2025, the Company paid a regular quarterly common stock dividend of
Investment and Disposition Activity
As of December 31, 2024, the Company had wholly-owned real estate investments consisting of 129 industrial properties located in eleven states with an aggregate of approximately 29.3 million rentable square feet.
During the fourth quarter of 2024, the Company acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for
Sixth Street Chicago Joint Venture and Related Transactions
On November 13, 2024, Plymouth Industrial OP, LP completed the Sixth Street Joint Venture for a total purchase price of
As previously disclosed, in August 2024, the Company, through its Operating Partnership, issued 60,910 Non-Convertible Cumulative Series C Preferred Units (“Series C Preferred Units”) and, at a later date, will sell additional 79,090 Series C Preferred Units at a price 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 1,532,105 square feet. These leases include 1,042,732 square feet of renewal leases and 489,373 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
The Company has executed a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri that commenced on January 15, 2025. 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. This deal was done on an “as is” basis with no abatements making it very attractive from a net lease rate perspective. While we continue to actively market the balance of the building, we are also working with our new tenant on expansion options.
Through February 24, 2025, the Company has already executed 3,876,323 square feet of leases that will commence during 2025, or
Of the 3,683,898 square feet of 2025 lease expirations, the largest remaining spaces include 624,159 square feet in St. Louis, which we are expecting to renew, and 772,450 square feet in Columbus, which is expected to downsize or vacate. A 300,000-square-foot replacement tenant has been identified in Columbus, which we expect to have executed in the near-term.
Guidance for 2025
Plymouth issued its full year 2025 guidance ranges for net income and Core FFO per weighted average common share and units and its accompanying assumptions, which can be found in the tables below.
| (Dollars, shares and units in thousands, except per-share amounts) | Full Year 2025 Range1 | ||||||
| Low | High | ||||||
| Core FFO attributable to common stockholders and unit holder per share | $ | 1.85 | $ | 1.89 | |||
| Same Store Portfolio NOI growth – cash basis2 | |||||||
| Average Same Store Portfolio occupancy – full year | |||||||
| Acquisition Volume | $ | 270,000 | $ | 450,000 | |||
| General and administrative expenses3 | $ | 16,450 | $ | 15,850 | |||
| Interest expense, net | $ | 32,000 | $ | 36,500 | |||
| Weighted average common shares and units outstanding4 | 46,051 | 46,051 | |||||
| Reconciliation of net income attributable to common stockholders and unit holders per share to Core FFO guidance: | |||||||
| Full Year 2025 Range1,2,3 | |||||||
| Low | High | ||||||
| Net loss | $ | (0.26) | $ | (0.23) | |||
| Real estate depreciation & amortization | 1.66 | 1.67 | |||||
| Series C Preferred dividend5 | (0.19) | (0.19) | |||||
| Proportionate share of Core FFO from unconsolidated joint ventures6 | 0.64 | 0.64 | |||||
| Core FFO | $ | 1.85 | $ | 1.89 | |||
| 1 | Our 2025 guidance refers to the Company's in-place portfolio as of February 26, 2025, and includes prospective acquisition volumes as outlined above. Our 2025 guidance does not include the impact of any prospective dispositions or capitalization activities. |
| 2 | The Same Store Portfolio consists of 168 buildings aggregating 26,107,300 rentable square feet, representing approximately |
| 3 | Includes non-cash stock compensation of |
| 4 | As of February 26, 2025, the Company has 46,041,197 common shares and units outstanding. |
| 5 | Series C Preferred dividend includes cash and accrued (PIK) dividends at an annualized rate of |
| 6 | Proportionate share of Core FFO from unconsolidated joint ventures adjusts for the Hypothetical Liquidation of Book Value (“HLBV”) calculation and resulting net loss on investment of unconsolidated joint ventures recognized within the Statements of Operations and adds back the Company's proportionate share of Core FFO from the unconsolidated joint ventures. |
Earnings Conference Call and Webcast
The Company 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 Company has posted supplemental financial information on the fourth quarter results and prepared commentary that it will reference during the conference call. The supplemental information can be found under Financial Results on the Company’s Investor Relations page. 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 activity and expectations for the timing of the closing of the Sixth Street Chicago Joint Venture. 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; the closing of the Cincinnati portfolio; the expectation that certain leases will renew in 2025; predictions related to increases in rental rates; the execution of leases for newly identified tenants; and the number ranges presented in our 2025 guidance, 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.
| PLYMOUTH INDUSTRIAL REIT, INC. | |||||||
| CONSOLIDATED BALANCE SHEETS | |||||||
| UNAUDITED | |||||||
| (In thousands, except share and per share amounts) | |||||||
| December 31, | December 31, | ||||||
| 2024 | 2023 | ||||||
| Assets | |||||||
| Real estate properties | $ | 1,418,305 | $ | 1,567,866 | |||
| Less: accumulated depreciation | (261,608 | ) | (268,046 | ) | |||
| Real estate properties, net | 1,156,697 | 1,299,820 | |||||
| Cash | 17,546 | 14,493 | |||||
| Cash held in escrow | 1,964 | 4,716 | |||||
| Restricted cash | 24,117 | 6,995 | |||||
| Investment of unconsolidated joint ventures | 62,377 | - | |||||
| Deferred lease intangibles, net | 41,677 | 51,474 | |||||
| Interest rate swaps | 17,760 | 21,667 | |||||
| Other assets | 42,622 | 42,734 | |||||
| Forward contract asset | 3,658 | - | |||||
| Total assets | $ | 1,368,418 | $ | 1,441,899 | |||
| Liabilities, Redeemable Non-controlling Interest and Equity | |||||||
| Liabilities: | |||||||
| Secured debt, net | 175,980 | 266,887 | |||||
| Unsecured debt, net | 447,741 | 447,990 | |||||
| Borrowings under line of credit | 20,000 | 155,400 | |||||
| Accounts payable, accrued expenses and other liabilities | 83,827 | 73,904 | |||||
| Warrant liability | 45,908 | - | |||||
| Deferred lease intangibles, net | 5,026 | 6,044 | |||||
| Interest rate swaps | 520 | 1,161 | |||||
| Financing lease liability | 2,297 | 2,271 | |||||
| Total liabilities | 781,299 | 953,657 | |||||
| Redeemable non-controlling interest - Series C Preferred Units | $ | 1,259 | $ | - | |||
| Equity: | |||||||
| Common stock, | 454 | 452 | |||||
| Additional paid in capital | 604,839 | 644,938 | |||||
| Accumulated deficit | (43,262 | ) | (182,606 | ) | |||
| Accumulated other comprehensive income | 17,517 | 20,233 | |||||
| Total stockholders' equity | 579,548 | 483,017 | |||||
| Non-controlling interest | 6,312 | 5,225 | |||||
| Total equity | 585,860 | 488,242 | |||||
| Total liabilities, redeemable non-controlling interest and equity | $ | 1,368,418 | $ | 1,441,899 | |||
| PLYMOUTH INDUSTRIAL REIT, INC. | |||||||||||||||
| CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||
| UNAUDITED | |||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Rental revenue | $ | 47,292 | $ | 50,754 | $ | 197,563 | $ | 199,760 | |||||||
| Management fee revenue and other income | 278 | 30 | 792 | 88 | |||||||||||
| Total revenues | 47,570 | 50,784 | 198,355 | 199,848 | |||||||||||
| Operating expenses: | |||||||||||||||
| Property | 14,133 | 15,144 | 61,718 | 62,542 | |||||||||||
| Depreciation and amortization | 21,004 | 22,793 | 85,729 | 92,891 | |||||||||||
| General and administrative | 3,938 | 4,318 | 14,764 | 14,904 | |||||||||||
| Total operating expenses | 39,075 | 42,255 | 162,211 | 170,337 | |||||||||||
| Other income (expense): | |||||||||||||||
| Interest expense | (8,044 | ) | (9,686 | ) | (37,412 | ) | (38,278 | ) | |||||||
| Loss in investment of unconsolidated joint ventures | (5,145 | ) | - | (5,145 | ) | - | |||||||||
| Loss on extinguishment of debt | (269 | ) | - | (269 | ) | (72 | ) | ||||||||
| Gain on sale of real estate | 136,751 | 10,534 | 145,396 | 22,646 | |||||||||||
| Gain on financing transaction | 21,317 | - | 6,660 | - | |||||||||||
| Loss on interest rate swap | (481 | ) | - | (481 | ) | - | |||||||||
| Unrealized loss from interest rate swap | (39 | ) | - | (39 | ) | - | |||||||||
| Total other income (expense) | 144,090 | 848 | 108,710 | (15,704 | ) | ||||||||||
| Income before income tax provision | 152,585 | 9,377 | 144,854 | 13,807 | |||||||||||
| Income tax provision | (2,487 | ) | - | (2,487 | ) | - | |||||||||
| Net income (loss) | 150,098 | 9,377 | 142,367 | 13,807 | |||||||||||
| Less: Net income (loss) attributable to non-controlling interest | 1,608 | 101 | 1,520 | 147 | |||||||||||
| Less: Net income (loss) attributable to redeemable non-controlling interest - Series C Preferred Units | 1,077 | - | 1,503 | - | |||||||||||
| Net income (loss) attributable to Plymouth Industrial REIT, Inc. | 147,413 | 9,276 | 139,344 | 13,660 | |||||||||||
| Less: Preferred Stock dividends | - | - | - | 2,509 | |||||||||||
| Less: Loss on extinguishment/redemption of Series A Preferred Stock | - | - | - | 2,023 | |||||||||||
| Less: Amount allocated to participating securities | 1,201 | 84 | 1,478 | 337 | |||||||||||
| Net income (loss) attributable to common stockholders | $ | 146,212 | $ | 9,192 | $ | 137,866 | $ | 8,791 | |||||||
| Net income (loss) per share attributable to common stockholders - basic | $ | 3.25 | $ | 0.20 | $ | 3.06 | $ | 0.20 | |||||||
| Net income (loss) per share attributable to common stockholders - diluted | $ | 3.24 | $ | 0.20 | $ | 3.06 | $ | 0.20 | |||||||
| Weighted-average common shares outstanding - basic | 45,019,511 | 44,879,341 | 44,989,288 | 43,554,504 | |||||||||||
| Weighted-average common shares outstanding - diluted | 45,098,914 | 44,992,450 | 45,046,432 | 43,631,693 | |||||||||||
Non-GAAP Financial Measures
Net Operating Income (NOI): We consider net operating income, or NOI, to be an appropriate supplemental measure to net income in that it helps both investors and management understand the core operations of our properties. We define NOI as total revenue (including rental revenue and tenant recoveries) less property-level operating expenses. NOI excludes depreciation and amortization, income tax provision, general and administrative expenses, impairments, loss in investment of unconsolidated joint ventures, gain or losses on sale of real estate, interest expense, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rate swap, appreciation (depreciation) of warrants and other non-operating items.
EBITDAre: We define earnings before interest, taxes, depreciation and amortization for real estate in accordance with the standards established by the National Association of Real Estate Investment Trusts (“NAREIT”). EBITDAre represents net income (loss), computed in accordance with GAAP, before interest expense, income tax provision, depreciation and amortization, gain on sale of real estate, appreciation (depreciation) of warrants, impairments, gain on financing transaction, loss on interest rate swap, unrealized loss from interest rate swap and loss on extinguishment of debt. Our proportionate share of EBITDAre for unconsolidated joint ventures is calculated to reflect EBITDAre on the same basis. We believe that EBITDAre is helpful to investors as a supplemental measure of our operating performance as a real estate company as it is a direct measure of the actual operating results of our industrial properties.
Funds from Operations (“FFO”): Funds from operations, or FFO, is a non-GAAP financial measure that is widely recognized as a measure of a REIT’s operating performance, thereby, providing investors the potential to compare our operating performance with that of other REITs. We consider FFO to be an appropriate supplemental measure of our operating performance as it is based on a net income analysis of property portfolio performance that excludes non-cash items such as depreciation. The historical accounting convention used for real estate assets requires straight-line depreciation of buildings and improvements, which implies that the value of real estate assets diminishes predictably over time. Since real estate values rise and fall with market conditions, presentations of operating results for a REIT, using historical accounting for depreciation, could be less informative. In December 2018, NAREIT issued a white paper restating the definition of FFO. The purpose of the restatement was not to change the fundamental definition of FFO, but to clarify existing NAREIT guidance. The restated definition of FFO is as follows: Net Income (Loss) (calculated in accordance with GAAP), excluding: (i) Depreciation and amortization related to real estate, (ii) Gains and losses from the sale of certain real estate assets, (iii) Gain and losses from change in control, and (iv) Impairment write-downs of certain real estate assets and investments in entities when the impairment is directly attributable to decreases in the value of depreciable real estate held by the entity.
We define FFO, consistent with the NAREIT definition. Adjustments for unconsolidated partnerships and joint ventures will be calculated to reflect FFO on the same basis. Other equity REITs may not calculate FFO as we do, and, accordingly, our FFO may not be comparable to such other REITs’ FFO. FFO should not be used as a measure of our liquidity and is not indicative of funds available for our cash needs, including our ability to pay dividends.
Core Funds from Operations (“Core FFO”): We calculate Core FFO by adjusting FFO for items such as dividends paid or accrued to holders of our preferred stock and redeemable non-controlling interest, acquisition and transaction related expenses for transactions not completed, gain on financing transaction, income tax provision, and certain non-cash operating expenses such as unrealized loss from interest rate swap, loss on interest rate swap, appreciation (depreciation) of warrants and loss on extinguishment of debt. We believe that Core FFO is a useful supplemental measure in addition to FFO by adjusting for items that are not considered by us to be part of the period-over-period operating performance of our property portfolio, thereby, providing a more meaningful and consistent comparison of our operating and financial performance during the periods presented below. As with FFO, our reported Core FFO may not be comparable to other REITs’ Core FFO, should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.
Adjusted Funds from Operations (“AFFO”): Adjusted funds from operations, or AFFO, is presented in addition to Core FFO. AFFO is defined as Core FFO, excluding certain non-cash operating revenues and expenses, capitalized interest and recurring capitalized expenditures. Recurring capitalized expenditures include expenditures required to maintain and re-tenant our properties, tenant improvements and leasing commissions. AFFO further adjusts Core FFO for certain other non-cash items, including the amortization or accretion of above or below market rents included in revenues, straight line rent adjustments, non-cash equity compensation, non- cash interest expense and adjustments for unconsolidated partnerships and joint ventures. Our proportionate share of AFFO for unconsolidated joint ventures is calculated to reflect AFFO on the same basis.
We believe AFFO provides a useful supplemental measure of our operating performance because it provides a consistent comparison of our operating performance across time periods that is comparable for each type of real estate investment and is consistent with management’s analysis of the operating performance of our properties. As a result, we believe that the use of AFFO, together with the required GAAP presentations, provide a more complete understanding of our operating performance. As with Core FFO, our reported AFFO may not be comparable to other REITs’ AFFO, should not be used as a measure of our liquidity, and is not indicative of funds available for our cash needs, including our ability to pay dividends.
| PLYMOUTH INDUSTRIAL REIT, INC. | |||||||||||||||
| SUPPLEMENTAL RECONCILIATION OF NON-GAAP DISCLOSURES | |||||||||||||||
| UNAUDITED | |||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| NOI: | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 150,098 | $ | 9,377 | $ | 142,367 | $ | 13,807 | |||||||
| Income tax provision | 2,487 | - | 2,487 | - | |||||||||||
| General and administrative | 3,938 | 4,318 | 14,764 | 14,904 | |||||||||||
| Depreciation and amortization | 21,004 | 22,793 | 85,729 | 92,891 | |||||||||||
| Interest expense | 8,044 | 9,686 | 37,412 | 38,278 | |||||||||||
| Loss in investment of unconsolidated joint ventures | 5,145 | - | 5,145 | - | |||||||||||
| Loss on extinguishment of debt | 269 | - | 269 | 72 | |||||||||||
| Gain on sale of real estate | (136,751 | ) | (10,534 | ) | (145,396 | ) | (22,646 | ) | |||||||
| Gain on financing transaction | (21,317 | ) | - | (6,660 | ) | - | |||||||||
| Loss on interest rate swap | 481 | - | 481 | - | |||||||||||
| Unrealized loss from interest rate swap | 39 | - | 39 | - | |||||||||||
| Management fee revenue and other income | (278 | ) | (30 | ) | (792 | ) | (88 | ) | |||||||
| NOI | $ | 33,159 | $ | 35,610 | $ | 135,845 | $ | 137,218 | |||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| EBITDAre : | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 150,098 | $ | 9,377 | $ | 142,367 | $ | 13,807 | |||||||
| Income tax provision | 2,487 | - | 2,487 | - | |||||||||||
| Depreciation and amortization | 21,004 | 22,793 | 85,729 | 92,891 | |||||||||||
| Interest expense | 8,044 | 9,686 | 37,412 | 38,278 | |||||||||||
| Loss on extinguishment of debt | 269 | - | 269 | 72 | |||||||||||
| Gain on sale of real estate | (136,751 | ) | (10,534 | ) | (145,396 | ) | (22,646 | ) | |||||||
| Gain on financing transaction | (21,317 | ) | - | (6,660 | ) | - | |||||||||
| Loss on interest rate swap | 481 | - | 481 | - | |||||||||||
| Proportionate share of EBITDAre from unconsolidated joint ventures | 6,309 | - | 6,309 | - | |||||||||||
| Unrealized loss from interest rate swap | 39 | - | 39 | - | |||||||||||
| EBITDAre | $ | 30,663 | $ | 31,322 | $ | 123,037 | $ | 122,402 | |||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| FFO: | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Net income (loss) | $ | 150,098 | $ | 9,377 | $ | 142,367 | $ | 13,807 | |||||||
| Gain on sale of real estate | (136,751 | ) | (10,534 | ) | (145,396 | ) | (22,646 | ) | |||||||
| Depreciation and amortization | 21,004 | 22,793 | 85,729 | 92,891 | |||||||||||
| Proportionate share of FFO from unconsolidated joint ventures | 5,826 | - | 5,826 | - | |||||||||||
| FFO: | $ | 40,177 | $ | 21,636 | $ | 88,526 | $ | 84,052 | |||||||
| Preferred Stock dividends | - | - | - | (2,509 | ) | ||||||||||
| Redeemable non-controlling interest - Series C Preferred Unit dividends | (1,077 | ) | - | (1,503 | ) | - | |||||||||
| Income tax provision | 2,487 | - | 2,487 | - | |||||||||||
| Loss on extinguishment of debt | 269 | - | 269 | 72 | |||||||||||
| Gain on financing transaction | (21,317 | ) | - | (6,660 | ) | - | |||||||||
| Loss on interest rate swap | 481 | - | 481 | - | |||||||||||
| Unrealized loss from interest rate swap | 39 | - | 39 | - | |||||||||||
| Acquisition expenses | - | - | - | 85 | |||||||||||
| Core FFO | $ | 21,059 | $ | 21,636 | $ | 83,639 | $ | 81,700 | |||||||
| Weighted average common shares and units outstanding | 45,880 | 45,740 | 45,861 | 44,413 | |||||||||||
| Core FFO per share | $ | 0.46 | $ | 0.47 | $ | 1.83 | $ | 1.84 | |||||||
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||||||||||
| AFFO: | 2024 | 2023 | 2024 | 2023 | |||||||||||
| Core FFO | $ | 21,059 | $ | 21,636 | $ | 83,639 | $ | 81,700 | |||||||
| Amortization of debt related costs | 563 | 476 | 1,909 | 2,184 | |||||||||||
| Non-cash interest expense | (1,319 | ) | 582 | (1,648 | ) | 984 | |||||||||
| Stock compensation | 1,079 | 838 | 4,197 | 2,966 | |||||||||||
| Capitalized interest | (73 | ) | (134 | ) | (394 | ) | (1,102 | ) | |||||||
| Straight line rent | (251 | ) | (111 | ) | 761 | (1,944 | ) | ||||||||
| Above/below market lease rents | (294 | ) | (401 | ) | (1,204 | ) | (2,221 | ) | |||||||
| Proportionate share of AFFO from unconsolidated joint ventures | (189 | ) | - | (189 | ) | - | |||||||||
| Recurring capital expenditures(1) | (2,024 | ) | (880 | ) | (7,278 | ) | (5,743 | ) | |||||||
| AFFO | $ | 18,551 | $ | 22,006 | $ | 79,793 | $ | 76,824 | |||||||
| Weighted average common shares and units outstanding | 45,880 | 45,740 | 45,861 | 44,413 | |||||||||||
| AFFO per share | $ | 0.40 | $ | 0.48 | $ | 1.74 | $ | 1.73 | |||||||
(1) Excludes non-recurring capital expenditures of
Contact:
Plymouth Industrial REIT, Inc.
John Wilfong
SCR Partners
IR@plymouthreit.com
FAQ
What was Plymouth Industrial REIT's (PLYM) Q4 2024 net income per share?
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