Plymouth Industrial REIT Reports Second Quarter 2024 Results
Plymouth Industrial REIT (NYSE: PLYM) reported its Q2 2024 financial results, highlighting net income of $0.03 per share, Core FFO of $0.48 per share, and AFFO of $0.49 per share. The company experienced a 3.3% increase in same-store NOI on a GAAP basis and a 9.7% increase on a cash basis. Leasing activity showed strong performance with an 18.8% increase in rental rates on new and renewal leases. Plymouth acquired a 14-building portfolio in Memphis for $100.5 million with an initial NOI yield of 8.0%. The company tightened its full-year 2024 guidance range for Core FFO and maintained its quarterly dividend of $0.24 per share.
Plymouth Industrial REIT (NYSE: PLYM) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando un reddito netto di $0,03 per azione, Core FFO di $0,48 per azione e AFFO di $0,49 per azione. L'azienda ha registrato un aumento del 3,3% nel NOI degli stessi negozi su base GAAP e un aumento del 9,7% su base cash. L'attività di locazione ha mostrato prestazioni solide con un aumento del 18,8% nei canoni di affitto per nuovi contratti e rinnovi. Plymouth ha acquisito un portafoglio di 14 edifici a Memphis per $100,5 milioni con un rendimento iniziale del NOI dell'8,0%. L'azienda ha ristretto il suo intervallo di guidance per l'intero anno 2024 per Core FFO e ha mantenuto il suo dividendo trimestrale di $0,24 per azione.
Plymouth Industrial REIT (NYSE: PLYM) reportó sus resultados financieros del segundo trimestre de 2024, destacando un ingreso neto de $0.03 por acción, Core FFO de $0.48 por acción y AFFO de $0.49 por acción. La compañía experimentó un aumento del 3.3% en el NOI de mismas propiedades en base a GAAP y un aumento del 9.7% en base de efectivo. La actividad de arrendamiento mostró un buen desempeño con un aumento del 18.8% en las tarifas de alquiler en nuevos contratos y renovaciones. Plymouth adquirió un portafolio de 14 edificios en Memphis por $100.5 millones con un rendimiento inicial del NOI del 8.0%. La empresa ajustó su rango de orientación para Core FFO del año completo 2024 y mantuvo su dividendo trimestral de $0.24 por acción.
플리머스 산업 REIT(NYSE: PLYM)는 2024년 2분기 재무 결과를 발표하며 주당 순익 $0.03, 주당 Core FFO $0.48, 주당 AFFO $0.49를 강조했습니다. 회사는 GAAP 기준으로 동일 점포 NOI가 3.3% 증가했고 현금 기준으로는 9.7% 증가했습니다. 임대 활동은 새로운 계약 및 갱신 계약에서 임대료가 18.8% 증가하며 강력한 성과를 보였습니다. 플리머스는 멤피스에서 1억 5백만 달러에 14개 건물 포트폴리오를 인수했으며 초기 NOI 수익률은 8.0%입니다. 회사는 2024년 전체 연도에 대한 Core FFO 안내 범위를 조정하고, 분기 배당금은 주당 $0.24를 유지했습니다.
Plymouth Industrial REIT (NYSE: PLYM) a publié ses résultats financiers pour le deuxième trimestre 2024, mettant en avant un revenu net de 0,03 $ par action, Core FFO de 0,48 $ par action et AFFO de 0,49 $ par action. L'entreprise a connu une augmentation de 3,3 % du NOI dans les mêmes magasins sur une base GAAP et une augmentation de 9,7 % sur une base de trésorerie. L'activité locative a montré de solides performances avec une augmentation de 18,8 % des loyers pour les nouveaux contrats et les renouvellements. Plymouth a acquis un portefeuille de 14 bâtiments à Memphis pour 100,5 millions de dollars avec un rendement initial du NOI de 8,0 %. L'entreprise a resserré sa fourchette de prévisions pour Core FFO pour l'année entière 2024 et a maintenu son dividende trimestriel de 0,24 $ par action.
Plymouth Industrial REIT (NYSE: PLYM) hat seine Finanzergebnisse für das zweite Quartal 2024 veröffentlicht und hebt ein Nettoergebnis von 0,03 $ pro Aktie, Core FFO von 0,48 $ pro Aktie und AFFO von 0,49 $ pro Aktie hervor. Das Unternehmen verzeichnete einen Anstieg des NOI der gleichen Läden um 3,3% nach GAAP und einen Anstieg um 9,7% auf Cash-Basis. Die Vermietungsaktivitäten zeigten eine starke Leistung mit einem Anstieg der Mietpreise um 18,8% für neue und verlängerte Verträge. Plymouth erwarb ein 14-Gebäude-Portfolio in Memphis für 100,5 Millionen Dollar mit einer anfänglichen NOI-Rendite von 8,0%. Das Unternehmen hat seinen Ausblick für Core FFO für das gesamte Jahr 2024 eingeengt und seine vierteljährliche Dividende von 0,24 $ pro Aktie beibehalten.
- Net income improved to $0.03 per share from a loss of $0.08 per share in Q2 2023
- Same-store NOI increased 3.3% on a GAAP basis and 9.7% on a cash basis
- Leasing activity showed an 18.8% increase in rental rates on a cash basis
- Acquired a 14-building portfolio in Memphis for $100.5 million with an 8.0% initial NOI yield
- Core FFO increased to $0.48 per share from $0.46 per share in Q2 2023
- AFFO improved to $0.49 per share from $0.42 per share in Q2 2023
- Consolidated total revenues decreased to $48.7 million from $49.9 million in Q2 2023
- One-time write-off of $1.1 million associated with a single tenant
- Lower average occupancy during Q2 2024 compared to Q2 2023
Insights
Plymouth Industrial REIT's Q2 2024 results demonstrate solid performance in a challenging market. The company reported a net income of
The Core FFO of
Plymouth's leasing activity is particularly impressive, with commenced leases experiencing an
The acquisition of a 14-building portfolio in Memphis for
Plymouth's updated guidance for 2024, with Core FFO projected between
Overall, Plymouth's Q2 results and forward-looking guidance suggest a company well-positioned to capitalize on the strong industrial real estate market, with potential for continued growth in both revenue and profitability.
Plymouth Industrial REIT's Q2 2024 results offer valuable insights into the current state of the industrial real estate market. The strong leasing spreads, with new leases experiencing an
The company's ability to execute leases for 4.8 million square feet with a
Plymouth's acquisition in Memphis at an
The company's high occupancy rates (97% portfolio-wide and 98.2% for same-store properties) further underscore the strength of the industrial market. These figures suggest new supply relative to demand, which could continue to support rent growth in the near term.
However, it's important to note the potential headwinds. The slight decrease in total revenues year-over-year and the one-time write-off associated with a single tenant highlight the risks associated with tenant defaults or bankruptcies, which could increase in a slowing economy.
Overall, Plymouth's results paint a picture of a resilient industrial real estate market with strong fundamentals, but investors should remain vigilant about potential economic challenges that could impact tenant stability and demand.
BOSTON, July 31, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced its financial results for the second quarter ended June 30, 2024, and other recent developments.
Second Quarter and Subsequent Highlights
- Reported results for the second quarter of 2024 reflect net income attributable to common stockholders of
$0.03 per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of$0.48 per weighted average common share and units; and Adjusted FFO (“AFFO”) of$0.49 per weighted average common share and units. - Same store NOI (“SS NOI”) increased
3.3% on a GAAP basis excluding early termination income for the second quarter compared with the same period in 2023; increased9.7% on a cash basis excluding early termination income. - Commenced leases during the second quarter experienced an
18.8% increase in rental rates on a cash basis from leases greater than six months with new leases experiencing an18.8% increase on a cash basis and renewal leases experiencing a19.5% increase on a cash basis. Through July 29, 2024, executed leases scheduled to commence during 2024, which includes the second quarter activity, total an aggregate of 4,804,999 square feet, all of which are associated with terms of at least six months. The Company will experience a15.7% increase in rental rates on a cash basis from these leases. - Acquired a 14-building portfolio of industrial properties totaling 1.6 million square feet in Memphis for
$100.5 million with an initial NOI yield of8.0% . - Paid the regular quarterly cash dividend for the second quarter of 2024 of
$0.24 per share for the common stock, or an annualized rate of$0.96 per share. - Tightened the full year 2024 guidance range for Core FFO per weighted average common share and units and its range for net income per weighted average common share and units and accompanying assumptions.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “The second quarter results reflect our continued focus on driving organic growth through leasing and improved property operations. We are confident we will capitalize on the leasing opportunities ahead of us for the balance of the year and in 2025. With the transaction environment improving earlier than we had anticipated, we are pleased to expand our presence in Memphis. This portfolio offers an attractive initial return that we expect to accelerate by executing on the embedded mark-to-market.”
Financial Results for the Second Quarter of 2024
Net income attributable to common stockholders for the quarter ended June 30, 2024, was
Consolidated total revenues for the quarter ended June 30, 2024, were
NOI for the quarter ended June 30, 2024, was
EBITDAre for the quarter ended June 30, 2024, was
Core FFO for the quarter ended June 30, 2024, was
AFFO for the quarter ended June 30, 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
As of July 29, 2024, the Company’s current cash balance was approximately
Investment Activity
As of June 30, 2024, the Company had real estate investments comprised of 210 industrial buildings totaling 33.8 million square feet.
The final project in the first phase of Plymouth’s development program, a 52,920-square-foot, fully leased building in Jacksonville, is expected to come online in the fourth quarter of 2024. For the Company’s 154,692-square-foot industrial building in Cincinnati, Plymouth has agreed to terms with a prospect on the remaining 53,352 square feet. Once executed, this lease would bring the Company’s development program to
On July 18, 2024, Plymouth acquired a 1,621,241-square-foot portfolio of industrial properties located across the Southeast and Northeast submarkets of Memphis, Tennessee. The purchase price of
During the second quarter, Plymouth completed the disposition of its 221,911-square-foot industrial building in Kansas City, Missouri for approximately
Leasing Activity
Leases commencing during the second quarter ended June 30, 2024 totaled an aggregate of 1,811,939 square feet, all of which are associated with terms of at least six months. The Company will experience a
Executed leases scheduled to commence during 2024, which includes the second quarter activity, total an aggregate of 4,804,999 square feet, all of which are associated with terms of at least six months. The Company will experience a
Quarterly Distributions to Stockholders
On June 14, 2024, the Board of Directors declared a regular quarterly common stock dividend of
Guidance for 2024
Plymouth tightened its full year 2024 guidance ranges for net income and Core FFO per weighted average common share and units and adjusted its accompanying assumptions, which can be found in the tables below.
| (Dollars, shares and units in thousands, except per-share amounts) | Full Year 2024 Range1 | |||||||
| Low | High | |||||||
| Core FFO attributable to common stockholders and unit holder per share | $ | 1.88 | $ | 1.90 | ||||
| Same Store Portfolio NOI growth – cash basis2 | 7.00 | % | 7.50 | % | ||||
| Average Same Store Portfolio occupancy – full year | 97.5 | % | 98.0 | % | ||||
| General and administrative expenses3 | $ | 15,400 | $ | 15,000 | ||||
| Interest expense, net | $ | 40,250 | $ | 39,750 | ||||
| Weighted average common shares and units outstanding4 | 45,880 | 45,880 | ||||||
| Reconciliation of net income attributable to common stockholders and unit holders per share to Core FFO guidance: | ||||||||
| Full Year 2024 Range1,2,3 | ||||||||
| Low | High | |||||||
| Net income | $ | 0.10 | $ | 0.12 | ||||
| Gain on sale of real estate | (0.19 | ) | (0.19 | ) | ||||
| Real estate depreciation & amortization | 1.97 | 1.97 | ||||||
| Core FFO | $ | 1.88 | $ | 1.90 | ||||
- Our 2024 guidance refers to the Company's in-place portfolio as of July 29, 2024, inclusive of the
$100.5 million acquisition in Memphis completed on July 18, 2024, and the previously disclosed$21.5 million disposition anticipated during August 2024, and does not include the impact from prospective acquisitions, dispositions, or capitalization activities. - The Same Store Portfolio consists of 200 buildings aggregating 31,245,756 rentable square feet, representing approximately
88.2% of the total in-place portfolio square footage as of July 29, 2024. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income. The Same Store Portfolio is a subset of the consolidated portfolio and includes properties that are wholly owned by the Company as of December 31, 2022. The Same Store Portfolio excludes properties that are classified as repositioning, lease-up during 2023 or 2024 (five buildings representing approximately 1,533,000 square feet), acquired or developments placed into service during 2023 and 2024, or under contract for sale. - Includes non-cash stock compensation of
$4.3 million for 2024. - As of July 29, 2024, the Company has 45,886,585 common shares and units outstanding.
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, August 1, 2024 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 August 8, 2024, by dialing (877) 344-7529 and entering the replay access code, 6504762.
The Company has posted supplemental financial information on the second 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. 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: | ||
| Tripp Sullivan | ||
| SCR Partners | ||
| IR@plymouthreit.com |
| PLYMOUTH INDUSTRIAL REIT, INC. | ||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS | ||||||||
| UNAUDITED | ||||||||
| (In thousands, except share and per share amounts) | ||||||||
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Real estate properties | $ | 1,548,517 | $ | 1,567,866 | ||||
| Net investment in sales-type lease | 21,396 | - | ||||||
| Less accumulated depreciation | (292,454 | ) | (268,046 | ) | ||||
| Real estate properties, net | 1,277,459 | 1,299,820 | ||||||
| Cash | 23,548 | 14,493 | ||||||
| Cash held in escrow | 5,598 | 4,716 | ||||||
| Restricted cash | 6,983 | 6,995 | ||||||
| Deferred lease intangibles, net | 42,434 | 51,474 | ||||||
| Other assets | 40,445 | 42,734 | ||||||
| Interest rate swaps | 25,328 | 21,667 | ||||||
| Total assets | $ | 1,421,795 | $ | 1,441,899 | ||||
| Liabilities and Equity | ||||||||
| Liabilities: | ||||||||
| Secured debt, net | 262,834 | 266,887 | ||||||
| Unsecured debt, net | 448,326 | 447,990 | ||||||
| Borrowings under line of credit | 155,400 | 155,400 | ||||||
| Accounts payable, accrued expenses and other liabilities | 67,492 | 73,904 | ||||||
| Deferred lease intangibles, net | 5,134 | 6,044 | ||||||
| Financing lease liability | 2,284 | 2,271 | ||||||
| Interest rate swaps | 5 | 1,161 | ||||||
| Total liabilities | 941,475 | 953,657 | ||||||
| Equity: | ||||||||
| Common stock, | 454 | 452 | ||||||
| Additional paid in capital | 624,810 | 644,938 | ||||||
| Accumulated deficit | (175,074 | ) | (182,606 | ) | ||||
| Accumulated other comprehensive income | 24,998 | 20,233 | ||||||
| Total stockholders' equity | 475,188 | 483,017 | ||||||
| Non-controlling interest | 5,132 | 5,225 | ||||||
| Total equity | 480,320 | 488,242 | ||||||
| Total liabilities and equity | $ | 1,421,795 | $ | 1,441,899 | ||||
| PLYMOUTH INDUSTRIAL REIT, INC. | |||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||
| UNAUDITED | |||||||||||||||||
| (In thousands, except share and per share amounts) | |||||||||||||||||
| For the Three Months | For the Six Months | ||||||||||||||||
| Ended June 30, | Ended June 30, | ||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Rental revenue | $ | 48,649 | $ | 49,899 | $ | 98,839 | $ | 99,270 | |||||||||
| Management fee revenue and other income | 37 | - | 75 | 29 | |||||||||||||
| Total revenues | 48,686 | 49,899 | 98,914 | 99,299 | |||||||||||||
| Operating expenses: | |||||||||||||||||
| Property | 13,569 | 15,690 | 30,211 | 31,644 | |||||||||||||
| Depreciation and amortization | 21,347 | 23,417 | 43,715 | 47,217 | |||||||||||||
| General and administrative | 3,880 | 3,842 | 7,244 | 7,289 | |||||||||||||
| Total operating expenses | 38,796 | 42,949 | 81,170 | 86,150 | |||||||||||||
| Other income (expense): | |||||||||||||||||
| Interest expense | (9,411 | ) | (9,584 | ) | (19,009 | ) | (19,119 | ) | |||||||||
| Gain on sale of real estate | 849 | - | 8,879 | - | |||||||||||||
| Total other income (expense) | (8,562 | ) | (9,584 | ) | (10,130 | ) | (19,119 | ) | |||||||||
| Net income (loss) | 1,328 | (2,634 | ) | 7,614 | (5,970 | ) | |||||||||||
| Less: Net income (loss) attributable to non-controlling interest | 14 | (30 | ) | 82 | (68 | ) | |||||||||||
| Net income (loss) attributable to Plymouth Industrial REIT, Inc. | 1,314 | (2,604 | ) | 7,532 | (5,902 | ) | |||||||||||
| Less: Preferred Stock dividends | - | 916 | - | 1,832 | |||||||||||||
| Less: Loss on extinguishment/redemption of Series A Preferred Stock | - | - | - | 2 | |||||||||||||
| Less: Amount allocated to participating securities | 94 | 82 | 188 | 170 | |||||||||||||
| Net income (loss) attributable to common stockholders | $ | 1,220 | $ | (3,602 | ) | $ | 7,344 | $ | (7,906 | ) | |||||||
| Net income (loss) per share attributable to common stockholders - basic | $ | 0.03 | $ | (0.08 | ) | $ | 0.16 | $ | (0.19 | ) | |||||||
| Net income (loss) per share attributable to common stockholders - diluted | $ | 0.03 | $ | (0.08 | ) | $ | 0.16 | $ | (0.19 | ) | |||||||
| Weighted-average common shares outstanding - basic | 44,991,220 | 42,646,535 | 44,963,908 | 42,625,768 | |||||||||||||
| Weighted-average common shares outstanding - diluted | 45,027,503 | 42,646,535 | 44,994,060 | 42,625,768 | |||||||||||||
Non-GAAP Financial Measures Definitions
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 reimbursements) less property-level operating expenses. NOI excludes depreciation and amortization, general and administrative expenses, impairments, gain/loss on sale of real estate, interest expense, 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, tax, depreciation and amortization, gains or losses on the sale of rental property, appreciation (depreciation) of warrants, loss on impairments, and loss on extinguishment of debt. 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 non-comparable items such as dividends paid (or declared) to holders of our preferred stock, acquisition and transaction related expenses for transactions not completed, and certain non-cash operating expenses such as impairment on real estate lease, 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. 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 and non-cash interest expense.
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 | For the Six Months | |||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||
| NOI: | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net income (loss) | $ | 1,328 | $ | (2,634 | ) | $ | 7,614 | $ | (5,970 | ) | ||||||||
| General and administrative | 3,880 | 3,842 | 7,244 | 7,289 | ||||||||||||||
| Depreciation and amortization | 21,347 | 23,417 | 43,715 | 47,217 | ||||||||||||||
| Interest expense | 9,411 | 9,584 | 19,009 | 19,119 | ||||||||||||||
| Gain on sale of real estate | (849 | ) | - | (8,879 | ) | - | ||||||||||||
| Management fee revenue and other income | (37 | ) | - | (75 | ) | (29 | ) | |||||||||||
| NOI | $ | 35,080 | $ | 34,209 | $ | 68,628 | $ | 67,626 | ||||||||||
| For the Three Months | For the Six Months | |||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||
| EBITDAre: | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net income (loss) | $ | 1,328 | $ | (2,634 | ) | $ | 7,614 | $ | (5,970 | ) | ||||||||
| Depreciation and amortization | 21,347 | 23,417 | 43,715 | 47,217 | ||||||||||||||
| Interest expense | 9,411 | 9,584 | 19,009 | 19,119 | ||||||||||||||
| Gain on sale of real estate | (849 | ) | - | (8,879 | ) | - | ||||||||||||
| EBITDAre | $ | 31,237 | $ | 30,367 | $ | 61,459 | $ | 60,366 | ||||||||||
| For the Three Months | For the Six Months | |||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||
| FFO: | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Net income (loss) | $ | 1,328 | $ | (2,634 | ) | $ | 7,614 | $ | (5,970 | ) | ||||||||
| Gain on sale of real estate | (849 | ) | - | (8,879 | ) | - | ||||||||||||
| Depreciation and amortization | 21,347 | 23,417 | 43,715 | 47,217 | ||||||||||||||
| FFO: | $ | 21,826 | $ | 20,783 | $ | 42,450 | $ | 41,247 | ||||||||||
| Preferred stock dividends | - | (916 | ) | - | (1,832 | ) | ||||||||||||
| Acquisition expenses | - | 4 | - | 85 | ||||||||||||||
| Core FFO | $ | 21,826 | $ | 19,871 | $ | 42,450 | $ | 39,500 | ||||||||||
| Weighted average common shares and units outstanding | 45,873 | 43,526 | 45,841 | 43,479 | ||||||||||||||
| Core FFO per share | $ | 0.48 | $ | 0.46 | $ | 0.93 | $ | 0.91 | ||||||||||
| For the Three Months | For the Six Months | |||||||||||||||||
| Ended June 30, | Ended June 30, | |||||||||||||||||
| AFFO: | 2024 | 2023 | 2024 | 2023 | ||||||||||||||
| Core FFO | $ | 21,826 | $ | 19,871 | $ | 42,450 | $ | 39,500 | ||||||||||
| Amortization of debt related costs | 438 | 570 | 876 | 1,138 | ||||||||||||||
| Non-cash interest expense | (316 | ) | 158 | (418 | ) | 452 | ||||||||||||
| Stock compensation | 1,111 | 716 | 2,025 | 1,301 | ||||||||||||||
| Capitalized interest | (106 | ) | (351 | ) | (181 | ) | (686 | ) | ||||||||||
| Straight line rent | 1,044 | (705 | ) | 1,029 | (1,617 | ) | ||||||||||||
| Above/below market lease rents | (293 | ) | (669 | ) | (611 | ) | (1,403 | ) | ||||||||||
| Recurring capital expenditures(1) | (1,407 | ) | (1,092 | ) | (2,401 | ) | (2,898 | ) | ||||||||||
| AFFO | $ | 22,297 | $ | 18,498 | $ | 42,769 | $ | 35,787 | ||||||||||
| Weighted average common shares and units outstanding | 45,873 | 43,526 | 45,841 | 43,479 | ||||||||||||||
| AFFO per share | $ | 0.49 | $ | 0.42 | $ | 0.93 | $ | 0.82 | ||||||||||
| (1) Excludes non-recurring capital expenditures of | ||||||||||||||||||
FAQ
What was Plymouth Industrial REIT's Core FFO per share for Q2 2024?
How much did Plymouth Industrial REIT's same-store NOI increase in Q2 2024?
What was the rental rate increase for leases commenced in Q2 2024 for Plymouth Industrial REIT?
What significant acquisition did Plymouth Industrial REIT (PLYM) make in Q2 2024?
What is Plymouth Industrial REIT's (PLYM) quarterly dividend for Q2 2024?
