Financial Performance - Total revenues for Q1 2025 were $45.571 million, a decrease of 1.3% from $50.228 million in Q1 2024[10] - Rental revenue decreased to $45.418 million in Q1 2025, down 9.3% from $50.190 million in Q1 2024[10] - Net income attributable to common stockholders for Q1 2025 was $5.755 million, compared to $6.124 million in Q1 2024, reflecting a decline of 6.0%[10] - The company reported a comprehensive income of $2.404 million for Q1 2025, significantly lower than $11.973 million in Q1 2024[12] - Net income for the three months ended March 31, 2025, was $7,007,000, an increase of 11.4% compared to $6,286,000 for the same period in 2024[17] - Basic and diluted earnings per share attributable to common stockholders for Q1 2025 were both $0.13, down from $0.14 in Q1 2024[140] Assets and Liabilities - Total assets increased to $1.406 billion as of March 31, 2025, up from $1.368 billion at December 31, 2024, representing a growth of 2.8%[8] - Total liabilities rose to $827.321 million as of March 31, 2025, compared to $781.299 million at December 31, 2024, an increase of 5.9%[8] - The accumulated deficit improved to $(37.412) million as of March 31, 2025, compared to $(43.262) million at December 31, 2024[8] - The fair value of the warrant liability decreased from $(45,908,000) on December 31, 2024, to $(33,090,000) on March 31, 2025[39] - The fair value of interest rate swaps liability decreased from $(520,000) on December 31, 2024, to $(389,000) on March 31, 2025[39] Cash Flow and Investments - Net cash provided by operating activities decreased to $15,612,000 from $16,614,000, reflecting a decline of 6.0% year-over-year[17] - The company acquired real estate properties for $65,692,000 during the period, with net cash used in investing activities totaling $67,773,000, compared to $3,739,000 in the prior year[17] - Financing activities generated net cash of $52,056,000, a significant increase from a net cash used of $11,842,000 in the same period last year[17] - Cash paid for interest decreased to $6,127,000 from $9,337,000, indicating a reduction of 34.5% year-over-year[17] Real Estate and Properties - As of March 31, 2025, the company owned 133 industrial properties comprising 204 buildings with an aggregate of approximately 30.0 million square feet[20] - The total real estate properties, net, increased to $1,204,193,000 as of March 31, 2025, compared to $1,156,697,000 as of December 31, 2024, reflecting a growth of approximately 4.1%[58] - The company acquired four properties totaling 801,241 square feet for a total purchase price of $65,025,000 during the three months ended March 31, 2025[59] Joint Ventures and Investments - The company experienced a loss of $8.048 million in investments of unconsolidated joint ventures in Q1 2025, with no such loss reported in Q1 2024[10] - The carrying amount of the company's investment in the Isosceles Joint Venture was $52,108 as of March 31, 2025, with an initial investment of $356,641[65] - The company applies the equity method of accounting for investments in unconsolidated joint ventures, adjusting for earnings or losses and cash distributions[42] Dividends and Shareholder Returns - The company declared dividends of $11,110,000, compared to $10,938,000 in the previous year, reflecting an increase of 1.6%[17] - Cash dividends declared for the first quarter of 2025 were $0.2400 per share, totaling $10,964 thousand, consistent with the first quarter of 2024[110] Compensation and Equity - The Company recorded equity-based compensation expense related to restricted stock of $819 thousand for Q1 2025, up from $762 thousand in Q1 2024[134] - The Company recorded equity-based compensation expense related to Performance Stock Units (PSUs) of $315,000 for Q1 2025, compared to $152,000 for Q1 2024[138] - The balance of unvested Performance Stock Units at March 31, 2025, was 137,393 units, with a fair value per unit of $24.07[138] Compliance and Legal Matters - The company is in compliance with all respective financial covenants for its secured and unsecured debt as of March 31, 2025[89] - The Company has no material legal proceedings currently pending, evaluating potential losses as required[160]

FIRST QUARTER 2025 Plymouth REIT Supplemental Information Q1 2025 Supplemental | 1 Table of Contents Table of Contents | Executive Summary | 4 | | --- | --- | | Company Overview, Management, Board of Directors, and Investor Relations | 4 | | Portfolio Snapshot | 5 | | Total Acquisition and Replacement Cost by Market | 5 | | Acquisition Activity | 6 | | Development Projects | 7 | | Value Creation Examples | 8 | | Guidance | 9 | | Financial Information | | | Consolidated Balance Sheets | 11 | | Consolidated S ...

BOSTON, May 01, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (–“Plymouth” or the “Company”) today announced its financial results for the first quarter ended March 31, 2025 and other recent developments. First Quarter and Subsequent Highlights Reported results for the first quarter of 2025 reflect net income attributable to common stockholders of $0.13 per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of $0 ...

Core Insights - Plymouth Industrial REIT (PLYM) reported strong leasing activity and strategic portfolio expansion in Q1 2025, addressing 56.3% of its lease expirations for the year [1][4] Leasing Activity - In Q1 2025, leases commenced totaled 2,437,267 square feet, with 1,540,756 square feet from renewals and 896,511 square feet from new leases, reflecting a 9.6% increase in rental rates on a cash basis [2] - Executed leases for 2025 amounted to 4,652,684 square feet, with 3,731,230 square feet from renewals and 921,454 square feet from new leases, showing a 12.1% increase in rental rates on a cash basis [4] Portfolio Occupancy - As of March 31, 2025, total portfolio occupancy was 94.3%, with positive contributions from various leases and a same-store occupancy of 94.7% [3] Strategic Acquisitions - Plymouth expanded its portfolio by acquiring six industrial buildings for $65.1 million, achieving a weighted average initial estimated net operating income (NOI) yield of 6.8% and enhancing its presence in high-demand markets [5] Future Outlook - The company is positioned for long-term benefits due to healthy leasing activity and strategic acquisitions, with upcoming earnings release on May 1 and a conference call on May 2 for further insights [6]

Core Viewpoint - Plymouth Industrial REIT, Inc. reported strong leasing activity and strategic acquisitions in Q1 2025, indicating robust demand for industrial space and a focus on long-term value creation [2][5]. Leasing Activity - In Q1 2025, total leases commenced amounted to 2,437,267 square feet, including 1,540,756 square feet of renewals and 896,511 square feet of new leases [2]. - Rental rates increased by 16.2% on a cash basis, with renewal leases up by 15.0% and new leases up by 22.1% [2]. - Same store occupancy was 94.7%, while total portfolio occupancy was 94.3%, reflecting a positive impact from the St. Louis lease and other leasing activities [3]. Future Leasing Outlook - Executed leases for 2025 total 4,652,684 square feet, representing 56.3% of total expirations for the year [4]. - Rental rates for these leases reflect a 21.8% increase on a cash basis, with renewal leases up by 14.7% and new leases up by 15.3% [4]. Acquisition Activity - In Q1 2025, the company acquired six industrial buildings totaling 801,161 square feet for $65.1 million, with an estimated NOI yield of 6.8% [5][7]. - The properties acquired are fully leased with a weighted average remaining lease term of 4.4 years [5]. Market Insights - Memphis is highlighted as a key market due to its strategic freight transportation infrastructure, serving as a major distribution center [6][8]. - The region is serviced by five Class 1 railroads and multiple interstate highways, enhancing its connectivity for logistics [6][8]. Upcoming Earnings Call - The company plans to release its earnings on May 1, 2025, followed by a conference call on May 2, 2025, to discuss financial results [9][10].

In an effort to expand its presence in the Atlanta and Cincinnati markets, Plymouth Industrial REIT (PLYM) has shelled out $65.1 million in total for the acquisition of properties across three separate transactions.Among the acquisitions was the second tranche of the previously announced Cincinnati small bay industrial portfolio. This tranche comprised four buildings in Cincinnati, totaling 240,578 square feet, fully leased to 10 tenants with a weighted average remaining lease term of 3.5 years. PLYM acquir ...

Core Viewpoint - Plymouth Industrial REIT, Inc. has successfully closed on $65.1 million in acquisitions of industrial properties, enhancing its portfolio with stable cash flow and long-term value appreciation [1][3][4]. Summary by Sections Acquisitions - The company acquired a Cincinnati small bay industrial portfolio consisting of four buildings totaling 240,578 square feet for $17.9 million, with an initial estimated net operating income (NOI) yield of 7.0% [1]. - A 263,000-square-foot warehouse facility in Cincinnati was purchased for $23.3 million, yielding an initial estimated NOI of 6.7% [1]. - In Atlanta, the company purchased a 297,583 square-foot warehouse facility for $23.9 million, with an initial estimated NOI yield of 6.8% [2]. - Across three transactions in Atlanta and Cincinnati, the total area acquired was 801,161 square feet, with an overall initial estimated NOI yield of 6.8% [3]. Portfolio Characteristics - All acquired properties are 100% leased, featuring a weighted average remaining lease term of 4.4 years [3]. - The Cincinnati portfolio has a weighted average remaining lease term of 3.5 years, while the Atlanta facility has a remaining lease term of three years [2][3]. Strategic Alignment - The acquisitions align with the company's strategy to expand in key markets at below replacement cost while securing stable cash flow and long-term value appreciation [4]. - The company aims to enhance its portfolio's income potential and market presence through investments in high-quality industrial assets [4].

BOSTON, March 14, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE:PLYM) (the "Company") today announced that its board of directors has declared a regular quarterly cash dividend of $0.24 per share of common stock for the first quarter of 2025. The dividend, which equates to an annualized rate of $0.96 per common share, is payable on April 30, 2025, to stockholders of record as of the close of business on March 31, 2025. About PlymouthPlymouth Industrial REIT, Inc. (NYSE:PLYM) is a full servic ...

BOSTON, March 13, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced the appointment of Robert O. Stephenson to its Board of Directors. He will serve as an independent director and will be a member of the Audit Committee. Mr. Stephenson is the Chief Financial Officer of Omega Healthcare Investors, Inc., (NYSE: OHI) and has served in this capacity since August 2001. From 1996 to July 2001, Mr. Stephenson served as the Senior Vice President and Treasurer of In ...

Portfolio Overview - As of December 31, 2024, the Company owned a portfolio of 129 industrial properties comprising approximately 29.3 million rentable square feet, with a leasing rate of 92.3% across 443 tenants[23]. - The Company Portfolio consists of 129 industrial properties with approximately 29.3 million rentable square feet leased to 443 different tenants as of December 31, 2024[217]. - Total annualized base rent for the Company Portfolio is $130,898,135, with an average base rent per square foot of $4.85[195][201]. - The largest industry segment is Logistics & Transportation, accounting for 30.2% of total leased square feet and 25.9% of annualized base rent[193]. - The Company has a 100% occupancy rate across multiple properties, including 1,479,000 square feet in Lockbourne, OH[3]. - The company has properties in multiple states, including GA, OH, and ME, indicating a broad geographic presence[182]. - The company has a strategic focus on maintaining high occupancy rates across its properties, with several locations achieving 100% occupancy[3]. Financial Strategy and Performance - The Company intends to maintain a long-term target debt-to-value ratio of less than 50% while leveraging newly-acquired properties[30]. - The Company aims to enhance returns through value-add renovations and redevelopment strategies, targeting properties with below-market rents and near-term lease expirations[27][28]. - The company reported a revenue of $9.81 billion, representing a 1.1% increase year-over-year[1]. - The gross margin improved to 30.8%, up from 29.5% in the previous year, reflecting better cost management[8]. - Operating expenses were reduced by 2.2%, contributing to overall profitability[9]. - The company reported a total annualized rent of $5,970,010, representing 4.6% of the total annualized rent[182]. - The average annualized rent per square foot for several properties ranges from $2.85 to $8.79, indicating a diverse pricing strategy[182]. Market and Economic Conditions - Economic uncertainty related to imports and international trade could adversely affect the demand for industrial space, impacting revenue growth[57]. - High mortgage rates and limited availability of mortgage debt may hinder the company's ability to finance or refinance properties, affecting acquisition potential[6]. - Economic downturns or rising interest rates could lead to a decline in rents and increased lease defaults, affecting financial condition[111]. - The Company Portfolio is concentrated in the industrial real estate sector, making it particularly susceptible to economic downturns in that sector[52]. - The Company believes that demand for e-commerce-related properties will continue to grow, influencing its investment strategy[33]. Risks and Challenges - Significant indebtedness may expose the company to default risks under debt obligations, particularly in a high-interest-rate environment[6]. - The company faces competition for acquisitions of industrial properties, which may reduce available opportunities and increase acquisition costs[64]. - The company may incur balloon payment obligations under existing loan agreements, potentially impacting financial condition and distribution capabilities[6]. - The company is subject to risks associated with single-tenant leases, where tenant defaults could lead to significant revenue interruptions[54]. - A substantial majority of the leases are with tenants who have non-investment grade credit ratings, increasing the risk of defaults[74]. - The company may experience higher-than-expected vacancy rates and lower-than-expected rental rates due to market conditions[72]. Legal and Regulatory Considerations - The Company has not been involved in any material legal proceedings as of the reporting date[42]. - The company may face litigation that could result in significant judgments against it, adversely impacting financial condition[89]. - Changes in regulatory requirements could lead to significant unanticipated expenditures, impacting financial condition and cash flows[132]. - The company is required to distribute at least 90% of its REIT taxable income annually, which may limit its ability to fund future capital needs[87]. Cybersecurity and Technology - Cybersecurity risks are increasing, with potential breaches posing threats to the company's IT systems[90]. - The company has implemented a cybersecurity risk management program based on the NIST Cybersecurity Framework to protect critical systems and information[172]. - The management cybersecurity committee, led by the CFO, is responsible for assessing and managing material cybersecurity risks[178]. - The company has not identified any known cybersecurity threats that have materially affected its operations or financial condition[175]. Future Outlook and Growth Strategies - The company plans to expand its warehouse distribution network, targeting a 10% increase in capacity by the end of the next fiscal year[183]. - Future operational results may be influenced by the company's ability to effectively execute its acquisition strategy[219]. - The company has identified potential acquisition targets that could enhance its market share by 5% within the next 12 months[183]. - New product development initiatives are expected to contribute an additional $2 million in revenue over the next year[183]. - The company is focusing on enhancing its technology infrastructure, with a budget allocation of $1 million for upgrades[183].