Group 1: Financial Performance - Plymouth Industrial reported quarterly funds from operations (FFO) of $0.46 per share, matching the Zacks Consensus Estimate, but down from $0.47 per share a year ago [1] - The company posted revenues of $47.57 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.60% and down from $50.78 million year-over-year [2] - Over the last four quarters, Plymouth Industrial has surpassed consensus FFO estimates only once and has topped consensus revenue estimates just once [1][2] Group 2: Stock Performance and Outlook - Plymouth Industrial shares have declined approximately 7.6% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The company's FFO outlook is crucial for assessing future stock performance, with current consensus FFO expectations for the coming quarter at $0.46 on revenues of $51.94 million, and $1.95 on revenues of $216.26 million for the current fiscal year [4][7] - The estimate revisions trend for Plymouth Industrial is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Group 3: Industry Context - The REIT and Equity Trust - Other industry, to which Plymouth Industrial belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which can impact investor decisions [5]

Financial Performance - For Q4 2024, net income attributable to common stockholders was $146.2 million, or $3.25 per weighted average common share, compared to $9.2 million, or $0.20 per share in Q4 2023, primarily due to a $136.8 million net gain on the sale of real estate related to the Chicago Portfolio [7][5][39] - Core Funds from Operations (Core FFO) for Q4 2024 was $21.1 million, or $0.46 per share, compared to $21.6 million, or $0.47 per share in Q4 2023 [11][5] - Adjusted Funds from Operations (AFFO) for Q4 2024 was $18.6 million, or $0.40 per share, down from $22.0 million, or $0.48 per share in Q4 2023 [12][5] Leasing Activity - In Q4 2024, rental rates for commenced leases increased by 19.4% on a cash basis, with renewal leases reflecting a 12.6% increase and new leases reflecting a 30.2% increase [22][24] - For the full year 2024, rental rates under executed leases increased by 17.1% on a cash basis, with renewal leases up 12.9% and new leases up 28.2% [23][24] - As of February 24, 2025, the company has executed leases totaling 4,276,832 square feet scheduled to commence in 2025, with an expected 12.7% increase in rental rates on a cash basis [5][26] Portfolio and Acquisitions - The company completed the contribution of 34 properties in the Chicago MSA to a joint venture with Sixth Street Partners for $356.6 million, which will be accounted for as an equity method investment [4][20] - The company acquired a portfolio of small bay industrial properties in Cincinnati for $20.1 million, with an anticipated initial NOI yield of 6.8% [19][5] - As of December 31, 2024, the company owned 129 industrial properties across 11 states, totaling approximately 29.3 million rentable square feet [18][5] Capital Structure and Guidance - The company entered into a $600 million amended and restated unsecured credit facility, expanding borrowing capacity and extending maturities [15][16] - The board authorized a share repurchase program for up to $90 million of the company's outstanding common stock [5] - For full year 2025, the company provided guidance for Core FFO per share in the range of $1.85 to $1.89 and expects same store portfolio NOI growth of 6.00% to 6.50% [28][29]

Portfolio Overview - As of September 30, 2024, Plymouth Industrial REIT's portfolio consists of 129 properties with a total square footage of 29,250,971 and an overall occupancy rate of 92.3%[11] - The company reported a same-store occupancy rate of 95.2% and a weighted average lease term remaining of 3.2 years[11] - Total acquisition cost for the portfolio is approximately $1.45 billion, with a replacement cost of about $2.60 billion[12] - The Same Store Portfolio consists of 168 buildings totaling 26,107,300 rentable square feet, representing approximately 89.3% of the total in-place portfolio[27] - The total number of properties in the Same Store portfolio was 146, with 200 buildings contributing to 88.7% of total portfolio square footage[40] Financial Performance - For Q4 2024, total revenues were $47,570,000, down from $50,784,000 in Q4 2023, with rental revenue decreasing to $35,732,000 from $38,642,000[34] - The company reported a net income attributable to common stockholders of $146,212,000 for Q4 2024, compared to $9,192,000 in Q4 2023[34] - Net income for Q4 2024 was $150,098,000, a significant increase from $9,377,000 in Q4 2023, representing a growth of 1,502%[36] - Funds from Operations (FFO) for Q4 2024 reached $40,177,000, up 85.5% from $21,636,000 in Q4 2023[38] - Same Store Net Operating Income (NOI) for the year ended December 31, 2024, was $128,014,000, reflecting a 1.3% increase from $126,330,000 in 2023[41] - Same Store rental revenue for Q4 2024 was $47,398,000, a 2.9% increase compared to $46,072,000 in Q4 2023[41] - Adjusted EBITDA for the year ended December 31, 2024, was $126,848,000, slightly down from $127,188,000 in 2023[38] - Core FFO attributable to common stockholders per share for Q4 2024 was $0.46, compared to $0.47 in Q4 2023[38] Acquisition and Development Activities - In Q4 2024, Plymouth completed developments with a total investment of approximately $70 million, achieving an initial cash NOI yield of 7.5%[17] - The company is constructing a new 41,958-square-foot building in Jacksonville, FL, with an estimated investment of $5.7 million, targeted for completion by the end of 2025[17] - Plymouth's acquisition activity includes a recent purchase in Cincinnati, OH, for $23.3 million, with a projected initial yield of 6.7%[15] - The company acquired a 258,082-square-foot industrial portfolio in Cincinnati, OH for $20.1 million, achieving a going-in NOI yield of 6.8%[25] - The company anticipates acquisition volume for 2025 to range from $270,000,000 to $450,000,000[26] Occupancy and Leasing - The occupancy rate at the end of the reporting period was 95.7% for the Same Store portfolio, indicating strong demand[40] - Same store occupancy at the end of Q4 2024 was 95.2%, down from 97.2% in the previous quarter[44] - The leasing activity for 2024 included 5,827,136 square feet, with a total rent increase of 17.1% compared to previous leases[68] - The primary markets show a total occupancy of 91.5% across 116 properties, contributing to 84.3% of the total ABR[63] Debt and Liabilities - As of December 31, 2024, total assets amounted to $1,368,418,000, a decrease from $1,496,411,000 as of September 30, 2024[32] - The company’s total liabilities as of December 31, 2024, were $781,299,000, a decrease from $1,054,766,000 as of September 30, 2024[32] - Total Debt as of December 31, 2024, decreased to $705,790,000 from $890,998,000 in the previous quarter[49] - Net Debt as of December 31, 2024, was $662,163,000, down from $857,442,000 in the prior quarter[49] - The Company had a net debt-to-annualized adjusted EBITDA ratio of 5.4x as of December 31, 2024, compared to 6.6x in the previous quarter[49] Joint Ventures and Partnerships - The Company contributed 34 properties to a joint venture for a total purchase price of approximately $356.6 million at a 6.2% capitalization rate[60] - The joint venture portfolio consists of 34 properties with a total square footage of 5,957,335 and an occupancy rate of 93.1%[61] - The company reported a funds from operations (FFO) of $1,946,000 for the joint venture, with a distribution structure ensuring a 13.5% internal rate of return (IRR) for both partners[61] Capital Expenditures and Dividends - Total capital expenditures for the quarter ending December 31, 2024, amount to $6,797,000, down from $11,082,000 in the previous quarter[86] - The annualized dividend per share remained stable at $0.96, with a dividend yield of 5.4% as of December 31, 2024[49] Industry and Market Trends - The logistics & transportation industry accounts for 30.2% of total leased square feet and 25.9% of total ABR, totaling 8,160,867 square feet and $33,911,975 in ABR[72] - The healthcare industry represents 4.8% of total leased square feet and 7.2% of total ABR, totaling 1,297,715 square feet and $9,448,831 in ABR[72] - Triple net leases represent 84.6% of total leased square feet, with an ABR of $109,474,056, averaging $4.79 per square foot[75] - Multi-tenant properties comprise 50.3% of total leased square feet, generating an ABR of $72,665,593, averaging $5.35 per square foot[76] - The warehouse/distribution building type accounts for 68.1% of total leased square feet, with an ABR of $78,014,224, averaging $4.24 per square foot[77] Definitions and Metrics - The company defines Net Operating Income (NOI) as total revenue minus property-level operating expenses, excluding various non-operating items[91] - Cash NOI is calculated by excluding straight-line rent adjustments and amortization of above and below market leases from NOI[92] - EBITDAre is defined as net income before interest, taxes, depreciation, and amortization, providing a direct measure of operating results for industrial properties[93] - Adjusted EBITDA includes adjustments for non-cash stock compensation, acquisition expenses, and other non-cash impairments, offering a clearer view of operating performance[94] - Funds From Operations (FFO) is a widely recognized measure of a REIT's operating performance, excluding non-cash items like depreciation[95] - Core Funds from Operations (Core FFO) adjusts FFO for preferred stock dividends and certain non-cash operating expenses, providing a more consistent comparison of operating performance[97] - Adjusted Funds from Operations (AFFO) further adjusts Core FFO for non-cash items and recurring capital expenditures, offering a comprehensive view of operating performance[98]

Company Announcement - Plymouth Industrial REIT, Inc. has promoted Anthony Saladino to President and Chief Financial Officer, effective immediately [1] - Saladino has been with the company since October 2020 and previously served as Executive Vice President and Chief Financial Officer since February 2022 [2] Leadership Background - Anthony Saladino has extensive experience in finance and accounting, having held senior roles in publicly traded companies and private real estate portfolio companies [2] - His previous positions include Chief Accounting Officer for AFIN (now GNL) and NYC REIT, and Vice President of Finance for The Ryland Group (now Lennar) [2] Strategic Contributions - Jeff Witherell, Chairman and CEO, highlighted Saladino's contributions in enhancing the company's balance sheet, lowering borrowing costs, and improving borrowing capacity [3] - Saladino has also driven improvements in financial and accounting processes and strengthened engagement with the investment community [3] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [4] - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [4]

Core Insights - Plymouth Industrial REIT, Inc. has sold a 33,688-square-foot flex building in Memphis, TN for $2.4 million, which was part of a larger portfolio acquired for $100.5 million in July 2024 [1][2] Company Strategy - The building was identified for divestiture as a non-core asset, with a short-term lease to a tenant expected to vacate by December 2024 [2] - Proceeds from the sale will be reinvested into the portfolio to support leasing activities and the conversion of a 100,000-square-foot call center back to a warehouse format for multiple industrial users [2][3] Market Position - Plymouth's CEO highlighted the sale as part of the company's value-add initiatives aimed at aligning the portfolio with market demands and driving growth [3] - The company owns a total of 6.4 million square feet in the Memphis market and is evaluating the development of an additional 106,000-square-foot building on excess land [3] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [4]

Core Insights - Plymouth Industrial REIT, Inc. has signed a two-year lease for 769,500 square feet in St. Louis with a major international manufacturing and logistics provider, indicating strong demand for its high-quality assets [1][2] - The company reported significant leasing activity in Q4, with a total of 1,467,245 square feet leased, including a 19.5% increase in cash rental rates, reflecting robust tenant demand [3] - For 2024, Plymouth executed leases totaling 5.8 million square feet, achieving a 17.3% increase in cash rental rates, driven by a 28.2% rise in new leases [4] Leasing and Portfolio Performance - The recent quarterly update highlighted that renewal leases accounted for 1,042,732 square feet, while new leases totaled 424,513 square feet, showcasing the strength of Plymouth's portfolio [3] - Same-store occupancy was reported at 95.7% as of December 31, 2024, while total portfolio occupancy was at 92.5%, impacted by previous tenancy issues in Cleveland [4] Market Position and Stock Performance - Despite healthy leasing activity, Plymouth's stock has seen a decline of 19.6% over the past three months, compared to an 8.7% decline in the industry, indicating broader market concerns [6] - Analysts have lowered the 2024 funds from operations (FFO) per share estimate to $1.83, reflecting bearish sentiment towards the stock [6] Comparative Analysis - Other REITs such as SL Green Realty and Welltower are currently rated higher, with Zacks Rank 2 (Buy), suggesting potential investment alternatives within the sector [7]

Core Points - Plymouth Industrial REIT, Inc. has executed a two-year lease for its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, starting January 15, 2025 [1] - The lease covers 600,000 square feet in the first year and 450,000 square feet in the second year with a major international manufacturing, engineering, and logistics service provider [1] - The new lease rate is higher than recent market signings, indicating the superior quality of the asset [2] - The new lease compares favorably to the expiring rent on a net effective per square foot basis, with no free rent or tenant improvements provided [2] Company Overview - Plymouth Industrial REIT, Inc. is a full-service, vertically integrated real estate investment company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties [3] - The company's mission is to provide tenants with cost-effective space that is functional, flexible, and safe [3]

Summary of Plymouth Industrial REIT News Core Viewpoint - Plymouth Industrial REIT, Inc. has announced the tax treatment of its 2024 dividends to common stockholders, detailing the cash distributions and their allocations for the tax year ended December 31, 2024 [1]. Group 1: Dividend Details - The total cash distribution per share for each quarter in 2024 is $0.240000, resulting in an annual total of $0.960000 per share [1]. - Each quarterly payment is scheduled as follows: - Record Date: March 28, 2024; Payment Date: April 30, 2024 - Record Date: June 28, 2024; Payment Date: July 31, 2024 - Record Date: September 30, 2024; Payment Date: October 31, 2024 - Record Date: December 31, 2024; Payment Date: January 31, 2025 [1]. - The total distribution allocable to ordinary dividends is $0.000000 per share, while the capital gain distribution is also $0.000000 per share [1]. Group 2: Tax Allocation - The unrecaptured Section 1250 gain per share for the total distribution is $0.462861, with no return of capital [1]. - The breakdown of the total distribution per share includes $0.240000 for each quarter, leading to a total of $0.960000 for the year [1]. Group 3: Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing single and multi-tenant industrial properties [2]. - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [2].

Core Points - Plymouth Industrial REIT, Inc. announced the tax treatment of its 2024 dividends to common stockholders [1] - The total cash distribution per share for each quarter in 2024 is $0.240000, resulting in an annual total of $0.967658 per share [1] - All distributions are classified as capital gain distributions, with no ordinary dividends reported for the year [1] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [2] - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [2]

Core Insights - Plymouth Industrial REIT, Inc. reported strong rental growth and strategic portfolio expansion in its fourth quarter update for 2024, including the closing of the Sixth Street Joint Venture [1] Leasing and Portfolio Performance - In Q4 2024, Plymouth's leasing activity totaled 1,467,245 square feet, with 1,042,732 square feet from renewals and 424,513 square feet from new leases, reflecting a 19.5% increase in cash rental rates [2] - New leases saw a remarkable 33% increase in rental rates, while renewal leases increased by 12.4% [2] - For the entire year of 2024, Plymouth executed leases totaling 5.8 million square feet, representing 71.4% of expiring leases, with cash rental rates increasing by 17.3% driven by a 28.2% rise in new leases [3] - Same-store occupancy was reported at 95.7% as of December 31, 2024, while total portfolio occupancy was 92.5%, impacted by prior tenancy issues in Cleveland [3] Strategic Acquisitions and Joint Ventures - Plymouth acquired a nine-building industrial property portfolio in Cincinnati, OH, for $20.1 million, with an expected initial NOI yield of 6.8%, and the properties are currently 96.9% leased [5] - A second tranche of this portfolio is under contract for $17.9 million, with an anticipated yield of 7.3%, expected to close in Q1 2025 [5] - In November, Plymouth completed the contribution of its equity stake in 34 properties in the Chicago MSA to Isosceles JV, LLC for a total purchase price of $356.6 million [6] Market Position and Stock Performance - Plymouth's opportunistic acquisitions and healthy leasing activity position the company well for long-term benefits, despite broader market concerns and elevated supply in industrial real estate [7] - The company's shares have declined by 12.6% over the past month, compared to a 7.7% decline in the industry [7]