[Plymouth Industrial REIT Second Quarter 2025 Results](index=1&type=section&id=Plymouth%20Industrial%20REIT%20Second%20Quarter%202025%20Results) [Overview and Highlights](index=1&type=section&id=Overview%20and%20Highlights) The company executed its strategy through strong leasing, accretive acquisitions, and disciplined capital management - The company's strategy focuses on driving internal growth via strong leasing and stable occupancy while deploying capital into accretive acquisitions in core markets[3](index=3&type=chunk) - Acquired over **2.85 million square feet** of industrial assets and executed more than **5.9 million square feet** of leasing year-to-date[3](index=3&type=chunk)[6](index=6&type=chunk) - Engaged in disciplined capital management, including repurchasing **1,031,223 shares** of common stock during Q2 and Q3 to date[3](index=3&type=chunk)[6](index=6&type=chunk) - Affirmed the full-year 2025 guidance for **Core FFO per share** and updated the range for net income per share[6](index=6&type=chunk) [Financial Performance](index=1&type=section&id=Financial%20Performance) The company reported a net loss of $6.2 million due to a portfolio deconsolidation, though Same Store NOI grew robustly Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Net Income (Loss) Attributable to Common Stockholders | ($6.2M) | $1.2M | | Net Income (Loss) per Share | ($0.14) | $0.03 | | Consolidated Total Revenues | $47.2M | $48.7M | | Core FFO per Share | $0.46 | $0.48 | | AFFO per Share | $0.44 | $0.49 | | SS NOI Growth (GAAP) | 6.7% | N/A | | SS NOI Growth (Cash) | 4.1% | N/A | - The year-over-year decline in net income was primarily caused by the deconsolidation of the Chicago Portfolio into a joint venture, increased non-controlling interest, and losses from unconsolidated joint ventures[4](index=4&type=chunk) - **Same Store NOI growth** was driven by rent escalations and positive leasing spreads, which were partially offset by increased operating expenses, mainly from higher real estate taxes[7](index=7&type=chunk) [Operational Performance](index=2&type=section&id=Operational%20Performance) The company demonstrated strong operational momentum with significant leasing, acquisition activity, and high portfolio occupancy [Leasing Activity](index=3&type=section&id=Leasing%20Activity) Strong leasing activity continued with a 10.0% cash rental rate increase on Q2 commenced leases and significant forward leasing for 2026 Q2 2025 Commenced Leases (Terms > 6 months) | Lease Type | Square Footage | % of Total | Expiring Rent | New Rent | Cash Rent Spread | | :--- | :--- | :--- | :--- | :--- | :--- | | Renewal | 1,159,623 | 79.8% | $5.00 | $5.45 | 9.0% | | New | 294,134 | 20.2% | $4.92 | $5.61 | 14.0% | | **Total** | **1,453,757** | **100%** | **$4.98** | **$5.48** | **10.0%** | YTD 2025 Executed Leases (as of Aug 4, 2025) | Lease Type | Square Footage | % of Total | Expiring Rent | New Rent | Cash Rent Spread | | :--- | :--- | :--- | :--- | :--- | :--- | | Renewal | 4,119,415 | 69.5% | $4.49 | $5.17 | 15.1% | | New | 1,803,689 | 30.5% | $4.25 | $4.67 | 9.9% | | **Total** | **5,923,104** | **100%** | **$4.42** | **$5.02** | **13.6%** | - As of June 30, 2025, same-store portfolio occupancy was **95.0%**, and total portfolio occupancy was **94.6%**[20](index=20&type=chunk) [Investment and Portfolio Activity](index=2&type=section&id=Investment%20and%20Portfolio%20Activity) The company expanded its portfolio by acquiring 22 industrial buildings for $204.7 million at a 6.7% initial NOI yield - Acquired **22 industrial buildings** in Q2 2025 for a total of **$204.7 million**[17](index=17&type=chunk) - The acquisitions have a weighted average expected initial NOI yield of **6.7%** and are **97.1% leased**[17](index=17&type=chunk) - Key acquisitions include a 21-building portfolio across Columbus, Cincinnati, and Cleveland for **$193.0 million** and a single-tenant building in Atlanta for **$11.7 million**[17](index=17&type=chunk) - As of June 30, 2025, the wholly owned portfolio comprised **148 industrial properties** spanning **32.1 million rentable square feet** across 11 states[16](index=16&type=chunk) [Capital Markets, Liquidity, and Distributions](index=2&type=section&id=Capital%20Markets%2C%20Liquidity%2C%20and%20Distributions) The company maintained solid liquidity, repurchased common shares, issued preferred units, and paid its regular quarterly dividend - As of August 4, 2025, the company had **$11.7 million in cash** and **$278.1 million of capacity** under its unsecured line of credit[12](index=12&type=chunk) - Repurchased and settled a total of **1,031,223 shares** of common stock at an average price of approximately **$16.23 per share** during Q2 and Q3 to date[6](index=6&type=chunk)[13](index=13&type=chunk) - Issued the remaining 79,090 Series C Preferred Units, receiving approximately **$79.0 million** in net proceeds[14](index=14&type=chunk) - Paid a regular quarterly common stock dividend of **$0.24 per share** for the second quarter of 2025[15](index=15&type=chunk) [2025 Full Year Guidance](index=3&type=section&id=2025%20Full%20Year%20Guidance) The company affirmed its Core FFO guidance and updated its net loss per share guidance for the full year 2025 Full Year 2025 Guidance Ranges | Metric | Low | High | | :--- | :--- | :--- | | Core FFO per Share | $1.85 | $1.89 | | Net Loss per Share | ($0.25) | ($0.23) | | Same Store Portfolio NOI Growth (Cash) | 6.0% | 6.5% | | Average Same Store Occupancy | 95.0% | 97.0% | | Acquisition Volume | $270.0M | $450.0M | - The guidance is based on the in-place portfolio as of August 4, 2025, and includes prospective acquisition volumes but excludes the impact of unannounced dispositions or capitalization activities[28](index=28&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) The unaudited financial statements show total assets of $1.58 billion and a net loss of $4.5 million for the quarter [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets grew to $1.58 billion, driven by real estate acquisitions, while total stockholders' equity decreased slightly Balance Sheet Summary (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Real estate properties, net | $1,393,447 | $1,156,697 | | Total assets | $1,583,742 | $1,368,418 | | Total liabilities | $962,161 | $781,299 | | Total stockholders' equity | $539,570 | $579,548 | [Condensed Consolidated Statements of Operations](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) The company reported total revenues of $47.2 million and a net loss of $4.5 million for the second quarter of 2025 Statement of Operations Summary - Q2 (in thousands) | Account | Q2 2025 | Q2 2024 | | :--- | :--- | :--- | | Total revenues | $47,204 | $48,686 | | Total operating expenses | $38,433 | $38,796 | | Interest expense | ($7,454) | ($9,411) | | Loss in investment of unconsolidated JVs | ($7,222) | $0 | | Net income (loss) | ($4,536) | $1,328 | | Net income (loss) attributable to common stockholders | ($6,195) | $1,220 | [Non-GAAP Financial Measures and Reconciliations](index=8&type=section&id=Non-GAAP%20Financial%20Measures%20and%20Reconciliations) This section defines key non-GAAP metrics and provides detailed reconciliations to their nearest GAAP equivalents - The company uses non-GAAP measures like NOI, EBITDAre, FFO, Core FFO, and AFFO as supplemental tools to help investors and management understand core property operations and compare performance with other REITs[34](index=34&type=chunk)[35](index=35&type=chunk)[36](index=36&type=chunk) Q2 2025 Reconciliation Summary (Net Loss to Core FFO, in thousands) | Line Item | Amount | | :--- | :--- | | Net income (loss) | ($4,536) | | Depreciation and amortization | $19,827 | | Proportionate share of FFO from JVs | $8,556 | | **FFO** | **$23,847** | | Series C Preferred Unit dividends | ($1,619) | | Gain on financing transaction & other | ($1,369) | | **Core FFO** | **$20,859** | Q2 2025 Reconciliation Summary (Core FFO to AFFO, in thousands) | Line Item | Amount | | :--- | :--- | | Core FFO | $20,859 | | Non-cash adjustments (interest, stock comp, rent) | $1,208 | | Proportionate share of AFFO from JVs | ($782) | | Recurring capital expenditures | ($1,686) | | **AFFO** | **$19,941** |

Core Viewpoint - Plymouth Industrial REIT, Inc. reported a net loss of $6.2 million for Q2 2025, a significant decline from a net income of $1.2 million in Q2 2024, primarily due to the deconsolidation of its Chicago Portfolio and increased expenses related to preferred units [4][9][10]. Financial Results - The company’s total revenues for Q2 2025 were $47.2 million, down from $48.7 million in Q2 2024 [5]. - The net loss attributable to common stockholders was $0.14 per share for Q2 2025, compared to a profit of $0.03 per share in the same period last year [4][10]. - Core Funds from Operations (Core FFO) for Q2 2025 were $20.9 million, or $0.46 per share, down from $21.8 million, or $0.48 per share, in Q2 2024 [9][10]. - Adjusted Funds from Operations (AFFO) for Q2 2025 were $19.9 million, or $0.44 per share, compared to $22.3 million, or $0.49 per share, in Q2 2024 [10]. Leasing and Occupancy - The company executed over 5.9 million square feet of leasing year-to-date, with a 10% increase in rental rates on a cash basis for leases commencing in Q2 2025 [3][6]. - Same store net operating income (SS NOI) increased by 6.7% on a GAAP basis and 4.1% on a cash basis compared to Q2 2024 [6][7]. - The same store portfolio, comprising 168 buildings, had an occupancy rate of 95.0% as of June 30, 2025 [7][19]. Acquisition and Capital Management - The company acquired an industrial portfolio of 21 buildings totaling 1,951,053 square feet for $193 million, with an expected initial net operating income (NOI) yield of 6.7% [6][19]. - A single-tenant building in Atlanta was acquired for $11.7 million, with an expected initial NOI yield of 7.0% [19]. - Plymouth has repurchased 1,031,223 shares of common stock at an average price of approximately $16.23 under its share repurchase program [6][13]. Guidance and Future Outlook - The company affirmed its full-year 2025 guidance for Core FFO per weighted average common share and updated its range for net income per weighted average common shares [21][22]. - The guidance includes a projected Core FFO range of $1.85 to $1.89 per share and same store portfolio NOI growth of 6.0% to 6.5% [22][23].

Core Viewpoint - Plymouth Industrial REIT (PLYM) is identified as a strong value stock, currently undervalued compared to its industry peers, with favorable valuation metrics indicating potential for growth [4][8]. Valuation Metrics - PLYM has a Forward P/E ratio of 7.39, significantly lower than the industry average of 15.50, indicating it may be undervalued [4]. - The stock's PEG ratio stands at 1.22, compared to the industry average of 2.03, suggesting a favorable valuation relative to expected earnings growth [5]. - PLYM's P/B ratio is 1.14, which is attractive against the industry's average P/B of 1.78, further supporting the notion of undervaluation [6]. - The P/S ratio for PLYM is 3.4, slightly below the industry average of 3.79, reinforcing its position as a potentially undervalued stock [7]. Investment Outlook - Given the strength of PLYM's earnings outlook and its attractive valuation metrics, it is positioned as one of the strongest value stocks in the market [8].

Group 1 - The article highlights the resurgence of growth stocks, with the S&P 500 reaching an all-time high for the fifth consecutive week, indicating a favorable market environment for capital gains [2] - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging, appealing to investors seeking cash dividends [1] - The author emphasizes a preference for defensive stocks with a medium- to long-term investment horizon, reflecting a cautious approach in the current market [2] Group 2 - The article does not provide specific financial advice or recommendations, encouraging readers to conduct their own due diligence before making investment decisions [4][5] - There is a disclosure regarding the author's beneficial long position in specific shares, indicating a personal investment interest that may influence the analysis presented [3]

Core Viewpoint - Plymouth Industrial REIT, Inc. reported strong leasing momentum and successful capital redeployment strategies in its second quarter update for 2025, highlighting the company's focus on growth and value creation for shareholders [2][6]. Leasing Activity - In Q2 2025, leases commencing totaled 1,453,757 square feet, with renewals accounting for 79.8% and new leases for 20.2%. The average cash rent for all leases was $4.98, with a new rent of $5.48, reflecting a 10.0% spread [3]. - For the entirety of 2025, total executed leases reached 5,811,172 square feet, representing 67.5% of total expirations. Renewals made up 70.5% of this total, with an average cash rent of $4.41 and a new rent of $4.98, indicating a 13.0% spread [4]. - Excluding the St. Louis Lease, rental rates would have shown a 15.8% increase, with new leases reflecting a 19.9% increase on a cash basis [4]. - Same store occupancy was reported at 95.0%, while total portfolio occupancy was 94.6%, with various positive impacts from leasing activities in different markets [5]. Acquisition Activity - During Q2 2025, the company acquired 22 industrial buildings totaling 2.05 million square feet for $204.7 million, with these properties being 97.1% leased and a weighted average remaining lease term of 2.6 years [6]. Capital Markets Activity - As of June 30, 2025, the company repurchased 805,394 shares of common stock at an average price of approximately $16.26 under its share repurchase program [7]. Upcoming Events - The company plans to release its earnings information on August 6, 2025, followed by a conference call on August 7, 2025, to discuss the results [8][9].

Core Insights - Plymouth Industrial REIT (PLYM) has acquired a portfolio of industrial properties in Ohio for $193 million, consisting of 21 buildings and totaling 1.95 million square feet [1][7] - The acquisition enhances Plymouth's regional presence and aligns with its strategy of acquiring income-generating industrial assets with growth potential [1][7] Property Details - The portfolio includes highly functional industrial assets located in strong infill areas, featuring high clear heights, adequate truck loading facilities, updated lighting, and modern office finishes [2] - Currently, the portfolio is 97% leased to 75 tenants, with a weighted average remaining lease term of 2.47 years [3] - In-place rents are approximately 22% lower than current market rates, indicating significant upside potential upon lease rollover [3] Financial Aspects - The purchase price reflects a discount of over 25% compared to the current replacement cost [3] - Following this acquisition, Plymouth now manages over 12 million square feet of industrial space in Ohio [4] Management Perspective - Management emphasizes the strategic deployment of capital into high-quality industrial real estate, aiming to drive long-term value creation and strong leasing outcomes [5] Market Performance - PLYM shares have increased by 1.4% over the past three months, slightly outperforming the industry growth of 1.3% [6]

Core Insights - Plymouth Industrial REIT, Inc. has acquired a 1.95-million-square-foot portfolio of industrial properties in Ohio for $193.0 million, enhancing its regional presence and aligning with its growth strategy [1][3] Acquisition Details - The portfolio consists of 21 buildings with strong infill locations and desirable features such as high clear heights and modern office finishes [2] - The properties are currently 97% leased to 75 tenants, with a weighted average remaining lease term of 2.47 years [2] - In-place rents are approximately 22% below current market rates, indicating significant upside potential upon lease rollover [2] - The purchase price reflects a discount of over 25% compared to today's replacement cost [2] Strategic Implications - With this acquisition, the company now owns over 12 million square feet of industrial space in Ohio, further solidifying its market position [3] - The portfolio will be managed from the company's Columbus office, which is staffed by a team of nine experienced property management professionals [3] - The acquisition is part of the company's strategy to acquire well-located, income-generating industrial assets with embedded growth potential [3][4] Management Commentary - The President and CFO of Plymouth Industrial REIT emphasized the transaction as a reflection of the company's success in deploying strategic capital into high-quality industrial real estate [4] - The company aims to leverage its vertically integrated platform to drive long-term value creation and achieve strong leasing outcomes across the portfolio [4]

Group 1 - Plymouth Industrial REIT, Inc. declared a regular quarterly cash dividend of $0.24 per share for Q2 2025 [1] - The annualized dividend rate is $0.96 per common share [1] - The dividend is payable on July 31, 2025, to stockholders of record as of June 30, 2025 [1] Group 2 - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company [2] - The company focuses on the acquisition, ownership, and management of single and multi-tenant industrial properties [2] - The mission of the company is to provide tenants with cost-effective, functional, flexible, and safe space [2]

Core Viewpoint - Plymouth Industrial REIT, Inc. has successfully acquired a 100,420-square-foot warehouse facility in Atlanta for $11.7 million, with an initial net operating income yield of 6.95% [1][2]. Acquisition Details - The newly acquired property is fully leased until May 2030 to a leading consumer self-care products provider, featuring a triple net lease with 3.0% annual rent escalations [2]. - The facility, built in 2014, includes modern features such as tilt-wall construction, 30-foot clear heights, and full climate control, which are essential for the tenant's operations [3]. Portfolio Expansion - This acquisition enhances the Company's existing portfolio in Peachtree City, bringing its total footprint in the Atlanta market to 15 buildings, totaling approximately 2.5 million square feet [3]. Strategic Insights - The CEO of Plymouth Industrial REIT emphasized the focus on identifying accretive opportunities in core markets, targeting well-located industrial assets at discounts to replacement costs, which are expected to yield attractive risk-adjusted returns [4].

Group 1 - Plymouth Industrial (NYSE: PLYM) is identified as an interesting industrial REIT focusing on the Golden Triangle region in the US [1] - The company has experienced rapid growth, which is described as being "supported" by shareholder dilution, raising some caution among analysts [1] - The investing group "Value In Corporate Events" provides coverage of major corporate events, including earnings reports and M&A, aiming to identify the best investment opportunities [1]