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]

Financial Data and Key Metrics Changes - The first quarter of 2025 marked a strong start for the company, highlighted by record leasing activity and stable core financial performance [5][6] - The company has affirmed its previously issued full year 2025 guidance for core FFO, anticipating a stronger second half of the year [10] Business Line Data and Key Metrics Changes - Approximately 70% of 1,600,000 square feet of speculative space greater than 100,000 square feet included in guidance has now been leased, contributing to occupancy growth [17] - The company has approximately $205,000,000 of acquisitions under agreement, representing roughly 2,000,000 square feet at a targeted initial NOI yield of 6.5% to 6.75% [9][19] Market Data and Key Metrics Changes - The company is well positioned to scale its platform with nearly 30% of annual rents rolling in 2025 and 2026 in markets benefiting from sequential rent growth [6] - The company has observed an increase in short-term space requirements driven by tenants responding to inventory adjustments and shifting trade flows [6][31] Company Strategy and Development Direction - The strategic focus remains on acquiring infill industrial properties in dense supply-constrained submarkets, contrasting with larger warehouses that face longer lease-up periods [6][8] - The acquisition strategy is focused on expanding within existing markets, funded largely by proceeds from the Sixth Street transaction [8][10] Management's Comments on Operating Environment and Future Outlook - Management has noted that they have yet to see any material interruptions across the portfolio, but are actively monitoring the impact of geopolitical and trade landscape changes [6] - The company expects a projected year-end same-store occupancy of about 97.3%, despite a temporary 130 basis point vacancy expected in Q4 [17][51] Other Important Information - The company has strong liquidity with over 88% of its debt being fixed and no debt maturities in 2025 [9] - The watch list includes five tenants occupying a combined 290,000 square feet, with a total ABR of less than 1%, and all but one tenant is current on rent [43] Q&A Session Summary Question: Confidence in renewal and backfill prospects - Management confirmed that the renewal for the St. Louis asset has been signed and negotiations for ODW are ongoing [13][14] Question: Key drivers behind acceleration in same-store growth - Management indicated that the St. Louis asset is a key contributor to growth, with a projected year-end same-store occupancy of about 97.3% [16][17] Question: Funding sources for acquisitions - The funding mechanism for acquisitions will primarily be through the line of credit, with an additional $79,000,000 to draw from Series C preferred in May [19] Question: Buyback priorities - Management stated that they did not repurchase shares during Q1 and emphasized a balanced approach to capital deployment [23][25] Question: Changes in collections or bad debt - Management reported no significant changes in collections or bad debt, with 35 basis points of bad debt embedded in guidance [43] Question: Capacity for future acquisitions - Management indicated that there remains ample capacity for acquisitions beyond the current agreements before needing to consider raising equity [54]

Financial Data and Key Metrics Changes - The first quarter of 2025 marked a strong start for the company, highlighted by record leasing activity and stable core financial performance [4][5] - The company affirmed its previously issued full year 2025 guidance for core FFO, anticipating a stronger second half of the year [8] Business Line Data and Key Metrics Changes - Approximately 70% of 1,600,000 square feet of speculative space greater than 100,000 square feet included in guidance has now been leased, contributing to occupancy growth [16] - The company has approximately $205,000,000 of acquisitions under agreement, representing roughly 2,000,000 square feet at a targeted initial NOI yield of 6.5% to 6.75% [7][18] Market Data and Key Metrics Changes - The company continues to monitor the impact of global supply chain adjustments on its tenant base, noting an increase in short-term space requirements [5][29] - The company has observed favorable reshoring dynamics and limited Class B supply in target markets, which are expected to benefit rental growth [5] Company Strategy and Development Direction - The strategic focus remains on acquiring infill industrial properties in dense supply-constrained submarkets, contrasting with larger warehouses that face longer lease-up periods [5][6] - The company aims to expand within existing markets, funded largely by proceeds from the Sixth Street transaction [6][7] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to achieve sustained internal growth and long-term value creation despite macroeconomic uncertainties [5][30] - The company has not seen significant disruptions across its portfolio, although there is a noted increase in short-term leasing activity [29][30] Other Important Information - The company maintains strong liquidity with over 88% of its debt being fixed and no debt maturities in 2025 [7] - The company has a watch list that includes five tenants, occupying a combined 290,000 square feet, with a low likelihood of default [40][41] Q&A Session Summary Question: Confidence in renewal and backfill prospects - Management confirmed that a three-year renewal for the St. Louis asset has been signed and negotiations for backfilling the Columbus asset are ongoing [12][13] Question: Key drivers behind same-store growth acceleration - Management indicated that the St. Louis asset is a key contributor to growth, with a projected year-end same-store occupancy of about 97.3% [16][48] Question: Funding sources for acquisitions - The funding mechanism for acquisitions will primarily be through the line of credit, with an additional $79,000,000 to be drawn from Series C preferred [17][18] Question: Buyback priorities - Management stated that no shares were repurchased in Q1, emphasizing a balanced approach to capital deployment between acquisitions and opportunistic repurchases [22] Question: Changes in collections or bad debt - Management reported no significant changes in collections or bad debt, maintaining a favorable outlook on tenant payments [40][41]

Core Insights - Plymouth Industrial reported revenue of $45.57 million for the quarter ended March 2025, a decrease of 9.3% year-over-year [1] - The company's EPS was $0.44, significantly higher than $0.14 in the same quarter last year [1] - Revenue fell short of the Zacks Consensus Estimate of $47.51 million, resulting in a surprise of -4.07% [1] - The EPS also missed the consensus estimate of $0.45, with a surprise of -2.22% [1] Revenue Breakdown - Management fee revenue and other income amounted to $0.15 million, below the two-analyst average estimate of $0.19 million [4] - Rental revenue was reported at $45.42 million, compared to the two-analyst average estimate of $47.87 million, reflecting a year-over-year decline of 9.5% [4] Stock Performance - Shares of Plymouth Industrial have declined by 8.9% over the past month, while the Zacks S&P 500 composite saw a change of -0.7% [3] - The stock currently holds a Zacks Rank 4 (Sell), indicating potential underperformance relative to the broader market in the near term [3]

分组1 - Plymouth Industrial reported quarterly funds from operations (FFO) of $0.44 per share, missing the Zacks Consensus Estimate of $0.45 per share, and down from $0.45 per share a year ago, representing an FFO surprise of -2.22% [1] - The company posted revenues of $45.57 million for the quarter ended March 2025, missing the Zacks Consensus Estimate by 4.07%, and down from $50.23 million year-over-year [2] - Over the last four quarters, Plymouth Industrial has surpassed consensus FFO estimates just once and has topped consensus revenue estimates only once [2] 分组2 - Plymouth Industrial shares have lost about 16.5% since the beginning of the year, compared to the S&P 500's decline of -5.3% [3] - The current consensus FFO estimate for the coming quarter is $0.46 on revenues of $49.68 million, and for the current fiscal year, it is $1.87 on revenues of $197.41 million [7] - The Zacks Industry Rank for REIT and Equity Trust - Other is currently in the bottom 35% of over 250 Zacks industries, indicating potential underperformance compared to higher-ranked industries [8]

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]