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].

Core Insights - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - There is potential value in overlooked stocks that are trading at attractive prices while offering high yields, emphasizing a value-driven investment approach rather than popularity [2] Group 1 - The investment strategy prioritizes defensive stocks with a medium- to long-term horizon [2] - The service offers a free two-week trial to explore exclusive income-focused portfolios [1] Group 2 - The article expresses the author's personal opinions and does not involve compensation from any mentioned companies [3] - It is stated that the article is for informational purposes and does not constitute financial advice [4]

Financial Data and Key Metrics Changes - The company announced a strategic transaction with Sixth Street, enhancing borrowing capacity and securing up to $500 million for acquisitions [6][7] - The same store portfolio has been reset to 168 buildings, representing 89% of the total in-place portfolio, with Q4 2024 occupancy at approximately 92% [20][48] - The company anticipates a 380 basis points occupancy improvement, equating to over 1 million square feet lease-up [20] Business Line Data and Key Metrics Changes - The Cincinnati acquisitions totaled approximately 762,000 square feet for $61.3 million, contributing to capital deployment efforts [10] - The company has a pipeline exceeding 11 million square feet and $1 billion in potential acquisitions, primarily in existing markets [11] Market Data and Key Metrics Changes - Market conditions remain favorable for buildings under 250,000 square feet, with over 95% of leases concentrated in this segment [9] - The rental growth rate in the company's markets is normalized between 3% and 4%, with mid-teens to low 20% growth expected on rent spreads for smaller spaces [32] Company Strategy and Development Direction - The focus for 2025 will be on leasing opportunities and capital deployment, with a strategic emphasis on expanding scale [8][11] - The company is positioned to execute on leasing and capital deployment strategies, leveraging the capital secured from the Sixth Street transaction [11][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tenant challenges and leasing remaining spaces, with strong momentum anticipated for 2025 [9][10] - The company is optimistic about the leasing environment, with significant leasing activity noted towards the end of January and February [27] Other Important Information - The company has made solid progress on capital deployment and is strategically positioned to expand its scale in the market [11] - Management highlighted the importance of value-add acquisitions and the capabilities to handle multiple projects simultaneously [78] Q&A Session Summary Question: What is the potential for balance sheet acquisitions versus JV? - Management indicated that about half of the $1 billion potential acquisitions could be on balance sheet, with a $150 million portfolio likely being JV material [14][15] Question: What is the timing of the 740,000 square feet of leases signed? - All leases signed have already commenced, with occupancy increasing from 92.5% to 94.3% this year [26][27] Question: Can you provide details on remaining 2025 expirations? - Management noted that rental growth is expected to be strong, particularly for small to midsize spaces, and expressed confidence in leasing up remaining vacancies [32][34] Question: What is the outlook for the St. Louis lease? - Management is optimistic about the tenant's interest in expanding and continuing the lease, despite a reduction in square footage [38] Question: How does the company view the Sixth Street transaction? - Management believes the transaction is transformative and will provide ample capital for future growth, emphasizing patience in executing their strategy [56][67] Question: What are the pricing trends in the market? - Management noted that while there is negative leverage in the marketplace, they are still seeing strong demand for industrial properties [69][74] Question: Is there any impact from tariffs or reshoring initiatives? - Management reported a significant increase in demand for bulk storage requirements due to tariffs, indicating a rush to get products into warehouses [90][91]

Financial Data and Key Metrics Changes - The company announced a strategic transaction with Sixth Street, enhancing borrowing capacity and securing up to $500 million for acquisitions [6][7] - The same store portfolio has been reset to 168 buildings, representing 89% of the total in-place portfolio, with Q4 2024 occupancy at approximately 92% [20][48] - The company anticipates a 380 basis points occupancy improvement, equating to over 1 million square feet lease-up [20] Business Line Data and Key Metrics Changes - The Cincinnati acquisitions totaled approximately 762,000 square feet for $61.3 million, contributing to capital deployment efforts [10] - The company has a pipeline exceeding 11 million square feet and $1 billion in potential acquisitions, primarily in existing markets [11] Market Data and Key Metrics Changes - Market conditions remain favorable for buildings under 250,000 square feet, with over 95% of leases concentrated in this segment [9] - The rental growth rate in the company's markets is normalized between 3% and 4%, with mid-teens to low 20% growth expected on rent spreads for small to midsize spaces [32] Company Strategy and Development Direction - The focus for 2025 will be on leasing opportunities and capital deployment, with a strategic emphasis on expanding scale [7][11] - The company is positioned to execute on leasing and capital deployment strategies, leveraging the capital secured from the Sixth Street transaction [11][56] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in navigating tenant challenges and leasing remaining spaces, with strong momentum anticipated for 2025 [8][9] - The company is optimistic about the leasing environment, with significant leasing activity noted towards the end of January and into February [27] Other Important Information - The company has made solid progress on capital deployment and is strategically positioned to expand its scale in existing markets [11] - Management highlighted the importance of value-add acquisitions and the capability to handle multiple projects simultaneously [78] Q&A Session Summary Question: What is the potential for acquisitions and their timing? - The company assumes $360 million of acquisitions at the midpoint, with about $70 million already banked, and expects to deploy the remainder evenly over the coming quarters [17] Question: Can you provide details on the leasing environment and remaining vacancies? - All carryover vacant space has already commenced leasing, with occupancy increasing from 92.5% to 94.3% this year, indicating strong leasing activity [26][27] Question: What are the expectations for the St. Louis lease and tenant renewals? - The tenant has expressed interest in expanding and continuing the lease, despite a reduction in square footage [38] Question: How does the company view the Sixth Street transaction and stock performance? - Management believes the transaction is transformative and is focused on deploying capital effectively, with a buyback strategy in place if stock performance does not improve [56][57] Question: What are the pricing trends in the market? - The company is experiencing negative leverage in the marketplace, with significant competition for acquisitions, indicating a challenging environment for pricing [69][74] Question: Are there any impacts from tariffs or reshoring initiatives? - There is a significant increase in demand for bulk storage requirements due to tariffs, with companies rushing to secure warehouse space [90][91]

Group 1 - Plymouth Industrial reported $47.57 million in revenue for Q4 2024, a year-over-year decline of 6.3% [1] - The company's EPS for the same period was $0.46, compared to $0.20 a year ago, indicating an improvement [1] - The reported revenue was a surprise of -6.60% compared to the Zacks Consensus Estimate of $50.93 million [1] Group 2 - Key metrics indicate that Plymouth Industrial's management fee revenue and other income was $0.28 million, exceeding the average estimate of $0.13 million, representing a year-over-year change of +826.7% [4] - Rental revenue was reported at $47.29 million, below the average estimate of $50.99 million, reflecting a year-over-year decline of 6.8% [4] - The diluted EPS was reported at $3.24, significantly higher than the estimated $0.06 [4] Group 3 - Over the past month, shares of Plymouth Industrial returned -2.6%, compared to the Zacks S&P 500 composite's -2.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

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]