Financial Performance - The company reported a net loss attributable to common stockholders of $(15.7) million, or $(0.35) per weighted average common share for Q3 2024, compared to a net income of $7.5 million, or $0.17 per share in Q3 2023 [4][36]. - Core Funds from Operations (Core FFO) for Q3 2024 were $20.1 million, or $0.44 per weighted average common share, down from $20.6 million, or $0.46 per share in Q3 2023 [8][36]. - Adjusted Funds from Operations (AFFO) for Q3 2024 were $18.5 million, or $0.40 per weighted average common share, compared to $19.0 million, or $0.42 per share in Q3 2023 [9][36]. Revenue and NOI - Total revenues for Q3 2024 were $51.9 million, an increase from $49.8 million in Q3 2023, primarily due to contributions from the Memphis acquisition [5][36]. - Net Operating Income (NOI) for Q3 2024 was $34.1 million, slightly up from $34.0 million in Q3 2023 [6][36]. - Same Store NOI (SS NOI) decreased by 1.2% on a GAAP basis, while it increased by 0.6% on a cash basis compared to the same period in 2023 [6][36]. Leasing and Occupancy - The company executed leases totaling 5,783,332 square feet scheduled to commence in 2024, reflecting a 17.2% increase in rental rates on a cash basis [2][23]. - Total portfolio occupancy as of September 30, 2024, was 94.2%, impacted by vacancies in St. Louis and Cleveland [22][36]. - The company brought its development program to 100% leased, with a notable lease signed for 53,352 square feet in Cincinnati [14][36]. Strategic Transactions - The company announced a strategic transaction with Sixth Street Partners to provide approximately $500 million for acquisitions [2][3]. - A 14-building portfolio of industrial properties in Memphis was acquired for $100.5 million, with an initial NOI yield of 8.0% [15][36]. - The company refinanced and increased its unsecured credit facility borrowing capacity from $1.0 billion to $1.5 billion [12][36]. Guidance and Future Outlook - The company adjusted its full-year 2024 guidance for net income per weighted average common share to a range of $2.99 to $3.01 and for Core FFO to a range of $1.83 to $1.85 [27][36]. - The CEO emphasized a focus on leasing opportunities for 2024 and organic growth for 2025, with plans in place to address tenant evictions impacting performance [3][36].

BOSTON, Nov. 06, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced it has entered into a $600 million amended and restated unsecured credit facility that provides expanded borrowing capacity, extended maturities and enhanced ability to pursue other unsecured debt. The new unsecured credit facility is comprised of: A revolving credit facility that expanded from $350 million to $500 million, matures in November 2028 (compared with August 2025 previously) and ...

Investors with an interest in REIT and Equity Trust - Other stocks have likely encountered both Plymouth Industrial (PLYM) and National Health Investors (NHI) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. There are plenty of strategies for discovering value stocks, but we have found that pairing a strong Zacks Rank with an impressive grade in the Value category of our Style Scores system produces the best returns. The Zacks Rank fav ...

Investors interested in REIT and Equity Trust - Other stocks are likely familiar with Plymouth Industrial (PLYM) and National Health Investors (NHI) . But which of these two companies is the best option for those looking for undervalued stocks? Let's take a closer look. We have found that the best way to discover great value opportunities is to pair a strong Zacks Rank with a great grade in the Value category of our Style Scores system. The Zacks Rank favors stocks with strong earnings estimate revision tre ...

Plymouth Industrial REIT (PLYM) continues to showcase its resilience and growth potential in the industrial real estate market, as evidenced by its leasing and development activity in the third quarter of 2024. The industrial REIT addressed 74% of its 2024 lease expirations and 39% of its 2025 lease expirations. Leases commencing during the third quarter totaled 1,095,115 square feet, all with terms of at least six months. This healthy leasing activity consisted of both renewal and new leases, with 598,858 ...

BOSTON, Sept. 13, 2024 (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 third quarter of 2024. The dividend, which equates to an annualized rate of $0.96 per common share, is payable on October 31, 2024, to stockholders of record as of the close of business on September 30, 2024. About Plymouth Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a fu ...

Plymouth Industrial REIT (PLYM) announced a partnership with Sixth Street aimed at securing long-term growth capital to enhance earnings growth and expand the platform in key industrial markets. The strategic investment of $250 million from Sixth Street will allow Plymouth to fund additional growth while maintaining a leverage-neutral position without dependence on the public equity markets. This JV also enables Plymouth to mitigate risks associated with legacy assets into an off-balance sheet structure. It ...

Core Insights - Plymouth Industrial REIT has entered a strategic partnership with Sixth Street, securing approximately $500 million in capital for acquisitions and growth [1][2] - The investment includes $250 million from Sixth Street, structured as a 65% joint venture ownership of Plymouth's Chicago portfolio and a non-convertible preferred equity investment [1][3] - Plymouth's Chicago portfolio, valued at approximately $356 million, will be contributed to the joint venture at a 6.2% capitalization rate, retaining 35% ownership of the 5.9 million-square-foot portfolio [1][3] - The transaction is leverage-neutral, with expectations of a sequential decline in overall leverage in Q4 2024, aligning with Plymouth's leverage targets for 2024 [1][2] Investment Details - The Sixth Street investment consists of two main components: $116 million for the joint venture and $140 million in non-convertible preferred equity [3][4] - The Chicago portfolio will generate approximately $294 million in gross proceeds, resulting in about $212 million of deployable proceeds after accounting for mortgage assumptions and transaction costs [3][4] - Preferred equity has a 7.0% annual return, with a cash pay portion of 4.0% and a 3.0% PIK component, and can be redeemed after the initial closing [4] Company Background - Plymouth Industrial REIT is a full-service, vertically integrated real estate investment company focused on industrial properties [5] - Sixth Street is a global investment firm with over $75 billion in assets under management, specializing in flexible capital solutions for companies [6]

Exhibit 99.1 Plymouth Industrial REIT Second Quarter 2024 Earnings Call August 1, 2024 at 9:00 a.m. Eastern CORPORATE PARTICIPANTS Tripp Sullivan – SCR Partners LLC Jeff Witherell – Chairman and Chief Executive Officer Anthony Saladino – Executive Vice President and Chief Financial Officer Jim Connolly – Executive Vice President, Asset Management PRESENTATION Operator Good day and welcome to the Plymouth Industrial REIT Second Quarter 2024 Earnings Call. All participants will be in a listen-only mode. Shoul ...

Morsa Images Individual stock investing can be a highly rewarding endeavor, so long as one isn't always following the crowd on the flavor of the day. That's because looking for the right stock can be a "treasure hunting" experience, in the same way that a shopper goes to TJ Maxx (TJX) or Ross Stores (ROST) for quality at a value price. To paraphrase the words of investor legend Peter Lynch, if you look at 10 different stocks, you might find one that's interesting. That's because it's a market for stocks rat ...