Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, "Leasing is an important component of our organic growth, and we have continued to execute on our opportunities for both 2024 and 2025. We have addressed many of our top 10 renewals coming up over the next couple of years, have strong prospects on our largest opportunity and expect to bring our development program to 100% leased." Executed leases scheduled to commence during 2024, which includes activity through the second quarter, t ...

BOSTON, July 08, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing and development activity for the second quarter of 2024. The Company also announced details for its second quarter earnings conference call and webcast to be held on August 1, 2024. Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, "Leasing is an important component of our organic growth, and we have continued to execute on our opportunities for both 2024 and 2025. We have add ...

BOSTON, June 14, 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 second quarter of 2024. The dividend, which equates to an annualized rate of $0.96 per common share, is payable on July 31, 2024, to stockholders of record as of the close of business on June 28, 2024. Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically ...

Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe. About Plymouth BOSTON, June 14, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the "Company") today announced that its board of directors has declared a regular quarterly ...

BOSTON, May 29, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced it will make a presentation at Nareit's REITweek 2024 Investor Conference on Wednesday, June 5, 2024 from 11:00 a.m. to 11:30 a.m. ET. The presentation will be webcast and available on Plymouth's investor relations website. About Plymouth Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single ...

Kwarkot Plymouth Industrial REIT, Inc. (NYSE:PLYM) is an under-covered and somewhat smaller industrial and logistics real estate investment trust, or REIT. The company has seen rapid growth, financed by continued share price dilution, as results on a per-share basis have been quite mixed. While the portfolio is well located and obtains decent cash yields, I am a bit cautious here given the lack of historic performance, leverage employed and cyclicality of the portfolio, although all these items reveal poten ...

Operator Good morning and welcome to the Plymouth Industrial REIT First Quarter 2024 Earnings Conference Call. All participants will be in listen only mode. Should you need assistance, please signal conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask the question, you may press star one on your telephone keypad. To withdraw from the question queue, please press star then two. Please note this event is being record ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q1 2024 Earnings Call Transcript May 2, 2024 9:00 AM ET Company Participants Tripp Sullivan - SCR Partners LLC Jeff Witherell - Chairman and Chief Executive Officer Jim Connolly - Executive Vice President, Asset Management Conference Call Participants Todd Thomas - KeyBanc Capital Markets Nick Thillman - Baird Mitch Germain - Citizens JMP Bryan Maher - B. Riley FBR Anthony Hau - Suntrust Brendan Lynch - Barclays Operator Good day, and welcome to the Plymouth Indust ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarter Ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From _______to ________ Commission File Number: 001-38106 PLYMOUTH INDUSTRIAL REIT, INC. (Exact name of registrant as specified in its charter) Maryland 27-5466153 FORM 10-Q (Mark One) (State o ...

Introduction [Opening Remarks and Procedural Changes](index=2&type=section&id=Opening%20Remarks%20and%20Procedural%20Changes) The company altered its disclosure timing to provide analysts with earlier access to earnings materials - The company has changed its disclosure timing, releasing earnings materials the afternoon prior to the call to allow more time for review[3](index=3&type=chunk)[4](index=4&type=chunk)[7](index=7&type=chunk) Management's Strategic Overview [Key Strategic Themes for 2024](index=2&type=section&id=Key%20Strategic%20Themes%20for%202024) The company outlined four key strategic pillars for 2024 focused on onshoring, balance sheet strength, FFO growth, and shareholder returns - The company believes its markets in the 'Golden Triangle' are positioned to benefit from a **multi-decade trend of onshoring and near-shoring** of manufacturing[8](index=8&type=chunk) - The balance sheet is the **strongest in company history**, with leverage reduced to **6.5x net debt to EBITDA** and an anticipated operating range of **6.0x** during 2024[9](index=9&type=chunk) - Projecting a **3%+ increase in FFO per share** for 2024, driven primarily by portfolio operations and same-store NOI growth[10](index=10&type=chunk) - The Board approved a **6.7% dividend increase** for the first quarter, maintaining a **50-51% FFO payout ratio** based on 2024 guidance[11](index=11&type=chunk) 2024 Financial Guidance and Performance [Full-Year 2024 Guidance Details](index=3&type=section&id=Full-Year%202024%20Guidance%20Details) The 2024 guidance range is significantly influenced by the leasing outcome of a key FedEx facility in St Louis 2024 Guidance Assumptions | Guidance Scenario | Key Assumptions | | :--- | :--- | | **Low End** | FedEx St. Louis facility vacant from Aug 1st; buffered by a 125 bp improvement in portfolio expense recovery | | **Midpoint** | FedEx St. Louis facility remains tenanted; includes 25 bps of non-specific portfolio vacancy and credit loss | | **High End** | Accelerated lease-up in Chicago & another St. Louis property; savings in interest and general expenses | - The midpoint guidance was set to account for a range of possibilities regarding the FedEx lease, as the outcome could be less disruptive than the downside scenario[60](index=60&type=chunk) [Same-Store NOI and Quarterly Cadence](index=7&type=section&id=Same-Store%20NOI%20and%20Quarterly%20Cadence) Same-store NOI growth is expected to start slow and accelerate in the second half, mirroring the 2023 cadence - The quarterly performance cadence is expected to be **muted in Q1** due to weather and timing of professional fees, then ramp up in the second half of the year[48](index=48&type=chunk) - If the St Louis property (FedEx) were included in the same-store pool, the 2024 same-store NOI growth guidance range would have been **6.0% to 6.5%**[61](index=61&type=chunk) Portfolio Operations and Leasing Strategy [Leasing Activity and Key Vacancies](index=3&type=section&id=Leasing%20Activity%20and%20Key%20Vacancies) The company is actively managing key vacancies in St Louis and Chicago with a strong pipeline of prospects - For the FedEx property in St Louis (3919 Lakeview Corporate Drive), the ideal plan is to secure **one or two tenants**, and there has been some interest to date[16](index=16&type=chunk) - At 9150 Latty Ave in St Louis, a lease is being negotiated with a prospect who is working with the city on incentives[18](index=18&type=chunk) - The Chicago property at 16801 Exchange has a long list of prospects, and **RFPs are expected very shortly**[18](index=18&type=chunk) [Tenant Watchlist and Bad Debt](index=6&type=section&id=Tenant%20Watchlist%20and%20Bad%20Debt) The tenant watchlist remains stable, and the 2024 guidance includes a conservative bad debt assumption Bad Debt Comparison | Metric | Value (bps) | | :--- | :--- | | 2024 Guidance Assumption | 25 bps | | 2023 Realized Bad Debt | 12 bps | | Potential Watchlist Impact | < 10 bps | - The tenant watchlist has **not materially changed** in terms of its composition or size[38](index=38&type=chunk) [Impact of Onshoring on Demand](index=5&type=section&id=Impact%20of%20Onshoring%20on%20Demand) The company's strategy focuses on versatile warehouses that support ancillary services for large-scale manufacturing reshoring - The company is seeing increased leasing interest from **foreign, light manufacturing-oriented companies**, especially in markets like Atlanta[42](index=42&type=chunk) - The strategy is not to own pure manufacturing facilities but rather **utilitarian warehouses** that benefit from ancillary services supporting major manufacturing projects[33](index=33&type=chunk)[35](index=35&type=chunk) Capital Allocation and Growth Strategy [Acquisition and Transaction Market Outlook](index=4&type=section&id=Acquisition%20and%20Transaction%20Market%20Outlook) Management is tracking a significant pipeline, focusing on smaller, high-yield acquisitions in existing markets - The company is tracking a **$500 million pipeline** of potential opportunities as the transaction market becomes more active[23](index=23&type=chunk)[24](index=24&type=chunk) - The acquisition focus is on **small, one-off deals with higher cap rates**, which is how the company was originally built[24](index=24&type=chunk) - Opportunities are emerging from sellers facing debt maturities or re-tenanting challenges, with some properties trading at or below their acquisition prices from 2-3 years ago[52](index=52&type=chunk)[53](index=53&type=chunk) [Disposition and Development Strategy](index=5&type=section&id=Disposition%20and%20Development%20Strategy) The disposition strategy targets markets lacking scale, while development focuses on build-to-suit projects - The company may sell assets in markets where it does not have scale, such as **Milwaukee and Kansas City**, following the recent sale of its single New Jersey asset[26](index=26&type=chunk)[44](index=44&type=chunk) - Development activity is primarily driven by **build-to-suit opportunities** on existing vacant land[36](index=36&type=chunk) - The company is also open to **JV opportunities**, particularly for heavy value-add assets that require significant capital and leasing efforts[23](index=23&type=chunk)[54](index=54&type=chunk) Balance Sheet and Shareholder Returns [Leverage and Dividend Policy](index=2&type=section&id=Leverage%20and%20Dividend%20Policy) The company achieved its strongest balance sheet to date and increased its dividend to enhance shareholder returns Balance Sheet and Dividend Metrics | Metric | Value | | :--- | :--- | | Net Debt to EBITDA | 6.5x | | 2024 Target Leverage Range | ~6.0x | | Q1 2024 Dividend Increase | 6.7% | | 2024 FFO Payout Ratio Target | 50% - 51% |