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]

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BOSTON, July 31, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the "Company") today announced its financial results for the second quarter ended June 30, 2024, and other recent developments. Second Quarter and Subsequent Highlights Reported results for the second quarter of 2024 reflect net income attributable to common stockholders of $0.03 per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders ("Core FFO") of $0.48 per wei ...

Core Viewpoint - Plymouth Industrial REIT (PLYM) demonstrates resilience and growth potential in the industrial real estate market, highlighted by strong leasing and development activities in the second quarter of 2024 [10]. Leasing Activity - Executed leases scheduled to commence in 2024 total 4,654,825 square feet, all with terms of at least six months [1]. - In the second quarter, leases totaled 1,811,939 square feet, with 1,610,786 square feet from renewals and 201,153 square feet from new leases, indicating healthy leasing activity [4]. - The company anticipates an 18.8% increase in rental rates on a cash basis from these leases, contributing to its strong performance [4]. Portfolio Performance - As of June 30, 2024, the company's portfolio occupancy was 97.0%, with same-store occupancy at 98.2%, reflecting effective tenant retention and property management [11]. - Renewal leases comprised 3,588,209 square feet, representing 63.3% of total 2024 expirations, with a projected 15.7% increase in rental rates on a cash basis [5]. Development Initiatives - Plymouth's development program includes a fully leased 52,920-square-foot building in Jacksonville, expected to be operational in the fourth quarter of 2024 [12]. - An agreement has been reached for the remaining 53,352 square feet of a 154,692-square-foot industrial building in Cincinnati, which will complete the company's development program [6]. Market Performance - Shares of Plymouth have risen 3.1% in the past month, outperforming the industry's increase of 1.7% [3]. - The company’s stock was up approximately 0.9% during the regular trading session on the NYSE, reflecting positive investor sentiment [10]. Upcoming Events - PLYM's second-quarter earnings release is scheduled for July 31, 2024, after market close, followed by a conference call on August 1, which will provide further insights into its financial performance and strategic outlook [13].

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 ...