Plymouth Industrial REIT(PLYM) - 2024 Q4 - Annual Results

Portfolio Overview - As of September 30, 2024, Plymouth Industrial REIT's portfolio consists of 129 properties with a total square footage of 29,250,971 and an overall occupancy rate of 92.3%[11] - The company reported a same-store occupancy rate of 95.2% and a weighted average lease term remaining of 3.2 years[11] - Total acquisition cost for the portfolio is approximately $1.45 billion, with a replacement cost of about $2.60 billion[12] - The Same Store Portfolio consists of 168 buildings totaling 26,107,300 rentable square feet, representing approximately 89.3% of the total in-place portfolio[27] - The total number of properties in the Same Store portfolio was 146, with 200 buildings contributing to 88.7% of total portfolio square footage[40] Financial Performance - For Q4 2024, total revenues were $47,570,000, down from $50,784,000 in Q4 2023, with rental revenue decreasing to $35,732,000 from $38,642,000[34] - The company reported a net income attributable to common stockholders of $146,212,000 for Q4 2024, compared to $9,192,000 in Q4 2023[34] - Net income for Q4 2024 was $150,098,000, a significant increase from $9,377,000 in Q4 2023, representing a growth of 1,502%[36] - Funds from Operations (FFO) for Q4 2024 reached $40,177,000, up 85.5% from $21,636,000 in Q4 2023[38] - Same Store Net Operating Income (NOI) for the year ended December 31, 2024, was $128,014,000, reflecting a 1.3% increase from $126,330,000 in 2023[41] - Same Store rental revenue for Q4 2024 was $47,398,000, a 2.9% increase compared to $46,072,000 in Q4 2023[41] - Adjusted EBITDA for the year ended December 31, 2024, was $126,848,000, slightly down from $127,188,000 in 2023[38] - Core FFO attributable to common stockholders per share for Q4 2024 was $0.46, compared to $0.47 in Q4 2023[38] Acquisition and Development Activities - In Q4 2024, Plymouth completed developments with a total investment of approximately $70 million, achieving an initial cash NOI yield of 7.5%[17] - The company is constructing a new 41,958-square-foot building in Jacksonville, FL, with an estimated investment of $5.7 million, targeted for completion by the end of 2025[17] - Plymouth's acquisition activity includes a recent purchase in Cincinnati, OH, for $23.3 million, with a projected initial yield of 6.7%[15] - The company acquired a 258,082-square-foot industrial portfolio in Cincinnati, OH for $20.1 million, achieving a going-in NOI yield of 6.8%[25] - The company anticipates acquisition volume for 2025 to range from $270,000,000 to $450,000,000[26] Occupancy and Leasing - The occupancy rate at the end of the reporting period was 95.7% for the Same Store portfolio, indicating strong demand[40] - Same store occupancy at the end of Q4 2024 was 95.2%, down from 97.2% in the previous quarter[44] - The leasing activity for 2024 included 5,827,136 square feet, with a total rent increase of 17.1% compared to previous leases[68] - The primary markets show a total occupancy of 91.5% across 116 properties, contributing to 84.3% of the total ABR[63] Debt and Liabilities - As of December 31, 2024, total assets amounted to $1,368,418,000, a decrease from $1,496,411,000 as of September 30, 2024[32] - The company’s total liabilities as of December 31, 2024, were $781,299,000, a decrease from $1,054,766,000 as of September 30, 2024[32] - Total Debt as of December 31, 2024, decreased to $705,790,000 from $890,998,000 in the previous quarter[49] - Net Debt as of December 31, 2024, was $662,163,000, down from $857,442,000 in the prior quarter[49] - The Company had a net debt-to-annualized adjusted EBITDA ratio of 5.4x as of December 31, 2024, compared to 6.6x in the previous quarter[49] Joint Ventures and Partnerships - The Company contributed 34 properties to a joint venture for a total purchase price of approximately $356.6 million at a 6.2% capitalization rate[60] - The joint venture portfolio consists of 34 properties with a total square footage of 5,957,335 and an occupancy rate of 93.1%[61] - The company reported a funds from operations (FFO) of $1,946,000 for the joint venture, with a distribution structure ensuring a 13.5% internal rate of return (IRR) for both partners[61] Capital Expenditures and Dividends - Total capital expenditures for the quarter ending December 31, 2024, amount to $6,797,000, down from $11,082,000 in the previous quarter[86] - The annualized dividend per share remained stable at $0.96, with a dividend yield of 5.4% as of December 31, 2024[49] Industry and Market Trends - The logistics & transportation industry accounts for 30.2% of total leased square feet and 25.9% of total ABR, totaling 8,160,867 square feet and $33,911,975 in ABR[72] - The healthcare industry represents 4.8% of total leased square feet and 7.2% of total ABR, totaling 1,297,715 square feet and $9,448,831 in ABR[72] - Triple net leases represent 84.6% of total leased square feet, with an ABR of $109,474,056, averaging $4.79 per square foot[75] - Multi-tenant properties comprise 50.3% of total leased square feet, generating an ABR of $72,665,593, averaging $5.35 per square foot[76] - The warehouse/distribution building type accounts for 68.1% of total leased square feet, with an ABR of $78,014,224, averaging $4.24 per square foot[77] Definitions and Metrics - The company defines Net Operating Income (NOI) as total revenue minus property-level operating expenses, excluding various non-operating items[91] - Cash NOI is calculated by excluding straight-line rent adjustments and amortization of above and below market leases from NOI[92] - EBITDAre is defined as net income before interest, taxes, depreciation, and amortization, providing a direct measure of operating results for industrial properties[93] - Adjusted EBITDA includes adjustments for non-cash stock compensation, acquisition expenses, and other non-cash impairments, offering a clearer view of operating performance[94] - Funds From Operations (FFO) is a widely recognized measure of a REIT's operating performance, excluding non-cash items like depreciation[95] - Core Funds from Operations (Core FFO) adjusts FFO for preferred stock dividends and certain non-cash operating expenses, providing a more consistent comparison of operating performance[97] - Adjusted Funds from Operations (AFFO) further adjusts Core FFO for non-cash items and recurring capital expenditures, offering a comprehensive view of operating performance[98]