Plymouth Industrial REIT Reports Third Quarter 2024 Results

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].