Plymouth Industrial REIT Reports Fourth Quarter Results

Financial Performance - For Q4 2024, net income attributable to common stockholders was $146.2 million, or $3.25 per weighted average common share, compared to $9.2 million, or $0.20 per share in Q4 2023, primarily due to a $136.8 million net gain on the sale of real estate related to the Chicago Portfolio [7][5][39] - Core Funds from Operations (Core FFO) for Q4 2024 was $21.1 million, or $0.46 per share, compared to $21.6 million, or $0.47 per share in Q4 2023 [11][5] - Adjusted Funds from Operations (AFFO) for Q4 2024 was $18.6 million, or $0.40 per share, down from $22.0 million, or $0.48 per share in Q4 2023 [12][5] Leasing Activity - In Q4 2024, rental rates for commenced leases increased by 19.4% on a cash basis, with renewal leases reflecting a 12.6% increase and new leases reflecting a 30.2% increase [22][24] - For the full year 2024, rental rates under executed leases increased by 17.1% on a cash basis, with renewal leases up 12.9% and new leases up 28.2% [23][24] - As of February 24, 2025, the company has executed leases totaling 4,276,832 square feet scheduled to commence in 2025, with an expected 12.7% increase in rental rates on a cash basis [5][26] Portfolio and Acquisitions - The company completed the contribution of 34 properties in the Chicago MSA to a joint venture with Sixth Street Partners for $356.6 million, which will be accounted for as an equity method investment [4][20] - The company acquired a portfolio of small bay industrial properties in Cincinnati for $20.1 million, with an anticipated initial NOI yield of 6.8% [19][5] - As of December 31, 2024, the company owned 129 industrial properties across 11 states, totaling approximately 29.3 million rentable square feet [18][5] Capital Structure and Guidance - The company entered into a $600 million amended and restated unsecured credit facility, expanding borrowing capacity and extending maturities [15][16] - The board authorized a share repurchase program for up to $90 million of the company's outstanding common stock [5] - For full year 2025, the company provided guidance for Core FFO per share in the range of $1.85 to $1.89 and expects same store portfolio NOI growth of 6.00% to 6.50% [28][29]