Plymouth Acquires Portfolio of Industrial Properties in Ohio

Core Insights - Plymouth Industrial REIT (PLYM) has acquired a portfolio of industrial properties in Ohio for $193 million, consisting of 21 buildings and totaling 1.95 million square feet [1][7] - The acquisition enhances Plymouth's regional presence and aligns with its strategy of acquiring income-generating industrial assets with growth potential [1][7] Property Details - The portfolio includes highly functional industrial assets located in strong infill areas, featuring high clear heights, adequate truck loading facilities, updated lighting, and modern office finishes [2] - Currently, the portfolio is 97% leased to 75 tenants, with a weighted average remaining lease term of 2.47 years [3] - In-place rents are approximately 22% lower than current market rates, indicating significant upside potential upon lease rollover [3] Financial Aspects - The purchase price reflects a discount of over 25% compared to the current replacement cost [3] - Following this acquisition, Plymouth now manages over 12 million square feet of industrial space in Ohio [4] Management Perspective - Management emphasizes the strategic deployment of capital into high-quality industrial real estate, aiming to drive long-term value creation and strong leasing outcomes [5] Market Performance - PLYM shares have increased by 1.4% over the past three months, slightly outperforming the industry growth of 1.3% [6]