BOSTON, March 14, 2025 (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 first quarter of 2025. The dividend, which equates to an annualized rate of $0.96 per common share, is payable on April 30, 2025, to stockholders of record as of the close of business on March 31, 2025. About PlymouthPlymouth Industrial REIT, Inc. (NYSE:PLYM) is a full servic ...

BOSTON, March 13, 2025 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced the appointment of Robert O. Stephenson to its Board of Directors. He will serve as an independent director and will be a member of the Audit Committee. Mr. Stephenson is the Chief Financial Officer of Omega Healthcare Investors, Inc., (NYSE: OHI) and has served in this capacity since August 2001. From 1996 to July 2001, Mr. Stephenson served as the Senior Vice President and Treasurer of In ...

Portfolio Overview - As of December 31, 2024, the Company owned a portfolio of 129 industrial properties comprising approximately 29.3 million rentable square feet, with a leasing rate of 92.3% across 443 tenants[23]. - The Company Portfolio consists of 129 industrial properties with approximately 29.3 million rentable square feet leased to 443 different tenants as of December 31, 2024[217]. - Total annualized base rent for the Company Portfolio is $130,898,135, with an average base rent per square foot of $4.85[195][201]. - The largest industry segment is Logistics & Transportation, accounting for 30.2% of total leased square feet and 25.9% of annualized base rent[193]. - The Company has a 100% occupancy rate across multiple properties, including 1,479,000 square feet in Lockbourne, OH[3]. - The company has properties in multiple states, including GA, OH, and ME, indicating a broad geographic presence[182]. - The company has a strategic focus on maintaining high occupancy rates across its properties, with several locations achieving 100% occupancy[3]. Financial Strategy and Performance - The Company intends to maintain a long-term target debt-to-value ratio of less than 50% while leveraging newly-acquired properties[30]. - The Company aims to enhance returns through value-add renovations and redevelopment strategies, targeting properties with below-market rents and near-term lease expirations[27][28]. - The company reported a revenue of $9.81 billion, representing a 1.1% increase year-over-year[1]. - The gross margin improved to 30.8%, up from 29.5% in the previous year, reflecting better cost management[8]. - Operating expenses were reduced by 2.2%, contributing to overall profitability[9]. - The company reported a total annualized rent of $5,970,010, representing 4.6% of the total annualized rent[182]. - The average annualized rent per square foot for several properties ranges from $2.85 to $8.79, indicating a diverse pricing strategy[182]. Market and Economic Conditions - Economic uncertainty related to imports and international trade could adversely affect the demand for industrial space, impacting revenue growth[57]. - High mortgage rates and limited availability of mortgage debt may hinder the company's ability to finance or refinance properties, affecting acquisition potential[6]. - Economic downturns or rising interest rates could lead to a decline in rents and increased lease defaults, affecting financial condition[111]. - The Company Portfolio is concentrated in the industrial real estate sector, making it particularly susceptible to economic downturns in that sector[52]. - The Company believes that demand for e-commerce-related properties will continue to grow, influencing its investment strategy[33]. Risks and Challenges - Significant indebtedness may expose the company to default risks under debt obligations, particularly in a high-interest-rate environment[6]. - The company faces competition for acquisitions of industrial properties, which may reduce available opportunities and increase acquisition costs[64]. - The company may incur balloon payment obligations under existing loan agreements, potentially impacting financial condition and distribution capabilities[6]. - The company is subject to risks associated with single-tenant leases, where tenant defaults could lead to significant revenue interruptions[54]. - A substantial majority of the leases are with tenants who have non-investment grade credit ratings, increasing the risk of defaults[74]. - The company may experience higher-than-expected vacancy rates and lower-than-expected rental rates due to market conditions[72]. Legal and Regulatory Considerations - The Company has not been involved in any material legal proceedings as of the reporting date[42]. - The company may face litigation that could result in significant judgments against it, adversely impacting financial condition[89]. - Changes in regulatory requirements could lead to significant unanticipated expenditures, impacting financial condition and cash flows[132]. - The company is required to distribute at least 90% of its REIT taxable income annually, which may limit its ability to fund future capital needs[87]. Cybersecurity and Technology - Cybersecurity risks are increasing, with potential breaches posing threats to the company's IT systems[90]. - The company has implemented a cybersecurity risk management program based on the NIST Cybersecurity Framework to protect critical systems and information[172]. - The management cybersecurity committee, led by the CFO, is responsible for assessing and managing material cybersecurity risks[178]. - The company has not identified any known cybersecurity threats that have materially affected its operations or financial condition[175]. Future Outlook and Growth Strategies - The company plans to expand its warehouse distribution network, targeting a 10% increase in capacity by the end of the next fiscal year[183]. - Future operational results may be influenced by the company's ability to effectively execute its acquisition strategy[219]. - The company has identified potential acquisition targets that could enhance its market share by 5% within the next 12 months[183]. - New product development initiatives are expected to contribute an additional $2 million in revenue over the next year[183]. - The company is focusing on enhancing its technology infrastructure, with a budget allocation of $1 million for upgrades[183].

Core Insights - The focus is on income-producing asset classes that provide sustainable portfolio income, diversification, and inflation hedging [1] - There is potential value in overlooked stocks that are trading at attractive prices while offering high yields, emphasizing a value-driven investment approach rather than popularity [2] Group 1 - The investment strategy prioritizes defensive stocks with a medium- to long-term horizon [2] - The service offers a free two-week trial to explore exclusive income-focused portfolios [1] Group 2 - The article expresses the author's personal opinions and does not involve compensation from any mentioned companies [3] - It is stated that the article is for informational purposes and does not constitute financial advice [4]

Plymouth Industrial REIT (PLYM) Q4 2024 Earnings Call February 27, 2025 09:45 PM ET Company Participants John Wilfong - Senior Vice President - IRJeffrey Witherell - Chairman & CEOEric Borden - Vice PresidentAnthony Saladino - President and CFOJames Connolly - Executive Vice President of Asset ManagementRichard Anderson - Managing Director - Equity ResearchMitch Germain - Managing Director - Real Estate ResearchBrendan Lynch - Director Conference Call Participants Todd Thomas - Managing Director & Equity Re ...

Plymouth Industrial REIT, Inc. (NYSE:PLYM) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants John Wilfong - IR Jeff Witherell - Chairman & CEO Anthony Saladino - EVP & CFO Conference Call Participants Eric Borden - BMO Capital Markets Todd Thomas - KeyBanc Capital Markets Rich Anderson - Wedbush Nick Thielman - Baird Mitch Germain - Citizens JMP Brendan Lynch - Barclays Michael Mueller - JPMorgan Operator Good morning, and welcome to the Plymouth Industrial REIT Conference C ...

Group 1 - Plymouth Industrial reported $47.57 million in revenue for Q4 2024, a year-over-year decline of 6.3% [1] - The company's EPS for the same period was $0.46, compared to $0.20 a year ago, indicating an improvement [1] - The reported revenue was a surprise of -6.60% compared to the Zacks Consensus Estimate of $50.93 million [1] Group 2 - Key metrics indicate that Plymouth Industrial's management fee revenue and other income was $0.28 million, exceeding the average estimate of $0.13 million, representing a year-over-year change of +826.7% [4] - Rental revenue was reported at $47.29 million, below the average estimate of $50.99 million, reflecting a year-over-year decline of 6.8% [4] - The diluted EPS was reported at $3.24, significantly higher than the estimated $0.06 [4] Group 3 - Over the past month, shares of Plymouth Industrial returned -2.6%, compared to the Zacks S&P 500 composite's -2.3% change [3] - The stock currently holds a Zacks Rank 4 (Sell), suggesting potential underperformance relative to the broader market in the near term [3]

Group 1: Financial Performance - Plymouth Industrial reported quarterly funds from operations (FFO) of $0.46 per share, matching the Zacks Consensus Estimate, but down from $0.47 per share a year ago [1] - The company posted revenues of $47.57 million for the quarter ended December 2024, missing the Zacks Consensus Estimate by 6.60% and down from $50.78 million year-over-year [2] - Over the last four quarters, Plymouth Industrial has surpassed consensus FFO estimates only once and has topped consensus revenue estimates just once [1][2] Group 2: Stock Performance and Outlook - Plymouth Industrial shares have declined approximately 7.6% since the beginning of the year, contrasting with the S&P 500's gain of 1.3% [3] - The company's FFO outlook is crucial for assessing future stock performance, with current consensus FFO expectations for the coming quarter at $0.46 on revenues of $51.94 million, and $1.95 on revenues of $216.26 million for the current fiscal year [4][7] - The estimate revisions trend for Plymouth Industrial is currently unfavorable, resulting in a Zacks Rank 4 (Sell), indicating expected underperformance in the near future [6] Group 3: Industry Context - The REIT and Equity Trust - Other industry, to which Plymouth Industrial belongs, is currently ranked in the bottom 46% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in estimate revisions, which can impact investor decisions [5]

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]

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]