Company Announcement - Plymouth Industrial REIT, Inc. has promoted Anthony Saladino to President and Chief Financial Officer, effective immediately [1] - Saladino has been with the company since October 2020 and previously served as Executive Vice President and Chief Financial Officer since February 2022 [2] Leadership Background - Anthony Saladino has extensive experience in finance and accounting, having held senior roles in publicly traded companies and private real estate portfolio companies [2] - His previous positions include Chief Accounting Officer for AFIN (now GNL) and NYC REIT, and Vice President of Finance for The Ryland Group (now Lennar) [2] Strategic Contributions - Jeff Witherell, Chairman and CEO, highlighted Saladino's contributions in enhancing the company's balance sheet, lowering borrowing costs, and improving borrowing capacity [3] - Saladino has also driven improvements in financial and accounting processes and strengthened engagement with the investment community [3] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [4] - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [4]

Core Insights - Plymouth Industrial REIT, Inc. has sold a 33,688-square-foot flex building in Memphis, TN for $2.4 million, which was part of a larger portfolio acquired for $100.5 million in July 2024 [1][2] Company Strategy - The building was identified for divestiture as a non-core asset, with a short-term lease to a tenant expected to vacate by December 2024 [2] - Proceeds from the sale will be reinvested into the portfolio to support leasing activities and the conversion of a 100,000-square-foot call center back to a warehouse format for multiple industrial users [2][3] Market Position - Plymouth's CEO highlighted the sale as part of the company's value-add initiatives aimed at aligning the portfolio with market demands and driving growth [3] - The company owns a total of 6.4 million square feet in the Memphis market and is evaluating the development of an additional 106,000-square-foot building on excess land [3] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [4]

Core Insights - Plymouth Industrial REIT, Inc. has signed a two-year lease for 769,500 square feet in St. Louis with a major international manufacturing and logistics provider, indicating strong demand for its high-quality assets [1][2] - The company reported significant leasing activity in Q4, with a total of 1,467,245 square feet leased, including a 19.5% increase in cash rental rates, reflecting robust tenant demand [3] - For 2024, Plymouth executed leases totaling 5.8 million square feet, achieving a 17.3% increase in cash rental rates, driven by a 28.2% rise in new leases [4] Leasing and Portfolio Performance - The recent quarterly update highlighted that renewal leases accounted for 1,042,732 square feet, while new leases totaled 424,513 square feet, showcasing the strength of Plymouth's portfolio [3] - Same-store occupancy was reported at 95.7% as of December 31, 2024, while total portfolio occupancy was at 92.5%, impacted by previous tenancy issues in Cleveland [4] Market Position and Stock Performance - Despite healthy leasing activity, Plymouth's stock has seen a decline of 19.6% over the past three months, compared to an 8.7% decline in the industry, indicating broader market concerns [6] - Analysts have lowered the 2024 funds from operations (FFO) per share estimate to $1.83, reflecting bearish sentiment towards the stock [6] Comparative Analysis - Other REITs such as SL Green Realty and Welltower are currently rated higher, with Zacks Rank 2 (Buy), suggesting potential investment alternatives within the sector [7]

Core Points - Plymouth Industrial REIT, Inc. has executed a two-year lease for its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, starting January 15, 2025 [1] - The lease covers 600,000 square feet in the first year and 450,000 square feet in the second year with a major international manufacturing, engineering, and logistics service provider [1] - The new lease rate is higher than recent market signings, indicating the superior quality of the asset [2] - The new lease compares favorably to the expiring rent on a net effective per square foot basis, with no free rent or tenant improvements provided [2] Company Overview - Plymouth Industrial REIT, Inc. is a full-service, vertically integrated real estate investment company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties [3] - The company's mission is to provide tenants with cost-effective space that is functional, flexible, and safe [3]

Summary of Plymouth Industrial REIT News Core Viewpoint - Plymouth Industrial REIT, Inc. has announced the tax treatment of its 2024 dividends to common stockholders, detailing the cash distributions and their allocations for the tax year ended December 31, 2024 [1]. Group 1: Dividend Details - The total cash distribution per share for each quarter in 2024 is $0.240000, resulting in an annual total of $0.960000 per share [1]. - Each quarterly payment is scheduled as follows: - Record Date: March 28, 2024; Payment Date: April 30, 2024 - Record Date: June 28, 2024; Payment Date: July 31, 2024 - Record Date: September 30, 2024; Payment Date: October 31, 2024 - Record Date: December 31, 2024; Payment Date: January 31, 2025 [1]. - The total distribution allocable to ordinary dividends is $0.000000 per share, while the capital gain distribution is also $0.000000 per share [1]. Group 2: Tax Allocation - The unrecaptured Section 1250 gain per share for the total distribution is $0.462861, with no return of capital [1]. - The breakdown of the total distribution per share includes $0.240000 for each quarter, leading to a total of $0.960000 for the year [1]. Group 3: Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing single and multi-tenant industrial properties [2]. - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [2].

Core Points - Plymouth Industrial REIT, Inc. announced the tax treatment of its 2024 dividends to common stockholders [1] - The total cash distribution per share for each quarter in 2024 is $0.240000, resulting in an annual total of $0.967658 per share [1] - All distributions are classified as capital gain distributions, with no ordinary dividends reported for the year [1] Company Overview - Plymouth Industrial REIT, Inc. is a vertically integrated real estate investment company focused on acquiring, owning, and managing industrial properties [2] - The company's mission is to provide tenants with cost-effective, functional, flexible, and safe spaces [2]

Core Insights - Plymouth Industrial REIT, Inc. reported strong rental growth and strategic portfolio expansion in its fourth quarter update for 2024, including the closing of the Sixth Street Joint Venture [1] Leasing and Portfolio Performance - In Q4 2024, Plymouth's leasing activity totaled 1,467,245 square feet, with 1,042,732 square feet from renewals and 424,513 square feet from new leases, reflecting a 19.5% increase in cash rental rates [2] - New leases saw a remarkable 33% increase in rental rates, while renewal leases increased by 12.4% [2] - For the entire year of 2024, Plymouth executed leases totaling 5.8 million square feet, representing 71.4% of expiring leases, with cash rental rates increasing by 17.3% driven by a 28.2% rise in new leases [3] - Same-store occupancy was reported at 95.7% as of December 31, 2024, while total portfolio occupancy was 92.5%, impacted by prior tenancy issues in Cleveland [3] Strategic Acquisitions and Joint Ventures - Plymouth acquired a nine-building industrial property portfolio in Cincinnati, OH, for $20.1 million, with an expected initial NOI yield of 6.8%, and the properties are currently 96.9% leased [5] - A second tranche of this portfolio is under contract for $17.9 million, with an anticipated yield of 7.3%, expected to close in Q1 2025 [5] - In November, Plymouth completed the contribution of its equity stake in 34 properties in the Chicago MSA to Isosceles JV, LLC for a total purchase price of $356.6 million [6] Market Position and Stock Performance - Plymouth's opportunistic acquisitions and healthy leasing activity position the company well for long-term benefits, despite broader market concerns and elevated supply in industrial real estate [7] - The company's shares have declined by 12.6% over the past month, compared to a 7.7% decline in the industry [7]

Core Viewpoint - Plymouth Industrial REIT, Inc. reported strong performance in Q4 2024, highlighted by significant cash rental rate increases and strategic acquisitions, indicating a positive outlook for the company [2][5]. Leasing Activity - In Q4 2024, leases totaling 1,467,245 square feet were executed, including 1,042,732 square feet of renewals and 424,513 square feet of new leases, with rental rates reflecting a 19.5% increase on a cash basis [2]. - Renewal leases showed a 12.4% increase, while new leases experienced a 33.0% increase on a cash basis [2]. - Same store occupancy was reported at 95.7%, with total portfolio occupancy at 92.5%, affected by various factors including tenancy issues in Cleveland [2]. Annual Leasing Summary - For the entire year of 2024, executed leases totaled 5,827,136 square feet, representing 71.4% of total expirations [3]. - Renewal leases accounted for 4,180,593 square feet, with a 12.8% increase in rental rates, while new leases totaled 1,646,543 square feet with a 28.2% increase [3]. Acquisition Activity - Plymouth acquired a portfolio of small bay industrial properties in Cincinnati for $20.1 million, with an anticipated initial NOI yield of 6.8% [5]. - A second tranche of this portfolio is under contract for $17.9 million, expected to close in Q1 2025, with an anticipated initial yield of 7.3% [5]. Joint Venture - On November 13, 2024, Plymouth completed the contribution of its equity interests in 34 properties in the Chicago MSA to the Sixth Street Joint Venture for a total purchase price of $356.6 million [6]. Upcoming Earnings Call - The company plans to release its earnings on February 26, 2025, followed by a conference call on February 27, 2025, at 9:00 a.m. Eastern Time [7].

Group 1: Overview of Industrial REITs - Industrial real estate investment trusts (REITs) are currently offering enticing dividend yields and discounted adjusted funds from operations (AFFO) multiples compared to the broader industrial sector [1][2] - The low AFFO multiples are appealing to value investors, but sustainable business models are necessary for long-term earnings growth [2] Group 2: Tenant Issues and Company Performance - Innovative Industrial Properties, Inc. (IIPR) and Plymouth Industrial REIT, Inc. (PLYM) have faced tenant difficulties, highlighting a significant quality gap between discounted industrial REITs [3][9] - IIPR's largest tenant, PharmaCann, defaulted on its leases, which accounted for 17% of its rental income, leading to concerns about revenue replacement [5][12] - IIPR has been utilizing security deposits to cover rent payments, indicating ongoing struggles with rent collection [14][18] Group 3: Financial Metrics and Comparisons - IIPR's annual base rent (ABR) is reported at $310.8 million, with a rent per foot of $36.53, which is considered excessively high for industrial properties [20][37] - In contrast, PLYM's rent per foot is significantly lower at $4.79, suggesting that its properties are below market rent, which could be advantageous when replacing defaulted tenants [60][62] - PLYM has successfully replaced defaulted tenants with new ones at higher rents, demonstrating a more resilient business model compared to IIPR [52][63] Group 4: Market Valuation and Investment Outlook - PLYM is trading at a discounted AFFO multiple of 9.7X, while IIPR's stock is viewed as cheap for a reason, reflecting underlying business model weaknesses [45][64] - The market perceives PLYM's tenant issues differently due to its focus on real estate investment rather than tenant financing, which has resulted in a more stable revenue outlook [58][62]

In an effort to expand its presence in the Cincinnati market, Plymouth Industrial REIT (PLYM) has shelled out $20.1 million for the acquisition of a portfolio of mainly small-bay industrial properties. It comprises nine buildings and aggregates 258,082 square feet of space.With the purchase price equating to an anticipated initial NOI yield of 6.8%, this acquisition marks a solid addition to the company’s already strong presence in the Cincinnati market that will now aggregate more than 3 million square fee ...