Plymouth Industrial Shows Resilient Growth & Strategic Focus in Q4

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$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]