Plymouth Industrial REIT(PLYM) ZACKS·2025-01-24 14:36Core 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]