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Plymouth Industrial REIT Reports Fourth Quarter Results
PLYMPlymouth Industrial REIT(PLYM) Newsfilter·2025-02-26 22:30

Financial Performance - For Q4 2024, net income attributable to common stockholders was 146.2million,or146.2 million, or 3.25 per weighted average common share, compared to 9.2million,or9.2 million, or 0.20 per share in Q4 2023, primarily due to a 136.8millionnetgainonthesaleofrealestaterelatedtotheChicagoPortfolio[7][5][39]−CoreFundsfromOperations(CoreFFO)forQ42024was136.8 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 0.46pershare,comparedto0.46 per share, compared to 21.6 million, or 0.47pershareinQ42023[11][5]−AdjustedFundsfromOperations(AFFO)forQ42024was0.47 per share in Q4 2023 [11][5] - Adjusted Funds from Operations (AFFO) for Q4 2024 was 18.6 million, or 0.40pershare,downfrom0.40 per share, down from 22.0 million, or 0.48pershareinQ42023[12][5]LeasingActivity−InQ42024,rentalratesforcommencedleasesincreasedby19.40.48 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 20.1million,withananticipatedinitialNOIyieldof6.820.1 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 90millionofthecompany′soutstandingcommonstock[5]−Forfullyear2025,thecompanyprovidedguidanceforCoreFFOpershareintherangeof90 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]