Plymouth Industrial REIT

Plymouth Industrial REIT, Inc. engages in the acquisition, ownership, and management of single and multi-tenant distribution centers, warehouses, and light industrial properties. It seeks to acquire properties that provide income and growth, and enhance shareholder value through active asset management, prudent property re-positioning, and disciplined capital deployment. The company was founded by Jeffrey E. Witherell and Pendleton P. White, Jr. on March 7, 2011 and is headquartered in Boston, MA.

Earnings data Q1 2021

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Earnings data Q4 2024

Plymouth Industrial REIT reports robust Q4 performance amidst market challenges

Plymouth Industrial REIT's Q4 2022 performance reflects strong leasing activity, financial growth, and strategic initiatives to optimize its real estate portfolio.
While facing challenges like OpEx increases and market uncertainties, the company remains focused on capitalizing on opportunities in reshoring, development projects, and strategic partnerships.
With a cautious yet optimistic outlook for 2023, Plymouth Industrial REIT aims to leverage its strengths in portfolio management and deal-making to drive continued success.

Plymouth Industrial REIT (PLYM) excels in Q1 2023 performance and strategic growth initiatives

PLYM's Q1 2023 performance reflects robust growth in same-store NOI, successful leasing initiatives, and strategic development progress in key markets.
The company's focus on improving capital structure, effective leasing management, and proactive approach to real estate development highlight its resilience and growth potential.
While challenges in maintaining leasing activity and optimizing financial strategies exist, PLYM is well-positioned to capitalize on opportunities in the industrial real estate sector.

Plymouth Industrial REIT reports robust Q2 performance and ESG commitment

Plymouth Industrial REIT's Q2 2023 performance reflects positive organic growth and strong leasing fundamentals. With a focus on improving capital structure, publishing its first ESG report, and affirming core FFO guidance, the company is poised for continued growth and sustainability.

Plymouth Industrial REIT reports robust Q3 performance and growth prospects

Plymouth Industrial REIT demonstrated strong financial performance with revenue growth and stable core FFO.
The company's proactive approach to capital structure, portfolio management, and tenant relationships underpin its financial stability.
While challenges exist in optimizing property transactions and debt reduction, opportunities for growth through acquisitions and revenue expansion are evident.

Plymouth Industrial REIT reports robust Q4 performance and plans for growth

Plymouth Industrial REIT's Q4 2023 showcased strong financial performance and strategic decisions to drive future growth. With a focus on operational improvements and leasing activities, the company aims for a positive trajectory in 2024. Management's emphasis on balance sheet strength and dividend increase reflects confidence in their strategic direction.

Plymouth Industrial REIT excels in Q1 2024 with strategic investments and lease extensions

Plymouth Industrial REIT's Q1 2024 performance reflects a proactive and strategic approach to portfolio management and growth.
Successful lease extensions with key tenants and early transaction market activity underscore the company's stability and agility in a competitive market.
Challenges such as potential tenant transitions and upcoming lease expirations require effective management strategies and proactive solutions for sustained growth.

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Plymouth Industrial is a REIT that leases industrial real estate like warehouses and distribution centers. Income-oriented investors may want to look elsewhere because the dividend yield is low and the payout unlikely to grow at a good pace. However, value investors should consider the significant discount to NAV, reasonable use of leverage, and very high growth of the business over the years.

Plymouth Industrial: High Growth At A Low Price

BOSTON, Dec. 15, 2023 (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 $0.225 per share of common stock for the fourth quarter of 2023. The dividend, which equates to an annualized rate of $0.90 per common share, is payable on January 31, 2024, to stockholders of record as of the close of business on December 29, 2023.

Plymouth Industrial REIT Declares Dividend for the Fourth Quarter of 2023

Plymouth Industrial REIT, Inc. (NYSE:PLYM ) Q3 2023 Earnings Conference Call November 2, 2023 9:00 AM ET Company Participants Tripp Sullivan - SCR Jeff Witherell - Chairman and Chief Executive Officer Jim Connolly - Executive Vice President, Asset Management Anthony Saladino - Executive Vice President and Chief Financial Officer Conference Call Participants Todd Thomas - KeyBanc Capital Markets Nick Thillman - Baird John Kim - BMO Capital Markets Anthony Hau - Truist Bryan Maher - B. Riley Securities Barry Oxford - Colliers Securities Mitch Germain - JMP Securities Mike Mueller - JPMorgan Operator Hello and welcome to the Plymouth Industrial REIT Third Quarter 2023 Earnings Conference Call.

Plymouth Industrial REIT, Inc. (PLYM) Q3 2023 Earnings Call Transcript

Plymouth Industrial (PLYM) came out with quarterly funds from operations (FFO) of $0.46 per share, in line with the Zacks Consensus Estimate. This compares to FFO of $0.46 per share a year ago.

Plymouth Industrial (PLYM) Meets Q3 FFO Estimates

BOSTON, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced its financial results for the third quarter ended September 30, 2023 and other recent developments. Third Quarter and Subsequent Highlights Reported results for the third quarter of 2023 reflect net income attributable to common stockholders of $0.17 per weighted average common share; Core Funds from Operations attributable to common stockholders and unit holders (“Core FFO”) of $0.46 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.42 per weighted average common share and units.

Plymouth Industrial REIT Reports Third Quarter Results

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PLYMOUTH, Conn.--(BUSINESS WIRE)--GoNetspeed today announced that 100% fiber internet is now available in Plymouth. With GoNetspeed's fully funded $1.5 million investment in Plymouth, many residents and businesses will now experience fast, reliable internet and voice service for their home or business, free of taxpayer dollars. Once construction of the 100% fiber optic infrastructure is complete, soon more than 2,700 homes and businesses throughout Plymouth will have the opportunity to experien.

GoNetspeed Connects Plymouth with 100% Fiber Internet

Plymouth Industrial is a small cap industrial REIT with properties in submarkets that have low supply growth and high demand. The combination of low vacancy rates and minimal supply will lead to market rental rate growth, potentially increasing the company's FFO/share. Plymouth is trading at a significantly discounted multiple compared to its peers, indicating potential for multiple expansion and upside in stock price.

Plymouth: Industrial Growth Without The Industrial Multiple

Plymouth (PLYM) drives success with strong leasing activity, an increase in rental rates and high occupancy.

Plymouth (PLYM) Drives Growth With Solid Leasing Activity in Q3

BOSTON, Oct. 05, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing and development activity for the third quarter of 2023. The Company also announced details for its third quarter earnings conference call and webcast to be held on November 2, 2023.

Plymouth Industrial REIT Provides Activity Update for Third Quarter 2023

Vanguard Real Estate ETF

The Fed's hawkish rhetoric suggests fewer rate cuts in 2024 and a possible rate hike in 2023, leading to a sell-off in REITs. However, historical data shows that REITs have performed well in rising interest rate environments. The COVID era cuts and the resulting free money environment have negatively impacted REITs, but rising rates are the cure for the unhealthy conditions.

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OSLO, Norway , Sept. 26, 2023 /PRNewswire/ -- Nel has selected Plymouth Charter Township, a suburb of Detroit, Michigan, as the location for its next gigafactory.

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Plymouth's (PLYM) recent sale of a Chicago industrial building is a strategic step toward optimizing its portfolio.

Plymouth (PLYM) Sells Asset to Up Flexibility & Fund Development

BOSTON, Sept. 18, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) sold its 306,552-square-foot industrial building at 6510 West 73rd Street in Chicago for $19.9 million to an undisclosed owner-user. Plymouth's net proceeds after the payoff of a $5.8 million mortgage secured by the property and other adjustments are $13.9 million. The Company intends to use the proceeds to pay down outstanding borrowings on its credit facility and fund its development program.

Plymouth Industrial REIT Sells Chicago Industrial Building for $19.9 Million

BOSTON, Sept. 15, 2023 (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 $0.225 per share of common stock for the third quarter of 2023. The dividend, which equates to an annualized rate of $0.90 per common share, is payable on October 31, 2023, to stockholders of record as of the close of business on September 29, 2023.

Plymouth Industrial REIT Declares Dividend for the Third Quarter of 2023

BOSTON, Sept. 06, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) today announced that it completed its previously announced redemption of all of its outstanding 7.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) for a total redemption payment of $48.8 million.

Plymouth Industrial REIT Completes Redemption of Series A Preferred Stock

PLYMOUTH, Conn.--(BUSINESS WIRE)--GoNetspeed today announced that the Town of Plymouth will soon have access to 100% fiber internet. Through GoNetspeed's privately funded $1.5 million investment in Plymouth, more than 2,700 homes and businesses will have access to future-proof fiber internet as early as the end of this fall with construction beginning next month. Residents and businesses interested in GoNetspeed services may visit gonetspeed.com to indicate interest and receive construction upd.

GoNetspeed to Power Plymouth, CT with 100% Fiber Internet

Despite recent outperformance, shares in Plymouth Industrial still trade at a forward multiple that is well below its peers in the industrial sector. A higher debt load is one reason shares have commanded a discount. In recent news, however, the company announced that they would redeem all their outstanding preferred shares. The effect of this would be a reduction in total leverage.

Plymouth Industrial: A Quality REIT With A Debt Profile Waiting To Unfold (Rating Downgrade)

Real estate investors saw rents soar for apartments and industrial/logistics space before cooling down. Plymouth Industrial REIT is trading at a sub-sector multiple of just 12.4(x), but has outperformed its sector peers. Plymouth's redemption of its Preferred A Series in September may attract interest from other industrial REITs for potential acquisitions.

Plymouth Industrial REIT: The Next Target In M&A?

Plymouth Industrial REIT, Inc. (NYSE:PLYM ) Q2 2023 Earnings Conference Call August 3, 2023 9:00 AM ET Company Participants Tripp Sullivan - Investor Relations Jeff Witherell - Chairman & Chief Executive Officer Jim Connolly - Executive Vice President, Asset Management Anthony Saladino - Executive Vice President & Chief Financial Officer Conference Call Participants Todd Thomas - KeyBanc Capital Markets John Kim - BMO Capital Markets Nick Thillman - Baird Nikita Bely - JPMorgan Anthony Hau - SunTrust Mitch Germain - JMP Securities Operator Good day, and welcome to the Plymouth Industrial REIT Second Quarter 2023 Earnings Conference Call. Today, all participants will be in a listen-only mode.

Plymouth Industrial REIT, Inc. (PLYM) Q2 2023 Earnings Call Transcript

Plymouth Industrial (PLYM) came out with quarterly funds from operations (FFO) of $0.46 per share, beating the Zacks Consensus Estimate of $0.45 per share. This compares to FFO of $0.47 per share a year ago.

Plymouth Industrial (PLYM) Surpasses Q2 FFO and Revenue Estimates

BOSTON, Aug. 03, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today announced its financial results for the second quarter ended June 30, 2023 and other recent developments.

Plymouth Industrial REIT Reports Second Quarter Results

BOSTON, Aug. 02, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) today announced that, on September 6, 2023, it will redeem all of its outstanding 7.50% Series A Cumulative Redeemable Preferred Stock (the “Series A Preferred Stock”) for a total redemption payment of $48.8 million. The dividend rate of the securities to be redeemed is 7.50%.

Plymouth Industrial REIT Announces Redemption of Series A Preferred Stock

BOSTON, July 20, 2023 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced that Pendleton P. White, Jr., its Co-Founder, has transitioned from his executive role as President and Chief Investment Officer. Mr. White will remain on the Company's board of directors and advise Plymouth on its overall corporate strategy and acquisition activities.

Plymouth Industrial REIT Announces Pen White to Take New Executive Management Role

Plymouth (PLYM) drives success with strong leasing activity, promotions and growth.

News for Plymouth Industrial REIT Stock (PLYM)