Plymouth Industrial REIT's Q4 Finances Showcase Strong Growth
Overview of Fourth Quarter Financial Results
Plymouth Industrial REIT, Inc. (NYSE: PLYM) has released its financial results reflecting a period of robust performance. The reported net income attributable to common stockholders stood at $3.25 per weighted average common share. Core Funds from Operations (Core FFO) were reported at $0.46, while Adjusted Funds from Operations (AFFO) came in at $0.40 per weighted average common share.
Year-End 2024 Performance Highlights
Financial Metrics
For the entire fiscal year of 2024, Plymouth Industrial REIT reported net income attributable to common stockholders of $3.06 per weighted average common share. Core FFO for the full year was a healthy $1.83, and the AFFO was reported at $1.74, showing strong performance relative to the prior year.
Same Store NOI Growth
The Company saw its same store net operating income (SS NOI) increase by 1.1% on a GAAP basis for the fourth quarter, while on a cash basis, it decreased by 0.5%. For the entirety of 2024, the SS NOI increased on a GAAP basis by 1.5% and showed a larger increase of 4.1% on a cash basis.
Leasing and Rate Trends
Rental Rate Increases
Plymouth reported a significant increase in rental rates. Fourth-quarter leases initiated saw rental rates surge by 19.4% on a cash basis, reflecting demand throughout the industry. The rental rate for leases completed in 2024 also rose by 17.1% on cash basis.
Expansive Leasing Activities
As of mid-February 2025, the Company had executed leases totaling an aggregate of 4,276,832 square feet set to commence in the current year. All these leases are associated with terms of at least six months, and the Company anticipates experiencing an overall rental rate increase of approximately 12.7% on a cash basis from these leases.
Strategic Developments and Acquisitions
Expansion of Credit Facilities
In November 2024, Plymouth secured a revised $600 million unsecured credit facility, vastly increasing its borrowing potential and financial flexibility. This enhancement supports future expansion and pursuit of opportunistic acquisitions.
Joint Ventures and Property Contributions
During the fourth quarter, Plymouth concluded the contribution of 34 properties to a joint venture with Sixth Street Partners, valued at $356.6 million. This strategic move aims to bolster its operational capacity within the industrial real estate sector.
Recent Transactions and Portfolio Overview
Acquisition of Small Bay Properties
In December 2024, Plymouth acquired a portfolio of small bay industrial properties in Cincinnati, totaling 258,082 square feet for $20.1 million, with an anticipated initial net operating income yield of 6.8%.
Current Cash and Debt Position
As of February 2025, Plymouth reported approximately $9.0 million in cash and maintained around $457.0 million under its unsecured line of credit, showcasing healthy liquidity support to pursue further investments.
Looking Ahead: Guidance for 2025
Plymouth Industrial REIT has issued 2025 guidance projecting a net loss per weighted average common share ranging from $0.26 to $0.23. The estimated range for Core FFO is set between $1.85 and $1.89 per weighted average common share, based on operational assumptions supporting their continued growth trajectory.
Conclusion
In light of these strong quarterly results and strategic moves, Plymouth Industrial REIT, Inc. is clearly positioned to leverage market opportunities that arise in 2025. With a strong focus on organic growth, the Company aims to maximize shareholder value through sustained rental rate increases and diversified investment strategies.
Frequently Asked Questions
What were the fourth-quarter earnings per share for Plymouth Industrial REIT?
The earnings per share for the fourth quarter were reported at $3.25.
How did the rental rates change in the fourth quarter?
The rental rates increased by 19.4% on a cash basis from leases initiated during the quarter.
What major financial steps did Plymouth Industrial REIT take recently?
Plymouth secured a $600 million unsecured credit facility and completed a property contribution valued at $356.6 million to a joint venture.
What is the outlook for 2025?
Plymouth projects a net loss ranging between $0.26 to $0.23 and anticipates Core FFO of $1.85 to $1.89 per share.
Where can I find more information about Plymouth Industrial REIT?
You can find more information on Plymouth Industrial REIT through their investor relations communications.
About The Author
Contact Thomas Cooper privately here. Or send an email with ATTN: Thomas Cooper as the subject to contact@investorshangout.com.
About Investors Hangout
Investors Hangout is a leading online stock forum for financial discussion and learning, offering a wide range of free tools and resources. It draws in traders of all levels, who exchange market knowledge, investigate trading tactics, and keep an eye on industry developments in real time. Featuring financial articles, stock message boards, quotes, charts, company profiles, and live news updates. Through cooperative learning and a wealth of informational resources, it helps users from novices creating their first portfolios to experts honing their techniques. Join Investors Hangout today: https://investorshangout.com/
The content of this article is based on factual, publicly available information and does not represent legal, financial, or investment advice. Investors Hangout does not offer financial advice, and the author is not a licensed financial advisor. Consult a qualified advisor before making any financial or investment decisions based on this article. This article should not be considered advice to purchase, sell, or hold any securities or other investments. If any of the material provided here is inaccurate, please contact us for corrections.