Plymouth Industrial Reit ( (PLYM) ) has released its Q4 earnings. Here is a breakdown of the information Plymouth Industrial Reit presented to its investors.
Plymouth Industrial REIT, Inc. is a real estate investment company specializing in the acquisition, ownership, and management of industrial properties across the United States. The company focuses on providing cost-effective, functional, and flexible space solutions for its tenants.
In its latest earnings report, Plymouth Industrial REIT announced a notable increase in net income for the fourth quarter of 2024, driven by strategic property sales and leasing activities. The company also highlighted its expanded credit facility and joint venture initiatives as key developments for the fiscal year.
Key financial metrics for the fourth quarter included a net income of $3.25 per share, Core Funds from Operations (Core FFO) of $0.46 per share, and Adjusted Funds from Operations (AFFO) of $0.40 per share. The company reported a significant increase in rental rates for new and renewed leases, with a 19.4% rise on a cash basis for the quarter. Additionally, Plymouth completed a joint venture for its Chicago portfolio, enhancing its capital structure and liquidity.
Plymouth’s strategic moves, including the acquisition of industrial properties in Cincinnati and the establishment of a joint venture with Sixth Street Partners, position the company for continued growth. The company also authorized a $90 million share repurchase program, reflecting confidence in its financial health and future prospects.
Looking ahead, Plymouth Industrial REIT is optimistic about its growth opportunities in 2025, with plans to leverage its expanded credit facility and joint venture partnerships. The company aims to capitalize on favorable market conditions and increase rental rates, supported by its strong portfolio and strategic capital allocation decisions.