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Sep 30, 2024
Plymouth Industrial Q3 2024 Earnings Report
Announced financial results for the third quarter ended September 30, 2024.
Key Takeaways
Plymouth Industrial REIT reported a net loss attributable to common stockholders of $15.7 million, or $(0.35) per share, compared to net income of $7.5 million, or $0.17 per share, for the same period in 2023. Consolidated total revenues were $51.9 million, compared with $49.8 million for the same period in 2023. The results were impacted by non-recurring items, including a loss on financing transaction and the impact of vacancies, offset by NOI contribution from the Memphis acquisition.
Net loss attributable to common stockholders was $15.7 million, or $(0.35) per share.
Consolidated total revenues increased to $51.9 million.
NOI was $34.1 million compared with $34.0 million for the same period in 2023.
Core FFO was $20.1 million, or $0.44 per weighted average common share and unit.
Forward Guidance
Plymouth adjusted its full year 2024 guidance ranges for net income and Core FFO per weighted average common share and units and adjusted its accompanying assumptions. The adjustment to the full year 2024 ranges is primarily attributed to delayed lease commencements, buildings in Chicago and Cleveland, the remaining development space in Cincinnati, coupled with transitory vacancy in five buildings across three markets, and the projected impact from the Sixth Street transaction.
Challenges Ahead
- Delayed lease commencements
- Buildings in Chicago and Cleveland
- Remaining development space in Cincinnati
- Transitory vacancy in five buildings across three markets
- Projected impact from the Sixth Street transaction
Historical Earnings Impact
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Avg. Return Before/After Earnings
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