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Dec 31, 2024
Plymouth Industrial Q4 2024 Earnings Report
Plymouth Industrial REIT, Inc. announced its financial results for the fourth quarter and fiscal year ended December 31, 2024.
Key Takeaways
Plymouth Industrial REIT reported a strong fourth quarter with significant net income growth driven by a gain on the sale of real estate. The company also saw an increase in cash rental rates from commenced leases and expanded its borrowing capacity through a new credit facility.
Net income attributable to common stockholders increased to $146.2 million, or $3.25 per weighted average common share, up from $9.2 million, or $0.20 per weighted average common share in the prior year.
Core FFO was $0.46 per weighted average common share and units, compared to $0.47 in the prior year.
Cash rental rates for commenced leases increased by 19.4% for leases greater than six months.
The company completed the contribution of 34 properties in the Chicago MSA to a joint venture for $356.6 million and acquired a portfolio of industrial properties in Cincinnati for $20.1 million.
Plymouth Industrial
Plymouth Industrial
Forward Guidance
Plymouth issued full year 2025 guidance with projected net loss per weighted average common share between $0.26 and $0.23, and Core FFO between $1.85 and $1.89 per weighted average common share and units.
Positive Outlook
- Expected 12.7% increase in rental rates on a cash basis from executed leases scheduled to commence in 2025.
- Anticipated initial NOI yield of 6.8% from the recently acquired Cincinnati portfolio.
- Forecasted 6.00% to 6.50% same store NOI growth on a cash basis for full year 2025.
- Projected average same store portfolio occupancy between 95.0% and 97.0% for full year 2025.
- Guidance includes prospective acquisition volumes between $270 million and $450 million.
Challenges Ahead
- Projected net loss per weighted average common share between $0.26 and $0.23 for full year 2025.
- General and administrative expenses are expected to be between $15.85 million and $16.45 million.
- Interest expense, net is projected to be between $32.0 million and $36.5 million.
- The St. Louis lease was lower on a face rent basis than the prior lease.
- The guidance does not include the impact of any prospective dispositions or capitalization activities.