Welcome to our dedicated page for Plymouth Industr news (Ticker: PLYM), a resource for investors and traders seeking the latest updates and insights on Plymouth Industr stock.
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on industrial properties, and its news flow reflects that focus. On this page, readers can review company-issued updates and other coverage relating to Plymouth’s acquisition activity, leasing performance, financial results and corporate transactions.
Recent news has highlighted Plymouth’s expansion through the purchase of industrial portfolios and single assets in markets such as Columbus, Cincinnati and Cleveland, Ohio, and the Atlanta, Georgia area. Releases describe the size of these portfolios in square feet, occupancy levels, remaining lease terms and initial net operating income yields, illustrating how the company evaluates and communicates the economics of new investments. Plymouth also regularly reports on leasing activity across its portfolio, including renewal and new leases, changes in rental rates on a cash basis and occupancy metrics for its same store and total portfolios.
Investors following PLYM news will also find quarterly earnings announcements, where Plymouth reports net income or loss attributable to common stockholders, net operating income, funds from operations and adjusted funds from operations, along with commentary on factors such as acquisitions, joint ventures and capital structure. The company’s updates have included details on share repurchase activity, use of its unsecured revolving credit facility and guidance ranges for key performance measures.
An important component of recent news is the Agreement and Plan of Merger with PIR Ventures LP and related entities. Plymouth’s announcements describe the agreed cash consideration per share, the expected timing of closing, the board’s unanimous approval and the intention for the company to become private and have its shares de-registered and removed from trading on the New York Stock Exchange if the transaction is completed. Visitors can use this news page to track developments related to the merger process, including proxy statement filings, litigation disclosures and other events described in the company’s communications. Bookmark this page to access a consolidated view of Plymouth Industrial REIT news and updates over time.
Plymouth Industrial REIT (NYSE: PLYM) has acquired a 100,420-square-foot single-tenant warehouse facility in southwest Atlanta for $11.7 million, with an initial NOI yield of 6.95%. The modern facility, built in 2014, is fully leased through May 2030 to a consumer self-care products provider, featuring a triple net lease with 3.0% annual rent escalations.
The property includes tilt-wall construction, 30-foot clear heights, and 100% air conditioning/climate control. This acquisition expands Plymouth's Atlanta market presence to 15 buildings totaling approximately 2.5 million square feet. The company has closed on $76.8 million of acquisitions year-to-date, focusing on well-located, infill industrial assets at discounts to replacement cost.
Plymouth Industrial REIT (NYSE: PLYM) reported strong Q1 2025 leasing activity with 2.4M square feet of new leases, including 1.5M square feet of renewals and 896K square feet of new leases. Rental rates increased 16.2% on a cash basis (excluding St. Louis lease), with renewal leases up 15.0% and new leases up 22.1%.
The company achieved 94.3% total portfolio occupancy as of March 31, 2025. During Q1, Plymouth acquired six industrial buildings totaling 801,161 square feet for $65.1 million with a weighted average NOI yield of 6.8%. These properties are 100% leased with a 4.4-year weighted average remaining lease term.
For 2025, Plymouth has already secured leases for 4.65M square feet, representing 56.3% of total 2025 expirations, with rental rates showing a 21.8% increase on a cash basis (excluding St. Louis lease).
Plymouth Industrial REIT (NYSE: PLYM) has completed $65.1 million in acquisitions during Q1 2025, expanding its portfolio across Atlanta and Cincinnati. The transactions include:
1. Four buildings in Cincinnati (240,578 sq ft) for $17.9 million at 7.0% NOI yield, 100% leased to ten tenants
2. A Cincinnati warehouse (263,000 sq ft) for $23.3 million at 6.7% NOI yield, single-tenant with 3.25% annual rent increases
3. Madison International's 98% joint venture interest in Atlanta (297,583 sq ft) for $23.9 million at 6.8% NOI yield
The combined acquisitions total 801,161 square feet of industrial space, featuring 100% occupancy and a weighted average lease term of 4.4 years.
Plymouth Industrial REIT (NYSE: PLYM) has announced its quarterly dividend for Q1 2025. The company's board of directors declared a regular quarterly cash dividend of $0.24 per share of common stock. This dividend translates to an annualized rate of $0.96 per common share. Shareholders of record as of March 31, 2025, will receive the payment on April 30, 2025.
Plymouth Industrial REIT (NYSE: PLYM) has announced the appointment of Robert O. Stephenson to its Board of Directors as an independent director and member of the Audit Committee. Stephenson currently serves as the Chief Financial Officer of Omega Healthcare Investors (NYSE: OHI), a position he has held since 2001.
Stephenson brings extensive experience from various roles, including Senior Vice President and Treasurer at Integrated Health Services, and positions at CSX Intermodal, Martin Marietta , and Electronic Data Systems. He currently serves on the Board of the University of Maryland Medical Center and is a member of several professional organizations including the Nareit CFO Council.
Plymouth Industrial REIT (NYSE: PLYM) has reported its Q4 and full-year 2024 financial results. Key highlights include Q4 net income of $3.25 per share and Core FFO of $0.46 per unit. Same-store NOI increased 1.1% on a GAAP basis in Q4 2024.
The company completed significant transactions including: forming a $356.6M joint venture with Sixth Street Partners involving 34 Chicago properties, securing a $600M amended unsecured credit facility, and acquiring Cincinnati properties for $20.1M. The board authorized a $90M share repurchase program.
Leasing performance showed strength with Q4 commenced leases experiencing a 19.4% increase in rental rates. The company's portfolio consisted of 129 industrial properties across eleven states, totaling 29.3M square feet, with 92.5% occupancy as of December 2024. Management issued 2025 guidance with Core FFO projected at $1.85-$1.89 per unit.
Plymouth Industrial REIT (NYSE: PLYM) has promoted Anthony Saladino to President and Chief Financial Officer, effective immediately. Saladino, who has served as Executive Vice President and CFO since February 2022, brings extensive experience in finance and accounting from publicly traded companies.
Prior to joining Plymouth in October 2020, Saladino held positions as Chief Accounting Officer at AFIN and NYC REIT, Vice President of Finance at The Ryland Group, and leadership roles at The High Companies. He started his career at EY focusing on publicly traded REITs. He holds an MBA from the University of Chicago, an M.S. in Accounting from the University of Virginia, and a B.S. in Finance from California State University.
According to Chairman and CEO Jeff Witherell, Saladino has contributed to enhancing the company's balance sheet, reducing borrowing costs, and improving borrowing capacity. He has also strengthened financial processes and investor relations.
Plymouth Industrial REIT (NYSE: PLYM) has sold a 33,688-square-foot flex building in Memphis, TN for $2.4 million. The building was part of a larger $100.5 million portfolio acquisition from July 2024. The property was identified for divestment at acquisition due to its non-core status and known tenant vacancy scheduled for December 2024.
The sale proceeds will fund leasing activities and the conversion of a 100,000-square-foot call center building back to a warehouse format for multiple industrial users. Additionally, Plymouth is evaluating the development of a new 106,000-square-foot building on excess portfolio land. The company currently owns 6.4 million square feet in the Memphis market.
Plymouth Industrial REIT (NYSE: PLYM) has secured a two-year lease agreement for its 769,500-square-foot Class A industrial building in St. Louis's Metro East submarket. The lease, which began January 15, 2025, is with a major international manufacturing, engineering, and logistics service provider. The agreement covers 600,000 square feet in the first year and 450,000 square feet in the second year.
The new lease rate is higher than recent market signings and compares favorably to the expiring rent on a net effective per square foot basis. Notably, the agreement was executed without free rent or tenant improvements, unlike the original lease which had specific tenant requirements affecting the rate.