NYSE$PLYM
Plymouth Industrial REIT Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Plymouth Industrial's Q2 2024 performance was better than expected, marked by strategic acquisitions and solid operational results.
Plymouth Industrial REIT reported better-than-expected Q2 2024 results, driven by a one-time benefit from favorable real estate tax appeals in Chicago and the accretive acquisition in Memphis. The company maintained a strong balance sheet and liquidity, using disposition proceeds to fund the acquisition. While challenges in leasing up certain properties led to tightening the top end of full-year guidance, the development program is nearing full stabilization, promising benefits in 2025.
- Acquired a portfolio in Memphis, significantly expanding presence in this core market.
- Maintained a healthy balance sheet with leverage at 6.4x and funded acquisition through disposition proceeds.
- Q2 results exceeded expectations, with FFO per share up sequentially due to favorable real estate tax appeals in Chicago.
- Development program is nearing 100% leased, with benefits expected from full stabilization in 2025.
Headline financials
Revenue & EPS history
Plymouth Industrial · Revenue · Quarterly
$48.6M
Forward guidance
The company tightened the top end of its full-year guidance range due to challenges in leasing up certain properties and a tenant issue. The company anticipates that the space in St. Louis would have a positive leasing outcome.
Tailwinds
- Development program getting close to 100% leased, with benefits from full stabilization expected in 2025.
- Strong tenant demand and interest in renewing 2025 leases early due to anticipated interest rate decreases and rent increases.
- Potential for additional tax wins in the Chicago portfolio, with assessments valid for two more years.
- Robust pipeline of investment opportunities, ranging from small portfolios to one-off deals.
- Onshoring movement driving demand for industrial space, particularly in the Golden Triangle region.
Headwinds
- Challenges in leasing up certain properties, leading to a tightening of the top end of the full-year guidance range.
- One tenant issue muted growth in the quarter.
- Anticipated dip in same-store occupancy in Q3 to around 96.5% before returning to 98% by year-end.
- Uncertainty regarding the timing of leasing and rent commencement for the St. Louis property.
- Potential variability in expenses due to future tax appeals and credit losses.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 8 quarterly earnings reports · overlaid with Q2 2024
+0.7%
Avg return
Earnings day
+1.2%
Avg return
5 days after
+7.0%
Avg return
30 days after
62%
21 / 34 earnings
Positive
+7.0%
Q3 2018
Best reaction
-6.0%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2025 | — | — | — | |
| Q3 2025 | +0.1% | +1.0% | -1.0% | |
| Q2 2025 | +0.8% | +3.9% | +57.5% | |
| Q1 2025 | +2.2% | +3.1% | +8.2% | |
| Q4 2024 | +1.3% | +4.5% | +1.0% | |
| Q3 2024 | +1.9% | +2.8% | -8.6% | |
| Q2 2024 | -0.3% | -2.7% | -0.6% | |
| Q1 2024 | -2.0% | -1.4% | -0.6% | |
| Q4 2023 | -0.9% | -1.9% | -0.2% | |
| Q3 2023 | +5.1% | — | — | |
| Q2 2023 | -0.6% | — | — | |
| Q1 2023 | +5.3% | — | — | |
| Q4 2022 | +2.4% | — | — | |
| Q3 2022 | +4.3% | — | — | |
| Q2 2022 | +4.0% | — | — | |
| Q1 2022 | -2.1% | — | — | |
| Q4 2021 | -6.0% | — | — | |
| Q3 2021 | +3.3% | — | — | |
| Q2 2021 | -1.9% | — | — | |
| Q1 2021 | +5.8% | — | — | |
| Q4 2020 | +2.2% | — | — | |
| Q3 2020 | -4.2% | — | — | |
| Q2 2020 | -0.9% | — | — | |
| Q1 2020 | +2.6% | — | — | |
| Q4 2019 | -6.0% | — | — | |
| Q3 2019 | -3.0% | — | — | |
| Q2 2019 | -4.2% | — | — | |
| Q1 2019 | +0.3% | — | — | |
| Q4 2018 | -1.2% | — | — | |
| Q3 2018 | +7.0% | — | — | |
| Q2 2018 | +2.3% | — | — | |
| Q1 2018 | +0.3% | — | — | |
| Q4 2017 | +1.2% | — | — | |
| Q3 2017 | +0.2% | — | — | |
| Q2 2017 | +3.6% | — | — | |
| Q4 2013 | — | — | — | |
| Q3 2012 | — | — | — | |
| Q1 2012 | — | — | — |
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