Plymouth Industrial REIT Inc · Q3 2024 earnings

Briefing

Announced financial results for the third quarter ended September 30, 2024.

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.

Headline financials

Revenue & EPS history

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.