Plymouth Industrial REIT, Inc. (PLYM) Bundle
A Brief History of Plymouth Industrial REIT, Inc. (PLYM)
Formation and Initial Public Offering
Formation and Initial Public Offering
Plymouth Industrial REIT, Inc. was incorporated in 2011 and primarily focuses on the acquisition and management of industrial real estate properties in the United States. The company's initial public offering (IPO) took place on May 1, 2018, on the New York Stock Exchange under the ticker symbol PLYM. At the time of its IPO, Plymouth raised approximately $115 million. The offering price was set at $12 per share.
Portfolio Growth
Since its inception, Plymouth has significantly expanded its portfolio. By the end of 2021, the company owned approximately 8.2 million square feet of industrial space across 35 properties located in key logistics markets throughout the United States.
Key Financial Metrics
In 2022, Plymouth reported total revenue of approximately $96.3 million, with a net income attributable to common stockholders of $10.4 million. The company closed the year with a total market capitalization of about $600 million.
Distribution and Dividend Policy
Plymouth Industrial REIT has a robust dividend policy. In 2022, the company declared dividends amounting to $0.17 per share on a quarterly basis, resulting in an annual dividend yield of approximately 5.6% based on year-end share prices.
Recent Developments and Acquisitions
In the first quarter of 2023, Plymouth announced the acquisition of three industrial properties for a combined purchase price of $35 million. These acquisitions increased the company’s total property count to 38.
| Year | Total Revenue (in millions) | Net Income (in millions) | Market Capitalization (in millions) | Annual Dividend per Share |
|---|---|---|---|---|
| 2018 | 22.1 | 4.5 | 175 | 0.12 |
| 2019 | 36.5 | 6.7 | 250 | 0.14 |
| 2020 | 72.4 | 8.2 | 400 | 0.16 |
| 2021 | 85.0 | 9.1 | 550 | 0.17 |
| 2022 | 96.3 | 10.4 | 600 | 0.17 |
Geographic Focus
Plymouth's strategic focus includes markets with high demand for industrial space. Significant geographic locations for the company include:
- Atlanta, Georgia
- Dallas/Fort Worth, Texas
- Chicago, Illinois
- Los Angeles, California
- East Coast logistics hubs
Market Position and Competitive Landscape
As of the end of 2022, Plymouth Industrial REIT ranked among the top 50 industrial REITs in the United States, with a focus on the $1 trillion U.S. industrial real estate market. The company competes with other REITs such as Prologis, Duke Realty, and Terreno Realty.
A Who Owns Plymouth Industrial REIT, Inc. (PLYM)
Ownership Structure
Plymouth Industrial REIT, Inc. (PLYM), as a publicly traded Real Estate Investment Trust (REIT), has a diverse ownership structure comprising institutional investors, mutual funds, and individual shareholders. The following table outlines the major shareholders as of the latest available data:
| Shareholder Type | Percentage of Ownership | Number of Shares Owned | Value of Shares Owned (USD) |
|---|---|---|---|
| Institutional Investors | 75.6% | 15,500,000 | 300,000,000 |
| Mutual Funds | 10.5% | 2,200,000 | 44,000,000 |
| Insider Ownership | 5.3% | 1,100,000 | 22,000,000 |
| Individual Shareholders | 8.6% | 1,800,000 | 36,000,000 |
Major Institutional Investors
The following table details the top institutional investors in Plymouth Industrial REIT, Inc. as of the most recent reporting period:
| Institution Name | Percentage of Ownership | Number of Shares Owned | Value of Shares Owned (USD) |
|---|---|---|---|
| The Vanguard Group | 18.4% | 3,800,000 | 76,000,000 |
| BlackRock, Inc. | 15.1% | 3,100,000 | 62,000,000 |
| State Street Corporation | 12.7% | 2,600,000 | 52,000,000 |
| TIAA-CREF Investment Management | 7.9% | 1,600,000 | 32,000,000 |
Insider Ownership and Management
Corporate officers and directors also hold a significant portion of the shares in Plymouth Industrial REIT, Inc. The following table summarizes the insider ownership:
| Name | Position | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|---|
| Jeffrey W. T. Dyer | CEO | 500,000 | 2.5% |
| Richard M. O'Reilly | CFO | 300,000 | 1.5% |
| Board of Directors | Various | 300,000 | 1.5% |
Share Performance
The stock performance of Plymouth Industrial REIT, Inc. is reflected in the following financial data:
| Metrics | Value |
|---|---|
| Current Stock Price (USD) | 19.50 |
| Market Capitalization (USD) | 390,000,000 |
| Dividend Yield (%) | 4.3% |
| Funds From Operations (FFO) (USD) | 25,000,000 |
Recent Developments
Plymouth Industrial REIT, Inc. has undertaken significant developments and acquisitions recently, impacting its ownership landscape:
- Acquisition of five industrial properties in Q3 2023.
- Increase in dividend payout by 10% in the latest fiscal year.
- Strategic partnerships with local developers to enhance portfolio growth.
Plymouth Industrial REIT, Inc. (PLYM) Mission Statement
Core Mission
Plymouth Industrial REIT, Inc. (PLYM) strives to be a leading owner and operator of income-producing industrial properties across the United States. The company focuses on acquiring, developing, and managing high-quality logistic and distribution facilities, primarily in key growth markets.
Strategic Objectives
- Maximize long-term shareholder value.
- Enhance portfolio performance through strategic acquisitions and developments.
- Maintain a disciplined capital allocation strategy.
- Offer superior customer service to tenants.
Recent Financial Performance
As of Q3 2023, Plymouth Industrial REIT reported the following financial highlights:
| Performance Metric | Q3 2023 | Q2 2023 | Year-Over-Year Change |
|---|---|---|---|
| Total Revenue | $32.5 million | $30.1 million | +8.0% |
| Net Income | $10.2 million | $9.5 million | +7.4% |
| Funds from Operations (FFO) | $12.8 million | $11.4 million | +12.3% |
| Adjusted Funds from Operations (AFFO) | $11.5 million | $10.1 million | +13.9% |
Portfolio Overview
Plymouth Industrial REIT's portfolio consists of strategically located properties within key logistics markets. As of Q3 2023, the following data illustrates the portfolio composition:
| Metric | Value |
|---|---|
| Total Properties Owned | 55 |
| Total Square Feet | 8.5 million sq. ft. |
| Occupancy Rate | 97.5% |
| Lease Expiration Schedule | Weighted Average Remaining Lease Term: 5.3 years |
Environmental, Social, and Governance (ESG) Commitments
Plymouth Industrial REIT is committed to sustainable and responsible business practices. Key initiatives include:
- Reducing greenhouse gas emissions by 20% by 2025.
- Implementing energy-efficient upgrades in all properties.
- Engaging in community development projects.
Future Growth Strategy
Plymouth Industrial REIT plans to continue expanding its footprint in the industrial real estate sector. The goals include:
- Targeting key logistics markets with high demand.
- Increasing the acquisition of modern distribution facilities.
- Enhancing tenant relationships to drive retention.
Conclusion on Mission Clarity
Plymouth Industrial REIT, Inc. articulates a clear and focused mission to deliver value through a commitment to operational excellence, financial performance, and sustainable practices while positioning itself for future growth in the industrial real estate sector.
How Plymouth Industrial REIT, Inc. (PLYM) Works
Overview of Plymouth Industrial REIT, Inc.
Plymouth Industrial REIT, Inc. (PLYM) is a real estate investment trust (REIT) that focuses on the acquisition, ownership, and operation of industrial properties across the United States. As of Q3 2023, Plymouth's asset portfolio comprises approximately 11.5 million square feet of industrial space.
Financial Performance
As of the third quarter of 2023, Plymouth Industrial REIT reported the following key financial metrics:
| Metric | Amount |
|---|---|
| Total Revenue | $23.1 million |
| Net Income | $6.4 million |
| Funds From Operations (FFO) | $12.7 million |
| Dividend per Share | $0.20 |
| Market Capitalization | $350 million |
Property Portfolio
Plymouth specializes in logistics and distribution properties. The company utilizes a strategic approach in selecting properties primarily located in major U.S. markets to capitalize on growth trends in e-commerce and supply chain logistics. Below is a summary of their property distribution:
| Property Type | Number of Properties | Square Footage |
|---|---|---|
| Warehouse | 35 | 7,200,000 sq ft |
| Distribution Centers | 20 | 3,200,000 sq ft |
| Flex Space | 15 | 1,200,000 sq ft |
Investment Strategy
Plymouth Industrial REIT employs a value-add investment strategy, focusing on properties with the potential for significant operational enhancements. This includes:
- Repositioning underperforming assets
- Upgrading facilities to meet tenant specifications
- Implementing sustainability initiatives to reduce operational costs
Tenant Base
The company's tenants span various industries, reflecting a diverse portfolio that mitigates risk. The following are key tenant statistics:
| Tenant Industry | Percentage of Portfolio | Top Tenant Share |
|---|---|---|
| E-commerce | 40% | 10% |
| Logistics | 30% | 8% |
| Manufacturing | 20% | 5% |
| Other | 10% | 3% |
Market Trends and Prospects
The industrial real estate sector has been buoyed by the growth of e-commerce, with demand for warehouse and distribution centers expected to continue rising. Specific market factors include:
- Increased online shopping
- Supply chain dynamics shifting towards more localized distribution
- Investment in infrastructure and logistics technology
Capital Markets Activity
Plymouth Industrial REIT actively engages in capital markets to fund its growth initiatives. As of Q3 2023, the company had:
| Capital Sources | Amount ($ million) |
|---|---|
| Equity Issuance | $50 million |
| Debt Financing | $120 million |
Recent Developments
Recent acquisitions and developments include:
- Acquisition of a 200,000 sq ft warehouse in Atlanta for $25 million
- Expanding existing properties to accommodate tenant requirements
- Initiatives focused on sustainability and energy efficiency
How Plymouth Industrial REIT, Inc. (PLYM) Makes Money
Revenue Generation through Leasing
Revenue Generation through Leasing
Plymouth Industrial REIT, Inc. primarily generates revenue by leasing its industrial properties. As of Q3 2023, the company reported a total of $162.7 million in rental revenues.
Property Portfolio Overview
As of Q3 2023, Plymouth Industrial REIT owned and managed approximately 41 properties across various regions. The total square footage of these properties is around 7.8 million square feet.
| Property Type | Number of Properties | Total Square Footage | Percentage of Total Portfolio |
|---|---|---|---|
| Warehouse | 30 | 5,000,000 | 64% |
| Distribution Centers | 8 | 2,300,000 | 29% |
| Flex Space | 3 | 500,000 | 7% |
Tenant Diversification
Plymouth Industrial REIT’s tenants are diversified across various industries, including logistics, manufacturing, and e-commerce. As of Q3 2023, the company had over 80 tenants in its portfolio.
Occupancy Rates
As of September 30, 2023, Plymouth’s overall occupancy rate was reported at 96.5%, which is indicative of the strong demand for industrial space.
Net Operating Income (NOI)
The Net Operating Income for the company in Q3 2023 was approximately $107.3 million, showing an increase compared to previous quarters.
Funds from Operations (FFO)
The Funds from Operations, an important profitability metric for real estate investment trusts, was reported at $98.4 million for Q3 2023, translating to a FFO per share of $1.10.
Investment and Growth Strategy
Plymouth Industrial REIT has focused on strategic acquisitions to enhance its portfolio. In 2023, the company completed acquisitions totaling approximately $150 million.
Debt Management
As of the end of Q3 2023, the total debt of Plymouth Industrial REIT stood at $550 million, resulting in a debt-to-equity ratio of approximately 1.5.
Dividends and Returns
Plymouth Industrial REIT pays dividends to its shareholders. In Q3 2023, the company declared a dividend of $0.20 per share, which reflects a yield of approximately 3.5% based on its stock price at that time.
Market Position and Share Performance
As of late September 2023, the stock price of Plymouth Industrial REIT was approximately $22.00 per share. The company's market capitalization was around $1.9 billion.
Conclusion
Plymouth Industrial REIT continues to leverage its extensive portfolio and strategic focus on industrial properties to drive revenue and growth within the real estate market.
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