Plymouth Industrial REIT acquires Cincinnati industrial properties for $20.1 million, with plans for further investments in 2025.
Quiver AI Summary
Plymouth Industrial REIT, Inc. has announced the acquisition of a portfolio of small bay industrial properties in Cincinnati, Ohio for $20.1 million, expected to generate an initial NOI yield of 6.8%. This portfolio includes nine buildings totaling 258,082 square feet, currently 96.9% leased to 23 tenants with an average lease term of 2.75 years. Additionally, a second tranche of the portfolio is under contract for $17.9 million, anticipated to yield 7.3%, and is expected to close in early 2025, subject to customary conditions. This acquisition marks a significant expansion of Plymouth's presence in Cincinnati, which will now exceed 3 million square feet. CEO Jeff Witherell emphasized the potential for enhanced returns through leasing and asset management over the next two years, as the properties were purchased below replacement cost with below-market rents.
Potential Positives
- Plymouth Industrial REIT acquired a portfolio of industrial properties for $20.1 million, indicating strategic growth in their asset base.
- The newly acquired portfolio has an anticipated initial NOI yield of 6.8%, which is a positive indicator for future revenue generation.
- The company has a second tranche under contract for $17.9 million with an expected yield of 7.3%, suggesting continued investment potential and positive outlook for the company's expansion strategy.
- The acquisition increases Plymouth's presence in the Cincinnati market to over 3 million square feet, enhancing their competitive position in that region.
Potential Negatives
- The anticipated closings of the second tranche are contingent on customary closing conditions, which introduces uncertainty and could delay or jeopardize the acquisition.
- The forward-looking statements included in the release highlight the risks and uncertainties that could materially affect actual results, casting doubt on the company's performance projections.
FAQ
What recent acquisition did Plymouth Industrial REIT announce?
Plymouth Industrial REIT announced the acquisition of a portfolio of small bay industrial properties in Cincinnati for $20.1 million.
What is the anticipated yield from the recent portfolio acquisition?
The acquisition is expected to generate an initial NOI yield of 6.8% from the Cincinnati properties.
How many buildings are included in the Cincinnati portfolio?
The portfolio consists of nine buildings totaling 258,082 square feet, currently 96.9% leased to 23 tenants.
What is the timeline for the second tranche of the acquisition?
The second tranche, valued at $17.9 million, is expected to close in the first quarter of 2025.
How much space will Plymouth Industrial REIT have in the Cincinnati market after the acquisitions?
After the acquisitions, Plymouth Industrial REIT will have over 3 million square feet of space in the Cincinnati market.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$PLYM Insider Trading Activity
$PLYM insiders have traded $PLYM stock on the open market 3 times in the past 6 months. Of those trades, 2 have been purchases and 1 have been sales.
Here’s a breakdown of recent trading of $PLYM stock by insiders over the last 6 months:
- PENDLETON P. JR. WHITE purchased 5,000 shares.
- JEFFREY E WITHERELL (CEO) purchased 2,000 shares.
- VI REIT INVESTMENTS IV, LLC MIRELF sold 563,438 shares.
To track insider transactions, check out Quiver Quantitative's insider trading dashboard.
$PLYM Hedge Fund Activity
We have seen 100 institutional investors add shares of $PLYM stock to their portfolio, and 81 decrease their positions in their most recent quarter.
Here are some of the largest recent moves:
- SILVERCREST ASSET MANAGEMENT GROUP LLC removed 2,364,292 shares (-50.5%) from their portfolio in Q3 2024
- MADISON INTERNATIONAL REALTY HOLDINGS, LLC removed 756,064 shares (-15.0%) from their portfolio in Q3 2024
- EXODUSPOINT CAPITAL MANAGEMENT, LP removed 442,681 shares (-100.0%) from their portfolio in Q2 2024
- CHILTON CAPITAL MANAGEMENT LLC removed 423,251 shares (-98.6%) from their portfolio in Q3 2024
- ALLIANCEBERNSTEIN L.P. removed 305,460 shares (-56.0%) from their portfolio in Q3 2024
- WESTWOOD HOLDINGS GROUP INC removed 234,215 shares (-7.9%) from their portfolio in Q3 2024
- HEARTLAND ADVISORS INC added 200,000 shares (+inf%) to their portfolio in Q3 2024
To track hedge funds' stock portfolios, check out Quiver Quantitative's institutional holdings dashboard.
Full Release
BOSTON, Dec. 20, 2024 (GLOBE NEWSWIRE) --
Plymouth Industrial REIT
, Inc. (NYSE: PLYM) (the “Company”) today announced it has acquired a portfolio of primarily small bay industrial properties in Cincinnati, Ohio for $20.1 million, which equates to an anticipated initial NOI yield of 6.8%. The portfolio consists of nine buildings totaling 258,082 square feet that are currently 96.9% leased to 23 tenants with a weighted average lease term of approximately 2.75 years.
The Company has a second tranche of this portfolio that is under contract for $17.9 million, which equates to an anticipated initial yield of 7.3%, and is expected to close in the first quarter of 2025, contingent on the satisfaction of customary closing conditions, which cannot be assured. This portfolio consists of four buildings in Cincinnati totaling 240,578 square feet that are currently 98.0% leased to nine tenants with a weighted average lease term of approximately 3.75 years.
Jeff Witherell, Chairman and CEO of Plymouth Industrial REIT, noted, “We have an active pipeline of new investment opportunities we are pursuing in 2025. This portfolio is the first of these new transactions and is a strong addition to our existing presence that will now total over 3 million square feet in the Cincinnati market. We have purchased these buildings well below replacement cost with below-market rents. Consistent with the plans we have previously outlined to deploy our available capital, we expect to improve these initial returns significantly over the next two years through leasing and asset management.”
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment company focused on the acquisition, ownership and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
Forward-Looking Statements
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, as well as statements regarding the timing of the consummation of the transactions, if at all, and the anticipated benefits therefrom, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contacts:
Plymouth Industrial REIT, Inc.
Tripp Sullivan
SCR Partners
IR@plymouthreit.com
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