Plymouth Industrial REIT Inc (NYSE:PLYM)
$ 19.65 -1.21 (-5.8%) Market Cap: 901.53 Mil Enterprise Value: 1.76 Bil PE Ratio: 982.50 PB Ratio: 2.04 GF Score: 70/100
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Q3 2024 Plymouth Industrial REIT Inc Earnings Call Transcript

Nov 07, 2024 / 02:00PM GMT
Release Date Price: $20.69 (-2.86%)

Key Points

Positve
  • Plymouth Industrial REIT Inc (PLYM) secured a strategic transaction with Sixth Street, providing capital for up to $500 million in acquisitions.
  • The company enhanced its borrowing capacity by refinancing and upsizing its unsecured credit facilities to $1.5 billion.
  • Plymouth Industrial REIT Inc (PLYM) completed a significant acquisition of a Memphis portfolio and has another portfolio under contract in Cincinnati.
  • The company's pursuit pipeline is robust, with over 11 million square feet and over $1 billion in size, primarily in existing markets.
  • Plymouth Industrial REIT Inc (PLYM) has a vertically integrated platform, managing about 75% of its properties in-house, allowing for close tenant engagement and swift issue resolution.
Negative
  • Plymouth Industrial REIT Inc (PLYM) faced unexpected tenant challenges, including evictions and legal disputes in Cleveland, affecting occupancy and financials.
  • The company experienced a slowdown in leasing activity, attributed to external factors such as the election and economic uncertainty.
  • There is a significant vacancy in the St. Louis and Chicago properties, impacting the overall vacancy rate.
  • Some leases expected to start generating cash in Q4 have been delayed to 2025, affecting short-term financial performance.
  • The company is dealing with legal contentions related to tenant interference, which could delay leasing resolutions and financial recovery.
Operator

Good morning and welcome to the Plymouth Industrial REIT conference call to review the company's results for the third quarter of 2024. I would now like to turn the conference over to Tripp Sullivan of Investor Relations. Please go ahead.

Tripp Sullivan
- Investor Relations

Thank you. Good morning. Welcome to the Plymouth Industrial Conference call to review the company's results for the third quarter of 2024. Yesterday afternoon, we issued our earnings release, posted a copy of our prepared commentary and a supplemental deck on the quarterly results section of our Invest Relations page. In addition to these earnings documents, a copy of our 10-Q when filed can be found on the sec filings page of the IR site. Our supplemental deck includes our full year 2024 guidance assumptions, detailed information on our operations, portfolio and balance sheet, the definitions of Non-GAAP measures and reconciliations to the most comparable GAAP measures.

We will reference this information in our remarks. With me today is Jeff Witherell, Chairman and Chief Executive

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