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BOSTON - Plymouth Industrial REIT, Inc. (NYSE:PLYM), a $725 million market cap industrial REIT currently offering an attractive 6% dividend yield, announced on Tuesday that it leased 1.45 million square feet of industrial space during the second quarter of 2025, achieving a 10% increase in cash rents across these transactions. According to InvestingPro data, the company has maintained a consistent dividend growth track record, raising its dividend for three consecutive years.
The industrial REIT reported that renewal leases, which represented 79.8% of the quarter’s leasing activity, saw a 9% rent increase, while new leases delivered a 14% increase. The company has now executed leases for 5.81 million square feet commencing in 2025, representing 67.5% of this year’s expirations.
Plymouth maintained strong occupancy levels, with same-store occupancy at 95.0% and total portfolio occupancy at 94.6% as of June 30.
During the quarter, Plymouth acquired 22 industrial buildings totaling 2.05 million square feet for $204.7 million. The properties, which are 97.1% leased with a weighted average remaining lease term of 2.6 years, include a 100,420-square-foot building in Atlanta for $11.7 million and a 1.95-million-square-foot portfolio across Columbus, Cincinnati, and Cleveland for $193.0 million.
The company funded these acquisitions using its unsecured line of credit, which had approximately $285.8 million of capacity remaining as of July 8.
Plymouth also reported that it has repurchased 805,394 shares of common stock at an average price of $16.26 per share under its previously announced share repurchase program.
The company will release its full second quarter financial results after market close on August 6, with a conference call scheduled for August 7.
This information is based on a press release statement from Plymouth Industrial REIT.
In other recent news, Plymouth Industrial REIT reported a noteworthy Q1 2025 earnings performance, with earnings per share (EPS) of $0.13, significantly exceeding the forecasted -$0.22. However, the company’s revenue fell short of expectations, recording $45.57 million against a projected $48.58 million. The company also announced a substantial acquisition, purchasing a 1.95-million-square-foot portfolio in Ohio for $193 million, expanding its industrial space in the state to over 12 million square feet. This acquisition includes 21 buildings with a 97% occupancy rate and is expected to enhance Plymouth’s strategic positioning in the region.
Citizens JMP analysts reiterated a Market Outperform rating for Plymouth Industrial REIT, maintaining a $24.00 price target following the Ohio acquisition. The analysts highlighted Plymouth’s strategic deployment of funds and robust deal pipeline, noting potential benefits from capturing below-market rents. Furthermore, Plymouth’s dividend yield of 5.8% is considered attractively valued, trading at nine times the 2025 estimated FFO per share, compared to the industrial REIT sector average of 18 times.
The company’s recent activities include over $250 million in investments planned for 2025 and active leasing efforts, supporting management’s forecast of more than 6% same-store growth. CEO Jeff Witherell emphasized the strategic focus on acquiring infill industrial properties in supply-constrained submarkets, aiming for sustained internal growth and long-term value creation. Plymouth’s balance sheet remains strong, with no debt maturities in 2025 and $415 million available on credit, positioning the company well for future growth.
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