Plymouth Industrial REIT Inc (NYSE:PLYM) stock has reached a new 52-week low, touching down at $17.21. This latest price movement underscores a period of bearish sentiment for the real estate investment trust, which specializes in industrial properties. The $784 million market cap REIT currently offers a 5.5% dividend yield, which has grown by 6.7% over the last year. According to InvestingPro analysis, the stock appears overvalued at current levels. Over the past year, Plymouth Industrial has seen its stock price decline by 26.59%, reflecting broader market trends and possibly specific challenges within the industrial real estate sector. Investors are closely monitoring the company’s performance for signs of a turnaround or further decline as it navigates through the current economic landscape. The company’s current ratio of 0.74 indicates potential liquidity challenges. InvestingPro subscribers have access to 8 additional key insights about PLYM’s financial health and growth prospects, including detailed analysis in the comprehensive Pro Research Report.
In other recent news, Plymouth Industrial REIT has experienced significant developments. The company reported its fourth-quarter Funds From Operations (FFO) is projected to be between 47 to 48 cents, impacted by a one-time $500,000 cleanup fee. Truist Securities and Baird have adjusted their price targets for the company to $22 and $25 respectively, while maintaining positive ratings. The adjustments followed recent events including two evictions in Cleveland and a joint venture transaction.
Plymouth Industrial REIT also completed a major asset disposition, transferring 34 properties to Isosceles JV, LLC, in a deal valued at $357.9 million. This move is part of the company’s portfolio management and capital recycling efforts. Simultaneously, the company announced a strategic partnership with Sixth Street, providing $500 million for acquisitions and expanding its borrowing capacity to $1.5 billion.
These are recent developments that have influenced Plymouth Industrial REIT’s operations and financial outlook. Despite a 2.7% vacancy rate, the company continues to focus on capital deployment and leasing opportunities. An upcoming acquisition in Cincinnati, valued at approximately $40 million, is expected to conclude by the end of the year. Furthermore, Plymouth Industrial REIT has over 11 million square feet of acquisition opportunities, amounting to over $1 billion, in its pipeline.
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