Bullish indicating open at $55-$60, IPO prices at $37
BOSTON - Plymouth Industrial REIT, Inc. (NYSE: PLYM), a $776 million market cap company specializing in the acquisition and management of industrial properties, has appointed Robert O. Stephenson to its Board of Directors. The company, which currently offers an attractive 5.8% dividend yield, has appointed Stephenson, currently serving as the Chief Financial Officer of Omega Healthcare Investors, Inc. (NYSE: OHI), to join the Audit Committee as an independent director.
With a tenure at Omega Healthcare since August 2001, Stephenson brings extensive experience in the real estate investment trust (REIT) sector. His previous roles include Senior Vice President and Treasurer at Integrated Health Services, Inc., and various positions at CSX Intermodal, Inc., Martin Marietta Corporation, and Electronic Data Systems.
Stephenson’s expertise extends to academia and professional organizations. He has served on the Board of the University of Maryland Medical Center and was a board member of the University of Baltimore Foundation from 2015 to 2019. His affiliations include the Nareit CFO Council, the Association for Financial Professionals, and the National Association of Corporate Directors. His academic credentials include a B.S. in Finance from the University of Baltimore and an M.S. in Finance from The Johns Hopkins University.
Jeff Witherell, Chairman, CEO and Co-Founder of Plymouth Industrial REIT, expressed confidence in Stephenson’s ability to contribute to the company, citing his significant financial and operational experience within the REIT industry.
Plymouth Industrial REIT’s focus is on providing functional, flexible, and safe cost-effective space to its tenants. The appointment of Stephenson is expected to enhance the company’s strategic planning and governance.
This announcement is based on a press release statement from Plymouth Industrial REIT, Inc.
In other recent news, Plymouth Industrial REIT reported its Q4 2024 earnings, which revealed a mixed performance. The company posted earnings per share (EPS) of $3.24, significantly surpassing the forecast of $0.0314, indicating effective cost management. However, revenue fell short of expectations, coming in at $47.57 million compared to the anticipated $50.76 million. This discrepancy between strong EPS and weaker revenue suggests challenges in achieving top-line growth. JMP Securities analyst Mitch Germain has reduced the price target for Plymouth Industrial REIT to $24 from $27, maintaining a Market Outperform rating. The adjustment reflects concerns over tenant turnover and competition in the investment sales markets. Despite these challenges, JMP highlights the company’s 5.8% dividend yield, which is above the industry average. Plymouth also announced a strategic partnership with Sixth Street, aiming to support acquisition growth with a potential $1 billion deal pipeline. The company plans to focus on acquisitions with a guidance midpoint of $360 million in new purchases, supported by the Sixth Street partnership.
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