On November 2, 2023, Plymouth Industrial REIT Inc (PLYM, Financial) announced its financial results for the third quarter ended September 30, 2023. The company reported a net income attributable to common stockholders of $7.5 million, or $0.17 per weighted average common share outstanding, a significant improvement from a net loss of $8.0 million, or $(0.19) per weighted average common share outstanding, for the same period in 2022.
Financial Performance
The year-over-year improvement was primarily due to a $12.1 million net gain on the sale of real estate and an increase in net operating income, partially offset by increased interest expense resulting from higher interest rates. Consolidated total revenues for the quarter ended September 30, 2023, were $49.8 million, compared with $47.8 million for the same period in 2022.
Net Operating Income and EBITDA
Net Operating Income (NOI) for the quarter ended September 30, 2023, was $34.0 million compared with $33.3 million for the same period in 2022. EBITDAre for the quarter ended September 30, 2023, was $30.7 million compared with $29.2 million for the same period in 2022.
Core FFO and AFFO
Core FFO for the quarter ended September 30, 2023, was $20.6 million compared with $19.4 million for the same period in 2022. The company reported Core FFO of $0.46 per weighted average common share and unit for both periods. Adjusted Funds From Operations (AFFO) for the quarter ended September 30, 2023, was $19.0 million, or $0.42 per weighted average common share and unit, compared with $17.0 million, or $0.40 per weighted average common share and unit, for the same period in 2022.
2023 Guidance
PLYM affirmed the full-year 2023 guidance range for Core FFO of $1.84 to $1.86 per weighted average common share and units previously issued on August 3, 2023, increased its range of net income to $0.32 to $0.34 per weighted average common share and units.
CEO Commentary
Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted,
The strong demand for our space within the Golden Triangle continues to support our portfolio performance as occupancy remains within our targets, leases are signing consistent with the 18% to 20% mark-to-market in the existing portfolio, and the remaining space in our new developments continues to be absorbed. With the multi-year buildup expected from the Golden Triangle’s manufacturing resurgence, we believe our type of industrial space and our properties are well-positioned for the leasing opportunities we are anticipating in 2024 and 2025. We have also made significant progress in simplifying our balance sheet and bringing leverage below our year-end target earlier than we had anticipated.”
Explore the complete 8-K earnings release (here) from Plymouth Industrial REIT Inc for further details.
