T H I R D Q U A R T E R 2 0 2 3 S U P P L E M E N T A L
Plymouth Industrial REIT, Inc.
Table of Contents
Introduction
Executive Summary | 2 |
Management, Board of Directors, Investor Relations, and Equity Coverage | 2 |
Portfolio Statistics | 3 |
Acquisition Activity | 3 |
Value Creation | 4 |
Development Projects | 4 |
Guidance | 5 |
Financial Information | |
Same Store Net Operating Income (NOI) | 6 |
Consolidated Statements of Operations | 7 |
Consolidated NOI | 8 |
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre ) | 8 |
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO) | 8 |
Consolidated Balance Sheets | 9 |
Capital Structure and Debt Summary | 10 |
Capital Markets Activity | 10 |
Net Asset Value Components | 11 |
Operational & Portfolio Information | |
Leasing Activity | 12 |
Lease Expiration Schedule | 12 |
Leased Square Feet and Annualized Base Rent by Tenant Industry | 13 |
Leased Square Feet and Annualized Base Rent by Type | 14 |
Top 10 Tenants by Annualized Base Rent | 15 |
Lease Segmentation by Size | 15 |
Rentable Square Feet and Annualized Base Rent by Market | 16 |
Total Acquisition and Replacement Cost by Market | 16 |
Appendix | |
Glossary | 17 |
Forward-LookingStatements: This Supplemental Information contains forward-looking statements that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this Supplemental Information do not constitute guarantees of future performance. Investors are cautioned that statements in this Supplemental Information, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statement, many of which may be beyond our control, including, without limitation, those factors described under the captions "Cautionary Note Regarding Forward-Looking Statements" and "Risk Factors" in the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may," "plan," "seek," "will," "expect," "intend," "estimate," "anticipate," "believe" or "continue" or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this Supplemental Information, and we do not undertake any obligation to update or revise any forward- looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Definitions and Reconciliations: For definitions of certain terms used throughout this Supplemental Information, including certain non-GAAP financial measures, refer to the Glossary on pages 17-18. For reconciliations of the non-GAAP financial measures to the most directly comparable U.S. GAAP measures, refer to page 8.
Plymouth Industrial REIT, Inc.
Executive Summary
Company overview: Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically integrated real estate investment trust company focused on the acquisition, ownership, and management of single and multi-tenant industrial properties. Our mission is to provide tenants with cost effective space that is functional, flexible and safe.
Management, Board of Directors, Investor Relations, and Equity Coverage
Corporate | Investor Relations | Transfer Agent | |
20 Custom House Street, 11th Floor | Tripp Sullivan | Continental Stock Transfer & Trust Company | |
Boston, Massachusetts 02110 | SCR Partners | 1 State Street, 30th Floor | |
617.340.3814 | 615.942.7077 | New York, NY 10004 | |
www.plymouthreit.com | IR@plymouthreit.com | 212.509.4000 | |
Executive Management | |||
Jeffrey E. Witherell | Anthony J. Saladino | James M. Connolly | Lyndon J. Blakesley |
Chief Executive Officer | Executive Vice President | Executive Vice President | Senior Vice President |
and Chairman | and Chief Financial Officer | Asset Management | and Chief Accounting Officer |
Benjamin P. Coues | Anne A. Hayward | Daniel Hefferman | Scott L. Robinson |
Senior Vice President | Senior Vice President | Senior Vice President | Senior Vice President |
and Head of Acquisitions | and General Counsel | Asset Management | Corporate Development |
Board of Directors | |||
Philip S. Cottone | Richard J. DeAgazio | David G. Gaw | John W. Guinee |
Independent Director | Independent Director | Lead Independent Director | Independent Director |
Caitlin Murphy | Pendleton P. White, Jr. | Jeffrey E. Witherell | |
Independent Director | Director | Chief Executive Officer | |
and Chairman | |||
Equity Research Coverage1 | |||
Baird | BNP Paribas Exane | Colliers Securities | KeyBanc Capital Markets |
Nicholas Thillman | Nate Crossett | Barry Oxford | Todd Thomas |
414.298.5053 | 646.725.3716 | 203.961.6573 | 917.368.2375 |
BMO Capital Markets | B Riley Securities | JMP Securities | J.P. Morgan |
John Kim | Bryan Maher | Mitch Germain | Mike Mueller |
212.885.4115 | 646.885.5423 | 212.906.3537 | 212.622.6689 |
Truist Securities Anthony Hau 212.303.4176
Investor Conference Call and Webcast:
The Company will host a conference call and live audio webcast, both open for the general public to hear, on November 2, 2023 at 9:00 a.m. Eastern Time. The number to call for this interactive teleconference is (844) 784-1727 (international callers: (412) 717-9587). A replay of the call will be available through November 9, 2023 by dialing (877) 344-7529 and entering the replay access code, 1910241.
- The analysts listed provide research coverage on the Company. Any opinions, estimates or forecasts regarding the Company's performance made by these analysts are theirs alone and do not represent opinions, estimates or forecasts by the Company or its management. The Company does not by reference above imply its endorsement of or concurrence with such information, conclusions or recommendations.
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Plymouth Industrial REIT, Inc.
Portfolio Statistics
Unaudited ($ in thousands, except Cost/SF) as of 9/30/2023
Portfolio Snapshot | Portfolio Growth ($ in millions) 7 | |||||||||
Number of Properties | 156 | |||||||||
Number of Buildings | 211 | |||||||||
Square Footage | 34,142 | |||||||||
Occupancy | 97.6% | |||||||||
WA Lease Term Remaining (yrs.)1 | 3.5 | |||||||||
Total Annualized Base Rent (ABR)2 | $149,404 | |||||||||
Rental Rate Increase - Cash Basis3 | 24.1% | |||||||||
Q3 Rent Collections | 99.0% | |||||||||
Acquisition Activity | ||||||||||
Acquisitions | ||||||||||
Location | Acquisition Date | # of Buildings | Purchase Price4 | Square Footage | Projected Initial Yield5 | Cost per Square Foot6 | ||||
Multiple | Full Year 2022 | 44 | $ | 253,655 | 4,164,864 | 6.1% | $ | 71.54 | ||
Multiple | Full Year 2021 | 24 | $ | 370,977 | 6,380,302 | 6.7% | $ | 63.15 | ||
Multiple | Full Year 2020 | 27 | $ | 243,568 | 5,473,596 | 7.8% | $ | 46.99 | ||
Multiple | Full Year 2019 | 32 | $ | 220,115 | 5,776,928 | 8.4% | $ | 42.21 | ||
Multiple | Full Year 2018 | 24 | $ | 164,575 | 2,903,699 | 8.2% | $ | 70.54 | ||
Multiple | 2017 (since IPO) | 36 | $ | 173,325 | 5,195,563 | 8.4% | $ | 33.81 | ||
Total Acquisitions Post-IPO | ||||||||||
187 | $ | 1,426,215 | 29,894,952 | 7.4% | $ | 55.94 |
Portfolio statistics and acquisitions include wholly owned industrial properties only; excludes our property management office located in Columbus, Ohio.
- The average contractual lease term remaining as of the close of the reporting period (in years) weighted by square footage.
- Annualized base rent is calculated as monthly contracted base rent as of September 30, 2023, multiplied by 12. Excludes rent abatements.
- Based on approximately 1.8 million square feet of new and renewal leases greater than six months in term. Refer to Leasing Activity in this Supplemental Information for additional details.
- Represents total direct consideration paid rather than GAAP cost basis.
- Weighted based on Purchase Price.
- Calculated as Purchase Price divided by square footage.
- Acquisitions include capitalized costs in accordance to GAAP for development properties placed in-service.
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Plymouth Industrial REIT, Inc.
Value Creation
Unaudited ($ in thousands, except RSF)
Examples of Value Creation
Lease-up / Building Refurbishment | New Industrial Development | Disposition / Value Realized |
Memphis | Atlanta | Chicago |
Executed a 312,000 SF 5-year lease with annual escalators of 3.0% at a rental rate increase of 56% over prior rents.
Tenant move-out was addressed expeditiously. The building will undergo roof and fire suppression upgrades as a part of the new lease transaction.
The property was acquired at a going-in yield of 8.0%, which now has increased to a stabilized yield of over 11.0%.
Acquired single-tenant industrial building in January 2020 with ~ 65 acres of developable land.
Broke ground on new 237,000 SF building during Q2 2021 and completed development in Q1 2023 at a cost of ~$13.8M, an add'l 180,000 SF building is delivered in Q3 2023 at a cost of ~$12.0M.
Flexible design planned for both buildings to allow for demising. The 237,000 SF building is 100% leased - the 180,000 SF building is 40% leased.
Sold a 306,552 square-foot industrial building at 6510 West 73rd Street in Chicago.
Net proceeds after the payoff of a $6.7 million mortage, return of lender escrow reserves, and other adjustments were $14.0 million.
The disposition yielded a 4.9% cap rate on in-place NOI and an IRR of 31.1% over a six-year hold period.
Plymouth is partnering with the Green Building Initiative to align our environmental objectives with the execution of all new development and portfolio enhancement activities. Thus far Plymouth
has achieved a Three Green Globe certification on our Cincinnati development and a Two Green Globe certification on both the Boston and first Atlanta developments.1
Development Projects (as of 09/30/2023)
The Company has identified over 1.7 million SF of developable GLA with 92,670 SF currently under construction and 679,952 SF recently completed. The total investment in development under construction is approximately $6.3 million as of 9/30/2023 against a budget of approximately $13.1 million. The total investment in completed developments is approximately $55.4 million. The proforma stabilized cash NOI yields on development projects under construction and completed range between 7.0% - 9.0%.
Under Construction2 | Total Rentable | Estimated | ||||
# of Buildings | Square Feet (RSF) | % Leased | % Funded | Completion | ||
Jacksonville - Liberty | I | 1 | 39,750 | 100% | 90% | Q4 2023 |
Jacksonville - Liberty | II | 1 | 52,920 | 100% | 15% | Mid-2024 |
2 | 92,670 |
Completed 3 | Total Rentable | ||||
# of Buildings | Square Feet (RSF) | % Leased | % Funded | Completed | |
Boston - Milliken Road | 1 | 68,088 | 100% | 100% | Q4 2022 |
Atlanta - New Calhoun I | 1 | 236,600 | 100% | 100% | Q1 2023 |
Cincinnati - Fisher Park I | 1 | 154,692 | 31% | 100% | Q1 2023 |
Atlanta - New Calhoun II | 1 | 180,000 | 40% | 100% | Q3 2023 |
Jacksonville - Salisbury | 1 | 40,572 | 100% | 100% | Q3 2023 |
5 | 679,952 |
- The Company is a member organization of the Green Building Initiative (GBI), a nonprofit organization and American National Standards Institute (ANSI) Accredited Standards Developer dedicated to reducing climate impacts by improving the built environment. Founded in 2004, the organization is the global provider of the Green Globes and federal Guiding Principles Compliance certification and assessment programs.
- Under construction represents projects for which vertical construction has commenced. Refer to the Developable Land section of the Net Asset Components on page 11 of this Supplemental Information for additional details on the Company's development activities.
- Completed buildings are included within portfolio occupancy and square footage metrics as of September 30, 2023.
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Plymouth Industrial REIT, Inc.
Guidance
Unaudited (in thousands, except per-share amounts)
Plymouth affirms its 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, increases its range of net income to $0.32 to $0.34 per weighted average common share and units and adjusts the accompanying assumptions, which can be found in the tables below.
Full Year 2023 Range1
Core FFO attributable to common stockholders and unit holders per share Same Store Portfolio NOI growth - cash basis2
Average Same Store Portfolio occupancy - full year General and administrative expenses3
Interest expense, net
Weighted average common shares and units outstanding4
Low | High | |||
$ | 1.84 | $ | 1.86 | |
7.25% | 7.75% | |||
98.4% | 98.8% | |||
$ | 14,600 | $ | 14,200 | |
$ | 39,600 | $ | 39,000 | |
44,411 | 44,411 |
Reconciliation of net loss attributable to common stockholders and unit holders per share to Core FFO guidance:
Net income/(loss) Depreciation and amortization Gain on sale of real estate Preferred stock dividends
Full Year 2023 Range1
LowHigh
$ 0.32 $ 0.34
2.09 | 2.09 | |||||
(0.51) | (0.51) | |||||
(0.06) | (0.06) | |||||
$ | 1.84 | $ | 1.86 | |||
- Our 2023 guidance refers to the Company's in-place portfolio as of November 1, 2023 and an anticipated property disposition at the end of Q4 2023 representing a total contract price of $16.8 million. The disposition is subject to customary closing conditions. As such, there can be no assurance that we will complete the disposition. Our 2023 guidance does not include prospective acquisitions, additional dispositions, or additional capitalization activities that have not closed.
- The Same Store Portfolio consists of 182 buildings aggregating 30,832,615 rentable square feet, representing approximately 90% of total in-place portfolio square footage. The Same Store projected performance reflects an annual NOI on a cash basis, excluding termination income.
- Includes non-cash stock compensation of $3.0 million for 2023.
- As of November 1, 2023, the Company has 45,740,483 common shares and units outstanding.
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Plymouth Industrial REIT, Inc.
Same Store Net Operating Income (NOI)
Unaudited ($ and SF in thousands)
Same Store Portfolio Statistics
Square footage | 30,833 | Includes1: wholly owned properties as of December 31, 2021; determined | ||||||||||
and set once per year for the following twelve months (refer to Glossary | ||||||||||||
Number of properties | 137 | |||||||||||
for Same Store definition) | ||||||||||||
182 | ||||||||||||
Number of buildings | ||||||||||||
Excludes2: wholly owned properties classified as repositioning, lease-up | ||||||||||||
Percentage of total portfolio square footage | 90.3% | |||||||||||
during 2022 or 2023 (8 buildings representing approximately 935,000 of | ||||||||||||
Occupancy at period end | 98.6% | |||||||||||
rentable square feet) and under contract for sale. | ||||||||||||
Same Store NOI - GAAP Basis | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2023 | 2022 | $ | Change | % Change | ||||||||
Rental revenue | $ | 44,217 | $ | 42,886 | $ | 1,331 | 3.1% | |||||
Property expenses | 14,030 | 12,949 | 1,081 | 8.3% | ||||||||
Same Store NOI - GAAP Basis | $ | 30,187 | $ | 29,937 | $ | 250 | 0.8% | |||||
Same Store NOI excluding early termination income - GAAP Basis | ||||||||||||
$ | 30,112 | $ | 29,879 | $ | 233 | 0.8% | ||||||
Nine Months Ended September 30, | ||||||||||||
2023 | 2022 | $ | Change | % Change | ||||||||
Rental revenue | $ | 132,530 | $ | 127,378 | $ | 5,152 | 4.0% | |||||
Property expenses | 41,903 | 39,251 | 2,652 | 6.8% | ||||||||
Same Store NOI - GAAP Basis | $ | 90,627 | $ | 88,127 | $ | 2,500 | 2.8% | |||||
Same Store NOI excluding early termination income - GAAP Basis | ||||||||||||
$ | 90,334 | $ | 87,986 | $ | 2,349 | 2.7% | ||||||
Same Store NOI - Cash Basis | ||||||||||||
Three Months Ended September 30, | ||||||||||||
2023 | 2022 | $ | Change | % Change | ||||||||
Rental revenue | $ | 43,912 | $ | 41,293 | $ | 2,619 | 6.3% | |||||
Property expenses | 14,030 | 12,949 | 1,081 | 8.3% | ||||||||
Same Store NOI - Cash Basis | $ | 29,882 | $ | 28,344 | $ | 1,538 | 5.4% | |||||
Same Store NOI excluding early termination income - Cash Basis | ||||||||||||
$ | 29,807 | $ | 28,286 | $ | 1,521 | 5.4% | ||||||
Nine Months Ended September 30, | ||||||||||||
2023 | 2022 | $ | Change | % Change | ||||||||
Rental revenue | $ | 130,622 | $ | 122,186 | $ | 8,436 | 6.9% | |||||
Property expenses | 41,903 | 39,251 | 2,652 | 6.8% | ||||||||
Same Store NOI - Cash Basis | $ | 88,719 | $ | 82,935 | $ | 5,784 | 7.0% | |||||
Same Store NOI excluding early termination income - Cash Basis | ||||||||||||
$ | 88,426 | $ | 82,794 | $ | 5,633 | 6.8% | ||||||
- For the three and nine months ended September 30, 2023 and 2022, our Same Store Portfolio includes the 28-building Memphis Industrial Portfolio which we acquired the remaining 80% interest in our former unconsolidated JV on March 11, 2022.
- Sold a 306,552 square-foot building, 0.9% of Plymouth REIT's portfolio, at 6510 West 73rd Street in Chicago to an owner operator for net proceeds of $14.0 million. Refer to the 2023 Quarterly Report on Form 10-Q for additional information. Additionally, a 156,634 square-foot building has been removed from the same store portfolio as it is currently under contract for disposition in Q4 2023.
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Plymouth Industrial REIT, Inc.
Consolidated Statements of Operations
Unaudited ($ in thousands, except per-share amounts)
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||
Revenues: | |||||||||||
Rental revenue | $ | 37,416 | $ | 36,746 | $ | 112,816 | $ | 104,509 | |||
Tenant recoveries | 12,320 | 11,042 | 36,190 | 31,611 | |||||||
Management fee revenue and other income | 29 | 2 | 58 | 90 | |||||||
Total revenues | $ | 49,765 | $ | 47,790 | $ | 149,064 | $ | 136,210 | |||
Operating expenses: | |||||||||||
Property | 15,754 | 14,495 | 47,398 | 42,369 | |||||||
Depreciation and amortization | 22,881 | 24,860 | 70,098 | 71,759 | |||||||
General and administrative | 3,297 | 4,078 | 10,586 | 11,776 | |||||||
Total operating expenses | $ | 41,932 | $ | 43,433 | $ | 128,082 | $ | 125,904 | |||
Other income (expense): | |||||||||||
Interest expense | (9,473) | (8,983) | (28,592) | (23,303) | |||||||
Earnings (loss) in investment of unconsolidated joint venture1 | - | - | - | (147) | |||||||
Loss on extinguishment of debt | (72) | - | (72) | (2,176) | |||||||
Gain on sale of real estate2 | 12,112 | - | 12,112 | - | |||||||
(Appreciation) depreciation of warrants3 | - | - | - | 1,760 | |||||||
Total other income (expense) | $ | 2,567 | $ | (8,983) | $ | (16,552) | $ | (23,866) | |||
Net income (loss) | |||||||||||
$ | 10,400 | $ | (4,626) | $ | 4,430 | $ | (13,560) | ||||
Less: Net income (loss) attributable to non-controlling interest | 114 | (55) | 46 | (170) | |||||||
Net income (loss) attributable to Plymouth Industrial REIT, Inc. | $ | 10,286 | $ | (4,571) | $ | 4,384 | $ | (13,390) | |||
Less: Preferred Stock dividends | 677 | 930 | 2,509 | 3,949 | |||||||
Less: Series B Preferred Stock accretion to redemption value | - | 2,371 | - | 4,621 | |||||||
Less: Loss on extinguishment/redemption of Series A Preferred Stock | 2,021 | 56 | 2,023 | 80 | |||||||
Less: Amount allocated to participating securities | 83 | 62 | 253 | 194 | |||||||
Net income (loss) attributable to common stockholders | |||||||||||
$ | 7,505 | $ | (7,990) | $ | (401) | $ | (22,234) | ||||
Net income (loss) per share attributable to common stockholders - basic4 | $ | 0.17 | $ | (0.19) | $ | (0.01) | $ | (0.57) | |||
Net income (loss) per share attributable to common stockholders - diluted4 | $ | 0.17 | $ | (0.19) | $ | (0.01) | $ | (0.57) | |||
Weighted-average common shares outstanding - basic | 44,057 | 41,128 | 43,108 | 38,839 | |||||||
Weighted-average common shares outstanding - diluted | 44,140 | 41,128 | 43,108 | 38,839 |
- Represents our share of earnings (losses) related to our investment in an unconsolidated joint venture. The Company acquired the remaining 80% interest in our unconsolidated JV in March 2022.
- For the nine months ended September 30, 2023, the Company sold one property totaling 306,552 square feet, recognizing a net gain of $12,112.
- Represents the change in the fair market value of our common stock warrants. On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 shares of common stock.
- Refer to Note 11 in the Q3 2023 Quarterly Report on Form 10-Q for additional information.
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Plymouth Industrial REIT, Inc.
Non-GAAP Measurements
Unaudited ($ in thousands, except per-share amounts)
Consolidated NOI
For the Three Months Ended September 30, | For the Nine Months Ended September 30, | ||||||||||||
2023 | 2022 | 2023 | 2022 | ||||||||||
Net income (loss) | |||||||||||||
$ | 10,400 | $ | (4,626) | $ | 4,430 | $ | (13,560) | ||||||
General and administrative | 3,297 | 4,078 | 10,586 | 11,776 | |||||||||
Depreciation and amortization | 22,881 | 24,860 | 70,098 | 71,759 | |||||||||
Interest expense | 9,473 | 8,983 | 28,592 | 23,303 | |||||||||
(Earnings) loss in investment of unconsolidated joint venture1 | - | - | - | 147 | |||||||||
Loss on extinguishment of debt | 72 | - | 72 | 2,176 | |||||||||
Gain on sale of real estate | (12,112) | - | (12,112) | - | |||||||||
Appreciation (depreciation) of warrants2 | - | - | - | (1,760) | |||||||||
Management fee revenue and other income | (29) | (2) | (58) | (90) | |||||||||
Net Operating Income | $ | 33,982 | $ | 33,293 | $ | 101,608 | $ | 93,751 | |||||
Earnings Before Interest, Taxes, Depreciation and Amortization for Real Estate (EBITDAre ) | |||||||||||||
Net income (loss) | |||||||||||||
$ | 10,400 | $ | (4,626) | $ | 4,430 | $ | (13,560) | ||||||
Depreciation and amortization | 22,881 | 24,860 | 70,098 | 71,759 | |||||||||
Interest expense | 9,473 | 8,983 | 28,592 | 23,303 | |||||||||
Loss on extinguishment of debt | 72 | - | 72 | 2,176 | |||||||||
Gain on sale of real estate | (12,112) | - | (12,112) | - | |||||||||
Appreciation (depreciation) of warrants2 | - | - | - | (1,760) | |||||||||
EBITDAre | $ | 30,714 | $ | 29,217 | $ | 91,080 | $ | 81,918 | |||||
Stock compensation | 827 | 518 | 2,128 | 1,498 | |||||||||
Acquisition expenses | - | 51 | 85 | 201 | |||||||||
Pro forma effect of acquisitions/developments3 | 542 | 2 | 1,303 | 2,349 | |||||||||
Adjusted EBITDA | $ | 32,083 | $ | 29,788 | $ | 94,596 | $ | 85,966 | |||||
Funds from Operations (FFO), Core FFO & Adjusted Funds from Operations (AFFO) | |||||||||||||
Net income (loss) | |||||||||||||
$ | 10,400 | $ | (4,626) | $ | 4,430 | $ | (13,560) | ||||||
Gain on sale of real estate | (12,112) | (12,112) | |||||||||||
Depreciation and amortization | 22,881 | 24,860 | 70,098 | 71,759 | |||||||||
Depreciation and amortization from unconsolidated joint venture | - | - | - | 268 | |||||||||
FFO | $ | 21,169 | $ | 20,234 | $ | 62,416 | $ | 58,467 | |||||
Preferred stock dividends | (677) | (930) | (2,509) | (3,949) | |||||||||
Acquisition expenses | - | 51 | 85 | 201 | |||||||||
Appreciation (depreciation) of warrants2 | - | - | - | (1,760) | |||||||||
Loss on extinguishment of debt | 72 | - | 72 | 2,176 | |||||||||
Core FFO | $ | 20,564 | $ | 19,355 | $ | 60,064 | $ | 55,135 | |||||
Amortization of debt related costs | 570 | 565 | 1,708 | 1,597 | |||||||||
Non-cash interest expense | (50) | 676 | 402 | 1,582 | |||||||||
Stock compensation | 827 | 518 | 2,128 | 1,498 | |||||||||
Capitalized interest | (282) | (315) | (968) | (521) | |||||||||
Straight line rent | (216) | (1,319) | (1,833) | (3,045) | |||||||||
Above/below market lease rents | (417) | (541) | (1,820) | (2,632) | |||||||||
Recurring capital expenditures4 | (1,965) | (1,985) | (4,863) | (5,440) | |||||||||
AFFO | $ | 19,031 | $ | 16,954 | $ | 54,818 | $ | 48,174 | |||||
Weighted-average common shares and units outstanding5 | 44,922 | 41,906 | 43,966 | 39,614 | |||||||||
Core FFO attributable to common stockholders and unit holders per share | |||||||||||||
$ | 0.46 | $ | 0.46 | $ | 1.37 | $ | 1.39 | ||||||
AFFO attributable to common stockholders and unit holders per share | $ | 0.42 | $ | 0.40 | $ | 1.25 | $ | 1.22 | |||||
- Represents our share of (earnings) losses related to our investment in an unconsolidated joint venture.
- Represents the change in the fair market value of our common stock warrants. On March 23, 2022, the common stock warrants were exercised in full and converted on a cashless basis, resulting in 139,940 shares of common stock.
- Represents the estimated impact of wholly owned acquisitions and development properties as if they had been acquired or stabilized on the first day of each respective quarter in which the acquisitions occurred or developments were placed in-service. We have made a number of assumptions in such estimates and there can be no assurance that we would have generated the projected levels of EBITDA had we owned the acquired properties and/or placed the development properties in-service as of the beginning of the respective periods.
- Excludes non-recurring capital expenditures of $8,132 and $20,517 for the three months ended September 30, 2023 and 2022, respectively, and $24,185 and $42,960 for the nine months ended September 30 2023 and 2022, respectively.
- Weighted-averagecommon shares and units outstanding includes common stock, OP units, and restricted stock units as of September 30, 2023 and excludes 51,410 performance stock units as they are deemed to be non-participatory.
Page 8
Plymouth Industrial REIT, Inc.
Consolidated Balance Sheets
Unaudited ($ in thousands)
September 30, 2023 | December 31, 2022 | ||||
ASSETS | |||||
Real estate properties: | |||||
Land | $ | 227,599 | $ | 231,829 | |
Building and improvements | 1,343,025 | 1,324,017 | |||
Less accumulated depreciation | (254,402) | (205,629) | |||
Total real estate properties, net | $ | 1,316,222 | $ | 1,350,217 | |
Cash, cash held in escrow and restricted cash | 30,272 | 31,213 | |||
Deferred lease intangibles, net | 56,316 | 70,718 | |||
Interest rate swaps1 | 34,115 | 30,115 | |||
Other assets | 39,585 | 39,055 | |||
Total assets | $ | 1,476,510 | $ | 1,521,318 | |
LIABILITIES, PREFERRED STOCK AND EQUITY | |||||
Secured debt, net | $ | 377,714 | $ | 389,531 | |
Unsecured debt, net2 | 512,823 | 524,845 | |||
Accounts payable, accrued expenses and other liabilities | 75,112 | 72,551 | |||
Deferred lease intangibles, net | 6,604 | 8,918 | |||
Financing lease liability3 | 2,265 | 2,248 | |||
Total liabilities | $ | 974,518 | $ | 998,093 | |
Preferred stock - Series A | $ | - | $ | 46,844 | |
Equity: | |||||
Common stock | $ | 452 | $ | 428 | |
Additional paid in capital | 654,346 | 635,068 | |||
Accumulated deficit | (191,882) | (194,243) | |||
Accumulated other comprehensive income | 33,695 | 29,739 | |||
Total stockholders' equity | 496,611 | 470,992 | |||
Non-controlling interest | 5,381 | 5,389 | |||
Total equity | $ | 501,992 | $ | 476,381 | |
Total liabilities, preferred stock and equity | $ | 1,476,510 | $ | 1,521,318 | |
- Represents the fair value of the Company's interest rate swaps. A summary of the Company's interest rate swaps and accounting are detailed in Note 6 of our most recent Quarterly Report on Form 10-Q.
- Includes borrowings under line of credit and term loans. Refer to Debt Summary in this Supplemental Information for additional details.
- As of September 30, 2023, we have a single finance lease in which we are the sublessee for a ground lease with a remaining lease term of approximately 32 years. Refer to our 2023 Quarterly Report on Form 10-Q for expanded disclosure.
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Plymouth Industrial REIT Inc. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 11:23:09 UTC.