Plymouth Industrial REIT, Inc. (NYSE: PLYM) (the “Company”) today
announced its financial results for the first quarter ended March
31, 2023 and other recent developments.
First Quarter and Subsequent
Highlights
- Reported results for the first
quarter of 2023 reflect a net loss attributable to common
stockholders of $(0.10) per weighted average common share; Core
Funds from Operations attributable to common stockholders and unit
holders (“Core FFO”) of $0.45 per weighted average common share and
units; and Adjusted FFO (“AFFO”) of $0.40 per weighted average
common share and units.
- Same store NOI (“SS NOI”) increased
3.6% on a GAAP basis excluding early termination income for the
first quarter compared with the same period in 2022; increased 9.1%
on a cash basis excluding early termination income.
- Commenced leases during the first
quarter experienced a 15.9% increase in rental rates on a cash
basis from leases greater than six months with new leases
experiencing a 37.9% increase on a cash basis and renewal leases
experiencing an 11.7% increase on a cash basis. Through May 1,
2023, executed leases scheduled to commence during 2023, which
includes the first quarter activity, total an aggregate of
4,058,660 square feet, all of which are associated with terms of at
least six months. The Company will experience a 19.3% increase in
rental rates on a cash basis from these leases.
- Completed 385,010 square feet of
development leasing through the first quarter, fully leasing two
buildings totaling 304,688 square feet that delivered in the first
quarter and fully leasing two buildings totaling 80,322 square feet
that are expected to be completed in the third and fourth quarters
of 2023.
- Increased the regular quarterly
cash dividend for the first quarter of 2023 by 2.3% to $0.225 per
share for the common stock and paid a regularly quarter cash
dividend of $0.46875 per share for the 7.50% Series A Cumulative
Redeemable Preferred Stock (“the Preferred Stock”).
- Affirmed the full year 2023
guidance ranges for net loss per weighted average common share and
units, Core FFO per weighted average common share and units and
accompanying guidance assumptions previously issued on February 23,
2023.
Jeff Witherell, Chairman and Chief Executive
Officer of Plymouth Industrial REIT, noted, “During the first
quarter, our teams continued to maintain a strong pace of leasing
while capturing our embedded mark-to-market releasing spreads. Our
top priorities for 2023 are to drive organic growth through same
store NOI, de-lever and simplify the balance sheet and create value
with our new developments. We are pleased with our progress to
date, with a 9.1% increase in cash same store NOI, a fourth
straight quarter of de-levering and the first phase of our
development program nearing completion. We have already addressed
two-thirds of our 2023 lease expirations and 1.3 million square
feet of our 2024 lease expirations with high retention rates and
rent increases consistent with our estimated mark-to-market of 18%
to 20%.”
Financial Results for the First Quarter
of 2023 Net loss attributable to common stockholders for
the quarter ended March 31, 2023 was $4.3 million, or $(0.10) per
weighted average common share outstanding, $7.7 million, or $(0.21)
per weighted average common share outstanding, for the same period
in 2022. The net loss decreased year-over-year primarily due to an
increase in net operating income, partially offset by increased
interest expense resulting from higher interest rates and
acquisition activity coupled with increased depreciation and
amortization expense associated with acquisition activity and new
development properties placed into service. Weighted average common
shares outstanding for the first quarters ended March 31, 2023 and
2022 were 42.6 million and 36.2 million, respectively.
Consolidated total revenues for the quarter
ended March 31, 2023 were $49.4 million, compared with $42.8
million for the same period in 2022.
NOI for the quarter ended March 31, 2023 was
$33.4 million compared with $28.6 million for the same period in
2022. Same store NOI (“SS NOI”) excluding early termination income
– GAAP basis for the quarter ended March 31, 2023 was $30.2 million
compared with $29.2 million for the same period in 2022, an
increase of 3.6%. SS NOI excluding early termination income – Cash
basis for the quarter ended March 31, 2023 was $29.3 million
compared with $26.8 million for the same period in 2022, an
increase of 9.1%. SS NOI for the first quarter was positively
impacted by rent escalations, renewal and new leasing spreads, and
increased operating expense recoveries. The same store portfolio is
comprised of 183 buildings totaling 31.0 million square feet, or
90.5% of the Company’s total portfolio, and was 99.1% occupied as
of March 31, 2023.
EBITDAre for the quarter ended March 31, 2023
was $30.0 million compared with $25.0 million for the same period
in 2022.
Core FFO for the quarter ended March 31, 2023
was $19.6 million compared with $17.2 million for the same period
in 2022, primarily as a result of the growth in same-store NOI,
contribution from acquisitions and a decrease in preferred stock
dividends resulting from the full conversion of the Series B
Convertible Stock, partially offset by an increase in interest
expense. The Company reported Core FFO for the quarter ended March
31, 2023 of $0.45 per weighted average common share and unit
compared with $0.47 per weighted average common share and unit for
the same period in 2022. Weighted average common shares and units
outstanding for the first quarters ended March 31, 2023, and 2022
were 43.4 million and 37.0 million, respectively, due to the 22.3%
increase in outstanding common shares primarily attributable to the
Series B Convertible Stock conversions in the second and third
quarters of 2022.
AFFO for the quarter ended March 31, 2023 was
$17.3 million, or $0.40 per weighted average common share and unit,
compared with $14.7 million, or $0.40 per weighted average common
share and unit, for the same period in 2022. The results reflected
the aforementioned changes in Core FFO and the 22.3% increase in
outstanding common shares.
See “Non-GAAP Financial Measures” for complete
definitions of NOI, EBITDAre, Core FFO and AFFO and the financial
tables accompanying this press release for reconciliations of net
income to NOI, EBITDAre, Core FFO and AFFO.
Liquidity
As of May 1, 2023, the Company’s current cash
balance was approximately $10.2 million, excluding operating
expense escrows of approximately $7.0 million, and it has
approximately $262.5 million of capacity under the existing
unsecured line of credit.
Investment Activity
As of March 31, 2023, the Company had real
estate investments comprised of 210 industrial buildings totaling
34.2 million square feet.
Plymouth currently has six projects totaling
719,702 square feet in the first phase of its development program
with approximately 88% of the expected $61 million in development
costs funded as of March 31, 2023. Through the first quarter of
2023, Plymouth has leased 385,010 square feet of development space.
This activity includes fully leasing its 236,600-square-foot phase
one industrial building in the Atlanta market to a single tenant
with rent having commenced in February 2023; fully leasing its
68,088-square-foot industrial building in Portland, Maine to two
tenants with rent having commenced in December 2022 and April 2023;
and fully leasing 80,322 square feet of future developments in
Jacksonville, Florida that are expected to be completed in the
third and fourth quarters of 2023. The Company’s
154,692-square-foot industrial building in Cincinnati, Ohio was
completed during the first quarter and has a number of lease offers
pending. The 180,000-square-foot phase two industrial building in
Atlanta is estimated to be completed in the second quarter of 2023
with multiple leasing prospects being actively considered.
Leasing Activity
Leases commencing during the first quarter ended
March 31, 2023 totaled an aggregate of 768,966 square feet, all of
which are associated with terms of at least six months. The Company
will experience a 15.9% increase in rental rates on a cash basis
from these leases. These leases included 123,081 square feet of new
leases with a 37.9% increase in rental rates on a cash basis and
645,885 square feet of renewal leases (21% of these leases were
associated with contractual renewals) with an 11.7% increase in
rental rates on a cash basis. Consistent with the Company’s full
year 2023 forecast, occupancy was 98.1% and reflects budgeted
roll-over that has been largely addressed as well as the inclusion
of 154,692 square feet in new development space completed during
the first quarter.
Through May 1, 2023, executed leases scheduled
to commence after the first quarter total an aggregate of 3,285,719
square feet, all of which are associated with terms of at least six
months. The Company will experience a 20.5% increase in rental
rates on a cash basis from these leases. These leases included
867,396 square feet of new leases with a 31.2% increase in rental
rates on a cash basis and 2,418,323 square feet of renewal leases
(8% of these leases were associated with contractual renewals) with
a 16.3% increase in rental rates on a cash basis.
The Company has already leased 1,333,408 square
feet of space that will commence during 2024, all of which are
associated with terms of at least six months. The Company will
experience a 14.4% increase in rental rates on a cash basis from
these leases. These leases included 276,154 square feet of new
leases with a 61.9% increase in rental rates on a cash basis and
1,057,254 square feet of renewal leases (34% of these leases were
associated with contractual renewals) with a 5.1% increase in
rental rates on a cash basis for these leases.
Quarterly Distributions to
Stockholders
On February 22, 2023, the Board of Directors
declared a regular quarterly common stock dividend of $0.225 per
share for the first quarter of 2023. The dividend, which
represented an increase of 2.3%, was paid on April 28, 2023 to
stockholders of record on March 31, 2023.
On March 1, 2023, the Company announced the
Board of Directors declared a regular quarterly cash dividend of
$0.46875 per share for the Preferred Stock for the first quarter of
2023. The dividend was paid on March 31, 2023 to stockholders of
record on March 15, 2023.
Guidance for 2023 Plymouth
affirmed its full year 2023 guidance ranges for net loss and Core
FFO per weighted average common share and units and accompanying
guidance assumptions previously issued on February 23, 2023.
Earnings Conference Call and
WebcastThe Company will host a conference call and live
audio webcast, both open for the general public to hear, later
today 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 May 11, 2023, by dialing (877) 344-7529 and entering the
replay access code, 9555795.
The live audio webcast of the Company’s
quarterly conference call will be available online in the Investor
Relations section of the Company’s website at ir.plymouthreit.com.
The online replay will be available approximately one hour after
the end of the call and archived for approximately 90 days.
About Plymouth Plymouth
Industrial REIT, Inc. (NYSE: PLYM) is a full service, vertically
integrated real estate investment 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.
Forward-Looking StatementsThis
press release includes “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
release do not constitute guarantees of future performance.
Investors are cautioned that statements in this press release,
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 press release,
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.
Contact:Tripp SullivanSCR
Partners(615) 942-7077IR@plymouthreit.com
PLYMOUTH INDUSTRIAL REIT, INC. |
CONDENSED CONSOLIDATED BALANCE SHEETS |
UNAUDITED |
(In thousands, except share and per share amounts) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2023 |
|
|
|
2022 |
|
Assets |
|
|
|
|
|
|
|
Real estate properties |
$ |
1,563,493 |
|
|
$ |
1,555,846 |
|
Less accumulated depreciation |
|
(222,418 |
) |
|
|
(205,629 |
) |
Real estate properties, net |
|
1,341,075 |
|
|
|
1,350,217 |
|
|
|
|
Cash |
|
20,396 |
|
|
|
11,003 |
|
Cash held in escrow |
|
11,189 |
|
|
|
13,376 |
|
Restricted cash |
|
6,847 |
|
|
|
6,834 |
|
Deferred lease intangibles, net |
|
66,109 |
|
|
|
70,718 |
|
Interest rate swaps |
|
23,045 |
|
|
|
30,115 |
|
Other assets |
|
37,798 |
|
|
|
39,055 |
|
Total assets |
$ |
1,506,459 |
|
|
$ |
1,521,318 |
|
|
|
|
|
|
|
|
|
Liabilities, Preferred
Stock and Equity |
|
|
|
|
|
|
|
Liabilities: |
|
|
|
|
|
|
|
Secured debt, net |
$ |
387,942 |
|
|
$ |
389,531 |
|
Unsecured debt, net |
|
447,494 |
|
|
|
447,345 |
|
Borrowings under line of credit |
|
87,500 |
|
|
|
77,500 |
|
Accounts payable, accrued expenses and other liabilities |
|
70,739 |
|
|
|
72,551 |
|
Deferred lease intangibles, net |
|
8,014 |
|
|
|
8,918 |
|
Financing lease liability |
|
2,254 |
|
|
|
2,248 |
|
Total liabilities |
|
1,003,943 |
|
|
|
998,093 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Preferred stock, par value $0.01 per share, 100,000,000 shares
authorized, Series A; 1,953,783 and 1,955,513 shares issued and
outstanding at March 31, 2023 and December 31, 2022, respectively
(aggregate liquidation preference of $48,845 and $48,888 at March
31, 2023 and December 31, 2022, respectively) |
|
46,803 |
|
|
|
46,844 |
|
|
|
|
|
|
|
|
|
Equity: |
|
|
|
|
|
|
|
Common stock, $0.01 par value: 900,000,000 shares authorized;
43,030,864 and 42,849,489 shares issued and outstanding at March
31, 2023 and December 31, 2022, respectively |
|
430 |
|
|
|
428 |
|
Additional paid in capital |
|
624,942 |
|
|
|
635,068 |
|
Accumulated deficit |
|
(197,543 |
) |
|
|
(194,243 |
) |
Accumulated other comprehensive income |
|
22,750 |
|
|
|
29,739 |
|
Total stockholders'
equity |
|
450,579 |
|
|
|
470,992 |
|
Non-controlling interest |
|
5,134 |
|
|
|
5,389 |
|
Total equity |
|
455,713 |
|
|
|
476,381 |
|
Total liabilities, preferred
stock and equity |
$ |
1,506,459 |
|
|
$ |
1,521,318 |
|
|
|
|
|
|
|
|
|
PLYMOUTH INDUSTRIAL REIT, INC. |
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
UNAUDITED |
(In thousands, except share and per share amounts) |
|
|
|
|
|
For the Three Months |
|
Ended March 31, |
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
Rental revenue |
$ |
49,371 |
|
|
$ |
42,720 |
|
Management fee revenue and
other income |
|
29 |
|
|
|
86 |
|
Total revenues |
|
49,400 |
|
|
|
42,806 |
|
|
|
|
|
Operating expenses: |
|
|
|
Property |
|
15,954 |
|
|
|
14,075 |
|
Depreciation and amortization |
|
23,800 |
|
|
|
22,691 |
|
General and administrative |
|
3,447 |
|
|
|
3,552 |
|
Total operating expenses |
|
43,201 |
|
|
|
40,318 |
|
|
|
|
|
Other income (expense): |
|
|
|
Interest expense |
|
(9,535 |
) |
|
|
(6,395 |
) |
Earnings (loss) in investment of unconsolidated joint venture |
|
- |
|
|
|
(147 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
(2,176 |
) |
(Appreciation) depreciation of warrants |
|
- |
|
|
|
1,760 |
|
Total other income
(expense) |
|
(9,535 |
) |
|
|
(6,958 |
) |
|
|
|
|
Net loss |
|
(3,336 |
) |
|
|
(4,470 |
) |
Less: Net loss attributable to
non-controlling interest |
|
(38 |
) |
|
|
(60 |
) |
Net loss attributable to
Plymouth Industrial REIT, Inc. |
|
(3,298 |
) |
|
|
(4,410 |
) |
Less: Preferred Stock
dividends |
|
916 |
|
|
|
1,699 |
|
Less: Series B Preferred Stock
accretion to redemption value |
|
- |
|
|
|
1,500 |
|
Less: Loss on extinguishment
of Series A Preferred Stock |
|
2 |
|
|
|
- |
|
Less: Amount allocated to
participating securities |
|
88 |
|
|
|
67 |
|
Net loss attributable to
common stockholders |
$ |
(4,304 |
) |
|
$ |
(7,676 |
) |
|
|
|
|
Net loss basic and diluted per
share attributable to common stockholders |
$ |
(0.10 |
) |
|
$ |
(0.21 |
) |
|
|
|
|
Weighted-average common shares
outstanding basic and diluted |
|
42,604,770 |
|
|
|
36,227,582 |
|
|
|
|
|
|
|
|
|
Non-GAAP Financial Measures Definitions
Net Operating Income (NOI): We consider net
operating income, or NOI, to be an appropriate supplemental measure
to net income in that it helps both investors and management
understand the core operations of our properties. We define NOI as
total revenue (including rental revenue and tenant reimbursements)
less property-level operating expenses. NOI excludes depreciation
and amortization, general and administrative expenses, impairments,
gain/loss on sale of real estate, interest expense, and other
non-operating items.
EBITDAre: We
define earnings before interest, taxes, depreciation and
amortization for real estate in accordance with the standards
established by the National Association of Real Estate Investment
Trusts (“NAREIT”). EBITDAre represents net income (loss), computed
in accordance with GAAP, before interest expense, tax, depreciation
and amortization, gains or losses on the sale of rental property,
appreciation (depreciation) of warrants, loss on impairments, and
loss on extinguishment of debt. We believe that EBITDAre is helpful
to investors as a supplemental measure of our operating performance
as a real estate company as it is a direct measure of the actual
operating results of our industrial properties.
Funds from Operations (“FFO”): Funds from
operations, or FFO, is a non-GAAP financial measure that is widely
recognized as a measure of REIT operating performance. We consider
FFO to be an appropriate supplemental measure of our operating
performance as it is based on a net income analysis of property
portfolio performance that excludes non-cash items such as
depreciation. The historical accounting convention used for real
estate assets requires straight-line depreciation of buildings and
improvements, which implies that the value of real estate assets
diminishes predictably over time. Since real estate values rise and
fall with market conditions, presentations of operating results for
a REIT, using historical accounting for depreciation, could be less
informative. In December 2018, NAREIT issued a white paper
restating the definition of FFO. The purpose of the restatement was
not to change the fundamental definition of FFO, but to clarify
existing NAREIT guidance. The restated definition of FFO is as
follows: Net Income (calculated in accordance with GAAP),
excluding: (i) Depreciation and amortization related to real
estate, (ii) Gains and losses from the sale of certain real estate
assets, (iii) Gain and losses from change in control, and (iv)
Impairment write-downs of certain real estate assets and
investments in entities when the impairment is directly
attributable to decreases in the value of depreciable real estate
held by the entity.
We define FFO consistent with the NAREIT definition. Adjustments
for unconsolidated partnerships and joint ventures will be
calculated to reflect FFO on the same basis. Other equity REITs may
not calculate FFO as we do, and, accordingly, our FFO may not be
comparable to such other REITs’ FFO. FFO should not be used as a
measure of our liquidity, and is not indicative of funds available
for our cash needs, including our ability to pay dividends.
Core Funds from Operations (“Core FFO”): Core
FFO represents FFO reduced by dividends paid (or declared) to
holders of our preferred stock, acquisition and transaction related
expenses for transactions not completed, and certain non-cash
operating expenses such as impairment on real estate lease,
appreciation (depreciation) of warrants and loss on extinguishment
of debt. As with FFO, our reported Core FFO may not be comparable
to other REITs’ Core FFO, should not be used as a measure of our
liquidity, and is not indicative of our funds available for our
cash needs, including our ability to pay dividends.
Adjusted Funds from Operations
(“AFFO”): Adjusted funds from operations, or
AFFO, is presented in addition to Core FFO. AFFO is defined as Core
FFO, excluding certain non-cash operating revenues and expenses,
capitalized interest and recurring capitalized expenditures.
Recurring capitalized expenditures include expenditures required to
maintain and re-tenant our properties, tenant improvements and
leasing commissions. AFFO further adjusts Core FFO for certain
other non-cash items, including the amortization or accretion of
above or below market rents included in revenues, straight line
rent adjustments, non-cash equity compensation and non-cash
interest expense.
We believe AFFO provides a useful supplemental measure of our
operating performance because it provides a consistent comparison
of our operating performance across time periods that is comparable
for each type of real estate investment and is consistent with
management’s analysis of the operating performance of our
properties. As a result, we believe that the use of AFFO, together
with the required GAAP presentations, provide a more complete
understanding of our operating performance. As with Core FFO, our
reported AFFO may not be comparable to other REITs’ AFFO, should
not be used as a measure of our liquidity, and is not indicative of
our funds available for our cash needs, including our ability to
pay dividends.
PLYMOUTH INDUSTRIAL REIT, INC. |
SUPPLEMENTAL RECONCILIATION OF NON-GAAP
DISCLOSURES |
UNAUDITED |
(In thousands, except per share amounts) |
|
|
|
|
|
For the Three Months |
|
Ended March 31, |
NOI: |
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(3,336 |
) |
|
$ |
(4,470 |
) |
General and administrative |
|
3,447 |
|
|
|
3,552 |
|
Depreciation and amortization |
|
23,800 |
|
|
|
22,691 |
|
Interest expense |
|
9,535 |
|
|
|
6,395 |
|
(Earnings) loss in investment of unconsolidated joint venture |
|
- |
|
|
|
147 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
2,176 |
|
Appreciation (depreciation) of warrants |
|
- |
|
|
|
(1,760 |
) |
Management fee revenue and other income |
|
(29 |
) |
|
|
(86 |
) |
NOI |
$ |
33,417 |
|
|
$ |
28,645 |
|
|
|
|
|
|
For the Three Months |
|
Ended March 31, |
EBITDAre: |
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(3,336 |
) |
|
$ |
(4,470 |
) |
Depreciation and amortization |
|
23,800 |
|
|
|
22,691 |
|
Interest expense |
|
9,535 |
|
|
|
6,395 |
|
Loss on extinguishment of debt |
|
- |
|
|
|
2,176 |
|
Appreciation (depreciation) of warrants |
|
- |
|
|
|
(1,760 |
) |
EBITDAre |
$ |
29,999 |
|
|
$ |
25,032 |
|
|
|
|
|
|
For the Three Months |
|
Ended March 31, |
FFO: |
|
2023 |
|
|
|
2022 |
|
Net loss |
$ |
(3,336 |
) |
|
$ |
(4,470 |
) |
Depreciation and amortization |
|
23,800 |
|
|
|
22,691 |
|
Depreciation and amortization from unconsolidated joint
venture |
|
- |
|
|
|
268 |
|
FFO |
$ |
20,464 |
|
|
$ |
18,489 |
|
Preferred stock dividends |
|
(916 |
) |
|
|
(1,699 |
) |
Acquisition expenses |
|
81 |
|
|
|
- |
|
Appreciation (depreciation) of warrants |
|
- |
|
|
|
(1,760 |
) |
Loss on extinguishment of debt |
|
- |
|
|
|
2,176 |
|
Core FFO |
$ |
19,629 |
|
|
$ |
17,206 |
|
|
|
|
|
Weighted average common shares
and units outstanding |
|
43,432 |
|
|
|
36,985 |
|
Core FFO per
share |
$ |
0.45 |
|
|
$ |
0.47 |
|
|
|
|
|
|
For the Three Months |
|
Ended March 31, |
AFFO: |
|
2023 |
|
|
|
2022 |
|
Core FFO |
$ |
19,629 |
|
|
$ |
17,206 |
|
Amortization of debt related costs |
|
568 |
|
|
|
505 |
|
Non-cash interest expense |
|
294 |
|
|
|
644 |
|
Stock compensation |
|
585 |
|
|
|
442 |
|
Capitalized interest |
|
(335 |
) |
|
|
(64 |
) |
Straight line rent |
|
(912 |
) |
|
|
(822 |
) |
Above/below market lease rents |
|
(734 |
) |
|
|
(1,546 |
) |
Recurring capital expenditures (1) |
|
(1,806 |
) |
|
|
(1,673 |
) |
AFFO |
$ |
17,289 |
|
|
$ |
14,692 |
|
|
|
|
|
Weighted average common shares
and units outstanding |
|
43,432 |
|
|
|
36,985 |
|
AFFO per
share |
$ |
0.40 |
|
|
$ |
0.40 |
|
|
|
|
|
(1) Excludes
non-recurring capital expenditures of $8,413 and $8,289 for the
three months ended March 31, 2023 and 2022, respectively. |
|
Plymouth Industrial REIT (NYSE:PLYM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024
Plymouth Industrial REIT (NYSE:PLYM)
과거 데이터 주식 차트
부터 5월(5) 2023 으로 5월(5) 2024