Plymouth Buys Portfolio for $20.1M, Boosts Cincinnati Presence

Zacks2024-12-24

In an effort to expand its presence in the Cincinnati market, Plymouth Industrial REIT PLYM has shelled out $20.1 million for the acquisition of a portfolio of mainly small-bay industrial properties. ...

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However, broader market concerns and the rising supply of industrial real estate are key concerns.Shares of Plymouth, currently carrying a Zacks Rank #4 , have plunged 4.9% in the past month compared with the industry’s decline of 10.2%.Some better-ranked stocks from the REIT sector are Crown Castle Inc. CCI and SL Green Realty SLG, each carrying a Zacks Rank #2  at present. 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It comprises nine buildings and aggregates 258,082 square feet of space.With the purchase price equating to an anticipated initial NOI yield of 6.8%, this acquisition marks a solid addition to the company’s already strong presence in the Cincinnati market that will now aggregate more than 3 million square feet of space.The portfolio is presently 96.9% leased to 23 tenants with a weighted average lease term of around 2.75 years. According to management, these buildings were acquired at prices significantly below replacement cost and are currently leased at below-market rents. Additionally, management is optimistic about substantially enhancing initial returns over the next two years through leasing efforts and proactive asset management.Apart from the above move, the company has a second tranche of this portfolio under contract for $17.9 million, reflecting an expected initial yield of 7.3%. The transaction, anticipated to close in the first quarter of 2025, is subject to customary closing norms, which cannot be guaranteed. This tranche comprises four buildings in Cincinnati, totaling 240,578 square feet, with a current occupancy rate of 98.0%, leased to nine tenants with a weighted average lease term of around 3.75 years.Plymouth acquired a 1,621,241-square-foot portfolio of industrial properties positioned across the Southeast and Northeast submarkets of Memphis, TN, during the third quarter for a purchase price of $100.5 million, equating to an initial NOI yield of 8.0%. Comprising 14 buildings, this portfolio is presently 94.0% leased to 46 tenants with a weighted average remaining lease term of around 3.4 years.\nFinal Thoughts on PLYM Stock\nPlymouth, with its opportunistic acquisitions and strategically planned development program, is well-positioned to benefit over the long term. However, broader market concerns and the rising supply of industrial real estate are key concerns.Shares of Plymouth, currently carrying a Zacks Rank #4 (Sell), have plunged 4.9% in the past month compared with the industry’s decline of 10.2%.\nImage Source: Zacks Investment Research\nStocks to Consider\nSome better-ranked stocks from the REIT sector are Crown Castle Inc. CCI and SL Green Realty SLG, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.The Zacks Consensus Estimate for Crown Castle’s 2024 FFO per share has been raised a cent upward over the past two months to $7.00.The Zacks Consensus Estimate for SL Green’s 2024 FFO per share has been revised 2.9% north over the past month to $7.83.Note: Anything related to earnings presented in this write-up represents FFO, a widely used metric to gauge the performance of REITs.\nWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report\nCrown Castle Inc. (CCI) : Free Stock Analysis Report\nSL Green Realty Corporation (SLG) : Free Stock Analysis Report\nPlymouth Industrial REIT (PLYM) : Free Stock Analysis Report\nTo read this article on Zacks.com click here.\nZacks Investment Research","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.30.0","shortVersion":"4.30.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2493799607"}