Plymouth Industrial REIT (NYSE: PLYM) reported Q2 EPS of ($2.27), which may not compare to the analyst estimate of ($1.09). Revenue for the quarter came in at $12.05 million versus the consensus estimate of $11.9 million.

• Reported results for the second quarter of 2018 reflect a net loss attributable to common stockholders of $7.7 million, or $(2.27) per weighted average common share, including a loss on extinguishment of debt of $3.6 million; net operating income (“NOI”) of $8.2 million; Funds from Operations (“FFO”) of $2.5 million; FFO attributable to common stockholders and unit holders of $0.39 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.42 per weighted average common share and units.
• For the second quarter of 2018, declared a regular quarterly cash dividend of $0.375 for the common stock and a regular quarterly cash dividend of $0.46875 per share for the 7.50% Series A Cumulative Redeemable Preferred Stock (“the Preferred Stock”).
• On April 9, 2018, the Company acquired two Class B industrial properties totaling 270,000 square feet in the Chicago area for $15.675 million in cash and a projected initial yield of 8.0%.
• From April to July 2018, the Company completed a series of financings totaling $135 million that eliminated variable rate and higher interest rate debt, resulting in 80% of its total debt at fixed rates maturing over the next 5 to 10 years with a weighted average interest rate of 4.13%.
• On July 23, 2018, the Company completed an underwritten registered public offering of 1.1 million shares of common stock that resulted in net proceeds of approximately $16.0 million.

GUIDANCE:

The Company affirmed its 2018 guidance for revenues and NOI previously issued on May 3, 2018. The information provided contains estimates based on the Company’s anticipated results of operations for 2018. All estimates exclude any potential impact from additional acquisitions:

• Total revenues of $44.8 million to $45.6 million
• Net operating income of $28.9 million to $29.8 million
• General and administrative expenses of $5.0 million to $5.7 million, including non-cash expenses of $0.8 million to $1.0 million
• 5.1 million common shares and operating partnership units outstanding

For earnings history and earnings-related data on Plymouth Industrial REIT (PLYM) click here.