Plymouth Industrial REIT (NYSE: PLYM) reported Q4 EPS of ($1.10), versus ($1.44) reported last year. Revenue for the quarter came in at $13.64 million versus the consensus estimate of $8.74 million.

• Reported results for the fourth quarter of 2018 reflect a net loss attributable to common stockholders of $5.2 million, or $(1.10) per weighted average common share, including a loss on extinguishment of debt of $1 million and a gain on sale of real estate of $1 million; net operating income (“NOI”) of $8.8 million; Funds from operations attributable to common stockholders and unit holders (“FFO”) of $0.35 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.23 per weighted average common share and units.
• For the fourth 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”).
• Issued initial 2019 guidance of a net loss of $(1.87) to $(1.77) per share; Nareit FFO attributable to common stockholders and unit holders of $2.50 to $2.60 per diluted share; and AFFO of $1.90 to $2.00 per diluted share.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “2018 has been a transformational year for us, and the previous investments we made in our people, infrastructure and processes enabled us to accelerate our pace of acquisition and capital markets activity during the second half of the year with minimal incremental overhead. With over 2 million square feet added to the portfolio in the fourth quarter alone, we were able to exceed our expectations for the year on every key metric and position us for a period of earnings and cash flow growth that is more indicative of the value we have created in our portfolio. At the same time, the strategic investment from Madison brings in a valuable and well-respected partner that has enabled us to maintain a disciplined approach to capital allocation and a much clearer path to improving our capital structure.”

Commenting on the 2019 guidance, Mr. Witherell added, “Our initial outlook for the year reflects the significant work we accomplished in 2018 that added embedded growth to our portfolio through acquisition activity and strong new and renewal leasing as well as the sourcing of attractive capital through the strategic investment with Madison International Realty. These expected results at the midpoint of our range would represent strong dividend coverage with Nareit FFO and AFFO per share nearly double what we achieved in 2018.”

GUIDANCE:

Plymouth Industrial REIT sees FY2019 EPS of ($1.87)-($1.77), versus the consensus of ($4.49).

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