Plymouth Industrial REIT (NYSE: PLYM) reported Q1 EPS of ($1.37), $0.21 worse than the analyst estimate of ($1.16). Revenue for the quarter came in at $16.66 million versus the consensus estimate of $11.37 million.

• Reported results for the first quarter of 2019 reflect a net loss attributable to common stockholders of $6.5 million, or $(1.37) per weighted average common share; net operating income (“NOI”) of $10.4 million; Funds from operations attributable to common stockholders and unit holders (“FFO”) of $0.55 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.45 per weighted average common share and units. FFO and AFFO per weighted average common share and units reflect approximately 278,000 common shares issued during the first quarter through the Company’s at-the-market equity (“ATM”) program.
• For the first quarter of 2019, 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”).
• Recently entered into a definitive agreement to acquire a 485,000-square-foot Class B industrial building for $17.1 million in cash that is projected to provide an initial yield of 7.7% and is expected to be financed with proceeds from recent activity on its ATM program and borrowings on the Company’s credit facility. The acquisition is expected to close by the end of the second quarter of 2019, subject to customary closing conditions.
• Affirmed 2019 operational guidance previously issued on March 8, 2019
• To reflect the impact from recent ATM activity and the expected acquisition noted above, adjusted the 2019 full year expected results to a net loss of $(1.73) to $(1.76) per share; Nareit FFO attributable to common stockholders and unit holders of $2.48 to $2.51 per diluted share; and AFFO of $1.95 to $2.00 per diluted share.

Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “As expected, the first quarter set the pace for a year of leasing activity that should demonstrate the embedded growth we have created in our portfolio. Our pipeline of new acquisition opportunities is robust, and we continue to see strong real estate fundamentals in the markets we have targeted. We were also able to opportunistically deploy our ATM program to raise cost-effective capital for improving the balance sheet, enhancing our liquidity and partially funding an expected acquisition that, if completed, will contribute to our results in the second half of the year.”

GUIDANCE:

Plymouth Industrial REIT sees Q1 2019 EPS of ($1.76)-($1.73), versus the consensus of ($4.46).

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