Plymouth Industrial REIT (NYSE: PLYM) reported Q2 EPS of ($0.49), $0.01 worse than the analyst estimate of ($0.48). Revenue for the quarter came in at $26.14 million versus the consensus estimate of $23.75 million.

Second Quarter and Subsequent Highlights

• Reported results for the second quarter of 2020 reflect a net loss attributable to common stockholders of $7.2 million, or $(0.49) per weighted average common share; net operating income (“NOI”) of $17.1 million; Funds from Operations attributable to common stockholders and unit holders (“FFO”) of $0.51 per weighted average common share and units; and Adjusted FFO (“AFFO”) of $0.45 per weighted average common share and units.
• Collected approximately 94% of its rent for the second quarter and 96% in July 2020, which excludes any rent deferment measures granted to tenants. Factoring in rent deferment, Plymouth collected approximately 99% of its expected rent for the second quarter and 97% in July.
• Same store NOI (“SS NOI”) was flat on a cash basis for the second quarter compared with the same period in 2019; decreased 0.2% on a cash basis excluding early termination income.
• Commenced leases totaling 1.35 million square feet with a 9.0% increase in rental rates on a cash basis from leases greater than six months, including a renewal of the Company’s largest 2020 lease expiration.
• Declared a regular quarterly cash dividend for the second quarter of 2020 of $0.20 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”).
• Jeff Witherell, Chairman and Chief Executive Officer of Plymouth Industrial REIT, noted, “The significant challenges brought forth by the global pandemic have given us an opportunity to demonstrate the benefits of a heritage of being strong real estate operators. I am proud of how well our team has been able to lease our properties, collect rent, service our tenants, diligence new acquisition opportunities and collaborate throughout these unprecedented times. Since late April, we have seen leasing activity and rent collections return to a regular pace and the emphasis on preserving liquidity has enabled us to pay down some outstanding borrowings on our credit facility. We are encouraged by the recent trends in our portfolio and the early indications that this performance could be sustained through the second half of the year.

“We are bullish on the long-term fundamentals of the industrial sector and the expected demand created by changes to global supply chains, e-commerce and an emphasis on manufacturing in the United States. While the increasing amount of industry and real estate research points to a rising tide for the entire sector, we believe there will be an historic opportunity to invest in industrial properties in our targeted markets with tenants that will increasingly require access to the skilled blue-collar labor pools in our markets. We have been successful in the past with our approach to capturing these opportunities with disciplined access to capital. That commitment is as strong and relevant today as it was pre-COVID.”

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