Plymouth Acquires Portfolio of Industrial Properties in Ohio

Plymouth Industrial REIT PLYM recently announced the acquisition of a portfolio of industrial properties across Columbus, Cincinnati and Cleveland, OH for $193 million. It comprises 21 buildings and aggregates 1.95 million square feet of space.

This acquisition not only strengthens Plymouth’s regional footprint but also aligns with its strategy of acquiring well-positioned, income-generating industrial assets that offer embedded growth potential.

The portfolio includes highly functional industrial assets situated in a strong infill location. These assets boast attractive features such as high clear heights, sufficient truck loading facilities, updated lighting and modern office finishes.

Currently, the portfolio is 97% leased to 75 tenants with a weighted average remaining lease term of 2.47 years. The in-place rents are roughly 22% lower than the current market rates, which the company believes to provide significant upside potential at the time of lease rollover. The purchase price shows a discount of more than 25% compared to the current replacement cost.

As a result of this acquisition, Plymouth now possesses over 12 million square feet of industrial space within Ohio. The portfolio will be managed by the company’s Columbus office, which employs a team of nine experienced property management professionals.

Management Commentary

Per Anthony Saladino, president and CFO of Plymouth, “This transaction reflects our continued success in deploying strategic capital into high-quality, functional industrial real estate at compelling economics. By adding scale in our core markets and leveraging our vertically integrated platform, we believe we are well-positioned to drive long-term value creation and deliver strong leasing outcomes across the portfolio.”

Final Thoughts on PLYM Stock

Plymouth, with its opportunistic acquisitions and healthy leasing activity, is well-positioned to benefit over the long term. However, macroeconomic uncertainties and tariff issues remain a major concern in the near term.

Shares of this Zacks Rank #3 (Hold) company have gained 1.4% in the past three months compared with the industry’s growth of 1.3%.

Stocks to Consider

Some better-ranked stocks from the broader REIT sector are VICI Properties VICI and Medical Properties Trust MPW, 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 VICI’s 2025 FFO per share has moved one cent northward to $2.35 over the past week.

The Zacks Consensus Estimate for MPW’s 2025 FFO per share has moved one cent northward to 57 cents over the past month.

Note: Anything related to earnings presented in this write-up represents funds from operations (FFO), a widely used metric to gauge the performance of REITs.

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This article originally published on Zacks Investment Research (zacks.com).

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