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PLYM

Plymouth Industrial REIT, Inc.

PLYM

Plymouth Industrial REIT, Inc. • NYSE
$21.94 ▼ -0.27% (-0.06)
Market Cap $977.45 M
52w High $22.73
52w Low $12.70
Dividend Yield 0.96%
P/E 10.86
Volume 2.92M
Outstanding Shares 44.55M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $51.162M ▲ $27.242M ▲ $-54.363M ▼ -106.257% ▼ $-1.23 ▼ $-19.609M ▼
Q2-2025 $47.204M ▲ $24.698M ▲ $-6.095M ▼ -12.912% ▼ $-0.14 ▼ $22.418M ▼
Q1-2025 $45.571M ▼ $23.475M ▼ $5.85M ▼ 12.837% ▼ $0.13 ▼ $32.916M ▼
Q4-2024 $47.57M ▼ $24.942M ▲ $147.413M ▲ 309.886% ▲ $3.25 ▲ $181.043M ▲
Q3-2024 $51.871M $24.592M $-15.601M -30.077% $-0.35 $15.725M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $15.824M ▲ $1.57B ▼ $1.018B ▲ $470.061M ▼
Q2-2025 $11.399M ▼ $1.584B ▲ $962.161M ▲ $539.57M ▼
Q1-2025 $19.126M ▲ $1.406B ▲ $827.321M ▲ $570.997M ▼
Q4-2024 $17.546M ▼ $1.368B ▼ $781.299M ▼ $579.548M ▲
Q3-2024 $21.383M $1.496B $1.055B $436.464M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-52.455M ▼ $19.994M ▼ $-6.939M ▲ $-8.558M ▼ $4.497M ▲ $13.596M ▼
Q2-2025 $-4.536M ▼ $23.366M ▲ $-212.439M ▼ $183.026M ▲ $-6.047M ▼ $23.366M ▲
Q1-2025 $7.007M ▼ $15.612M ▼ $-67.773M ▼ $52.056M ▲ $-105K ▼ $15.612M ▼
Q4-2024 $150.098M ▲ $42.025M ▲ $175.664M ▲ $-207.618M ▼ $10.071M ▲ $42.025M ▲
Q3-2024 $-15.345M $17.568M $-87.39M $67.249M $-2.573M $17.568M

Five-Year Company Overview

Income Statement

Income Statement Plymouth’s income statement shows a clear story of maturation. Rental income has climbed steadily over the past five years, and profitability has improved from meaningful losses to solid profits more recently. Operating performance has become more efficient, with stronger margins and a notable jump in earnings before interest and depreciation in the most recent year. Part of the latest profit strength may reflect one‑off or timing-related factors, but the broader trend is that the portfolio now supports itself comfortably rather than relying on constant new capital to cover losses.

Balance Sheet

Balance Sheet The balance sheet reflects a REIT that has grown rapidly and is now consolidating. Total assets expanded significantly as the company built out its industrial portfolio, then leveled off more recently, suggesting a slower pace of acquisitions. Debt climbed during the growth phase but has started to come down, while equity has steadily increased, pointing to an improving leverage profile. Cash on hand is thin, which is typical for REITs that distribute much of their earnings, but it does mean continued reliance on credit lines and capital markets if the new owners pursue another round of expansion.

Cash Flow

Cash Flow Cash generation has become steadily more dependable. Operating cash flow has risen year after year, indicating that the underlying properties are throwing off more cash as they mature and leasing stabilizes. A few years ago, heavy spending on property purchases and improvements weighed on free cash flow, but with capital spending much lighter lately, free cash flow now closely tracks operating cash flow. That pattern suggests Plymouth has moved from an investment-heavy build phase into a period where the existing portfolio can fund itself and potentially support further reinvestment under new ownership.

Competitive Edge

Competitive Edge Plymouth’s edge comes from its focus on the industrial “heartland” rather than the most crowded coastal markets. By concentrating in its so‑called “Golden Triangle” and targeting older, functional Class B buildings, it serves tenants that need affordable, practical space rather than top-of-the-line facilities. This niche, combined with in‑house property management and an emphasis on long-term tenant relationships, provides some insulation from larger, more glamorous industrial REITs. The flip side is exposure to more cyclical manufacturing and logistics markets and a reliance on keeping older buildings competitive through ongoing upgrades. The planned sale to Makarora and Ares suggests outside investors see strategic value in this positioning, but future leverage and risk appetite will depend on the new owners’ choices.

Innovation and R&D

Innovation and R&D As a real estate owner, Plymouth’s “innovation” is less about invention and more about smart modernization. The company has leaned into energy-efficient upgrades—such as LED lighting, reflective roofs, and especially rooftop solar—to cut operating costs and make older industrial buildings more attractive. This approach doesn’t create proprietary technology, but it does enhance property value, appeal to tenants focused on sustainability, and opens the door to incremental energy-related income. Under private ownership, Plymouth may have more flexibility to adopt advanced building and data tools, yet there is still limited evidence of cutting-edge digital platforms; the strength lies in practical, incremental improvements rather than breakthrough R&D.

Summary

Overall, Plymouth looks like a REIT that spent several years aggressively building a focused industrial portfolio and is now benefiting from that foundation. The business has moved from losses to healthy profits, with improving cash flow and gradually reduced leverage, while maintaining a clear niche in secondary industrial markets and value-add Class B properties. Key opportunities include further efficiency gains, deeper use of sustainability features, and continued demand from manufacturing and logistics tenants in its core regions. Key risks include economic downturns in those same markets, the need for ongoing capital to keep older assets competitive, and strategic shifts once Makarora and Ares take the company private. The financial and strategic trajectory is positive, but future outcomes will depend heavily on how the new ownership balances growth ambitions with balance sheet discipline and market cycles.

NEWS

October 27, 2025 · 7:54 PM UTC

Plymouth Industrial Investor Alert By The Former Attorney General Of Louisiana: Kahn Swick & Foti, LLC Investigates Adequacy of Price and Process in Proposed Sale of Plymouth Industrial REIT, Inc. - PLYM

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October 27, 2025 · 5:30 PM UTC

SHAREHOLDER ALERT: The M&A Class Action Firm Announces An Investigation of Plymouth Industrial REIT, Inc. (NYSE: PLYM)

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October 27, 2025 · 8:40 AM UTC

PLYM Stock Alert: Halper Sadeh LLC Is Investigating Whether the Sale of Plymouth Industrial REIT, Inc. Is Fair to Shareholders

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October 24, 2025 · 4:19 PM UTC

Plymouth Industrial REIT Announces Agreement to Be Acquired by Makarora for $2.1 Billion

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September 23, 2025 · 11:28 AM UTC

Mr. Electric of The Twin Cities West Metro Opens to Deliver Premier Electrical Services to Plymouth and Surrounding Communities

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