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1. Company Snapshot

1.a. Company Description

Plymouth Industrial REIT, Inc.is a vertically integrated and self-managed real estate investment trust focused on the acquisition and operation of single and multi-tenant industrial properties located in secondary and select primary markets across the United States.The Company seeks to acquire properties that provide income and growth that enable the Company to leverage its real estate operating expertise to enhance shareholder value through active asset management, prudent property re-positioning and disciplined capital deployment.

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1.b. Last Insights on PLYM

Plymouth Industrial REIT's recent performance was driven by strong leasing activity, robust occupancy, and strategic acquisitions. The company's Q2 2025 earnings beat estimates, with Core FFO of $0.46 per share, exceeding the Zacks Consensus Estimate of $0.43 per share. Recent acquisitions, including a 1.95-million-square-foot Ohio industrial portfolio for $193.0 million, have expanded its portfolio. A $24.10 per share unsolicited acquisition proposal from Sixth Street Partners also boosted investor interest. The company's focus on infill, multi-tenant assets in supply-constrained markets positions it to benefit from reshoring and last-mile logistics demand.

1.c. Company Highlights

2. Plymouth Industrial REIT Delivers Solid Q2 Performance

Plymouth Industrial REIT reported solid execution in Q2 2025, with core FFO of $0.46, beating estimates of $0.43. Revenue came in at $44.7 million, up 10.3% year-over-year, driven by strong leasing activity, acquisitions, and progress on capital allocation priorities. Same-store NOI grew 4.1% on a cash basis, and occupancy increased sequentially.

Publication Date: Aug -21

📋 Highlights
  • Leasing Momentum: Commenced 1.4M sq ft in Q2, totaling 6M sq ft YTD, addressing 70% of 2025 expirations with 13%+ blended cash rent spreads.
  • Strategic Acquisitions: Closed $204M in Q2, including the Ohio portfolio at 6.7% initial yield, with in-place rents 22% below market and 2.6-year remaining lease terms.
  • Operational Strength: Same-store NOI grew 4.1% cash basis, with expected year-end occupancy of 96.5% and sequential occupancy improvements.
  • Capital Allocation: Repurchased 1.03M shares ($805K+225K) and retained $285M credit line availability, with 74.5% debt fixed via swaps.
  • Future Growth: $750M acquisition pipeline and $91M remaining from Sixth Street transaction to fund growth, targeting infill properties with 400 bps higher occupancy than market averages.

Leasing Activity and Acquisitions

The company commenced over 1.4 million square feet of leasing, bringing the year-to-date total to nearly 6 million square feet, addressing 70% of 2025 lease expirations with blended cash rent spreads of over 13%. Leasing activity is broad-based, with strength among life manufacturing users seeking long-term space commitments. The company closed on $204 million of acquisitions in Q2, including the Ohio Light industrial portfolio, one of the largest transactions in its history.

Operational Performance

Operationally, the portfolio continues to perform well, with same-store NOI growing 4.1% on a cash basis. Occupancy increased sequentially, and the company expects to end the year with same-store occupancy near 96.5%. According to management, "We continue to see strong demand for our space, particularly from life sciences and manufacturing users, which is driving our leasing activity and rent growth" (Source: Q2 2025 Earnings Call Transcript).

Capital Allocation and Balance Sheet

Plymouth Industrial REIT acquired over 805,000 shares in the quarter and another 225,000 shares post-quarter end under its share repurchase program. The company ended the quarter with over $285 million of availability on its unsecured credit line and 74.5% of its debt fixed, including through interest rate swaps. The company reaffirmed its full-year 2025 core FFO guidance and expects a stronger second half of the year, supported by continued lease-up activity, embedded rent growth, and the full contribution from recently acquired assets.

Valuation and Outlook

At current prices, Plymouth Industrial REIT trades at a P/E ratio of 7.13, a P/B ratio of 1.74, and a dividend yield of 4.6%. With a strong track record of execution and a solid outlook for 2025, the stock appears attractively valued. Analysts estimate next year's revenue growth at 10.0%, which could potentially drive further upside in the stock price.

3. NewsRoom

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3 REITs That Big Money Might Snap Up Soon

Dec -04

Source: seekingalpha.com

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Financial Review: CTO Realty Growth (NYSE:CTO) vs. Plymouth Industrial REIT (NYSE:PLYM)

Dec -03

Source: defenseworld.net

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Picking A Winner In Industrial REITs

Nov -28

Source: seekingalpha.com

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Increased M&A Bodes Well For Discounted Infrastructure

Nov -11

Source: seekingalpha.com

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REIT Replay: REIT Indexes Close Final Week Of October In The Red

Nov -04

Source: seekingalpha.com

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Plymouth Industrial REIT (NYSE:PLYM) Given Consensus Rating of “Hold” by Analysts

Oct -31

Source: defenseworld.net

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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

Oct -27

Source: businesswire.com

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

Oct -27

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.67%)

6. Segments

Same Store Portfolio

Expected Growth: 4.5%

Plymouth Industrial REIT's 4.5% same-store portfolio growth is driven by strong demand for industrial space, particularly in e-commerce and logistics hubs. Additionally, the company's focus on strategic acquisitions, rent growth, and operational efficiencies have contributed to the growth. Furthermore, the REIT's diversified tenant base and long-term leases have provided a stable source of income, supporting the portfolio's growth.

Acquisitions, Dispositions and Other

Expected Growth: 5.5%

Plymouth Industrial REIT's 5.5% growth is driven by strategic acquisitions of high-quality industrial properties, dispositions of non-core assets, and other value-enhancing initiatives. Acquisitions contribute 3.2% growth through expanding portfolio and increasing rent revenue. Dispositions add 1.2% growth by optimizing asset allocation and reducing debt. Other initiatives, such as rent increases and operating efficiencies, contribute 1.1% growth.

7. Detailed Products

Industrial Real Estate Properties

Plymouth Industrial REIT, Inc. owns and operates a diverse portfolio of industrial real estate properties, including warehouses, distribution centers, and light industrial facilities.

Rental Income

Plymouth Industrial REIT, Inc. generates rental income from its portfolio of industrial properties, providing a steady stream of revenue.

Property Management Services

Plymouth Industrial REIT, Inc. offers property management services to its tenants, including maintenance, repairs, and administrative support.

Acquisition and Development Services

Plymouth Industrial REIT, Inc. acquires and develops industrial properties, providing a range of services including site selection, entitlements, and construction management.

8. Plymouth Industrial REIT, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Plymouth Industrial REIT, Inc. is moderate due to the availability of alternative industrial properties and logistics services.

Bargaining Power Of Customers

The bargaining power of customers is low for Plymouth Industrial REIT, Inc. due to the fragmented nature of the industrial property market and the company's diversified tenant base.

Bargaining Power Of Suppliers

The bargaining power of suppliers is moderate for Plymouth Industrial REIT, Inc. due to the company's dependence on a few large contractors and suppliers for property maintenance and development.

Threat Of New Entrants

The threat of new entrants is low for Plymouth Industrial REIT, Inc. due to the high barriers to entry in the industrial property market, including the need for significant capital and expertise.

Intensity Of Rivalry

The intensity of rivalry is high for Plymouth Industrial REIT, Inc. due to the competitive nature of the industrial property market, with many established players competing for tenants and properties.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.37%
Debt Cost 3.95%
Equity Weight 35.63%
Equity Cost 10.82%
WACC 6.40%
Leverage 180.65%

11. Quality Control: Plymouth Industrial REIT, Inc. passed 1 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

21.87$

Current Price

21.87$

Potential

-0.00%

Expected Cash-Flows