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Mar 31, 2025
Plymouth Industrial Q1 2025 Earnings Report
Reported financial results for the first quarter ended March 31, 2025
Key Takeaways
Plymouth Industrial REIT had a good start to 2025 with robust leasing activity and strategic acquisitions. Net income decreased year-over-year primarily due to the deconsolidation of the Chicago Portfolio, while Core FFO and AFFO also saw slight declines. The company affirmed its full-year 2025 guidance for Core FFO.
Net income attributable to common stockholders was $0.13 per weighted average common share for Q1 2025.
Core Funds from Operations (Core FFO) was $0.44 per weighted average common share and units for Q1 2025.
Adjusted FFO (AFFO) was $0.41 per weighted average common share and units for Q1 2025.
Same store NOI (SS NOI) increased 1.1% on a GAAP basis and 2.0% on a cash basis excluding early termination income for the first quarter compared to the same period in 2024.
Forward Guidance
Plymouth affirmed its full year 2025 guidance range for Core FFO per weighted average common share and units and updated its range for net income per weighted average common shares and units and accompanying assumptions.
Positive Outlook
- Core FFO per share expected between $1.85 and $1.89 for the full year 2025.
- Same Store Portfolio NOI growth (cash basis) projected between 6.00% and 6.50% for the full year.
- Average Same Store Portfolio occupancy expected between 95.0% and 97.0% for the full year.
- Acquisition volume projected between $270 million and $450 million.
- Weighted average common shares and units outstanding expected to be 46.051 million.
Challenges Ahead
- Net loss per share expected to be $0.26 for the full year 2025.
- General and administrative expenses projected between $15.85 million and $16.45 million.
- Interest expense, net projected between $32.0 million and $36.5 million.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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