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Jun 30
Plymouth Industrial Q2 2025 Earnings Report
Plymouth Industrial REIT reported its second quarter 2025 financial results, highlighting a net loss per share, strong Core FFO and AFFO, and significant increases in rental rates on commenced leases.
Key Takeaways
Plymouth Industrial REIT experienced a net loss of $6.2 million, or ($0.14) per share, in Q2 2025, primarily due to the deconsolidation of the Chicago Portfolio and increased non-controlling interest. Despite this, the company demonstrated strong operational performance with Core FFO of $0.46 per share and AFFO of $0.44 per share. Key drivers of growth included a 6.7% increase in GAAP same-store NOI and a 10.0% increase in cash rental rates on commenced leases, alongside strategic acquisitions totaling over 2 million square feet.
Plymouth Industrial REIT reported a net loss attributable to common stockholders of $6.2 million, or ($0.14) per share, for Q2 2025, compared to a net income of $1.2 million, or $0.03 per share, in Q2 2024.
Core FFO was $0.46 per weighted average common share and units, and AFFO was $0.44 per weighted average common share and units for the second quarter.
Same-store net operating income (NOI) increased by 6.7% on a GAAP basis and 4.1% on a cash basis, excluding early termination income, compared to the same period last year.
The company achieved a 10.0% increase in rental rates on a cash basis for commenced leases during the second quarter and acquired 22 industrial buildings totaling over 2 million square feet for $204.7 million.
Plymouth Industrial
Plymouth Industrial
Forward Guidance
Plymouth Industrial REIT affirmed its full-year 2025 guidance for Core FFO per weighted average common share and units, ranging from $1.85 to $1.89. The company also updated its net income per weighted average common shares and units guidance to a range of ($0.25) to ($0.23).
Positive Outlook
- Affirmed full-year 2025 Core FFO guidance, indicating stable expected performance.
- Projected same-store portfolio NOI growth on a cash basis of 6.0% to 6.5% for the full year.
- Anticipated average same-store portfolio occupancy between 95.0% and 97.0% for the full year.
- Expected acquisition volume between $270 million and $450 million, signaling continued portfolio expansion.
- Lower projected interest expense, net, ranging from $33.0 million to $35.5 million.
Challenges Ahead
- Updated net loss guidance for the full year 2025, ranging from ($0.25) to ($0.23) per share.
- General and administrative expenses are projected to be between $16.8 million and $17.2 million.
- The guidance does not include the impact of any prospective dispositions, which could affect future results.
- The deconsolidation of the Chicago Portfolio in Q4 2024 continues to impact year-over-year comparisons.
- Increased recurring capital expenditures are expected due to leasing activity.