Plymouth Industrial REIT Reports $4.5 Million Net Loss in Q2 2025

Plymouth Industrial REIT, Inc. reported a net loss of $4.5 million for the second quarter of 2025, a significant decline from a net income of $1.3 million in the same period last year. For the first half of 2025, the company recorded a net income of $2.5 million, down from $7.6 million in the first half of 2024. Total revenues for the second quarter decreased to $47.2 million, compared to $48.7 million in the prior year, primarily due to a drop in rental revenue, which fell to $47.1 million from $48.6 million. The decrease in rental revenue was attributed to the contribution of certain properties to a joint venture and the sale of multiple properties in 2024.

In terms of operational metrics, Plymouth's portfolio occupancy rate stood at approximately 94.6% as of June 30, 2025. The company owned 148 industrial properties comprising 226 buildings with a total of about 32.1 million square feet. The company also reported an increase in general and administrative expenses, which rose to $4.9 million from $3.9 million year-over-year, largely due to higher professional fees and non-cash compensation. Additionally, property expenses remained relatively stable, totaling $13.7 million for the quarter.

Strategically, Plymouth Industrial REIT made significant acquisitions during the first half of 2025, totaling approximately $269.7 million for 19 properties across various locations, including Cincinnati and Atlanta. This acquisition activity reflects the company's ongoing strategy to expand its portfolio in primary and secondary markets. The company also issued 79,090 Series C Preferred Units in May 2025, raising approximately $79 million, which contributed to its liquidity position.

The company’s total assets increased to $1.58 billion as of June 30, 2025, up from $1.37 billion at the end of 2024, driven by the acquisitions made during the period. However, total liabilities also rose to $962.2 million from $781.3 million, reflecting increased borrowings under its line of credit. Plymouth reported available liquidity of approximately $299 million, consisting of cash and cash equivalents along with borrowing capacity on its line of credit.

Looking ahead, Plymouth Industrial REIT anticipates continued challenges in the market, particularly with the potential for increased interest rates and economic fluctuations. The company remains focused on executing its acquisition strategy while managing its existing portfolio effectively. The management expressed confidence in its ability to navigate these challenges and maintain a strong financial position, supported by its recent capital raises and strategic investments.