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Plymouth Industrial Reit Inc (PLYM)
NYSE:PLYM
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Plymouth Industrial Reit
(NYSE:PLYM)
78Outperform
Positive Factors
Dividend Yield
Plymouth offers a 5.8% dividend yield, higher than the industrial REIT average of 3.5%.
Strategic Investments
Plymouth REIT continues to deploy the cash proceeds stemming from the Sixth Street strategic investment, announcing $65M of new investments since the start of the year.
Negative Factors
Lease Expirations
There are two large lease expirations this year, posing potential risks to occupancy and revenue.
Vacancy Impact
Recent vacancies weighed on portfolio operating trends, though management seems optimistic considering activity within the leasing pipeline.
Plymouth Industrial Reit (PLYM) vs. S&P 500 (SPY)
Market Cap
$780.86M
Dividend Yield5.73%
Average Volume (3M)397.84K
Price to Earnings (P/E)5.5
Beta (1Y)0.98
Revenue Growth-0.75%
EPS Growth1514.44%
CountryUS
Employees46
SectorReal Estate
Sector Strength63
IndustryREIT - Industrial
Share Statistics
EPS (TTM)3.06
Shares Outstanding45,550,900
10 Day Avg. Volume432,613
30 Day Avg. Volume397,840
Financial Highlights & Ratios
PEG Ratio0.00361
Price to Book (P/B)N/A
Price to Sales (P/S)3.91
Price to Cash Flow (P/CF)4.60
P/FCF Ratio10.90
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
$19.67Price Target Upside15.98% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
Plymouth Industrial Reit Business Overview & Revenue Model
Company DescriptionPlymouth 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.
How the Company Makes MoneyPlymouth Industrial REIT generates revenue primarily through leasing its industrial properties to a variety of tenants. The company signs long-term lease agreements with businesses that require industrial space for activities such as warehousing, distribution, and manufacturing. These leases typically include base rent and may also incorporate additional charges for property-related expenses such as maintenance and utilities. The company seeks to maintain high occupancy rates and strategically acquires additional properties to expand its portfolio and increase rental income. Additionally, Plymouth may engage in property management services or enter into strategic partnerships to enhance its revenue streams. The company's earnings are significantly influenced by factors such as property location, tenant creditworthiness, market demand for industrial real estate, and overall economic conditions.
Plymouth Industrial Reit Financial Statement Overview
Summary
Plymouth Industrial REIT exhibits a strong financial position, characterized by robust revenue growth, improved profitability margins, and a strengthened balance sheet with no debt in 2024. The company's effective cost management and enhanced cash flow position highlight its operational efficiency and financial stability. However, vigilance in asset management and maintaining strong growth momentum will be crucial for sustained success.Income Statement
Plymouth Industrial REIT shows strong revenue growth over the years, with a significant increase from $75.3M in 2019 to $198.4M in 2024. Gross profit margin has improved significantly, reaching 100% in 2024, indicating effective cost management. The net profit margin has improved dramatically, from losses in previous years to a healthy 69.5% in 2024, driven by increased revenue and cost efficiency. EBIT and EBITDA margins have also seen improvement, reflecting enhanced operational efficiency.85
Very Positive
Balance Sheet
The company has strengthened its financial position, with stockholders' equity growing from $236.7M in 2019 to $579.5M in 2024, demonstrating solid equity growth. The debt-to-equity ratio has improved significantly, moving from high leverage in earlier years to no debt in 2024, indicating a low-risk profile. The equity ratio has improved, showing a more balanced financial structure. However, the total assets have decreased slightly in recent years, which could indicate a need for cautious asset management.78
Positive
Cash Flow
Operating cash flow has grown steadily, indicating improved cash generation capabilities. Free cash flow has increased, showing a positive growth trajectory and strong cash flow management. The ratio of operating cash flow to net income is robust, reflecting strong cash conversion. Overall, the cash flow position is healthy, with a focus on sustaining operational cash flow.80
Positive
| Breakdown | ||||
| Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|
| Income Statement | Total Revenue | |||
| 198.35M | 199.85M | 183.54M | 140.62M | 109.85M | Gross Profit |
| 136.64M | 137.31M | 126.94M | 92.98M | 71.69M | EBIT |
| 36.14M | 29.51M | 15.54M | 8.57M | 4.90M | EBITDA |
| 267.73M | 142.79M | 108.27M | 75.34M | 60.43M | Net Income Common Stockholders |
| 139.34M | 13.66M | -17.30M | -34.13M | -33.33M |
| Balance Sheet | Cash, Cash Equivalents and Short-Term Investments | |||
| 17.55M | 14.49M | 11.00M | 43.37M | 15.67M | Total Assets |
| 1.37B | 1.44B | 1.52B | 1.27B | 920.27M | Total Debt |
| 646.02M | 872.55M | 916.62M | 690.14M | 520.37M | Net Debt |
| 628.47M | 858.05M | 905.62M | 646.77M | 504.70M | Total Liabilities |
| 781.30M | 953.66M | 998.09M | 767.29M | 581.05M | Stockholders Equity |
| 579.55M | 483.02M | 517.84M | 498.68M | 334.45M |
| Cash Flow | Free Cash Flow | |||
| 96.07M | 81.87M | 16.73M | 32.63M | 35.68M | Operating Cash Flow |
| 96.07M | 81.87M | 72.23M | 57.94M | 41.74M | Investing Cash Flow |
| 87.46M | -79.00K | -252.36M | -356.08M | -259.12M | Financing Cash Flow |
| -166.11M | -86.80M | 167.97M | 309.46M | 227.03M |
Plymouth Industrial Reit Technical Analysis
Negative
16.96
Price Trends
16.86
Positive
17.67
Negative
19.84
Negative
Market Momentum
0.05
Positive
49.46
Neutral
32.45
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLYM, the sentiment is Negative. The current price of 16.96 is below the 20-day moving average (MA) of 17.06, above the 50-day MA of 16.86, and below the 200-day MA of 19.84, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 49.46 is Neutral, neither overbought nor oversold. The STOCH value of 32.45 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLYM.
Plymouth Industrial Reit Risk Analysis
Plymouth Industrial Reit disclosed 67 risk factors in its most recent earnings report. Plymouth Industrial Reit reported the most risks in the “Finance & Corporate” category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Plymouth Industrial Reit Peers Comparison
Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | $7.36B | 25.01 | 10.99% | 2.73% | 9.06% | 4.57% | |
78 Outperform | $780.86M | 5.47 | 25.95% | 5.73% | -0.75% | 1514.44% | |
78 Outperform | $6.46B | 28.25 | 6.21% | 3.58% | 24.84% | -6.90% | |
75 Outperform | $6.62B | 33.26 | 5.53% | 4.26% | 8.41% | -2.96% | |
73 Outperform | $103.79B | 27.27 | 6.97% | 3.52% | 2.22% | 23.71% | |
70 Outperform | $6.38B | 32.88 | 5.59% | 2.98% | 18.24% | 6.95% | |
61 Neutral | $4.73B | 18.31 | -3.52% | 11.14% | 5.97% | -21.87% |
* Real Estate Sector Average
Performance Comparison
PLYM
Plymouth Industrial Reit
16.96
-4.75
-21.88%
PLD
Prologis
111.13
-14.79
-11.75%
STAG
Stag Industrial
35.46
-1.57
-4.24%
TRNO
Terreno Realty
63.97
-0.93
-1.43%
FR
First Industrial Realty
54.41
3.01
5.86%
EPRT
Essential Properties Realty
32.85
6.94
26.79%
Plymouth Industrial Reit Earnings Call Summary
Earnings Call Date: Feb 26, 2025 | % Change Since: 2.05% | Next Earnings Date: Apr 30, 2025
Earnings Call Sentiment Positive
The earnings call presented a positive outlook with strong strategic partnerships and leasing activity, despite some tenant challenges and market-specific leasing delays. The company's strategic positioning and market conditions support a positive sentiment.Highlights
Strategic Partnership with Sixth Street
Announced a transformative strategic transaction with Sixth Street, securing capital for up to $500 million in acquisitions and enhancing borrowing capacity.
Strong Leasing Activity
Leasing activity increased with 740,000 square feet of leases signed, including a significant renewal at the former FedEx Logistics site in St. Louis.
Cincinnati Acquisitions
Acquired approximately 762,000 square feet in Cincinnati for $61.3 million, contributing to a pipeline exceeding 11 million square feet and $1 billion in potential acquisitions.
Positive Market Conditions
Market conditions remain favorable, particularly for buildings under 250,000 square feet, supporting leasing efforts with a tightening supply.
Lowlights
Tenant Challenges
Faced unanticipated tenant challenges in the prior quarter, though confident in navigating these difficulties moving forward.
Cleveland Market Leasing Delays
Leasing in Cleveland has been slower than anticipated, though progress is being made with a tight market vacancy rate at 3% or less.
Columbus Vacancy
ODW Logistics planning to vacate a significant space in Columbus, though there are prospects to fill the vacancy swiftly.
Company Guidance
During the Plymouth Industrial REIT conference call discussing the fourth quarter of 2024 results, the company provided detailed guidance for 2025. They have secured capital through a strategic transaction with Sixth Street, enabling up to $500 million in acquisitions. The pipeline includes over 11 million square feet and $1 billion in potential acquisitions, with a focus on assets in existing markets. For 2025, Plymouth anticipates leasing opportunities and capital deployment as key themes, with an assumed $360 million in acquisitions at an initial cap rate of approximately 6.75%. The guidance also highlights a 380 basis points improvement in occupancy, aiming for lease-up of over 1 million square feet, driven by demand for spaces under 250,000 square feet. The company expects strong momentum in addressing 2025 expirations, with a focus on value-added activities and recycling in newly acquired portfolios. Additionally, Plymouth has introduced a stock buyback program as part of its capital strategy.Plymouth Industrial Reit Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Plymouth Industrial REIT Appoints New Independent Director
Positive
Mar 13, 2025
On March 13, 2025, Plymouth Industrial REIT announced the appointment of Robert O. Stephenson to its Board of Directors as an independent director and a member of the Audit Committee. Mr. Stephenson, who is currently the CFO of Omega Healthcare Investors, brings extensive REIT financial and operating experience, which is expected to significantly contribute to Plymouth’s operations and strategic goals.
Stock BuybackBusiness Operations and Strategy
Plymouth Industrial REIT Announces $90M Share Buyback
Positive
Feb 26, 2025
On February 26, 2025, Plymouth Industrial REIT announced a share repurchase program authorized by its Board of Directors, allowing the company to buy back up to $90 million of its outstanding common stock. This strategic move, which will be executed in compliance with securities laws, aims to enhance shareholder value and reflects the company’s confidence in its financial position and market conditions.
Glossary
OutperformA stock rated as "Outperform" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock is likely to deliver higher returns compared to the average returns of other stocks in the same sector or market index. Investors might consider this stock a good buying opportunity.
NeutralA stock rated as "Neutral" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly attractive nor unattractive for investment. Investors may consider holding onto the stock, as it is not expected to either significantly outperform or underperform the market.
UnderperformA stock rated as "Underperform" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests that the stock may deliver lower returns compared to the average returns of other stocks in the same sector or market index. Investors might consider selling the stock or avoiding it as an investment.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.