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Plymouth Industrial REIT (PLYM) investor relations material
Plymouth Industrial REIT Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Entered into a definitive merger agreement in October 2025, with closing expected in early 2026, resulting in a cash buyout of $22.00 per share and delisting from NYSE upon completion.
Portfolio as of September 30, 2025, included 148 industrial properties (226 buildings, 32.1 million sq. ft.) and a 35% interest in a joint venture.
Occupancy rate stood at 94.7% at quarter-end.
Financial highlights
Rental revenue for Q3 2025 was $51.1 million, down 0.7% year-over-year; nine-month rental revenue was $143.5 million, down 4.5%.
Net loss for Q3 2025 was $52.5 million, compared to $15.3 million in Q3 2024; nine-month net loss was $50.0 million, compared to $7.7 million in the prior year.
Core FFO for Q3 2025 was $21.1 million, up slightly from $20.1 million in Q3 2024; nine-month Core FFO was $62.1 million, nearly flat year-over-year.
AFFO for Q3 2025 was $17.1 million, down from $18.5 million in Q3 2024; nine-month AFFO was $56.0 million, down from $61.2 million.
NOI for Q3 2025 was $35.6 million, up from $34.1 million in Q3 2024.
Outlook and guidance
The merger is expected to close in early 2026, subject to shareholder approval and customary conditions.
Management anticipates sufficient liquidity and compliance with financial covenants for the next twelve months.
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