Plymouth Industrial REIT, Inc. reported significant financial changes in its third quarter and nine-month results for 2024, reflecting a challenging operating environment. As of September 30, 2024, the company's total real estate properties decreased to $1,393.9 million from $1,567.9 million at the end of 2023. The net real estate properties also fell to $1,147.2 million from $1,299.8 million during the same period. Despite these declines, cash reserves increased to $21.4 million from $14.5 million, indicating improved liquidity.

The company experienced a notable increase in rental revenue, which rose to $51.4 million for the three months ended September 30, 2024, compared to $49.7 million in the same period of 2023, marking a 3.4% increase. Total revenues for the quarter also increased by 4.2% to $51.9 million from $49.8 million year-over-year. However, net income turned negative, with a loss of $15.3 million for the quarter, a stark contrast to the net income of $10.4 million reported in the same quarter of 2023. This decline was attributed to increased interest expenses and losses on financing transactions.

For the nine months ended September 30, 2024, the company reported a net loss of $7.7 million, compared to a net income of $4.4 million for the same period in 2023. The loss attributable to common stockholders was $8.3 million, compared to a loss of $0.4 million in the prior year. The net income per share for the nine months was $(0.19), a significant drop from $(0.01) in 2023.

Strategically, Plymouth Industrial REIT engaged in significant transactions, including the acquisition of real estate properties totaling $101.4 million during the nine months, contrasting with no acquisitions in the same period of 2023. The company also sold a property in Kansas City for approximately $9.2 million, recognizing a net gain of $0.8 million. Additionally, a contribution agreement was entered to transfer 34 properties in the Chicago area to a joint venture, with an anticipated closing in the fourth quarter of 2024.

The company’s total stockholders' equity decreased to $436.5 million from $483.0 million at the end of 2023, reflecting the impact of the net losses. As of September 30, 2024, Plymouth Industrial REIT maintained compliance with all financial covenants related to its secured and unsecured debt. The company continues to focus on its core strategy of acquiring and managing industrial properties, with a portfolio occupancy rate of approximately 94.2%.