Plymouth Industrial REIT, Inc. reported a total revenue of $198.4 million for the fiscal year ending December 31, 2024, a slight decrease of 0.7% from $199.8 million in 2023. The company's rental revenue specifically fell by 1.1%, from $199.8 million to $197.6 million, primarily due to a net decrease in rental income from acquisitions and dispositions. However, the Same Store Portfolio saw a 1.9% increase in rental revenue, attributed to improved leasing activities and tenant recoveries. The company’s net income surged to $142.4 million, a significant increase from $13.8 million in the previous year, largely driven by a gain of $145.4 million from the sale of real estate.
In terms of operational metrics, Plymouth's portfolio consisted of 129 properties, encompassing approximately 29.3 million rentable square feet, with an occupancy rate of 92.3% as of December 31, 2024. This represents a decline from 98.1% in 2023, reflecting challenges in leasing available space. The company also reported a total of 443 tenants across various industries, with significant contributions from logistics and transportation sectors. The company’s strategic focus remains on acquiring industrial properties in Primary and Secondary Markets, which are expected to yield consistent cash flow and appreciation potential.
Plymouth made notable strategic moves during the year, including the contribution of 34 properties to a joint venture, which resulted in a net gain of $136.8 million. The company also entered into a $600 million amended and restated unsecured credit facility, enhancing its liquidity position. As of December 31, 2024, Plymouth had approximately $499.5 million in available liquidity, consisting of $19.5 million in cash and $480 million in borrowing capacity. The company’s total indebtedness stood at approximately $646.4 million, with a debt-to-value ratio targeted at less than 50%.
Looking ahead, Plymouth anticipates continued challenges in the leasing market, particularly with 33.7% of its annualized base rent leases set to expire between 2025 and 2026. The company aims to capitalize on these expirations to increase rents on below-market leases. Despite the current economic uncertainties, Plymouth remains committed to its investment strategy, focusing on enhancing its portfolio through acquisitions and joint ventures while maintaining a flexible capital structure to support growth. The company’s management expressed confidence in its ability to navigate market conditions and achieve its financial objectives in the coming year.
About Plymouth Industrial REIT, Inc.
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