Plymouth Industr Reit | 10-Q: FY2025 Q3 Revenue: USD 51.16 M

Revenue: As of FY2025 Q3, the actual value is USD 51.16 M.

EPS: As of FY2025 Q3, the actual value is USD -1.23, missing the estimate of USD -0.1606.

EBIT: As of FY2025 Q3, the actual value is USD -43.02 M.

Financial Metrics by Segment

Segment Revenue

• Rental Revenue: $51,064 for the three months ended September 30, 2025, compared to $51,432 for the same period in 2024, representing a decrease of $368 or 0.7%.
• Management Fee Revenue and Other Income: $98 for the three months ended September 30, 2025, compared to $439 for the same period in 2024, representing a decrease of $341 or 77.7%.

Operational Metrics

• Net Loss: - $52,455 for the three months ended September 30, 2025, compared to - $15,345 for the same period in 2024, representing an increase in net loss of $37,110 or 241.8%.
• Depreciation and Amortization: $23,408 for the three months ended September 30, 2025, compared to $21,010 for the same period in 2024, representing an increase of $2,398 or 11.4%.
• General and Administrative Expenses: $3,834 for the three months ended September 30, 2025, compared to $3,582 for the same period in 2024, representing an increase of $252 or 7.0%.
• Interest Expense: - $9,438 for the three months ended September 30, 2025, compared to - $10,359 for the same period in 2024, representing a decrease of $921 or 8.9%.
• Loss in Investment of Unconsolidated Joint Ventures: - $7,411 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.
• Merger Transaction Expenses: - $2,777 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.
• Loss on Financing Transaction: - $41,361 for the three months ended September 30, 2025, compared to - $14,657 for the same period in 2024, representing an increase of $26,704 or 182.2%.
• Unrealized Gain from Interest Rate Swap: $119 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.

Cash Flow

• Net Cash Provided by Operating Activities: $58,972 for the nine months ended September 30, 2025, compared to $54,045 for the same period in 2024, representing an increase of $4,927.
• Net Cash Used in Investing Activities: - $287,151 for the nine months ended September 30, 2025, compared to - $88,201 for the same period in 2024, representing an increase of $198,950.
• Net Cash Provided by Financing Activities: $226,524 for the nine months ended September 30, 2025, compared to $41,508 for the same period in 2024, representing an increase of $185,016.

Unique Metrics

• Proportionate Share of EBITDAre from Unconsolidated Joint Ventures: $9,600 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.
• Proportionate Share of FFO from Unconsolidated Joint Ventures: $8,658 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.
• Proportionate Share of AFFO from Unconsolidated Joint Ventures: - $442 for the three months ended September 30, 2025, compared to $0 for the same period in 2024.

Future Outlook and Strategy

Core Business Focus

• The company is focused on the acquisition, ownership, and management of single and multi-tenant industrial properties, including distribution centers, warehouses, light industrial, and small bay industrial properties, located in primary and secondary markets within the main industrial, distribution, and logistics corridors of the United States.
• The company is evaluating diversifying its portfolio of real estate assets to include the origination or acquisition of mortgage, bridge, or mezzanine loans, all of which would be collateralized by properties that meet investment criteria that are substantially the same as its real estate portfolio or that are complementary to its existing assets.

Non-Core Business

• The company intends to continue pursuing joint venture arrangements with institutional partners which could provide management fee income, a residual profit-sharing income, and the ability to purchase properties out of the joint venture over time.

Priority

• The company is focused on generating attractive risk-adjusted returns for its stockholders through a combination of dividends and capital appreciation.

Outlook or Guidance

• The company expects to have sufficient liquidity and access to capital resources to meet its current obligations and to meet any scheduled debt maturities.
• The company anticipates it will be able to operate in compliance with its financial covenants for the next twelve months.