Dividend coverage is currently unsustainable, as evidenced by a negative $37.4 million AFFO in 2025Q3, which fails to cover the $11.8 million in dividends paid during the same period.
| Metric | TTM | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Cash from Operations | 101M | 96.07M | 81.87M | 72.23M | 57.94M | 41.74M | 27.72M | 14.87M | 7.58M | 220K | -4.35M | -5.3M | -2.92M | -1.55M |
| Operating CF Growth % | 151.2% | 17.34% | 13.35% | 24.66% | 38.8% | 50.61% | 86.43% | 96.11% | 3345.91% | 105.06% | 17.98% | -81.37% | -88.37% | - |
| Operating CF / Revenue % | 52.74% | 48.43% | 40.97% | 39.35% | 41.2% | 38% | 36.81% | 30.21% | 30.55% | 1.12% | -22.56% | -199.14% | 496.6% | 1672.55% |
| Net Income | 92.81M | 142.37M | 13.81M | -17.1M | -15.27M | -14.46M | -11.94M | -21.18M | -14.03M | -39.29M | -48.66M | -18.43M | -3.47M | -2.17M |
| Depreciation & Amortization | 82.7M | 84.53M | 90.67M | 92.16M | 68.55M | 54.35M | 35.89M | 25.48M | 13.57M | 11.32M | 11.79M | 1.59M | 0 | 0 |
| Stock-Based Compensation | 3.54M | 4.2M | 2.97M | 2.6M | 1.56M | 1.44M | 1.21M | 805K | 435K | 0 | 0 | 0 | 175.5K | 116.33K |
| Other Non-Cash Items | -101.62M | -143.45M | -22.33M | -956K | -2.1M | -496K | -85K | 1.14M | 2.21M | 30.33M | 25.34M | 9.13M | 588.55K | 92.84K |
| Working Capital Changes | 16.26M | 8.43M | -3.24M | -4.48M | 478K | 478K | 2.64M | 4.27M | 5.6M | -2.14M | 7.19M | 2.4M | -216.78K | 404.77K |
| Cash from Investing | -111.49M | 87.46M | -79K | -252.36M | -356.08M | -259.12M | -200.47M | -141.92M | -173.89M | -1.63M | 1.62M | -152.75M | -3.78M | -1.71M |
| Acquisitions (Net) | 0 | -4.46M | 0 | 0 | 356.08M | -6.7M | 0 | 0 | 231K | 5.58M | 1.71M | -154M | 0 | 0 |
| Purchase of Investments | -541K | 0 | 0 | 0 | -337.03M | -6.7M | 0 | -142.63M | -1.52M | 850K | -1.83M | 0 | -3.9M | 0 |
| Sale of Investments | 0 | 0 | 0 | 0 | 6.26M | 6.06M | 0 | 4.56M | 231K | 6.06M | 1.71M | 0 | 0 | 25.63K |
| Other Investing | -104.55M | 91.92M | -79K | -252.36M | -356.08M | -245.71M | -200.47M | -141.92M | -2.05M | -13.28M | 470K | 1.47M | 122.54K | -1.74M |
| Cash from Financing | 18.91M | -166.11M | -86.8M | 167.97M | 309.46M | 227.03M | 180.19M | 122.85M | 178.28M | 1.66M | -1.54M | 162.76M | 6.79M | 3.26M |
| Dividends Paid | -46.35M | -43.57M | -41.93M | -39.97M | -31.48M | -25.71M | -19.93M | -11.08M | -1.75M | 0 | 0 | -190K | 0 | 0 |
| Common Dividends | -46.35M | -43.57M | -41.93M | -39.97M | -31.48M | -25.71M | -19.93M | -11.08M | -1.75M | 0 | 0 | 0 | 0 | 0 |
| Debt Issuance (Net) | 2M | -1000K | -1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 0 | 1000K | 0 | 0 |
| Share Repurchases | -4.19M | -540K | 0 | 0 | -12K | -416K | 0 | -5.05M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -8.44M | 48.29M | -83K | -1.83M | -1.69M | -2.94M | -2.23M | -2.57M | -22.58M | -3.9M | -1.54M | -3.33M | -191.57K | 0 |
| Net Change in Cash | 8.42M | 17.42M | -5.01M | -12.16M | 11.32M | 9.66M | 7.44M | -4.2M | 11.97M | 243K | -4.28M | 4.71M | 91.51K | -1.2K |
| Exchange Rate Effect | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash at Beginning | 37.48M | 26.2M | 31.21M | 43.37M | 32.05M | 22.4M | 14.96M | 19.16M | 941K | 698K | 4.97M | 266K | 174.44K | 175.65K |
| Cash at End | 41.97M | 43.63M | 26.2M | 31.21M | 43.37M | 32.05M | 22.4M | 14.96M | 12.91M | 941K | 698K | 4.97M | 265.95K | 174.44K |
| Free Cash Flow | 94.6M | 96.07M | 81.87M | 72.23M | 32.63M | 35.68M | 27.72M | 11.02M | -163.21M | -630K | -4.79M | -159.52M | -2.92M | -1.55M |
| FCF Growth % | 30.2% | 17.34% | 13.35% | 121.34% | -8.55% | 28.74% | 151.58% | 106.75% | -25805.87% | 86.83% | 97% | -5353.85% | -88.37% | - |
| FCF / Revenue % | 49.4% | 48.43% | 40.97% | 39.35% | 23.21% | 32.48% | 36.81% | 22.38% | -657.62% | -3.2% | -24.81% | -5988.1% | 496.6% | 1672.55% |
Negative FFO and Volatility
As reported in the 2025Q3 financial disclosures, Plymouth's AFFO dropped to negative $37.4 million, indicating that the company currently lacks the recurring cash flow necessary to cover its dividend obligations, a significant departure from the positive coverage ratios observed in earlier periods like 2025Q1.
The transition to negative AFFO suggests that the company's core cash-generating capacity is currently insufficient to support its distribution policy. Investors should monitor whether this shortfall is a temporary result of elevated maintenance requirements or a structural inability to generate surplus cash after accounting for necessary capital expenditures.
Based on the provided quarterly data, the widening gap between GAAP operating cash flow and FFO, which reached negative $31.0 million in 2025Q3, suggests that standard FFO metrics may be failing to capture the full extent of the company's current operational cash flow volatility.
The disconnect between positive operating cash flow and negative FFO warrants further investigation into the specific non-cash adjustments impacting the bottom line. This divergence implies that the company's reported earnings may be significantly more sensitive to accounting adjustments than its actual cash-generating ability at the property level.
According to recent financial statements, the $6.4 million in capital expenditures recorded in 2025Q3 represents a notable increase in cash outflows, which directly reduces the pool of capital available for distribution and highlights the intensive nature of maintaining the company's aging Class B industrial portfolio.
The emergence of significant maintenance capex suggests that the company's older assets may require more frequent capital reinvestment than previously anticipated. This trend may indicate that future AFFO will remain constrained as the company balances the need for property upgrades against its existing dividend commitments.
As evidenced by the extreme volatility in FFO/NI ratios, such as the 15.12x multiple observed in 2024Q2, the company's reported net income is heavily distorted by non-cash depreciation and amortization, making it a poor proxy for the actual cash-based earnings available to shareholders.
The reliance on FFO as a primary performance metric appears necessary given the massive swings in GAAP net income, yet the recent negative FFO figures suggest that even this adjusted metric is currently failing to provide a stable view of profitability. This volatility implies that the company's underlying operational performance may be more fragile than standard REIT valuation models typically assume.
Quick answers to the most common questions about buying PLYM stock.
Plymouth Industrial REIT, Inc. (PLYM) generated $96.1M in net cash from operating activities in 2024. This reflects the cash generated directly from core business operations.
Plymouth Industrial REIT, Inc. (PLYM) generated $96.1M in free cash flow in 2024. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Plymouth Industrial REIT, Inc. (PLYM) spent $0.0M on capital expenditures in 2024. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2024, Plymouth Industrial REIT, Inc. (PLYM) returned $43.6M to shareholders via cash dividends and spent $0.5M on share repurchases. This shows the company's commitment to returning capital to its equity investors.