Revenue growth has turned negative, declining 1.4% year-over-year in 2025Q3, while NOI margins remain under pressure, fluctuating between 66.5% and 72.1% over the last ten quarters.
| 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 |
|---|
| Revenue | 191.51M | 198.35M | 199.85M | 183.54M | 140.62M | 109.85M | 75.29M | 49.22M | 24.82M | 19.66M | 19.29M | 2.66M | -589K | -92.84K |
| Revenue Growth % | -4.99% | -0.75% | 8.89% | 30.52% | 28.01% | 45.9% | 52.98% | 98.31% | 26.25% | 1.91% | 624.1% | 552.29% | -534.45% | - |
| Property Operating Expenses | 58.08M | 61.72M | 62.54M | 56.6M | 47.64M | 38.16M | 27.24M | 17.45M | 8.21M | 5.93M | 5.75M | 604K | 1.03B | 828.44M |
| Net Operating Income (NOI) | 133.42M | 136.64M | 137.31M | 126.94M | 92.98M | 71.69M | 48.05M | 31.77M | 16.61M | 13.73M | 13.54M | 2.06M | -1.03B | -828.53M |
| NOI Margin % | 69.67% | 68.89% | 68.71% | 69.16% | 66.12% | 65.26% | 63.82% | 64.55% | 66.94% | 69.85% | 70.19% | 77.33% | 175571.99% | 892459.73% |
| Operating Expenses | 100.36M | 100.49M | 107.8M | 111.25M | 83.56M | 66.79M | 7.48M | 32.82M | 19.19M | 15.42M | 16.82M | 4.94M | 2.88M | 2.07M |
| G&A Expenses | 16.77M | 14.76M | 14.9M | 15.94M | 12.92M | 10.36M | 7.48M | 6.03M | 5.19M | 3.74M | 4.69M | 3.3M | 2.88M | 2.07M |
| EBITDA | 116.07M | 120.67M | 122.4M | 111M | 80.06M | 109.95M | 76.47M | 49.22M | 24.82M | 19.89M | 6.42M | -3.9M | -2.88M | -2.07M |
| EBITDA Margin % | 60.61% | 60.83% | 61.25% | 60.48% | 56.94% | 100.09% | 101.56% | 100% | 100% | 101.17% | 33.26% | -146.21% | 489.59% | 2234.07% |
| Depreciation & Amortization | 83M | 84.53M | 92.89M | 95.31M | 70.64M | 105.05M | 35.89M | 50.27M | 27.5M | 21.34M | 11.79M | 1.59M | 588.53K | 92.63K |
| D&A / Revenue % | 43.34% | 42.61% | 46.48% | 51.93% | 50.24% | 95.63% | 47.67% | 102.14% | 110.79% | 108.57% | 61.09% | 59.57% | -99.92% | -99.78% |
| Operating Income | 33.07M | 36.14M | 29.51M | 15.68M | 9.42M | 4.9M | 40.57M | -1.05M | -2.68M | -1.46M | -5.37M | -5.48M | -3.47M | -2.17M |
| Operating Margin % | 17.27% | 18.22% | 14.77% | 8.55% | 6.7% | 4.46% | 53.89% | -2.14% | -10.79% | -7.4% | -27.83% | -205.78% | 589.51% | 2333.85% |
| Interest Expense | 4M | 37.15M | 36.09M | 32.22M | 19.97M | 17.46M | 14.95M | 0 | 11.58M | 40.68M | 0 | 13.28M | 0 | 0 |
| Interest Coverage | - | 4.90x | 1.38x | 0.47x | 0.24x | 0.23x | 0.21x | - | -0.29x | 0.03x | - | -0.39x | - | - |
| Non-Operating Income | -100.4M | -145.86M | -20.39M | 563K | 4.72M | 900K | 37.38M | 5.87M | 637K | -2.73M | 619K | -332K | -588.32K | -32.1K |
| Pretax Income | 102.27M | 144.85M | 13.81M | -17.1M | -15.27M | -14.46M | -11.94M | -21.18M | -14.03M | -39.29M | -48.66M | -18.43M | -3.47M | -2.17M |
| Pretax Margin % | 53.4% | 73.03% | 6.91% | -9.31% | -10.86% | -13.17% | -15.86% | -43.02% | -56.52% | -199.86% | -252.28% | -691.78% | 589.51% | 2333.85% |
| Income Tax | 2.16M | 2.49M | 0 | 0 | 0 | 18.87M | 0 | 0 | 0 | 0 | 44.94M | 0 | 0 | -92.84K |
| Effective Tax Rate % | 2.11% | 1.72% | 0% | 0% | 0% | -130.49% | 0% | 0% | 0% | 0% | -92.35% | 0% | 0% | 4.28% |
| Net Income | 92.81M | 139.34M | 13.66M | -16.89M | -15.01M | -33.33M | -10.42M | -18.72M | -8.71M | -36.99M | -48.66M | -18.43M | -3.47M | -2.17M |
| Net Margin % | 48.46% | 70.25% | 6.84% | -9.2% | -10.67% | -30.34% | -13.84% | -38.03% | -35.08% | -188.15% | -252.28% | -691.78% | 589.51% | 2333.85% |
| Net Income Growth % | 7588.9% | 920.09% | 180.9% | -12.51% | 54.98% | -219.89% | 44.33% | -114.95% | 76.46% | 24% | -164.07% | -430.75% | -60.26% | - |
| Funds From Operations (FFO) | 175.81M | 223.87M | 106.55M | 78.43M | 55.63M | 71.72M | 25.47M | 31.55M | 18.79M | -15.64M | -36.88M | -16.84M | -2.88M | -2.07M |
| FFO Margin % | 91.8% | 112.86% | 53.32% | 42.73% | 39.56% | 65.29% | 33.83% | 64.11% | 75.7% | -79.58% | -191.19% | -632.21% | 489.59% | 2234.07% |
| FFO Growth % | -325.37% | 110.11% | 35.86% | 40.97% | -22.43% | 181.55% | -19.27% | 67.94% | 220.1% | 57.58% | -118.98% | -484.04% | -39.04% | - |
| FFO per Share | 3.98 | 4.97 | 2.44 | 1.97 | 1.80 | 3.90 | 3.00 | 6.54 | 5.15 | -4.31 | -10.17 | -4.64 | -0.80 | -0.57 |
| FFO Payout Ratio % | 26.36% | 19.46% | 39.36% | 50.97% | 56.58% | 35.85% | 78.24% | 35.13% | 9.34% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | 2.10 | 3.09 | 0.20 | -0.43 | -1.10 | -1.81 | -2.98 | -3.88 | -2.39 | -10.20 | -13.42 | -5.08 | -0.96 | -0.60 |
| EPS Growth % | 9900% | 1445% | 146.51% | 60.91% | 39.23% | 39.26% | 23.2% | -62.34% | 76.57% | 23.99% | -164.17% | -429.17% | -60% | - |
| EPS (Basic) | - | 3.10 | 0.20 | -0.43 | -1.10 | -1.81 | -2.98 | -3.88 | -2.39 | -10.20 | -13.42 | -5.08 | -0.96 | -0.60 |
| Diluted Shares Outstanding | 44.15M | 45.05M | 43.63M | 39.78M | 30.91M | 18.38M | 8.5M | 4.82M | 3.65M | 3.63M | 3.63M | 3.63M | 3.63M | 3.63M |
Negative FFO and Volatility
As reported in recent quarterly filings, Plymouth Industrial REIT experienced a revenue decline of 1.4% year-over-year in 2025Q3, marking a persistent trend of negative growth that suggests the company is struggling to maintain its historical acquisition-led momentum within its secondary market industrial portfolio.
The consistent revenue contraction over the last several quarters indicates that organic growth drivers, such as rent spreads and occupancy gains, may be insufficient to offset lease expirations. Investors should monitor whether this trend reflects a broader softening in demand for small-bay industrial assets or a strategic pause in capital deployment.
Based on the company's 2025Q3 financial disclosures, FFO plummeted to negative $31.0 million, a significant departure from historical performance that highlights the extreme sensitivity of Plymouth's earnings to non-recurring items and the potential for rapid deterioration in core operational profitability during periods of market stress.
The erratic trajectory of FFO per share, which swung from $3.73 in 2024Q4 to negative $0.70 in 2025Q3, suggests that the company's earnings quality is currently compromised by significant volatility. This instability warrants further investigation into whether the underlying business model can sustain dividend payouts without relying on non-recurring accounting adjustments.
According to the provided income statement data, NOI margins have fluctuated between 66.5% and 72.1% over the last ten quarters, indicating that while property-level profitability remains relatively stable, the company is finding it increasingly difficult to maintain consistent margins as revenue growth turns negative across its portfolio.
The ability to maintain NOI margins near 70% despite top-line pressure suggests that the company's triple-net lease structure provides some protection against rising operating expenses. However, the gap between property-level NOI and bottom-line profitability implies that corporate-level costs and interest expenses are exerting significant downward pressure on net margins.
Analysis of the 2024Q4 financial statements reveals a massive, anomalous spike in FFO and net income that appears to be driven by non-recurring gains rather than core rental operations, suggesting that investors should exercise caution when interpreting the company's long-term earnings power based on these specific reporting periods.
The stark contrast between the 2024Q4 earnings surge and the subsequent negative FFO in 2025Q3 suggests that the company's reported figures are heavily influenced by accounting noise. This volatility makes it difficult to ascertain the true underlying cash-generating capacity of the portfolio, necessitating a focus on normalized AFFO metrics.
Quick answers to the most common questions about buying PLYM stock.
For fiscal year 2024, Plymouth Industrial REIT, Inc. (PLYM) reported total revenue of $198.4M.
Plymouth Industrial REIT, Inc. (PLYM) is profitable, generating $139.3M in net income for the fiscal year ending 2024 with a net profit margin of 70.2%.
Plymouth Industrial REIT, Inc. (PLYM) reported an operating income of $36.1M, resulting in an operating profit margin of 18.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Plymouth Industrial REIT, Inc. (PLYM) generated $136.6M in gross profit for the year, representing a gross profit margin of 68.9%. This demonstrates the company's core pricing power and production efficiency.