Barclays Maintains a Hold Rating on Plymouth Industrial REIT (PLYM)

On May 27, Barclays analyst Brendan Lynch maintained a Hold rating on Plymouth Industrial REIT, Inc. (NYSE:PLYM) and set a price target of $18.00.

An expansive industrial property in the middle of a bustling city – representative of the company’s acquisition and operation of industrial properties.

The rating update followed the company’s announcement of fiscal Q1 2025 results. It reported a net income of $5.8 million compared to $6.1 million in the same quarter last year. This year-over-year decline was attributed to the deconsolidation of 34 properties for a joint venture with Sixth Street Partners, LLC during fiscal Q4 2024, along with lower portfolio occupancy.

Consolidated total revenues for the quarter also dropped to $45.6 million, compared to $50.2 million for the same period last year. The results invoked caution from investors, resulting in a Hold rating.

Plymouth Industrial REIT, Inc. acquires, owns, and manages single and multi-tenant distribution centers, light industrial properties, and warehouses. The company acquires properties that boost shareholder value through active asset management, disciplined capital deployment, and prudent property repositioning.

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