Plymouth Industrial REIT Stock (NYSE: PLYM)

Plymouth Industrial REIT (NYSE:PLYM) Stock, Quote.Headers.trade-ideas

Plymouth Industrial REIT

Plymouth Industrial REIT, Inc. Common Stock

Plymouth Industrial REIT Inc is a full-service, vertically integrated, self-administered, and self-managed Maryland corporation. It is focused on the acquisition, ownership, and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses, and light industrial properties, located in secondary and primary markets across the United States. The company has one reportable segment, which is Industrial properties. The majority of its property portfolio is spread across Florida, Ohio, Indiana, Tennessee, Illinois and Georgia, among others. It receives income primarily from the rental revenue through its properties.

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5 analysts have shared their evaluations of Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
The table below provides a snapshot of their recent ratings, showcasing how sentiments have evolved over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Plymouth Industrial REIT, presenting an average target of $23.0, a high estimate of $27.00, and a low estimate of $19.00. Experiencing a 8.0% decline, the current average is now lower than the previous average price target of $25.00. 
<img src="https://www.benzinga.com/files/images/story/2025/1736881244_0.png" alt="price target chart" />
<h2>Interpreting Analyst Ratings: A Closer Look</h2>
The analysis of recent analyst actions sheds light on the perception of Plymouth Industrial REIT by financial experts. The following summary presents key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Michael Mueller</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$19.00</td>
<td>$20.00</td>
</tr>
<tr>
<td>Mitch Germain</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$27.00</td>
<td>$27.00</td>
</tr>
<tr>
<td>Anthony Hau</td>
<td>Truist Securities</td>
<td>Lowers</td>
<td>Buy</td>
<td>$22.00</td>
<td>$27.00</td>
</tr>
<tr>
<td>Brendan Lynch</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$22.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>David Rodgers</td>
<td>Baird</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$25.00</td>
<td>$26.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Plymouth Industrial REIT. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Plymouth Industrial REIT compared to the broader market.</li>
<li>Price Targets: Analysts predict movements in price targets, offering estimates for Plymouth Industrial REIT's future value. Examining the current and prior targets offers insights into analysts' evolving expectations.</li>
</ul>
To gain a panoramic view of Plymouth Industrial REIT's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PLYM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Plymouth Industrial REIT analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Get to Know Plymouth Industrial REIT Better</h2>
Plymouth Industrial REIT Inc is a full-service, vertically integrated, self-administered, and self-managed Maryland corporation. It is focused on the acquisition, ownership, and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses, and light industrial properties, located in secondary and primary markets across the United States. The company has one reportable segment, which is Industrial properties. The majority of its property portfolio is spread across Florida, Ohio, Indiana, Tennessee, Illinois and Georgia, among others. It receives income primarily from the rental revenue through its properties.
<h3>A Deep Dive into Plymouth Industrial REIT's Financials</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: Plymouth Industrial REIT's remarkable performance in 3 months is evident. As of 30 September, 2024, the company achieved an impressive revenue growth rate of 4.23%. This signifies a substantial increase in the company's top-line earnings. As compared to its peers, the revenue growth lags behind its industry peers. The company achieved a growth rate lower than the average among peers in Real Estate sector.
Net Margin: Plymouth Industrial REIT's net margin is below industry standards, pointing towards difficulties in achieving strong profitability. With a net margin of -30.25%, the company may encounter challenges in effective cost control.
Return on Equity (ROE): The company's ROE is below industry benchmarks, signaling potential difficulties in efficiently using equity capital. With an ROE of -3.44%, the company may need to address challenges in generating satisfactory returns for shareholders.
Return on Assets (ROA): Plymouth Industrial REIT's ROA is below industry averages, indicating potential challenges in efficiently utilizing assets. With an ROA of -1.08%, the company may face hurdles in achieving optimal financial returns.
Debt Management: The company faces challenges in debt management with a debt-to-equity ratio higher than the industry average. With a ratio of 1.89, caution is advised due to increased financial risk.
<h2>Understanding the Relevance of Analyst Ratings</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
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This article was generated by Benzinga's automated content engine and reviewed by an editor.

Analyst Ratings

Assessing Plymouth Industrial REIT: Insights From 5 Financial Analysts

JP Morgan analyst Michael Mueller maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Underweight and lowers the price target from $20 to $19.

News

Price Target

JP Morgan Maintains Underweight on Plymouth Industrial REIT, Lowers Price Target to $19

JMP Securities analyst Mitch Germain reiterates Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Market Outperform and maintains $27 price target.

Reiteration

JMP Securities Reiterates Market Outperform on Plymouth Industrial REIT, Maintains $27 Price Target

Plymouth Says Leases Commencing During The Fourth Quarter Ended December 31, 2024, All Of Which Have Terms Of At Least Six Months, Totaled An Aggregate Of 1,467,245 Square Feet

Truist Securities analyst Anthony Hau maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Buy and lowers the price target from $27 to $22.

Truist Securities Maintains Buy on Plymouth Industrial REIT, Lowers Price Target to $22

5 analysts have shared their evaluations of Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) during the recent three months, expressing a mix of bullish and bearish perspectives.
Summarizing their recent assessments, the table below illustrates the evolving sentiments in the past 30 days and compares them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th align="right">Bullish</th>
<th align="right">Somewhat Bullish</th>
<th align="right">Indifferent</th>
<th align="right">Somewhat Bearish</th>
<th align="right">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td align="right">1</td>
<td align="right">2</td>
<td align="right">2</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td align="right">0</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">1</td>
<td align="right">0</td>
<td align="right">0</td>
</tr>
</tbody>
</table>
The 12-month price targets assessed by analysts reveal further insights, featuring an average target of $25.2, a high estimate of $27.00, and a low estimate of $22.00. A 3.08% drop is evident in the current average compared to the previous average price target of $26.00. 
<img src="https://www.benzinga.com/files/images/story/2024/1731949402_0.png" alt="price target chart" />
<h2>Exploring Analyst Ratings: An In-Depth Overview</h2>
A clear picture of Plymouth Industrial REIT's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Brendan Lynch</td>
<td>Barclays</td>
<td>Lowers</td>
<td>Equal-Weight</td>
<td>$22.00</td>
<td>$25.00</td>
</tr>
<tr>
<td>David Rodgers</td>
<td>Baird</td>
<td>Lowers</td>
<td>Outperform</td>
<td>$25.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Mitch Germain</td>
<td>JMP Securities</td>
<td>Maintains</td>
<td>Market Outperform</td>
<td>$27.00</td>
<td>$27.00</td>
</tr>
<tr>
<td>Anthony Hau</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$27.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>John Kim</td>
<td>BMO Capital</td>
<td>Lowers</td>
<td>Market Perform</td>
<td>$25.00</td>
<td>$26.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts frequently update their recommendations based on evolving market conditions and company performance. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Plymouth Industrial REIT. This information provides a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Delving into assessments, analysts assign qualitative values, from 'Outperform' to 'Underperform'. These ratings communicate expectations for the relative performance of Plymouth Industrial REIT compared to the broader market.</li>
<li>Price Targets: Analysts explore the dynamics of price targets, providing estimates for the future value of Plymouth Industrial REIT's stock. This examination reveals shifts in analysts' expectations over time.</li>
</ul>
To gain a panoramic view of Plymouth Industrial REIT's market performance, explore these analyst evaluations alongside essential financial indicators. Stay informed and make judicious decisions using our Ratings Table.
<a href="https://www.benzinga.com/quote/PLYM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Plymouth Industrial REIT analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>All You Need to Know About Plymouth Industrial REIT</h2>
Plymouth Industrial REIT Inc is a full-service, vertically integrated, self-administered, and self-managed Maryland corporation. It is focused on the acquisition, ownership, and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses, and light industrial properties, located in secondary and primary markets across the United States. The company has one reportable segment, which is Industrial properties. The majority of its property portfolio is spread across Florida, Ohio, Indiana, Tennessee, Illinois and Georgia, among others. It receives income primarily from the rental revenue through its properties.
<h3>Unraveling the Financial Story of Plymouth Industrial REIT</h3>
Market Capitalization Analysis: Positioned below industry benchmarks, the company's market capitalization faces constraints in size. This could be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: Over the 3 months period, Plymouth Industrial REIT showcased positive performance, achieving a revenue growth rate of 4.23% as of 30 September, 2024. This reflects a substantial increase in the company's top-line earnings. As compared to competitors, the company encountered difficulties, with a growth rate lower than the average among peers in the Real Estate sector.
Net Margin: Plymouth Industrial REIT's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of -30.25%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Plymouth Industrial REIT's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of -3.44%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Plymouth Industrial REIT's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of -1.08%, the company may encounter challenges in delivering satisfactory returns from its assets.
Debt Management: Plymouth Industrial REIT's debt-to-equity ratio stands notably higher than the industry average, reaching 1.89. This indicates a heavier reliance on borrowed funds, raising concerns about financial leverage.
<h2>What Are Analyst Ratings?</h2>
Analyst ratings serve as essential indicators of stock performance, provided by experts in banking and financial systems. These specialists diligently analyze company financial statements, participate in conference calls, and engage with insiders to generate quarterly ratings for individual stocks.
Some analysts publish their predictions for metrics such as growth estimates, earnings, and revenue to provide additional guidance with their ratings. When using analyst ratings, it is important to keep in mind that stock and sector analysts are also human and are only offering their opinions to investors.
Breaking: Wall Street's Next Big Mover
Benzinga's #1 analyst just identified a stock poised for explosive growth. This under-the-radar company could surge 200%+ as major market shifts unfold. <a href="https://www.benzinga.com/premium/ideas/turning-point-trader-checkout-2/?t=Tu1tu3arja3be22tu36&amp;utm_source=benzinga-insights">Click here for urgent details</a>.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

5 Analysts Have This To Say About Plymouth Industrial REIT

Barclays analyst Brendan Lynch maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Equal-Weight and lowers the price target from $25 to $22.

Barclays Maintains Equal-Weight on Plymouth Industrial REIT, Lowers Price Target to $22

Baird analyst David Rodgers maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Outperform and lowers the price target from $26 to $25.

Baird Maintains Outperform on Plymouth Industrial REIT, Lowers Price Target to $25

Once you have been in the financial publishing industry long enough, you realize that people write a lot of what passes for content and analysis that have no idea how markets and economics work.
They know little to nothing about behavioral economics or balance sheet analysis.
They have never worked on a desk, been in a pit, dealt with a margin call, or taken panicked phone calls from investors after a market crash.
They have degrees in English, Communication, and, worst of all, Marketing.
They write about what everyone else writes about.
They care about clicks and not profits.
They can write an elegantly structured paragraph summarizing a recent PR puff piece, which is about as valuable as government peanut butter and cheese.
It fills space but does not have much value.
This becomes glaringly obvious when you read the nonsense that gets written about institutional buying and selling activities.
I regularly see articles that breathlessly announce that Vanguard has bought or sold a major portion of a company.
We also see announcements involving activity by BlackRock and Fidelity, and the articles imply that these purchases have some meaning.
They do not.
Vanguard and BlackRock are the largest purveyors of index funds. Their buying and selling may tell a story about fund flows, but the individual security activity is meaningless.
Fidelity is so big that if they look at a company, they accidentally cross the 5% ownership threshold that triggers an SEC filing.
Tracking institutional activity is valuable if you know which transactions matter and which ones do not.
Vanguard buying shares of Robinhood (Ticker: HOOD) and selling some Nikola (Ticker: NKLA does not mean anything to stock investors looking for potential bargains.
Several institutions with specialized information and vital track records buying into a beaten-up sector potentially has enormous value.
One of the most beaten-up sectors is real estate.
As all the Instant Experts on the Internet will inform you, real estate is the single worst asset class in the history of assets.
There is an excellent chance that no one will ever go into an office again.
We have so many apartments that the suburbs look like scenes from a post-apocalyptic Western, with tumbleweeds blowing through mile after mile of empty apartment buildings.
No one goes to shopping centers anymore.
Everything is delivered.
All those cars are just using the free parking spaces.
The banking system is so choked with bad real estate loans that it will collapse any day and be replaced by the newest top-secret penny crypto, which has the potential to make you a billionaire in a week starting next Tuesday.
I have heard these types of stories swirling around real estate before and during my career.
Texas real estate was a disaster in the 1980s, and you could barely give it away.
In the aftermath of the S&amp;L crisis in the 1980s and early 1990s, real estate attracted all sorts of negative attention.
It was even worse in the aftermath of the internet bubble bursting.
The Great Financial Crisis was the gold standard for toxic real estate conversations.
Each time the smart money piled in and made a fortune.
According to recent SEC filings, they are doing it again this time.
The Macquarie Group is a division of the Macquarie Bank in Sydney, Australia. The group handles the bank&#8217;s business and investing outside of Australia and has had quite a reputation over the years as a very shrewd and profitable dealmaker.
In the second half of 2024, Macquarie Group has been moving into US real estate.
The firm just filed forms with the SEC revealing it now owns over 5% of Lexington Realty Trust, an owner of single-tenant warehouse and industrial properties in Ohio, Indiana, South Carolina, Georgia, and Arizona.
The firm is clearly very bullish on the single-tenant industrial markets as it has also been buying shares of Plymouth Industrial REIT (Ticker: PLYM) this year.
The firm is also a large owner and frequent buyer of VICI Properties (Ticker: VICI), an owner of casinos with a strong presence in the Las Vegas market and an outstanding history of growing both cash flows and dividend payouts.
Robert Robotti is one of those under-the-radar value investors most people do not know exist, but since opening his doors over 40 years ago, he has crushed the markets.
Robotti recently filed paperwork with the SEC revealing that he now owns 9.7% of Five Points Holdings (Ticker: FPH), a master-planned community developer that combines residential, commercial, retail, educational, and recreational elements.
The Irvine, California, company does business in Orange County, Los Angeles County, and San Francisco County and has not been a favorite of the markets since its IPO in 2017.
Sam Levinson, the Chief Investment Officer at Glick Family Investments and member of the Five Points Board, has also been making large purchases of the stock recently.
The stock is ridiculously undervalued, with shares trading at 4.4 times free cash flow and 41% of tangible book value.
If Five Points just survives, you have a strong chance of at least doubling your money.
Robotti also accumulated shares of Legacy Homes (Ticker: LEGH), a builder of manufactured and tiny homes, earlier this year.
Smart money is moving into real estate at current prices.
For what it is worth, fund flows are even forcing indexers like Vanguard and BlackRock to buy real estate-related companies.
The Instant Experts of the Internet hate what the smart money is buying. That is an excellent buy signal in our book.

Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) lowers FY2024 FFO guidance from $1.88-1.90 to $1.83-1.85 vs $1.89 analyst estimate..

Guidance

Plymouth Industrial REIT Lowers FY2024 FFO Guidance from $1.88-1.90 to $1.83-1.85 vs $1.89 Est

Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) reported quarterly earnings of $0.44 per share which missed the analyst consensus estimate of $0.48 by 8.33 percent. The company reported quarterly sales of $51.432 million which beat the analyst consensus estimate of $50.095 million by 2.67 percent. This is a 3.41 percent increase over sales of $49.736 million the same period last year.

Earnings

Earnings Beats

Earnings Misses

Plymouth Industrial REIT Q3 2024 FFO $0.44 Misses $0.48 Estimate, Sales $51.432M Beat $50.095M Estimate

Leasing Activity Leases commencing during the third quarter ended September 30, 2024, totaled an aggregate of 1,095,115 square feet, all of which have terms of at least six months. These leases included 598,858 square feet of renewal leases and 496,257 square feet of new leases. Rental rates under these leases reflect a 12.2% increase on a cash basis with renewal leases reflecting a 9.1% increase on a cash basis and new leases reflecting a 15.7% increase on a cash basis. Total portfolio occupancy at September 30, 2024 was 94.2% and reflects a 230-basis-point impact from the previously announced St. Louis vacancy, a 20-basis-point impact from the inclusion of the recently acquired Memphis value-add portfolio, and a 30-basis-point impact from net leasing activity in the quarter. Same store occupancy at September 30, 2024 was 97.5%.
Executed leases scheduled to commence during 2024, which includes activity through the third quarter, all have terms of at least six months and represent an aggregate of 5,646,792 square feet. These leases, which represent 73.7% of total 2024 expirations, include 4,108,913 square feet of renewal leases (21.4% of these renewal leases were associated with contractual renewals; there are no remaining 2024 contractual renewals) and 1,537,879 square feet of new leases, of which 138,924 square feet was vacant at the start of 2024. The total square footage of new leases commenced excludes 160,292 square feet of development leasing completed in 2024. Rental rates under these leases reflect a 17.2% increase on a cash basis with renewal leases reflecting a 12.7% increase in rental rates on a cash basis and new leases reflecting a 28.9% increase on a cash basis.
Plymouth continues to market its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis. The Company is currently working with ten active prospects, with four of them full-building users and six of them half-building users. Four of these prospects have lease proposals that are actively being negotiated. However, we can provide no assurances as to the timing of entry into lease agreements for this property.
Other notable leasing activity during the third quarter among Plymouth's top tenants include a one-year extension executed for 566,281 square feet in Memphis to December 31, 2025, that will commence in the first quarter of 2025 and a five-year extension executed for 327,194 square feet in Chicago to October 31, 2029, that will commence in the fourth quarter of 2024.
Development Activity&nbsp; The final project in the first phase of Plymouth's development program, a 52,920-square-foot, fully leased building in Jacksonville, is expected to come online in November 2024. During the quarter, the Company signed a 10-year lease for 53,352 square feet at its 154,692-square-foot industrial building in Cincinnati. The lease, which will commence in April 2025 with economic occupancy beginning in September 2024, will bring both this property and the entire development program to 100% leased.
Acquisition Activity&nbsp; During the quarter, Plymouth acquired a 1,621,241-square-foot portfolio of industrial properties located across the Southeast and Northeast submarkets of Memphis, Tennessee. The purchase price of $100.5 million equates to an initial NOI yield of 8.0%. The portfolio consists of 14 buildings that are currently 94.0% leased to 46 tenants with a weighted average remaining lease term of approximately 3.4 years. Existing contract rents are below market consistent with the Company's targeted mark-to-market range of 18% to 20%, and the portfolio offers a parcel that can be utilized for potential future development of an incremental 115,000-square-foot building.
Disposition Activity&nbsp; During the quarter, Plymouth completed the previously announced sale of its 527,127-square-foot industrial property in Columbus, Ohio, to the tenant for approximately $21.1 million in net proceeds.

General

Plymouth Industrial REIT Provided An Activity Update For The Third Quarter Of 2024

Truist Securities analyst Anthony Hau maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Buy and raises the price target from $26 to $27.

Truist Securities Maintains Buy on Plymouth Industrial REIT, Raises Price Target to $27

BMO Capital analyst John Kim maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Market Perform and lowers the price target from $26 to $25.

BMO Capital Maintains Market Perform on Plymouth Industrial REIT, Lowers Price Target to $25

<ul>
<li>The transaction provides Plymouth with approximately&nbsp;$500 million&nbsp;of capital to pursue acquisitions</li>
<li>Sixth Street intends to be a strategic partner in pursuing additional joint venture opportunities with Plymouth in both new and existing industrial markets</li>
<li>Sixth Street to provide a total of&nbsp;$250 million&nbsp;of capital in the form of a&nbsp;65%&nbsp;joint venture ownership of Plymouth&#39;s Chicago portfolio and a non-convertible preferred equity investment into the Operating Partnership</li>
<li>Plymouth will contribute its Chicago-area properties to the joint venture with Sixth Street at a&nbsp;6.2%&nbsp;capitalization rate for a total gross asset value of approximately&nbsp;$356 million&nbsp;and will retain&nbsp;35%&nbsp;ownership of the approximately 5.9 million-square-foot portfolio</li>
<li>The transaction is leverage-neutral with overall leverage expected to decline sequentially in the&nbsp;fourth quarter&nbsp;after closing of the joint venture and remain in line with Plymouth&#39;s stated leverage targets for 2024</li>
<li>Plymouth affirmed its previously issued 2024 Core FFO full year&nbsp;guidance&nbsp;range of&nbsp;$1.88&nbsp;to&nbsp;$1.90&nbsp;per share provided on August 1, 2024</li>
</ul>

Plymouth REIT Partners With Sixth Street, Secures $500M For Growth

Barclays analyst Brendan Lynch maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Equal-Weight and raises the price target from $22 to $25.

Barclays Maintains Equal-Weight on Plymouth Industrial REIT, Raises Price Target to $25

Throughout the last three months, 4 analysts have evaluated Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>), offering a diverse set of opinions from bullish to bearish.
The table below offers a condensed view of their recent ratings, showcasing the changing sentiments over the past 30 days and comparing them to the preceding months.
<table>
<thead>
<tr>
<th></th>
<th style="text-align: right;">Bullish</th>
<th style="text-align: right;">Somewhat Bullish</th>
<th style="text-align: right;">Indifferent</th>
<th style="text-align: right;">Somewhat Bearish</th>
<th style="text-align: right;">Bearish</th>
</tr>
</thead>
<tbody>
<tr>
<td>Total Ratings</td>
<td style="text-align: right;">2</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>Last 30D</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>1M Ago</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>2M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">1</td>
<td style="text-align: right;">0</td>
</tr>
<tr>
<td>3M Ago</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
<td style="text-align: right;">0</td>
</tr>
</tbody>
</table>
In the assessment of 12-month price targets, analysts unveil insights for Plymouth Industrial REIT, presenting an average target of $25.25, a high estimate of $27.00, and a low estimate of $23.00. Marking an increase of 4.12%, the current average surpasses the previous average price target of $24.25. 
<img src="https://www.benzinga.com/files/images/story/2024/1723561227_0.png" alt="price target chart" />
<h2>Breaking Down Analyst Ratings: A Detailed Examination</h2>
A clear picture of Plymouth Industrial REIT's perception among financial experts is painted with a thorough analysis of recent analyst actions. The summary below outlines key analysts, their recent evaluations, and adjustments to ratings and price targets.
<table>
<thead>
<tr>
<th>Analyst</th>
<th>Analyst Firm</th>
<th>Action Taken</th>
<th>Rating</th>
<th>Current Price Target</th>
<th>Prior Price Target</th>
</tr>
</thead>
<tbody>
<tr>
<td>Anthony Hau</td>
<td>Truist Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$26.00</td>
<td>$24.00</td>
</tr>
<tr>
<td>Henry Coffey</td>
<td>Wedbush</td>
<td>Raises</td>
<td>Neutral</td>
<td>$25.00</td>
<td>$23.00</td>
</tr>
<tr>
<td>Bryan Maher</td>
<td>B. Riley Securities</td>
<td>Raises</td>
<td>Buy</td>
<td>$27.00</td>
<td>$26.00</td>
</tr>
<tr>
<td>Michael Mueller</td>
<td>JP Morgan</td>
<td>Lowers</td>
<td>Underweight</td>
<td>$23.00</td>
<td>$24.00</td>
</tr>
</tbody>
</table>
<h3>Key Insights:</h3>
<ul>
<li>Action Taken: Analysts respond to changes in market conditions and company performance, frequently updating their recommendations. Whether they 'Maintain', 'Raise' or 'Lower' their stance, it reflects their reaction to recent developments related to Plymouth Industrial REIT. This information offers a snapshot of how analysts perceive the current state of the company.</li>
<li>Rating: Analysts unravel qualitative evaluations for stocks, ranging from 'Outperform' to 'Underperform'. These ratings offer insights into expectations for the relative performance of Plymouth Industrial REIT compared to the broader market.</li>
<li>Price Targets: Gaining insights, analysts provide estimates for the future value of Plymouth Industrial REIT's stock. This comparison reveals trends in analysts' expectations over time.</li>
</ul>
Understanding these analyst evaluations alongside key financial indicators can offer valuable insights into Plymouth Industrial REIT's market standing. Stay informed and make well-considered decisions with our Ratings Table.
<a href="https://www.benzinga.com/quote/PLYM/analyst-ratings?utm_source=Benzinga Insights">Stay up to date on Plymouth Industrial REIT analyst ratings.</a>
If you are interested in following small-cap stock news and performance <a href="https://www.benzinga.com/news/small-cap">you can start by tracking it here</a>.
<h2>Discovering Plymouth Industrial REIT: A Closer Look</h2>
Plymouth Industrial REIT Inc is a full-service, vertically integrated, self-administered, and self-managed Maryland corporation. It is focused on the acquisition, ownership, and management of single and multi-tenant Class B industrial properties, including distribution centers, warehouses, and light industrial properties, located in secondary and primary markets across the United States. The company has one reportable segment, which is Industrial properties. The majority of its property portfolio is spread across Florida, Ohio, Indiana, Tennessee, Illinois and Georgia, among others. It receives income primarily from the rental revenue through its properties.
<h3>A Deep Dive into Plymouth Industrial REIT's Financials</h3>
Market Capitalization Analysis: Falling below industry benchmarks, the company's market capitalization reflects a reduced size compared to peers. This positioning may be influenced by factors such as growth expectations or operational capacity.
Revenue Growth: Plymouth Industrial REIT's revenue growth over a period of 3 months has faced challenges. As of 30 June, 2024, the company experienced a revenue decline of approximately -2.43%. This indicates a decrease in the company's top-line earnings. When compared to others in the Real Estate sector, the company faces challenges, achieving a growth rate lower than the average among peers.
Net Margin: Plymouth Industrial REIT's net margin lags behind industry averages, suggesting challenges in maintaining strong profitability. With a net margin of 2.51%, the company may face hurdles in effective cost management.
Return on Equity (ROE): Plymouth Industrial REIT's ROE lags behind industry averages, suggesting challenges in maximizing returns on equity capital. With an ROE of 0.25%, the company may face hurdles in achieving optimal financial performance.
Return on Assets (ROA): Plymouth Industrial REIT's ROA is below industry standards, pointing towards difficulties in efficiently utilizing assets. With an ROA of 0.09%, the company may encounter challenges in delivering satisfactory returns from its assets.
Debt Management: Plymouth Industrial REIT's debt-to-equity ratio is notably higher than the industry average. With a ratio of 1.83, the company relies more heavily on borrowed funds, indicating a higher level of financial risk.
<h2>The Basics of Analyst Ratings</h2>
Analysts work in banking and financial systems and typically specialize in reporting for stocks or defined sectors. Analysts may attend company conference calls and meetings, research company financial statements, and communicate with insiders to publish "analyst ratings" for stocks. Analysts typically rate each stock once per quarter.
Beyond their standard evaluations, some analysts contribute predictions for metrics like growth estimates, earnings, and revenue, furnishing investors with additional guidance. Users of analyst ratings should be mindful that this specialized advice is shaped by human perspectives and may be subject to variability.
This article was generated by Benzinga's automated content engine and reviewed by an editor.

The Latest Analyst Ratings For Plymouth Industrial REIT

Truist Securities analyst Anthony Hau maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Buy and raises the price target from $24 to $26.

Truist Securities Maintains Buy on Plymouth Industrial REIT, Raises Price Target to $26

Wedbush analyst Henry Coffey maintains Plymouth Industrial REIT (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PLYM#NYSE">PLYM</a>) with a Neutral and raises the price target from $23 to $25.

Wedbush Maintains Neutral on Plymouth Industrial REIT, Raises Price Target to $25

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