What Does Plymouth Industrial REIT ($PLYM) Do? – Stock Outlook, Earnings, Market Cap, Related Stocks & Headquarters Summary
Secondary-market industrial REIT. 32.1 million sq. ft. across 148 properties. 4.39% dividend yield. P/FFO of 8x.
Subscribe🏢 What is Plymouth Industrial REIT?
Plymouth Industrial REIT Inc (PLYM) is a large-scale U.S. industrial real estate investment trust (REIT). It is a vertically integrated, self-managed, full-service REIT that focuses on the acquisition, ownership, management, redevelopment, and development of single- and multi-tenant industrial properties. The company is organized in an UPREIT structure, with virtually all of its assets and operations conducted through Plymouth Industrial Operating Partnership. As of September 30, 2025, it owns 148 industrial properties comprising 226 buildings totaling approximately 32.1 million square feet. Its portfolio is broadly diversified across primarily midwestern and southeastern U.S. markets, including Florida, Ohio, Indiana, Tennessee, Illinois, and Georgia. Its core strategy is to enhance shareholder value through active asset management, disciplined capital allocation, and selective asset repositioning.
💰 How Does It Make Money?
| Business Segment | Revenue Share | Description |
|---|---|---|
| Rental Income | ~75% | Industrial property rental revenue |
| Services and Other Revenue | ~15% | Property operations, utility reimbursements |
| Capital Gains and Valuation Gains | ~10% | Asset dispositions, real estate appreciation gains |
Plymouth Industrial REIT focuses on Class B industrial properties located in secondary markets and select primary markets across the Midwest and Southeast. Its portfolio includes a diverse range of assets such as distribution centers, warehouses, light industrial facilities, and small-bay industrial properties. Its tenant-focused, high-value-add asset management approach and its strategy of providing functional, flexible, and secure spaces help strengthen tenant relationships. Its vertically integrated operating model enables cost efficiency and leverages local market expertise to secure a competitive advantage.
📐 Market Cap and Company Scale
Market capitalization is $990.0M, with 46 people employees.
Plymouth Industrial REIT differentiates itself by concentrating on low-competition markets such as Memphis, Atlanta, and Ohio. Its regional-hub-based operational efficiency and the ability to accommodate large single tenants of more than 500,000 square feet form its competitive advantage. Industrial real estate market conditions—characterized by low vacancy rates and declining new construction—provide a favorable tailwind for Plymouth's leasing and acquisition efforts. Vertical integration and self-managed operations help maintain cost efficiency.
📈 Plymouth Industrial REIT Outlook and Stock Trends
1-Year Price Performance
Analyst Consensus
52-Week Price RangeStrong demand in the industrial real estate market and opportunities in secondary-market development are Plymouth's key growth drivers. Lower acquisition costs (average Cap Rate in the high 6% range) and higher cap-rate spreads compared to larger REIT peers offer value-creation opportunities. However, intensifying competition in the acquisition market, tightening tenant screening criteria, and shifting preferences away from Class B assets are short-term challenges. Strategic asset management and high-quality asset acquisition capabilities are central to sustained growth.
⚔️ Key Competitive Strengths and Risks
Secondary-market focus and vertical integration are strengths, but intensifying acquisition market competition and tenant-related risks present challenges.
💪 Key Competitive Strengths
⚠️ Key Risks
🔄 Competitors and Related Stocks (Beneficiaries)
Industrial REIT competitors include EastGroup Properties (EGP), STAG Industrial (STAG), Monmouth Real Estate (MNR), and First Industrial Realty Trust (FR). Large-cap REITs include Realty Income (O), Prologis (PLD), and Digital Realty Trust (DLR). Plymouth's strengths are its secondary-market focus, vertically integrated operations, and lower valuation.
Competitors| Ticker | Company | Price | Change | Market Cap | P/E | PBR | ROE | Dividend Yield |
|---|---|---|---|---|---|---|---|---|
 EGP | Eastgroup Properties Inc | $200.24 | +0.8% | $10.8B | 35.1 | 3.0 | 8.73% | 3.19% |
 STAG | STAG Industrial Inc | $37.56 | -0.3% | $7.2B | 28.8 | 2.0 | 6.98% | 4.12% |
 FR | First Industrial Realty Trust Inc | $61.73 | -0.2% | $8.5B | 22.5 | 3.0 | 13.44% | 3.23% |
Related stocks (beneficiaries)| Ticker | Company | Price | Change | Market Cap | P/E | PBR | ROE | Dividend Yield |
|---|---|---|---|---|---|---|---|---|
| O | Realty Income Corp | $61.02 | -0.4% | $57.7B | 44.6 | 1.5 | 3.22% | 5.35% |
| PLD | Prologis Inc | $138.48 | +0.8% | $133.9B | 30.8 | 2.4 | 7.91% | 3.09% |
| DLR | Digital Realty Trust Inc | $189.50 | +0.6% | $70.3B | 92.2 | 2.6 | 3.17% | 2.58% |
| WELL | Welltower Inc | $237.25 | +0.5% | $171.0B | - | 3.7 | 3.77% | 1.33% |
✅ Investor Checkpoints
Plymouth Industrial REIT is a REIT focused on secondary-market industrial properties, with vertical integration and its dividend policy serving as strengths. In 2024, revenue was $191.5M, with a 4.39% dividend yield and a P/FFO of 8x, indicating undervaluation. However, intensifying acquisition market competition, shifting tenant preferences, and interest rate risk will be the key factors in investment decisions.
| Checkpoint | Items to Verify | Current Status |
|---|---|---|
| 📊 Dividend Stability | Quarterly dividend, dividend growth rate, payout ratio | Maintain dividend yield of 4% or higher, payout ratio at or below 60% |
| 🏢 Occupancy and Rent | Quarterly vacancy rate, renewal rent growth, tenant retention rate | Vacancy rate at or below 5%, renewal rent growth of 3% or higher |
| 💰 Capital Allocation and Debt | Quarterly debt ratio, free cash flow, acquisition activity | Maintain debt-to-equity ratio at or below 2.0x |
| 🎯 Asset Quality and Growth | NOI growth rate, asset-level performance, new acquisition plans | Quarterly NOI growth of 2% or higher, achieve annual acquisition targets |
Key threats include rising Cap Rates due to intensifying acquisition market competition, tenant defaults and rising vacancy rates in an economic slowdown, higher borrowing costs from interest rate hikes, and weakening preference for Class B assets. Additional concerns include management changes, loss of major tenants, and a real estate market downturn.
Plymouth Industrial REIT is a REIT specialized in secondary-market industrial properties. Its 148 properties (32.1 million square feet), 4.39% dividend yield, and an 8x P/FFO undervaluation level are attractive to value investors. However, intensifying acquisition market competition, shifting tenant preferences, and interest rate risk are short-term investment challenges. Continued differentiated asset management based on local market expertise and a stable dividend policy are expected to be key to long-term value creation.
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