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Plymouth Industrial REIT, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing rental revenue increased to $51,432,000 from $49,736,000 in the same quarter the previous year, primarily due to increased leasing activities.
Property expenses for the quarter rose to $17,374,000 from $15,754,000, driven by higher operating expenses and real estate taxes.
Depreciation and amortization expenses decreased to $21,010,000 from $22,881,000, reflecting full depreciation of certain assets.
The company reported a net loss of $15,345,000 for the quarter, compared to a net income of $10,400,000 in the previous year, primarily due to a loss on financing transactions.
Interest expense increased to $10,359,000 from $9,473,000, attributed to higher accrued interest and debt-related costs.
Cash provided by operating activities was $54,045,000, while cash used in investing and financing activities was $88,201,000 and $41,508,000, respectively.
Plymouth Industrial REIT had outstanding debts of $890,998,000 as of September 30, 2024, with $646,400,000 in variable rate debt, of which $100,000,000 was hedged with interest rate swaps.
The filing also details a $600 million amended and restated unsecured credit facility, expanding the revolving credit facility to $500 million, maturing in November 2028.
Plymouth Industrial REIT does not anticipate significant changes to its dividend policy for common stockholders in the near future.
The company continues to focus on acquiring industrial properties in primary and secondary U.S. markets, with a strategy to achieve attractive yields and cash-on-cash returns.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Plymouth Industrial REIT Inc. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.