Plymouth Industrial REIT(US:PLYM)2025-05-01 20:24Financial Performance - Total revenues for Q1 2025 were $45.571 million, a decrease of 1.3% from $50.228 million in Q1 2024[10] - Rental revenue decreased to $45.418 million in Q1 2025, down 9.3% from $50.190 million in Q1 2024[10] - Net income attributable to common stockholders for Q1 2025 was $5.755 million, compared to $6.124 million in Q1 2024, reflecting a decline of 6.0%[10] - The company reported a comprehensive income of $2.404 million for Q1 2025, significantly lower than $11.973 million in Q1 2024[12] - Net income for the three months ended March 31, 2025, was $7,007,000, an increase of 11.4% compared to $6,286,000 for the same period in 2024[17] - Basic and diluted earnings per share attributable to common stockholders for Q1 2025 were both $0.13, down from $0.14 in Q1 2024[140] Assets and Liabilities - Total assets increased to $1.406 billion as of March 31, 2025, up from $1.368 billion at December 31, 2024, representing a growth of 2.8%[8] - Total liabilities rose to $827.321 million as of March 31, 2025, compared to $781.299 million at December 31, 2024, an increase of 5.9%[8] - The accumulated deficit improved to $(37.412) million as of March 31, 2025, compared to $(43.262) million at December 31, 2024[8] - The fair value of the warrant liability decreased from $(45,908,000) on December 31, 2024, to $(33,090,000) on March 31, 2025[39] - The fair value of interest rate swaps liability decreased from $(520,000) on December 31, 2024, to $(389,000) on March 31, 2025[39] Cash Flow and Investments - Net cash provided by operating activities decreased to $15,612,000 from $16,614,000, reflecting a decline of 6.0% year-over-year[17] - The company acquired real estate properties for $65,692,000 during the period, with net cash used in investing activities totaling $67,773,000, compared to $3,739,000 in the prior year[17] - Financing activities generated net cash of $52,056,000, a significant increase from a net cash used of $11,842,000 in the same period last year[17] - Cash paid for interest decreased to $6,127,000 from $9,337,000, indicating a reduction of 34.5% year-over-year[17] Real Estate and Properties - As of March 31, 2025, the company owned 133 industrial properties comprising 204 buildings with an aggregate of approximately 30.0 million square feet[20] - The total real estate properties, net, increased to $1,204,193,000 as of March 31, 2025, compared to $1,156,697,000 as of December 31, 2024, reflecting a growth of approximately 4.1%[58] - The company acquired four properties totaling 801,241 square feet for a total purchase price of $65,025,000 during the three months ended March 31, 2025[59] Joint Ventures and Investments - The company experienced a loss of $8.048 million in investments of unconsolidated joint ventures in Q1 2025, with no such loss reported in Q1 2024[10] - The carrying amount of the company's investment in the Isosceles Joint Venture was $52,108 as of March 31, 2025, with an initial investment of $356,641[65] - The company applies the equity method of accounting for investments in unconsolidated joint ventures, adjusting for earnings or losses and cash distributions[42] Dividends and Shareholder Returns - The company declared dividends of $11,110,000, compared to $10,938,000 in the previous year, reflecting an increase of 1.6%[17] - Cash dividends declared for the first quarter of 2025 were $0.2400 per share, totaling $10,964 thousand, consistent with the first quarter of 2024[110] Compensation and Equity - The Company recorded equity-based compensation expense related to restricted stock of $819 thousand for Q1 2025, up from $762 thousand in Q1 2024[134] - The Company recorded equity-based compensation expense related to Performance Stock Units (PSUs) of $315,000 for Q1 2025, compared to $152,000 for Q1 2024[138] - The balance of unvested Performance Stock Units at March 31, 2025, was 137,393 units, with a fair value per unit of $24.07[138] Compliance and Legal Matters - The company is in compliance with all respective financial covenants for its secured and unsecured debt as of March 31, 2025[89] - The Company has no material legal proceedings currently pending, evaluating potential losses as required[160]