Barclays maintains a pending rating for Plymouth Industry REIT (PLYM)
On May 27th, Barclays analyst Brendan Lynch appeared in Plymouth Industrial REIT, Inc. (NYSE:Plum) And set a price target of $18.00.
A vast industrial property in the middle of a bustling city – representing the company’s acquisition and operation of industrial property.
The rating update followed the announcement of the company’s first quarter financial results. It reported net profit of $5.8 million compared to $6.1 million in the same period last year. This year’s year-over-year decline was attributed to a decline in portfolio occupancy, due to a contraction of 34 properties in its joint venture with Sixth Street Partners, LLC during the fourth quarter of 2024.
Consolidated total revenue for the quarter also fell to $45.6 million, but to $50.2 million in the same period last year. The results sparked attention from investors, resulting in holding ratings.
Plymouth Industrial Reit, Inc. (NYSE: PLYM) acquires, owns and manages single and multi-tenant distribution centers, optical industrial properties, and warehouses. We acquire real estate that increases shareholder value through active asset management, disciplined capital deployment, and careful property relocation.
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Disclosure: None.