Colliers Securities analyst Barry Oxford maintained a Buy rating on Plymouth Industrial Reit (PLYM – Research Report) today and set a price target of $21.00.
Barry Oxford has given his Buy rating due to a combination of factors that highlight Plymouth Industrial REIT’s strong performance and strategic positioning. The company focuses on acquiring A-/B+ industrial properties in non-gateway markets, which offer attractive growth dynamics and cap rates that exceed their cost of capital. This strategic focus allows Plymouth to engage in property transactions that are typically overlooked by larger institutions, providing a unique growth opportunity.
Furthermore, the company’s financial performance supports the Buy rating, with Core FFO numbers meeting consensus estimates and showing positive year-over-year growth in cash NOI. The company’s robust leasing activity, with significant increases in cash rental rates for new leases and renewals, indicates strong demand for its properties. Additionally, Plymouth’s guidance for 2025 suggests continued growth, with anticipated increases in Core FFO and SS NOI. The company’s strategic acquisitions and partnerships, such as the joint venture with Sixth Street Partners, further bolster its growth prospects. Despite a slightly leveraged balance sheet, the company’s expanded credit facility and strategic initiatives position it well for future expansion.