G&A expenses improved significantly to $13.5 million in Q2 2025 from $20.7 million in Q2 2024, reflecting ongoing cost reduction efforts.
Same-store cash NOI was $87.1 million in Q2 2025, down from $104.1 million in Q2 2024, mainly due to lower office occupancy.
Second quarter 2025 revenue was $190 million, down from $218 million year-over-year, primarily due to asset sales and lower office occupancy.
Second quarter FFO excluding specified items was $8 million or $0.04 per diluted share, compared to $24.5 million or $0.17 per diluted share in the prior year.
Specified items in Q2 2025 totaled $19.2 million or $0.09 per diluted share, including onetime expenses related to forfeited noncash compensation, debt repayment, and cost cutting.
Studio revenue increased 3% quarter-over-quarter to $34.2 million, with studio NOI improving by $5.4 million due to cost reductions and higher occupancy.
Closed $204 million in acquisitions including the Ohio Light industrial portfolio, acquired at a 6.7% initial yield with in-place rents approximately 22% below market.
Occupancy increased sequentially, with an expected year-end same-store occupancy near 96.5%.
Plymouth Industrial REIT reported strong leasing activity with over 1.4 million square feet commenced in Q2 2025, totaling nearly 6 million square feet year-to-date.
Same-store NOI grew 4.1% on a cash basis, supported by strong rent growth and renewal activity.
Share repurchases totaled over 805,000 shares in the quarter plus 225,000 shares post quarter-end.
Dafinchi