Plymouth Industrial REIT Inc. (NYSE: PLYM) shares tumbled 5.21% in pre-market trading on Friday, following the release of its disappointing first-quarter financial results. The real estate investment trust, which focuses on industrial properties, failed to meet analyst expectations for both earnings and revenue.
The company reported quarterly earnings of $0.41 per share, missing the analyst consensus estimate of $0.46 by 10.87%. This represents a significant 8.89% decrease compared to earnings of $0.45 per share from the same period last year. Additionally, Plymouth Industrial REIT's quarterly sales came in at $45.42 million, falling short of the analyst consensus estimate of $47.69 million by 4.76%. The reported revenue also marks a 9.51% decrease from the $50.19 million in sales recorded during the same quarter last year.
Despite the negative results, Plymouth Industrial REIT reported a core funds from operations (FFO) of $20.1 million for the first quarter. However, investors appear to be focusing on the missed estimates and year-over-year declines, leading to the sharp pre-market sell-off. The company's performance raises concerns about the current state of the industrial real estate market and may prompt investors to reassess their positions in the REIT sector.
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