Plymouth Industrial REIT Provides Activity Update for Third Quarter 2023
05 Outubro 2023 - 8:00AM
Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing
and development activity for the third quarter of 2023. The Company
also announced details for its third quarter earnings conference
call and webcast to be held on November 2, 2023.
Jeff Witherell, Chief Executive Officer and
Co-Founder of Plymouth, noted, “The fundamentals within our markets
provide a continued tailwind to our strong new, renewal and
development leasing. We are signing leases consistent with our 18%
to 20% mark-to-market in the portfolio and have already addressed
nearly one-third of our 2024 expirations. Although tenants are
taking longer on new developments, we are seeing good activity and
signing leases within our original underwriting.”
Leasing ActivityLeases
commencing during the third quarter ended September 30, 2023
totaled an aggregate of 1,761,715 square feet, all of which are
associated with terms of at least six months. The Company will
experience a 24.2% increase in rental rates on a cash basis from
these leases. These leases included 1,194,817 square feet of
renewal leases and 566,898 square feet of new leases. Total
portfolio occupancy at September 30, 2023 was 97.6% and reflects
recent new developments now in service. Same store occupancy at
September 30, 2023 was 98.7%.
Executed leases scheduled to commence during
2023, including leases commencing during the first three quarters
but excluding leases associated with new construction, total an
aggregate of 5,396,550 square feet, all of which are associated
with terms of at least six months. The Company will experience a
20.5% increase in rental rates on a cash basis from these leases.
These leases included 3,945,024 square feet of renewal leases and
1,451,526 square feet of new leases of which 96,979 square feet was
vacant at the start of 2023, leaving a net 427,963 square feet, or
7% of 2023 expirations, to be addressed. The Company has already
executed 2,164,086 square feet of leases that will commence during
2024, or 32% of its total 2024 expirations, with a 13.5% increase
in rental rates on a cash basis (36% of these leases were
associated with contractual renewals).
Development ActivityDuring the
third quarter, Plymouth delivered its 180,000-square-foot
industrial building in Atlanta and signed a five-year,
72,000-square-foot lease commencing in September. The Company
delivered a fully leased industrial building totaling 40,572 square
feet in Jacksonville during the quarter with an eight-year lease
that commenced in September. The second Jacksonville building
totaling 39,750 square feet, also fully leased with a five-year
term, is expected to come online during the fourth quarter. A third
52,920-square-foot, fully leased building in Jacksonville is
expected to come online during mid-2024 with a 10-year lease in
place. Plymouth also signed a 10-year, 47,000-square-foot lease at
its 147,000-square-foot industrial building in Cincinnati during
the quarter that commenced in September.
Third Quarter 2023 Earnings
CallThe Company plans to issue its earnings release before
the market opens on Thursday, November 2, 2023, and will host a
conference call and live audio webcast, both open for the general
public to hear, later that day at 9:00 a.m. Eastern Time. The
number to call for this interactive teleconference is (844)
784-1727 (international callers: (412) 717-9587). A replay of the
call will be available through November 9, 2023, by dialing (877)
344-7529 and entering the replay access code, 1910241.
The live audio webcast of the Company’s
quarterly conference call will be available online in the Investor
Relations section of the Company’s website at ir.plymouthreit.com.
The online replay will be available approximately one hour after
the end of the call and archived for one year.
About Plymouth
Plymouth Industrial REIT, Inc. (NYSE: PLYM) is a
full service, vertically integrated real estate investment company
focused on the acquisition, ownership and management of single and
multi-tenant industrial properties. Our mission is to provide
tenants with cost effective space that is functional, flexible and
safe.
Forward-Looking Statements
This press release includes “forward-looking
statements” that are made pursuant to the safe harbor provisions of
Section 27A of the Securities Act of 1933 and of Section 21E of the
Securities Exchange Act of 1934. The forward-looking statements in
this release do not constitute guarantees of future performance.
Investors are cautioned that statements in this press release,
which are not strictly historical statements, including, without
limitation, statements regarding management's plans, objectives and
strategies, constitute forward-looking statements. Such
forward-looking statements are subject to a number of known and
unknown risks and uncertainties that could cause actual results to
differ materially from those anticipated by the forward-looking
statements, many of which may be beyond our control.
Forward-looking statements generally can be identified by the use
of forward-looking terminology such as “may,” “plan,” “seek,”
“will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or
“continue” or the negative thereof or variations thereon or similar
terminology. Any forward-looking information presented herein is
made only as of the date of this press release, and we do not
undertake any obligation to update or revise any forward-looking
information to reflect changes in assumptions, the occurrence of
unanticipated events, or otherwise.
Contact: |
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Tripp Sullivan |
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SCR Partners |
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(615) 942-7077 |
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IR@plymouthreit.com |
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