Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing
activity for the second quarter of 2023. The Company also announced
senior management team promotions and details for its second
quarter earnings conference call and webcast to be held on August
3, 2023.
Jeff Witherell, Chief Executive Officer and
Co-Founder of Plymouth, noted, “As evidenced by the strong leasing
results we have reported again this quarter and the continued
progress on our development program and balance sheet, Plymouth
possesses a deep bench, a wealth of real estate experience on our
senior management team and a commitment across the entire
organization to deliver exceptional results for our tenants and
shareholders.”
Leasing ActivityLeases
commencing during the second quarter ended June 30, 2023 totaled an
aggregate of 2,103,095 square feet, all of which are associated
with terms of at least six months. The Company will experience a
19.3% increase in rental rates on a cash basis from these leases.
These leases included 1,440,165 square feet of renewal leases and
662,930 square feet of new leases. Consistent with the Company’s
full year 2023 forecast, occupancy was 98.0% and reflects budgeted
roll-over that has been largely addressed as well as recent new
developments now in service.
Executed leases scheduled to commence during
2023, which includes the second quarter activity, total an
aggregate of 4,719,317 square feet, all of which are associated
with terms of at six months. The Company will experience a 19.9%
increase in rental rates on a cash basis from these leases. These
leases included 3,340,955 square feet of renewal leases and
1,078,362 square feet of new leases of which 93,979 square feet was
vacant at the start of 2023, leaving a net 879,028 square feet, or
16% of 2023 expirations, to be addressed. The Company has already
leased 1,623,791 square feet of leases that will commence during
2024 with a 14.5% increase in rental rates on a cash basis.
Plymouth has three projects totaling 260,322
square feet remaining in the current phase of its development
program. In Jacksonville, Florida, two industrial buildings
totaling 80,322 square feet of industrial buildings are expected to
be completed in the third and fourth quarters of 2023. These
buildings are fully leased. In Atlanta, a 180,000-square-foot
industrial building is estimated to be completed in the third
quarter of 2023. This building remains under active lease up.
Senior Management Team
PromotionsThe Company recently promoted three employees to
its senior management team. Benjamin P. Coues serves as Senior Vice
President, Head of Acquisitions. Mr. Coues joined Plymouth in 2019
after 14 years at High Street Logistics Properties and has direct
responsibility for all acquisition activity. Ben has over 30 years
of commercial real estate experience across several disciplines,
including acquisitions, dispositions, portfolio management and
valuation. He received a Bachelor of Arts degree from the
University of Colorado, Boulder.
Daniel Heffernan serves as Senior Vice
President, Asset Management. Mr. Heffernan joined Plymouth in 2014
and has direct responsibility for over 10 million square feet of
the Company’s industrial properties and provides strategic
leadership functions across the entire portfolio. Dan joined
Plymouth from Cabot Properties and was also employed by BlackRock,
General Investment & Development and Cabot Industrial Trust. He
has a Bachelor of Science in Accounting and Master of Business
Administration in Real Estate Management, both from Bentley
University.
Scott Robinson serves as Senior Vice President,
Corporate Development. Mr. Robinson joined Plymouth in 2022 and is
responsible for a range of corporate initiatives including
participating in investment strategy, joint venture formation,
capital raising activities and strategic transactions. Prior to
Plymouth, Scott was at Oberon Securities, Citigroup, Standard &
Poor’s, Macquarie Capital and BRT Realty Trust as well as serving
on the board of directors of Monmouth Real Estate Investment Trust
(NYSE: MNR) until its sale. He currently serves on the board of
directors of DIRTT Environmental Solutions (NASDAQ: DRTT) and is a
Professor of Finance at the NYU Schack Institute of Real Estate,
where he is also Director of the REIT Center. Scott received a
Bachelor of Science degree with dual concentrations in Biology and
Economics from the University of California, Riverside, and a
Master of Science in Real Estate Finance from New York
University.
Second Quarter 2023 Earnings
CallThe Company plans to issue its earnings release before
the market opens on Thursday, August 3, 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 August 10, 2023, by dialing (877)
344-7529 and entering the replay access code, 1402326.
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: |
Tripp Sullivan |
SCR Partners |
(615) 942-7077 |
TSullivan@scr-ir.com |
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