Plymouth Industrial REIT Provides Activity Update for First Quarter 2024

Announces Details for First Quarter Earnings Conference Call

BOSTON, April 02, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing and development activity for the first quarter of 2024. The Company also announced details for its first quarter earnings conference call and webcast to be held on May 2, 2024.

Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “We continue to make progress on our 2024 leasing opportunities with a 17.1% increase on a cash basis for the quarter, nearly 56% of our 2024 expirations already addressed and our development program now 93% leased.”

Leasing Activity
Leases commencing during the first quarter ended March 31, 2024 totaled an aggregate of 1,387,977 square feet, all of which are associated with terms of at least six months. The Company will experience a 17.1% increase in rental rates on a cash basis from these leases. These leases included 928,217 square feet of renewal leases and 459,760 square feet of new leases. Total portfolio occupancy at March 31, 2024 was 96.9% and reflects recent new developments now in service. Same store occupancy at March 31, 2024 was 98.3%.

Executed leases scheduled to commence during 2024, which includes the first quarter activity, total an aggregate of 3,974,062 square feet, all of which are associated with terms of at least six months. The Company will experience a 16.3% increase in rental rates on a cash basis from these leases (20.2% of these leases were associated with contractual renewals). These leases, which represent 55.9% of its total 2024 expirations, included 3,209,506 square feet of renewal leases and 764,556 square feet of new leases, of which 14,000 square feet was vacant at the start of 2024.

Plymouth continues to market its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, which is currently occupied by a tenant with a lease expiring on July 31, 2024. A number of full and partial space users have scheduled tours with early indications leaning to full space options as well as potentially utilizing the approximately 200,000 square feet of expansion space that can be developed on the property.

Development Activity
The final project in the first phase of Plymouth’s development program, a 52,920-square-foot, fully leased building in Jacksonville, is expected to come online in the third quarter of 2024. During the first quarter, Plymouth signed a seven-year, 54,008-square-foot lease at its 154,6922-square-foot industrial building in Cincinnati. The Company’s development program is now 93% leased.