Plymouth (PLYM) Boosts Growth With Solid Leasing Activity in Q2

Core Viewpoint - Plymouth Industrial REIT (PLYM) demonstrates resilience and growth potential in the industrial real estate market, highlighted by strong leasing and development activities in the second quarter of 2024 [10]. Leasing Activity - Executed leases scheduled to commence in 2024 total 4,654,825 square feet, all with terms of at least six months [1]. - In the second quarter, leases totaled 1,811,939 square feet, with 1,610,786 square feet from renewals and 201,153 square feet from new leases, indicating healthy leasing activity [4]. - The company anticipates an 18.8% increase in rental rates on a cash basis from these leases, contributing to its strong performance [4]. Portfolio Performance - As of June 30, 2024, the company's portfolio occupancy was 97.0%, with same-store occupancy at 98.2%, reflecting effective tenant retention and property management [11]. - Renewal leases comprised 3,588,209 square feet, representing 63.3% of total 2024 expirations, with a projected 15.7% increase in rental rates on a cash basis [5]. Development Initiatives - Plymouth's development program includes a fully leased 52,920-square-foot building in Jacksonville, expected to be operational in the fourth quarter of 2024 [12]. - An agreement has been reached for the remaining 53,352 square feet of a 154,692-square-foot industrial building in Cincinnati, which will complete the company's development program [6]. Market Performance - Shares of Plymouth have risen 3.1% in the past month, outperforming the industry's increase of 1.7% [3]. - The company’s stock was up approximately 0.9% during the regular trading session on the NYSE, reflecting positive investor sentiment [10]. Upcoming Events - PLYM's second-quarter earnings release is scheduled for July 31, 2024, after market close, followed by a conference call on August 1, which will provide further insights into its financial performance and strategic outlook [13].