Plymouth Industrial REIT Announces Strong Leasing Activity in 2Q 2024

Plymouth Industrial REIT, Inc. has announced its leasing and development activity for the second quarter of 2024, showing significant growth in organic growth. The company's leasing activity is a major component of its growth strategy, with a focus on addressing top renewals, pursuing large opportunities, and developing its program. Leases commencing during the second quarter totaled 1,811,939 square feet, with a strong increase in rental rates of 18.8% on a cash basis.

Key Takeaways:

Leases commencing during the second quarter totaled 1,811,939 square feet, with 1,610,786 square feet of renewal leases and 201,153 square feet of new leases.
The company will experience an 18.8% increase in rental rates on a cash basis from these leases, with renewal leases experiencing an 18.8% increase and new leases experiencing a 19.5% increase.
Total portfolio occupancy at June 30, 2024 was 97.0%, and same store occupancy was 98.2%.
Executed leases scheduled to commence during 2024 total 4,654,825 square feet, with 3,588,209 square feet of renewal leases and 1,066,616 square feet of new leases.
The company is currently marketing its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, with six active prospects, including two with lease proposals they are evaluating.

Statistics:

1,811,939 square feet of leases commenced during the second quarter.
18.8% increase in rental rates on a cash basis from these leases.
97.0% total portfolio occupancy at June 30, 2024.
98.2% same store occupancy at June 30, 2024.
4,654,825 square feet of executed leases scheduled to commence during 2024.
63.3% of total 2024 expirations included in executed leases.
25.8% increase in rental rates on a cash basis for new leases.

Sources:

[Source: Plymouth Industrial REIT, Inc. press release, August 2024]
[Source: Company's 2Q 2024 earnings conference call and webcast]