Plymouth Industrial REIT Reports Strong Second Quarter Activity, Leases 1.45 Million Square Feet

Strategic Insights -

Plymouth Industrial REIT, Inc. (NYSE: PLYM) has reported a significant increase in leasing activity during the second quarter of 2025, with a total of 1,453,757 square feet of leases commencing. This brings the total executed leases for 2025 to 5,811,172 square feet, representing 67.5% of total 2025 expirations. The Company has also acquired 22 industrial buildings totaling 2.05 million square feet for $204.7 million.

Key Takeaways:

  • Plymouth Industrial REIT has leased 1,453,757 square feet of space during the second quarter of 2025, with an additional 239,500 square feet leased on a short-term basis with auto-renewals and landlord kick-out options.
  • Total executed leases commencing in 2025, which had terms of at least six months, totaled an aggregate of 5,811,172 square feet, representing 67.5% of total 2025 expirations.
  • The Company executed a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri, with a major international logistics service provider.
  • Plymouth has acquired 22 industrial buildings totaling 2.05 million square feet for $204.7 million, which are 97.1% leased and feature a weighted average remaining lease term of 2.6 years.
  • The Company has used its existing unsecured line of credit to fund the acquisitions, with approximately $285.8 million of capacity remaining.
  • Under the Company's share repurchase program, Plymouth has acquired and settled 805,394 shares of common stock at an average price per share of approximately $16.26.

Statistics:

  • Leases commenced during the second quarter of 2025 totaled an aggregate of 1,453,757 square feet.
  • Total executed leases commencing in 2025, which had terms of at least six months, totaled an aggregate of 5,811,172 square feet.
  • The Company has acquired 22 industrial buildings totaling 2.05 million square feet for $204.7 million, with a weighted average remaining lease term of 2.6 years.
  • Total portfolio occupancy at June 30, 2025, was 94.6%, with same store occupancy at 95.0%.
  • Net positive impact from leasing in St. Louis was 50 basis points, with net positive impact from leasing in Cleveland and Cincinnati at 40 basis points each.

Sources:

  • Plymouth Industrial REIT, Inc. (NYSE: PLYM) press release, dated July 8, 2025.
  • Globe Newswire, dated July 8, 2025.