Plymouth Industrial REIT(PLYM) Newsfilter·2025-04-07 11:00Core Viewpoint - Plymouth Industrial REIT, Inc. reported strong leasing activity and strategic acquisitions in Q1 2025, indicating robust demand for industrial space and a focus on long-term value creation [2][5]. Leasing Activity - In Q1 2025, total leases commenced amounted to 2,437,267 square feet, including 1,540,756 square feet of renewals and 896,511 square feet of new leases [2]. - Rental rates increased by 16.2% on a cash basis, with renewal leases up by 15.0% and new leases up by 22.1% [2]. - Same store occupancy was 94.7%, while total portfolio occupancy was 94.3%, reflecting a positive impact from the St. Louis lease and other leasing activities [3]. Future Leasing Outlook - Executed leases for 2025 total 4,652,684 square feet, representing 56.3% of total expirations for the year [4]. - Rental rates for these leases reflect a 21.8% increase on a cash basis, with renewal leases up by 14.7% and new leases up by 15.3% [4]. Acquisition Activity - In Q1 2025, the company acquired six industrial buildings totaling 801,161 square feet for $65.1 million, with an estimated NOI yield of 6.8% [5][7]. - The properties acquired are fully leased with a weighted average remaining lease term of 4.4 years [5]. Market Insights - Memphis is highlighted as a key market due to its strategic freight transportation infrastructure, serving as a major distribution center [6][8]. - The region is serviced by five Class 1 railroads and multiple interstate highways, enhancing its connectivity for logistics [6][8]. Upcoming Earnings Call - The company plans to release its earnings on May 1, 2025, followed by a conference call on May 2, 2025, to discuss financial results [9][10].