Q1 2025 Plymouth Industrial REIT Inc Earnings Call Transcript
Key Points
- Plymouth Industrial REIT Inc (PLYM) reported a strong start to 2025 with record leasing activity and positive acquisition momentum.
- The company is well-positioned with ample strategic capital and nearly 30% of annual rents rolling in 2025 and 2026, benefiting from sequential rent growth and limited Class B supply.
- Plymouth Industrial REIT Inc (PLYM) has a strong liquidity position with over 88% of its debt being fixed and no debt maturities in 2025.
- The company has approximately $205 million of acquisitions under agreement, representing roughly 2 million square feet at a targeted initial NOI yield of 6.5% to 6.75%.
- Plymouth Industrial REIT Inc (PLYM) affirmed its full-year 2025 guidance for core FFO, anticipating stronger performance in the second half of the year.
- The company is experiencing short-term space requirements due to tenants responding to inventory adjustments and shifting trade flows.
- There is a temporary 130 basis point vacancy expected in Q4, which will partially offset occupancy gains.
- Plymouth Industrial REIT Inc (PLYM) did not repurchase shares during Q1, despite the compelling repurchase math due to current market dislocation.
- The company faces potential disruptions from short-term leasing arrangements, which could impact occupancy rates.
- Plymouth Industrial REIT Inc (PLYM) has a watch list of five tenants, occupying a combined 290,000 square feet, with a total ABR of less than 1%.
Good morning, and welcome to the Plymouth Industrial first-quarter 2025 conference call. (Operator Instructions) Please note today's event is also being recorded.
I would now like to turn the conference call over to John Wilfong, Investor Relations. Sir, please go ahead.
Thank you, and good morning. Welcome to the Plymouth Industrial conference call to review the company's results for the first-quarter of 2025. Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary and a supplemental deck on the quarterly results section of our investor relations page.
In addition to these earnings documents, a copy of our 10-Q can be found on the SEC filings of our IR site. Our supplemental deck includes our full-year 2025 guidance assumptions, detailed information on our operations, portfolio and balance sheet, and definitions of non-GAAP measures and reconciliations to the most comparable GAAP measures.
We will reference this information in our remarks.
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