Plymouth Industrial REIT reports 96% in total portfolio occupancy

Jun. 06, 2022 8:03 AM ETPlymouth Industrial REIT, Inc. (PLYM)By: Khyathi Dalal, SA News Editor1 Comment
  • Plymouth Industrial REIT (NYSE:PLYM) reported 2.39M sq. feet of leases on YTD basis with terms of at least six months having commenced with a 19.5% rental rate increase on a cash basis.
  • As of May 31, 2022, the company’s total portfolio was 96.3% occupied.
  • During Q2, the company saw leases totaling 1.08M sq.feet through May 31, 2022, all are associated with leases with terms of at least six months.
  • The company will experience a 22.6% increase in rental rates on a cash basis from these leases.
  • "The leasing results continue to exceed our expectations with strong volume of leases signed already during the quarter, double-digit increases in rents and more leases anticipated in the coming weeks. The $48.9M in acquisitions we completed extend our footprint in existing markets," CEO and co-founder Jeff Witherell commented.
  • Until date during Q2, Plymouth closed on the acquisition of five industrial buildings for $48.9M, a weighted average price of $105/sq.foot and a weighted average initial yield of 5.7%.
  • It expects to close on one additional acquisition next month for a purchase price of ~$16.5M.

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