PLYM - Earnings call transcript Q1 2021 | Plymouth Industrial REIT, Inc.

Due to licensing restrictions, you must log in to view earnings call transcripts.

Operator

Good morning and welcome to the Plymouth Industrial REIT First Quarter 2021 Earnings Call. [Operator Instructions]. I would now like to turn the conference over to Tripp Sullivan of SCR Partners. Please go ahead.

Harry Sullivan

Thank you. morning. Good Plymouth the call first the company's review REIT for results quarter Industrial to to conference the Welcome of XXXX.

today Pen Anne Counsel. Chief Executive Vice call Chief Hayward, Chief Financial Executive General the will of Jim Witherell, and Jeff On Connolly, and Chairman Vice Executive President Officer; Officer; Asset White, Investment and President Officer; President Dan Wright, be and Management; and

SEC. be our access conclusion section earnings XX, the A on Our the our replay this replay press which through The morning XXXX. of in results were call release. the our found available Relations released shortly May press call can the supplemental will the are with after to the along in numbers Investor and filed provided of earnings of this website, be XX-Q release, Form with

For call, this to herein X, replay updated not those we remarks to as be remind XXXX, of will who made the the May call. today, will are that of listen and this you subsequent

SEC. urged information expectations. the filings are can risk and uncertainties the During the results of make investments, of financing statements Investors the subject represent by may portfolio, including All performance disclosed are carefully to pipeline this our our related by and date prescribed acquisitions the judgment to Plymouth's in company's of be disclosures statements and securities statements this the cause of we and the made meaning actual that as forward-looking the within our deemed current including materially future and risks future and review statements certain dividends potential other comments conference call, other with to activities. company, call differ laws, various from forward-looking to

comparable adjusted the now non-GAAP We most to measures, not call and reconciliations measures Jeff to, Witherell. our filings SEC. discuss these will certain ahead. I'll are turn Please core the Definitions with to in of non-GAAP FFO, the and GAAP go included AFFO including, EBITDAre. measures limited also but over

Jeff Witherell

us morning, today. Good Tripp. joining you for Thanks, everyone, and thank

a X results. an weeks into to their Our and of And again thank for results acquisition collections, would a like pipeline balance these quarter we I start to rent continuation as sheet. was those XXXX. entire leasing, first improving great with the quarter, the seeing Plymouth strong many to are second once contributions we are team

start quarter at portfolio end. Let's with stats our

quarter portfolio. as out We've value of break after our plus on the an Our increased full of at highlighting year a last core level occupancy potential and per the of rents was strength adjustments in help features by our stock rent XX.X%. and cash preferred core land and provide spreads value relevant share and this pandemic market and I secondary components venture of concentrations, year replacement the and made collections, to XX% primary to to some joint Board on performance and additional quarterly decided We've our quarter pleased affirmed creation for we've to NAV, as and XXXX disclosures added markets re-leasing operations full Based strong developable data forecast. FFO our XX.X% our of FFO assumptions AFFO capital our of We're cost, collected of dividend through and our return above share guidance. With dividend. dividend well stock. our with per properly the our some also common spent XXXX. we continued increase to shareholders AFFO our of second X% coverage, this activity, and navigating this year acquisition new time

studies showcase I the with would for where a lease by properties investment. terms. we've cases. want have materially of undertaken little building note feet XX I XX% XX,XXX on additional crane outlined should increase At particular with acres the redevelopment absorb strong in open longer and We've the that by layouts redevelopment through Cincinnati, these over Fisher cash Page or where in projected fully do rent making our square-foot it's to marketable improved the While going installing investment and data, in we've case on are escalations have we've extensions, that X.X development. case a currently clearly we're to but future for tenancies, we feet take returns million over I on more our think also time restructurings an to lease lease construction available commenced X community creating leasing This essentially managing redevelopment. value through recently uncertain some is million our generate Park of the to tenant reconfigured square pits, square yield space $X.X XX,XXX floors we highlight

fall now in ground-up square-foot completed We the development this Portland, Maine. industrial at underway million. $X.X of cost have a be one approximately in We building will anticipate XX,XXX

are potential own discussions in We to square we additional we several X million In have where with properties space. already land. Atlanta, a take feet, tenant this point with over

XXX break civil We potential this the on have operators, ground-up of for of actively greatest Page supplemental redevelopment building. where have with list XX experience feet real new well. developable ground and square-foot million of our as components developable X.X are the and our With we exploring on NAV GLA. engineering The we of land a square development as XXX,XXX estate opportunities acres development, the the later year history potential concentration of our to construction and

that growing or our We we explore within to footprint. will can't with continue satisfy selectively current where demand can we meet space existing future

office market, needs our looking million Madison. future we're all X hire tenant Memphis. We joint own with currently this through address We've we with over the locally. opening regional is in demand made feet venture to and a square in way portfolio new have Another including

and given our believe be will it offices same in for will boots through over Columbus the ground us in staffing Having advantage, next months. the and has establishing We the and provide fully office Metropolitan Memphis. competitive a Jacksonville we that several on us

to ATM sheet earlier, our sources that leverage balance discussed that capital. on the than priorities profile this a We less with well with and net disciplined by that positive of are want I impact The year-end liquidity EBITDA multiple on ratio acquisition fund and of FFO new is covered, net to ratio midpoint. less its have and ATM dividend we on XX% full in continues improve will core achieve of to still trading Even XX% our payout activity. be Our rate, AFFO we annualized on have activity, a we remain reason and than our targeting access been to still acquisition can provide increased help us unchanged. to on activity debt-to-adjusted and we were is greater ensure by able the our match year Xx focusing dividend the increase at the proceeds our on this XXXX. we based

While this our method have power to on line remaining through preferred access $XXX our is of our of million buying additional Madison and financing, over we venture. capacity joint

on of as and We are been as bullish the our for strength industrial outlook markets. our fundamentals we've ever

and value. would be and the on focus market a access mile the of in our accommodate for to growth It hard target for to, to our tenants last labor. be supply space to looking Our wheelhouse appreciate them skilled and remaining with increasing, strategy. winning constrained large proven in pools to new not rents to has mile continue Properties markets in our markets first

management and embedded is We buying growth on With estate to based the these them continue own aggressive that with experience asset are operators. now and we Pen. of of turn right create it to to through to as that, types the I'll believe time value industrial over and decades properties, leasing real ability

Pendleton White

Good morning.

owned in refrain of outlined first us we've less We're the Kansas price to on expectations. supplemental mid-February in on million by $X.X tonnage we Page to approximate than acquisitions that of fourth the an this XX% some largest We've like to call, City. expected X activity highlight You'll in hear if of of initial the we're to XX% on $XXX for on rail risk our leasing wholly plans our an right the where target our completing and for slightly waterway, X foot per U.S. year, in other provided cost. by And but weighted capita morning. situated increased we ahead for center We than It's inland level nearly City largest XXXX. completed quarter a miles navigable $XXX seen interstate any up transaction more On for and we of be is our most of for of similar confident far, underwriting. year-end. not based equated has slightly million the our per from replacement shorter yield the Kansas quarter so we've a city $XX, million, average nation. the to why square we've color some renewing, taken With tenants which discount X.X% term, our additional in lease the

have foothold state did future, we Louis. across that the St. expand like Now much a footprint in we expect there, we to our the in

Columbus total XXX,XXX yield labels building largest an and the Our properties. occupied consumer XXXX the square Chicago building XX% of goods ODW at to initial This this This $XX replacement a been XX a Dearborn, submarket property $XX and of foot, occupying supplemental brings a XXX,XXX as the $X.X $XX was in tenant replacement XX% footprint costs. market, square-foot There, a discount acquired is feet. as equating million by Page of acquisition foot, in in looking in initial has We've million. North we're X.X for quarter industrial Columbus in largest the brings in on this well. feet. to nearly is X industrial of building In totaling we square packaging a square We million assets by highlighted million, that located X square at occupied was X.X% since square-foot to acquisition our well established nearby in the asset producers for Chicago, this Logistics. discount per acquired per buildings, Fort ODW Shore our single-tenant asset cost. well to as is about country's one yield this to X.X%,

totaling of added which were Cleveland. square-foot asset building there The of acquired this Louis, $X.X we XXX,XXX is million one-off and acquiring off to strategy scale buildings, yield a XX pay And added seventh our with initial an in acquisitions that square continues square-foot in growing other and Cleveland, in two handsomely. portfolios brings a small target or St. our more than In building, we scale than XXX,XXX our indicates Louis methodically up million properties quarter's X.X%. for St. anything What our feet. X.X our to activity markets

through returns you properties adding value I'll we've supplemental transactions Page to again rate value. cap we've point improved creating several our on where implied noted from are compression. our repositioning where benefiting or We and materially X,

our operating few extensive have We assets. capital combination a peers access these types real of in experience with have a estate of and size, markets to scale, that

X continue now to REIT Jacksonville, day with in how and such square when We keep pursuing able The demonstrate is experienced and where operate we've been pipeline we Memphis, all assets surprise, consistent own have million a the feet, to the X makes that sense. full, prudently Indianapolis piecemeal that X. No value markets intentionally uptick as sizable now we're underwrite X and in since and which assembled qualify last it in of economic years manage, valuations. for we've in over Atlanta, X portfolios add the Ohio, our the strategy Chicago, to markets

of As morning, combined recent We've of premiums point. with evidence significant enhancements this the we're cap drive provided every points we've valuation rate home compression portfolio but result, that data the uptick. and are one lot might anecdote day, a made, a value-add seeing this

this trading point these million It's our sale where solid markets looked being to believe trade validation a rate. and similar a of is and We've it's our buildings, We portion a marker a of for Here for ultimately or at comparable X existing That's days. square-foot cap with data ours transaction. across same portfolio a levels. currently portfolios further sub-X% large in footprint. marketed going to portfolio similar are occupancy hard tenants

Looking in ahead million the balance to we acquisitions, of ago. from our owned $XXX are the million now a year, up quarter plans under projected $XXX targeting wholly for just

progress rates in are cap strong timing, mid-X% guidance and cap and would transactions. activity progresses. outlines so rates growth rate anticipating turn robust they Jim our I'll over to very pipeline expected and smaller markets portfolio on selected Our forward be to operations. The for to range opportunities and that for share in through We look walk for the acquisitions our reporting larger published we markets. potential these the to the mid-X% the our given year leasing as investment opportunities to anecdote our in it mark-to-market rental remains now test, as does activity the

James Connolly

square amount, that this Good new million comprised X.X been square terminations. X.X of square XX% year, expect early leases vacated. for of end to expire to Of April, the tenants were later we had Leases including that the square square leaves expire and to will has morning. was we were feet and and million This our year. in on renewed, was million have Through feet XXXX, to expire XX,XXX acquisitions X feet scheduled scheduled shortly. of X.X that released feet leases adjustments feet leased during million

that space XXXX. vacant we Additionally, the of had square been leased of start at feet XXX,XXX

XX.X% on leases increase basis. domestic rates cash rental on lease saw we a prior QX, rates over During

that significant, some online with to overall coming to year, reflect the larger coming average. we During rate be the drive expect to long-term that continue leases will rate the down increase

is the instance, to Southwest XX-year increase basis. those basis our For expect average square be X.X% Factoring we the expect vacancy XXXX. at year. at X% the XX.X% an prior up forecasted repositioned points we that year, rate cash net commencing XXX,XXX have QX XXXX will XX.X%, lease of new feet maintain. XX the Boulevard in which XX% to end a during to the X% of X in XXX,XXX increase on during to cash square-foot being lease occupancy included over end Columbus Portfolio-wide to Occupancy within leases, locations. the leases was on The rental portfolio of at from was

are April. have deferral of of be the increased in have locations will busy of year. of level XXXX been we leases the XXX,XXX XX% rent has Chicago facility these the a balance are building. of our XX the to rent and that X.X this leases Excluding It leases into been asset to well and it to Through square-foot X/XX, to benefits. numbers year-to-date, XX Plymouth's prospects point, feet One I'll and executed reflect we that square and have management for the delivering to square that with results. balance during collected our Efforts expiring to totaling the rents our positioned related XX.X%. beyond leasing totaling during footage, leased beginning was back been at over expirations, additional issued it An we QX show square XX% executed property this requirements in meet year. These feet. teams and show that our are discuss would for occupancy XXX,XXX our XX.X% rate and management billed million high has during long financial Dan At the small April, paid turn of future. performance for quarter, has the

Daniel Wright

to this there, and supplemental. expand will of several thoroughly continued We've those reference Thank Jim. morning. Jeff's our would our I on earlier you, to encouragement I echo review disclosures

first quarter results. Turning to our

winter recurring and FFO and $X.XX storms. FFO to common of in of to in also projected. greater respectively, AFFO share related capital results average interest midpoint offset core by AFFO from and these AFFO due by the was the NOI per the the NOI impacted $X.XX Our midpoint units, primarily the non-same-store lower-than-anticipated The metrics property decrease previously favorably $X.XX $X.XX same-store and a we weighted ahead impacts were contribution pool, was in outperformance lower-than-expected core of expense costs.

to other prior a exposure, in this X.X%. X% our the resulted extreme increase Unfortunately, benefit market offset of this so in than for operating compared expected weather on we to Consistent seen XX.X% the quarter far we've decline same-store year this NOI this in with results. reports mild quarter, QX. the in leasing see similar expenses more the of in operating same-store sector the the into strong increase had cash winter year expenses a a increase would Going related basis property we with

as with staying closely as sheet, at make to well our we year and progress target. continue track balance As on markets look match leverage capital on activity the acquisition full we our funding more

bit cash X X.Xx. Xx in the of with XXXX, slightly a with it line debt staying At we with nearly of year the continues have in XX.X% debt-to-EBITDA middle the thanks of needed. our level, in rates. accordion on on above year-end liquidity, Our utilization this well, line, interest less credit, below our that QX. and settling This $XXX end to under is to unsecured, $X.X of EBITDA with as operating The $X.X million expectations expense $XXX in capacity to with was if quarters an net net of hand, at of composition Xx the ample unsecured quarter million our fixed the line provision million improve additional million below to another available debt ratio our XX.X% and sheet of our start at and time, for adjusted of than plus with escrows debt balance original the

for As on release, property from for guidance several weather again to the point date while and the The in is range This acquisitions the to range at acquisitions higher increased $X.XX expect briefly remaining the and QX quarter, X.X% QX main and acquisition QX anticipated higher the to XX% full in second underlying on those share as XX quarter QX. same-store issued year. the expenses the slightly to as to previously same-store noted I'll year look will higher QX. to of in of earnings are to with volume timing count our quarter our and contribution by our XX basis ranges expected, the XXXX the date XX.X% assumptions. QX adjustment Same-store unchanged to X%, activity. adjustment ATM to based like the incurred we on in factor from offset with the quarter activity of these a second NOI first occupancy a the growth first related as a higher share in to assumptions. we NOI and QX these entirely once adjusting of core drivers expected to related from cash net is each FFO $X.XX ATM changes being well be to Acquisition cadence for expenses loss primary of be in quarterly $X.XX the and now basis AFFO our affirmed in much $X.XX count touch

We of expect to average see sequential average basis year. now a the XX.X benefit share assumes the on second year half the weighted from count of and the transactions. unit at The for we'll be ramp-up weighted million higher

As of of a total shares XX.X units have and today, million common we outstanding.

markets lowering been flexibility of ready and take of from for advantage our well continue Operator, gradually impact moves our to able we're to able cost past our to additional quarters activity have as capital we've as the equity our investment activities and now the the to creating made balance by on take growing also to to a opportunities minimize debt markets We existing value questions. profile. liquidity short-term in the provide support been the available term. We've longer for increase a fit with platform target to of and both several sheet have number

Operator

[Operator Instructions].

today with from Baird. Dave question Rodgers first Our comes

David Rodgers

last had pretty the to giving on start quarter, much to that the you you you you gave that. you the capital maybe Pen, indicated and that pursue have Jeff were when I only pipeline, guidance acquisition guidance to extent with think

ask you at I'd you're is you a the compression, talk what question the in year maybe of second ability talk B looking compression progresses? was on acquisition out seeing And about you to markets same the as -- that depth A of as the the more pipeline, again. that cap kind more grow rate maybe today? also, that broader about can there today, And the So maybe you're versus can actual rate cap you're

Jeff Witherell

ATM second Yes, as is This activity quarter decent I you've I first Jeff. we well. some Yes. mean, what on is bit quarter Thanks, and a in the the had the little in seen think Dave.

we So working the to have acquisitions which on. some more able we're bring to been table,

So in from. plenty got that's capital venture. where capital. joint available got the the We've We've of increase comes

capacity Our paid We there. line is down. get

Pendleton White

Yes.

to to Just here. that, Dave. add Pen

Right know, under just deals pipeline. -- our robust analyzing. strong always mentioned as and pipeline is has now, pipeline. of you maintained you million -- a That not about Our at we're that we're And our differed we've fairly $XXX worth all.

cap rate some days. last the compression have to We in even XXX seen XX

I think see that the board. you across

about still So very deals pursue. prudent we're we being and which particular

David Rodgers

then about clear Dan, same-store the change, you weather And Okay. on were the or Jeff impact. maybe really

little wanted So of I XX% bit I component appreciate that to ask leased. about, think, I further you're I guess a it. net

hit like gross. really that so in you So kind of you wondering the you change coming it modified where of issue. this or be markets if it's get some didn't just if back tend And gross just seems occupancy, this one to to back

just any kind So or hit overall. statement that can you provide of additional income thoughts around some re-collect of the ability maybe how the that to

Daniel Wright

question. think the I -- I appreciate Dave,

I think head. you've right it the on hit

-- $XXX,XXX of costs snow mix of the of removal that potential between to for other we've relative triple We is lease factor directly the our and recovery in weather. quarter got related sure. hit net took first a about and a structure Some with gross, to

we we of balance definitely, final as Some CAM recover. out won't adjustments. recoverability until expect, various be you all The to will of number be determined year-end that, able the of

Operator

Berenberg. with Our Siversky comes next from question Connor

Connor Siversky

City. the bit of on provide you a little specifically. wondering A more Kansas there. supply question quick just if see growth on on terms competitive in just you And could color that I'm dynamics what market some in maybe

Pendleton White

or in we or St. is Kansas Supplies new Louis it's constrained, whether as nearby here. do all relatively markets. our it's similar in other still markets. Kansas supply or characteristics We Connor, of Pen City see City

of construction already to coming pre-leased. of is ground, the I think you're balance place. X/X see is Across still in going about about all -- supply/demand out the the the it So new board, of

other our we to Kansas We're as City looking has St. us. deals year where over buying still in Kansas expanding ago. footprint. just We're We're for be -- That proven applies nearby still as Louis that entered think wonderful well additional a at deals to a markets City. market I So there.

mentioned I we The largest rail it's in like be is on inland place earlier, a largest fact by buy Kansas think center that term. and there As and that just it's assets that long tonnage, the going we City. the for operate everything to waterway, to the great

Operator

next comes Goldfarb with Sandler. question Piper Our from Alexander

Alexander Goldfarb

a track successful But the since IPO. you Jeff, on that's the existing a a great how just in Maine, buying First, bit comment just develop Portland, little development, more But city, record a good more certainly talk have fitting you there. seafood. development And and see a maybe broadly, there. of bit curious assets, then on if decision you been hallmark the to little platform guys could about just

And of able on basis? Or do is your to thoughts sort you this build-to-suits? envision to being be do going purely on-spec

Jeff Witherell

question. the for thanks yes, Alex,

want do we to highlight. Something

specific mean, little I get -- I more can Maine. on a yes, So specific Portland,

industrial in established an city actual very Portland. very city. great out. available, fairly in constrained. land are we little land is park the a It There's So It's built limits of

XXX,XXX a facility X at own tenants. least there we So square-foot good now,

tenants expand. to looking of is One the

little make we've where the -- land additional learned we that and this years happen. very over you have had land back X, land acquisitions owned, So years can we Pen didn't But to don't you the -- that I learned pay is in X, with I go to that -- really and think, additional have this these value market, this X, see for land. ago, today's start X you'll it. Maybe

of up parts of to know weeks most to had the I a difficult. who country know we the We building. that we're in people ground XX,XXX we square-foot about to got So ago. those is X New very broke able And as go put you which approved. Corps mean even Army Development are. Engineers, don't England

us We Portland today, do you the than that. have of, on-spec it sit come" deal is better a shall but they axiom as to couldn't -- we "Build and it for is script here --

we it interested the this although And we several building, of have leased. very be when So deliver I people have guarantees, building. -- there's the in by that will no comfortable feel end we year, will

it's equates another to we build Atlanta, where As scenario about XXX,XXX square it feet. can

a of demand We brokers. been tenants to discussion in up marketplace the ramping do according quick. with that have in build-to-suit. our We're pretty There's one to additional our

simply is development not us new And a them, if land then Tenants and in general space that this for additional to so are as additional So they're there's move much asking additional construction. we for it's own. broad-based no strategy space. located they'll the proximity

As at single-digit that, construction. projecting on yields high our look to why we we're

with to that returns think in our blends I So acquisitions. very mid- well single-digit high on

In So I think we demand yields. we're other to that's There's ours. markets, why to we it, development some and land, where are the own for we building compared good expertise, we're do it. the the seeing have yields quite low

Operator

KeyBanc Capital comes Mailman Markets. question next with from Our Craig

Craig Mailman

a did the a development of to you actually Jeff, looking -- what you get in Portland build? square-foot could yield miss XXX,XXX other location maybe I follow-up. you're Did just give and

Jeff Witherell

mean yields. the either. yet contract, we're But simply returns getting But know because leased construction gross are basically and be overruns to as didn't, would as -- digits Craig, I So what cost out said, are borne builder. not by are I We these finished. penciling our is far what -- right? high we not as into, our it's is single contracts

Craig Mailman

Okay.

basis XXX you above to guys XXX buying? like points where So are

Jeff Witherell

Exactly.

Craig Mailman

of to but you have development how of Okay. kind much looking acquisitions, land third of your would additional you this have in-house? a want Do And year? develop, would $XXX guess everything capacity a how Or guys If you're you plate at million standpoint? doing guys want I you do guys on you're to party? much that from

Jeff Witherell

of Well, questions there's in a there, lot Craig.

fine. We you. are no, make get them sure just wanted answered I it's I -- for to

my mean days in We I a developer is of in-house. early and development for background for surveying worked engineering, a years. number have land then experience my civil

development have experience. we So That's me. just

we've I go at some here seen, a the you then X other building pretty ton all XX -- probably in If of got he table here Jim out X spent bench has And across got people, that built comes a the plenty we've been experience. of but you have room, haven't or Pen at deep years things. other of he's and properties. people globally their of that mean Nortel, our

concrete, build have us we're steel working level, that contractor not we that have hiring that from general basically we the with have done. -- on design the the that's and So experience the a and but

as times, I have said we again, I've for with feel very experience, I So comfortable the already apologize it. X that.

trying Board our so Board, and our as for has we're to it's much And us, to We right? see of acreage it, right out these how tremendous well quite much We're in at construction look land you If and opportunities big assemble we don't coming covered a industrial frankly. development us. it, become at opportunistic development player, experience risk want there. a of in but do are amount to not

we dollar the Cincinnati, -- So markets there quite for if one really. hottest We've got -- got it's industrial. XX-plus demand in of a we've The know of have the on. a figure in bit country I don't could acres build we

along, we're it. if going do So the opportunity to right comes

Craig Mailman

it know, it, idea I was the just are of Or like the taxable dividend that we mean, on the income? a against you amount tremendous the -- thing the need nice Board's thought felt driven you do it right. cut All guys to was I do retained a shareholders? a that to capital. That's it a by it's nominal the it up helpful. decision, a guys was was Was decision increase, dividend, good And then the for because for not bumping Board net basis, money, on but

Jeff Witherell

we combination. our policy. made Board a up didn't REIT of I a for decades remember, have again, it's taxable, I right, our are a a people of lot -- was this bumping it that. but think think the of against of lot to I do experience, And quarter it REIT up that have We experience. is good

sense. we year, And it keep X%, raise back and cash place. up, rents and the I so if growing to we going the think get on And flow track X%, X% put think in we each makes keeps year do that a dividend could wanted it as

Craig Mailman

retention tied the policy I that dividend been tied going on of a or you tied guys continue do to taxable Or policy, dividend But getting going here Board dividend se. a what's from X.X% treadmill Is kind to historically. to to to get a a maintain bit trying capital being more necessary? guys versus to payout of guess per the forgo X% sense to dividend a to here have is are to Just are constrained yield? right. the you All that little

Daniel Wright

to a we're in think taxable I the we direction be and conversations thresholds, the positive income predominantly marketplace. in evaluate the towards of what payout balance as that maintaining tend directed it, while moving we're the on ratios the for seeing

Craig Mailman

last And then just one one.

assets being kind cost have job nice from. of away that of about have rates coast guys the bit growing the a competition you guys now a from a your source where capital? private guys shied done of to their pencil really able markets But really to in could given make public of players You talk little the markets lot in just on for cap are difficult

Pendleton White

markets private always all Pen regional Craig, call I from our here. partnerships what more of or would competition companies of kind buyers. Yes. or or seen of We've local in

very deal guys lot of contingencies being oftentimes, quickly, good a often sellers kind we're than not, and to where shine can a think have more and cost a that we a with public for financing any, property of these a which I close a someone deal well bit competition, capital. We're if have there's like like some like of capitalized when private few, REIT, cash with. contingency, all that's -- to bidding ourselves with

So in last X months. to has moderately ramped that the up to think -- X there point, has your competition I

all I of as read the secondary earlier, mentioned buyers that you research Tier X reports now are were once markets we to same cap kind we're think, compression and the in markets some in or A or lot primary do, our end markets. for yield. I looking X seeing that of Tier rate

But that will, always we're when properties you it today years our is ago. we a or hard about X thinking if balance, no -- than different was in we're take our at look constant that there's markets. X strategy So acquiring

more results the and very same. we're to continuing our look to with So of happy forward do

Operator

National Gaurav next comes with Our Mehta from question Securities.

Gaurav Mehta

to and keep cap market talked rates? portfolio? on sub-X% a you at about comparable cap at more remarks, to higher a comparable product ability portfolio And properties prepared your able color a then rate. at portfolio that being comparable sale, provide marketed In follow-up, for a guys you as your sub-X% your if Are is acquiring rate selling cap type

Pendleton White

significant earlier. That particular others one number involved of our a over our that that goes of also have in have market. we're It likely much portfolios, mention in on relates mentioned of, most at own we're over years as them of. aware as portfolios just what assets compression specific we're X will uptick either well. I the cap, million and portfolio, markets. there now of a seeing as or just premiums plain that rates below X last to we're those is you we X own I This trade a or sizable, There cap $XXX did higher that in in quite Sure. seen Again, we to terms result in, cap bidding a are acquired in as Yes. It kind one and of the probably the currently portfolio. on rate aware valuation know. are

transactions. into -- at today cap that But small portfolios of cap higher what and are little rate per find to one-off X.X% se. rates kind to deals, obviously X%, other look And hitting in moving as analyzing given that more what call our obviously, where So parts we the cap bit just in general, look yes, that's range. we at we where, as today's many we you're go are of midsized market. don't deals some are kind a apt singles There well rates, doubles,

Operator

question-and-answer our closing I'd the for remarks. This session. concludes like back any Jeff to over to turn call Witherell

Jeff Witherell

you, everyone, us Thank joining for today. Yes.

are As questions. for follow-up we usual, available

get please in touch. So you. Thank

Operator

Thank concluded. today's now you for attending has presentation. conference The

You may now disconnect.

Plymouth Industrial REIT (PLYM) 7 May 212021 Q1 Earnings call transcript