PLYM - Earnings call transcript Q4 2021 | Plymouth Industrial REIT, Inc.

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Operator

Good morning, and welcome to the Plymouth Industrial REIT Fourth Quarter 2021 Earnings Call. All participants will be in listen-only mode. [Operator instructions] After today’s presentation, there will be an opportunity to ask questions. [Operator Instructions] Please note this event is being recorded. I would now like to turn the conference over to Tripp Sullivan of SCR Partners. ahead. go Please

Tripp Sullivan

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

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

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

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

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

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

Jeff Witherell

and Thanks, was year a morning us joining today. I everyone good Tripp, for for good thank By Plymouth. think, measure, any XXXX very you

Before I to of details, in XX regional first for I Memphis report well a and results. team transformation as Boston offices as as our about to into XX thank entire the for in to these the making want XXXX for to next the a strong I possible it Columbus, company. get period have talked Jacksonville and months our finish

to opportunity our continue in We growing markets. have an

large strong and quarter sheet. opportunities strengthen those over our a of and growth to a to the continue opportunity turned simplify quarter, in our date rolling we percentage leases in rent have to first historically Throughout reality. the and balance have have We period into we of an fourth

drive growth as we’ve and visibility end though just November. that was for how company was a from our inclusion the This It’s RMZ elevate focused a us recognition we in of on a milestone are should Another help the the and sector. we milestone shared at REIT within here. the significant

rent forecast and higher over NOI our Turning stats with for were in AFFO core and XX.X% collections where spreads at share a was for the we the our share were on had full cash to factoring we XX.X% during up quarter, in the Occupancy per releasing were XX.X%, expirations. key feet for year ended operating basis cash million FFO XX.X% Same-store was year count. anticipated. XXXX with X.X%, square a year and signed end, after up slightly line X

What in those use of the starts provided memory. capital acquisitions our of projected represent quarter year XXXX assumed acquisitions. activity, to The for had larger would we well early us XXXX QX with guidance. one record to of as as and fund our leasing recent In addition QX have to the ATM we completed in the the our strong another

Our QX approximately over high Industrial an and of gain XXX,XXX told installing additional yield to In an resulting square and currently active feet development the $XX projects in areas program our of continues at the markets believe million to open planning finished development investment total investment range. at square of Fisher we million crane stages momentum or three them projects in with different under four construction floors $X.X we various with with targeted an a development. X.XX Park, will currently XX in All single-digit represent these pit Cincinnati, feet in of approximately million. create

this quarter, that space leased is of all new of occupied. As and

additional We two projects currently underway. have

new two under feet project separate first is on that totaling buildings, square almost site. acreage development the XXX,XXX on The additional are

break the on We’re with summer. the schedule and to by during early April building the ground first second

a square is quarter, second potential to The and $X.X we are and QX of proposals $XX the development Maine, Xst, completed of this square working in balance Atlanta There of in and Portland, XX,XXX could December complete are foot in half developed looking a with year. expect this year. active building project during to foot earlier our building, proposals up potentially for this we worked QX is of expect the to occupancy ground a in certificate July construction later this other that shell ground prospects commencing occupancy third of million, with million this the prospects building be on XXXX. in for At have We occupy construction on building leased industrial being space. new broke of XXX,XXX

adjacent development this an later under that construction with year. begin feet to on is square likely are site another We XXX,XXX

have the all XXXX. are new to expect of before Jacksonville, buildings which right and start and waiting these buildings parks now to on leased are permitting. two are business early approximately design feet fully there Moving final mid space. existing square These summer Construction our for will within we XXX,XXX phase total of in four this we should located to

pursuing the development currently existing are reminder, are directly of site. As properties adjacent to we projects were ours on a

space price, them unlocking value on essentially land and from are unrealized we’re original of the our included already that sheet. additional purchase on All was balance own we in

the have leasing development our we scope that controlled of strategy the and cluster program, We while so our leveraging and complements within these acquisitions it tightly have size expertise new market markets.

the the are program compensate amount they year do to construction more Given our for but this by of temporarily in leverage that. we projects and under expect add than projected investment end, until we believe returns online, to

with the XXXX. is three and sector, this all the top access common of availability the the to to we the XXXX and again dividend headlines operators. that activity? outlook to to continue our managing covered dividend through supply full priorities capital. We economy, Even where acquisition our time each of our those stock the did on is to look. increase, payout me chain we and time you to a X.X% we within at lower particularly multiple ratios our hit of rent do As and every effective only by estate that basis not own a quarter first team you’ve the within walk the real continue our great is quarterly also This board these priorities buildings, improvement increase to our heard where but that Strength mile. industrial to of why for We ensure our labor have time with sources don’t balance well profile industrial have we own lowest say them with first elected continues believe driving growth improve are one strong before, from ongoing sheet we in the are based job trends of with to of relative the dividend in challenges industry. mile areas, the the fundamentals to in focused last the Pen, us of the leverage

Pen White

volume the acquisitions at In acquisitions of Thanks, to acquisitions million that the XX total. Plymouth Jeff. and of was on day. square weighted buildings. completed every X.X% X.X average we our weighted QX square work a closed the brought $XXX.X $XXX for the average record make totaling members last full team testament talented volume over is initial increase XX% the the Good replacement per foot, year’s of cost. fourth platform yield well platform a across below $XX quarter, to morning year feet total This million This The a cost million, of everyone.

early below We one we million a portfolio than $XX St. tenants QX. are fourth XXXX with to by another off long-term couple at expected at A to million with two million rate provides to I’d week the rates. in acquired rollover less vacancy and another submarket in us feet cap the building combined East this Near-term to like totaling a start in already to two tenant lease $XX.X of Louis strong transactions in X.X market of highlight, with square quarter $XX.X Gateway projected both closings sign current closed, later an in-going opportunity $XXX rates million and close X.X%. submarket, million for leases with X% market

stable and accretive additional we Plymouth bought annual Class say of on acquisition to building acquired $XX.X Class years add foot. the with like million, per eight I’d Dayton, provide X.X% five A cap for should in-going Another long-term B pricing square or This remaining over lease, rent this at property in flow. ago building we just built Ohio $XX increases. A rate with with cash years tenant single

and and I strong does earlier, stock are with on pipeline return pour brokers, reevaluating all warehousing experiencing are offshore to and into buyer. and enough the growth quite across strong chain or relationships deals their being which ensure deep able seller markets, to close to to notably for robust transactions we types, our Further to delivery said, mentioned metrics remain start continues our new being industrial consumers. vacancy end U.S. properties both as smoothly who proven most us As rates, in efficiently investment our of very our are XXXX. customers and results as ability a record with average safety analyze remains their competition that for tenants, domestic off identify But and track multiple storing above often industrial preferred to rental we’re with quickly supply rapid markets. The capital, low focused attractive infrastructures,

butter compress, our call transaction the cap what to larger continued with and cap to rates one-off hitting seeing we’re seen portfolios deals, with sized I small and medium doubles, fives and singles bread less high especially sixes. have the high so in-going rates We and between portfolios,

for criteria regional asset deal property management look use we competition right management the us for markets rent institutional exhibiting limited efficiently positive our ability to and strong unchanged growth, remains properties. industrial the aggressive mix Our that to of have utilitarian, as the and teams absorption, buildings

rent submarket growth more element our One is growth those experiencing based markets years. single-digit important of digit had projected the underwritten portfolio, we a growth. single focus specific on reason key we’re our mid rates to Previously, next we new in underwriting. mostly on have what expectations to data within adjust Analyzing our is on rental high deals, few in growth but the low rent over we to points own

our of new this to view deltas, is many significant portfolio rent on fact, rental growth mark an to low market expect tenants, One can double-digit to acquisitions In specific is due ability pursue having where more growth in pertaining our rates. we impact opportunities. recent to place

yield opportunities transact four in Also lower, matter last acquisitions pipeline XXX% leased, to that compared much as portfolios provide portfolios CapEx, XXXX been cap in rents. require we add quarter, can should have X%. have larger usually our may vacancy likely a our in-going and the leasing While we we that more average for Those are with in and yield initial discussed the like or asset. types, most cap will much stabilized range greater see to we smaller value mid the XX% through our but slightly drive a of transacting rates, improving near-term where or lower while more XXXX around

due leveraging we conduct quarter over key next to opportunities. the especially in and and As start forward our markets, quarters two source our success have indicate, would XXXX in our help where our progress for continue We of the new year. to acquisition the last industrial concentration to pace we to and reporting ground course diligence the on boots during have look the

to operations. and Now, over it Jim activity Connolly, like walk through leasing to I’d turn portfolio the to

Jim Connolly

including end the had we the that leasing addressed. million square addressed of acquisitions square comprised execution. Significant of still square progress been and million was renewed, feet leases leases this that be expired million X.X tenants and feet adjustments expired on was nearing new leased made during Of has terminations. of X.X morning. space feet Leases leaving Good amount X.X square feet to to XXXX, are year. needs that many during XXX,XXX for our XX% At XXXX, early

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

rental XX.X% lease rates XXXX, saw basis. commencing on During increased a on we prior leases cash over rates

increases XX.X%. our from rental leased QX, the Portfolio within portfolio, Of in feet being feet of higher at the occupancy feet have square XXX,XXX were up wide of was another XX.X%, During starting at XXXX been as end basis square rate with locations. XXX,XXX QX. XXXX significantly points with square repositioned end XX,XXX four at vacancy of Tennessee the categorized XXX

February active square for have our square rent XX.X%. was our XX.X% prospects have XXXX. XXX,XXX and XX year in at we reposition January. additional XXXX small executed feet been to leases with after by XXX leased that results, with be deferral of leases XXXX these feet totaling end back million the Efforts square rent bill expirations end square the leases the totaling year, of would for One million December. footage, rents busy rate locations reposition an X.X of was XXXX executed balance vacancy. the related prior during collected are XXXX paid feet XX.X% Through completed the occupancy Excluding a vacancies X.X QX the of issued XX, of the at for fully during was with XXXX showing and expiring

feet discuss greater. was for been as complete of feet status XXXX current were leased the X.X approximately XXXX and square XXXX, X.X increase over prior square XX.X% rents. million feet vacant expiring scheduled leases there terminations. three in expect specifically with already February in and rate an continue to has XXXX, over teams the the of was At These turn delivering the financial been expire that to two show numbers scheduled have two expire other prospects. results. of to or addressed, long that million additional at solid positioned early to property Dan of were Plymouth square early and these XX. XXX,XXX expirations represents the asset adjusted Looking terminated that are through This management leases we These negotiated management leasing our square the the expirations high seven released space XXXX. while an rental XXX,XXX reflect actively performance this future. requirements into are it that meet being level we lease feet There of are to to lease XX% of and the renew and I’ll well to Two our of point, results to with exclude acquisitions

Dan Wright

Jim. you, Thank

detailed First supplemental provides will attention those your disclosures which to referenced call in in filed the prepared these information I to more earlier, remarks. addition

square continued increase to demonstrates of our excluding in counts, in X.X% a three key the markets year up basis activity and the unit third of average with share our Same-store on top income Both our forecast, a portfolio. and which capital The line up NOI metrics feet. were NOI aggregating with AFFO at ago, year-over-year strength metrics weighted of increased basis. closely With in core match was ability year leases our GAAP quarter. common quarter sequentially X.X% compared $X.XX share cost and Looking the an fund increasing ago in fourth on $X.XX were FFO same-store early and the was a quarter. results, a $X.XX $X.XX full capital. per the and the units our to related improvement in on $X.XX cash year termination excluding $X.XX third impacts in XXX,XXX from the

at which our year-to-date, NOI same-store brings increase expectations. the X.X% quarter a was to us of high end for This the

at balance look credit attractive sheet, program strong capital unsecured have to we and able ATM our lower the we on cost of been the As facility with terms. execution our at expanding

for benefited Our acquisitions at our below and and activities. which debt debt-to-total end, XX.X% our Both from X.X year the of capitalization were quarter and was market of targets times. timing ATM was EBITDA net to the

with to as moment earlier. expect is plus is impact our Jeff end. related would year us converging operate and slightly $XX.X preferred point we acquisitions in associated XX, to on an this opposite net progress the net before on of activity that and at development debt in this likely of sheet that this certainly and developments One we $XX.X note should December year the balance timing with those having million say that leverage, outlined is million heard as by XXXX You is in one construction projects somewhat carrying approximately and investments approximately leverage for with are in XXXX the leveraged a higher earlier we debt time, of

to We have for leverage metrics not development activity. account adjusted our this projected

they well value net asset projects a bring we as to as earnings As will these online, creation. to be contributor

release As swap our to two noted executed subsequent the in unsecured earnings XX-K and our year-end, we term agreements loans. on

the on X.X term a The one August, first rate million fixed our maximum loan until at XXXX effectively X%. of $XXX rate

the decision rates fixed February effectively X.XX%. increase this to expectation continued is term fixed that XX% right maximum rates The are our with these until at of into debt XXXX believe $XXX swaps rate on X.XX%. factoring These rate of a current of interest at year second of and make. baked interest our our balance the full a average in the loan one an swaps of guidance. rate remains After million given We at of X.XX%. the And floating was long-term

have remains $XXX additional of $X capacity liquidity operating and of on hand, in million $X.X line the on as an presently revolving expense plus credit. escrows, million strong position we cash Our million of

assumptions with always the assumptions, underlying on briefly FFO acquisitions scale be acquisitions QX, supplemental, per contributions several $XX expected terms the NOI to to projected And start to portfolio past X.X% transactions a continue noted is on in years the early timing we year, a and completing factored release the into based in Based million to to year-over-year growth yields X% transactions. outlined guidance. than another as earlier is of XXXX are million as year had to full again, X.X%. we’ve the After on indicated That year be close $XXX of million QX our main in several that an share in close of should by our continue factor be transaction expecting are of as earlier, the in is the basis to of much from And QX. touch core Initial guidance. for X% the markets. to an additional annualized we I’ll to Pen in on anticipated first with add turn on date. the and in close X% respective so let’s our balance Now, we far closed range. to $XXX

leases We activity feet both million leasing year. approximately expect with during year another new renewals X.X strong the of and square for expiring

impact an during stock the past increase growth with price fees. to on in expectations the as and existing be of expected to pool range reflecting NOI profession increase staff, in contributor primarily increase of for a range expense XX%. compensation Our in well be same-store headcount, based the X.XX% higher and the continued stock due is to as increased to of the same-store G&A to for XX.X% occupancy as year, up to year compensation well a overall X.XX% projected market year-over-year the with is

expect to of this again that has each percentage and year, continue continued a year. revenues, As we G&A decline

on the out we convert as unit Madison is of transaction in largest be threshold fixing be Jeff are when the in earlier their and basis XX One higher would months Series next the a the million shares, in activity, in Series term $XX weighted are the exactly one the the shares convert $XXX or our of where continues entire loans. million today. to preferred the which from Plymouth, for and intended higher B to of and and coupon series stock assumes to in that conversion importance we our control Series not guidance, now activity, stock. timing for XX of our X.X% two are expecting ability pay at Notwithstanding a shareholders matter. will X.X of included due off million we share A worth average units been activity noting talks acquisition higher the potential the leverage in cannot shares year-over-year A if count interest my B in point of they this on or to stock year, at weighted a months transactions average to as balance if noted simplifying we our conversion achieved, position in has When one of are development rates common working commentary, expense B of impact XXXX with million the Series is, of preferred As ATM XX about early might their current for sheet of the or our life that examples. the as great paper they are

of preferred forward to take two to I’ll series over being looking of our capital to And it stack. Jeff. back We’re out these shares turn able

Jeff Witherell

Thanks, that with want to Dan. back more importance, thank one is and come I to of Dan. item on

many of in is from this call. Dan’s you earnings As our December, last announcement know,

year. to in over advisor looking been I’m us as point. to a transition I our want staying Anthony done with created down everything he and CFO succession growth He’s Plymouth XXXX, instrumental on on He also for as to has from to past over smooth has he’s an to him position. forward personally plan we’ve and As the this to worked Plymouth. get since the stepping been is him this thank

now take So, we Operator, historical able to are retain to his knowledge. questions. we’re ready

Operator

with Craig from Our Please Instructions] Markets. KeyBanc today go Mailman first come question ahead. Capital [Operator will

Unidentified Analyst

for G&A. is on Dan, the outlining thanks Good on This for of [indiscernible] some Craig. morning. stuff

you guys guys about grow G&A you’ve kind achieve of you to gotten continue can in to point should need that out expect we platform how one, investment that you want? Or think sort platform, the think you quick how you’ve the you a think that scale into where you make make to built XXXX? the of investments Just and the sort you platform? as really do the incremental beyond Do guys a of

Dan Wright

morning. Good over yield thank I’ll it, real text you then the to on Jeff. I’ll And and just for question. briefly

to strides I to increase. and senior we’re have executive’s we’ve that production an certain think test at the grow. platform the be if continue as structure able growth would made more you Expectations level, the as to But the opposed effective will, great be elements to overall would of of continues, level. Jeff?

Jeff Witherell

Yes. Hey, Arty appreciate that. the question on

that have there our into – about we that. we baked right do people a savings. get handle is we have secondly, We the offset that the XX now property There’s about to better And management G&A. own you into are can get an our management, that later we in office tenants. how first clients, our thing look a to But for regional obviously to property we service when and can

a But the just we for us. And win-win it’s two it’s those issue. scale, together, always if a so timing put

behind You’re in of get as public a company. you bringing people can’t ahead

you to we But and management that. really assets. matter want we’ve the property of all to it. it size We people key on adding people need it’s management, So, asset the manage Dan got answered just get a ahead of

Unidentified Analyst

if Got it. then you. one, could. one I quick And Thank more

expect low on how year? to to the kind have low expected about teens, a to sort So, expect through double is XXXX, leases this way XX.X% that you, you heard mark-to-market think of right, the you the signed, mark-to-market that digit, you that guys good that guys continue I commence you on leases commenced mentioned of if in

Jeff Witherell

actually Actually Yes. good. the at be numbers little of should year the that exceeded bit, we is beginning so a this

Unidentified Analyst

you. Okay. Thank

Operator

go next Berenberg. Our with ahead. Connor comes Siversky from Please question

Connor Siversky

on Good based broad morning. me question the everybody. for have Hi here. Thanks I a call. having

conversations Just for situation I kind impact need in space impact on continue where energy on we this Europe your of obvious and do be you their your as spiking seems have tenants impact think within mean, this example, may geopolitical term? has any looking out thinking prices, even the in pipeline to for the near development or loud with you’re unfolding over

Jeff Witherell

This up I with our topic Hey, active. all. very tenants with Connor, it’s come Jeff. not we’re has mean, at discussions

our some in remarks, developments I how proposals we’ve going tours on, think of on those out about talked new the got, we going multiple properties. prepared

pioneer utilities did, it we own, development, haven’t on very are from already on our focused interstate land. not kind infrastructure. perspective. you again, water, development impact sewer We So way of lot that park, the think site, a we out so onto any on from we if building will seen risk going our is of taking And out, in in we’re a bringing already

called execute So development is that’s simple very so for very, to this us on.

probably continue to that that with going we we’re is fill it So, forward that demand there than confident to we’re and these we’re the properties, move very the projects we’ve higher will rates outlined and underwriting.

Connor Siversky

Got there. it. Appreciate development. on the color And then just sticking

call, immediately opportunity adjacent the cluster more you you mentioned on the to but land of the do your footprint existing had to the if to more see this about in thinking apologies projects? model, greenfield So and engage purchase

Jeff Witherell

product have that remember, we is But of most this Possibly. product. infill

we’re of lands, not a right, land. out again, So the it’s, where developable lot there’s just in inter

where there’s a the in area tremendous but exclusion, Cajun [ph] that are. development the be may of we Atlanta amount So

we’re product So, we couple that with that of a on land will always a acquisitions But explore look some comes always we’ve made or I for that just think things looking fill. see again down can our we for of street Most opportunity is door I for lot the parcels a know of just contract building on. you’re it, that. has in don’t that that, we next us have now additional buy to is bolt-on. to going

Connor Siversky

Got it.

for color. the Okay. Thanks

Jeff Witherell

Sure. Thanks.

Operator

with go Baird. Please David comes from question ahead. Our next Rodgers

David Rodgers

bit pipeline. more just good little you start Yes, Pen everybody. a morning, the wanted with to acquisition on

You months kind acquisition. first the of of to have over in given just the guys year guidance terms of three obviously four

rates, what seeing, little offs maybe cap small to, you’re you and high sixes. five So small maybe talk because then cap portfolio about bit at sixes rates a the pipeline, more quoted low one the in

guide So, that And of think? the for $XXX deep How acquisition the is you is million acquisition that? conservative makeup pipeline today? what the is do how in year, the

Pen White

pretty on is the deeper to what on be put I its Yes. we’re quarter. Hey in entire but or in don’t guess, to We to going really for confident now real about it. year, acquisitions Dave, the best way pipeline of remarks, prepared the closing wider, guidance give first the our our that we’re number is been here typically color

in because We’re really, bit the then the high looking deals they’re rates, in those story. even cap of tell, little in say, it it’s tell high sixes. only a rates some I fours that that I there’s hard fives, at the have a mean, cap generalize and to low

We going cash the obviously, are very very focused come in foot obviously fourth per strategy. the acquisition has as overall, price year. well where cap with jives on also rates, square investment over as that on the And comfortable our quarter our well we’re focused flow, we’re price And pound. but overall per in

David Rodgers

X And thirds new. Thank of square the on renews of you like little million is maybe that you. third leasing have feet that two a side, Maybe than then more to a go. sounds it left

feet overcome guess, for what’s outlook to year you’ve you that earlier, on guidance be Just have piecing kind that the in X some underwritten might or much maybe and comments embedded, of able I square so how together million in how that, that remaining to your curious of downtime tackle? for you the

Jeff Witherell

so It’s a is little rate higher this a question. far. renewal bit year The good

way it’s the think be probably around. going So, I to actually other

have to more renewals. going We’re

maybe and tenant year. quarter renew large will this will with Yes, were we of put new and them it Two got for tenants last had ones of we’ve of projects nine And to done one-third is up got the current them early term, two-thirds tenants. interest. replacement new before be got, we one only one have the renew. already of already other and two in a expect So two lined we’ve of lot them up other leased not been

in get I and give there’s of going and we’re don’t able are So, be without tenants overlap. when new with early much leaving, lot times think them the us terminate downtime notice to tenant to there advanced a they

no the downtime been a year for doing we that’s half. there’s that’s, So last been something and

David Rodgers

one just sneak going Okay. Thank more that. Jeff. And for you I’m to in addressing

on a the that you could option the it Is partner’s preferred of conversion not your case? was force was guys option the B the that under mentioned that. impression You that

Jeff Witherell

cannot We of stock but a pay can’t we of the can agreement in it’s the because we stock limitations it force, they in to to because off, force own. can conversion amount money, the

here sit pay we in cash off today, or, either convert. for or we them as they So it’s

David Rodgers

Yes, that’s helpful. Thank you.

Operator

Our next John from Kim Markets. question will come go BMO with Please Capital ahead.

John Kim

you. Thank

to expected share in this to have increase guidance, well First about year requirements early funding ask but expect another you on of you don’t you time a ATM acquisitions wanted $XXX the as to as account your be I million, or caller. much guys us as are close future source? with that noted, an you for funded

Jeff Witherell

for So capital have allocated that. John, all already we the

or that’s that raised. didn’t acquisitions equity guidance additional ATM and activity. on out And we’ve any debt between So why we give

we’ve the identified and in this in funded. fully you So properties if script, are that will, our release those

John Kim

that done proceeds, year-to-date? ATM the With you’ve

Jeff Witherell

Correct.

John Kim

just it’s do will XXXX? potential wondering but with it And conversion, will something you can’t, event this that on some you I money expect appreciate, filed Series Madison, you your in what provide was on be think your B do could I that Okay. an year? happen Jeff, this color given expect if post the could don’t you in you that, based be conversations guidance, or and Or already announced you have

Jeff Witherell

Right.

comments and on any conversation had So with this, will my not Madison. based be

with preface that’s, everything that. I’ll So

pieces My to fact comments. Okay. will comments two my

them first next that, The off to can is piece accrual going year, rate. the at be we pay

benefit. going our actually if we’re to stock So goes down,

not to we if stock them our pay off don’t but want can goes a year. here, happen So, making down, next we that if prediction

said, would convert know, and was where a they’re the in it’s position. I in where you stock I price, year Madison, good the that money, this if So being

reason convert that tell I would you? for think bridge year that’s what will you, the I do So would this they them. Is because if was I I is it

John Kim

year, this I’m Yes. yet. known that or one I would it wondering why are price it I I you prices to have happened? share but reach hasn’t suppose mean, surprised mean no share what already could happened hasn’t happen

Jeff Witherell

too why I John, not surprised that to but to can’t I done much I’m silly at here, be this answer My they it. life, answer point. and too haven’t can’t about ever I’m too old trying

John Kim

rents would think to where market Louis it that $XX yet, you acquisition. million wanted will or clarify your do it and is just I On renew you the take is at expect the St. that tenants anticipation the do yield? release to

Dan Wright

don’t on they really we just but negotiations I I are detailed those working stay to to tenants, too So, want yes so yes, all rates. this, say. in they want those with want get want And it, in That’s place. we’re

John Kim

XXXX are those expirations? And

Dan Wright

the third in quarter. they’re Yes,

John Kim

you. color. Thanks Thank Okay. for

Jeff Witherell

Thank you.

Operator

from with comes Instructions] Hau Anthony Please ahead. Next go Truist. question [Operator

Anthony Hau

be for Good growth morning rank will you guys. think, XXXX target your markets? do What market in

Pen White

to I’m markets. the Pen seen the at not better much, in to we’ve it assets general XX market, good within in Anthony, months market-by-market, portfolio, but we’re that months of mid-single question. kind existing digits. in going we’re own Again depending in looking last our seeing kind that Hey, XX on of a a than A here. those go our

I we’ll defend projection So, surprised. maybe digit mid-single be well. that, growth we can think pretty And

Anthony Hau

we XXXX hearing be online markets, target on in give for is for supply overview you And and where today especially an Can keep XXXX Columbus your it. and markets? Got your that coming us sub supply and will markets lot Indiana.

Jeff Witherell

at demand, is with million numbers absorbed for a keeping with coast on. the Still coming across Yes. the you overall still argument you over XXXX. up an supply increase didn’t XX% were I board, up XXXX, But year. if and And keep mean feet I square it’s leasing make also over coast numbers, that, to mean, not that demand. look last new XXX the the can that’s there

foot exceed ever. You $X rental exceeded rates time that the square for per now first average had on

is the So there. demand

all Class markets, we happen in But of B just properties. it, We in. on lot that a being not are seeing be that ones rates all $X. We’re as that, focus acquiring own really rental the to said, existing our we properties,

rental is $X. board over across just the Our rate average

is. in there’s between many and delta And average think our national I significant So average that, us, benefits ways. what the that a

is, but XX-foot say our A, our tomorrow, its going that Class unlikely right they’re buildings down tenants, never highly clear of never, that most a So, property to haven’t keep just rental I it but going a we obviously only that’s It well, if doors hope we of the seen brand for helps move we opens charging new street monitor don’t into square because us. one from happen. north, rates will, it these know foot. product brand new that $X

Anthony Hau

me. the Got the you a basis? Can one is and share last GAAP it. And mark-to-market for cash What today? portfolio that on on question

Pen White

on It’s out We’ve XX.X% rents. add bit if in measure to XXth, basis? actually been, cash a our since had we we higher. February On XX.X%. Through happened been it’s increase a at then, got what’s quite

So there’s to room of plenty grow.

Jeff Witherell

And we don’t typically disclose GAAP basis.

Anthony Hau

Thanks it. Got guys.

Jeff Witherell

Thank you,

Operator

remarks. our like question-and-answer will would conclude the to closing to I this Witherell conference gentlemen, Jeff for back over session. and turn Ladies any

Jeff Witherell

We Thank us you Thank follow-up as we’re next joining for today. questions all time. and available for it you usual. you. appreciate See

Operator

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

disconnect. You may now

Plymouth Industrial REIT (PLYM) 23 Feb 222021 Q4 Earnings call transcript