PLYM - Plymouth Industrial REIT Provides Activity Update for Second Quarter 2024 | Benzinga
BOSTON, July 08, 2024 (GLOBE NEWSWIRE) -- Plymouth Industrial REIT, Inc. (NYSE:PLYM) announced its leasing and development activity for the second quarter of 2024. The Company also announced details for its second quarter earnings conference call and webcast to be held on August 1, 2024.
Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, "Leasing is an important component of our organic growth, and we have continued to execute on our opportunities for both 2024 and 2025. We have addressed many of our top 10 renewals coming up over the next couple of years, have strong prospects on our largest opportunity and expect to bring our development program to 100% leased."
Leasing Activity
Leases commencing during the second quarter ended June 30, 2024 totaled an aggregate of 1,811,939 square feet, all of which are associated with terms of at least six months. These leases included 1,610,786 square feet of renewal leases and 201,153 square feet of new leases. The Company will experience an 18.8% increase in rental rates on a cash basis from these leases with renewal leases experiencing an 18.8% increase on a cash basis and new leases experiencing a 19.5% increase on a cash basis. Total portfolio occupancy at June 30, 2024 was 97.0% and reflects recent new developments now in service. Same store occupancy at June 30, 2024 was 98.2%.
Executed leases scheduled to commence during 2024, which includes activity through the second quarter, total an aggregate of 4,654,825 square feet, all of which are associated with terms of at least six months. These leases, which represent 63.3% of total 2024 expirations, included 3,588,209 square feet of renewal leases (24.5% of these renewal leases were associated with contractual renewals, and there are no remaining 2024 ...