PLYM - Plymouth Industrial REIT provides Q2 leasing activity update

2023-07-06 07:24:45 ET

• Plymouth Industrial REIT ( NYSE: PLYM ) reports leases commencing during Q2 ended June 30, 2023 totaled an aggregate of 2,103,095 square feet, all of which are associated with terms of at least six months, resulting in a 19.3% increase in rental rates on a cash basis from these leases. These leases included 1,440,165 square feet of renewal leases and 662,930 square feet of new leases.
• The occupancy was 98% on-track with Company’s full year 2023 forecast and reflects budgeted roll-over that has been largely addressed as well as recent new developments now in service.
• Executed leases scheduled to commence during 2023, which includes the second quarter activity, total an aggregate of 4,719,317 square feet, all of which are associated with terms of at six months, resulting in a 19.9% increase in rental rates on a cash basis from these leases.
• The company has three projects totaling 260,322 square feet remaining in the current phase of its development program that are to be completed in Q3 and Q4.
• The company also announced senior management team promotions.
• Source: Press Release

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