Q2 2024 Plymouth Industrial REIT Inc Earnings Call Transcript
Key Points
- Plymouth Industrial REIT Inc (PLYM) reported better-than-expected Q2 results, driven by favorable real estate tax appeals within their Chicago portfolio.
- The company successfully completed an accretive acquisition in Memphis, expanding their presence in this core market to almost 7 million square feet.
- Leverage was reduced to 6.4 times, and the company expects to maintain operations within the six times range for 2024.
- The development program is nearing 100% lease-up, with full stabilization expected in 2025.
- Tenant retention for the Memphis acquisition is estimated to be around 70%, with significant yield improvements anticipated over the next three years.
- The company faced challenges in leasing up certain portfolio properties, which muted growth for the quarter.
- A tenant vacated a property in Cleveland, causing a temporary dip in occupancy and requiring backfill efforts.
- The top end of the full-year guidance range was tightened due to these leasing challenges.
- There is some uncertainty regarding the tax environment in Chicago, despite recent favorable outcomes.
- The company noted that the market for industrial properties remains fractured, with varying levels of investment opportunities.
Good day and welcome to the Plymouth Industrial Reed second quarter 2020. For earnings call, all participants will be in a listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions to ask a question. You may press star, then one on your touchtone phone. And to withdraw your question, please press star then two. Please note this event is being recorded. I would now like to turn the conference over to Mr. Tripp Sullivan with Investor Relations. Please go ahead, sir.
Thank you. Good morning and welcome to the Plymouth Industrial Re conference call to review the Company's results for the second quarter of 2024. Yesterday afternoon, we issued our earnings release and posted a copy of our prepared commentary and a supplemental deck on the quarterly results section of our Investor Relations page. In addition, to these earnings documents. A copy of our 10 Q can be
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