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Plymouth Industrial REIT, Inc. (NYSE:PLYM) (the "Company" or "Plymouth") provided an activity update for the second quarter of 2025. The Company also announced details for its second quarter earnings conference call and webcast to be held on August 7, 2025.
Leasing Activity
Leases commencing during the second quarter ended June 30, 2025, which have terms of at least six months, totaled an aggregate of 1,453,757 square feet. These leases included:
| Leases Commenced | Type | Square Footage | Percent | Expiring Rent | New Rent | Cash Rent Spread | ||||
| Q2 | Renewal | 1,159,623 | 79.8% | $ | 5.00 | $ | 5.45 | 9.0% | ||
| New | 294,134 | 20.2% | $ | 4.92 | $ | 5.61 | 14.0% | |||
| Total | 1,453,757 | 100% | $ | 4.98 | $ | 5.48 | 10.0% | |||
An additional 239,500 square feet has been leased on a short-term basis with auto-renewals and landlord kick-out options.
Total executed leases commencing during 2025, which had terms of at least six months, totaled an aggregate of 5,811,172 square feet. These leases, which represent 67.5% of total 2025 expirations, include:
| 2025 Commencements | Type | Square Footage | Percent | Expiring Rent | New Rent | Cash Rent Spread | ||||
| Renewal | 4,095,835 | 70.5% | $ | 4.47 | $ | 5.13 | 14.7% | |||
| New | 1,715,337 | 29.5% | $ | 4.27 | $ | 4.64 | 8.7% | |||
| Total | 5,811,172 | 100% | $ | 4.41 | $ | 4.98 | 13.0% | |||
Excluding the effect of the St. Louis Lease (as defined below), which commenced in the first quarter, rental rates under these leases would have reflected a 15.8% increase with new leases reflecting a 19.9% increase on a cash basis. The Company executed a two-year lease at its 769,500-square-foot Class A industrial building in the Metro East submarket of St. Louis, Missouri that commenced on January 15, 2025 (the "St. Louis Lease"). The lease is for 600,000 square feet during the first year and 450,000 square feet during the second year with a major international logistics service provider. This deal was done on an "as is" basis with no abatements making it attractive from a net lease rate perspective. While we continue to actively market the balance of the building, the existing tenant has leased the remaining 169,500 square feet on a rolling 90-day basis with landlord kick-out rights.
Total executed leases commencing in 2026, which have terms of at least six months, total an aggregate of 1,052,775 square feet, representing 13.7% of total 2026 expirations.
Same store occupancy at June 30, 2025, was 95.0%, while total portfolio occupancy at June 30, 2025, was 94.6%. Total portfolio occupancy changes from last quarter include:
Acquisition Activity
During the second quarter of 2025, Plymouth closed on the acquisition of 22 industrial buildings totaling 2.05 million square feet for a total of $204.7 million. Together, these properties are 97.1% leased and feature a weighted average remaining lease term of 2.6 years. The second quarter activity comprises the following:
The Company used its existing unsecured line of credit to fund the abovementioned acquisitions. As of July 8, 2025, there is approximately $285.8 million of capacity on the line of credit.
Capital Markets Activity
Under the Company's previously announced share repurchase program, through June 30, 2025, the Company has acquired and settled 805,394 shares of common stock at an average price per share of approximately $16.26.
Posted In: PLYM
