Boston-based Plymouth Industrial REIT, Inc. disclosed its financial results for the quarter ending June 30, 2024, in a conference call on August 1, 2024.
Plymouth reported a robust performance for Q2 2024, exceeding expectations.
The company's financial health was highlighted with improved leverage, decreasing to 6.4 times, and the successful acquisition of a property in Memphis, expanding their market presence to nearly 7 million square feet.
Plymouth Industrial REIT also noted the third highest leasing volume in its history, indicating strong tenant demand.
Recent developments include ongoing strategic expansions and a development program nearing completion, with full stabilization expected in 2025.
The company also reported about 2 million square feet of leases in progress and high tenant interest in renewals. Despite a dip in occupancy in Q3, Plymouth Industrial REIT expects a rebound to around 98% by year-end.
Analysts noted potential challenges in leasing up certain properties and longer decision-making times for Class A space due to financing needs for manufacturing equipment.
However, the overall outlook remains positive, with strong demand in markets anticipated to continue and full benefits from the development program to be seen in 2025.
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