Plymouth reports Q2 leases commencing totaling 2.1M square feet

Leases commencing during the second quarter 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. The Company will experience 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. Consistent with the Company’s full year 2023 forecast, occupancy was 98.0% 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. The Company will experience a 19.9% increase in rental rates on a cash basis from these leases. These leases included 3,340,955 square feet of renewal leases and 1,078,362 square feet of new leases of which 93,979 square feet was vacant at the start of 2023, leaving a net 879,028 square feet, or 16% of 2023 expirations, to be addressed. The Company has already leased 1,623,791 square feet of leases that will commence during 2024 with a 14.5% increase in rental rates on a cash basis. Plymouth has three projects totaling 260,322 square feet remaining in the current phase of its development program. In Jacksonville, Florida, two industrial buildings totaling 80,322 square feet of industrial buildings are expected to be completed in the third and fourth quarters of 2023. These buildings are fully leased. In Atlanta, a 180,000-square-foot industrial building is estimated to be completed in the third quarter of 2023. This building remains under active lease up.