Plymouth Industrial REIT reports Q3 leasing totaling 1,761,715 square feet

Leases commencing during the third quarter ended September 30, 2023 totaled an aggregate of 1,761,715 square feet, all of which are associated with terms of at least six months. The Company will experience a 24.2% increase in rental rates on a cash basis from these leases. These leases included 1,194,817 square feet of renewal leases and 566,898 square feet of new leases. Total portfolio occupancy at September 30, 2023 was 97.6% and reflects recent new developments now in service. Same store occupancy at September 30, 2023 was 98.7%. Executed leases scheduled to commence during 2023, including leases commencing during the first three quarters but excluding leases associated with new construction, total an aggregate of 5,396,550 square feet, all of which are associated with terms of at least six months. Jeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, “The fundamentals within our markets provide a continued tailwind to our strong new, renewal and development leasing. We are signing leases consistent with our 18% to 20% mark-to-market in the portfolio and have already addressed nearly one-third of our 2024 expirations. Although tenants are taking longer on new developments, we are seeing good activity and signing leases within our original underwriting.”