Leasing Activity
Leases commencing during the third quarter ended
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. The Company will experience a 20.5% increase in rental rates on a cash basis from these leases. These leases included 3,945,024 square feet of renewal leases and 1,451,526 square feet of new leases of which 96,979 square feet was vacant at the start of 2023, leaving a net 427,963 square feet, or 7% of 2023 expirations, to be addressed. The Company has already executed 2,164,086 square feet of leases that will commence during 2024, or 32% of its total 2024 expirations, with a 13.5% increase in rental rates on a cash basis (36% of these leases were associated with contractual renewals).
Development Activity
During the third quarter, Plymouth delivered its 180,000-square-foot industrial building in
Third Quarter 2023 Earnings Call
The Company plans to issue its earnings release before the market opens on
The live audio webcast of the Company’s quarterly conference call will be available online in the Investor Relations section of the Company’s website at ir.plymouthreit.com. The online replay will be available approximately one hour after the end of the call and archived for one year.
About Plymouth
Forward-Looking Statements
This press release includes “forward-looking statements” that are made pursuant to the safe harbor provisions of Section 27A of the Securities Act of 1933 and of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements in this release do not constitute guarantees of future performance. Investors are cautioned that statements in this press release, which are not strictly historical statements, including, without limitation, statements regarding management's plans, objectives and strategies, constitute forward-looking statements. Such forward-looking statements are subject to a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those anticipated by the forward-looking statements, many of which may be beyond our control. Forward-looking statements generally can be identified by the use of forward-looking terminology such as “may,” “plan,” “seek,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe” or “continue” or the negative thereof or variations thereon or similar terminology. Any forward-looking information presented herein is made only as of the date of this press release, and we do not undertake any obligation to update or revise any forward-looking information to reflect changes in assumptions, the occurrence of unanticipated events, or otherwise.
Contact: | ||
(615) 942-7077 | ||
IR@plymouthreit.com |
Source:
2023 GlobeNewswire, Inc., source