{"id":470573,"date":"2021-04-05T07:03:30","date_gmt":"2021-04-05T11:03:30","guid":{"rendered":"http:\/\/www.marketnewsdesk.com\/?p=470573"},"modified":"2021-04-05T07:03:30","modified_gmt":"2021-04-05T11:03:30","slug":"plymouth-industrial-reit-announces-leasing-and-acquisition-activity-for-first-quarter-2021","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/plymouth-industrial-reit-announces-leasing-and-acquisition-activity-for-first-quarter-2021\/","title":{"rendered":"Plymouth Industrial REIT Announces Leasing and Acquisition Activity for First Quarter 2021"},"content":{"rendered":"

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Plymouth Industrial REIT Announces Leasing and Acquisition Activity for First Quarter 2021<\/b><\/p>\n

BOSTON–(BUSINESS WIRE<\/a>)–
\nPlymouth Industrial REIT, Inc. (NYSE: PLYM) announced its leasing and acquisition activity for wholly owned properties for the first quarter ended March 31, 2021.\n<\/p>\n

\nJeff Witherell, Chief Executive Officer and Co-Founder of Plymouth, noted, \u201cWe are experiencing strong leasing momentum as we are able to capture more of the embedded rent growth in our portfolio and our markets, and we have already addressed over 68% of our lease expirations for 2021. With the combination of solid fundamentals within our targeted primary and secondary markets and continued rent growth improving the valuation of our existing properties, we believe now is the time to be expanding our presence in these markets. We are right on target for where we expected to be at this point in the year, and we have a number of opportunities within these newly acquired industrial buildings to drive rent growth.\u201d\n<\/p>\n

Leasing Activity<\/b><\/p>\n

\nLeases commencing during the first quarter of 2021 totaled an aggregate of 1,256,000 square feet, of which 1,154,000 square feet is associated with leases with terms of at least six months. These leases included 892,000 square feet of renewal leases and 261,000 square feet of new leases. The Company will experience a 12.0% increase in rental rates on a cash basis from these leases. As of March 31, 2021, the Company\u2019s total portfolio was 96.6% occupied and the Company has to date collected over 99.0% of its contractual rents for the first quarter, which is consistent with its historical collection trends.\n<\/p>\n

\nAt December 31, 2020, leases for space totaling 4,502,000 square feet were subject to renewal in 2021. Of this space, 1,993,000 square feet has already been renewed and 1,067,000 square feet has been leased to new tenants, resulting in 68% of the expirations being addressed. Additionally, 125,000 square feet of previously vacant square feet has been leased to new tenants. These leases, all executed prior to the end of the first quarter of 2021, will commence at different periods during 2021 and have a rental rate increase of 8.6% over prior leases on a cash basis. The largest transaction executed during the first quarter was a 10-year lease with American Nitrile for the 527,127-square-foot space at 3500 Southwest Boulevard in Columbus, Ohio. American Nitrile took occupancy on April 1, 2021.\n<\/p>\n

Acquisition Activity<\/b><\/p>\n

\nDuring the first quarter of 2021, Plymouth closed on the acquisition of five industrial buildings totaling approximately 1.4 million square feet for a total of $61.0 million, a weighted average price of $47 per square foot, and a weighted average initial yield of 7.7%. The first quarter activity is comprised of the following:\n<\/p>\n