PLYMOUTH-INDUSTRIAL-REIT Earningcall Transcript Of Q2 of 2024

Saladino, executive vice president and chief financial officer; Jim Connolly, executive vice president

of asset management and Anne Hayward, general counsel.

I'd  like  to  point  everyone  to  our  forward-looking  statements  on  Page  1  of  our  supplemental

presentation and encourage you to read them carefully. They apply to statements made in this call,

our press release, our prepared commentary, and in our supplemental financial information. I'll now

turn the call over to Jeff Witherell. 

Jeffrey E. Witherell -- Chairman and Chief Executive Officer

Thanks,  Tripp.  Good  morning,  and  thank  you  for  joining  us  today.  I  hope  that  everyone  had  a

chance  to  review  the  commentary  and  supplemental  information.  I'll  hit  a  few  highlights  first,  and

then we'll go to Q&A.

First,  we're  pleased  to  be  back  in  a  growth  posture.  The  acquisition  in  Memphis  is  accretive  and

significantly expands our presence in this core market to almost 7 million square feet. This portfolio

fits  the  Plymouth  model  perfectly.  A  strong  initial  NOI  yield  and  the  ability  to  realize  the

mark-to-market opportunities relatively quickly to drive returns higher.

Second,  we've  kept  our  balance  sheet  in  good  shape  and  maintained  our  liquidity  by  using

disposition proceeds to help fund this acquisition. Leverage came down in the quarter to 6.4 times.

Even  with  the  Memphis  acquisition,  we  will  still  operate  in  the  six-times  range  in  2024.  The  Q2

results were better than we expected with a onetime benefit from favorable real estate tax appeals

within  our  Chicago  portfolio,  driving  the  FFO  per  share  up  sequentially  and  the  same  store  NOI

growth above our range.

In our commentary, we outlined a couple of challenges in the portfolio that we need to lease up and

the  one  tenant  that  muted  the  growth  in  the  quarter.  This  caused  us  to  tighten  the  top  end  of  our

full-year  guidance  range.  We  outlined  the  moving  parts  regarding  this  in  the  commentary.  Lastly,

with the development program getting close to 100% leased, we can begin to see the benefit from

full stabilization in those properties in 2025.

I'm confident our team is ready for the opportunities we have in 2024-2025. I would now like to turn it

over to the operator for questions.

Operator

Questions & Answers: