Plymouth Industrial REIT Inc (NYSE:PLYM) Q3 2019 Earnings Conference Call - Final Transcript

Nov 07, 2019 • 01:00 pm ET


Plymouth Industrial REIT Inc (NYSE:PLYM) Q3 2019 Earnings Conference Call - Final Transcript


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Hello, and welcome to the Plymouth Industrial REIT Third Quarter 2019 Earnings Call. [Operator Instructions]. Please note, this event is being recorded.

I now would like to turn the conference over to your host today, Tripp Sullivan of Investor Relations. Please go ahead.

Tripp Sullivan

[Technical Issues] will be Jeff Witherell, Chairman and Chief Executive Officer; Pen White, President and Chief Investment Officer; Dan Wright, Executive Vice President and Chief Financial Officer; and Jim Connolly, Executive Vice President of Asset Management.

Our results were released this morning in our earnings press release, which can be found on the Investor Relations section of our website, along with our Form 10-Q and supplemental, filed with the SEC. A replay of this call will be available shortly after the conclusion of the call through November 14, 2019. The numbers to access the replay are provided in the earnings press release. For those who listen to the replay of this call, we remind you that the remarks made herein are as of today, November 7, 2019 and will not be updated subsequent to this call.

During this call, certain comments and statements we make may be deemed forward-looking statements within the meaning prescribed by the securities laws, including statements related to the future performance of our portfolio, our pipeline of potential acquisitions and other investments, future dividends and financing activities. All forward-looking statements represent Plymouth's judgment as of the date of this conference call and are subject to risk and uncertainties that can cause actual results to differ materially from our current expectations. Investors are urged to carefully review various disclosures made by the company, including the risk and other information disclosed in the company's filings with the SEC. We will also discuss certain non-GAAP measures, including, but not limited to, FFO, AFFO and adjusted EBITDAre. Definitions of these non-GAAP measures and reconciliations to the most comparable GAAP measures are included in our filings with the SEC.

I'll now turn the call over to Jeff. Please go ahead.

Jeffrey Witherell

Thanks, Tripp. Good afternoon, everyone. Thank you for joining us today. In addition to Pen White, Dan Wright and Jim Connelly, Anne Hayward, our General Counsel is here with us. The third quarter was an active one across all segments of our company. We continue to focus on the fundamentals that are important to us as a real estate operating company.

Our portfolio had strong rental spreads. We have been successful in sourcing and closing attractive acquisitions, and our capital markets activity continue to fuel our growth and improve the balance sheet. And as we move to the fourth quarter, we expect to finish strong and that should set us up well for 2020.

With leasing, we are demonstrating the value built in the portfolio for well-located properties and markets with strong fundamentals. To date, in 2019, we've completed 1.7 million square feet of leases with average rental spreads on a cash basis of 12.6%. Jim will walk you through the activity in the third quarter and where we