Plymouth Industrial REIT Inc (NYSE:PLYM) Q3 2019 Earnings Conference Call - Final Transcript
Nov 07, 2019 • 01:00 pm ET
are on getting ahead of 2020 and 2021 renewals.
I'm proud of what the leasing team has accomplished this year, getting our largest vacancy taken care of with the lease in late August at our Creekside space in Columbus, is a great example of that work. We were also able to capitalize on the Volvo lease termination we were expecting in the quarter, which led to a one-time fee reflected in our NOI. We leased the entire space and converted two of the sub-leased tenants to longer term leases.
As Pen will discuss in a moment, we've maintained the momentum with acquisitions. We added 16 properties to the portfolio during the third quarter. And the fourth quarter is shaping up well with several acquisitions under agreement that we expect to close by year-end. Our capital markets activity in the quarter concluded the closing of the previously announced $100 million credit facility, the use of our ATM and a follow-on offering of common stock. With the ATM in the offering, we raised nearly $81 million of net proceeds that are being used to replenish the line and fund the acquisitions.
Another factor in supporting our growth, that I'd like to call out, is the team we have assembled. Our team at home office here in Boston and in our regional offices in Columbus and Jacksonville, Florida, are made up of very talented real estate, finance, accounting and legal professionals. I know I've mentioned this before, but I can't emphasize this enough. Everyone at Plymouth drives a meaningful portion of their total compensation by restrictive stock grants. This enhances my long-term standing position of employees as shareholders. They've delivered time and again and are responsible for the great results that we are producing.
I'll turn the call over to Pen White.
Good afternoon. We completed $115 million of acquisitions in the third quarter and to date in the fourth quarter. Our 16 properties, totaled 2.7 million square feet, and were a mixture of one-off and smaller portfolios in new and existing markets with initial yields in the range of 8.1% to 8.6%. On our last call, we touched on a 560,000 square-foot property in Memphis, that was under contract as well as portfolios in Chicago, Cincinnati and Columbus, that were also under contract.
We subsequently closed on all of these transactions ahead of schedule and saw some of the benefit from each of these in our third quarter results. These are all great additions that expand our scale in these existing markets with a single multi-tenant buildings, that we know well. We had actually worked on a couple of these opportunities over a year ago, and were able to revisit them at more favorable pricing and terms. These new tenants provide significant diversity to our rent rolls across industries and asset type.
At the end of October, we completed the acquisition of a multi-tenant industrial building in the Atlanta suburb of Peachtree City for $19.4 million, with an initial projected yield of