Plymouth Industrial REIT Inc (NYSE:PLYM) Q1 2020 Earnings Conference Call - Final Transcript

May 08, 2020 • 09:00 am ET


Plymouth Industrial REIT Inc (NYSE:PLYM) Q1 2020 Earnings Conference Call - Final Transcript


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Good day, and welcome to the Plymouth Industrial REIT First Quarter 2020 Earnings Call. Today, all participants will be in a listen-only mode. [Operator Instructions] Please note that today's event is being recorded.

At this time, I would like to turn the conference over to Tripp Sullivan of Investor Relations. Please proceed.

Tripp Sullivan

Thank you, good morning. Welcome to the Plymouth Industrial REIT conference call to review the Company's results for the first quarter of 2020. On the call today 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, Jim Connolly, Executive Vice President of Asset Management, and Anne Hayward, General Counsel.

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 May 15, 2020. 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, May 8, 2020, 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 also will discuss certain non-GAAP measures, including but not limited to FFO, AFFO and adjusted EBITDA. 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 Witherell. Please go ahead.

Jeff Witherell

Thank you, Tripp. Thanks everyone for joining us today. Please bear with us as we are conducting this call in separate locations virtually. So let's hope it goes well. Our thoughts and prayers are with those both directly and indirectly impacted by this crisis. I've heard it described already a few times but this really was a tale of two quarters. January, February and into the first few weeks of March, we were on track to present an outstanding quarter of results.

We had sourced and completed new acquisitions in our target markets, all backed by strong fundamentals and strong yields. We secured new leases and renewals that resulted in double-digit cash rent increases. We had success on vacant space and strong same-store NOI as well. We've also had a jump