Plymouth Industrial REIT Inc (NYSE:PLYM) Q2 2020 Earnings Conference Call - Final Transcript

Aug 06, 2020 • 09:00 am ET

Previous

Plymouth Industrial REIT Inc (NYSE:PLYM) Q2 2020 Earnings Conference Call - Final Transcript

Share
Close

Loading Event

Loading Transcript

Q & A
Operator
Operator

[Operator Instructions] Your first question comes from Barry Oxford from D.A. Davidson. Please go ahead.

Analyst
Barry Oxford

Great. Thanks, guys. Maybe this is for either Jeff or Penn. To the extent that you guys are able to know this, what percentage of our tenants, I imagine it's a low, that are getting PPP money and using that to pay rent? Do you guys have a sense of that number?

Executive
Pendleton P. White, Jr.

I don't know that off the top of my head. Jim, are you aware of that? I don't know if we're tracking.

Executive
James M. Connolly

I don't have the...

Analyst
Barry Oxford

I don't think there's a way to track it, Jeff, in you all's defense. Just kind of what you're hearing.

Executive
James M. Connolly

So it does not that many, but we have had conversations with a few tenants that have said they've been waiting for the PPP money. And it's less than 5%.

Analyst
Barry Oxford

Okay, okay. That's what I thought. That's what I thought. Just changing gears a little bit, you guys mentioned JV partners. What are you seeing as far as JV appetite out there in the marketplace right now? And then if you could characterize those, is it coming from institutions, or is it coming from PE or sovereign wealth or maybe the answer is, D, all of the above?

Executive
Jeffrey E. Witherell

Yes. I mean, Barry, it's kind of the same story we've always had. There's a lot of demand from the investor side. Some of them are kind of catching on now, believe it or not. They're underweight industrial. And we continue to have serious conversations with people. In our world, we want to work with someone who's a good partner that it's a win-win situation. So it's coming from a variety of sources that we have discussions with. But at the end of the day, as much as everybody wants to execute very few people do execute in the JV world. There's a lot of wishing going on. So we continue to have meaningful conversations.

Analyst
Barry Oxford

Okay, perfect. Thanks for the color. Thanks guys.

Executive
Jeffrey E. Witherell

Thanks, Barry.

Operator
Operator

Your next question comes from Craig Mailman from KeyBanc Capital Markets. Please go ahead.

Analyst
Craig Mailman

Good morning, guys. I know it's still relatively early in this whole situation. But just curious, if you guys have started to see any leasing inquiries, either from kind of tenants looking to add space for restocking initiatives or adding safety stock and/or the onshoring initiatives. We saw Kodak is reimagining what they are. And just wondering if there's any other tenants out there like that, that are you may start to see pharma come back or any other industries?

Executive
Jeffrey E. Witherell

Yes, Craig. So Jim might have a little more color on it. I know from my perspective, just want to make sure this gets out there. We've actually had during the pandemic, we've had two tenants that called us about rent and what have you, simply because they were open for business, but they were having a hard time getting raw material from overseas. So their supply chain was affected, if