Plymouth Industrial REIT Inc (NYSE:PLYM) Q2 2020 Earnings Conference Call - Final Transcript
Aug 06, 2020 • 09:00 am ET
Daniel C. Wright
the transition to our new office at 20 Custom House Street and the sublet agreement that was to be executed for our prior space did not get finalized due to the coronavirus concerns of the subtenant. G&A includes approximately $383,000 of non cash expense, representing amortization of stock compensation that is an adjustment to AFFO, and approximately $154,000 of non cash expense related to the occupancy timing. During the quarter, we raised approximately $12.5 million in net proceeds from our ATM.
Regarding our balance sheet at quarter end, we had 67.9% of our debt in place with fixed at interest rates at approximately 4.15% for the next two to eight years. The balance of 32.1% represents borrowings outstanding on our credit facility and the term loan we put in place in January with an applicable interest rate at June 30 of 2.44%.
At quarter end, leverage was 49.7% on gross asset value, and our total debt to annualized second quarter EBITDA [Indecipherable] was 8.1 times compared to 48.3% and 8.1 times respectively at year-end. We have expected that our leverage would settle in the mid-50% range over time with continuing efforts to decrease leverage to 50% or less in a logical manner as the opportunity arises.
As of August 5, we had approximately $4.5 million in cash plus operating expense escrows with real estate taxes and insurance of approximately $9.1 million, and availability on our line of credit of $29.9 million. We have no material debt maturities until 2023 with the exception of the term loan with KeyBanc that matures in October of this year. Recall that we put this in place in lieu of exercising the accordion option on our credit facility. The equity secured term loan was a more flexible option, and it was purposely short in order to wrap this loan with a new expanded credit facility that we expect to enter into later this year. We have been in regular discussions with KeyBanc about this loan, and we believe that will be completed before maturity.
As noted earlier, we have continued to collect our rents over the past two quarters with 99% collected for both Q1 and Q2. For July, we have collected 97%. However, at this time, we're not able to predict weather and to what extent our level of rental receipts may change in future months. And as a result, we are continuing to withhold formal guidance until we have a better understanding of the duration of the COVID-19 pandemic and its impact on our business and the business of our tenant.
That being said, I would point to the results of the past two quarters, and our overall historical performance as we set expectations for the balance of 2020. The primary factors to consider would be the run rate for collections and capex as well as the level of leasing activity and the fact that the lower interest cost from historically low rates is offsetting the higher G&A investments and a higher share