Plymouth Industrial's Q1 rental rates to increase by 15.9%
Apr. 06, 2023 10:55 AM ETPlymouth Industrial REIT, Inc. (PLYM)By: Mary Christine Joy, SA News Editor
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- Plymouth Industrial REIT (NYSE:PLYM) said on Thursday its Q1 leases totaled 768.97K sq. ft., which is expected to lead to an increase of 15.9% in rental rates on a cash basis.
- The total leases include 645.89K sq. ft. of renewal leases and 123.09K sq. ft. of new leases.
- The industrial REIT's occupancy stood at 98.1%.
- Executed leases scheduled to commence in 2023 totaled 3.72M sq. ft., expected to lead to an increase of 18.3% in rental rates on a cash basis.
- The 2023 leases include 3.03M sq. ft. of renewal leases and 686.84K sq. ft. of new leases.
- The company has already leased 983.41 sq. ft. of leases that will commence in 2024, leading to an 18.7% increase in rental rates on a cash basis.
- PLYM is scheduled to announce its Q1 results on May 4.